Registration of securities issued in business combination transactions

Fair Value Measurements (Tables)

v3.21.1
Fair Value Measurements (Tables)
3 Months Ended 10 Months Ended
Mar. 31, 2021
Dec. 31, 2020
Fair Value Disclosures [Abstract]    
Schedule of assets that are measured at fair value on a recurring basis

 

Held-To-Maturity

 

Amortized
Cost

 

Gross Holding
Gain (Loss)

 

Fair Value

March 31, 2021

 

U.S. Treasury Securities (Mature on 4/1/2021)

 

$

350,279,327

 

$

673

 

 

$

350,680,000

       

 

   

 

 

 

 

 

 

December 31, 2020

 

U.S. Treasury Securities (Mature on 2/25/2021)

 

$

350,218,694

 

$

(4,298

)

 

$

350,214,396

 

Level

 

Fair Value at December 31, 2020

Assets:

     

 

 

Marketable securities held in Trust Account

 

1

 

$

350,218,694

       

 

 

Liabilities:

     

 

 

Warrant Liability – Public Warrants

 

1

 

$

44,800,000

Warrant Liability – Private Placement Warrants

 

3

 

$

21,326,510

Schedule of fair value measured on recurring basis

Description

 

Level

 

March 31,
2021

 

December 31,
2020

Assets:

     

 

   

 

 

Marketable securities held in Trust Account

 

1

 

$

350,280,000

 

$

350,218,694

       

 

   

 

 

Liabilities:

     

 

   

 

 

Warrant Liability – Public Warrants

 

1

 

$

20,300,000

 

$

44,800,000

Warrant Liability – Private Placement Warrants

 

3

 

$

9,588,618

 

$

21,326,490

 
Schedule of quantitative information regarding Level 3 fair value measurements

 

March 31,
2021

 

December 31,
2020

Unit price

 

$

9.96

 

 

$

11.30

 

Strike Price

 

$

11.50

 

 

$

11.50

 

Term (Years)

 

 

5.25

 

 

 

5.50

 

Volatility

 

 

17.1

%

 

 

25.0

%

Risk-free rate

 

 

0.98

%

 

 

0.43

%

Dividend yield

 

 

0.0

%

 

 

0.0

%

 
Schedule of fair value of warrant liabilities

 

Private
Placement

Fair value as of December 31, 2020

 

$

21,326,490

 

Change in valuation inputs or other assumptions(1)

 

 

(11,737,872

)

Fair value as of March 31, 2021

 

$

9,588,618

 

(1)      Changes in valuation are recognized as a change in fair value of warrant liabilities in the condensed consolidated statement of operations.