Registration of securities issued in business combination transactions

Fair value measurements (Tables)

v3.21.1
Fair value measurements (Tables)
12 Months Ended
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 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
  
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:
 
    
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  
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