| Summary of Assets and Liabilities Measured at Fair Value |
The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at December 31, 2020 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:
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Quoted Prices in
Active Markets
(Level 1) |
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Significant
Other
Observable
Inputs
(Level 2) |
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Significant
Other
Unobservable
Inputs
(Level 3) |
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Investments held in Trust Account — U.S. Treasury Securities |
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$ |
259,173,294 |
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$ |
259,173,294 |
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$ |
— |
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$ |
— |
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Warrant Liability — Public Warrants |
|
$ |
11,662,600 |
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|
$ |
11,662,600 |
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|
$ |
— |
|
|
$ |
— |
|
Warrant Liability — Private Placement Warrants |
|
$ |
368,250 |
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|
$ |
— |
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|
$ |
368,250 |
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$ |
— |
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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 indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:
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Quoted Prices in
Active Markets
(Level 1) |
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Significant Other
Observable
Inputs
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Significant Other
Unobservable
Inputs
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| |
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Investments held in Trust Account - U.S.
Treasury Securities |
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$ |
259,186,362 |
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|
$ |
259,183,362 |
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$ |
— |
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$ |
— |
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| |
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Warrant Liability - Public Warrants |
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$ |
14,254,292 |
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$ |
14,254,292 |
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$ |
— |
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$ |
— |
|
Warrant Liability - Private Placement |
|
$ |
450,083 |
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$ |
— |
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$ |
450,083 |
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$ |
— |
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| Summary of Reconciliation of Warrant Liabilities Measured at Fair Value |
The following table presents the changes in the fair value of warrant liabilities:
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Fair value as of September 8, 2020 (inception) |
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$ |
— |
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$ |
— |
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$ |
— |
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Initial measurement on October 26, 2020 (IPO) |
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$ |
7,666,666 |
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|
$ |
245,334 |
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|
$ |
7,912,000 |
|
Change in valuation inputs or other assumptions(1) |
|
$ |
1,416,667 |
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$ |
45,333 |
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|
$ |
1,462,000 |
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Initial measurement on November 10, 2020 (Over-allotment) |
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$ |
333,139 |
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$ |
6,661 |
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$ |
339,800 |
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Fair value as of November 10, 2020(2) |
|
$ |
9,416,472 |
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|
$ |
297,328 |
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|
$ |
9,713,800 |
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Change in valuation inputs or other assumptions(1) |
|
$ |
2,246,128 |
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|
$ |
70,922 |
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|
$ |
2,317,050 |
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Fair value as of December 31, 2020 |
|
$ |
11,662,600 |
|
|
$ |
368,250 |
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|
$ |
12,030,850 |
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| (1) |
Changes in valuation inputs or other assumptions are recognized in change in fair value of warrants in the Consolidated 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 $9.7 million during the period from December 9, 2020 through December 31, 2020. |
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The following table presents the changes in the fair value of warrant liabilities:
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Fair value as of December 31, 2020 |
|
$ |
11,662,600 |
|
|
$ |
368,250 |
|
|
$ |
12,030,850 |
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Changes in valuation inputs or other assumptions |
|
|
2,591,692 |
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|
|
81,833 |
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|
|
2,673,525 |
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Fair value as of June 30, 2021 |
|
$ |
14,254,292 |
|
|
$ |
450,083 |
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|
$ |
14,704,375 |
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