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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Schedule of assets and liabilities that are measured at fair value on a recurring basis
Description  December 31,
2021
   Quoted
Prices
in Active
Markets
(Level 1)
   Significant
Other
Observable
Inputs
(Level 2)
   Significant
Other
Unobservable
Inputs
(Level 3)
 
Assets:                
Cash and marketable securities held in Trust Account  $175,109,162   $175,109,162   $
   $
 
Liabilities:                    
Warrant Liability – Public Warrants  $5,600,000   $5,600,000   $
   $
 
                     
Warrant Liability – Private Placement Warrants  $3,937,845   $
   $
   $3,937,845 

 

Description  December 31,
2020
   Quoted
Prices
in Active
Markets
(Level 1)
   Significant
Other
Observable
Inputs
(Level 2)
   Significant
Other
Unobservable
Inputs
(Level 3)
 
Assets:                
Cash and marketable securities held in Trust Account  $175,040,510   $ 175,040,510   $
   $
 
                     
Liabilities:                    
Warrant Liability – Public Warrants  $8,925,000   $
   $
   $8,925,000 
                     
Warrant Liability – Private Placement Warrants  $6,273,000   $
   $
   $6,273,000 

 

Schedule of quantitative information regarding level 3 fair value measurements
   As of
December 31,
2021
   As of
December 31,
2020
 
Stock price  $9.83   $9.49 
Strike price  $11.50   $11.50 
Term (in years)   5.0    5.0 
Volatility   13.67%   25.00%
Risk-free rate   0.71%   0.54%
Dividend yield   0.00%   0.00%
Probability of completing a Business Combination   70.00%   70.00%

 

Schedule of change in fair value of the derivative warrant liabilities measured with level 3
    Private
Warrants
    Public
Warrants
    Total  
Fair value as of March 18, 2020 (inception)   $
    $
    $
 
Initial measurement on September 30, 2020, Level 3 Inputs(1)     6,027,000       8,837,500       14,864,500  
Change in fair value recognized in earnings     246,000       87,500       333,500  
Derivative warrant liabilities – Level 3, at December 31, 2020     6,273,000       8,925,000       15,198,000  
Change in fair value recognized in earnings     61,500       175,000       236,500  
Derivative warrant liabilities – Level 3, at March 31, 2021     6,334,500       9,100,000       15,434,500  
Change in fair value recognized in earnings     (793,965 )     (1,137,500 )     (1,931,465 )
Derivative warrant liabilities – Level 3, at June 30, 2021     5,540,535       7,962,500       13,503,035  
Change in fair value recognized in earnings     (1,414,967 )     (2,033,500 )     (3,448,467 )
Derivative warrant liabilities – Level 3, at September 30, 2021     4,125,568       5,929,000       10,054,568  
Transfer of Public Warrants to Level 1    
      (5,929,000 )     (5,929,000 )
Change in fair value recognized in earnings     (187,723 )    
      (187,723 )
Fair value as of December 31, 2021   $ 3,937,845     $
    $ 3,937,845