Fair Value Measurements

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 9 — Fair Value Measurements

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 indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

	March 31,		Quoted Prices In Active Markets		Significant Other Observable Inputs		Significant Other Unobservable Inputs
	2021		(Level 1)		(Level 2)		(Level 3)
Assets:
U.S. Money Market held in Trust Account	$	16,739	$	16,739	$	—	$	—
U.S Treasury Securities held in Trust Account		151,744,096		151,744,096		—		—
	$	151,760,835	$	151,760,835	$	—	$	—
Liabilities:
Public Warrants Liability	$	3,438,500	$	3,438,500	$	—	$	—
Private Placement Warrants Liability		7,410,375		—		—		7,410,375
	$	10,848,875	$	3,438,500	$	—	$	7,410,375

The Warrants are accounted for as liabilities in accordance with ASC 815-40 and are presented within warrant liabilities on the Condensed 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 Condensed Statement of Operations.

The Company established the initial fair value of the Public Warrants on January 20, 2021, the date of the Company’s IPO, using a Monte Carlo simulation model, and as of March 31, 2021 by using the associated trading price of the Public Warrants. The Company established the initial fair value of the Private Placement Warrants on January 20, 2021 and on March 31, 2021 by using a modified Black Scholes calculation. The Warrants were classified as Level 3 at the initial measurement date due to the use of unobservable inputs. The Public Warrants were subsequently classified as Level 1 as the subsequent valuation was based upon the trading price of the Public Warrants.

The key inputs into the Monte Carlo simulation as of January 20, 2021 and the Modified Black Scholes calculation as of January 20, 2021 and March 31, 2021 were as follows:

	(Initial Measurement)
	January 20, 2021			March 31, 2021
Inputs
Risk-free interest rate		0.59	%		1.07	%
Expected term (years)		5.25			5.25
Expected volatility		19.4	%		19.5	%
Exercise price	$	11.50		$	11.50