Registration of securities issued in business combination transactions

Fair value measurements (Tables)

v3.21.2
Fair value measurements (Tables)
 3 Months Ended 12 Months Ended
Mar. 31, 2021
Dec. 31, 2020
Fair Value Disclosures [Abstract]    
Summary of Assets Measured at Fair Value On Recurring Basis
The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at March 31, 2021 and December 31, 2020, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:
 
Description
   
Level
     
March 31,
2021
     
December 31,
2020
  
Assets:
                           
Marketable securities held in Trust Account
      1      $ 318,053,820      $ 318,041,728  
Liabilities:
                           
Warrant Liability – Public Warrants
      1        26,723,125        23,244,375  
Warrant Liability – Private Placement Warrants
      3        19,730,250        12,487,500  
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 and, 2019, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:
 
Description
   
Level
     
December 31,
2020
     
December 31,
2019
  
Assets:
                           
Marketable securities held in Trust Account
      1      $ 318,041,728      $ 316,958,514  
       
Liabilities:
                           
Warrant Liability – Public Warrants
      1        23,244,375        14,231,250  
Warrant Liability – Private Placement Warrants
      3        12,487,500        7,575,750  
Summary of Binomial Lattice Model for the initial measurement of Public Warrants and Private Placement Warrants
The key inputs into the Binomial Lattice Model for the initial measurement of Public Warrants and Private Placement Warrants and subsequent measurement of the Private Place Warrants are as follows:
 
Input
   
March 31, 202
1
    
December 31, 2020
  
Risk-free interest rate
      0.88 %      0.38 % 
Market price of public stock
    $ 10.32     $ 10.47  
Dividend Yield
      0.00 %      0.00 % 
Implied volatility
      23.8 %      21.8 % 
Exercise price
      11.50     $ 11.50  
The key inputs into the Binomial Lattice Model for the initial measurement of Public Warrants and Private Placement Warrants and subsequent measurement of the Private Place Warrants are as follows:
 
Input
  
November 5,
2019 (Initial
Measurement)
 
 
December 31,
2019
 
 
March 31,
2020
 
 
June 30,
2020
 
 
September 30,
2020
 
 
December 31,
2020
 
Risk-free interest rate
  
 
1.66
% 
 
 
1.76
% 
 
 
0.45
% 
 
 
0.35
% 
 
 
0.32
% 
 
 
0.38
% 
Market price of public stock
  
$
9.69
 
 
$
9.78
 
 
$
9.72
 
 
$
10.05
 
 
$
10.19
 
 
$
10.47
 
Dividend Yield
  
 
0.0
% 
 
 
0.0
% 
 
 
0.0
% 
 
 
0.0
% 
 
 
0.0
% 
 
 
0.0
% 
Implied volatility
  
 
10.7
% 
 
 
13.8
% 
 
 
14.4
% 
 
 
17.9
% 
 
 
22.1
% 
 
 
21.8
% 
Exercise price
  
$
11.50
 
 
$
11.50
 
 
$
11.50
 
 
$
11.50
 
 
$
11.50
 
 
$
11.50
 
Summary of Warrants
The following table presents the changes in the fair value of warrant liabilities:
 
For the three month-period ended Mach 31, 2021
   
Private
Placement
     
Public
     
Warrant
Liabilities
  
Fair value as of January 1, 2021
    $ 12,487,500      $ 23,244,375      $ 35,731,875  
Change in valuation inputs or other assumptions
      7,242,750        3,478,750        10,721,500  
    
 
 
     
 
 
     
 
 
  
Fair value as of December 31, 2020
    $ 19,730,250      $ 26,723,125      $ 46,453,375  
    
 
 
     
 
 
     
 
 
  
 
For the three month-period ended Mach 31, 2020
   
Private
Placement
     
Public
     
Warrant
Liabilities
  
Fair value as of January 1, 2020
    $ 7,575,750      $ 14,231,250      $ 21,807,000  
Change in valuation inputs or other assumptions
      (1,914,750 )       (3,478,750 )       (5,393,500 ) 
    
 
 
     
 
 
     
 
 
  
Fair value as of March 31, 2020
    $ 5,661,000      $ 10,752,500      $ 16,413,500  
    
 
 
     
 
 
     
 
 
  
The following table presents the changes in the fair value of warrant liabilities:
 
 
  
Private
Placement
 
  
Public
 
  
Warrant
Liabilities
 
Fair value as of January 1, 2018
  
$
—  
  
  
$
—  
  
  
$
—  
  
Initial measurement on November 5, 2019 (IPO)
  
 
4,650,000
 
  
 
8,387,500
 
  
 
13,037,500
 
Initial measurement on November 13, 2019 (over-allotment)
  
 
511,500
 
  
 
1,258,125
 
  
 
1,769,625
 
Change in valuation inputs or other assumptions
  
 
2,414,250
 
  
 
4,585,625
 
  
 
6,999,875
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Fair value as of December 31, 2019
  
 
7,575,750
 
  
 
14,231,250
 
  
 
21,807,000
 
Change in valuation inputs or other assumptions
  
 
(1,914,750
) 
  
 
(3,478,750
) 
  
 
(5,393,000
) 
 
  
 
 
 
  
 
 
 
  
 
 
 
Fair value as of March 31, 2020
  
 
5,661,000
 
  
 
10,752,500
 
  
 
16,413,500
 
Change in valuation inputs or other assumptions
  
 
3,163,500
 
  
 
5,850,625
 
  
 
9,014,125
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Fair value as of June 30, 2020
  
 
8,824,500
 
  
 
16,603,125
 
  
 
25,427,625
 
Change in valuation inputs or other assumptions
  
 
3,080,250
 
  
 
5,534,375
 
  
 
8,614,625
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Fair value as of September 30, 2020
  
 
11,904,750
 
  
 
22,137,500
 
  
 
34,042,250
 
Change in valuation inputs or other assumptions
  
 
582,750
 
  
 
1,106,875
 
  
 
1,689,625
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Fair value as of December 31, 2020
  
$
12,487,500
 
  
$
23,244,375
 
  
$
35,731,875
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
  
Private
Placement
 
  
Public
 
  
Warrant
Liabilities
 
Fair value as of January 1, 2018
  
$
—  
  
  
$
—  
  
  
$
—  
  
Initial measurement on November 5, 2019
  
 
4,650,000
 
  
 
8,387,500
 
  
 
13,037,500
 
Initial measurement on November 13, 2019 (over-allotment)
  
 
511,500
 
  
 
1,258,125
 
  
 
1,769,625
 
Change in valuation inputs or other assumptions
  
 
2,414,250
 
  
 
4,585,625
 
  
 
6,999,875
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Fair value as of December 31, 2019
  
 
7,575,750
 
  
 
14,231,250
 
  
 
21,807,000
 
Change in valuation inputs or other assumptions
  
 
4,911,750
 
  
 
9,013,125
 
  
 
13,924,875
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Fair value as of December 31, 2020
  
$
12,487,500
 
  
$
23,244,375
 
  
$
35,731,875