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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Summary of fair value, measured on recurring basis

The following table presents information about the Company’s assets that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value.

September 30, 2021


Description	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	$	175,987,897	$	—	$	—
Liabilities:
Derivative warrant liabilities (public)	$	9,918,750	$	—	$	—
Derivative warrant liabilities (private)	$	—	$	8,251,250	$	—

December 31, 2020


Description	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	$	175,950,325	$	—	$	—
Liabilities:
Derivative warrant liabilities (public)	$	—	$	—	$	8,625,000
Derivative warrant liabilities (private)	$	—	$	—	$	7,246,750

Summary of quantitative information regarding fair value measurements

The following table provides quantitative information regarding Level 3 fair value measurements inputs at their initial measurement date:


	At initial issuance
Exercise price	$	11.50
Volatility		15.4	%
Stock price	$	9.98
Expected life of the options to convert		6.54
Risk-free rate		0.58	%
Dividend yield		0.0	%

Summary of change in derivative warrant liabilities measured at fair value

The change in the fair value of the derivative warrant liabilities, measured using Level 3 inputs, for the three and nine months ended September 30, 2021 is summarized as follows:


Derivative warrant liabilities at January 1, 2021	$	15,871,750
Transfer of public warrant liabilities to Level 1		(8,625,000	)
Change in fair value of warrant liabilities		(2,870,000	)

Derivative warrant liabilities at March 31, 2021		4,376,750
Transfer of private warrant liabilities to Level 2		(4,376,750	)
Change in fair value of warrant liabilities		—

Derivative warrant liabilities at June 30, 2021		—

Derivative warrant liabilities at September 30, 2021	$	—