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FAIR VALUE MEASUREMENTS (Tables)
12 Months Ended
Dec. 31, 2021
FAIR VALUE MEASUREMENTS [Abstract]  
Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at December 31, 2021 and 2020, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

Description
 
Level
   
December 31,
2021
   
December 31,
2020
 
Assets:
                 
Marketable securities held in Trust Account
   
1
   
$
132,261,826
   
$
132,253,093
 
 
                       
Liabilities:
                       
Warrant Liability – Public Warrants
   
1
    $
5,170,975
     
8,927,000
 
Warrant Liability – Private Placement Warrants
   
3
    $
3,275,000
     
5,673,000
 
Key Inputs into Modified Black-Scholes Model for Private Placement Warrants

The key inputs into the Modified Black-Scholes model for the Private Placement Warrants at December 31, 2021, December 31, 2020, and September 22, 2020:

Input
 
September 22,
2020
   
December 31,
2020
   
December 31,
2021
 
Common Stock Price
 
$
9.51
   
$
10.33
   
$
9.86
 
Expected term (years)
   
6.00
     
5.73
     
5.25
 
Expected Volatility (Private Placement Warrants) derived from Monte Carlo Simulation
   
17.40
%
   
17.34
%
   
12.55
%
Estimated probability of successful business combination
   
100.00
%
   
100.00
%
   
100.00
%
Exercise Price
 
$
11.50
   
$
11.50
   
$
11.50
 
Risk-free rate of interest
   
0.36
%
   
0.47
%
   
1.28
%
Level 3 Changes in Fair Value of Warrant Liabilities

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

 
Private
Placement
   
Public
   
Warrant
Liabilities
 
                         
Fair value as of July 13, 2020 (inception)
 
$
   
$
   
$
 
Initial measurement on September 22, 2020
   
4,200,000
     
6,482,000
     
10,682,000
 
Transfers out of Level 3 to Level 1
          (6,482,000 )     (6,482,000 )
Change in fair value of warrant liabilities
   
1,473,000
     
     
1,473,000
 
Fair value as of December 31, 2020
 
$
5,673,000
    $
    $
5,673,000
 
Change in fair value of warrant liabilities
   
(2,398,000
)
   
     
(2,398,000
)
Fair value as of December 31, 2021
 
$
3,275,000
   
$
   
$
3,275,000