Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2021 | |
Document Information [Line Items] | |
Document Type | S-4/A |
Entity Registrant Name | ALTIMAR ACQUISITION CORP. II |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Central Index Key | 0001836176 |
Amendment Flag | true |
Amendment Description | Amendment No. 1 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 | |
Current assets | |||
Cash | $ 1,525,518 | $ 0 | |
Prepaid expenses | 861,283 | 0 | |
Total current assets | 2,386,801 | 0 | |
Deferred offering costs | 0 | 75,000 | |
Investments held in the Trust Account | 345,006,396 | 0 | |
TOTAL ASSETS | 347,393,197 | 75,000 | |
Current liabilities | |||
Accrued expenses | 199,640 | 0 | |
Accrued offering costs | 253,607 | 50,000 | |
Promissory Note — related party | 0 | 5,000 | |
Total current liabilities | 453,247 | 55,000 | |
Warrant liability | 23,361,318 | 0 | |
Deferred underwriting fee payable | 12,075,000 | 0 | |
Total liabilities | 35,889,565 | 55,000 | |
Commitments and Contingencies | |||
Shareholders' Equity | |||
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued or outstanding | 0 | 0 | |
Common stock issued | [1] | 863 | |
Additional paid-in capital | 6,850,719 | 24,137 | |
Accumulated deficit | (1,851,965) | (5,000) | |
Total shareholders' equity | 5,000,002 | 20,000 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 347,393,197 | 75,000 | |
Class A common stock | |||
Current liabilities | |||
Class A Ordinary Shares subject to possible redemption — 30,650,363 and no shares at $10.00 per share redemption value as of June 30, 2021 and December 31, 2020, respectively | 306,503,630 | 0 | |
Shareholders' Equity | |||
Common stock issued | 385 | 0 | |
Total shareholders' equity | 385 | 0 | |
Class B common stock | |||
Shareholders' Equity | |||
Common stock issued | 863 | 863 | |
Total shareholders' equity | $ 863 | $ 863 | |
[1] | Excludes an aggregate of up to 1,125,000 shares of Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 5). |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Class A common stock | ||
Temporary equity, shares outstanding (in shares) | 30,650,363 | 0 |
Temporary equity, par value (in dollars per share) | $ 10 | $ 10 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 3,849,637 | 0 |
Common stock, shares outstanding (in shares) | 3,849,637 | 0 |
Class B common stock | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 8,625,000 | 8,625,000 |
Common stock, shares outstanding (in shares) | 8,625,000 | 8,625,000 |
Common stock shares subject to forfeiture | 1,125,000 |
CONDENSED STATEMENT OF OPERATIO
CONDENSED STATEMENT OF OPERATIONS - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |
Dec. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2021 | ||
Formation and operating costs | $ 5,000 | |||
Operating (income) costs | $ (1,331,651) | $ 570,488 | ||
(Income) loss from operations | (1,331,651) | 570,488 | ||
Other income (expense) | ||||
Interest earned on investments held in the Trust Account | 5,301 | 6,396 | ||
Change in fair value of warrant liability | 12,541,736 | (527,802) | ||
Transaction costs allocated to the Warrants | (755,071) | |||
Other income (expense), net | 12,547,037 | (1,276,477) | ||
Net income (loss) | $ (5,000) | $ 13,878,688 | $ (1,846,965) | |
Weighted average shares outstanding, basic and diluted | [1] | 7,500,000 | ||
Basic and diluted net income per ordinary shares | $ 0 | |||
Redeemable Class A Ordinary Shares | ||||
Other income (expense) | ||||
Basic net income (loss) per share (in dollars per share) | $ 0 | $ 0 | ||
Weighted average shares outstanding, basic and diluted | 34,500,000 | 34,500,000 | ||
Non Redeemable Class B Ordinary Shares | ||||
Other income (expense) | ||||
Weighted average shares outstanding, basic and diluted | 8,625,000 | 8,376,381 | ||
Basic and diluted net income per ordinary shares | $ 1.61 | $ (0.22) | ||
[1] | Excludes an aggregate of up to 1,125,000 shares of Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 5). |
CONDENSED STATEMENT OF OPERAT_2
CONDENSED STATEMENT OF OPERATIONS (Parenthetical) | Dec. 31, 2020shares |
Class B common stock | |
Common stock shares subject to forfeiture | 1,125,000 |
CONDENSED STATEMENTS OF CHANGES
CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) | Total | Additional Paid-in Capital | Accumulated Deficit | Class A common stock | Class B common stock |
Shareholders' equity beginning balance (in shares) at Dec. 06, 2020 | 0 | ||||
Shareholders' equity beginning balance at Dec. 06, 2020 | $ 0 | $ 0 | $ 0 | $ 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Sale of 34,500,000 Class A Ordinary Shares, net of underwriting discounts, offering costs and transaction costs allocated to warrant liability | 25,000 | 24,137 | $ 863 | ||
Issuance of Class B ordinary shares to Sponsor , Shares | 8,625,000 | ||||
Net income (loss) | (5,000) | 0 | (5,000) | $ 0 | |
Shareholders' equity ending balance (in shares) at Dec. 31, 2020 | 0 | 8,625,000 | |||
Shareholders' equity ending balance at Dec. 31, 2020 | 20,000 | 24,137 | (5,000) | $ 0 | $ 863 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Sale of 34,500,000 Class A Ordinary Shares, net of underwriting discounts, offering costs and transaction costs allocated to warrant liability (in shares) | 34,500,000 | ||||
Sale of 34,500,000 Class A Ordinary Shares, net of underwriting discounts, offering costs and transaction costs allocated to warrant liability | 313,330,597 | 313,327,147 | $ 3,450 | ||
Class A ordinary shares subject to possible redemption (in shares) | (29,262,494) | ||||
Class A ordinary shares subject to possible redemption | (292,624,940) | (292,622,014) | $ (2,926) | ||
Net income (loss) | (15,725,653) | (15,725,653) | |||
Shareholders' equity ending balance (in shares) at Mar. 31, 2021 | 5,237,506 | 8,625,000 | |||
Shareholders' equity ending balance at Mar. 31, 2021 | 5,000,004 | 20,729,270 | (15,730,653) | $ 524 | $ 863 |
Shareholders' equity beginning balance (in shares) at Dec. 31, 2020 | 0 | 8,625,000 | |||
Shareholders' equity beginning balance at Dec. 31, 2020 | 20,000 | 24,137 | (5,000) | $ 0 | $ 863 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | (1,846,965) | ||||
Shareholders' equity ending balance (in shares) at Jun. 30, 2021 | 3,849,637 | 8,625,000 | |||
Shareholders' equity ending balance at Jun. 30, 2021 | 5,000,002 | 6,850,719 | (1,851,965) | $ 385 | $ 863 |
Shareholders' equity beginning balance (in shares) at Mar. 31, 2021 | 5,237,506 | 8,625,000 | |||
Shareholders' equity beginning balance at Mar. 31, 2021 | 5,000,004 | 20,729,270 | (15,730,653) | $ 524 | $ 863 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Class A ordinary shares subject to possible redemption (in shares) | (1,387,869) | ||||
Class A ordinary shares subject to possible redemption | (13,878,690) | (13,878,551) | $ (139) | ||
Net income (loss) | 13,878,688 | 13,878,688 | |||
Shareholders' equity ending balance (in shares) at Jun. 30, 2021 | 3,849,637 | 8,625,000 | |||
Shareholders' equity ending balance at Jun. 30, 2021 | $ 5,000,002 | $ 6,850,719 | $ (1,851,965) | $ 385 | $ 863 |
CONDENSED STATEMENTS OF CHANG_2
CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - shares | Feb. 09, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Class A common stock | |||
Sale of Class A Ordinary Shares (in shares) | 34,500,000 | 34,500,000 | |
Class B common stock | |||
Common stock shares subject to forfeiture | 1,125,000 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS | 1 Months Ended | 6 Months Ended |
Dec. 31, 2020USD ($) | Jun. 30, 2021USD ($) | |
Cash flows from operating activities | ||
Net income (loss) | $ (5,000) | $ (1,846,965) |
Adjustments to reconcile net income (loss) to net cash used in operating activities | ||
Payment of formation and operating costs through issuance of Class B ordinary shares | 5,000 | |
Interest income on investments held in the Trust Account | (6,396) | |
Change in fair value of warrant liability | 527,802 | |
Transaction costs allocated to the Warrants | 755,071 | |
Changes in operating assets and liabilities | ||
Prepaid expenses | (861,283) | |
Accrued expenses | 199,640 | |
Net cash used in operating activities | 0 | (1,232,131) |
Cash flows from investing activities | ||
Investment of cash in the Trust Account | (345,000,000) | |
Net cash used in investing activities | (345,000,000) | |
Cash flows from financing activities | ||
Proceeds from sale of the Units, net of underwriting discounts paid | 325,166,484 | |
Proceeds from sale of the Public Warrants | 12,933,516 | |
Proceeds from sale of the Private Placement Warrants | 9,900,000 | |
Repayment of the Promissory Note — related party | (94,890) | |
Payment of offering costs | (147,461) | |
Net cash provided by financing activities | 347,757,649 | |
Net change in cash | 1,525,518 | |
Cash — beginning of period | 0 | 0 |
Cash — end of period | 0 | 1,525,518 |
Non-cash investing and financing activities | ||
Offering costs included in accrued offering costs | 50,000 | 203,607 |
Offering costs paid through the Promissory Note | 5,000 | 89,890 |
Initial classification of Class A Ordinary Shares subject to possible redemption | 300,351,192 | |
Change in value of Class A Ordinary Shares subject to possible redemption | 6,152,436 | |
Deferred underwriting fee payable | 0 | $ 12,075,000 |
Deferred offering costs paid by Sponsor in exchange for the issuance of Class B ordinary shares | $ 20,000 |
DESCRIPTION OF ORGANIZATION AND
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS | 1 Months Ended | 6 Months Ended |
Dec. 31, 2020 | Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS | Note 1 — Organization and Plan of Business Operations Altimar Acquisition Corp. II (the “Company”) is a blank check company incorporated as a Cayman Islands exempted company on December 7, 2020. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities (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 December 7, 2020 (inception) through December 31, 2020 relates to the Company’s formation and the proposed initial public offering (“Proposed Public Offering”), which is described below. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating The Company’s ability to commence operations is contingent upon obtaining adequate financial resources through a Proposed Public Offering of 30,000,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units being offered, the “Public Shares”) at $10.00 per Unit (or 34,500,000 Units if the underwriters’ over-allotment option is exercised in full), which is discussed in Note 3, and the sale of 9,000,000 warrants (or 9,900,000 warrants if the underwriters’ over-allotment option is exercised in full) (the “Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant in a private placement to Altimar Sponsor II, LLC (the “Sponsor”), that will close simultaneously with the Proposed Public Offering. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Proposed Public Offering and the sale of the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The stock exchange listing rules require that the 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 (as defined below) (excluding the amount of deferred underwriting commissions and taxes payable on the income earned on the Trust Account). The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). There is no assurance that the Company will be able to successfully effect a Business Combination. Upon the closing of the Proposed Public Offering, management has agreed that $10.00 per Unit sold in the Proposed Public Offering, including proceeds of the sale of the Private Placement Warrants, will be held in a trust account (the “Trust Account”) and 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 investing solely in U.S. Treasuries and meeting certain conditions under Rule 2a-7 The Company will provide the holders of the public shares (the “Public Shareholders”) with the opportunity to redeem all or a portion of their public shares either (i) in connection with a general meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Shareholders will be entitled to redeem their Public Shares, equal to the aggregate amount then on deposit in the Trust Account, calculated as of two business days prior to the consummation of the Business Combination (initially anticipated to be $10.00 per Public Share), including interest (which interest shall be net of taxes payable), divided by the number of then issued and outstanding public shares, subject to certain limitations as described in the prospectus. The per-share The Company will not redeem Public Shares in an amount that would cause its net tangible assets to be less than $5,000,001 (so that it does not then become subject to the SEC’s “penny stock” rules) or any greater net tangible asset or cash requirement that may be contained in the agreement relating to the Business Combination. If the Company seeks shareholder approval of the Business Combination, the Company will proceed with a Business Combination only if the Company receives an ordinary resolution under Cayman Islands law approving a Business Combination, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the Company, or such other vote as required by law or stock exchange rule. If a shareholder vote is not required and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission (the “SEC”), and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination. If the Company seeks shareholder 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 Proposed Public Offering in favor of approving a Business Combination. Additionally, each Public Shareholder may elect to redeem their Public Shares, without voting, and if they do vote, irrespective of whether they vote for or against a proposed Business Combination. Notwithstanding the foregoing, if the Company seeks shareholder approval of the Business Combination and the Company does not conduct redemptions pursuant to the tender offer rules, a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder 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 Company’s prior written consent. The Sponsor has agreed (a) to waive its redemption rights with respect to any 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 Amended and Restated Memorandum and Articles of Association (i) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the Company’s initial Business Combination or to redeem 100% of the Public Shares if the Company does not complete a Business Combination within the Combination Period (as defined below) or (ii) with respect to any other provision relating to shareholders’ rights or pre-initial per-share The Company will have until 24 months from the closing of the Proposed Public Offering to consummate a Business Combination (the “Combination Period”). However, 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 per-share The Sponsor has agreed to waive its rights to liquidating distributions from the Trust Account with respect to the Founder Shares it will receive if the Company fails to complete a Business Combination within the Combination Period. However, if the Sponsor or any of its respective affiliates acquire Public Shares, 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 Proposed Public Offering price per Unit ($10.00). In order to protect the amounts held in the Trust Account, the Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party (other than the Company’s independent registered public accounting firm) for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below the lesser of (1) $10.00 per Public Share and (2) 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 $10.00 per Public Share, due to reductions in the value of trust assets, in each case net of the interest that may be withdrawn to pay taxes. This liability will not apply to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and as to any claims under the Company’s indemnity of the underwriters of the Proposed Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). In the event that an executed waiver is deemed to be unenforceable against a third party, 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 (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. | NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Altimar Acquisition Corp. II (the “ Company Business Combination As of June 30, 2021, the Company had not commenced any operations. All activity for the period from December 7, 2020 (inception) through June 30, 2021 relates to the Company’s formation, the Company’s initial public offering (the “ Initial Public Offering non-operating The Registration Statement on Form S-1 No. 333-252260) Registration Statement Units Public Shares Public Warrants Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 9,900,000 warrants (the “ Private Placement Warrants Warrants Sponsor Transaction costs amounted to $19,490,958, consisting of $6,900,000 of underwriting fees, $12,075,000 of deferred underwriting fees (see Note 6) and $515,958 of other offering costs. $755,071 of the transaction costs was expensed through the condensed statement of operation on the date of the Initial Public Offering. Following the closing of the Initial Public Offering on February 9, 2021, an amount of $345,000,000 ($10.00 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 Investment Company Act 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 the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The New York Stock Exchange listing rules require that the 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 (excluding the amount of deferred underwriting commissions and taxes payable on the income earned on the Trust Account) at the time of the signing a definitive agreement in connection with the initial Business Combination. The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company will provide the holders of the Public Shares (the “ Public Shareholders per-Public The Company will not redeem Public Shares in an amount that would cause its net tangible assets to be less than $5,000,001 (so that it does not then become subject to the U.S. Securities and Exchange Commission’s (the “ SEC Amended and Restated Memorandum and Articles of Association Notwithstanding the foregoing, if the Company seeks shareholder approval of the Business Combination and the Company does not conduct redemptions pursuant to the tender offer rules, a Public Shareholder, together with any affiliate of such Public Shareholder or any other person with whom such Public Shareholder 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 Each of the Sponsor and the Company’s executive officers and directors have agreed (a) to waive its redemption rights with respect to any Founder Shares and Public Shares held by it in connection with a Business Combination and (b) not to propose an amendment to the Amended and Restated Memorandum and Articles of Association (i) to modify the substance or timing of the Company’s obligation to allow redemption in connection with an initial Business Combination or to redeem 100% of the Public Shares if the Company does not complete a Business Combination prior to February 9, 2023 (the “ Combination Period pre-initial per-Public The Company will have until February 9, 2023 to consummate a Business Combination. However, 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 per-share The Sponsor has agreed to waive its rights to liquidating distributions from the Trust Account with respect to the Founder Shares held by the Sponsor if the Company fails to complete a Business Combination within the Combination Period. However, if the Sponsor or any of its affiliates acquires Public Shares, 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 fails to 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 offering price per Unit ($10.00). In order to protect the amounts held in the Trust Account, the Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party (other than the Company’s independent registered public accounting firm) for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below the lesser of (1) $10.00 per Public Share and (2) 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 $10.00 per Public Share, due to reductions in the value of trust assets, in each case, net of the interest that may be withdrawn to pay taxes. This liability will not apply to any claims by a third party that executed a waiver of any and all rights to seek access to the Trust Account and as to any claims under the Company’s indemnity of the underwriters in the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “ Securities Act |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1 Months Ended | 6 Months Ended |
Dec. 31, 2020 | Jun. 30, 2021 | |
Accounting Policies [Abstract] | ||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Note 2 — Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. The Company does not have sufficient liquidity to meet its anticipated obligations over the next year from the date of issuance of these financial statements. In connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”) 2014-15, 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, as amended (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, as amended, 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 shareholder 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 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 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. Deferred Offering Costs Deferred offering costs consist of legal, accounting and other expenses incurred through the balance sheet date that are directly related to the Proposed Public Offering and that will be charged to shareholder’s equity upon the completion of the Proposed Public Offering. Should the Proposed Public Offering prove to be unsuccessful, these deferred costs, as well as additional expenses incurred, will be charged to operations. Income Taxes 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 Cayman Islands is the Company’s major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of December 31, 2020, there were no unrecognized tax benefits and no amounts accrued for interest and penalties. 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 considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the period presented. Net Loss Per Ordinary Share Net loss per ordinary share is computed by dividing net loss by the weighted average number of ordinary shares issued and outstanding during the period, excluding ordinary shares subject to forfeiture. Weighted average shares were reduced for the effect of an aggregate of 1,125,000 Class B ordinary shares that are subject to forfeiture depending on the extent to which the underwriters’ over-allotment option is exercised (see Note 5). At December 31, 2020, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted loss per ordinary share is the same as basic loss per ordinary share for the period presented. 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 accounts. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC Topic 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. | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“ GAAP 10-Q S-X The interim results for the three and six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any future periods. 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, as amended (the “ JOBS Act 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 registration statement under the Securities Act 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 irrevocable. The Company has elected not to opt out of such extended transition period which means that, when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statement with another public company 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 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 the Company’s 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 the Company’s 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. One of the more significant accounting estimates included in these condensed financial statements is the determination of the fair value of the warrant liability. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those estimates. 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. As of June 30, 2021, the Company held $345,006,396 in a money market fund in the Trust Account. The Company did not have any cash equivalents as of December 31, 2020. Offering Costs Offering costs consist of legal, accounting and underwriting fees and other costs incurred through the balance sheet date that are directly related to the Initial Public Offering. Offering costs amounted to $19,490,958, of which $18,735,887 were charged to shareholders’ equity upon the completion of the Initial Public Offering and $755,071 were expensed on the condensed statement of operations. Class A Ordinary Shares Subject to Possible Redemption The Company accounts for the Class A Ordinary Shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ ASC Distinguishing Liabilities from Equity certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, as of June 30, 2021 and December 31, 2020, 30,650,363 and 0, respectively, Class A Ordinary Shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s condensed balance sheets. Warrant Liability The Company accounts for the Warrants as either equity-classified or liability-classified instruments based on an assessment of the Warrants’ specific terms and applicable authoritative guidance in the Financial Accounting Standards Board (the “ FASB Distinguishing Liabilities from Equity Derivatives and Hedging For issued or modified Warrants that meet all of the criteria for equity classification, the Warrants are required to be recorded as a component of additional paid-in non-cash Income Taxes The Company accounts for income taxes under ASC Topic 740, “ Income Taxes The Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the period presented. Net Income (Loss) per Ordinary Share Net income (loss) per ordinary share is computed by dividing net income (loss) by the weighted average number of ordinary shares outstanding for the period. The calculation of diluted income (loss) per share does not consider the effect of the Public Warrants issued in connection with the Initial Public Offering and the sale of the Private Placement Warrants, because the inclusion of the Public Warrants and the Private Placement Warrants would be anti-dilutive because of the contingency associated with them. The Company’s statement of operations includes a presentation of income (loss) per share for ordinary shares subject to possible redemption in a manner similar to the two-class The following table reflects the calculation of basic and diluted net income (loss) per ordinary share (in dollars, except per share amounts): Three Months June 30, 2021 Six Months June 30, 2021 Redeemable Class A Ordinary Shares Numerator — earnings allocable to redeemable Class A Ordinary Shares interest income $ 5,301 $ 6,396 Net earnings $ 5,301 $ 6,396 Denominator — weighted average redeemable Class A Ordinary Shares, basic and diluted 34,500,000 34,500,000 Earnings/Loss, basic and diluted redeemable Class A Ordinary Shares $ 0.00 $ 0.00 Class B Ordinary Shares Numerator — net income (loss) minus redeemable net earnings Net income (loss) $ 13,878,688 $ (1,846,965 ) Redeemable net earnings (5,301 ) $ (6,396 ) Net income (loss) $ 13,873,387 $ (1,853,361 ) Denominator — weighted average Class B Ordinary Shares Class B Ordinary Shares, basic and diluted 8,625,000 8,376,381 Earnings/Loss, basic and diluted Class B Ordinary Shares $ 1.61 $ (0.22 ) For the three and six months ended June 30, 2021, basic and diluted shares are the same as there are no redeemable and non-redeemable Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which at times may exceed the Federal Depository Insurance Corporation coverage limit of $250,000. The Company has not experienced losses on these accounts and the Company’s 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 Topic 820, “ Fair Value Measurement Recent Accounting Standards In August 2020, the FASB issued Accounting Standards Update No. 2020-6, ”Debt—Debt 470-20)” Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): ASU 2020-6 2020-6 2020-6 2020-6 2020-6 The Company’s management does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s condensed financial statements. |
INITIAL PUBLIC OFFERING
INITIAL PUBLIC OFFERING | 1 Months Ended | 6 Months Ended |
Dec. 31, 2020 | Jun. 30, 2021 | |
INITIAL PUBLIC OFFERING | ||
INITIAL PUBLIC OFFERING | Note 3 — Proposed Public Offering Pursuant to the Proposed Public Offering, the Company will offer for sale up to 30,000,000 Units (or 34,500,000 Units if the underwriters’ over-allotment option is exercised in full) at a purchase price of $10.00 per Unit. Each Unit will consist of one Class A ordinary share and one-fourth | NOTE 3. INITIAL PUBLIC OFFERING The Company sold 34,500,000 Units in the Initial Public Offering, which includes a full exercise by the underwriters of their over-allotment option in the amount of 4,500,000 Units at a purchase price of $10.00 per Unit. Each Unit consists of one Class A Ordinary Share and one |
PRIVATE PLACEMENT
PRIVATE PLACEMENT | 1 Months Ended | 6 Months Ended |
Dec. 31, 2020 | Jun. 30, 2021 | |
PRIVATE PLACEMENT | ||
PRIVATE PLACEMENT | Note 4 — Private Placement The Sponsor has committed to purchase an aggregate of 9,000,000 Private Placement Warrants (or 9,900,000 Private Placement Warrants if the underwriters’ over-allotment option is exercised in full) at a price of $1.00 per Private Placement Warrant, for an aggregate purchase price of $9,000,000 (or $9,900,000 if the underwriters’ over-allotment option is exercised in full), in a private placement that will occur simultaneously with the closing of the Proposed Public Offering. Each Private Placement Warrant is exercisable to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment (see Note 7). A portion of the proceeds from the Private Placement Warrants will be added to the proceeds from the Proposed Public Offering to be held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants 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. | NOTE 4. PRIVATE PLACEMENT Simultaneously with the closing of the Initial Public Offering and the underwriters’ full exercise of their over-allotment option, the Sponsor purchased an aggregate of 9,900,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant, for an aggregate purchase price of $9,900,000 in a private placement transaction. Each Private Placement Warrant is exercisable to purchase one Class A Ordinary Share at a price of $11.50 per Class A Ordinary Share, subject to adjustment (see Note 8). A portion of the proceeds from the sale of the Private Placement Warrants was added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants 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. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 1 Months Ended | 6 Months Ended |
Dec. 31, 2020 | Jun. 30, 2021 | |
Related Party Transactions [Abstract] | ||
RELATED PARTY TRANSACTIONS | Note 5 — Related Party Transactions Founder Shares On December 15, 2020, the Sponsor paid $25,000 to cover certain offering and formation costs of the Company in consideration for 8,625,000 Class B ordinary shares (the “Founder Shares”). The Founder Shares include an aggregate of up to 1,125,000 shares that are subject to forfeiture depending on the extent to which the underwriters’ over-allotment option is exercised, so that the number of Founder Shares will equal, on an as-converted The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier 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 ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, 30-trading Administrative Services Agreement The Company will enter into an agreement, commencing on the date that the securities are first listed on the NYSE through the earlier of the Company’s consummation of a Business Combination and its liquidation, to pay an affiliate of the Sponsor a sum of $10,000 per month for office space and secretarial and administrative services. Promissory Note — Related Party On December 15, 2020, the Company issued an unsecured promissory note (the “Promissory Note”) to the Sponsor, pursuant to which the Company may borrow up to an aggregate principal amount of $300,000. The Promissory Note is 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 $2,000,000 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, the Company had no outstanding borrowings under the Working Capital Loans. | NOTE 5. RELATED PARTY TRANSACTIONS Founder Shares On January 28, 2021, the Sponsor transferred 25,000 Founder Shares to certain of the Company’s directors, resulting in the Sponsor holding 8,450,000 Founder Shares. The Founder Shares included an aggregate of up to 1,125,000 Founder Shares that were subject to forfeiture depending on the extent to which the underwriters’ over-allotment option was exercised, so that the number of the Founder Shares would equal, on an as-converted The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier 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 Ordinary Shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, 30-trading Administrative Services Agreement The Company entered into an agreement, commencing on February 4, 2021, through the earlier of the Company’s consummation of a Business Combination and its liquidation, to pay an affiliate of the Sponsor a sum of $10,000 per month for office space and secretarial and administrative services. For the three and six months ended June 30, 2021, the Company incurred $30,000 and $50,000, respectively, in fees for these services, of which $10,000 is included in accrued expenses in the accompanying condensed balance sheet as of June 30, 2021. Promissory Note — Related Party On December 15, 2020, the Company issued an unsecured promissory note (the “ Promissory Note 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 executive officers and directors may, but are not obligated to, loan the Company funds as may be required (the “ Working Capital Loans warrants would be identical to the Private Placement Warrants. As of June 30, 2021 and December 31, 2020, there were no Operating Costs For the three months ended June 30, 2021, the Sponsor agreed to absorb $1,700,000 in legal expenses previously incurred by the Company. Such reversal of expense is reflected in operating (income) costs on the condensed statements of operations. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 1 Months Ended | 6 Months Ended |
Dec. 31, 2020 | Jun. 30, 2021 | |
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 Shareholders Rights The holders of the Founder Shares, Private Placement Warrants and any warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of the Working Capital Loans) will be entitled to registration rights pursuant to a registration and shareholder rights agreement to be signed prior to or on the effective date of the Proposed 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 completion of a Business Combination. However, the registration and shareholder 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 lockup period. 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 Company will grant the underwriters a 45-day The underwriters will be entitled to a cash underwriting discount of $0.20 per Unit, or $6,000,000 in the aggregate (or $6,900,000 if the underwriters’ over-allotment option is exercised in full), payable upon the closing of the Proposed Public Offering. In addition, the underwriters will be entitled to a deferred fee of $0.35 per Unit, | NOTE 6. COMMITMENTS AND CONTINGENCIES Risks and Uncertainties Management continues to evaluate the impact of the COVID-19 COVID-19 Registration and Shareholder Rights Pursuant to a registration and shareholder rights agreement entered into on February 4, 2021, the holders of the Founder Shares, the Private Placement Warrants and any warrants that may be issued upon conversion of the Working Capital Loans (and any Class A Ordinary Shares issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of the Working Capital Loans) will be entitled to registration rights pursuant to a registration and shareholder rights agreement. 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. However, the registration and shareholder 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 lockup period. 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 underwriting fee of $0.35 per Unit, or $12,075,000 in the aggregate. The deferred underwriting 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. |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 1 Months Ended | 6 Months Ended |
Dec. 31, 2020 | Jun. 30, 2021 | |
Stockholders' Equity Note [Abstract] | ||
SHAREHOLDERS' EQUITY | Note 7 — Shareholder’s Equity Preference Shares Class A Ordinary Shares Class B Ordinary Shares Only holders of the Class B ordinary shares will have the right to vote on the election of directors prior to the Business Combination. Holders of Class A ordinary shares and Class B ordinary shares will vote together as a single class on all other matters submitted to a vote of shareholders, except as required by law. In connection with a Business Combination, the Company may enter into a shareholders agreement or other arrangements with the shareholders of the target or other investors to provide for voting or other governance arrangements that differ from those in effect upon completion of the Proposed Public Offering. The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of a Business Combination or earlier at the option of the holders thereof at a ratio such that the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted one-to-one. Warrants The Company will not be obligated to deliver any Class A ordinary shares 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 with respect to the Class A ordinary shares underlying the warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations with respect to registration, or a valid exemption from registration is available. No warrant will be exercisable and the Company will not be obligated to issue a Class A ordinary share upon exercise of a warrant unless the Class A ordinary share 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 20 business days, after the closing of a Business Combination, it will use its commercially reasonable efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the warrants, and the Company will use its commercially reasonable efforts to cause the same to become effective within 60 business days following the closing of a Business Combination, and to maintain the effectiveness of such registration statement and a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed, as specified in the warrant agreement; provided that if the Class A ordinary shares are at the time of any exercise of a public warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement for the registration, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the warrants, but the Company will use its commercially reasonable efforts to register or qualify for sale the shares under applicable blue sky laws to the extent an exemption is not available. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th 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, but the Company will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00. • in whole and not in part; • at a price of $0.01 per warrant; • upon a minimum of 30 days’ prior written notice of redemption to each warrant holder; and • if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted) for any 20 trading days within a 30-trading three If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws. Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00 • in whole and not in part; • at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption; provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined based on the redemption date and the fair market value of the Class A ordinary shares; • if, and only if, the closing price of the Class A ordinary shares equal or exceeds $10.00 per public share (as adjusted) for any 20 trading days within the 30-trading three If the Company calls the Public Warrants for redemption, as described above, its management will have the option to require any holder that wishes to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of ordinary shares issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, except as described below, the Public Warrants will not be adjusted for issuances of ordinary shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the Public 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 Public Warrants will not receive any of such funds with respect to their Public Warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such Public Warrants. Accordingly, the Public Warrants may expire worthless. In addition, if (x) the Company issues additional Class A ordinary shares 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 Class A ordinary share (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 holders of the Class B ordinary shares or their respective affiliates, without taking into account any Founder Shares held by the Sponsor, holders of the Class B ordinary shares or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of a Business Combination on the date of the consummation of a Business Combination (net of redemptions), and (z) the volume weighted average trading price of its Class A ordinary shares during the 20 trading day period starting on the trading day after the day on which the Company consummates its 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, and the $10.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price. The Private Placement Warrants will be identical to the Public Warrants underlying the Units being sold in the Proposed Public Offering, except that the Private Placement Warrants and the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable, | NOTE 7. SHAREHOLDERS’ EQUITY Preference Shares — Class A Ordinary Shares 30,650,363 Class B Ordinary Shares Only holders of the Class B Ordinary Shares will have the right to vote on the election of directors prior to the Business Combination. Holders of the Class A Ordinary Shares and the Class B Ordinary Shares will vote together as a single class on all other matters submitted to a vote of shareholders, except as required by law. In connection with a Business Combination, the Company may enter into a shareholders agreement or other arrangements with the shareholders of the target or other investors to provide for voting or other governance arrangements that differ from those in effect upon completion of the Initial Public Offering. The Class B Ordinary Shares will automatically convert into the Class A Ordinary Shares at the time of a Business Combination, or earlier at the option of the holders thereof, at a ratio such that the number of the Class A Ordinary Shares issuable upon conversion of all of the Founder Shares will equal, in the aggregate, on an as-converted one-to-one. |
WARRANT LIABILITY
WARRANT LIABILITY | 6 Months Ended |
Jun. 30, 2021 | |
Warrants and Rights Note Disclosure [Abstract] | |
WARRANT LIABILITY | NOTE 8. WARRANT LIABILITY As of June 30, 2021, there were 8,625,000 Public Warrants outstanding. As of December 31, 2020, there were no Public Warrants outstanding. Public Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants will become exercisable on the later of (i) 30 days after the completion of a Business Combination and (ii) one year from the closing of the Initial Public Offering. The Public Warrants will expire five years from the completion of a Business Combination or earlier upon redemption or liquidation. The Company will not be obligated to deliver any Class A Ordinary Shares pursuant to the exercise of a Public Warrant and will have no obligation to settle such exercise unless a registration statement under the Securities Act with respect to the Class A Ordinary Shares underlying the Public Warrant is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations with respect to registration, or a valid exemption from registration is available. No Public Warrant will be exercisable and the Company will not be obligated to issue a Class A Ordinary Share upon exercise of a Public Warrant unless the Class A Ordinary Share issuable upon such 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 Public Warrant. The Company has agreed that as soon as practicable, but in no event later than 20 business days, after the closing of a Business Combination, it will use its commercially reasonable efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the Class A Ordinary Shares issuable upon exercise of the Public Warrants, and the Company will use its commercially reasonable efforts to cause the same to become effective within 60 business days following the closing of a Business Combination, and to maintain the effectiveness of such registration statement and a current prospectus relating to those Class A Ordinary Shares until the Public Warrants expire or are redeemed, as specified in the warrant agreement; provided however Redemption of the Warrants when the price per Class A Ordinary Share equals or exceeds $18.00. • in whole and not in part; • at a price of $0.01 per Warrant; • upon a minimum of 30 days’ prior written notice of redemption to each holder of the Warrant; and • if, and only if, the closing price of the Class A Ordinary Shares equals or exceeds $18.00 per share (as adjusted) for any 20 trading days within a 30-trading three If and when the Warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws. Redemption of the Warrants when the price per Class A Ordinary Share equals or exceeds $10.00 • in whole and not in part; • at a price of $0.10 per Warrant upon a minimum of 30 days’ prior written notice of redemption; provided, however • if, and only if, the closing price of the Class A Ordinary Shares equal or exceeds $10.00 per Class A Ordinary Share (as adjusted) for any 20 trading days within the 30-trading three If the Company calls the Public Warrants for redemption, as described above, the Company’s management will have the option to require any holder that wishes to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of the Class A Ordinary Shares issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, except as described below, the Public Warrants will not be adjusted for issuances of the Class A Ordinary Shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the Public 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 the Public Warrants will not receive any of such funds with respect to their Public Warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to their Public Warrants. Accordingly, the Public Warrants may expire worthless. In addition, if (x) the Company issues additional Class A Ordinary Shares 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 Class A Ordinary Share (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 holders of the Class B Ordinary Shares or their respective affiliates, without taking into account any Founder Shares held by the Sponsor, holders of the Class B Ordinary Shares or such affiliates, as applicable, prior to such issuance) (the “ Newly Issued Price Market Value As of June 30, 2021, there were 9,900,000 Private Placement Warrants outstanding. As of December 31, 2020, there were no Private Placement Warrants outstanding. 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 Ordinary Shares issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable, |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 9. FAIR VALUE MEASUREMENTS The fair value of the Company’s financial assets and liabilities reflects the Company’s 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. As of June 30, 2021, assets held in the Trust Account were comprised of $345,006,396 in money market funds, which are invested primarily in U.S. Treasury securities. The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2021 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: Description Level June 30, 2021 Assets: Investments held in the Trust Account 1 345,006,396 Liabilities: Warrant liability — Public Warrants 1 $ 10,001,349 Warrant liability — Private Placement Warrants 3 $ 13,359,969 The Warrants were accounted for as liabilities in accordance with ASC 815-40 The Warrants were initially valued using a Monte Carlo simulation model, which is considered to be a Level 3 fair value measurement for which there are uncertainties involved. If factors or assumptions change, the estimated fair values could be materially different. The Monte Carlo simulation model’s primary unobservable input utilized in determining the fair value of the Warrants is the expected volatility of the ordinary shares. The expected volatility as of the closing date of the Initial Public Offering was derived from observable public warrant pricing on comparable ‘blank-check’ companies without an identified target. The expected volatility as of subsequent valuation dates was implied from the Company’s own public warrant pricing. A Monte Carlo simulation methodology was used in estimating the fair value of the Public Warrants for periods where no observable traded price was available, using the same expected volatility as was used in measuring the fair value of the Private Warrants. As of June 30, 2021, the Public Warrants have detached from the Units and the Public Warrants were moved from Level 3 to Level 1. For periods subsequent to the detachment, the closing price of the Public Warrants will be used as the fair value as of each relevant date. The following table provides quantitative information regarding Level 3 fair value measurements: As of Stock price $ 9.27 Strike price $ 11.50 Term (in years) 5.0 Volatility 40.0 % Risk-free rate 1.05 % Dividend yield 0.0 % The following table presents the changes in the fair value of Level 3 warrant liabilities: Private Public Warrant Fair value as of February 9, 2021 $ 17,144,332 $ 12,933,516 $ 30,077,848 Change in valuation inputs or other assumptions (3,784,363 ) (2,932,167 ) (6,716,530 ) Fair value as of June 30, 2021 13,359,969 10,001,349 23,361,318 Fair value of the Warrants transferred out of Level 3 — (10,001,349 ) (10,001,349 ) Fair value of Level 3 warrant liabilities as of June 30, 2021 $ 13,359,969 $ — $ 13,359,969 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 1 Months Ended | 6 Months Ended |
Dec. 31, 2020 | Jun. 30, 2021 | |
Subsequent Events [Abstract] | ||
SUBSEQUENT EVENTS | Note 8 — Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to January 20, 2021, the date that the financial statements were available to be issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. | NOTE 10. SUBSEQUENT EVENTS On July 16, 2021, the Company announced that it had entered into a definitive business combination agreement, dated as of July 15, 2021 (the “ Business Combination Agreement Fathom Rapid Merger Sub In connection with the proposed business combination pursuant to the terms of the Business Combination Agreement, the Company will combine with Fathom at an estimated $1.5 billion pro forma equity value. Cash proceeds in connection with the business combination will be funded through a combination of the Company’s cash held in the Trust Account and a $80 million fully committed, common stock private investment in public equity (the “ PIPE Investment Effective as of July 14, 2021, a member of the Company’s board of directors entered into an employment agreement with HPS Investment Partners, LLC, an affiliate of the Sponsor, and, as a result, ceased to be “independent,” as defined in the listing standards of the New York Stock Exchange. Such member of the Company’s board of directors resigned from the Company’s nominating committee and compensation committee effective as of July 14, 2021 as a result of ceasing to be “independent.” The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the condensed financial statements were issued. Based upon this review, the Company did not identify any other subsequent events that would have required adjustment or disclosure in the condensed financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 1 Months Ended | 6 Months Ended |
Dec. 31, 2020 | Jun. 30, 2021 | |
Accounting Policies [Abstract] | ||
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. The Company does not have sufficient liquidity to meet its anticipated obligations over the next year from the date of issuance of these financial statements. In connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”) 2014-15, | Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“ GAAP 10-Q S-X The interim results for the three and six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any future periods. |
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, as amended (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, as amended, 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 shareholder 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 | 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, as amended (the “ JOBS Act 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 registration statement under the Securities Act 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 irrevocable. The Company has elected not to opt out of such extended transition period which means that, when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statement with another public company 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 | Use of Estimates The preparation of financial statements in conformity with 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 financial statements and the reported amounts of 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. | Use of Estimates The preparation of the condensed 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 the Company’s 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 the Company’s 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. One of the more significant accounting estimates included in these condensed financial statements is the determination of the fair value of the warrant liability. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those estimates. |
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. As of June 30, 2021, the Company held $345,006,396 in a money market fund in the Trust Account. The Company did not have any cash equivalents as of December 31, 2020. | |
Offering Costs | Deferred Offering Costs Deferred offering costs consist of legal, accounting and other expenses incurred through the balance sheet date that are directly related to the Proposed Public Offering and that will be charged to shareholder’s equity upon the completion of the Proposed Public Offering. Should the Proposed Public Offering prove to be unsuccessful, these deferred costs, as well as additional expenses incurred, will be charged to operations. | Offering Costs Offering costs consist of legal, accounting and underwriting fees and other costs incurred through the balance sheet date that are directly related to the Initial Public Offering. Offering costs amounted to $19,490,958, of which $18,735,887 were charged to shareholders’ equity upon the completion of the Initial Public Offering and $755,071 were expensed on the condensed statement of operations. |
Class A Ordinary Shares Subject to Possible Redemption | Class A Ordinary Shares Subject to Possible Redemption The Company accounts for the Class A Ordinary Shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ ASC Distinguishing Liabilities from Equity certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, as of June 30, 2021 and December 31, 2020, 30,650,363 and 0, respectively, Class A Ordinary Shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s condensed balance sheets. | |
Warrant Liability | Warrant Liability The Company accounts for the Warrants as either equity-classified or liability-classified instruments based on an assessment of the Warrants’ specific terms and applicable authoritative guidance in the Financial Accounting Standards Board (the “ FASB Distinguishing Liabilities from Equity Derivatives and Hedging For issued or modified Warrants that meet all of the criteria for equity classification, the Warrants are required to be recorded as a component of additional paid-in non-cash | |
Income Taxes | Income Taxes 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 Cayman Islands is the Company’s major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of December 31, 2020, there were no unrecognized tax benefits and no amounts accrued for interest and penalties. 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 considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the period presented. | Income Taxes The Company accounts for income taxes under ASC Topic 740, “ Income Taxes The Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the period presented. |
Net Income (Loss) per Ordinary Share | Net Loss Per Ordinary Share Net loss per ordinary share is computed by dividing net loss by the weighted average number of ordinary shares issued and outstanding during the period, excluding ordinary shares subject to forfeiture. Weighted average shares were reduced for the effect of an aggregate of 1,125,000 Class B ordinary shares that are subject to forfeiture depending on the extent to which the underwriters’ over-allotment option is exercised (see Note 5). At December 31, 2020, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted loss per ordinary share is the same as basic loss per ordinary share for the period presented. | Net Income (Loss) per Ordinary Share Net income (loss) per ordinary share is computed by dividing net income (loss) by the weighted average number of ordinary shares outstanding for the period. The calculation of diluted income (loss) per share does not consider the effect of the Public Warrants issued in connection with the Initial Public Offering and the sale of the Private Placement Warrants, because the inclusion of the Public Warrants and the Private Placement Warrants would be anti-dilutive because of the contingency associated with them. The Company’s statement of operations includes a presentation of income (loss) per share for ordinary shares subject to possible redemption in a manner similar to the two-class The following table reflects the calculation of basic and diluted net income (loss) per ordinary share (in dollars, except per share amounts): Three Months June 30, 2021 Six Months June 30, 2021 Redeemable Class A Ordinary Shares Numerator — earnings allocable to redeemable Class A Ordinary Shares interest income $ 5,301 $ 6,396 Net earnings $ 5,301 $ 6,396 Denominator — weighted average redeemable Class A Ordinary Shares, basic and diluted 34,500,000 34,500,000 Earnings/Loss, basic and diluted redeemable Class A Ordinary Shares $ 0.00 $ 0.00 Class B Ordinary Shares Numerator — net income (loss) minus redeemable net earnings Net income (loss) $ 13,878,688 $ (1,846,965 ) Redeemable net earnings (5,301 ) $ (6,396 ) Net income (loss) $ 13,873,387 $ (1,853,361 ) Denominator — weighted average Class B Ordinary Shares Class B Ordinary Shares, basic and diluted 8,625,000 8,376,381 Earnings/Loss, basic and diluted Class B Ordinary Shares $ 1.61 $ (0.22 ) For the three and six months ended June 30, 2021, basic and diluted shares are the same as there are no redeemable and 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 accounts. | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which at times may exceed the Federal Depository Insurance Corporation coverage limit of $250,000. The Company has not experienced losses on these accounts and the Company’s 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 FASB ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature. | Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “ Fair Value Measurement |
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. | Recent Accounting Standards In August 2020, the FASB issued Accounting Standards Update No. 2020-6, ”Debt—Debt 470-20)” Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): ASU 2020-6 2020-6 2020-6 2020-6 2020-6 The Company’s management does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s condensed financial statements. |
Fair Value Measurements | The fair value of the Company’s financial assets and liabilities reflects the Company’s 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. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule Of Earnings Per Share, Basic and Diluted | The following table reflects the calculation of basic and diluted net income (loss) per ordinary share (in dollars, except per share amounts): Three Months June 30, 2021 Six Months June 30, 2021 Redeemable Class A Ordinary Shares Numerator — earnings allocable to redeemable Class A Ordinary Shares interest income $ 5,301 $ 6,396 Net earnings $ 5,301 $ 6,396 Denominator — weighted average redeemable Class A Ordinary Shares, basic and diluted 34,500,000 34,500,000 Earnings/Loss, basic and diluted redeemable Class A Ordinary Shares $ 0.00 $ 0.00 Class B Ordinary Shares Numerator — net income (loss) minus redeemable net earnings Net income (loss) $ 13,878,688 $ (1,846,965 ) Redeemable net earnings (5,301 ) $ (6,396 ) Net income (loss) $ 13,873,387 $ (1,853,361 ) Denominator — weighted average Class B Ordinary Shares Class B Ordinary Shares, basic and diluted 8,625,000 8,376,381 Earnings/Loss, basic and diluted Class B Ordinary Shares $ 1.61 $ (0.22 ) |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Fair Value Measurement Of Assets And Liabilities Based On Hierarchy | The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2021 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: Description Level June 30, 2021 Assets: Investments held in the Trust Account 1 345,006,396 Liabilities: Warrant liability — Public Warrants 1 $ 10,001,349 Warrant liability — Private Placement Warrants 3 $ 13,359,969 |
Schedule Of Assumptions Used In Estimating The Fair Value Of Warrants | The following table provides quantitative information regarding Level 3 fair value measurements: As of Stock price $ 9.27 Strike price $ 11.50 Term (in years) 5.0 Volatility 40.0 % Risk-free rate 1.05 % Dividend yield 0.0 % |
Summary of changes in the fair value of warrant liabilities | The following table presents the changes in the fair value of Level 3 warrant liabilities: Private Public Warrant Fair value as of February 9, 2021 $ 17,144,332 $ 12,933,516 $ 30,077,848 Change in valuation inputs or other assumptions (3,784,363 ) (2,932,167 ) (6,716,530 ) Fair value as of June 30, 2021 13,359,969 10,001,349 23,361,318 Fair value of the Warrants transferred out of Level 3 — (10,001,349 ) (10,001,349 ) Fair value of Level 3 warrant liabilities as of June 30, 2021 $ 13,359,969 $ — $ 13,359,969 |
DESCRIPTION OF ORGANIZATION A_2
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS (Details) - USD ($) | Feb. 09, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | Dec. 31, 2020 |
Subsidiary, Sale of Stock [Line Items] | ||||
Term of restricted investments | 185 days | |||
Warrant purchase price (in dollars per share) | $ 1 | |||
Proceeds from issuance of warrants | $ 12,933,516 | |||
Transaction costs allocated to the Warrants | $ 755,071 | |||
Threshold minimum aggregate fair market value as a percentage of the assts held in the Trust Account | 80.00% | 80.00% | ||
Threshold percentage of public shares subject to redemption without the Company's prior written consent | 50.00% | 50.00% | ||
Minimum net tangible assets upon consummation of the Business Combination | $ 5,000,001 | $ 5,000,001 | $ 5,000,001 | |
Redemption threshold as percent of outstanding | 15.00% | 15.00% | ||
Obligation to redeem public shares if entity does not complete a business combination | 100.00% | 100.00% | ||
Days for redemption of public shares | 10 days | 10 days | ||
Maximum net interest to pay dissolution expenses | $ 100,000 | $ 100,000 | ||
Warrant Liabilities Private Warrants [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Class of warrants or rights subscribed but not issued | 9,000,000 | 9,000,000 | ||
Class A common stock | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Shares issued price per share | $ 10 | $ 10 | ||
Over-allotment | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Number of units issued (in shares) | 4,500,000 | |||
Share price (in dollars per share) | $ 10 | $ 10 | ||
Number of warrants issued (in shares) | 9,900,000 | 9,900,000 | ||
Proceeds from issuance of warrants | $ 9,900,000 | |||
Deferred underwriting fees | $ 12,075,000 | $ 12,075,000 | $ 12,075,000 | |
Over-allotment | Class A common stock | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Common stock shares subscribed but not issued | 34,500,000 | 34,500,000 | ||
Private Placement | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Number of warrants issued (in shares) | 9,900,000 | 9,000,000 | 9,000,000 | |
Warrant purchase price (in dollars per share) | $ 1 | $ 1 | $ 1 | |
Proceeds from issuance of warrants | $ 9,900,000 | $ 9,000,000 | ||
Private Placement | Warrant Liabilities Private Warrants [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Class of warrants or rights subscribed but not issued | 9,900,000 | 9,900,000 | ||
Initial Public Offering | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Share price (in dollars per share) | $ 10 | $ 10 | ||
Assets held in trust | $ 345,000,000 | |||
Cash underwriting fees | 6,900,000 | |||
Deferred underwriting fees | 12,075,000 | $ 10,500,000 | $ 10,500,000 | |
Other offering costs | 515,958 | |||
Transaction costs allocated to the Warrants | $ 755,071 | |||
Transaction costs | $ 19,490,958 | |||
Initial Public Offering | Class A common stock | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Number of units issued (in shares) | 34,500,000 | |||
Common stock shares subscribed but not issued | 30,000,000 | 30,000,000 | ||
Share price (in dollars per share) | $ 10 | $ 10 | ||
Assets held in trust | $ 345,000,000 | |||
IPO Including Overallotment [Member] | Class A common stock | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Common stock shares subscribed but not issued | 34,500,000 | 34,500,000 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Subsidiary, Sale of Stock [Line Items] | ||
Offering costs paid | $ 147,461 | |
Unrecognized tax benefits | 0 | $ 0 |
Unrecognized tax benefits accrued for interest and penalties | 0 | $ 0 |
Minimum [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Cash insured with federal depository insurance corporation | $ 250,000 | |
Class A common stock | ||
Subsidiary, Sale of Stock [Line Items] | ||
Temporary equity, shares outstanding (in shares) | 30,650,363 | 0 |
Initial Public Offering | ||
Subsidiary, Sale of Stock [Line Items] | ||
Stock issuance costs | $ 18,735,887 | |
Offering costs paid | 755,071 | |
Offering costs | 19,490,958 | |
Transaction costs allocated to the Warrants | $ 755,071 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Basic and Diluted Net Income (Loss) Per Ordinary Share (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2021 | ||
Numerator—earnings allocable to redeemable Class A Ordinary Shares interest income | |||||
Numerator—earnings allocable to redeemable Class A Ordinary Shares interest income | $ 5,301 | $ 6,396 | |||
Denominator -weighted average shares | |||||
Weighted average shares outstanding, basic and diluted | [1] | 7,500,000 | |||
Earnings/Loss, basic and diluted | $ 0 | ||||
Class B Ordinary Shares Numerator—net income (loss) minus redeemable net earnings | |||||
Net income (loss) | $ (5,000) | 13,878,688 | $ (15,725,653) | (1,846,965) | |
Redeemable Common Class A | |||||
Numerator—earnings allocable to redeemable Class A Ordinary Shares interest income | |||||
Numerator—earnings allocable to redeemable Class A Ordinary Shares interest income | 5,301 | 6,396 | |||
Net earnings | $ 5,301 | $ 6,396 | |||
Denominator -weighted average shares | |||||
Weighted average shares outstanding, basic and diluted | 34,500,000 | 34,500,000 | |||
Earnings/Loss, basic and diluted | $ 0 | $ 0 | |||
Non Redeemable Common Class B | |||||
Denominator -weighted average shares | |||||
Weighted average shares outstanding, basic and diluted | 8,625,000 | 8,376,381 | |||
Earnings/Loss, basic and diluted | $ 1.61 | $ (0.22) | |||
Class B Ordinary Shares Numerator—net income (loss) minus redeemable net earnings | |||||
Net income (loss) | $ 13,878,688 | $ (1,846,965) | |||
Redeemable net earnings | (5,301) | (6,396) | |||
Net income (loss) | $ 13,873,387 | $ (1,853,361) | |||
[1] | Excludes an aggregate of up to 1,125,000 shares of Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 5). |
INITIAL PUBLIC OFFERING (Detail
INITIAL PUBLIC OFFERING (Details) | Feb. 09, 2021$ / sharesshares | Mar. 31, 2021shares | Jun. 30, 2021$ / shares | Dec. 31, 2020$ / sharesshares |
Public Warrants | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 11.50 | |||
Over-allotment | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Sale of Class A Ordinary Shares (in shares) | shares | 4,500,000 | |||
Share Price | $ / shares | $ 10 | $ 10 | ||
Exercise price of warrants (in dollars per share) | $ / shares | 11.50 | |||
Initial Public Offering | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Share Price | $ / shares | $ 10 | 10 | ||
Number of shares in a unit (in shares) | shares | 1 | |||
Number of warrants issued per unit (in shares) | 0.25 | |||
Shares issuable per warrant (in shares) | shares | 1 | |||
Class A common stock | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Sale of Class A Ordinary Shares (in shares) | shares | 34,500,000 | 34,500,000 | ||
Shares issued price per share | $ / shares | $ 10 | |||
Class A common stock | Over-allotment | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Common stock shares subscribed but not issued | shares | 34,500,000 | |||
Class A common stock | Initial Public Offering | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Share Price | $ / shares | $ 10 | $ 10 | ||
Common stock shares subscribed but not issued | shares | 30,000,000 |
PRIVATE PLACEMENT (Details)
PRIVATE PLACEMENT (Details) - USD ($) | Feb. 09, 2021 | Dec. 31, 2020 | Jun. 30, 2021 |
Subsidiary, Sale of Stock [Line Items] | |||
Warrant purchase price (in dollars per share) | $ 1 | ||
Proceeds from issuance of warrants | $ 12,933,516 | ||
Private Placement | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of warrants issued (in shares) | 9,900,000 | 9,000,000 | |
Warrant purchase price (in dollars per share) | $ 1 | $ 1 | |
Proceeds from issuance of warrants | $ 9,900,000 | $ 9,000,000 | |
Shares issuable per warrant (in shares) | 1 | 1 | |
Exercise price of warrants (in dollars per share) | $ 11.50 | $ 11.50 | |
Over-allotment | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of warrants issued (in shares) | 9,900,000 | ||
Proceeds from issuance of warrants | $ 9,900,000 | ||
Exercise price of warrants (in dollars per share) | $ 11.50 |
RELATED PARTY TRANSACTIONS - Fo
RELATED PARTY TRANSACTIONS - Founder Shares (Details) - $ / shares | Jan. 28, 2021 | Dec. 15, 2020 | Jun. 30, 2021 | Feb. 09, 2021 |
Related Party Transaction [Line Items] | ||||
Shares subject to forfeiture (in shares) | 1,125,000 | 1,125,000 | ||
Common stock, shares subject to forfeiture, as a percent of issued and outstanding shares | 20.00% | 20.00% | ||
Number of shares no longer subject to forfeiture (in shares) | 1,125,000 | |||
Stock price trigger to transfer, assign or sell any shares or warrants of the company, after the completion of the initial business combination (in dollars per share) | $ 12 | $ 12 | ||
Threshold period for not to transfer, assign or sell any of their shares or warrants after the completion of the initial business combination | 150 days | 150 days | ||
Maximum | ||||
Related Party Transaction [Line Items] | ||||
Threshold period after the business combination in which the 20 trading days within any 30 trading day period commences | 20 days | 20 days | ||
Sponsor | ||||
Related Party Transaction [Line Items] | ||||
Threshold period after the business combination in which the 20 trading days within any 30 trading day period commences | 30 days | 30 days | ||
Sponsor | Founder Shares | ||||
Related Party Transaction [Line Items] | ||||
Founder Shared held by Sponsor (in shares) | 8,450,000 | 8,625,000 | ||
Class B common stock | Sponsor | ||||
Related Party Transaction [Line Items] | ||||
Shares transferred (in shares) | 25,000 | 25,000 |
RELATED PARTY TRANSACTIONS - Ad
RELATED PARTY TRANSACTIONS - Additional information (Details) - USD ($) | Feb. 09, 2021 | Feb. 04, 2021 | Dec. 15, 2020 | Dec. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2021 |
Related Party Transaction [Line Items] | ||||||
Repayment of promissory note—related party | $ 94,890 | |||||
Affiliate | ||||||
Related Party Transaction [Line Items] | ||||||
Administrative expenses - related party | $ 10,000 | $ 10,000 | ||||
Related Party Loans | ||||||
Related Party Transaction [Line Items] | ||||||
Maximum loans converted into warrants | $ 2,000,000 | $ 2,000,000 | $ 2,000,000 | |||
Exercise price of warrants (in dollars per share) | $ 1 | $ 1 | $ 1 | |||
Administrative Support Agreement | ||||||
Related Party Transaction [Line Items] | ||||||
Transaction amount | $ (30,000) | $ (50,000) | ||||
Due to related parties | 10,000 | 10,000 | ||||
Sponsor | ||||||
Related Party Transaction [Line Items] | ||||||
Transaction amount | 1,700,000 | |||||
Sponsor | Promissory Note | ||||||
Related Party Transaction [Line Items] | ||||||
Principal amount | $ 300,000 | $ 300,000 | $ 300,000 | |||
Interest rate | 0.00% | 0.00% | 0.00% | |||
Repayment of promissory note—related party | $ 94,890 | $ 5,000 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) | 1 Months Ended | ||
Dec. 31, 2020 | Jun. 30, 2021 | Feb. 09, 2021 | |
Underwriting Agreement | |||
Commitments And Contingencies [Line Items] | |||
Underwriting discount per share | $ 0.20 | ||
Over-allotment | |||
Commitments And Contingencies [Line Items] | |||
Deferred underwriting fee per unit (in dollars per share) | $ 0.35 | $ 0.35 | |
Deferred underwriting fees | $ 12,075,000 | $ 12,075,000 | |
Over-allotment | Underwriting Agreement | |||
Commitments And Contingencies [Line Items] | |||
Period granted to subscribe for the shares | 45 days | ||
Common stock shares subscribed but not issued | 4,500,000 | ||
IPO | |||
Commitments And Contingencies [Line Items] | |||
Deferred underwriting fees | $ 10,500,000 | $ 12,075,000 | |
IPO | Underwriting Agreement | |||
Commitments And Contingencies [Line Items] | |||
Cash underwriting discount payable | 6,000,000 | ||
IPO Including Overallotment | Underwriting Agreement | |||
Commitments And Contingencies [Line Items] | |||
Cash underwriting discount payable | $ 6,900,000 |
SHAREHOLDERS' EQUITY - Preferre
SHAREHOLDERS' EQUITY - Preferred Stock Shares (Details) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Stockholders' Equity Note [Abstract] | ||
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
SHAREHOLDERS' EQUITY - Common S
SHAREHOLDERS' EQUITY - Common Stock Shares (Details) | 1 Months Ended | 6 Months Ended |
Dec. 31, 2020vote$ / sharesshares | Jun. 30, 2021vote$ / sharesshares | |
Class A common stock | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 |
Common stock, voting rights (in votes) | vote | 1 | 1 |
Common stock, shares issued (in shares) | 0 | 3,849,637 |
Common stock, shares outstanding (in shares) | 0 | 3,849,637 |
Possible redemption (in shares) | 0 | 30,650,363 |
Class B common stock | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 |
Common stock, voting rights (in votes) | vote | 1 | 1 |
Common stock, shares issued (in shares) | 8,625,000 | 8,625,000 |
Common stock, shares outstanding (in shares) | 8,625,000 | 8,625,000 |
Common stock, conversion basis | 20 | 20 |
Common stock shares subject to forfeiture | 1,125,000 | |
Percentage of common stock issued and outstanding | 20.00% |
SHAREHOLDERS' EQUITY - Warrants
SHAREHOLDERS' EQUITY - Warrants (Details) | Feb. 09, 2021$ / shares | Dec. 31, 2020Day$ / shares | Jun. 30, 2021Day |
Class of Warrant or Right [Line Items] | |||
Minimum threshold written notice period for redemption of public warrants | 30 days | 30 days | |
Public Warrants exercisable term from the closing of the initial public offering | 1 year | 1 year | |
Warrant term | 5 years | 5 years | |
Threshold period for filling registration statement after business combination | 20 days | 20 days | |
Maximum threshold period for registration statement to become effective after business combination | 60 days | 60 days | |
Percentage of gross proceeds on total equity proceeds | 60.00% | 60.00% | |
Adjustment of exercise price of warrants based on market value and newly issued price | 115.00% | 115.00% | |
Adjustment of redemption price of stock based on market value and newly issued price 1 | 180.00% | 180.00% | |
Public Warrants | Redemption of Warrants When the Price per Share of Class A Common Stock Equals or Exceeds $18.00 | |||
Class of Warrant or Right [Line Items] | |||
Minimum threshold written notice period for redemption of public warrants | 30 days | 30 days | |
Stock price trigger for redemption of public warrants (in dollars per share) | $ 18 | $ 18 | |
Redemption price per public warrant (in dollars per share) | $ 0.01 | $ 0.01 | |
Threshold trading days for redemption of public warrants | Day | 20 | 20 | |
Threshold consecutive trading days for redemption of public warrants | Day | 30 | 30 | |
Notice period | 3 days | 3 days | |
Public Warrants | Redemption of Warrants When the Price per Share of Class A Common Stock Equals or Exceeds $10.00 | |||
Class of Warrant or Right [Line Items] | |||
Minimum threshold written notice period for redemption of public warrants | 30 days | 30 days | |
Stock price trigger for redemption of public warrants (in dollars per share) | $ 10 | $ 10 | |
Redemption price per public warrant (in dollars per share) | $ 0.10 | $ 0.10 | |
Threshold trading days for redemption of public warrants | Day | 20 | 20 | |
Threshold consecutive trading days for redemption of public warrants | Day | 30 | 30 | |
Notice period | 3 days | 3 days | |
Class A common stock | Maximum | |||
Class of Warrant or Right [Line Items] | |||
Share price (in dollars per share) | $ 9.20 | $ 9.20 |
WARRANT LIABILITY - Additional
WARRANT LIABILITY - Additional Information (Details) | Feb. 09, 2021$ / shares | Dec. 31, 2020Day$ / sharesshares | Jun. 30, 2021Dayshares |
Class of Warrant or Right [Line Items] | |||
Minimum threshold written notice period for redemption of public warrants | 30 days | 30 days | |
Public Warrants exercisable term from the closing of the initial public offering | 1 year | 1 year | |
Warrant term | 5 years | 5 years | |
Threshold period for filling registration statement after business combination | 20 days | 20 days | |
Maximum threshold period for registration statement to become effective after business combination | 60 days | 60 days | |
Percentage of gross proceeds on total equity proceeds | 60.00% | 60.00% | |
Adjustment of exercise price of warrants based on market value and newly issued price | 115.00% | 115.00% | |
Adjustment of redemption price of stock based on market value and newly issued price 1 | 180.00% | 180.00% | |
Public Warrants | |||
Class of Warrant or Right [Line Items] | |||
Class of warrants or rights outstanding (in shares) | shares | 0 | 8,625,000 | |
Public Warrants | Redemption of Warrants When the Price per Share of Class A Common Stock Equals or Exceeds $18.00 | |||
Class of Warrant or Right [Line Items] | |||
Minimum threshold written notice period for redemption of public warrants | 30 days | 30 days | |
Stock price trigger for redemption of public warrants (in dollars per share) | $ 18 | $ 18 | |
Redemption price per public warrant (in dollars per share) | $ 0.01 | $ 0.01 | |
Threshold trading days for redemption of public warrants | Day | 20 | 20 | |
Threshold consecutive trading days for redemption of public warrants | Day | 30 | 30 | |
Notice period | 3 days | 3 days | |
Public Warrants | Redemption of Warrants When the Price per Share of Class A Common Stock Equals or Exceeds $10.00 | |||
Class of Warrant or Right [Line Items] | |||
Minimum threshold written notice period for redemption of public warrants | 30 days | 30 days | |
Stock price trigger for redemption of public warrants (in dollars per share) | $ 10 | $ 10 | |
Redemption price per public warrant (in dollars per share) | $ 0.10 | $ 0.10 | |
Threshold trading days for redemption of public warrants | Day | 20 | 20 | |
Threshold consecutive trading days for redemption of public warrants | Day | 30 | 30 | |
Notice period | 3 days | 3 days | |
Private Warrants | |||
Class of Warrant or Right [Line Items] | |||
Class of warrants or rights outstanding (in shares) | shares | 0 | 9,900,000 | |
Class A common stock | Maximum | |||
Class of Warrant or Right [Line Items] | |||
Share price (in dollars per share) | $ 9.20 | $ 9.20 |
FAIR VALUE MEASUREMENTS - Addit
FAIR VALUE MEASUREMENTS - Additional information (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Cash | $ 1,525,518 | $ 0 |
Money Market Funds | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Cash | $ 345,006,396 |
FAIR VALUE MEASUREMENTS - Sched
FAIR VALUE MEASUREMENTS - Schedule Of Fair Value Measurement Of Assets And Liabilities Based On Hierarchy (Detail) | Jun. 30, 2021USD ($) |
Investments held in the Trust Account | Level 1 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets | $ 345,006,396 |
Public Warrants | Level 1 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Liabilities | 10,001,349 |
Private Placement Warrants | Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Liabilities | $ 13,359,969 |
FAIR VALUE MEASUREMENTS - Sch_2
FAIR VALUE MEASUREMENTS - Schedule Of Assumptions Used In Estimating The Fair Value Of Measurements (Detail) - Valuation Technique, Option Pricing Model | Jun. 30, 2021yr |
Stock price | |
Disclosure Of Assumptions Used In Estimating The Fair Value Of Warrants [Line Items] | |
Fair value measurements | 9.27 |
Strike price | |
Disclosure Of Assumptions Used In Estimating The Fair Value Of Warrants [Line Items] | |
Fair value measurements | 11.50 |
Term (in years) | |
Disclosure Of Assumptions Used In Estimating The Fair Value Of Warrants [Line Items] | |
Fair value measurements | 5 |
Volatility | |
Disclosure Of Assumptions Used In Estimating The Fair Value Of Warrants [Line Items] | |
Fair value measurements | 0.400 |
Risk-free rate | |
Disclosure Of Assumptions Used In Estimating The Fair Value Of Warrants [Line Items] | |
Fair value measurements | 0.0105 |
Dividend yield | |
Disclosure Of Assumptions Used In Estimating The Fair Value Of Warrants [Line Items] | |
Fair value measurements | 0 |
FAIR VALUE MEASUREMENTS - Summa
FAIR VALUE MEASUREMENTS - Summary Of Changes In The Fair Value Of Level 3 Warrant Liabilities (Detail) - Warrant | 5 Months Ended |
Jun. 30, 2021USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Fair Value, Beginning Balance | $ 30,077,848 |
Change in valuation inputs or other assumptions | (6,716,530) |
Fair value as of June 30, 2021 | 23,361,318 |
Fair value of the Warrants transferred out of Level 3 | (10,001,349) |
Fair Value, Ending Balance | 13,359,969 |
Private Placement Warrants | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Fair Value, Beginning Balance | 17,144,332 |
Change in valuation inputs or other assumptions | (3,784,363) |
Fair value as of June 30, 2021 | 13,359,969 |
Fair value of the Warrants transferred out of Level 3 | 0 |
Fair Value, Ending Balance | 13,359,969 |
Public Warrants | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Fair Value, Beginning Balance | 12,933,516 |
Change in valuation inputs or other assumptions | (2,932,167) |
Fair value as of June 30, 2021 | 10,001,349 |
Fair value of the Warrants transferred out of Level 3 | (10,001,349) |
Fair Value, Ending Balance | $ 0 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) | Jul. 16, 2021 | Jun. 30, 2021 |
Subsequent Event [Line Items] | ||
Proceeds from PIPE | $ 9,900,000 | |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Pro forma equity | $ 1,500,000,000 | |
Proceeds from PIPE | $ 80,000,000 | |
Price per share (in dollars per share) | $ 10 | |
Subsequent Event | Private Placement, Affiliate Sponsor | ||
Subsequent Event [Line Items] | ||
Consideration received | $ 10,000,000 |