Registration of securities issued in business combination transactions

Fair Value Measurements (Tables)

v3.21.2
Fair Value Measurements (Tables)
6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Fair Value Disclosures [Abstract]    
Summary Of Assets And Laibilities Measured At Fair Value
The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at June 30, 2021 and December 31, 2020 by level within the fair value hierarchy:
 
    
June 30, 2021
    
Quoted Prices in
Active Markets
(Level 1)
    
Significant Other
Observable Inputs
(Level 2)
    
Significant Other
Unobservable Inputs
(Level 3)
 
Assets:
                                   
Money market funds held in Trust Account
   $ 750,085,956      $ 750,085,956      $ —        $ —    
    
 
 
    
 
 
    
 
 
    
 
 
 
Liabilities:
                                   
Warrant Liability – Public Warrants
   $ 41,250,000      $ 41,250,000      $ —        $ —    
    
 
 
    
 
 
    
 
 
    
 
 
 
Warrant Liability – Private Placement Warrants
   $ 21,194,049      $ —        $ —        $ 21,194,049  
    
 
 
    
 
 
    
 
 
    
 
 
 
 
Description
  
December 31, 2020
    
Quoted Prices in
Active Markets
(Level 1)
    
Significant Other
Observable Inputs
(Level 2)
    
Significant Other
Unobservable Inputs
(Level 3)
 
Assets:
                                   
Money market funds held in Trust Account
   $ 750,063,158      $ 750,063,158      $ —        $ —    
    
 
 
    
 
 
    
 
 
    
 
 
 
Liabilities:
                                   
Warrant Liability – Public Warrants
   $ 48,000,000      $ 48,000,000      $ —        $ —    
    
 
 
    
 
 
    
 
 
    
 
 
 
Warrant Liability – Private Placement Warrants
   $ 23,676,615      $ —        $ —        $ 23,676,615  
    
 
 
    
 
 
    
 
 
    
 
 
 
The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2020 by level within the fair value hierarchy:
 
Description
 
December 31,
2020
   
Quoted Prices
in Active

Markets

(Level 1)
   
Significant Other
Observable
Inputs

(Level 2)
   
Significant Other

Unobservable
Inputs

(Level 3)
 
Assets:
                               
Money market fund held in Trust Account
  $ 750,063,158     $ 750,063,158     $ —       $ —    
   
 
 
   
 
 
   
 
 
   
 
 
 
Liabilities:
                               
Warrant Liability—Public Warrants
  $ 48,000,000     $ 48,000,000     $ —       $ —    
   
 
 
   
 
 
   
 
 
   
 
 
 
Warrant Liability—Private Placement Warrants
  $ 23,676,615     $ —       $ —       $ 23,676,615  
   
 
 
   
 
 
   
 
 
   
 
 
 
Summary Of Quantitative Information Regarding Fair Value Measurements
The following table provides quantitative information regarding Level 3 fair value measurements inputs:
 
    
As of

June 30,

2021
   
As of

December 31,

2020
 
Stock price
   $ 10.40     $ 10.90  
Strike Price
   $ 11.50     $ 11.50  
Term (in years)
     5.50       5.75  
Volatility
     28.00     28.30
Risk-free interest rate
     0.96     0.47
Dividend yield
     0.00     0.00
Fair value
   $ 2.49     $ 2.79  
The following table provides quantitative information regarding Level 3 fair value measurements inputs:
 
    
As of July 2, 2020
   
As of
December 31,
2020
 
    
Public
Warrants
   
Private
Warrants
   
Private
Warrants
 
Stock price
   $ 10.54     $ 10.54     $ 10.90  
Strike Price
   $ 11.50     $ 11.50     $ 11.50  
Term (in years)
     6       6       5.75  
Volitility
    
10 - 20
   
10 - 18
    28.30
Risk-free rate
     0.40     0.40     0.47
Dividend yield
     0.00     0.00     0.00
Summary Of Reconciliation Of Warrant Liabilities Measured At Fair Value
The change in the fair value of the warrants measured with Level 3 inputs for the six months ended June 30, 2021 is summarized as follows:
 
Value of warrant liability measured with Level 3 inputs at December 31, 2020
   $ 23,676,615  
Change in fair value of warrant liability measured with Level 3 inputs
     (2,482,566
Transfer in/out
     —    
    
 
 
 
Value of warrant liability measured with Level 3 inputs at June 30, 2021
   $ 21,194,049  
    
 
 
 
The change in the fair value of the Warrants measured with Level 3 inputs for the period from July 2, 2020 (Initial Measurement) through December 31, 2020 is summarized as follows:
 
Issuance of Public and Private Warrants with Level 3 measurements
   $ 28,537,364  
Change in fair value of warrant liability measured with Level 3 inputs
     14,726,289  
Transfer of Public Warrants to Level 1 measurements
     (19,587,038
    
 
 
 
Warrants liability at December 31, 2020 measured utilizing Level 3 inputs
   $ 23,676,615