Registration of securities issued in business combination transactions

Fair Value Measurements (Tables)

v3.21.2
Fair Value Measurements (Tables)
 3 Months Ended 6 Months Ended
Mar. 31, 2021
Dec. 31, 2020
Fair Value Disclosures [Abstract]    
Schedule of fair value hierarchy of valuation techniques
The following tables present information about the Company’s assets that are measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value.
March 31, 2021
 
    
Quoted Prices in
Active Markets
    
Significant Other
Observable Inputs
     
Significant Other
Unobservable Inputs
  
Description
   
(Level 1)
     
(Level 2)
     
(Level 3)
  
Assets:
         
U.S. Treasury Securities
    $ 690,017,725      $ —        $ —    
Liabilities:
         
Derivative warrant liabilities – public warrants
    $ 34,831,310      $ —        $ —    
Derivative warrant liabilities – private warrants
    $ —        $ —        $ 23,288,180  
December 31, 2020
 
    
Quoted Prices in
Active Markets
     
Significant Other
Observable Inputs
     
Significant Other
Unobservable Inputs
  
Description
   
(Level 1)
     
(Level 2)
     
(Level 3)
  
Assets:
         
U.S. Treasury Securities
    $ 690,167,879      $  —        $  —    
Liabilities:
         
Derivative warrant liabilities – public warrants
    $ 56,112,680      $ —        $ —    
Derivative warrant liabilities – private warrants
    $ —        $ —        $ 43,825,360  
The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring b
a
sis as of December 31, 2020 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value.
 
    
Quoted Prices in
Active Markets
     
Significant Other
Observable Inputs
     
Significant Other
Unobservable Inputs
  
Description
   
(Level 1)
     
(Level 2)
     
(Level 3)
  
A
s
set
s
:
                           
Investments held in Trust Account 
(1)
    $ 690,167,879      $ —        $ —    
Liabi
l
iti
e
s:
 
 
 
 
 
 
 
 
 
 
 
 
Derivative warrant liabilities – Public Warrants
   
$
 56,112,680     
$
 —       
$
 —    
    
 
 
     
 
 
     
 
 
  
Derivative warrant liabilities – Private Warrants
   
$
—
 
   
$
—  
 
   
$
   43,825,360
 
    
 
 
     
 
 
     
 
 
  
 
 
(1)
 
- Excludes $3,487 in cash
.
Summary of Fair Value Measurement Inputs and Valuation Techniques
The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates:
 
    
As of
March 31,
2021
    
As of
December 31,
2020
  
Stock price
    $ 10.15     $ 11.56  
Volatility
      26.5 %      40.4 % 
Expected life of the options to convert
      5.21       5.46  
Risk-free rate
      0.97 %      0.43 % 
Dividend yield
      —         —    
The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates:
 
 
  
As of

September 18,
2020
 
 
As of

September 30,
2020
 
 
As of

December 31,
2020
 
Stock price
  
$
9.67
 
 
$
11.01
 
 
$
11.56
 
Volatility
  
 
22.8
% 
 
 
22.9
% 
 
 
40.4
% 
Expected life of the options to convert
  
 
5.75
 
 
 
5.71
 
 
 
5.46
 
Risk-free rate
  
 
0.35
% 
 
 
0.35
% 
 
 
0.43
% 
Dividend yield
  
 
—  
 
 
 
—  
 
 
 
—  
 
Summary of Fair Value of the Derivative Warrant Liabilities
The change in the fair value of the derivative warrant liabilities for three months ended March 31, 2021 is summarized as follows:
 
Derivative warrant liabilities at December 31, 2020
    $ 99,938,040  
Change in fair value of derivative warrant liabilities
      (41,818,550 ) 
  
 
 
  
Derivative warrant liabilities at March 31, 2021
    $ 58,119,490  
  
 
 
The change in the fair value of the derivative warrant liabilities for the period from July 3, 2020 (inception) through December 31, 2020 is summarized as follows:
 
Derivative warrant liabilities at July 3, 2020 (inception)
  
$
—  
 
Issuance of Public and Private Warrants
  
 
38,257,890
 
Change in fair value of derivative warrant liabilities
  
 
61,680,150
 
Derivative warrant liabilities at December 31, 2020
  
 
99,938,040