The following table presents information about the Company’s assets and liabilities that were measured at fair value on a recurring basis as of December 31, 2020, and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.


	Carrying Value		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
Investments held in Trust Account – Money Market Fund	$	277,845,876	$	277,845,876	$	—	$	—

	$	277,845,876	$	277,845,876	$	—	$	—

Liabilities:
Warrant Liabilities—Public Warrants	$	23,460,000	$	23,460,000		—		—
Warrant Liabilities—Private Warrants	$	13,160,000		—		—	$	13,160,000
	$	36,620,000	$	23,460,000		—	$	13,160,000

The Warrants were accounted for as liabilities in accordance with ASC

815-40

and are presented within warrant liabilities on the balance sheet. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of warrant liabilities in the consolidated statement of operations. The Private Warrants were initially valued and continue to be valued using a Black Scholes Option Pricing Model.

The Private Warrants are considered to be a Level 3 fair value measurements due to the use of unobservable inputs. The Black Scholes Option Pricing Model’s primary unobservable input utilized in determining the fair value of the Private Warrants is the expected volatility of the ordinary shares. The expected volatility as of the IPO date was derived from the post-merger announced publicly traded warrants for comparable SPAC companies as of the valuation date. A Monte Carlo Simulation Method was used in estimating the fair value of the public warrants for periods where no observable traded price was available, using the same expected volatility as was used in measuring the fair value of the Private Warrants. For periods subsequent to the detachment of the warrants from the Units, including June 30, 2021 and December 31, 2020, the closing price of the public warrants was used as the fair value as of each relevant date.

The key inputs into the Black Scholes Option Pricing Model for the Private Warrants were as follows at each of the following balance sheet dates:


Input	December 31, 2020			June 30, 2021
Risk-free interest rate		0.47	%		0.99	%
Expected term (years)		5.00			5.00
Expected volatility		22.0	%		17.0	%
Dividend yield		0.0	%		0.0	%
Exercise price	$	11.50		$	11.50
Asset Price	$	10.48		$	9.91

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


	Private Warrants			Public Warrants			Warrant Liabilities
Fair value as of December 31, 2020	$	13,160,000		$	23,460,000		$	36,620,000
Change in valuation inputs or other assumptions		(4,812,800	)		(8,832,000	)		(12,428,400	)

Fair value as of June 30, 2021	$	8,347,200		$	14,628,000		$	22,975,200

Transfers to/from Levels 1, 2 and 3 are recognized at the end of the reporting period. There were no transfers between levels for the six months ended June 30, 2021.