FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 26, 2021

Fair Value Disclosures [Abstract]

Schedule of value assets and liabilities measured on recurring basis

The Company’s financial liabilities subject to fair value measurement on a recurring basis and the level of inputs used for such measurements were as follows:

	Fair Value Measured as of September 26, 2021
	Level 1		Level 2		Level 3		Total
Liabilities included in:
Warrant liability (Public)	$	30,400	$	—	$	—	$	30,400
Warrant liability (Private)		—		—		15,586		15,586
Acquisition contingent consideration    payable		—		—		24,373		24,373
Earn-out liability		—		—		24,588		24,588
Total fair value	$	30,400	$	—	$	64,547	$	94,947

Summary of Assumptions for Estimated Fair Value Using Monte Carlo Simulation Model

The fair value of private warrants was estimated as of September 26, 2021 using the Monte Carlo simulation model with the following assumptions:

Valuation date price	$	12.21
Strike price	$	11.50
Remaining life	4.81 years
Expected dividend	$	-
Risk-free interest rate		0.93	%
Price threshold	$	18.00

The fair value of the earn-out liability was estimated as of September 26, 2021 using the Monte Carlo simulation model with the following assumptions:

Valuation date price	$	12.21
Expected term	6.81 years
Expected volatility		38.24	%
Risk-free interest rate		1.25	%
Price hurdle 1	$	13.00
Price hurdle 2	$	15.00

Reconciliation of changes

The reconciliation of changes in Level 3 during the 13-week and 39-week periods ended September 26, 2021 is as follows:

	For the thirty-nine weeks ended September 26, 2021
	Private Warrants		Acquisition Contingent Consideration			Earn-Out Liability		Total
Balance on December 31, 2020	$	—	$	9,200		$	—	$	9,200
Cash paid for contingent consideration		—		(2,000	)		—		(2,000	)
Liabilities assumed in recapitalization		9,613		—			17,722		27,335
Losses included in earnings		5,973		17,173			6,866		30,012
Balance on September 26, 2021	$	15,586	$	24,373		$	24,588	$	64,547