Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 15, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Entity File Number | 001-40116 | |
Entity Registrant Name | MCAP Acquisition Corporation | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 85-3978415 | |
Entity Address, Address Line One | 311 South Wacker Drive, Suite 6400 | |
Entity Address, City or Town | Chicago | |
Entity Address State Or Province | IL | |
Entity Address, Postal Zip Code | 60606 | |
City Area Code | 312 | |
Local Phone Number | 258-8300 | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | true | |
Entity Central Index Key | 0001838672 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Transition Report | false | |
Class A Common Stock and one-third of one Redeemable Warrant | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Units, each consisting of one Class A Common Stock and one-third of one Redeemable Warrant | |
Trading Symbol | MACQU | |
Security Exchange Name | NASDAQ | |
Class A Common Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Class A Common Stock, par value $0.0001 per share | |
Trading Symbol | MACQ | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 31,625,000 | |
Warrants, each whole warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Warrants, each whole warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 | |
Trading Symbol | MACQW | |
Security Exchange Name | NASDAQ | |
Class B Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 7,906,250 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 | |
Current Assets | |||
Cash | $ 797,602 | $ 25,000 | |
Prepaid expenses | 454,364 | ||
Total current assets | 1,251,966 | 25,000 | |
Deferred offering costs | 146,634 | ||
Other assets | 178,020 | ||
Cash and marketable securities held in Trust Account | 316,270,386 | ||
Total assets | 317,700,372 | 171,634 | |
Current liabilities | |||
Accounts payable and accrued expenses | 545,835 | 65,584 | |
Promissory note payable - related party | 100,000 | ||
Total current liabilities | 545,835 | 165,584 | |
Warrant liability | 23,591,000 | ||
Deferred underwriting fee payable | 11,068,750 | ||
Total liabilities | 35,205,585 | 165,584 | |
Stockholders' Equity | |||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none outstanding | |||
Additional paid in capital | 24,209 | ||
Accumulated deficit | (33,776,390) | (18,950) | |
Total Stockholders' Equity | (33,775,599) | 6,050 | |
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | 317,700,372 | 171,634 | |
Class A Common Stock Subject to Redemption | |||
Current liabilities | |||
Common Stock subject to possible redemption, 31,625,000 and 0 shares, at September 30, 2021 and December 31, 2020, respectively, at redemption value | 316,270,386 | ||
Class B Common Stock | |||
Stockholders' Equity | |||
Common stock | [1] | $ 791 | $ 791 |
[1] | The shares and the associated amounts have been retroactively restated to reflect the stock dividend of 0.1 share of Class B common stock for each share of Class B common stock outstanding on February 25, 2021. |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Feb. 25, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Preferred stock, par value, (per share) | $ 0.0001 | $ 0.0001 | |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | |
Preferred stock, shares outstanding | 0 | 0 | |
Class A Common Stock | |||
Common shares, par value, (per share) | $ 0.0001 | $ 0.0001 | |
Common shares, shares authorized | 200,000,000 | 200,000,000 | |
Common shares, shares issued | 0 | 0 | |
Common shares, shares outstanding | 0 | 0 | |
Class A Common Stock Subject to Redemption | |||
Temporary equity, shares outstanding | 31,625,000 | 0 | |
Class B Common Stock | |||
Common shares, par value, (per share) | $ 0.0001 | $ 0.0001 | |
Common shares, shares authorized | 20,000,000 | 20,000,000 | |
Common shares, shares issued | 7,906,250 | 7,906,250 | 7,906,250 |
Common shares, shares outstanding | 7,906,250 | 7,906,250 | 7,906,250 |
Share dividend | 0.1 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Formation costs and other operating expenses | $ 504,323 | $ 1,312,020 |
Loss from operations | (504,323) | (1,312,020) |
Other Income (Loss): | ||
Warrant issuance costs | (832,378) | |
Interest income | 4,070 | 20,386 |
Change in fair value of warrant liability | (4,100,000) | (772,251) |
Net (loss) | $ (4,600,253) | $ (2,896,263) |
Class A Common Stock | ||
Other Income (Loss): | ||
Weighted average shares outstanding, diluted | 31,625,000 | 24,674,451 |
Net loss per share of common stock, diluted | $ (0.12) | $ (0.09) |
Class A Common Stock Subject to Redemption | ||
Other Income (Loss): | ||
Weighted average shares outstanding, basic | 31,625,000 | 24,674,451 |
Weighted average shares outstanding, diluted | 31,625,000 | 24,674,451 |
Net loss per share of common stock, basic | $ (0.12) | $ (0.09) |
Net loss per share of common stock, diluted | $ 0 | $ 0 |
Class B non-redeemable common stock | ||
Other Income (Loss): | ||
Weighted average shares outstanding, basic | 7,906,250 | 7,906,250 |
Weighted average shares outstanding, diluted | 7,906,250 | 7,906,250 |
Net loss per share of common stock, basic | $ (0.12) | $ (0.09) |
Net loss per share of common stock, diluted | $ (0.12) | $ (0.09) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) | Class A Common StockCommon Stock | Class A Common Stock Not Subject to RedemptionCommon Stock | Class A Common Stock Not Subject to Redemption | Class B Common StockCommon Stock | Additional Paid-in Capital | Accumulated Deficit | Total | ||
Balance at the beginning at Dec. 31, 2020 | $ 791 | $ 24,209 | $ (18,950) | $ 6,050 | |||||
Balance at the beginning (in shares) at Dec. 31, 2020 | [1] | 7,906,250 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Sale of 31,625,000 Units, net of underwriter discount and offering costs | $ 3,163 | 285,381,838 | 0 | 285,385,001 | |||||
Sale of Units, net of underwriting discounts (in shares) | 31,625,000 | 31,625,000 | 0 | [1] | |||||
Common stock subject to possible redemption | $ (3,163) | (285,406,047) | (30,857,107) | (316,266,317) | |||||
Common stock subject to possible redemption (in shares) | (31,625,000) | ||||||||
Net income (loss) | 0 | 1,703,990 | 1,703,990 | ||||||
Balance at the end at Jun. 30, 2021 | $ 791 | 0 | (29,172,067) | (29,171,276) | |||||
Balance at the end (in shares) at Jun. 30, 2021 | [1] | 7,906,250 | |||||||
Balance at the beginning at Dec. 31, 2020 | $ 791 | 24,209 | (18,950) | 6,050 | |||||
Balance at the beginning (in shares) at Dec. 31, 2020 | [1] | 7,906,250 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | (2,896,263) | ||||||||
Balance at the end at Sep. 30, 2021 | $ 791 | 0 | (33,776,390) | (33,775,599) | |||||
Balance at the end (in shares) at Sep. 30, 2021 | 0 | 7,906,250 | [1] | ||||||
Balance at the beginning at Jun. 30, 2021 | $ 791 | 0 | (29,172,067) | (29,171,276) | |||||
Balance at the beginning (in shares) at Jun. 30, 2021 | [1] | 7,906,250 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Common stock subject to possible redemption | 0 | (4,070) | (4,070) | ||||||
Net income (loss) | 0 | (4,600,253) | (4,600,253) | ||||||
Balance at the end at Sep. 30, 2021 | $ 791 | $ 0 | $ (33,776,390) | $ (33,775,599) | |||||
Balance at the end (in shares) at Sep. 30, 2021 | 0 | 7,906,250 | [1] | ||||||
[1] | The shares and the associated amounts have been retroactively restated to reflect the stock dividend of 0.1 share of Class B common stock for each share of Class B common stock outstanding on February 25, 2021. |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - shares | Feb. 25, 2021 | Jun. 30, 2021 |
Class A Common Stock Not Subject to Redemption | ||
Sale of Units, net of underwriting discounts (in shares) | 31,625,000 | |
Class B Common Stock | ||
Share dividend | 0.1 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Cash flow from operating activities: | |
Net loss | $ (2,896,263) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
Interest earned in Trust Account | (20,386) |
Change in fair value of warrant liability | 772,251 |
Transaction costs allocable to warrant liability | 832,378 |
Changes in operating assets and liabilities: | |
Prepaid expenses | (632,384) |
Accounts payable and accrued expenses | 530,385 |
Net cash used in operating activities | (1,414,019) |
Cash flows from investing activities: | |
Investment of cash in Trust Account | (316,250,000) |
Net cash used in financing activities | (316,250,000) |
Cash flows from financing activities: | |
Proceeds from sale of Units, net of underwriting discounts paid | 309,925,000 |
Proceeds from promissory note - related party | 150,000 |
Proceeds from sale of Private Placement Warrants | 8,975,000 |
Repayment of promissory note - related party | (250,000) |
Payments of deferred offering costs | (363,379) |
Net cash provided by financing activities | 318,436,621 |
Net change in cash | 772,602 |
Cash at the beginning of the period | 25,000 |
Cash at the end of the period | 797,602 |
Non-Cash investing and financing activities: | |
Initial classification of Class A common stock shares subject to possible redemption | 302,376,840 |
Change in value of class A common stock shares subject to possible redemption | 4,070 |
Deferred underwriting fee payable | 11,068,750 |
Initial measurement of warrants issued in connection with the Initial Public Offering accounted for as liabilities | $ 22,818,749 |
Description of Organization and
Description of Organization and Business Operations | 9 Months Ended |
Sep. 30, 2021 | |
Description of Organization and Business Operations | |
Description of Organization and Business Operations | Note 1 — Description of Organization and Business Operations MCAP Acquisition Corporation (the “Company”) is a blank check company incorporated in Delaware on November 12, 2020. The Company was formed for the purpose of effectuating a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses (the “Business Combination”). The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. The accompanying condensed consolidated financial statements includes the Company and its wholly owned subsidiaries GRNT Merger Sub 1 LLC, GRNT Merger Sub 2 LLC, GRNT Merger Sub 3 LLC, and GRNT Merger Sub 4 LLC. As of September 30, 2021, the Company had not yet commenced any operations. All activity for the period November 12, 2020 (inception) through September 30, 2021 relates to the Company’s formation, initial public offering (the “Initial Public Offering”) and search to effectuate a Business Combination. The Company has selected December 31 as its fiscal year end. The registration statement for the Company’s Initial Public Offering was declared effective on February 25, 2021. On March 2, 2021, the Company consummated the Initial Public Offering of 31,625,000 units (“Units” and, with respect to the shares of Class A common stock included in the Units offered, the “Public Shares”), generating gross proceeds of $316,250,000, which is described in Note 3. Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 5,983,333 private placement warrants (the “Private Placement Warrants”) at a price of $1.50 per warrant in a private placement to MCAP Acquisition, LLC (the “Sponsor”), generating gross proceeds of $8,975,000, which is described in Note 4. Following the closing of the Initial Public Offering on March 2, 2021, an amount of $316,250,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the Private Placement Warrants was placed in a trust account (“Trust Account”) which may be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the Trust Account to the Company’s stockholders, as described below. Transaction costs of the Initial Public Offering amounted to $17,853,629 consisting of $6,325,000 of underwriting fees, $11,068,750 of deferred underwriting fees (see Note 6) and $459,879 of other costs. Following the closing of the Initial Public Offering $2,431,242 of cash was held outside of the Trust Account available for working capital purposes. As of September 30, 2021, we have available to us $797,602 of cash on our balance sheet and a working capital surplus of $706,131. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. NASDAQ rules provide that the Business Combination must be with one or more target businesses that together have a fair market value equal to at least 80% of the balance in the Trust Account (as defined below) (less any deferred underwriting commissions and taxes payable on interest earned on the Trust Account) at the time of the signing of a definitive agreement to enter 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 outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able to successfully effect a Business Combination. Note 1 — Description of Organization and Business Operations (Continued) The Company will provide its holders of the outstanding Public Shares (the “public stockholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. In connection with a proposed Business Combination, the Company may seek stockholder approval of a Business Combination at a meeting called for such purpose at which stockholders may seek to redeem their shares, regardless of whether they vote for or against a Business Combination. The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 either immediately prior to or upon such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the outstanding shares voted are voted in favor of the Business Combination. The Company will have until March 2, 2023 to consummate a Business Combination. If the Company is unable to complete a Business Combination within 24 months from the closing of the Initial Public Offering (the “Combination Period”), the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten 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 a prospective target business with which the Company has entered into a written letter of intent, confidentiality or similar agreement or Business Combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the day of liquidation of the Trust Account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriter of Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). However, the Company has not asked the Sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and believe that the Sponsor’s only assets are securities of the Company. Therefore, the Company cannot assure its stockholders that the Sponsor would be able to satisfy those obligations. None of the Company’s officers or directors will indemnify the Company for claims by third parties including, without limitation, claims by vendors and prospective target businesses. 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, 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 (Continued) Going Concern and Management’s Plans The accompanying unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As of September 30, 2021, we had incurred accumulated losses of approximately $2,915,213 for the period from November 12, 2020 (date of inception) through September 30, 2021. The Company’s management believes that its operations may not be sufficient to fund operating cash needs for at least 12 months from the issuance of these financial statements. The Company has no significant assets and has no revenue generating operations. There can be no assurance however that the Company will be able to raise additional capital when needed, or at terms deemed acceptable, if at all. These factors raise substantial doubt about the company’s ability to continue as a going concern within one year after the date that the unaudited condensed financial statements are issued. The unaudited condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result should the Company be unable to continue as a going concern. Risks and Uncertainties Management is currently evaluating the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of the financial statement. The 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 | 9 Months Ended |
Sep. 30, 2021 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | Note 2 — Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission. In preparation of the Company’s unaudited condensed consolidated financial statements as of and for quarterly period ended September 30, 2021, the Company concluded it will restate its financial statements to classify all Class A common shares as Class A common stock subject to possible redemption in temporary equity as of September 30, 2021 (see Note 11). Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Note 2 — Summary of Significant Accounting Policies (Continued) Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company, which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of Estimates The preparation of the balance sheet 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 revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents are carried at cost, which approximates fair value. The Company had $797,602 in cash and no cash equivalents as of September 30, 2021. Income Taxes The Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 2021. 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 provision for income taxes was deemed to be immaterial for the three and nine months ended September 30, 2021. Note 2 — Summary of Significant Accounting Policies (Continued) Class A Common Stock Subject to Possible Redemption The Company accounts for its shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Shares subject to mandatory redemption (if any) is classified as a liability instrument and is measured at fair value. Conditionally redeemable shares of common stock (including shares of common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, shares are classified as stockholders’ equity. The Company’s shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, at September 30, 2021, 31,625,000 shares of Class A Common Stock subject to possible redemption are presented as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheet. Cash Held in Trust Account At September 30, 2021, the assets held in the Trust Account were invested in a money market fund. 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 Corporation coverage limit 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. Net Loss Per Share The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, Earnings Per Share. Net loss per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. The Company has two classes of shares, Class A common stock and Class B common stock. Earnings and losses are shared pro rata between the two classes of common stock. The Company has not considered the effect of warrants sold in the Initial Public Offering and the private placement to purchase common stock in the calculation of diluted income per share, since the exercise of the warrants is contingent upon the occurrence of future events. As a result, diluted net loss per common share is the same as basic net loss per share for the period presented. The Company’s condensed statement of operations applies the two-class method in calculating net income per share. Basic and diluted net loss per share for Class A common stock and Class B common stock is calculated by dividing net loss attributable to the Company by the weighted average number of shares of Class A common stock and Class B common stock outstanding, allocated proportionally to each class of common stock. Note 2 — Summary of Significant Accounting Policies (Continued) The following table reflects the calculation of basic and diluted net loss per ordinary share (in dollars, except per share amounts): For the Three For the Three Months Ended Nine Months Ended September 30, September 30, 2021 2021 Class A common stock Net loss allocable to Class A common stock $ (3,680,202) $ (2,193,437) Basic and diluted weighted 31,625,000 24,674,451 Basic and diluted net $ (0.12) $ (0.09) Non-Redeemable Class B common stock Net loss allocable to Class B common stock $ (920,051) $ (702,826) Basic and diluted weighted 7,906,250 7,906,250 Basic and diluted net $ (0.12) $ (0.09) 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. Derivative Financial Instruments The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “ ” Recently Issued Accounting Standards Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements. |
Initial Public Offering
Initial Public Offering | 9 Months Ended |
Sep. 30, 2021 | |
Initial Public Offering | |
Initial Public Offering | Note 3 — Initial Public Offering Pursuant to the Initial Public Offering, the Company sold 31,625,000 Units at a purchase price of $10.00 per Unit. Each Unit consists of one share of the Company’s Class A common stock, $0.0001 par value, and one |
Private Placement
Private Placement | 9 Months Ended |
Sep. 30, 2021 | |
Private Placement | |
Private Placement | Note 4 — Private Placement Simultaneously with the Initial Public Offering, the Sponsor purchased an aggregate of 5,983,333 Private Placement Warrants at a price of $1.50 per warrant for an aggregate purchase price of $8,975,000. The Private Placement Warrants are identical to the warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants are not transferable, assignable or salable until after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Warrants are exercisable on a cashless basis and are non-redeemable so long as they are held by the initial purchasers or their permitted transferees. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions | |
Related Party Transactions | Note 5 — Related Party Transactions Founder Shares On December 21, 2020, the Company issued an aggregate of 7,187,500 shares of Class B common stock (the “Founder Shares”) to the Sponsor for an aggregate purchase price of $25,000. On February 25, 2021, the Company effectuated a 0.1 for 1 dividend of its Class B common stock, resulting in an aggregate of 7,906,250 Founder Shares issued and outstanding. The Founder Shares which the Sponsor will collectively own, on an as-converted basis, represent 20% of the Company’s issued and outstanding shares after the Initial Public Offering. The Sponsor has agreed not to transfer, assign or sell any of its Founder Shares until the earlier to occur of: (A) one year after the completion of a Business Combination or (B) the date on which the Company completes a liquidation, merger, capital stock exchange or similar transaction that results in the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property. Notwithstanding the foregoing, if the last reported sale price of the Company’s Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Business Combination, the Founder Shares will be released from the lock-up. Promissory Note — Related Party On December 21, 2020, the Sponsor committed to loan the Company an aggregate of up to $300,000 to cover expenses related to the Initial Public Offering pursuant to a promissory note (the “Note”). The Note was non-interest bearing and was payable on the earlier of June 30, 2021 or the completion of the Initial Public Offering. On March 2, 2021, the $250,000 outstanding under the Note was repaid in full. Related Party Loans In order to finance transaction costs in connection with a Business Combination, the Company’s Sponsor, an affiliate of the Sponsor, or the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (the “Working Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of notes may be converted upon consummation of a Business Combination into warrants at a price of $1.50 per warrant. The warrants will 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. Administrative Support Agreement Commencing on the date of the prospectus and until completion of the Company’s Business Combination or liquidation, the Company may reimburse an affiliate of the Sponsor up to an amount of $10,000 per month for office space, secretarial and administrative support. As of September 30, 2021, our Sponsor did not intend to request reimbursement from the Company for any administrative support. |
Commitments
Commitments | 9 Months Ended |
Sep. 30, 2021 | |
Commitments | |
Commitments | Note 6 — Commitments Registration Rights Pursuant to a registration rights agreement entered into on February 25, 2021, the holders of the Founder Shares, Private Placement Warrants and the warrants that may be issued upon conversion of the Working Capital Loans (and their underlying securities) are entitled to registration rights. The holders of a majority of these securities are entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable lock-up period. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriters Agreement The Company granted the underwriter a 45-day option to purchase up to 4,125,000 additional Units to cover over-allotments at the Initial Public Offering price, less the underwriting discounts and commissions. The aforementioned option was exercised on March 2, 2021. The underwriter was paid a cash underwriting discount of two percent (2.00%) of the gross proceeds of the Initial Public Offering, or $6,325,000. In addition, the underwriter is entitled to a deferred fee of three and a half percent (3.50%) of the gross proceeds of the Initial Public Offering, or $11,068,750. The deferred fee was placed in the Trust Account and will be paid in cash upon the closing of a Business Combination, subject to the terms of the underwriting agreement. |
Warrant Liability
Warrant Liability | 9 Months Ended |
Sep. 30, 2021 | |
Warrant Liability | |
Warrant Liability | Note 7 — Warrant Liability Public Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants will become exercisable on the later of (a) 30 days after the consummation of a Business Combination or (b) 12 months from the closing of the Initial Public Offering. The Public Warrants will expire five years from the consummation of a Business Combination or earlier upon redemption or liquidation. The Company will not be obligated to deliver any Class A common stock 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 covering the issuance of the Class A common stock issuable upon exercise of the Public Warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations with respect to registration. No Public Warrant will be exercisable for cash or on a cashless basis, and the Company will not be obligated to issue any shares to holders seeking to exercise their Public Warrants, unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising holder, or an exemption from registration is available. The Company has agreed that as soon as practicable, but in no event later than 15 60 th Note 7 — Warrant Liability (Continued) Once the Public Warrants become exercisable, the Company may redeem the Public Warrants for redemption: ● in whole and not in part; ● at a price of $0.01 per Public Warrant; ● upon not less than 30 days ’ prior written notice of redemption to each warrant holder; and ● if, and only if, the reported last sale price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like and certain issuances of Class A common stock and equity-linked securities) for any 20 trading days within a 30- trading day period commencing no earlier than the date the warrants become exercisable and ending on the third business day before the date on which the Company sends the notice of redemption to the warrant holders. If and when the Public Warrants become redeemable by the Company, the Company may not exercise its redemption right if the issuance of shares of common stock upon exercise of the warrants is not exempt from registration or qualification under applicable state blue sky laws or the Company is unable to effect such registration or qualification. The Company accounts for the 10,541,667 Public Warrants issued in connection with the Initial Public Offering and the 5,983,333 Private Placement Warrants in accordance with the guidance contained in ASC 815-40. Such guidance provides that because the warrants do not meet the criteria for equity treatment thereunder, each warrant must be recorded as a liability. The warrant agreement contains an Alternative Issuance provision that if less than 70% of the consideration receivable by the holders of the Class A common stock in the Business Combination is payable in the form of common equity in the successor entity, and if the holders of the warrants properly exercises the warrants within thirty days following the public disclosure of the consummation of Business Combination by the Company, the warrant price shall be reduced by an amount equal to the difference (but in no event less than zero) of (i) the warrant price in effect prior to such reduction minus (ii) (A) the Per Share Consideration (as defined below) minus (B) the Black-Scholes Warrant Value (as defined below). The “ ” “ ” The Company believes that the adjustments to the exercise price of the warrants is based on a variable that is not an input to the fair value of a “ ” – ’ |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Stockholders' Equity | |
Stockholders' Equity | Note 8 – Stockholders’ Equity Preferred Stock outstanding Class A Common Stock issued outstanding Class B Common Stock — outstanding outstanding Holders of Class A common stock and Class B common stock will vote together as a single class on all other matters submitted to a vote of stockholders, except as required by law; provided that only holders of Class B common stock have the right to vote for the election of directors prior to the Company’s initial Business Combination. The shares of Class B common stock will automatically convert into shares of Class A common stock at the time of the Business Combination on a one-for-one basis, subject to adjustment for stock splits, stock dividends, reorganizations, recapitalizations and the like. In the case that additional shares of Class A common stock, or equity linked securities, are issued or deemed issued in excess of the amounts offered in the Initial Public Offering and related to the closing of a Business Combination, the ratio at which shares of Class B common stock shall convert into shares of Class A common stock will be adjusted (unless the holders of a majority of the outstanding shares of Class B common stock agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of shares of Class A common stock issuable upon conversion of all shares of Class B common stock will equal, in the aggregate, on an as converted basis, 20% of the sum of the total number of all shares of common stock outstanding upon the completion of the Initial Public Offering plus all shares of Class A common stock and equity linked securities issued or deemed issued in connection with a Business Combination (excluding any shares or equity linked securities issued, or to be issued, to any seller in a Business Combination, and any private placement-equivalent units and its underlying securities issued to the Sponsor or its affiliates upon conversion of loans made to the Company). The Company may issue additional common stock or preferred stock to complete its Business Combination or under an employee incentive plan after completion of its Business Combination. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Measurements | |
Fair Value Measurements | Note 9 — Fair Value Measurements The Company follows the guidance in ASC 820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. 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 (unadjusted) for identical instruments in active markets; ● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and Note 9 – Fair Value Measurements (Continued) ● 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. September 30, Level 2021 Assets: Cash and marketable securities held in Trust Account 1 $ 316,270,386 Liabilities: Public Warrants 1 $ 11,385,000 Private Placement Warrants 3 $ 12,206,000 The Warrants were accounted for as liabilities in accordance with ASC 815-40 and are presented within warrant liabilities on our balance sheet. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of warrant liabilities in the statement of operations. Initial Measurement The Company established the initial fair value for the Warrants on March 2, 2021, the date of the Company’s Initial Public Offering, using a Monte Carlo simulation model. The Company allocated the proceeds received from (i) the sale of Units (which is inclusive of one share of common stock and one-third of one Public Warrant), (ii) the sale of Private Placement Warrants, and (iii) the issuance of common stock, first to the Warrants based on their fair values as determined at initial measurement, with the remaining proceeds allocated to common stock subject to possible redemption, and common stock based on their relative fair values at the initial measurement date. The Warrants were classified as Level 3 at the initial measurement date due to the use of unobservable inputs. The key inputs into the Monte Carlo simulation model for the Private Placement Warrants and Public Warrants were as follows at initial measurement: March 2, Input 2021 Risk-free interest rate 0.71 % Expected term (years) 7 Expected Volatility 13 % Exercise Price $ 11.50 Stock price $ 9.55 On March 2, 2021, the Private Placement Warrants and Public Warrants were determined to be $1.40 and $1.37 per warrant for aggregate values of $8,376,666 and $14,442,083, respectively. Subsequent Measurement The Warrants are measured at fair value on a recurring basis. The subsequent measurement of the Public Warrants as of September 30, 2021 is classified as Level 1 due to the use of an observable market quote in an active market under the ticker MACQW. Note 9 – Fair Value Measurements (Continued) The key inputs into the Monte Carlo simulation model for the Private Placement Warrants were as follows at September 30, 2021: September 30, Input 2021 Risk-free interest rate 0.98 % Expected term (years) 5.1 Expected Volatility 12 % Exercise Price $ 11.50 Stock price $ 9.87 On September 30, 2021, fair value of the Private Placement Warrants and Public Warrants were determined to be $2.04 and $1.08 per warrant for aggregate values of $12,206,000 and $11,385,000 respectively. The following table presents the changes in the fair value of warrant liabilities: Private Warrant Placement Public Liabilities Fair value $ — $ — $ — Initial Measurement on March 2, 2021 8,376,666 14,442,083 22,818,749 Change in valuation inputs or other assumptions (1)(2) 3,829,334 (3,057,083) 772,251 Fair value as of September 30, 2021 $ 12,206,000 $ 11,385,000 $ 23,591,000 (1) Changes in valuation inputs or other assumptions are recognized in change in fair value of warrant liabilities in the Statement of Operations. (2) Due to the use of quoted prices in an active market (Level 1) and the use of observable inputs for similar assets or liabilities (Level 2) to measure the fair values of the Public Warrants and Private Placement Warrants, respectively, subsequent to initial measurement, the Company had transfers out of Level 3 totaling approximately $22,819,000 during the period from March 31, 2021 through September 30,2021. Because of the inherent uncertainty of valuation, estimated values using Level 3 inputs may be materially higher or lower than the values that would have been used had a ready market for investments existed. Accordingly, the degree of judgement exercised by the Company in determining fair value is greatest for investments categorized in Level 3. |
Business Combination
Business Combination | 9 Months Ended |
Sep. 30, 2021 | |
Business Combination | |
Business Combination | Note 10 — Business Combination On July 27, 2021, MCAP Acquisition Corporation (“MCAP”), GRNT Merger Sub 1 LLC, a Delaware limited liability company (“Merger Sub 1”), GRNT Merger Sub 2 LLC, a Delaware limited liability company (“Merger Sub 2”), GRNT Merger Sub 3 LLC, a Delaware limited liability company (“Merger Sub 3”), GRNT Merger Sub 4 LLC, a Delaware limited liability company (“Merger Sub 4” and together with Merger Sub 1, Merger Sub 2 and Merger Sub 3, the “Merger Sub Entities”), H.I.G. Growth – AdTheorent Intermediate, LLC, a Delaware limited liability company (the “Blocker”), H.I.G. Growth – AdTheorent, LLC, a Delaware limited liability company (the “Blocker Member”), and AdTheorent Holding Company, LLC, a Delaware limited liability company (the “AdTheorent”), entered into a business combination agreement (the “Business Combination Agreement”) pursuant to which, among other things, the AdTheorent will merge with and into Merger Sub 4 and become a wholly owned subsidiary of MCAP. The terms of the Business Combination Agreement, which contains customary representations and warranties, covenants, closing conditions, termination fee provisions and other terms relating to the Mergers and the other transactions. |
Restatement of Previously Issue
Restatement of Previously Issued Financial Statements | 9 Months Ended |
Sep. 30, 2021 | |
Restatement of Previously Issued Financial Statements | |
Restatement of Previously Issued Financial Statements | Note 11 — Restatement of Previously Issued Financial Statements The Company has concluded it will restate its financial statements to classify all Class A common stock subject to possible redemption in temporary equity as of September 30, 2021. In accordance with the SEC and its staff’s guidance on redeemable equity instruments, ASC 480, paragraph 10-S99, redemption provisions not solely within the control of the Company require common stock subject to redemption to be classified outside of permanent equity. The Company had previously classified a portion of its Class A common stock in permanent equity, or total stockholders’ equity. Although the Company did not specify a maximum redemption threshold, its charter currently provides that, the Company will not redeem its public shares in an amount that would cause its net tangible assets to be less than $5,000,001. The Company considered that the threshold would not change the nature of the underlying shares as redeemable and thus would be required to be disclosed outside equity. The change in the carrying value of the redeemable shares of Class A common stock at the Initial Public Offering resulted in a decrease of approximately $5.9 million in additional paid-in capital and a charge of approximately $30.8 million to accumulated deficit, as well as a reclassification of 3,669,191 shares of Class A common stock from permanent equity to temporary equity. As a result of the above, the Company should have classified all of it Class A common stock as Class A common stock subject to possible redemption in temporary equity in its previously issued financial statement. The Company’s accounting for the Class A common stock as a component of equity instead of as Class A common stock subject to possible redemption in temporary equity did not have any effect on the Company’s previously reported investments held in trust, operating expenses, cash flows or cash. Note 11 — Restatement of Previously Issued Financial Statements (Continued) The following tables are a summary of certain financial data for the period ended March 2, 2021 and for the quarters ended March 31, 2021 and June 30, 2021. As Previously Restated Adjustments As Restated March 2, 2021 March 2, 2021 Total assets $ 319,562,536 $ — $ 319,562,536 Total liabilities 35,004,435 — 35,004,435 Temporary equity (Class A ordinary shares subject to possible redemption) 279,558,090 36,691,910 316,250,000 Permanent equity: Preferred stock — — — Class A common stock 368 (368) — Class B common stock 791 — 791 Additional paid-in capital 5,850,752 (5,850,752) — Accumulated deficit 851,900 (30,840,790) (31,692,690) Total permanent equity 5,000,011 (36,691,910) (31,691,899) March 31, 2021 March 31, 2021 Total assets $ 318,615,345 $ — $ 318,615,345 Total liabilities 33,989,034 — 33,989,034 Temporary equity (Class A ordinary shares subject to possible redemption) 279,626,302 36,629,820 316,256,122 Permanent equity: Preferred stock — — — Class A common stock 367 (367) — Class B common stock 791 — 791 Additional paid-in capital 5,782,541 (5,782,541) — Accumulated deficit (783,690) (30,846,912) (31,630,602) Total permanent equity 5,000,009 (36,629,820) (31,629,811) Redeemable Class A common stock Numerator: Allocation of loss to redeemable Class A common stock $ 6,122 $ (443,116) $ (436,994) Denominator: weighted average redeemable Class A common stock shares Redeemable Class A common stock shares, basic and diluted 30,237,684 (19,696,017) 10,541,667 Earnings per share basic and diluted redeemable Class A common stock $ — $ (0.04) $ (0.04) Non-Redeemable Class common stock Numerator: Allocation of loss to non-redemable Class B common stock $ (770,862) $ 443,116 $ (327,746) Denominator: weighted average non-redeemable Class A and B common stock Non-Redeemable Class B common stock shares, basic and diluted 8,353,274 (447,024) 7,906,250 Loss per share basic and diluted non-redeemable Class B common stock $ (0.09) $ 0.05 $ (0.04) June 30, 2021 June 30, 2021 Total assets $ 318,156,764 $ — $ 318,156,764 Total liabilities 31,061,723 — 31,061,723 Temporary equity (Class A ordinary shares subject to possible redemption) 282,095,033 34,171,283 316,266,316 Permanent equity: Preferred stock — — — Class A common stock 342 (342) — Class B common stock 791 — 791 Additional paid-in capital 3,313,835 (3,313,835) — Accumulated deficit 1,685,040 (30,857,790) (29,172,750) Total permanent equity 5,000,008 (34,171,967) (29,171,959) Three Months Ended June 30, 2021 Redeemable Class A common stock Numerator: Allocation of loss to redeemable Class A common stock $ 10,194 $ 1,964,790 $ 1,974,984 Denominator: weighted average redeemable Class A common stock shares Redeemable Class A common stock shares, basic and diluted 27,962,071 3,662,929 31,625,000 Earnings per share basic and diluted redeemable Class A common stock $ — $ 0.06 $ 0.06 Non-Redeemable Class common stock Numerator: Allocation of loss to non-redemable Class B common stock $ 2,458,536 $ (1,964,790) $ 493,746 Denominator: weighted average non-redeemable Class A and B common stock Non-Redeemable Class B common stock shares, basic and diluted 11,569,179 (3,662,929) 7,906,250 Loss per share basic and diluted non-redeemable Class B common stock $ 0.21 $ (0.15) $ 0.06 Six Months Ended June 30, 2021 Redeemable Class A common stock Numerator: Allocation of loss to redeemable Class A common stock $ 16,316 $ 1,223,881 $ 1,240,197 Denominator: weighted average redeemable Class A common stock shares Redeemable Class A common stock shares, basic and diluted 28,526,273 (7,384,698) 21,141,575 Earnings per share basic and diluted redeemable Class A common stock $ — $ 0.06 $ 0.06 Non-Redeemable Class common stock Numerator: Allocation of loss to non-redemable Class B common stock $ 1,687,674 $ (1,223,881) $ 463,793 Denominator: weighted average non-redeemable Class A and B common stock Non-Redeemable Class B common stock shares, basic and diluted 9,977,775 — 7,906,250 Loss per share basic and diluted non-redeemable Class B common stock $ 0.17 $ (0.11) $ 0.06 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events | |
Subsequent Events | Note 12 — Subsequent Events Management of the Company evaluates events that have occurred after the balance sheet date of September 30, 2021 through the date these financial statements were issued. Based upon the review, management did not identify any recognized or non-recognized subsequent events that would have required adjustment or disclosure in the financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Summary of Significant Accounting Policies | |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission. In preparation of the Company’s unaudited condensed consolidated financial statements as of and for quarterly period ended September 30, 2021, the Company concluded it will restate its financial statements to classify all Class A common shares as Class A common stock subject to possible redemption in temporary equity as of September 30, 2021 (see Note 11). |
Emerging Growth Company | Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Note 2 — Summary of Significant Accounting Policies (Continued) Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company, which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. |
Use of Estimates | Use of Estimates The preparation of the balance sheet 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 revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents are carried at cost, which approximates fair value. The Company had $797,602 in cash and no cash equivalents as of September 30, 2021. |
Income Taxes | Income Taxes The Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 2021. 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 provision for income taxes was deemed to be immaterial for the three and nine months ended September 30, 2021. |
Class A Common Stock Subject to Possible Redemption | Class A Common Stock Subject to Possible Redemption The Company accounts for its shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Shares subject to mandatory redemption (if any) is classified as a liability instrument and is measured at fair value. Conditionally redeemable shares of common stock (including shares of common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, shares are classified as stockholders’ equity. The Company’s shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, at September 30, 2021, 31,625,000 shares of Class A Common Stock subject to possible redemption are presented as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheet. |
Cash Held in Trust Account | Cash Held in Trust Account At September 30, 2021, the assets held in the Trust Account were invested in a money market fund. |
Concentration of Credit Risk | 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 Corporation coverage limit 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. |
Net Loss Per Share | Net Loss Per Share The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, Earnings Per Share. Net loss per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. The Company has two classes of shares, Class A common stock and Class B common stock. Earnings and losses are shared pro rata between the two classes of common stock. The Company has not considered the effect of warrants sold in the Initial Public Offering and the private placement to purchase common stock in the calculation of diluted income per share, since the exercise of the warrants is contingent upon the occurrence of future events. As a result, diluted net loss per common share is the same as basic net loss per share for the period presented. The Company’s condensed statement of operations applies the two-class method in calculating net income per share. Basic and diluted net loss per share for Class A common stock and Class B common stock is calculated by dividing net loss attributable to the Company by the weighted average number of shares of Class A common stock and Class B common stock outstanding, allocated proportionally to each class of common stock. Note 2 — Summary of Significant Accounting Policies (Continued) The following table reflects the calculation of basic and diluted net loss per ordinary share (in dollars, except per share amounts): For the Three For the Three Months Ended Nine Months Ended September 30, September 30, 2021 2021 Class A common stock Net loss allocable to Class A common stock $ (3,680,202) $ (2,193,437) Basic and diluted weighted 31,625,000 24,674,451 Basic and diluted net $ (0.12) $ (0.09) Non-Redeemable Class B common stock Net loss allocable to Class B common stock $ (920,051) $ (702,826) Basic and diluted weighted 7,906,250 7,906,250 Basic and diluted net $ (0.12) $ (0.09) |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature. |
Derivative Financial Instruments | Derivative Financial Instruments The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “ ” |
Recently Issued Accounting Standards | Recently Issued Accounting Standards Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Summary of Significant Accounting Policies | |
Summary of calculation of basic and diluted net income (loss) per ordinary share | For the Three For the Three Months Ended Nine Months Ended September 30, September 30, 2021 2021 Class A common stock Net loss allocable to Class A common stock $ (3,680,202) $ (2,193,437) Basic and diluted weighted 31,625,000 24,674,451 Basic and diluted net $ (0.12) $ (0.09) Non-Redeemable Class B common stock Net loss allocable to Class B common stock $ (920,051) $ (702,826) Basic and diluted weighted 7,906,250 7,906,250 Basic and diluted net $ (0.12) $ (0.09) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Measurements | |
Schedule of company's assets and liabilities that are measured at fair value | September 30, Level 2021 Assets: Cash and marketable securities held in Trust Account 1 $ 316,270,386 Liabilities: Public Warrants 1 $ 11,385,000 Private Placement Warrants 3 $ 12,206,000 |
Schedule of significant inputs to the Monte Carlo Simulation for the fair value | March 2, Input 2021 Risk-free interest rate 0.71 % Expected term (years) 7 Expected Volatility 13 % Exercise Price $ 11.50 Stock price $ 9.55 September 30, Input 2021 Risk-free interest rate 0.98 % Expected term (years) 5.1 Expected Volatility 12 % Exercise Price $ 11.50 Stock price $ 9.87 |
Schedule of change in the fair value of the warrant liabilities | Private Warrant Placement Public Liabilities Fair value $ — $ — $ — Initial Measurement on March 2, 2021 8,376,666 14,442,083 22,818,749 Change in valuation inputs or other assumptions (1)(2) 3,829,334 (3,057,083) 772,251 Fair value as of September 30, 2021 $ 12,206,000 $ 11,385,000 $ 23,591,000 (1) Changes in valuation inputs or other assumptions are recognized in change in fair value of warrant liabilities in the Statement of Operations. (2) Due to the use of quoted prices in an active market (Level 1) and the use of observable inputs for similar assets or liabilities (Level 2) to measure the fair values of the Public Warrants and Private Placement Warrants, respectively, subsequent to initial measurement, the Company had transfers out of Level 3 totaling approximately $22,819,000 during the period from March 31, 2021 through September 30,2021. Because of the inherent uncertainty of valuation, estimated values using Level 3 inputs may be materially higher or lower than the values that would have been used had a ready market for investments existed. Accordingly, the degree of judgement exercised by the Company in determining fair value is greatest for investments categorized in Level 3. |
Restatement of Previously Iss_2
Restatement of Previously Issued Financial Statements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Restatement of Previously Issued Financial Statements | |
Restatement of Previously Issued Balance Sheet | The following tables are a summary of certain financial data for the period ended March 2, 2021 and for the quarters ended March 31, 2021 and June 30, 2021. As Previously Restated Adjustments As Restated March 2, 2021 March 2, 2021 Total assets $ 319,562,536 $ — $ 319,562,536 Total liabilities 35,004,435 — 35,004,435 Temporary equity (Class A ordinary shares subject to possible redemption) 279,558,090 36,691,910 316,250,000 Permanent equity: Preferred stock — — — Class A common stock 368 (368) — Class B common stock 791 — 791 Additional paid-in capital 5,850,752 (5,850,752) — Accumulated deficit 851,900 (30,840,790) (31,692,690) Total permanent equity 5,000,011 (36,691,910) (31,691,899) March 31, 2021 March 31, 2021 Total assets $ 318,615,345 $ — $ 318,615,345 Total liabilities 33,989,034 — 33,989,034 Temporary equity (Class A ordinary shares subject to possible redemption) 279,626,302 36,629,820 316,256,122 Permanent equity: Preferred stock — — — Class A common stock 367 (367) — Class B common stock 791 — 791 Additional paid-in capital 5,782,541 (5,782,541) — Accumulated deficit (783,690) (30,846,912) (31,630,602) Total permanent equity 5,000,009 (36,629,820) (31,629,811) Redeemable Class A common stock Numerator: Allocation of loss to redeemable Class A common stock $ 6,122 $ (443,116) $ (436,994) Denominator: weighted average redeemable Class A common stock shares Redeemable Class A common stock shares, basic and diluted 30,237,684 (19,696,017) 10,541,667 Earnings per share basic and diluted redeemable Class A common stock $ — $ (0.04) $ (0.04) Non-Redeemable Class common stock Numerator: Allocation of loss to non-redemable Class B common stock $ (770,862) $ 443,116 $ (327,746) Denominator: weighted average non-redeemable Class A and B common stock Non-Redeemable Class B common stock shares, basic and diluted 8,353,274 (447,024) 7,906,250 Loss per share basic and diluted non-redeemable Class B common stock $ (0.09) $ 0.05 $ (0.04) June 30, 2021 June 30, 2021 Total assets $ 318,156,764 $ — $ 318,156,764 Total liabilities 31,061,723 — 31,061,723 Temporary equity (Class A ordinary shares subject to possible redemption) 282,095,033 34,171,283 316,266,316 Permanent equity: Preferred stock — — — Class A common stock 342 (342) — Class B common stock 791 — 791 Additional paid-in capital 3,313,835 (3,313,835) — Accumulated deficit 1,685,040 (30,857,790) (29,172,750) Total permanent equity 5,000,008 (34,171,967) (29,171,959) Three Months Ended June 30, 2021 Redeemable Class A common stock Numerator: Allocation of loss to redeemable Class A common stock $ 10,194 $ 1,964,790 $ 1,974,984 Denominator: weighted average redeemable Class A common stock shares Redeemable Class A common stock shares, basic and diluted 27,962,071 3,662,929 31,625,000 Earnings per share basic and diluted redeemable Class A common stock $ — $ 0.06 $ 0.06 Non-Redeemable Class common stock Numerator: Allocation of loss to non-redemable Class B common stock $ 2,458,536 $ (1,964,790) $ 493,746 Denominator: weighted average non-redeemable Class A and B common stock Non-Redeemable Class B common stock shares, basic and diluted 11,569,179 (3,662,929) 7,906,250 Loss per share basic and diluted non-redeemable Class B common stock $ 0.21 $ (0.15) $ 0.06 Six Months Ended June 30, 2021 Redeemable Class A common stock Numerator: Allocation of loss to redeemable Class A common stock $ 16,316 $ 1,223,881 $ 1,240,197 Denominator: weighted average redeemable Class A common stock shares Redeemable Class A common stock shares, basic and diluted 28,526,273 (7,384,698) 21,141,575 Earnings per share basic and diluted redeemable Class A common stock $ — $ 0.06 $ 0.06 Non-Redeemable Class common stock Numerator: Allocation of loss to non-redemable Class B common stock $ 1,687,674 $ (1,223,881) $ 463,793 Denominator: weighted average non-redeemable Class A and B common stock Non-Redeemable Class B common stock shares, basic and diluted 9,977,775 — 7,906,250 Loss per share basic and diluted non-redeemable Class B common stock $ 0.17 $ (0.11) $ 0.06 |
Description of Organization a_2
Description of Organization and Business Operations (Details) | Mar. 02, 2021USD ($)$ / sharesshares | Nov. 12, 2020USD ($)item | Sep. 30, 2021USD ($)$ / sharesMshares | Dec. 31, 2020USD ($) |
Subsidiary, Sale of Stock [Line Items] | ||||
Condition for future business combination number of businesses minimum | item | 1 | |||
Proceeds from sale of Private Placement Warrants | $ 8,975,000 | |||
Payments for investment of cash in Trust Account | 316,250,000 | |||
Transaction Costs | 17,853,629 | |||
Underwriting fees | 6,325,000 | |||
Deferred underwriting fee payable | 11,068,750 | |||
Other offering costs | 459,879 | |||
Cash held outside the Trust Account | 797,602 | $ 25,000 | ||
Working capital surplus | $ 706,131 | |||
Condition for future business combination use of proceeds percentage | 80 | |||
Condition for future business combination threshold Percentage Ownership | 50 | |||
Condition for future business combination threshold Net Tangible Assets | $ 5,000,001 | |||
Redemption period upon closure | 10 days | |||
Maximum Allowed Dissolution Expenses | $ 100,000 | |||
Months to complete acquisition | M | 24 | |||
Accumulated deficit | $ 2,915,213 | $ (33,776,390) | $ (18,950) | |
Initial Public Offering [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Sale of Units, net of underwriting discounts (in shares) | shares | 31,625,000 | |||
Proceeds from issuance initial public offering | $ 316,250,000 | |||
Payments for investment of cash in Trust Account | $ 316,250,000 | |||
Purchase price, per unit | $ / shares | $ 10 | |||
Cash held outside the Trust Account | $ 2,431,242 | |||
Private Placement [Member] | Private Placement Warrants | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Sale of Private Placement Warrants (in shares) | shares | 5,983,333 | |||
Price of warrant | $ / shares | $ 1.50 | |||
Proceeds from sale of Private Placement Warrants | $ 8,975,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) | 9 Months Ended | |||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Mar. 02, 2021 | Dec. 31, 2020 | Nov. 12, 2020 | |
Cash | $ 797,602 | |||||
Cash equivalents | 0 | |||||
Unrecognized tax benefits | 0 | |||||
Unrecognized tax benefits accrued for interest and penalties | 0 | |||||
Additional paid-in capital | $ 24,209 | |||||
Accumulated deficit | (33,776,390) | $ (18,950) | $ 2,915,213 | |||
Minimum net tangible assets upon redemption of common stock subject to possible redemption | 5,000,001 | |||||
Offering costs | 363,379 | |||||
Cash subject to federal depository insurance | $ 250,000 | |||||
Class A Common Stock Subject to Redemption | ||||||
Temporary equity, shares outstanding | 31,625,000 | 0 | ||||
Adjustments | ||||||
Additional paid-in capital | $ (3,313,835) | $ (5,782,541) | $ (5,850,752) | |||
Accumulated deficit | $ (30,857,790) | $ (30,846,912) | $ (30,840,790) |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Reconciliation of Net Loss per Common Share (Details) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Class A Common Stock | ||
Net loss allocable to common stock | $ (3,680,202) | $ (2,193,437) |
Weighted average shares outstanding, diluted | 31,625,000 | 24,674,451 |
Net loss per share of common stock, diluted | $ (0.12) | $ (0.09) |
Class A Common Stock Subject to Redemption | ||
Weighted average shares outstanding, basic | 31,625,000 | 24,674,451 |
Weighted average shares outstanding, diluted | 31,625,000 | 24,674,451 |
Net loss per share of common stock, basic | $ (0.12) | $ (0.09) |
Net loss per share of common stock, diluted | $ 0 | $ 0 |
Class B non-redeemable common stock | ||
Net loss allocable to common stock | $ (920,051) | $ (702,826) |
Weighted average shares outstanding, basic | 7,906,250 | 7,906,250 |
Weighted average shares outstanding, diluted | 7,906,250 | 7,906,250 |
Net loss per share of common stock, basic | $ (0.12) | $ (0.09) |
Net loss per share of common stock, diluted | $ (0.12) | $ (0.09) |
Class A and Class B Non Redeemable Common Stock [Member] | ||
Weighted average shares outstanding, basic | 7,906,250 | |
Weighted average shares outstanding, diluted | 7,906,250 | |
Net loss per share of common stock, basic | $ (0.12) | $ (0.09) |
Net loss per share of common stock, diluted | $ (0.58) | $ (0.37) |
Initial Public Offering (Detail
Initial Public Offering (Details) - $ / shares | Mar. 02, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Class A Common Stock | |||
Subsidiary, Sale of Stock [Line Items] | |||
Common shares, par value, (per share) | $ 0.0001 | $ 0.0001 | |
Initial Public Offering [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of units sold | 31,625,000 | ||
Purchase price, per unit | $ 10 | ||
Initial Public Offering [Member] | Class A Common Stock | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of shares in a unit | 1 | ||
Common shares, par value, (per share) | $ 0.0001 | ||
Initial Public Offering [Member] | Public Warrants | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of warrants in a unit | 0.3 | ||
Initial Public Offering [Member] | Public Warrants | Class A Common Stock | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of shares issuable per warrant | 1 | ||
Exercise price of warrants | $ 11.50 |
Private Placement (Details)
Private Placement (Details) | 9 Months Ended |
Sep. 30, 2021USD ($)$ / sharesshares | |
Subsidiary, Sale of Stock [Line Items] | |
Aggregate purchase price | $ 8,975,000 |
Private Placement [Member] | Private Placement Warrants | |
Subsidiary, Sale of Stock [Line Items] | |
Number of warrants outstanding | shares | 5,983,333 |
Price of warrants | $ / shares | $ 1.50 |
Aggregate purchase price | $ 8,975,000 |
Related Party Transactions - Fo
Related Party Transactions - Founder Shares (Details) - Class B Common Stock | Feb. 25, 2021shares | Dec. 21, 2020USD ($)shares | Sep. 30, 2021item$ / shares |
Related Party Transaction [Line Items] | |||
Share dividend | 0.1 | ||
Founder Shares | Sponsor | |||
Related Party Transaction [Line Items] | |||
Number of shares issued | 7,187,500 | ||
Aggregate purchase price | $ | $ 25,000 | ||
Share dividend | 0.1 | ||
Aggregate number of shares owned | 7,906,250 | ||
Percentage of issued and outstanding shares after the Initial Public Offering collectively held by initial stockholders | 20.00% | ||
Restrictions on transfer period of time after business combination completion | 1 year | ||
Stock price trigger to transfer, assign or sell any shares or warrants of the company, after the completion of the initial business combination (in dollars per share) | $ / shares | $ 12 | ||
Threshold trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination | item | 20 | ||
Threshold consecutive trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination | item | 30 | ||
Threshold period after the business combination in which the 20 trading days within any 30 trading day period commences | 150 days |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | Mar. 02, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | |||
Repayment of promissory note - related party | $ 250,000 | ||
Promissory Note with Related Party | |||
Related Party Transaction [Line Items] | |||
Maximum borrowing capacity of related party promissory note | $ 300,000 | ||
Repayment of promissory note - related party | $ 250,000 | ||
Administrative Support Agreement | |||
Related Party Transaction [Line Items] | |||
Expenses per month | 10,000 | ||
Related Party Loans | |||
Related Party Transaction [Line Items] | |||
Loan conversion agreement warrant | $ 1,500,000 | ||
Related Party Loans | Working capital loans warrant | |||
Related Party Transaction [Line Items] | |||
Price of warrant | $ 1.50 |
Commitments (Details)
Commitments (Details) | Mar. 02, 2021shares | Sep. 30, 2021USD ($) | Feb. 25, 2021item |
Subsidiary, Sale of Stock [Line Items] | |||
Maximum number of demands for registration of securities | item | 3 | ||
Percentage of cash underwriting discount | 2.00% | ||
Underwriter cash discount | $ 6,325,000 | ||
Deferred underwriting fees (as a percent) | 3.50% | ||
Deferred underwriting fee payable | $ 11,068,750 | ||
Over-allotment option | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of units sold | shares | 4,125,000 | ||
Number of days granted options to purchase underwriter | 45 days |
Warrant Liability (Details)
Warrant Liability (Details) | 9 Months Ended |
Sep. 30, 2021USD ($)item$ / sharesshares | |
Class of Warrant or Right [Line Items] | |
Fair value of warrants outstanding | $ | $ 23,591,000 |
Percentage of consideration receivable by the holders in business combination | 70.00% |
Warrants | |
Class of Warrant or Right [Line Items] | |
Maximum period after business combination in which to file registration statement | 15 days |
Period of time within which registration statement is expected to become effective | 60 days |
Private Placement Warrants | |
Class of Warrant or Right [Line Items] | |
Warrants outstanding | shares | 5,983,333 |
Public Warrants | |
Class of Warrant or Right [Line Items] | |
Warrant exercise period condition one | 30 days |
Warrant exercise period condition two | 12 months |
Public Warrants expiration term | 5 years |
Warrants outstanding | shares | 10,541,667 |
Public Warrants | Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00 | |
Class of Warrant or Right [Line Items] | |
Warrant redemption condition minimum share price | $ / shares | $ 18 |
Redemption price per public warrant (in dollars per share) | $ / shares | $ 0.01 |
Threshold trading days for redemption of public warrants | item | 20 |
Threshold consecutive trading days for redemption of public warrants | item | 30 |
Redemption period | 30 days |
Stockholders' Equity - Preferre
Stockholders' Equity - Preferred Stock Shares (Details) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Stockholders' Equity | ||
Preferred shares, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, par value, (per share) | $ 0.0001 | $ 0.0001 |
Preferred shares, shares issued | 0 | |
Preferred shares, shares outstanding | 0 | 0 |
Stockholders' Equity - Common S
Stockholders' Equity - Common Stock Shares (Details) | Feb. 25, 2021shares | Sep. 30, 2021Vote$ / sharesshares | Dec. 31, 2020$ / sharesshares |
Class A Common Stock | |||
Class of Stock [Line Items] | |||
Common shares, shares authorized (in shares) | 200,000,000 | 200,000,000 | |
Common shares, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | |
Common shares, votes per share | Vote | 1 | ||
Common shares, shares issued (in shares) | 0 | 0 | |
Common shares, shares outstanding (in shares) | 0 | 0 | |
Class A Common Stock Subject to Redemption | |||
Class of Stock [Line Items] | |||
Class A common stock subject to possible redemption, outstanding (in shares) | 31,625,000 | 0 | |
Class B Common Stock | |||
Class of Stock [Line Items] | |||
Common shares, shares authorized (in shares) | 20,000,000 | 20,000,000 | |
Common shares, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | |
Common shares, votes per share | Vote | 1 | ||
Share dividend | 0.1 | ||
Common shares, shares issued (in shares) | 7,906,250 | 7,906,250 | 7,906,250 |
Common shares, shares outstanding (in shares) | 7,906,250 | 7,906,250 | 7,906,250 |
Ratio to be applied to the stock in the conversion | 20 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) | Sep. 30, 2021USD ($) |
Assets: | |
Cash and marketable securities held in Trust Account | $ 316,270,386 |
Liabilities: | |
Fair value of warrants outstanding | 23,591,000 |
Level 1 | Recurring | |
Assets: | |
Cash and marketable securities held in Trust Account | 316,270,386 |
Level 1 | Recurring | Public Warrants | |
Liabilities: | |
Fair value of warrants outstanding | 11,385,000 |
Level 3 | Recurring | Private Placement Warrants | |
Liabilities: | |
Fair value of warrants outstanding | $ 12,206,000 |
Fair Value Measurements - Initi
Fair Value Measurements - Initial Measurement (Details) - Level 3 | Sep. 30, 2021Y | Mar. 02, 2021Y |
Risk-free interest rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrant and Rights Outstanding, Measurement Input | 0.98 | 0.71 |
Expected term (years) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrant and Rights Outstanding, Measurement Input | 5.1 | 7 |
Expected Volatility | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrant and Rights Outstanding, Measurement Input | 12 | 13 |
Exercise Price | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrant and Rights Outstanding, Measurement Input | 11.50 | 11.50 |
Stock price | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrant and Rights Outstanding, Measurement Input | 9.87 | 9.55 |
Fair Value Measurements - Chang
Fair Value Measurements - Change in the Fair Value of the Warrant Liabilities (Details) - USD ($) | Sep. 30, 2021 | Mar. 02, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | |
Private Placement Warrants | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Initial Measurement on March 2, 2021 | $ 12,206,000 | $ 8,376,666 | |||
Public Warrants | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Initial Measurement on March 2, 2021 | 11,385,000 | 14,442,083 | |||
Level 3 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair value, measurement liability, transfers out of level 3 | $ 22,819,000 | ||||
Level 3 | Warrants | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair value as of beginning balance | 0 | $ 0 | |||
Initial Measurement on March 2, 2021 | 22,818,749 | ||||
Change in valuation inputs or other assumptions | [1],[2] | 772,251 | |||
Fair value as of ending balance | 23,591,000 | 23,591,000 | 23,591,000 | ||
Level 3 | Private Placement Warrants | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair value as of beginning balance | 0 | 0 | |||
Initial Measurement on March 2, 2021 | 8,376,666 | ||||
Change in valuation inputs or other assumptions | [1],[2] | 3,829,334 | |||
Fair value as of ending balance | 12,206,000 | 12,206,000 | 12,206,000 | ||
Level 3 | Public Warrants | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair value as of beginning balance | 0 | 0 | |||
Initial Measurement on March 2, 2021 | $ 14,442,083 | ||||
Change in valuation inputs or other assumptions | [1],[2] | (3,057,083) | |||
Fair value as of ending balance | $ 11,385,000 | $ 11,385,000 | $ 11,385,000 | ||
[1] | Changes in valuation inputs or other assumptions are recognized in change in fair value of warrant liabilities in the Statement of Operations. | ||||
[2] | Due to the use of quoted prices in an active market (Level 1) and the use of observable inputs for similar assets or liabilities (Level 2) to measure the fair values of the Public Warrants and Private Placement Warrants, respectively, subsequent to initial measurement, the Company had transfers out of Level 3 totaling approximately $22,819,000 during the period from March 31, 2021 through September 30,2021. Because of the inherent uncertainty of valuation, estimated values using Level 3 inputs may be materially higher or lower than the values that would have been used had a ready market for investments existed. Accordingly, the degree of judgement exercised by the Company in determining fair value is greatest for investments categorized in Level 3. |
Fair Value Measurements - Addit
Fair Value Measurements - Additional information (Details) - USD ($) | Sep. 30, 2021 | Mar. 02, 2021 |
Private Placement Warrants | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Exercise price per warrant | $ 2.04 | $ 1.40 |
Aggregate warrant values | $ 12,206,000 | $ 8,376,666 |
Public Warrants | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Exercise price per warrant | $ 1.08 | $ 1.37 |
Aggregate warrant values | $ 11,385,000 | $ 14,442,083 |
Restatement of Previously Iss_3
Restatement of Previously Issued Financial Statements (Details) - USD ($) | Mar. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2021 | Mar. 02, 2021 | Dec. 31, 2020 | Nov. 12, 2020 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Minimum net tangible assets upon redemption of common stock subject to possible redemption | $ 5,000,001 | $ 5,000,001 | |||||||
Total assets | 317,700,372 | 317,700,372 | $ 171,634 | ||||||
Total liabilities | 35,205,585 | 35,205,585 | 165,584 | ||||||
Permanent equity: | |||||||||
Preferred stock | |||||||||
Additional paid-in capital | 24,209 | ||||||||
Accumulated deficit | (33,776,390) | (33,776,390) | (18,950) | $ 2,915,213 | |||||
Total permanent equity | (33,775,599) | $ (29,171,276) | $ (29,171,276) | (33,775,599) | 6,050 | ||||
Redeemable Class A common stock | |||||||||
Interest income | 4,070 | 20,386 | |||||||
Net income (loss) | (4,600,253) | 1,703,990 | (2,896,263) | ||||||
Class A Common Stock | |||||||||
Redeemable Class A common stock | |||||||||
Net loss attributable to Non-redeemable Class B common stock | $ (3,680,202) | $ (2,193,437) | |||||||
Non-Redeemable Class B common stock shares, diluted | 31,625,000 | 24,674,451 | |||||||
Income (loss) per share diluted non-redeemable Class B common stock | $ (0.12) | $ (0.09) | |||||||
Class B Common Stock | |||||||||
Permanent equity: | |||||||||
Common stock | [1] | $ 791 | $ 791 | $ 791 | |||||
As Restated | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Total assets | $ 318,615,345 | 318,156,764 | 318,156,764 | $ 319,562,536 | |||||
Total liabilities | 33,989,034 | 31,061,723 | 31,061,723 | 35,004,435 | |||||
Temporary equity (Class A ordinary shares subject to possible redemption) | 316,256,122 | 316,266,316 | 316,266,316 | 316,250,000 | |||||
Permanent equity: | |||||||||
Accumulated deficit | (31,630,602) | (29,172,750) | (29,172,750) | (31,692,690) | |||||
Total permanent equity | $ (31,629,811) | $ (29,171,959) | $ (29,171,959) | (31,691,899) | |||||
Redeemable Class A common stock | |||||||||
Redeemable Class A common stock shares, basic and diluted | 7,906,250 | 31,625,000 | 7,906,250 | ||||||
Earnings per share basic and diluted redeemable Class A common stock | $ (0.04) | $ 0.06 | $ 0.06 | ||||||
Income (loss) per share basic non-redeemable Class B common stock | (0.04) | 0.06 | 0.06 | ||||||
Income (loss) per share diluted non-redeemable Class B common stock | $ 0.04 | $ 0.06 | $ 0.06 | ||||||
As Restated | Class A Common Stock | |||||||||
Redeemable Class A common stock | |||||||||
Net loss attributable to Non-redeemable Class B common stock | $ (436,994) | $ 1,974,984 | $ 1,240,197 | ||||||
Redeemable Class A common stock shares, basic and diluted | 10,541,667 | 21,141,575 | |||||||
As Restated | Class B Common Stock | |||||||||
Permanent equity: | |||||||||
Common stock | $ 791 | 791 | $ 791 | 791 | |||||
Redeemable Class A common stock | |||||||||
Net loss attributable to Non-redeemable Class B common stock | (327,746) | $ 493,746 | 463,793 | ||||||
Redeemable Class A common stock shares, basic and diluted | 7,906,250 | ||||||||
As Previously Restated | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Total assets | 318,615,345 | $ 318,156,764 | 318,156,764 | 319,562,536 | |||||
Total liabilities | 33,989,034 | 31,061,723 | 31,061,723 | 35,004,435 | |||||
Temporary equity (Class A ordinary shares subject to possible redemption) | 279,626,302 | 282,095,033 | 282,095,033 | 279,558,090 | |||||
Permanent equity: | |||||||||
Additional paid-in capital | 5,782,541 | 3,313,835 | 3,313,835 | 5,850,752 | |||||
Accumulated deficit | (783,690) | 1,685,040 | 1,685,040 | 851,900 | |||||
Total permanent equity | $ 5,000,009 | $ 5,000,008 | $ 5,000,008 | 5,000,011 | |||||
Redeemable Class A common stock | |||||||||
Redeemable Class A common stock shares, basic and diluted | 8,353,274 | 27,962,071 | 9,977,775 | ||||||
Income (loss) per share basic non-redeemable Class B common stock | $ (0.09) | $ 0.21 | $ 0.17 | ||||||
Income (loss) per share diluted non-redeemable Class B common stock | $ (0.09) | $ 0.21 | $ 0.17 | ||||||
As Previously Restated | Class A Common Stock | |||||||||
Permanent equity: | |||||||||
Common stock | $ 367 | $ 342 | $ 342 | 368 | |||||
Redeemable Class A common stock | |||||||||
Net loss attributable to Non-redeemable Class B common stock | $ 6,122 | 10,194 | $ 16,316 | ||||||
Redeemable Class A common stock shares, basic and diluted | 30,237,684 | 28,526,273 | |||||||
As Previously Restated | Class B Common Stock | |||||||||
Permanent equity: | |||||||||
Common stock | $ 791 | 791 | $ 791 | 791 | |||||
Redeemable Class A common stock | |||||||||
Net loss attributable to Non-redeemable Class B common stock | (770,862) | $ 2,458,536 | 1,687,674 | ||||||
Redeemable Class A common stock shares, basic and diluted | 11,569,179 | ||||||||
Adjustments | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Temporary equity (Class A ordinary shares subject to possible redemption) | 36,629,820 | $ 34,171,283 | 34,171,283 | 36,691,910 | |||||
Permanent equity: | |||||||||
Additional paid-in capital | (5,782,541) | (3,313,835) | (3,313,835) | (5,850,752) | |||||
Accumulated deficit | (30,846,912) | (30,857,790) | (30,857,790) | (30,840,790) | |||||
Total permanent equity | $ (36,629,820) | $ (34,171,967) | $ (34,171,967) | (36,691,910) | |||||
Redeemable Class A common stock | |||||||||
Redeemable Class A common stock shares, basic and diluted | (447,024) | 3,662,929 | |||||||
Earnings per share basic and diluted redeemable Class A common stock | $ (0.04) | $ 0.06 | $ 0.06 | ||||||
Income (loss) per share basic non-redeemable Class B common stock | 0.05 | (0.15) | (0.11) | ||||||
Income (loss) per share diluted non-redeemable Class B common stock | $ 0.05 | $ (0.15) | $ (0.11) | ||||||
Adjustments | Class A Common Stock | |||||||||
Permanent equity: | |||||||||
Common stock | $ (367) | $ (342) | $ (342) | $ (368) | |||||
Redeemable Class A common stock | |||||||||
Net loss attributable to Non-redeemable Class B common stock | $ (443,116) | 1,964,790 | $ 1,223,881 | ||||||
Redeemable Class A common stock shares, basic and diluted | (19,696,017) | (7,384,698) | |||||||
Adjustments | Class B Common Stock | |||||||||
Redeemable Class A common stock | |||||||||
Net loss attributable to Non-redeemable Class B common stock | $ 443,116 | $ (1,964,790) | $ (1,223,881) | ||||||
Redeemable Class A common stock shares, basic and diluted | (3,662,929) | ||||||||
Adjustments | Reclassification Of Permanent Equity Into Temporary Equity | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Reclassification Of Permanent Equity Into Temporary Equity. | 3,669,191 | ||||||||
Permanent equity: | |||||||||
Additional paid-in capital | 5,900,000 | $ 5,900,000 | |||||||
Accumulated deficit | $ 30,800,000 | $ 30,800,000 | |||||||
[1] | The shares and the associated amounts have been retroactively restated to reflect the stock dividend of 0.1 share of Class B common stock for each share of Class B common stock outstanding on February 25, 2021. |