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FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Schedule of fair value of held-to-maturity securities

The gross holding losses and fair value of held-to-maturity securities at December 31, 2020 and 2019 are as follows:


	Held-To-Maturity	Amortized Cost		Gross Holding (Loss) Gains		Fair Value
December 31, 2020	U.S. Treasury Securities (Mature on 1/19/2021)	$	176,531,482	$	2,987	$	176,534,469

December 31, 2019	U.S. Treasury Securities (Mature on 3/19/2020)	$	351,713,981	$	281,644	$	351,995,625

Schedule of fair value measured 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 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:
Investments – U.S. Treasury Securities Money Market Fund		1	$	351,889,481	$	175,325,383

Liabilities:
Warrant Liability – Public Warrants		1		45,850,000		74,900,000
Warrant Liability – Private Placement Warrants		3		1,397,250		2,519,100

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:
Investments – U.S. Treasury Securities Money Market Fund		1	$	175,325,383	$	94,650
Liabilities:
Warrant Liability – Public Warrants		1		74,900,000		20,125,000
Warrant Liability – Private Placement Warrants		3		2,519,100		822,150

Schedule of changes in fair value of Level 3 warrant liabilities

The following table presents the changes in the fair value of Level 3 warrant liabilities:


	Private Placement		Public			Warrant Liabilities (Level 3)
Fair value as of April 5, 2019 (inception)	$	—	$	—		$	—
Initial measurement on September 19, 2019		724,950		23,275,000			23,299,950
Change in valuation inputs or other assumptions		97,200		(175,000	)		(77,800	)
Transfer from Level 3 to Level 2 measurement		—		(23,100,000	)		(23,100,000	)
Fair value as of December 31, 2019		822,150		—			82,500
Change in valuation inputs or other assumptions⁽¹⁾		1,696,950		—			1,696,950
Fair value as of December 31, 2020		2,519,000		—			2,519,000

(1)	Due to the use of quoted prices in an active market (Level 1) to measure the fair value of the Public Warrants, subsequent to initial measurement, the Company had transfers out of Level 3 totaling $23,100,000 during the period from April 5, 2019 through December 31, 2019.

Schedule of modified black- scholes option pricing model

The key inputs into the Modified Black-Scholes Option Pricing Model for the Warrants were as follows:


Input:	March 31, 2021			December 31, 2020
Risk-free interest rate		0.95	%		0.42	%
Expected term (years)		5.1			5.4
Expected volatility		34.8	%		34.5	%
Exercise price	$	11.50		$	11.50
Fair value of Units	$	11.08		$	15.01

Schedule of fair value of warrant liabilities

The following table presents the changes in the fair value of warrant liabilities:


	Private Placement			Public			Warrant Liabilities
Fair value as of January 1, 2021	$	2,519,000		$	74,900,000		$	77,419,100
Change in valuation inputs or other assumptions⁽¹⁾		(1,121,850	)		(29,050,000	)		(30,171,850	)

Fair value as of March 31, 2021	$	1,397,250		$	45,850,000		$	47,247,250

⁽¹⁾	Changes in valuation inputs or other assumptions are recognized in change in fair value of warrant liabilities in the consolidated statement of operations.

- Definition

Tabular disclosure of all significant concentrations of risk, including credit risk and market risk, arising from all financial instruments (as defined), whether from an individual counterparty or groups of counterparties. The disclosure concerning concentrations of risk may consist of the following information: (1) for concentrations of credit risk disclosure may include: (a) information about the (shared) activity, region, or economic characteristic that identifies the concentration, (b) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the entity would incur if parties to the financial instruments that make up the concentration failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the entity, (c) the policy of requiring collateral or other security to support financial instruments subject to credit risk, information about the entity's access to that collateral or other security, and the nature and a brief description of the collateral or other security supporting those financial instruments, and (d) the policy of entering into master netting arrangements to mitigate the credit risk of financial instruments, information about the arrangements for which the entity is a party, and a brief description of the terms of those arrangements, including the extent to which they would reduce the entity's maximum amount of loss due to credit risk and (2) for disclosure of quantitative information about the market risks of financial instruments that is consistent with the way the company manages or adjusts those risks, disclosure may include: (a) more details about current positions and perhaps activity during the period, (b) the hypothetical effects on comprehensive income (or net assets), or annual income, of several possible changes in market prices, (c) a gap analysis of interest rate re-pricing or maturity dates, (d) the duration of the financial instruments, (e) the entity's value at risk from derivatives and from other positions at the end of the reporting period and the average value at risk during the year, or (f) other ways of reporting quantitative information as internally developed.

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