Cover Page
Cover Page | 3 Months Ended |
Mar. 31, 2021 | |
Document Information [Line Items] | |
Document Type | S-4 |
Amendment Flag | false |
Entity Registrant Name | Austerlitz Acquisition Corp I |
Entity Central Index Key | 0001838207 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash | $ 938,188 | |
Deferred offering costs associated with proposed public offering | $ 181,669 | |
Prepaid expenses | 328,827 | |
Total current assets | 1,267,015 | 181,669 |
Other assets | 363,650 | |
Cash held in trust account | 690,000,000 | |
Total assets | 691,630,665 | 181,669 |
Current liabilities: | ||
Due to related party | 25,000 | |
Accrued expenses | 12,500 | |
Accrued offering costs | 425,000 | 161,669 |
Total current liabilities | 437,500 | 186,669 |
Warrant liability | 48,533,833 | |
Deferred underwriting fee payable | 24,150,000 | |
Total liabilities | 73,121,333 | 186,669 |
Commitments and Contingencies (Note 6) | ||
Class A ordinary shares subject to possible redemption, 61,350,933 at $10.00 per share | 613,509,327 | |
Shareholders' Equity (Deficit): | ||
Preference shares, $0.0001 par value; 1,000,000 stocks authorized; none issued and outstanding | ||
Additional paid-in capital | 10,753,401 | |
Accumulated deficit | (5,757,119) | (5,000) |
Total shareholders' equity (deficit) | 5,000,005 | (5,000) |
Total Liabilities and Shareholders' Equity | 691,630,665 | $ 181,669 |
Common Class A [Member] | ||
Shareholders' Equity (Deficit): | ||
Ordinary shares | 765 | |
Common Class B [Member] | ||
Shareholders' Equity (Deficit): | ||
Ordinary shares | 1,479 | |
Common Class C [Member] | ||
Shareholders' Equity (Deficit): | ||
Ordinary shares | $ 1,479 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Preferred stock par or stated value per share | $ 0.0001 | $ 0.0001 |
Preferred stock shares authorized | 1,000,000 | 1,000,000 |
Preferred stock shares issued | 0 | 0 |
Preferred stock shares outstanding | 0 | 0 |
Common Class A [Member] | ||
Ordinary shares subject to possible redemption | 61,350,933 | 61,350,933 |
Temporary equity redemption value per share | $ 10 | $ 10 |
Common stock par or stated value per share | $ 0.0001 | $ 0.0001 |
Common stock shares authorized | 800,000,000 | 800,000,000 |
Common stock shares issued | 7,649,067 | 0 |
Common stock shares outstanding | 7,649,067 | 0 |
Common Class B [Member] | ||
Common stock par or stated value per share | $ 0.0001 | $ 0.0001 |
Common stock shares authorized | 80,000,000 | 80,000,000 |
Common stock shares issued | 14,785,715 | 1 |
Common stock shares outstanding | 14,785,715 | 1 |
Common Class C [Member] | ||
Common stock par or stated value per share | $ 0.0001 | $ 0.0001 |
Common stock shares authorized | 80,000,000 | 80,000,000 |
Common stock shares issued | 14,785,715 | 0 |
Common stock shares outstanding | 14,785,715 | 0 |
Condensed Statement of Operatio
Condensed Statement of Operations - USD ($) | Dec. 31, 2020 | Mar. 31, 2021 |
General and administrative expenses | $ 5,000 | $ 48,040 |
Loss from operations: | (48,040) | |
Other expense: | ||
Offering costs allocated to warrant liability | 1,605,246 | |
Loss on change in fair value of warrant liability | 4,098,833 | |
Net loss | $ (5,000) | (5,752,119) |
Weighted average shares outstanding, basic and diluted | 1 | |
Basic and diluted net income per ordinary share | $ (5,000) | |
Common Class A [Member] | ||
Other expense: | ||
Net loss | $ (5,752,119) | |
Weighted average shares outstanding, basic and diluted | 69,000,000 | |
Basic and diluted net income per ordinary share | $ 0 | |
Common Class B [Member] | ||
Other expense: | ||
Weighted average shares outstanding, basic and diluted | 29,571,430 | |
Basic and diluted net income per ordinary share | $ (0.19) | |
Common Class C [Member] | ||
Other expense: | ||
Weighted average shares outstanding, basic and diluted | 29,571,430 | |
Basic and diluted net income per ordinary share | $ (0.19) |
Condensed Statement of Changes
Condensed Statement of Changes in Shareholder's Equity (Deficit) - USD ($) | Total | Common Class A [Member] | Common Stock [Member]Common Class A [Member] | Common Stock [Member]Common Class B [Member] | Common Stock [Member]Common Class C [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] |
Balance at Dec. 20, 2020 | |||||||
Balance, Shares at Dec. 20, 2020 | |||||||
Issuance of Class B ordinary shares to Sponsor, Shares | 1 | ||||||
Net loss | (5,000) | (5,000) | |||||
Balance at Dec. 31, 2020 | (5,000) | (5,000) | |||||
Balance, Shares at Dec. 31, 2020 | 1 | ||||||
Cancellation of Class B ordinary share to Sponsor, Shares | (1) | ||||||
Issuance of Class B ordinary shares to Sponsor | 12,500 | $ 1,479 | $ 11,021 | ||||
Issuance of Class B ordinary shares to Sponsor, Shares | 14,785,715 | ||||||
Issuance of Class C ordinary shares to Sponsor | 12,500 | $ 1,479 | 11,021 | ||||
Issuance of Class C ordinary shares to Sponsor, Shares | 14,785,715 | ||||||
Sale of Units in initial public offering, less fair value of public warrants | 661,365,000 | $ 6,900 | 661,358,100 | ||||
Sale of Units in initial public offering, less fair value of public warrants, Shares | 69,000,000 | ||||||
Offering costs | (37,123,549) | (37,123,549) | |||||
Class A ordinary shares subject to possible redemption | (613,509,327) | $ (6,135) | (613,503,192) | ||||
Class A ordinary shares subject to possible redemption, Shares | (61,350,933) | ||||||
Net loss | (5,752,119) | $ (5,752,119) | (5,752,119) | ||||
Balance at Mar. 31, 2021 | $ 5,000,005 | $ 765 | $ 1,479 | $ 1,479 | $ 10,753,401 | $ (5,757,119) | |
Balance, Shares at Mar. 31, 2021 | 7,649,067 | 14,785,715 | 14,785,715 |
Condensed Statement of Cash Flo
Condensed Statement of Cash Flows - USD ($) | Dec. 31, 2020 | Mar. 31, 2021 |
Cash Flows from Operating Activities | ||
Net loss | $ (5,000) | $ (5,752,119) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
General and administrative expenses paid by related party | 5,000 | |
Offering costs allocated to warrant liability | 1,605,246 | |
Loss on change in fair value of warrant liability | 4,098,833 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses | (328,827) | |
Other assets | (363,650) | |
Accrued expenses | 12,500 | |
Net cash used in operating activities | (728,017) | |
Cash Flows from Investing Activities: | ||
Investment of cash into Trust Account | (690,000,000) | |
Net cash used in Investing activities | (690,000,000) | |
Cash Flows from Financing Activities | ||
Proceeds from sale of Units, net of deferred underwriting discounts paid | 676,200,000 | |
Proceeds from Private Placement Warrants | 15,800,000 | |
Repayment of promissory note - related party | (191,827) | |
Payment of other offering costs | (141,968) | |
Net cash provided by financing activities | 691,666,205 | |
Net change in cash | 938,188 | |
Cash - beginning of period | ||
Cash - end of period | 938,188 | |
Supplemental disclosure of noncash investing and financing activities: | ||
Initial classification of Class A ordinary shares subject to possible redemption | 614,644,014 | |
Initial classification of warrant liability | 47,489,666 | |
Deferred offering costs included in accrued offering costs | 161,669 | 425,000 |
Deferred offering costs included in due to related party | $ 20,000 | |
Issuance of Class B and Class C ordinary shares to Sponsor as settlement of due to related party | 25,000 | |
Deferred offering costs paid through promissory note - related party | 186,827 | |
Deferred underwriting fees payable | $ 24,150,000 |
Description of Organization and
Description of Organization and Business Operations | Dec. 31, 2020 | Mar. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Description Of Organization And Business Operations | NOTE 1. ORGANIZATION AND PLAN OF BUSINESS OPERATIONS Austerlitz Acquisition Corporation I (formerly known as Foley Trasimene Acquisition Corporation III) (the “Company”) was incorporated as a Cayman Islands exempted company on December 21, 2020. The Company was formed 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”). Although the Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination, the Company intends to focus on identifying a prospective target business in financial technology or business process outsourcing, which acts as an essential utility to industries that are core to the economy. 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 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 its initial Business Combination, at the earliest. The Company will generate non-operating The Company’s sponsor is Austerlitz Acquisition Sponsor, LP I, an affiliate of Trasimene Capital Management, LLC (the “Sponsor”). The Company’s ability to commence operations is contingent upon obtaining adequate financial resources through the Proposed Public Offering of 50,000,000 units (each, a “Unit” and collectively, 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 57,500,000 Units if the underwriters’ over-allotment option is exercised in full), which is discussed in Note 3, and the sale of 8,000,000 warrants (or 9,000,000 warrants if the underwriters’ over-allotment option is exercised on full) (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”), at a price of $1.50 per Private Placement Warrant in a private placement to 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. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete its initial Business Combination with one or more target businesses that together have a fair market value equal to at least 80% of the net assets held in the Trust Account(as defined below) (excluding any deferred underwriting commissions held in the Trust Account) at the time the Company signs a definitive agreement in connection with a 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 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 will agree that an amount equal to or at least $10.00 per Unit sold in the Proposed Public Offering, including the proceeds of the sale of the Private Placement Warrants, will be held in a trust account (“Trust Account”), located in the United States with Continental Stock Transfer & Trust Company acting as trustee and invested only in United States “government securities” within the meaning set forth in Section 2(a)(16) of the Investment Company Act having a maturity of 185 days or less, or in money market funds meeting certain conditions of Rule 2a-7 The Company will provide its shareholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a 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. The shareholders will be entitled to redeem their shares for a pro rata portion of the amount held in the Trust Account (initially $10.00 per share), calculated as of two business days prior to the completion of a Business Combination, including any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations. There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. The Class A ordinary shares will be recorded at redemption value and classified as temporary equity upon the completion of the Proposed Public Offering, in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” If the Company seeks shareholder approval in connection with a Business Combination, it receives an ordinary resolution under Cayman Islands law approving a Business Combination, which requires the affirmative vote of a majority of the shareholders who vote at a general meeting of the Company. If a shareholder vote is not required under applicable law or stock exchange listing requirements and the Company does not decide to hold a shareholder vote for business or other reasons, the Company will, pursuant to its amended and restated memorandum and articles of association which will be adopted upon the completion of the Proposed Public Offering (“Amended and Restated Memorandum and Articles of Association”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, shareholder approval of the transaction is required by applicable law, or the Company decides to obtain shareholder approval for business or legal reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks shareholder approval in connection with a Business Combination, the Sponsor has agreed to vote its Founder Shares (as defined in Note 5), Alignment 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 and not to convert any shares in connection with a shareholder vote to approve a Business Combination. Additionally, each public shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction. Notwithstanding the foregoing, if the Company seeks shareholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Company’s Amended and Restated Memorandum and Articles of Association will provide that 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, Alignment 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 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 shareholder’s rights or pre-initial The Company will have until 24 months from the closing of the Proposed Public Offering (the “Combination Period”) to consummate a Business Combination. If the Company is unable to complete 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 no more than ten business days thereafter, redeem 100% of the outstanding Public Shares, at a per-share The Sponsor has agreed to waive its liquidation rights with respect to the Founder Shares and Alignment Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Sponsor acquires Public Shares in or after the Proposed Public Offering, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the 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 for services rendered or products sold to the Company, or by 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 (1) $10.00 per Public Share or (2) such lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of trust assets, in each case net of the amount of interest which may be withdrawn to pay taxes. This liability will not apply with respect to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account nor will it apply 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”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (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 Austerlitz Acquisition Corporation I, formerly known as Foley Trasimene Acquisition Corporation III (the “Company”), was incorporated as a Cayman Islands exempted company on December 21, 2020. The Company was formed 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”). See Note 10 for discussion of the Company’s Pending Business Combination. Unless explicitly stated, this report does not assume the closing of the Pending Business Combination. As of March 31, 2021, the Company had not commenced any operations. All activity through March 31, 2021 related to the Company’s formation and the initial public offering, which is described below. The Company has selected December 31 as its fiscal year end. On March 2, 2021, the Company consummated its initial public offering (the “IPO”) of 69,000,000 units (the “Units”), including 9,000,000 Units sold pursuant to the full exercise of the underwriters’ option to purchase additional Units to cover over-allotments. The Units were sold at a price of $10.00 per unit, generating gross proceeds to the Company of $690,000,000, which is described in Note 3. Simultaneously with the closing of the IPO, the Company completed a private sale of an aggregate 10,533,333 warrants (the “Private Placement Warrants”) at a purchase price of $1.50 per Private Placement Warrant (the “Private Placement”) to Austerlitz Acquisition Sponsor, LP I, (the “Sponsor”) generating aggregate gross proceeds to the Company of $15,800,000, which is described in Note 4. Offering costs consist of legal, accounting and other costs incurred through the balance sheet date that are directly related to the IPO and were primarily charged to shareholders’ equity upon the completion of the IPO in March 2021. Following the closing of the IPO on March 2, 2021, an amount of $690,000,000 ($10.00 per Unit) of the proceeds from the IPO were placed in a U.S.-based trust account at JP Morgan Chase Bank, N.A. maintained by Continental Stock Transfer & Trust Company, LLC, acting as trustee (“Trust Account”). Except with respect to interest earned, if any, on the funds in the Trust Account that may be released to the Company to pay its franchise and income taxes and expenses relating to the administration of the Trust Account, the proceeds from the IPO and the Private Placements held in the Trust Account will not be released until the earliest of (a) the completion of a Business Combination, (b) the redemption of any public shares properly tendered in connection with a shareholder vote to amend the Company’s Amended and Restated Certificate of Incorporation (i) to modify the substance or timing of its obligation to redeem or pre-initial Business The Company’s management has broad discretion with respect to the specific application of the net proceeds of its Initial Public Offering and the sale of Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The Company’s initial business combination must be with one or more operating businesses or assets that together have an aggregate fair market value equal to at least 80% of the net assets held in the Trust Account (excluding the deferred underwriting commissions and taxes payable on the interest earned on the Trust Account) at the time the Company signs a definitive agreement in connection with an initial business combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise is not required to register as an investment company under the Investment Company Act of 1940, as amended, or the Investment Company Act. The Company will provide its shareholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a 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. The shareholders will be entitled to redeem their shares for a pro rata portion of the amount held in the Trust Account (initially $10.00 per share), calculated as of two business days prior to the completion of a Business Combination, including any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations. There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. The Class A ordinary shares are recorded at redemption value and classified as temporary equity, in accordance with Accounting Standards Codification (“ASC”) 480 Distinguishing Liabilities from Equity If the Company seeks shareholder approval in connection with a Business Combination, it receives an ordinary resolution under Cayman Islands law approving a Business Combination, which requires the affirmative vote of a majority of the shareholders who vote at a general meeting of the Company. If a shareholder vote is not required under applicable law or stock exchange listing requirements and the Company does not decide to hold a shareholder vote for business or other reasons, the Company will, pursuant to its amended and restated memorandum and articles of association (“Amended and Restated Memorandum and Articles of Association”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, shareholder approval of the transaction is required by applicable law, or the Company decides to obtain shareholder approval for business or legal reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks shareholder approval in connection with a Business Combination, the Sponsor has agreed to vote its Founder Shares (as defined in Note 5), Alignment Shares (as defined in Note 5) and any Public Shares purchased during or after the IPO in favor of approving a Business Combination and not to convert any shares in connection with a shareholder vote to approve a Business Combination. Additionally, each public shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction. Notwithstanding the foregoing, if the Company seeks shareholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Company’s Amended and Restated Memorandum and Articles of Association will provide that 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, Alignment 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 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 shareholder’s rights or pre-initial Business Combination The Company will have until 24 months from the closing of the IPO (the “Combination Period”) to consummate a Business Combination. If the Company is unable to complete 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 no more than ten business days thereafter, redeem 100% of the outstanding Public Shares, at a per-share price, payable The Sponsor has agreed to waive its liquidation rights with respect to the Founder Shares and Alignment Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Sponsor acquires Public Shares in or after the IPO, 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 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 IPO 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 for services rendered or products sold to the Company, or by 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 (1) $10.00 per Public Share or (2) such lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of trust assets, in each case net of the amount of interest which may be withdrawn to pay taxes. This liability will not apply with respect to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account nor will it apply to any claims under the Company’s indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (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. Risks and Uncertainties Management continues to evaluate the impact of the COVID-19 pandemic date of the unaudited condensed financial statements. The unaudited condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | Dec. 31, 2020 | Mar. 31, 2021 |
Accounting Policies [Abstract] | ||
Summary of Significant Accounting Policies | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements are presented in U.S. dollars in conformity 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 issuance of these financial statements. In connection with the Company’s assessment of going concern considerations in accordance with FASB’s Accounting Standards Update 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 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a 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 an emerging growth 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. Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did t have any cash equivalents as of December 31, 2020. Deferred Offering Costs Associated with the Proposed Public Offering Deferred offering costs consist of legal, accounting and other expenses incurred through the balance sheet dates 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 The Company accounts for income taxes under ASC 740, “Income Taxes” (“ASC 740”), which prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were unrecognized tax benefits and amounts accrued for interest and penalties as of December 31, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. The Company is considered an exempted Cayman Islands Company 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 outstanding during the period, excluding ordinary shares subject to forfeiture. 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 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,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature. Recently Issued 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 are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the period presented. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full fiscal year. The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the final prospectus filed by the Company with the SEC on February 25, 2021 and with the audited balance sheet (as restated below) included in the Current Report on 8-K Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statement, 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 an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth Use of Estimates The preparation of unaudited 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 unaudited condensed 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. Immaterial Correction of Error in Prior Financial Statement On April 12, 2021, the Staff of the SEC issued a statement entitled “Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies.” In the statement, the SEC Staff, among other things, highlighted potential accounting implications of certain terms that are common in warrants issued in connection with the initial public offerings of special purpose acquisition companies such as the Company. As a result of the Staff statement and in light of evolving views as to certain provisions commonly included in warrants issued by special purpose acquisition companies, the Company re-evaluated 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity 815-40, The Company’s prior accounting treatment for the Warrants was equity classification rather than as derivative liabilities. Accounting for the Warrants as liabilities pursuant to ASC 815-40 re-measure the unaudited condensed Subsequent to the Company’s Current Report on Form 8-K 8-K As of March 2, 2021 As Reported As Revised Difference Balance Sheet Warrant liability $ — $ 47,489,666 $ 47,489,666 Total Liabilities 24,610,482 72,100,148 47,489,666 Class A common stock subject to possible redemption 662,133,680 614,644,014 (47,489,666 ) Class A common stock, $0.0001 par value 279 800 521 Additional paid-in capital 5,007,452 9,666,842 4,659,390 Accumulated deficit (10,679 ) (4,670,591 ) (4,659,912 ) Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of March 31, 2021 a Warrant Liability The Company accounts for the Warrants in accordance with the guidance contained in ASC 815-40 re-measurement unaudited condensed warrant liabilities Cash Held in Trust Account At March 31, 2021, the assets held in the Trust Account were held in cash. Ordinary Shares Subject to Possible Redemption The Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance in ASC 480 Distinguishing Liabilities from Equity Accordingly, at March 31, 2021, ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal depository insurance coverage of $250,000. At March 31, 2021, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. Financial Instruments Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: • Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; • Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and • Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. As of March 31, 2021 and December 31, 2020, the carrying values of cash, accrued expenses, accrued offering costs and due to related party approximate their fair values due to the short-term nature of the instruments. See Note 9 for further discussion of the fair value of the warrant liabilities. Net Income (Loss) Per Ordinary Share Net loss per ordinary share is computed by dividing net loss by the weighted average number of ordinary shares outstanding for the period. The Company has not considered the effect of the warrants sold in the IPO or the Private Placement Warrants in the calculation of diluted loss per share, since the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive. The Class B ordinary shares will automatically convert into Class A ordinary shares on the business day following the completion of a Business Combination, on a one-for-one basis, subject on a one-for-one basis, subject The Class C ordinary shares will automatically convert into Class A ordinary shares at the earlier of (i) a time after the completion of a Business Combination in which the last reported sale price of Class A ordinary shares for any 20 trading days within a 30-trading day period on a one-for-one basis, subject The Company’s unaudited condensed statement of operations includes a presentation of net loss per share for ordinary shares subject to redemption in a manner similar to the two-class Net income non-redeemable non-redeemable Non-redeemable Income Taxes The Company complies with the accounting and reporting requirements of ASC Topic 740 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 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 statement s |
Initial Public Offering
Initial Public Offering | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Initial Public Offering | NOTE 3. INITIAL PUBLIC OFFERING Pursuant to the IPO, the Company sold 69,000,000 Units at a purchase price of $10.00 per Unit, including 9,000,000 Units sold pursuant to the full exercise of the underwriters’ option to purchase additional Units to cover over-allotments. Each Unit consists of one Class A ordinary shares and one-quarter of |
Proposed Public Offering
Proposed Public Offering | Dec. 31, 2020 |
Equity [Abstract] | |
Proposed Public Offering | NOTE 3. PROPOSED PUBLIC OFFERING Pursuant to the Proposed Public Offering, the Company will offer for sale up to Units (or Units if the underwriters’ over-allotment option is exercised in full) at a purchase price of $ per Unit. one-fourth . Each whole Public Warrant will entitle the holder to purchase one Class A ordinary share at an exercise price of $ per share, subject to adjustment (see Note 7). |
Private Placement
Private Placement | Dec. 31, 2020 | Mar. 31, 2021 |
Equity [Abstract] | ||
Private Placement | NOTE 4. PRIVATE PLACEMENT The Sponsor has committed to purchase an aggregate of Private Placement Warrants (or Private Placement Warrants if the underwriters’ over-allotment is exercised in full) at a price of $ per Private Placement Warrant ($ , or an aggregate of $ if the underwriters’ over-allotment is exercised in full) from the Company in a private placement that will occur simultaneously with the closing of the Proposed Public Offering. Each Private Placement Warrant is exercisable to purchase Class A ordinary share at a price of $ per share, subject to adjustment (see Note . The proceeds from the sale of the Private Placement Warrants will be added to the net proceeds from the Proposed Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants will expire worthless. | NOTE 4. PRIVATE PLACEMENT Simultaneously with the closing of the IPO, the Company completed the Private Placement to the Sponsor generating aggregate gross proceeds to the Company of $15,800,000. Each Private Placement Warrant is exercisable for one Class A ordinary share at a price of $11.50 per share, subject to adjustment (see Note 7). The proceeds from the sale of the Private Placement Warrants were added to the net proceeds from the IPO held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants will expire worthless. |
Related Party Transactions
Related Party Transactions | Dec. 31, 2020 | Mar. 31, 2021 |
Related Party Transactions [Abstract] | ||
Related Party Transactions | NOTE 5. RELATED PARTY TRANSACTIONS Founder Shares and Alignment Shares On December 21, 2020, the Company issued one of its Class B ordinary shares, for no consideration. On January 4, 2021, the Company canceled one of its Class B ordinary shares, and the Company issued 12,321,429 Class B ordinary shares (the “Founder Shares”) and 12,321,429 Class C ordinary shares (the “Alignment Shares”) to the Sponsor in exchange for the Sponsor’s payment of $25,000 of the Company’s deferred offering costs and formation expenses. The Founder Shares and Alignment Shares include an aggregate of up to 1,607,143 Class B ordinary shares and 1,607,143 Class C ordinary shares, respectively, subject to forfeiture by the Sponsor to the extent that the underwriters’ over-allotment is not exercised in full or in part, so that the number of Founder Shares and Alignment Shares will collectively represent 15% and 15%, respectively, of the Company’s issued and outstanding shares upon the completion of the Proposed Public Offering. See Note 8. The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of its (1) Founder Shares until the earlier to occur of: (A) one year after the completion of a Business Combination; and (B) subsequent to a Business Combination, (x) if the last reported sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, 30-trading Promissory Note—Related Parties On January 4, 2021, the Company issued a promissory note (the “Promissory Note”) to the Sponsor and an affiliate of the Sponsor, pursuant to which the Company may borrow up to an aggregate principal amount of $ . The Promissory Note is non-interest bearing and payable on the . The Company has not borrowed any amount under the Promissory Note. See Note 8. Administrative Services Agreement Commencing on the effective date of the Proposed Public Offering, the Company will enter into an agreement pursuant to which it will pay Cannae Holdings, Inc. up to $ per month for office space, and administrative support services. Upon completion of a Business Combination or its liquidation, the Company will cease paying these monthly fees. 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”). Such Working Capital Loans would be evidenced by promissory notes. The notes may be repaid upon completion of a Business Combination, without interest, or, at the lender’s discretion, up to $ of the notes may be converted upon completion of a Business Combination into warrants at a price of $ per warrant. Such warrants would be identical to the Private Placement Warrants. 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. amounts have been borrowed under this arrangement as of December 31, 2020. Due to Related Party As of December 31, 2020, an affiliate of the Sponsor paid $ on behalf of the Company to cover certain offering and formation expenses. The amount was due on demand and was charged to shareholder’s equity on January 4, 2021 in exchange for the issuance of Founder Shares and Alignment Shares. See Note 8. | NOTE 5. RELATED PARTY TRANSACTIONS Founder Shares and Alignment Shares On January 4, 2021, the Sponsor paid an aggregate of $25,000 in exchange for the issuance of 12,321,429 shares of Class B ordinary shares (the “Founder Shares”) and 12,321,429 shares of Class C ordinary shares (the “Alignment Shares”). On February 25, 2021, the Sponsor received a share dividend of 2,464,286 Founder Shares and 2,464,286 Alignment Shares, resulting in there being an aggregate of 14,785,715 Founder Shares and 14,785,715 Alignment Shares outstanding. The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of its (1) Founder Shares until the earlier to occur of: (A) one year after the completion of a Business Combination; and (B) subsequent to a Business Combination, (x) if the last reported sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share within any 30-trading day period Promissory Note – Related Parties On January 5, 2021, the Company issued a promissory note (the “Promissory Note”) to the Sponsor and an affiliate of the Sponsor, pursuant to which the Company could borrow up to an aggregate principal amount of $800,000. The Promissory Note was non-interest bearing and Related Party Loans In order to finance transaction costs in connection with a Business Combination, the Sponsor, members of the Company’s founding team or any of their affiliates 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. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of such Working Capital Loans may be convertible into up to an additional 1,000,000 warrants of the post Business Combination entity at a price of $1.50 per warrant. The warrants would be identical to the Private Placement Warrants. 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. As of March 31, 2021 and December 31, 2020, the Company had no borrowings under the Working Capital Loans. Administrative Services Agreement The Company is party to an administrative services agreement pursuant to which the Company will pay an affiliate of the Sponsor a total of $5,000 per month, until the earlier of the completion of the initial Business Combination and the liquidation of the trust assets, for office space, utilities, administrative and support services. For the period from March 2, 2021 to March 31, 2021, the Company incurred and accrued $5,000 of administrative services under this arrangement. Upon completion of a Business Combination or the Company’s liquidation, the Company will cease paying these monthly fees. |
Commitments & Contingencies
Commitments & Contingencies | Dec. 31, 2020 | Mar. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments & Contingencies | NOTE 6. COMMITMENTS AND CONTINGENCIES Registration Rights The holders of the Founder Shares, Alignment Shares, Private Placement Warrants and 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 Working Capital Loans and upon conversion of the Founder Shares and Alignment Shares) will be entitled to registration rights pursuant to a registration rights agreement to be signed prior to or on the effective date of the Proposed Public Offering requiring the Company to register such securities for resale (in the case of the founder shares and alignment shares, only after conversion to the Company’s Class A ordinary shares). The holders of these securities will be 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 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 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 $10,000,000 in the aggregate (or $11,500,000 in the aggregate 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, or $17,500,000 in the aggregate (or $20,125,000 in the aggregate if the underwriters’ over-allotment option is exercised in full). The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. Risks and Uncertainties Management continues to evaluate the impact of the COVID-19 | NOTE 6. COMMITMENTS & CONTINGENCIES Registration Rights The holders of the Founder Shares, Alignment Shares, Private Placement Warrants, and 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 Working Capital Loans and upon conversion of the Founder Shares and Alignment Shares) are entitled to registration rights pursuant to a registration rights agreement (the “Registration Rights Agreement”) requiring the Company to register such securities for resale (in the case of the Founder Shares and Alignment Shares, only after conversion to the Company’s Class A ordinary shares). The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company registers such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statement filed subsequent to the completion of a Business Combination. However, the Registration Rights Agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable lockup period. The Company will bear the expenses incurred in connection with the filing of any such registration statement. Underwriting Agreement The underwriters are entitled to a deferred fee of $0.35 per Unit, or $24,150,000 in the aggregate. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. Forward Purchase Agreement On February 25, 2021, the Company entered into a forward purchase agreement (the “FPA”) with Cannae Holdings, Inc. (“Cannae”). Pursuant to the FPA, Cannae agreed to purchase 5,000,000 Class A ordinary shares, plus an aggregate of 1,250,000 redeemable warrants to purchase one and one-fourth of in a private placement to occur concurrently with the closing of a Business Combination. The warrants to be sold as part of the FPA will be identical to the warrants underlying the Units sold in the IPO. On May 10, 2021, the FPA was terminated in connection with the Company’s Pending Business Combination. See Note 10 for further discussion. |
Shareholders' Equity
Shareholders' Equity | Dec. 31, 2020 | Mar. 31, 2021 |
Equity [Abstract] | ||
Shareholders' Equity | NOTE 7. SHAREHOLDER’S EQUITY Preference Shares . The Company is authorized to issue preference shares with a par value of $ . The Company’s Board will be authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. The Board will be able to, without shareholder approval, issue preference shares with voting and other rights that could adversely affect the voting power and other rights of the holders of the ordinary shares and could have anti-takeover effects. At December 31, 2020, there were preference shares issued and outstanding. Class A Ordinary Shares . The Company is authorized to issue Class A ordinary shares, with a par value of $ per share. Holders of Class A ordinary shares are entitled to for each share. At December 31, 2020, there were Class A ordinary shares issued and outstanding. Class B Ordinary Shares Class C Ordinary Shares The Class C ordinary shares will automatically convert into Class A ordinary shares at the earlier of (i) a time after the completion of a Business Combination in which the last reported sale price of Class A ordinary shares for any 20 trading days within a 30-trading one-for-one The Class B ordinary shares will automatically convert into Class A ordinary shares on the business day following the completion of a Business Combination, on a one-for-one one-for-one as-converted Warrants. 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 Public 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 Class A ordinary shares upon exercise of a warrant unless the Class A ordinary shares 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. The Company will use its commercially reasonable efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration or redemption of the warrants in accordance with the provisions of the warrant agreement. If a registration statement covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th business day after the closing of a Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. In addition, if the Class A ordinary shares are at the time of any exercise of a 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 the 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 elects to do so, the Company will not be required to file or maintain in effect a registration statement, but it will use its best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. In such event, each holder would pay the exercise price by surrendering the warrants for that number of Class A ordinary shares equal to the lesser of (A) the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied the excess of the “fair market value” less the exercise price of the warrants by (y) the fair market value and (B) 0.3611 Class A ordinary shares per whole warrant. The “fair market value” shall mean the volume weighted average price of the Class A ordinary shares for the 10 trading days ending on the trading day prior to the date on which the notice of exercise is received by the warrant agent. 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 Public Warrant; • upon not less than 30 • if, and only if, the last reported sale price of the Class A ordinary shares for any 20 trading days within a 30 trading day period ending three business days before sending the notice of redemption to warrant holders (the “Reference Value”) equals or exceeds $ 18.00 sub-divisions, 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. However, the Company will not redeem the warrants unless an effective registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the warrants is effective and a current prospectus relating to those Class A ordinary shares is available throughout the 30-day 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 by reference to the table below, based on the redemption date and the “fair market value” of the Class A ordinary shares; • if, and only if, the Reference Value (as defined in the above under “Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00”) equals or exceeds $10.00 per share (as adjusted for share sub-divisions, • if the Reference Value is less than $18.00 per share (as adjusted for share sub-divisions, 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 $ per ordinary share (with such issue price or effective issue price to be determined in good faith by the Company’s Board, and in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares and Alignment Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than % of the total equity proceeds, and interest thereon, available for the funding of a Business Combination on the date of the completion of a Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Company’s Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates a Business Combination (such price, the “Market Value”) is below $ per share, the exercise price of the Public Warrants will be adjusted (to the nearest cent) to be equal to % of the higher of the Market Value and the Newly Issued Price, and the $10.00 and $18.00 per share redemption trigger prices described above adjacent to “Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00” and “Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $10.00” will be adjusted (to the nearest cent) to be equal to % and % of the higher of the Market Value and the Newly Issued Price, respectively. The Private Placement Warrants will be identical to the Public Warrants underlying the Units being sold in the Proposed Public Offering, except that (x) 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, (y) the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable | NOTE 7. SHAREHOLDERS’ EQUITY Preference Shares The Company is authorized to issue 1,000,000 preference shares with a par value of $0.0001 per share. The Company’s Board will be authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. The Board will be able to, without shareholder approval, issue preference shares with voting and other rights that could adversely affect the voting power and other rights of the holders of the ordinary shares and could have anti-takeover effects. At March 31, 2021, there were no preference shares issued or outstanding. Class A Ordinary Shares The Company is authorized to issue 800,000,000 shares of Class A ordinary shares with a par value of $0.0001 per share. Holders of the Company’s Class A ordinary shares are entitled to one vote for each share. At March 31, 2021, there were 7,649,067 of Class A ordinary shares issued or outstanding, excluding 61,350,933 shares of ordinary shares subject to possible redemption. Class B Ordinary Shares The Company is authorized to issue 80,000,000 shares of Class B ordinary shares with a par value of $0.0001 per share. Holders of the Class B ordinary shares are entitled to one vote for each share. At March 31, 2021, there were 14,785,715 Class B ordinary shares issued and outstanding. Class C Ordinary Shares The Company is authorized to issue 80,000,000 shares of Class C ordinary shares with a par value of $0.0001 per share. Holders of the Class C ordinary shares are entitled to one vote for each share. At March 31, 2021, there were 14,785,715 Class C ordinary shares issued and outstanding. The Class C ordinary shares will automatically convert into Class A ordinary shares at the earlier of (i) a time after the completion of a Business Combination in which the last reported sale price of Class A ordinary shares for any 20 trading days within a 30-trading day period on a one-for-one basis, subject The Class B ordinary shares will automatically convert into Class A ordinary shares on the business day following the completion of a Business Combination, on a one-for-one basis, subject on a one-for-one basis, subject on an as-converted basis, 15% |
Warrants
Warrants | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Warrants | NOTE 8. WARRANTS Each whole warrant entitles the registered holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing 30 days after the completion of an initial business combination, provided that an effective registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants and a current prospectus relating to them is available (or we permit holders to exercise their warrants on a cashless basis under the circumstances specified in the warrant agreement) and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of the Company’s Class A ordinary shares. This means only a whole warrant may be exercised at a given time by a warrant holder. No fractional warrants will be issued upon separation of the units, no cash will be paid in lieu of fractional warrants and only whole warrants will trade. 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. The Company will use its commercially reasonable efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration or redemption of the warrants in accordance with the provisions of the warrant agreement. If a registration statement covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th business day after the closing of a Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. In addition, if the Class A ordinary shares are at the time of any exercise of a 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 the 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 elects to do so, the Company will not be required to file or maintain in effect a registration statement, but it will use its best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. In such event, each holder would pay the exercise price by surrendering the warrants for that number of Class A ordinary shares equal to the lesser of (A) the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied the excess of the “fair market value” less the exercise price of the warrants by (y) the fair market value and (B) 0.3611 Class A ordinary shares per whole warrant. The “fair market value” shall mean the volume weighted average price of the Class A ordinary shares for the 10 trading days ending on the trading day prior to the date on which the notice of exercise is received by the warrant agent. 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 last reported sale price of the Class A ordinary shares for any 20 trading days within a 30-trading day share sub-divisions, share 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. However, the Company will not redeem the warrants unless an effective registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the warrants is effective and a current prospectus relating to those Class A ordinary shares is available throughout the 30-day redemption period. Redemption of warrants when the price per share of Class A ordinary shares 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 of Class A ordinary shares to be determined by reference to an agreed table based on the redemption date and the “fair market value” of shares of Class A ordinary shares; • if, and only if, the Reference Value equals or exceeds $10.00 per share (as adjusted for share sub-divisions, share • if the Reference Value is less than $18.00 per share (as adjusted for share sub-divisions, share 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 ordinary share (with such issue price or effective issue price to be determined in good faith by the Company’s Board, and in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares and Alignment Shares held by the Sponsor 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 completion of a Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Company’s Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates a Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the Public 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 $10.00 and $18.00 per share redemption trigger prices described above adjacent to “Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00” and “Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $10.00” will be adjusted (to the nearest cent) to be equal to 100% and 180% of the higher of the Market Value and the Newly Issued Price, respectively. The Private Placement Warrants are identical to the Public Warrants underlying the Units being sold in the IPO, except that (x) 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, (y) the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable so long |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 9. FAIR VALUE MEASUREMENTS Warrant Liability The Warrants are accounted for as liabilities pursuant to ASC 815-40 The following table presents the fair value hierarchy for liabilities measured at fair value on a recurring basis as of March 31, 2021: Level 1 Level 2 Level 3 Total Warrant liabilities: Public Warrants $ — $ — $ 29,152,500 $ 29,152,500 Private Placement Warrants — — 19,381,333 19,381,333 Total warrant liabilities $ — $ — $ 48,533,833 $ 48,533,833 The Private Placement Warrants were valued using a Black Scholes Model, which is considered to be a Level 3 fair value measurement. The valuation uses a Black Scholes Option Pricing Model that is modified to reduce the value of the Private Placement Warrants for the probability of consummation of a Business Combination. The model utilizes key inputs including the probability of consummation of a Business Combination, implied volatility of the underlying securities indirectly derived based on comparable public company trading data, risk free interest rates based on US treasury rates, the expected time to consummation of a Business Combination based on the probability of consummation and expiration date of the warrants based on the contractual warrant terms. The primary unobservable input utilized in determining the fair value of the Public Warrants at issuance and as of March 31, 2021 is the probability of consummation of the Business Combination. The probability assigned to the consummation of a Business Combination was 90% which was determined based upon a hybrid approach of both observed success rates of business combinations for special purpose acquisition companies and the Sponsor’s track record for consummating similar transactions. The Public Warrants were valued using a Monte Carlo Simulation, which is considered to be a Level 3 fair value measurement. The Monte Carlo Simulation model uses thousands of trials which simulate the price of underlying shares of the Company’s Class A ordinary shares over the duration of the Public Warrants. Each trial utilizes a maximum simulated price of $18.00 per Class A ordinary share which represents the price at which the Company may redeem the Public Warrants subsequent to a Business Combination. The simulation utilizes key inputs including the probability of consummation of a Business Combination, implied volatility of the underlying securities indirectly derived based on comparable public company trading data, risk free interest rates based on US treasury rates, the expected time to consummation of a Business Combination based on the probability of consummation and the time to expiration of the warrants based on the contractual warrant terms. The value of the Public Warrants is then calculated as the value implied by the difference between the future simulated price and the $11.50 exercise price of the Public Warrants. The primary unobservable input utilized in determining the fair value of the Public Warrants at issuance and as of March 31, 2021 is the probability of consummation of the Business Combination. The probability assigned to the consummation of the Business Combination was 90% which was determined based upon a hybrid approach of both observed success rates of business combinations for special purpose acquisition companies and the Sponsor’s track record for consummating similar transactions. The following table presents a summary of the changes in the fair value of the Warrants: Public Private Fair value, March 2, 2021 (issuance date) $ 28,635,000 $ 18,854,666 Loss on change in fair value (1) 517,500 526,667 Fair value, March 31, 2021 $ 29,152,500 $ 19,381,333 (1) Included in Loss on change in fair value of warrant liability on the unaudited condensed statement of operations |
Subsequent Events
Subsequent Events | Dec. 31, 2020 | Mar. 31, 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 February 19, 2021, the date that the financial statements were available to be issued. Based on this review other than the disclosures below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. On January 4, 2021, the Company issued a promissory note (the “Promissory Note”) to the Sponsor and an affiliate of the Sponsor, pursuant to which the Company may borrow up to an aggregate principal amount of $ . The Promissory Note is non-interest bearing and payable on the . The Company had not borrowed any amount under the Promissory Note. On January 4, 2021, the Company canceled one of its Class B ordinary shares, and the Company issued 12,321,429 Class B ordinary shares (the “Founder Shares”) and 12,321,429 Class C ordinary shares (the “Alignment Shares”) to the Sponsor in exchange for the Sponsor’s payment of $25,000 of the Company’s deferred offering costs and formation expenses. The amount was due on demand and was charged to shareholder’s equity on January 4, 2021 in exchange for the issuance of the Founder Shares and Alignment Shares. The Founder Shares and Alignment Shares include an aggregate of up to 1,607,143 Class B ordinary shares and 1,607,143 Class C ordinary shares, respectively, subject to forfeiture by the Sponsor to the extent that the underwriters’ over-allotment is not exercised in full or in part, so that the number of Founder Shares and Alignment Shares will collectively represent 15% and 15%, respectively, of the Company’s issued and outstanding shares upon the completion of the Proposed Public Offering. | NOTE 10. SUBSEQUENT EVENTS On May 10, 2021, the Company entered into a Business Combination Agreement (the “Business Combination Agreement”) by and among the Company, Wave Merger Sub Limited, an exempted company limited by shares incorporated in Bermuda and a recently formed, direct, wholly owned subsidiary of the Company (“Merger Sub”), and Wynn Interactive Ltd., an exempted company limited by shares incorporated in Bermuda (the “WIL”). The Business Combination Agreement provides for, among other things, the consummation of the following transactions (the “Pending Business Combination”): (i) the Company will transfer by way of continuation from the Cayman Islands to Bermuda and register as an exempted company limited by shares in accordance with Part XA of the Bermuda Companies Act and Part XII of the Cayman Islands Companies Act (As Revised) (the “Domestication”), upon which time the Company will change its name to “Wynn Interactive Limited”; and (ii) Merger Sub will merge with and into the WIL (the “Merger”), with WIL being the surviving company of the Merger. In connection with the Pending Business Combination, upon the Domestication (a) each Class A ordinary share of the Company will be converted into one Class A ordinary share of Wynn Interactive Limited, (b) each Class B ordinary share of the Company will be converted into one Class A ordinary share of Wynn Interactive Limited (subject to the Class B Forfeiture, as defined below), and (c) each Class C ordinary share of the Company will be converted into one Class C ordinary share of Wynn Interactive Limited (subject to the Class C Forfeiture, as defined below). In connection with the Pending Business Combination, each of Company’s Public Warrants that are outstanding immediately prior to the closing of the Pending Business Combination will, pursuant to and in accordance with the warrant agreement covering such warrants, automatically and irrevocably be modified to provide that such warrant will no longer entitle the holder thereof to purchase the amount of Class A ordinary shares of the Company set forth therein, and in substitution thereof such warrant will entitle the holder thereof to acquire the same number of Class A ordinary shares per warrant of WIL on the same terms. In connection with the signing of the Business Combination Agreement, the Company and Cannae entered into a Backstop Facility Agreement (the “Backstop Agreement”) whereby Cannae has agreed, subject to the other terms and conditions included therein, at the BPS Closing (as defined in the Backstop Agreement), to subscribe for the Company’s Class A ordinary shares in order to fund redemptions by shareholders of the Company in connection with the Business Combination, in an amount of up to $690,000,000 (the “Cannae Subscription”), in consideration for a placement fee of $3,450,000. In connection with the execution of the Business Combination Agreement and the Backstop Agreement, the Company amended and restated (a) that certain letter agreement (the “Sponsor Agreement”), dated March 2, 2021, between the Company and the Sponsor and (b) that certain letter agreement, dated as of March 2, 2021, by and between the Company and each of the Sponsor and the directors and officers of the Company (the “Insiders”) and entered into that certain amended and restated sponsor agreement (the “Amended and Restated Sponsor Agreement”) with the Sponsor, Cannae and the Insiders. Pursuant to the Amended and Restated Sponsor Agreement, among other things, the Sponsor along with Cannae and the Insiders agreed (i) to vote any Company securities in favor of the Business, (ii) not to seek redemption of any Company securities and (iii) not to transfer any Company securities, subject to certain limited exceptions, until the earlier of (x) one (1) year following the closing of the Pending Business Combination or (y) if the volume weighted average price of the Class A ordinary shares of the Company equals or exceeds $12.00 per share for any 20 trading days within a 30 trading day period commencing 150 days after the closing of the Pending Business Combination, and (iv) to be bound to certain other obligations as described therein. Additionally, the Sponsor and certain Insiders have also agreed to forfeit up to 3,696,429 Class B ordinary shares of the Company (the “Class B Forfeiture”) and up to 3,696,429 Class C ordinary shares of the Company (the “Class C Forfeiture”), respectively, in accordance with the terms of the Amended and Restated Sponsor Agreement (subject, in each case, to a reduction in the number of shares to be forfeited if the Cannae Subscription is utilized). In connection with the signing of the Business Combination Agreement, the Company and Cannae entered into a mutual termination agreement to terminate the FPA. In accordance with ASC Topic 855 Subsequent Events, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company evaluated subsequent events that occurred after the balance sheet date up to the date the condensed financial statements were available to be issued and has concluded that all such events that would require adjustment or disclosure have been recognized or disclosed. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | Dec. 31, 2020 | Mar. 31, 2021 |
Accounting Policies [Abstract] | ||
Basis of Presentation | Basis of Presentation The accompanying financial statements are presented in U.S. dollars in conformity 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 issuance of these financial statements. In connection with the Company’s assessment of going concern considerations in accordance with FASB’s Accounting Standards Update 2014-15, | Basis of Presentation The accompanying unaudited condensed financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the period presented. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full fiscal year. The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the final prospectus filed by the Company with the SEC on February 25, 2021 and with the audited balance sheet (as restated below) included in the Current Report on 8-K |
Emerging Growth Company | Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a 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 an emerging growth 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 of 1933, as amended, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statement, 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 an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth |
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 unaudited 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 unaudited condensed 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. |
Immaterial Correction of Error in Prior Financial Statement | Immaterial Correction of Error in Prior Financial Statement On April 12, 2021, the Staff of the SEC issued a statement entitled “Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies.” In the statement, the SEC Staff, among other things, highlighted potential accounting implications of certain terms that are common in warrants issued in connection with the initial public offerings of special purpose acquisition companies such as the Company. As a result of the Staff statement and in light of evolving views as to certain provisions commonly included in warrants issued by special purpose acquisition companies, the Company re-evaluated 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity 815-40, The Company’s prior accounting treatment for the Warrants was equity classification rather than as derivative liabilities. Accounting for the Warrants as liabilities pursuant to ASC 815-40 re-measure the unaudited condensed Subsequent to the Company’s Current Report on Form 8-K 8-K As of March 2, 2021 As Reported As Revised Difference Balance Sheet Warrant liability $ — $ 47,489,666 $ 47,489,666 Total Liabilities 24,610,482 72,100,148 47,489,666 Class A common stock subject to possible redemption 662,133,680 614,644,014 (47,489,666 ) Class A common stock, $0.0001 par value 279 800 521 Additional paid-in capital 5,007,452 9,666,842 4,659,390 Accumulated deficit (10,679 ) (4,670,591 ) (4,659,912 ) | |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did t have any cash equivalents as of December 31, 2020. | Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of March 31, 2021 a |
Deferred Offering Costs Associated with the Proposed Public Offering | Deferred Offering Costs Associated with the Proposed Public Offering Deferred offering costs consist of legal, accounting and other expenses incurred through the balance sheet dates 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. | |
Warrant Liability | Warrant Liability The Company accounts for the Warrants in accordance with the guidance contained in ASC 815-40 re-measurement unaudited condensed warrant liabilities | |
Cash Held in Trust Account | Cash Held in Trust Account At March 31, 2021, the assets held in the Trust Account were held in cash. | |
Ordinary Shares Subject to Possible Redemption | Ordinary Shares Subject to Possible Redemption The Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance in ASC 480 Distinguishing Liabilities from Equity Accordingly, at March 31, 2021, ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet. | |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $ 250,000 . The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal depository insurance coverage of $250,000. At March 31, 2021, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. |
Financial Instruments | 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,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature. | Financial Instruments Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: • Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; • Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and • Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. As of March 31, 2021 and December 31, 2020, the carrying values of cash, accrued expenses, accrued offering costs and due to related party approximate their fair values due to the short-term nature of the instruments. See Note 9 for further discussion of the fair value of the warrant liabilities. |
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 outstanding during the period, excluding ordinary shares subject to forfeiture. 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 loss per ordinary share is computed by dividing net loss by the weighted average number of ordinary shares outstanding for the period. The Company has not considered the effect of the warrants sold in the IPO or the Private Placement Warrants in the calculation of diluted loss per share, since the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive. The Class B ordinary shares will automatically convert into Class A ordinary shares on the business day following the completion of a Business Combination, on a one-for-one basis, subject on a one-for-one basis, subject The Class C ordinary shares will automatically convert into Class A ordinary shares at the earlier of (i) a time after the completion of a Business Combination in which the last reported sale price of Class A ordinary shares for any 20 trading days within a 30-trading day period on a one-for-one basis, subject The Company’s unaudited condensed statement of operations includes a presentation of net loss per share for ordinary shares subject to redemption in a manner similar to the two-class Net income non-redeemable non-redeemable Non-redeemable |
Income Taxes | Income Taxes The Company accounts for income taxes under ASC 740, “Income Taxes” (“ASC 740”), which prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were unrecognized tax benefits and amounts accrued for interest and penalties as of December 31, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. The Company is considered an exempted Cayman Islands Company 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 complies with the accounting and reporting requirements of ASC Topic 740 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 |
Recent Accounting Standards | Recently Issued 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 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 statement s |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Restatement and Error Corrections in Financial Statements | Subsequent to the Company’s Current Report on Form 8-K 8-K As of March 2, 2021 As Reported As Revised Difference Balance Sheet Warrant liability $ — $ 47,489,666 $ 47,489,666 Total Liabilities 24,610,482 72,100,148 47,489,666 Class A common stock subject to possible redemption 662,133,680 614,644,014 (47,489,666 ) Class A common stock, $0.0001 par value 279 800 521 Additional paid-in capital 5,007,452 9,666,842 4,659,390 Accumulated deficit (10,679 ) (4,670,591 ) (4,659,912 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value Hierarchy of Liabilities | The following table presents the fair value hierarchy for liabilities measured at fair value on a recurring basis as of March 31, 2021: Level 1 Level 2 Level 3 Total Warrant liabilities: Public Warrants $ — $ — $ 29,152,500 $ 29,152,500 Private Placement Warrants — — 19,381,333 19,381,333 Total warrant liabilities $ — $ — $ 48,533,833 $ 48,533,833 |
Summary of Changes in Fair Value of Warrants | The following table presents a summary of the changes in the fair value of the Warrants: Public Private Fair value, March 2, 2021 (issuance date) $ 28,635,000 $ 18,854,666 Loss on change in fair value (1) 517,500 526,667 Fair value, March 31, 2021 $ 29,152,500 $ 19,381,333 (1) Included in Loss on change in fair value of warrant liability on the unaudited condensed statement of operations |
Description of Organization a_2
Description of Organization and Business Operations - Additional Information (Detail) - USD ($) | Mar. 02, 2021 | Dec. 31, 2020 | Mar. 31, 2021 |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Proceeds from Issuance of Warrants | $ 15,800,000 | ||
Offering costs allocated to warrant liabilities | 1,450,524 | ||
IPO proceeds held in U.S.-based trust account | $ 690,000,000 | ||
Interest from trust account to pay dissolution expenses | $ 100,000 | $ 100,000 | |
Per share amount in the trust account for distribution to the public shareholders | $ 10 | $ 10 | |
Share price | $ 10 | $ 10 | |
IPO [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Number of units issued in initial public offering | 69,000,000 | 50,000,000 | 69,000,000 |
Units issued in initial public offering, price per unit | $ 10 | ||
Proceeds from initial public offering | $ 690,000,000 | ||
Percentage of shares to be redeemed if business combination was not completed | 100.00% | ||
Class of warrants exercise price | $ 11.50 | $ 11.50 | |
Over-Allotment Option [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Number of units issued in initial public offering | 9,000,000 | 57,500,000 | |
Maximum [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Maximum percentage of shares redeemed without prior consent from company | 15.00% | 15.00% | |
Minimum [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Percentage of the fair value of assets in trust account of the target company net of deferred undrwriting commissions and taxes | 80.00% | 80.00% | |
Equity metohd investment ownership percentage | 50.00% | 50.00% | |
Common Class A [Member] | IPO [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Number of units issued in initial public offering | 50,000,000 | ||
Units issued in initial public offering, price per unit | $ 10 | ||
Common Class A [Member] | Over-Allotment Option [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Number of units issued in initial public offering | 57,500,000 | ||
Private Placement Warrants [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Class of warrants exercise price | $ 11.50 | ||
Private Placement Warrants [Member] | IPO [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Number of units issued in initial public offering | 8,000,000 | ||
Class of warrants exercise price | $ 1.50 | ||
Private Placement Warrants [Member] | Over-Allotment Option [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Number of units issued in initial public offering | 9,000,000 | ||
Private Placement Warrants [Member] | Common Class A [Member] | Maximum [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Share price | $ 18 | 18 | |
Private Placement Warrants [Member] | Common Class A [Member] | Minimum [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Share price | 10 | $ 10 | |
Sponsor [Member] | Private Placement Warrants [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Class of warrant or right, issued during the period | 10,533,333 | ||
Class of warrant or right, issue price | $ 1.50 | ||
Proceeds from Issuance of Warrants | $ 15,800,000 | ||
Sponsor [Member] | Private Placement Warrants [Member] | Common Class A [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Class of warrants exercise price | $ 11.50 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | Dec. 31, 2020 | Mar. 31, 2021 |
Summary of Significant Accounting Policies [Line Items] | ||
Cash equivalents | $ 0 | $ 0 |
Federal depository insurance coverage | $ 250,000 | $ 250,000 |
Class B ordinary shares to Class A ordinary shares conversion ratio | one-for-one basis | one-for-one basis |
Share transfer restriction, threshold consecutive trading days | 20 days | |
Share transfer restriction, threshold trading days | 30 days | |
Share Price | $ 10 | $ 10 |
Interest income earned on the Trust Account | $ 0 | |
Weighted average shares outstanding of Class A ordinary shares, basic and diluted | 1 | |
Net Loss | $ (5,000) | $ (5,752,119) |
Unrecognized tax benefits | 0 | |
Unrecognized tax benefits, income tax penalties and interest accrued | $ 0 | |
Common Class A [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Weighted average shares outstanding of Class A ordinary shares, basic and diluted | 69,000,000 | |
Net Loss | $ (5,752,119) | |
Income attributable to Class A ordinary shares | $ 0 | |
Common Class C [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Weighted average shares outstanding of Class A ordinary shares, basic and diluted | 29,571,430 | |
Common Class C [Member] | Third Anniversary [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Share Price | $ 15.25 | $ 15.25 |
Common Class C [Member] | Sixth Anniversary [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Share Price | 23 | 23 |
Common Class C [Member] | Ninth Anniversary [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Share Price | $ 35 | $ 35 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Restatement and Error Corrections in Financial Statements (Detail) - USD ($) | Mar. 31, 2021 | Mar. 02, 2021 | Dec. 31, 2020 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Total liabilities | $ 73,121,333 | $ 186,669 | |
Class A common stock subject to possible redemption | 613,509,327 | ||
Additional paid-in capital | 10,753,401 | ||
Accumulated deficit | (5,757,119) | $ (5,000) | |
Common Class A [Member] | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Class A common stock, $0.0001 par value | $ 765 | ||
Reclassification of Warrants as Derivative Liabilities [Member] | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Warrant liability | $ 47,489,666 | ||
Total liabilities | 72,100,148 | ||
Additional paid-in capital | 9,666,842 | ||
Accumulated deficit | (4,670,591) | ||
Reclassification of Warrants as Derivative Liabilities [Member] | Common Class A [Member] | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Class A common stock subject to possible redemption | 614,644,014 | ||
Class A common stock, $0.0001 par value | 800 | ||
Reclassification of Warrants as Derivative Liabilities [Member] | As Reported [Member] | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Total liabilities | 24,610,482 | ||
Additional paid-in capital | 5,007,452 | ||
Accumulated deficit | (10,679) | ||
Reclassification of Warrants as Derivative Liabilities [Member] | As Reported [Member] | Common Class A [Member] | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Class A common stock subject to possible redemption | 662,133,680 | ||
Class A common stock, $0.0001 par value | 279 | ||
Reclassification of Warrants as Derivative Liabilities [Member] | Difference [Member] | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Warrant liability | 47,489,666 | ||
Total liabilities | 47,489,666 | ||
Additional paid-in capital | 4,659,390 | ||
Accumulated deficit | (4,659,912) | ||
Reclassification of Warrants as Derivative Liabilities [Member] | Difference [Member] | Common Class A [Member] | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Class A common stock subject to possible redemption | (47,489,666) | ||
Class A common stock, $0.0001 par value | $ 521 |
Initial Public Offering - Addit
Initial Public Offering - Additional Information (Detail) - $ / shares | Mar. 02, 2021 | Dec. 31, 2020 | Mar. 31, 2021 |
IPO [Member] | |||
Class of Stock [Line Items] | |||
Number of units issued in initial public offering | 69,000,000 | 50,000,000 | 69,000,000 |
Units issued in initial public offering, price per unit | $ 10 | $ 10 | |
Units issued, description of each unit | one Class A ordinary shares and one-quarter of one redeemable warrant | Each Unit will consist of one Class A ordinary share and one-fourth of one redeemable warrant (each, a “Public Warrant”) | |
Warrants, exercise price per share | $ 11.50 | $ 11.50 | |
Over-Allotment Option [Member] | |||
Class of Stock [Line Items] | |||
Number of units issued in initial public offering | 9,000,000 | 57,500,000 |
Proposed Public Offering - Addi
Proposed Public Offering - Additional Information (Detail) - $ / shares | Mar. 02, 2021 | Dec. 31, 2020 | Mar. 31, 2021 |
IPO [Member] | |||
Proposed Public Offering [Line Items] | |||
Number of units issued in initial public offering | 69,000,000 | 50,000,000 | 69,000,000 |
Units issued in initial public offering, price per unit | $ 10 | $ 10 | |
Units issued, description of each unit | one Class A ordinary shares and one-quarter of one redeemable warrant | Each Unit will consist of one Class A ordinary share and one-fourth of one redeemable warrant (each, a “Public Warrant”) | |
Warrants, exercise price per share | $ 11.50 | $ 11.50 | |
Over-Allotment Option [Member] | |||
Proposed Public Offering [Line Items] | |||
Number of units issued in initial public offering | 9,000,000 | 57,500,000 |
Private Placement - Additional
Private Placement - Additional Information (Detail) - USD ($) | Jan. 04, 2021 | Dec. 31, 2020 | Mar. 31, 2021 |
Private Placement [Line Items] | |||
Proceeds from Issuance of Warrants | $ 15,800,000 | ||
Issuance of ordinary shares to Sponsor | $ 12,500 | ||
Private Placement Warrants [Member] | |||
Private Placement [Line Items] | |||
Number of Class A ordinary share issuable on exercise of each warrant | 1 | ||
Warrants, exercise price per share | $ 11.50 | ||
Sponsor [Member] | |||
Private Placement [Line Items] | |||
Issuance of ordinary shares to Sponsor | $ 25,000 | $ 25,000 | |
Sponsor [Member] | Private Placement Warrants [Member] | |||
Private Placement [Line Items] | |||
Proceeds from Issuance of Warrants | $ 15,800,000 | ||
Issuance of ordinary shares to Sponsor, Shares | 8,000,000 | ||
Conversion Price | $ 1.50 | ||
Issuance of ordinary shares to Sponsor | $ 12,000,000 | ||
Sponsor [Member] | Common Class A [Member] | Private Placement Warrants [Member] | |||
Private Placement [Line Items] | |||
Number of Class A ordinary share issuable on exercise of each warrant | 1 | ||
Warrants, exercise price per share | $ 11.50 | ||
Private Placement [Member] | |||
Private Placement [Line Items] | |||
Proceeds from Issuance of Warrants | $ 15,800,000 | ||
Number of Class A ordinary share issuable on exercise of each warrant | 1 | ||
Warrants, exercise price per share | $ 11.50 | ||
Over-Allotment Option [Member] | Sponsor [Member] | Private Placement Warrants [Member] | |||
Private Placement [Line Items] | |||
Issuance of ordinary shares to Sponsor, Shares | 9,000,000 | ||
Issuance of ordinary shares to Sponsor | $ 13,500,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | Feb. 25, 2021shares | Jan. 04, 2021USD ($)shares | Dec. 31, 2020USD ($)$ / sharesshares | Mar. 31, 2021USD ($)shares$ / shares |
Related Party Transaction [Line Items] | ||||
Issuance of ordinary shares to Sponsor | $ | $ 12,500 | |||
Share price threshold for stock conversion | $ / shares | $ 10 | $ 10 | ||
Repayment of related party debt | $ | $ 191,827 | |||
Working Capital Loan [Member] | ||||
Related Party Transaction [Line Items] | ||||
Number of warrants issuable on conversion of debt | 1,000,000 | |||
Conversion Price | $ / shares | $ 1.50 | $ 1.50 | ||
Outstanding borrowings | $ | $ 0 | $ 0 | ||
Administrative Services Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Administrative fee per month | $ | 5,000 | |||
Administrative services fee incurred and accrued | $ | $ 5,000 | |||
Founder Shares [Member] | ||||
Related Party Transaction [Line Items] | ||||
Issuance of ordinary shares to Sponsor, Shares | 12,321,429 | |||
Founder Shares [Member] | Share Price More Than Or Equals To USD Twelve [Member] | ||||
Related Party Transaction [Line Items] | ||||
Share price threshold for stock conversion | $ / shares | $ 12 | $ 12 | ||
Sponsor [Member] | ||||
Related Party Transaction [Line Items] | ||||
Issuance of ordinary shares to Sponsor | $ | $ 25,000 | $ 25,000 | ||
Debt amount eligible for conversion to warants | $ | $ 1,500,000 | $ 1,500,000 | ||
Sponsor [Member] | Subsequent Event [Member] | ||||
Related Party Transaction [Line Items] | ||||
Issuance of ordinary shares to Sponsor | $ | 25,000 | |||
Sponsor [Member] | Related Party Promissory Note [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party debt, face value | $ | $ 800,000 | |||
Related party debt, maturity description | earlier of (i) June 30, 2021 and (ii) the completion of the IPO | |||
Repayment of related party debt | $ | $ 191,827 | |||
Sponsor [Member] | Related Party Promissory Note [Member] | Subsequent Event [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party debt, face value | $ | $ 800,000 | |||
Related party debt, maturity description | earlier of (i) June 31, 2021 and (ii) the completion of the Proposed Public Offering | |||
Alignment Shares [Member] | ||||
Related Party Transaction [Line Items] | ||||
Issuance of ordinary shares to Sponsor, Shares | 12,321,429 | |||
Cannae Holdings Inc [Member] | Administrative Services Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Administrative fee per month | $ | $ 5,000 | |||
Common Class B [Member] | ||||
Related Party Transaction [Line Items] | ||||
Common stock shares outstanding | 1 | 14,785,715 | ||
Lock in period of shares | 1 year | 1 year | ||
Percentage of the issued and outstanding shares on the total number of shares after conversion from one class to another | 15.00% | 15.00% | ||
Common Class B [Member] | Subsequent Event [Member] | ||||
Related Party Transaction [Line Items] | ||||
Percentage of the issued and outstanding shares on the total number of shares after conversion from one class to another | 15.00% | |||
Common stock shares subject to forfeiture | 1,607,143 | |||
Common Class B [Member] | Founder Shares [Member] | Subsequent Event [Member] | ||||
Related Party Transaction [Line Items] | ||||
Common stock shares subject to forfeiture | 1,607,143 | |||
Common Class B [Member] | Sponsor [Member] | ||||
Related Party Transaction [Line Items] | ||||
Issuance of ordinary shares to Sponsor, Shares | 12,321,429 | |||
Share dividend issues | 2,464,286 | |||
Common stock shares outstanding | 14,785,715 | |||
Common Class B [Member] | Sponsor [Member] | Subsequent Event [Member] | ||||
Related Party Transaction [Line Items] | ||||
Issuance of ordinary shares to Sponsor, Shares | 12,321,429 | |||
Common Class C [Member] | ||||
Related Party Transaction [Line Items] | ||||
Common stock shares outstanding | 0 | 14,785,715 | ||
Percentage of the issued and outstanding shares on the total number of shares after conversion from one class to another | 15.00% | 15.00% | ||
Common Class C [Member] | Subsequent Event [Member] | ||||
Related Party Transaction [Line Items] | ||||
Issuance of ordinary shares to Sponsor, Shares | 12,321,429 | |||
Percentage of the issued and outstanding shares on the total number of shares after conversion from one class to another | 15.00% | |||
Common stock shares subject to forfeiture | 1,607,143 | |||
Common Class C [Member] | Sponsor [Member] | ||||
Related Party Transaction [Line Items] | ||||
Issuance of ordinary shares to Sponsor, Shares | 12,321,429 | |||
Share dividend issues | 2,464,286 | |||
Common stock shares outstanding | 14,785,715 | |||
Common Class C [Member] | Sponsor [Member] | Subsequent Event [Member] | ||||
Related Party Transaction [Line Items] | ||||
Issuance of ordinary shares to Sponsor, Shares | 12,321,429 | |||
Common Class C [Member] | Alignment Shares [Member] | Subsequent Event [Member] | ||||
Related Party Transaction [Line Items] | ||||
Common stock shares subject to forfeiture | 1,607,143 |
Commitments & Contingencies - A
Commitments & Contingencies - Additional Information (Detail) - USD ($) | Mar. 02, 2021 | Feb. 25, 2021 | Dec. 31, 2020 | Mar. 31, 2021 |
Commitments And Contingencies [Line Items] | ||||
Underwriting discount | $ 0.20 | |||
Deferred underwriting fee payable | $ 24,150,000 | |||
Deferred underwriting fee payable per unit | $ 0.35 | $ 0.35 | ||
Stock issued, aggregate purchase price | $ 661,365,000 | |||
Proceeds from undewriters issue | $ 17,500,000 | |||
IPO [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Stock issued to underwriters | 7,500,000 | |||
Deferred underwriting fee payable | $ 10,000,000 | |||
Number of shares agreed to purchase | 69,000,000 | 50,000,000 | 69,000,000 | |
Warrants, exercise price per share | $ 11.50 | $ 11.50 | ||
Shares issued, price per share | $ 10 | $ 10 | ||
Over-Allotment Option [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Deferred underwriting fee payable | $ 11,500,000 | |||
Number of shares agreed to purchase | 9,000,000 | 57,500,000 | ||
Proceeds from undewriters issue | $ 20,125,000 | |||
Cannae Holdings Inc [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Number of shares agreed to purchase | 5,000,000 | |||
Number of warrants issued | 1,250,000 | |||
Number of Class A ordinary share issuable on exercise of each warrant | 1 | |||
Warrants, exercise price per share | $ 11.50 | |||
Stock issued, aggregate purchase price | $ 50,000,000 | |||
Shares issued, price per share | $ 10 | |||
Units issued, description of each unit | one Class A ordinary share and one-fourth of one warrant |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - $ / shares | Jan. 04, 2021 | Dec. 31, 2020 | Mar. 31, 2021 |
Class of Stock [Line Items] | |||
Preferred stock shares authorized | 1,000,000 | 1,000,000 | |
Preferred stock par or stated value per share | $ 0.0001 | $ 0.0001 | |
Preferred stock shares issued | 0 | 0 | |
Preferred stock shares outstanding | 0 | 0 | |
Number of trading days for determining the share price for conversion of common stock from one class to another | 20 days | ||
Number of consecutive trading days for determining the share price for conversion of common stock from one class to another | 30 days | ||
Share price threshold for stock conversion | $ 10 | $ 10 | |
Class B ordinary shares to Class A ordinary shares conversion ratio | one-for-one basis | one-for-one basis | |
Number of days after which warrants are exercisable post consummation of business combination | 30 days | 30 days | |
Proceeds to be used for business combination as a percentage of total capital to be raised | 60.00% | 60.00% | |
Volume weighted average trading price of shares | $ 9.20 | $ 9.20 | |
Trigger Price One [Member] | |||
Class of Stock [Line Items] | |||
Adjusted exercise price as a percentage of newly issued price | 100.00% | 100.00% | |
Public Warrants [Member] | |||
Class of Stock [Line Items] | |||
Number of Class A ordinary share issuable on exercise of each warrant | 0.3611 | 0.3611 | |
Number of trading days for determining the volume weighted average price of shares | 10 days | 10 days | |
Public Warrants [Member] | Trigger Price One [Member] | |||
Class of Stock [Line Items] | |||
Adjusted exercise price as a percentage of newly issued price | 115.00% | 115.00% | |
Public Warrants [Member] | Trigger Price Two [Member] | |||
Class of Stock [Line Items] | |||
Adjusted exercise price as a percentage of newly issued price | 180.00% | 180.00% | |
Private Placement Warrants [Member] | |||
Class of Stock [Line Items] | |||
Number of Class A ordinary share issuable on exercise of each warrant | 1 | ||
Class Of Warrants Or Rights Lock In Period | 30 days | 30 days | |
Common Class A [Member] | |||
Class of Stock [Line Items] | |||
Common stock shares authorized | 800,000,000 | 800,000,000 | |
Common stock par or stated value per share | $ 0.0001 | $ 0.0001 | |
Common stock shares issued | 0 | 7,649,067 | |
Common stock shares outstanding | 0 | 7,649,067 | |
Temporary equity shares outstanding | 61,350,933 | 61,350,933 | |
Common stock shares voting rights | one vote | one vote | |
Shares issued, price per share | $ 9.20 | $ 9.20 | |
Common Class A [Member] | Subsequent Event [Member] | |||
Class of Stock [Line Items] | |||
Common stock shares issued | 12,321,429 | ||
Common Class A [Member] | Public Warrants [Member] | |||
Class of Stock [Line Items] | |||
Number of days after the consummation of business combination within which the securities shall be registered | 20 days | ||
Number of days after the consummation of business combination within which the securities registration shall be effective | 60 days | ||
Common Class A [Member] | Public Warrants [Member] | Trigger Price One [Member] | |||
Class of Stock [Line Items] | |||
Share price threshold for stock conversion | $ 18 | 18 | |
Class of warrants or rights redemption price per unit of warrant | $ 0.01 | $ 0.01 | |
Number of trading days for determining the share price | 20 days | 20 days | |
Number of consecutive trading days for determining the share price | 30 days | 30 days | |
Common Class A [Member] | Public Warrants [Member] | Trigger Price Two [Member] | |||
Class of Stock [Line Items] | |||
Share price threshold for stock conversion | $ 10 | $ 10 | |
Class of warrants or rights redemption price per unit of warrant | 0.10 | 0.10 | |
Common Class A [Member] | Private Placement Warrants [Member] | Maximum [Member] | |||
Class of Stock [Line Items] | |||
Share price threshold for stock conversion | 18 | 18 | |
Common Class A [Member] | Private Placement Warrants [Member] | Minimum [Member] | |||
Class of Stock [Line Items] | |||
Share price threshold for stock conversion | $ 10 | $ 10 | |
Common Class B [Member] | |||
Class of Stock [Line Items] | |||
Common stock shares authorized | 80,000,000 | 80,000,000 | |
Common stock par or stated value per share | $ 0.0001 | $ 0.0001 | |
Common stock shares issued | 1 | 14,785,715 | |
Common stock shares outstanding | 1 | 14,785,715 | |
Common stock shares voting rights | one vote | one vote | |
Percentage of the issued and outstanding shares on the total number of shares after conversion from one class to another | 15.00% | 15.00% | |
Class B ordinary shares to Class A ordinary shares conversion ratio | one-for-one basis | ||
Common Class B [Member] | Subsequent Event [Member] | |||
Class of Stock [Line Items] | |||
Common stock shares issued | 12,321,429 | ||
Percentage of the issued and outstanding shares on the total number of shares after conversion from one class to another | 15.00% | ||
Common stock shares subject to forfeiture | 1,607,143 | ||
Common Class C [Member] | |||
Class of Stock [Line Items] | |||
Common stock shares authorized | 80,000,000 | 80,000,000 | |
Common stock par or stated value per share | $ 0.0001 | $ 0.0001 | |
Common stock shares issued | 0 | 14,785,715 | |
Common stock shares outstanding | 0 | 14,785,715 | |
Common stock shares voting rights | one vote | ||
Number of trading days for determining the share price for conversion of common stock from one class to another | 20 days | ||
Number of consecutive trading days for determining the share price for conversion of common stock from one class to another | 30 days | ||
Percentage of the issued and outstanding shares on the total number of shares after conversion from one class to another | 15.00% | 15.00% | |
Common Class C [Member] | Subsequent Event [Member] | |||
Class of Stock [Line Items] | |||
Percentage of the issued and outstanding shares on the total number of shares after conversion from one class to another | 15.00% | ||
Common stock shares subject to forfeiture | 1,607,143 | ||
Common Class C [Member] | Third Anniversary [Member] | |||
Class of Stock [Line Items] | |||
Share price threshold for stock conversion | $ 15.25 | $ 15.25 | |
Common Class C [Member] | Sixth Anniversary [Member] | |||
Class of Stock [Line Items] | |||
Share price threshold for stock conversion | 23 | 23 | |
Common Class C [Member] | Ninth Anniversary [Member] | |||
Class of Stock [Line Items] | |||
Share price threshold for stock conversion | $ 35 | $ 35 |
Warrants - Additional Informati
Warrants - Additional Information (Detail) - $ / shares | Dec. 31, 2020 | Mar. 31, 2021 |
Disclosure Of Warrants Public And Private [Line Items] | ||
Number of days after which warrants are exercisable post consummation of business combination | 30 days | 30 days |
Share price threshold for stock conversion | $ 10 | $ 10 |
Proceeds to be used for business combination as a percentage of total capital to be raised | 60.00% | 60.00% |
Volume weighted average trading price of shares | $ 9.20 | $ 9.20 |
Trigger Price One [Member] | ||
Disclosure Of Warrants Public And Private [Line Items] | ||
Adjusted exercise price as a percentage of newly issued price | 100.00% | 100.00% |
Common Class A [Member] | ||
Disclosure Of Warrants Public And Private [Line Items] | ||
Shares issued, price per share | $ 9.20 | $ 9.20 |
Public Warrants [Member] | ||
Disclosure Of Warrants Public And Private [Line Items] | ||
Number of Class A ordinary share issuable on exercise of each warrant | 0.3611 | 0.3611 |
Number of trading days for determining the volume weighted average price of shares | 10 days | 10 days |
Public Warrants [Member] | Trigger Price One [Member] | ||
Disclosure Of Warrants Public And Private [Line Items] | ||
Adjusted exercise price as a percentage of newly issued price | 115.00% | 115.00% |
Public Warrants [Member] | Trigger Price Two [Member] | ||
Disclosure Of Warrants Public And Private [Line Items] | ||
Adjusted exercise price as a percentage of newly issued price | 180.00% | 180.00% |
Public Warrants [Member] | Common Class A [Member] | Trigger Price One [Member] | ||
Disclosure Of Warrants Public And Private [Line Items] | ||
Share price threshold for stock conversion | $ 18 | $ 18 |
Class of warrants or rights redemption price per unit of warrant | $ 0.01 | $ 0.01 |
Number of trading days for determining the share price | 20 days | 20 days |
Number of consecutive trading days for determining the share price | 30 days | 30 days |
Public Warrants [Member] | Common Class A [Member] | Trigger Price Two [Member] | ||
Disclosure Of Warrants Public And Private [Line Items] | ||
Share price threshold for stock conversion | $ 10 | $ 10 |
Class of warrants or rights redemption price per unit of warrant | $ 0.10 | 0.10 |
Private Placement Warrants [Member] | ||
Disclosure Of Warrants Public And Private [Line Items] | ||
Warrants, exercise price per share | $ 11.50 | |
Number of Class A ordinary share issuable on exercise of each warrant | 1 | |
Class of warrants or rights lock in period | 30 days | 30 days |
Private Placement Warrants [Member] | Common Class A [Member] | Minimum [Member] | ||
Disclosure Of Warrants Public And Private [Line Items] | ||
Share price threshold for stock conversion | $ 10 | $ 10 |
Private Placement Warrants [Member] | Common Class A [Member] | Maximum [Member] | ||
Disclosure Of Warrants Public And Private [Line Items] | ||
Share price threshold for stock conversion | $ 18 | $ 18 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value Hierarchy of Liabilities (Detail) - Warrant Liabilities [Member] - Fair Value, Recurring [Member] | Mar. 31, 2021USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Warrant liabilities | $ 48,533,833 |
Level 1 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Warrant liabilities | |
Level 2 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Warrant liabilities | |
Level 3 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Warrant liabilities | 48,533,833 |
Public Warrants [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Warrant liabilities | 29,152,500 |
Public Warrants [Member] | Level 1 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Warrant liabilities | |
Public Warrants [Member] | Level 2 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Warrant liabilities | |
Public Warrants [Member] | Level 3 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Warrant liabilities | 29,152,500 |
Private Placement Warrants [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Warrant liabilities | 19,381,333 |
Private Placement Warrants [Member] | Level 1 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Warrant liabilities | |
Private Placement Warrants [Member] | Level 2 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Warrant liabilities | |
Private Placement Warrants [Member] | Level 3 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Warrant liabilities | $ 19,381,333 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | Mar. 31, 2021$ / shares |
Private Placement Warrants [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Warrants, exercise price per share | $ 11.50 |
Level 3 [Member] | Private Placement Warrants [Member] | Probability of Consummation of Business Combination [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Warrants, fair value measurement input | 0.90 |
Level 3 [Member] | Public Warrants [Member] | Probability of Consummation of Business Combination [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Warrants, fair value measurement input | 0.90 |
Level 3 [Member] | Public Warrants [Member] | Common Class A [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Simulated price of share | $ 18 |
Warrants, exercise price per share | $ 11.50 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Changes in Fair Value of Warrants (Detail) | 1 Months Ended | |
Mar. 31, 2021USD ($) | ||
Public Warrants [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value, March 2, 2021 (issuance date) | $ 28,635,000 | |
Loss on change in fair value | 517,500 | [1] |
Fair value, March 31, 2021 | 29,152,500 | |
Private Placement Warrant Liability [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value, March 2, 2021 (issuance date) | 18,854,666 | |
Loss on change in fair value | 526,667 | [1] |
Fair value, March 31, 2021 | $ 19,381,333 | |
[1] | Included in Loss on change in fair value of warrant liability on the unaudited condensed statement of operation |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | May 10, 2021 | Jan. 04, 2021 | Dec. 31, 2020 | Mar. 31, 2021 |
Subsequent Event [Line Items] | ||||
Issuance of ordinary shares to Sponsor | $ 12,500 | |||
Common Class B [Member] | ||||
Subsequent Event [Line Items] | ||||
Percentage of the issued and outstanding shares on the total number of shares after conversion from one class to another | 15.00% | 15.00% | ||
Common Class C [Member] | ||||
Subsequent Event [Line Items] | ||||
Percentage of the issued and outstanding shares on the total number of shares after conversion from one class to another | 15.00% | 15.00% | ||
Sponsor [Member] | ||||
Subsequent Event [Line Items] | ||||
Issuance of ordinary shares to Sponsor | $ 25,000 | $ 25,000 | ||
Sponsor [Member] | Related Party Promissory Note [Member] | ||||
Subsequent Event [Line Items] | ||||
Related party debt, face value | $ 800,000 | |||
Related party debt, maturity description | earlier of (i) June 30, 2021 and (ii) the completion of the IPO | |||
Sponsor [Member] | Common Class B [Member] | ||||
Subsequent Event [Line Items] | ||||
Issuance of ordinary shares to Sponsor, Shares | 12,321,429 | |||
Sponsor [Member] | Common Class C [Member] | ||||
Subsequent Event [Line Items] | ||||
Issuance of ordinary shares to Sponsor, Shares | 12,321,429 | |||
Subsequent Event [Member] | Common Class B [Member] | ||||
Subsequent Event [Line Items] | ||||
Common stock shares subject to forfeiture | 1,607,143 | |||
Percentage of the issued and outstanding shares on the total number of shares after conversion from one class to another | 15.00% | |||
Subsequent Event [Member] | Common Class C [Member] | ||||
Subsequent Event [Line Items] | ||||
Issuance of ordinary shares to Sponsor, Shares | 12,321,429 | |||
Common stock shares subject to forfeiture | 1,607,143 | |||
Percentage of the issued and outstanding shares on the total number of shares after conversion from one class to another | 15.00% | |||
Subsequent Event [Member] | Sponsor Cannae And Certain Insiders [Member] | ||||
Subsequent Event [Line Items] | ||||
Share price threshold, post business combination | $ 12 | |||
Subsequent Event [Member] | Sponsor Cannae And Certain Insiders [Member] | Common Class B [Member] | ||||
Subsequent Event [Line Items] | ||||
Common stock shares subject to forfeiture | 3,696,429 | |||
Subsequent Event [Member] | Sponsor Cannae And Certain Insiders [Member] | Common Class C [Member] | ||||
Subsequent Event [Line Items] | ||||
Common stock shares subject to forfeiture | 3,696,429 | |||
Subsequent Event [Member] | Sponsor [Member] | ||||
Subsequent Event [Line Items] | ||||
Issuance of ordinary shares to Sponsor | $ 25,000 | |||
Subsequent Event [Member] | Sponsor [Member] | Related Party Promissory Note [Member] | ||||
Subsequent Event [Line Items] | ||||
Related party debt, face value | $ 800,000 | |||
Related party debt, maturity description | earlier of (i) June 31, 2021 and (ii) the completion of the Proposed Public Offering | |||
Subsequent Event [Member] | Sponsor [Member] | Common Class B [Member] | ||||
Subsequent Event [Line Items] | ||||
Issuance of ordinary shares to Sponsor, Shares | 12,321,429 | |||
Subsequent Event [Member] | Sponsor [Member] | Common Class C [Member] | ||||
Subsequent Event [Line Items] | ||||
Issuance of ordinary shares to Sponsor, Shares | 12,321,429 | |||
Subsequent Event [Member] | Backstop Facility Agreement [Member] | Cannae [Member] | ||||
Subsequent Event [Line Items] | ||||
Common stock shares issued but not subscribed value | $ 690,000,000 | |||
Placement agent fees payable | $ 3,450,000 |