Annual report pursuant to Section 13 and 15(d)

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
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
  
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