Fair Value Measurements

3 Months Ended

Sep. 30, 2020

Fair Value Measurements

Fair Value Measurements

Note 7 – Fair Value Measurements

Level 1 instruments include investments in money market funds and U.S. Treasury securities. The Company uses inputs such as actual trade data, benchmark yields, quoted market prices from dealers or brokers, and other similar sources to determine the fair value of its investments.

The Company classifies its U.S. Treasury and equivalent securities as Level 1 financial assets in accordance with the fair value hierarchy, which are measured at fair value as of September 30, 2020.

At September 30, 2020, assets held in the Trust Account were comprised of $322 in cash and $402,499,678  in U.S. Treasury securities. During the period from July 7, 2020 (inception) through September 30, 2020, the Company did not withdraw any interest income from the Trust Account, and unrealized loss on investments held in the Trust Account were immaterial for the period from July 7, 2020 (inception) through September 30, 2020.

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 period from July 7, 2020 (inception) through September 30, 2020.