10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                     to                    

MASON INDUSTRIAL TECHNOLOGY, INC.

(Exact name of registrant as specified in its charter)

Delaware	001-39955	85-2856616
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification Number)
110 East 59th Street
New York, NY		10022
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (212) 771-1200

Not Applicable

(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Units, each consisting of one share of Class A common stock and one-third of one redeemable warrant to purchase one share of Class A common stock	MIT.U	New York Stock Exchange
Class A common stock, par value $0.0001 per share Redeemable warrants exercisable for one share of Class A common stock at an exercise price of $11.50	MIT MIT.W	New York Stock Exchange New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes  ☒     No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes  ☒     No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes  ☒    No  ☐

As of November 5, 2021, 50,000,000 Class A ordinary shares, par value $0.0001 per share, and 12,500,000 Class B ordinary shares, par value $0.0001 per share, were issued and outstanding.

Mason Industrial Technology, Inc.

Quarterly Report on Form 10-Q

Table of Contents

		Page No.
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements		1
	Condensed Balance Sheets		1
	Condensed Statements of Operations		2
	Condensed Statements of Changes in Stockholders’ Deficit		3
	Condensed Statement of Cash Flows		4
	Notes to Condensed Financial Statements		5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		17
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		19
Item 4.	Controls and Procedures		19
PART II. OTHER INFORMATION			20
Item 1.	Legal Proceedings		20
Item 1A.	Risk Factors		20
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities		20
Item 3.	Defaults Upon Senior Securities		21
Item 4.	Mine Safety Disclosures		21
Item 5.	Other Information		21
Item 6.	Exhibits		21
SIGNATURES			22

PART I—FINANCIAL INFORMATION

Item 1. Financial Information

MASON INDUSTRIAL TECHNOLOGY, INC.

CONDENSED BALANCE SHEETS

	September 30, 2021			December 31, 2020
		(unaudited)			(auditied)
ASSETS
CURRENT ASSETS
Cash	$	1,402,383		$	167,224
Prepaid expenses		522,200			274,442
Total current assets		1,924,583			441,666
NONCURRENT ASSETS
Cash held in trust account		500,020,040			—
Other assets		174,067			—
Derivative forward purchase agreement		134,777			—
Total noncurrent assets		500,328,884			—
TOTAL ASSETS	$	502,253,467		$	441,666
LIABILITIES AND STOCKHOLDERS’ DEFICIT
CURRENT LIABILITIES
Accounts payable	$	8,122		$	75,000
Accrued deferred offering costs		—			125,000
Franchise tax payable		218,310			—
Note payable – related party		—			300,000
Total current liabilities		226,432			500,000
LONG-TERM LIABILITIES
Deferred underwriting commissions		17,500,000			—
Derivative warrant liabilities		18,345,600			—
Total liabilities		36,072,032			500,000
Commitments and Contingencies
Redeemable Class A common stock; 50,000,000 and 0 shares as of September 30, 2021 and December 31, 2020, respectively, subject to possible redemption at $10.00 per share		500,000,000			—
STOCKHOLDERS’ DEFICIT
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; no shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively		—			—
Class A common stock, $0.0001 par value; 400,000,000 shares authorized; no shares issued and outstanding (excluding 50,000,000 and 0 shares subject to possible redemption) as of September 30, 2021 and December 31, 2020, respectively		—			—
Class B common stock, $0.0001 par value; 50,000,000 shares authorized; 12,500,000 and 12,937,500 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively		1,250			1,294
Additional paid-in capital		—			23,706
Accumulated deficit		(33,819,815	)		(83,334	)
Total Stockholders’ Deficit		(33,818,565	)		(58,334	)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$	502,253,467		$	441,666

The accompanying notes are an integral part of these condensed financial statements.

1

MASON INDUSTRIAL TECHNOLOGY, INC.

CONDENSED STATEMENT OF OPERATIONS

(UNAUDITED)

	Three Months Ended September 30, 2021			Nine Months Ended September 30, 2021			August 31, 2020 (inception) through September 30, 2020
OPERATING EXPENSES
General and administrative expenses	$	255,261		$	667,878		$	83,334
Franchise tax expense		50,000			218,310			—
Total operating expenses		(305,261	)		(886,188	)		(83,334	)
OTHER INCOME (EXPENSE)
Interest income on marketable securities held in Trust Account		7,682			20,040			—
Underwriting discounts and offering costs attributed to derivative warrant liability		—			(1,321,353	)		—
Change in fair value of derivative warrant liabilities		4,674,534			18,374,401			—
Change in fair value of derivative forward purchase agreement		(158,035	)		462,191			—
Total other income		4,524,181			17,535,279			—
INCOME (LOSS) BEFORE INCOME TAX		4,218,920			16,649,091			(83,334	)
Income tax expense (benefit)		—			—			—
NET INCOME (LOSS)	$	4,218,920		$	16,649,091		$	(83,334	)
Basic and diluted weighted average shares outstanding, Class A common stock		50,000,000			44,301,471			—
Basic and diluted net income (loss) per share, Class A common stock	$	0.07		$	0.29		$	—
Basic and diluted weighted average shares outstanding, Class B common stock (1)		12,500,000			12,544,872			11,250,000
Basic and diluted net income (loss) per share, Class B common stock	$	0.07		$	0.29		$	(0.01	)

(1) The weighted average shares outstanding for the period from August 31, 2020 (inception) through September 30, 2020 excludes an aggregate of up to 1,687,500 Class B common stock that was subject to forfeiture if the over-allotment option was not exercised in full or in part by the underwriters. The underwriters partially exercised their over-allotment shares on January 29, 2021; therefore the Sponsor forfeited 437,500 Founder Shares as a result of the partial exercise of the over-allotment shares, while the remaining 1,250,000 shares were no longer subject to forfeiture and are included in the 2021 periods.

The accompanying notes are an integral part of these condensed financial statements.

2

MASON INDUSTRIAL TECHNOLOGY, INC.

CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT

(UNAUDITED)

(REVISED)

	Class A Common Stock				Class B Common Stock						Additional Paid-in Capital			(Accumulated Deficit)			Total Stockholders’ Deficit
	Shares		Amount		Shares			Amount
Balance—December 31, 2020		—	$	—		12,937,500		$	1,294		$	23,706		$	(83,334	)	$	(58,334	)
Forfeiture of founder shares (2)		—		—		(437,500	)		(44	)		44			—			—
Initial classification of derivative forward purchase agreement		—		—		—			—			(327,414	)		—			(327,414	)
Accretion to shares subject to possible redemption		—		—		—			—			303,664			(50,385,572	)		(50,081,908	)
Net income		—		—		—			—			—			17,723,284			17,723,284
Balance—March 31, 2021		—		—		12,500,000			1,250			—			(32,745,622	)		(32,744,372	)
Net loss		—		—		—			—			—			(5,293,113	)		(5,293,113	)
Balance—June 30, 2021		—		—		12,500,000			1,250			—			(38,038,735	)		(38,037,485	)
Net income		—		—		—			—			—			4,218,920			4,218,920
Balance—September 30, 2021		—	$	—		12,500,000		$	1,250		$	—		$	(33,819,815	)	$	(33,818,565	)

									Additional Paid-in Capital		(Accumulated Deficit)			Total Stockholders’ Deficit
	Class A Common Stock				Class B Common Stock
	Shares		Amount		Shares		Amount
Balance—August 31, 2020 (inception)		—	$	—		—	$	—	$	—	$	—		$	—
Issuance of Class B stock to Sponsor (1)		—		—		12,937,500		1,294		23,706		—			25,000
Net income		—		—		—		—		—		(83,334	)		(83,334	)
Balance—September 30, 2020		—	$	—		12,937,500	$	1,294	$	23,706	$	(83,334	)	$	(58,334	)

(1) The Class B common stock includes an aggregate of up to 1,687,500 Class B common stock that was subject to forfeiture if the over-allotment option was not exercised in full or in part by the underwriters. 

(2) On January 29, 2021 the Sponsor forfeited 437,500 Founder Shares as a result of the underwriters election to partially exercise their overallotment option.

The accompanying notes are an integral part of these condensed financial statements.

3

MASON INDUSTRIAL TECHNOLOGY, INC.

CONDENSED STATEMENT OF CASH FLOWS

(UNAUDITED)

	Nine Months Ended September 30, 2021			August 31, 2020 (inception) through September 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$	16,649,091		$	(83,334	)
Adjustments to reconcile net income to net cash used in operating activities:					—
Interest earned on cash held in Trust Account		(20,040	)		—
Underwriting discounts and transaction costs attributed to warrant liability		1,321,353			—
Change in fair value of warrant liabilities		(18,374,401	)		—
Change in fair value of derivative forward purchase agreement		(462,191	)		—
Changes in operating assets and liabilities:					—
Prepaid expenses		(247,758	)		—
Accounts payable		(66,878	)		83,334
Other assets		(174,067	)		—
Franchise tax payable		218,310			—
Net cash used in operating activities		(1,156,581	)		—
CASH FLOWS FROM INVESTING ACTIVITIES
Investment of cash in Trust Account		(500,000,000	)		—
Net cash used in investing activities		(500,000,000	)		—
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from sale of Units, net of underwriting discounts paid		489,596,740			—
Proceeds from sale of Private Placement Warrants		13,220,000			—
Proceeds from sale of Class B common stock		—			25,000
Proceeds from issuance of note payable – related party		—			300,000
Repayment of note payable – related party		(300,000	)		—
Payment of offering costs		(125,000	)		(84,500	)
Net cash provided by financing activities		502,391,740			240,500
NET CHANGE IN CASH		1,235,159			240,500
CASH, BEGINNING OF PERIOD		167,224			—
CASH, END OF PERIOD	$	1,402,383		$	240,500
SUPPLEMENTAL DISCLOSURES OF NONCASH ACTIVITIES
Initial classification of derivative warrant liability	$	36,720,001		$	—
Initial classification of derivative forward purchase agreement	$	(327,414	)	$	—
Initial classification of common stock subject to possible redemption, as revised	$	500,000,000		$	—
Deferred underwriting fees charged to additional paid in capital	$	17,500,000		$
Deferred offering costs included in accrued deferred offering costs	$	—		$	136,132

The accompanying notes are an integral part of these condensed financial statements.

4

MASON INDUSTRIAL TECHNOLOGY, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1 — DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

Organization and Operations

Mason Industrial Technology, Inc. (the “Company”) was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses (the “Business Combination”). The Company is an early stage and emerging growth company, and as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.

As of September 30, 2021, the Company had not commenced any operations. All activity through September 30, 2021 relates to the Company’s formation, its Initial Public Offering (the “IPO”) and identifying a target company for a Business Combination. The Company will not generate any operating revenues until after completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on cash from the proceeds derived from the IPO (see below for more information on the IPO), and recognizes changes in the fair value of warrant liabilities and forward purchase agreement as other income (expense).

Corporate Organization and Initial Public Offering

The Company was incorporated in Delaware on August 31, 2020. The Company’s sponsor is Mason Industrial Sponsor, LLC, a Delaware limited liability company (the “Sponsor”).

On February 2, 2021, the Company consummated its IPO of 50,000,000 units (the “Units” and, with respect to the Class A common stock included in the Units being offered, the “Public Shares”) at $10.00 per Unit, raising $500.0 million of gross proceeds. Of the 50,000,000 units issued, 45,000,000 Units were included in the Company’s initial offering, and 5,000,000 Units resulted from the underwriter partially exercising its over- allotment option. The net proceeds of the IPO were $472.1 million, after deducting expenses and underwriting discounts and commissions of approximately $27.9 million, which includes $17.5 million in deferred underwriting commissions (see Note 9, Commitments and Contingencies, for more information).

Public Warrants

Each Unit consists of one share of Class A common stock and one-third of one redeemable warrant (each, a “Public Warrant” and, collectively, the “Public Warrants”). Each whole Public Warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share. In addition, if (x) the Company issues additional shares of Class A common stock for capital raising purposes in connection with the closing of the Company’s Initial Business Combination at an issue or effective issue price of less than $9.20 per share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Sponsor or their affiliates, without taking into account any shares of Class B common stock held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the amount that is the total equity proceeds (and interest thereon) , available for the funding of the Initial Business Combination on the date of the consummation (net of redemptions) and (z) the volume-weighted average trading price of the Company’s Class A common stock during the 20-trading-day period starting on the trading day prior to the date on which the Company consummates its Initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the Public Warrants will be adjusted, to the nearest cent, to 115% of the higher of the Newly Issued Price and the Market Value, and the $18.00 per share redemption trigger price described below will be adjusted, to the nearest cent, to be equal to 180% of the higher of the Newly Issued Price and the Market Value.

No fractional shares will be issued upon separation of the Units and only whole Public Warrants will trade. Each Public Warrant will become exercisable on the later of 30 days after the completion of the Company’s Initial Business Combination or 12 months from the closing of the Initial Public Offering and will expire five years after the completion of the Company’s Initial Business Combination or earlier upon redemption or liquidation.

Once the Public Warrants become exercisable, the Company may redeem the outstanding Public Warrants in whole and not in part at a price of $0.01 per Public Warrant upon a minimum of 30 days’ prior written notice of redemption, if and only if the last sale price of the Company’s Class A common stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the Public Warrant holders.

Private Placement Warrants

Simultaneously with the closing of the IPO, the Company consummated a private sale (the “Private Placement”) of 8,813,334 warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants” and together with the Public Warrants, the “Warrants”) to the Sponsor at a price of $1.50 per Private Placement Warrant, generating gross proceeds of approximately $13.2 million (see Note 6, Related Party Transactions, for more information). The Private Placement Warrants are identical to the Warrants included in the Units sold in the IPO, except as otherwise disclosed in the Registration Statement. No underwriting discounts or commissions were paid with respect to such sale.

5

MASON INDUSTRIAL TECHNOLOGY, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

(Unaudited)

Forward Purchase Agreement

Simultaneously with the closing of the IPO, the Company entered into a Forward Purchase Agreement (the “FPA”) with the Sponsor, pursuant to which the Sponsor committed that it will purchase up to 8,000,000 forward purchase units (the “FPA Units”), consisting of one share of Class A common stock (the “FPA Share”) and one-third of one warrant to purchase one share of Class A common stock (the “FPA Warrant”) for $10.00 per unit, or an aggregate amount of up to $80,000,000, in a private placement that will close concurrently with the closing of the initial Business Combination (see Note 6, Related Party Transactions, for more information). In addition, the Sponsor’s commitment under the FPA will be subject to approval, prior to entering into a definitive agreement for the initial Business Combination, of Mason Capital Management LLC, an affiliate of the managing member of the Sponsor. The FPA Shares will be identical to the shares of Class A common stock included in the units being sold in this offering, except that they will be subject to transfer restrictions and registration rights. The FPA Warrants will have the same terms as the Private Placement Warrants so long as they are held by the Sponsor or its permitted assignees and transferees.

Transaction Costs

Transaction costs amounted to $27.9 million, consisting of $10.0 million of underwriting fees, $17.5 million of deferred underwriting commissions, and $0.4 million of other offering costs.

The Trust Account

Following the closing of the IPO, $500.0 million of the net proceeds of the sale of the Units and the Private Placement Warrants were placed in a trust account (the “Trust Account”). The funds in the Trust Account will be invested only in U.S. government treasury bills with a maturity of one hundred eighty (180) days or less or in money market funds that meet certain conditions under Rule 2a-7 under the Investment Company Act of 1940 and that invest only in direct U.S. government obligations. Funds will remain in the Trust Account until the earlier of (i) the consummation of the Initial Business Combination or (ii) the distribution of the Trust Account proceeds as described below. The remaining proceeds outside the Trust Account may be used to pay for business, legal and accounting due diligence on prospective acquisitions and continuing general and administrative expenses.

Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its taxes, the proceeds from the IPO and the Private Placement will not be released from the Trust Account until the earlier of: (i) the completion of the Company’s Initial Business Combination; (ii) the redemption of any shares of the Public Shares that have been properly tendered in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation (A) to modify the substance or timing of the Company’s obligation to redeem 100% of Public Shares if the Company does not complete its Initial Business Combination within 24 months from the closing of the IPO (or 30 months from the closing of the IPO if the Company has executed a letter of intent, agreement in principle or definitive agreement for the initial Business Combination within 24 months from the closing of the IPO but has not completed the initial Business Combination within such 24 month period) (the “Combination Period”) or (B) with respect to any other provision relating to stockholders’ right for pre-initial Business Combination activity; and (iii) the redemption of 100% of the Public Shares if the Company is unable to complete an initial Business Combination within the Combination Period, subject to the requirements of law. The proceeds deposited in the Trust Account could become subject to the claims of the Company’s creditors, if any, which could have priority over the claims of the Company’s public stockholders.

Initial Business Combination

The Company’s management has broad discretion with respect to the specific application of the net proceeds of the IPO, although substantially all of the net proceeds of the IPO are intended to be generally applied toward consummating an initial Business Combination. The initial Business Combination must occur with one or more target businesses that together have an aggregate fair market value of at least 80% of the assets held in the Trust Account (excluding the amount of any deferred underwriting discount held in the trust account) at the time of the agreement to enter into the initial Business Combination. Furthermore, there is no assurance that the Company will be able to successfully effect an initial Business Combination.

The Company, after signing a definitive agreement for an initial Business Combination, will either (i) seek stockholder approval of the initial Business Combination at a meeting called for such purpose in connection with which stockholders may seek to redeem their shares, regardless of whether they vote for or against the initial Business Combination, for cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account as of two business days prior to the consummation of the initial Business Combination, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay the Company’s taxes, or (ii) provide stockholders with the opportunity to sell their Public Shares to the Company by means of a tender offer (and thereby avoid the need for a stockholder vote) for an amount in cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account as of two business days prior to the consummation of the initial Business Combination, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay the Company’s taxes. The decision as to whether the Company will seek stockholder approval of the initial Business Combination or will allow stockholders to sell their Public Shares in a tender offer will be made by the Company, solely in its discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would otherwise require the Company to seek stockholder approval, unless a vote is required by law or under New York Stock Exchange rules. If the Company seeks stockholder approval, it will complete its initial Business Combination only if a majority of the outstanding shares of common stock voted are voted in favor of the initial Business Combination.

6

MASON INDUSTRIAL TECHNOLOGY, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

(Unaudited)

If the Company holds a stockholder vote or there is a tender offer for shares in connection with an initial Business Combination, a public stockholder will have the right to redeem its shares for an amount in cash equal to its pro rata share of the aggregate amount then on deposit in the Trust Account as of two business days prior to the consummation of the initial Business Combination, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay the Company’s taxes.

Pursuant to the Company’s amended and restated certificate of incorporation, if the Company is unable to complete the initial Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to the Company to pay the Company’s taxes (less $100,000 to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.

The Sponsor and the Company’s directors, director nominees and officers have entered into a letter agreement with the Company, pursuant to which they have agreed to waive their rights to liquidating distributions from the Trust Account with respect to any Founder Shares (as defined below in Note 6, Related Party Transactions) held by them if the Company fails to complete an initial Business Combination within the Combination Period. However, if the Sponsor or any of the Company’s directors, officers or affiliates acquires shares of Class A common stock in or after the IPO, they will be entitled to liquidating distributions from the Trust Account with respect to such shares if the Company fails to complete the initial Business Combination within the Combination Period.

Liquidity

As of December 31, 2020, the Company had $167,224 in cash and a working capital deficiency of $332,776. As described above, on February 2, 2021 the Company closed its IPO of 50,000,000 Units at $10.00 per Unit, generating gross proceeds of $500.0 million, and also consummated the Private Placement of 8,813,334 Private Placement Warrants to the Sponsor at a purchase price of $1.50 per Private Placement Warrant, generating gross proceeds of approximately $13.2 million.

The Company’s liquidity needs prior to the consummation of its IPO were satisfied through the proceeds of $25,000 from the sale of the Founder Shares (Note 6), and a loan of $300,000 under an unsecured and noninterest bearing promissory note (Note 6). Subsequent to the IPO, the Company’s liquidity will be satisfied through a portion of the net proceeds from IPO held outside of the Trust Account.

Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity to meet its needs through the earlier of the consummation of a Business Combination or one year from this filing. Over this time period, the Company will be using the funds held outside of the Trust Account for paying existing accounts payable and accrued liabilities, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination. The Company does not believe it will need to raise additional funds in order to meet the expenditures required for operating the business. However, if the Company’s estimate of the costs of identifying a target business, undertaking in-depth due diligence and negotiating an Initial Business Combination are less than the actual amount necessary to do so, the Company may have insufficient funds available to operate the business prior to the Initial Business Combination. Moreover, the Company may need to obtain additional financing either to complete the Initial Business Combination or to redeem a significant number of our public shares upon completion of the Initial Business Combination, in which case the Company may issue additional securities or incur debt in connection with such Initial Business Combination. If the Company is unable to complete an Initial Business Combination because it does not have sufficient funds available, it will be forced to cease operations and liquidate the Trust Account.

There is no assurance that the Company’s plans to consummate an Initial Business Combination will be successful within the Combination Period. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Separate trading of Class A common shares and Public Warrants

On March 18, 2021, the Company announced that, commencing March 22, 2021, the holders of the Company’s Units may elect to separately trade the Class A common stock and Public Warrants comprising the Units. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Those units not separated will continue to trade on the New York Stock Exchange under the symbol “MIT.U,” and each of the shares of Class A common stock and Public Warrants that are separated will trade on the New York Stock Exchange under the symbols “MIT” and “MIT.W,” respectively.

NOTE 2 — REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

In connection with the preparation of the Company’s financial statements as of September 30, 2021, management determined it should revise its previously reported financial statements. The Company determined, at the closing of the Company’s IPO and shares sold pursuant to the exercise of the underwriters’ overallotment, it had improperly valued its Class A ordinary shares subject to possible redemption. The Company previously determined the Class A ordinary shares subject to possible redemption to be equal to the redemption value of $10.00 per Class A ordinary share while also taking into consideration a redemption cannot result in net tangible assets being less than $5,000,001. Management determined that the Class A ordinary shares issued during the IPO and pursuant to the exercise of the underwriters’ overallotment can be redeemed or become redeemable subject to the occurrence of future events considered outside the Company’s control. Therefore, management concluded that the redemption value should include all Class A ordinary shares subject to possible redemption, resulting in the Class A ordinary shares subject to possible redemption being equal to their redemption value. As a result, management has noted a reclassification adjustment related to temporary equity and permanent equity. This resulted in an adjustment to the initial carrying value of the Class A ordinary shares subject to possible redemption with the offset recorded to additional paid-in capital (to the extent available), accumulated deficit and Class A ordinary shares.

In connection with the change in presentation for the Class A ordinary shares subject to redemption, the Company also revised its earnings per share calculation to allocate net income (loss) evenly to Class A and Class B ordinary shares. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of ordinary shares share pro rata in the income (loss) of the Company.

There has been no change in the Company’s total assets, liabilities or operating results.

7

MASON INDUSTRIAL TECHNOLOGY, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

(Unaudited)

The impact of the revision on the Company’s financial statements is reflected in the following table.

Balance Sheet as of March 31, 2021 (unaudited)	As previously reported		Adjustment			As revised
Class A common stock subject to redemption	$	462,255,620	$	37,744,380		$	500,000,000
Class A Common stock	$	377	$	(377	)	$	—
Retained Earnings (Accumulated deficit)	$	4,998,381	$	(37,744,003	)	$	(32,745,622	)
Total Stockholders’ Equity (deficit)	$	5,000,008	$	(37,744,380	)	$	(32,744,372	)

Balance Sheet as of June 30, 2021 (unaudited)	As previously reported		Adjustment			As revised
Class A common stock subject to redemption	$	456,962,510	$	43,037,490		$	500,000,000
Class A Common stock	$	430	$	(430	)	$	—
Retained Earnings (Accumulated deficit)	$	4,998,325	$	(43,037,060	)	$	(38,038,735	)
Total Stockholders’ Equity (deficit)	$	5,000,005	$	(43,037,490	)	$	(38,037,485	)

Statement of cash flows as of March 31, 2021 (unaudited)	As previously reported			Adjustment		As revised
Initial classification of common stock subject to redemption	$	443,220,180		$	56,779,820	$	500,000,000
Change in value of common stock subject to possible redemption		(19,035,440	)		19,035,440		—

Statement of cash flows as of June 30, 2021 (unaudited)	As previously reported		Adjustment			As revised
Initial classification of common stock subject to redemption	$	443,220,180	$	56,779,820		$	500,000,000
Change in value of common stock subject to possible redemption		13,742,330		(13,742,330	)		—

 

Earnings per share	Three months ended March 31, 2021			Three months ended June 30, 2021			Six months ended June 30, 2021
	As previously reported
Class A Common Stock
Basic and diluted net loss per share
Numerator
Allocation of net income	$	—		$	—		$	—
Denominator
Weighted-average shares outstanding		44,355,414			46,219,745			45,501,726
Basic and diluted net income per share	$	—		$	—		$	—
Class B Common Stock
Basic and diluted net loss per share
Numerator
Allocation of net income	$	17,723,284		$	(5,293,113	)	$	12,430,171
Denominator
Weighted-average shares outstanding		16,274,105			16,280,255			16,277,197
Basic and diluted net income per share	$	1.09		$	(0.33	)	$	0.76
Earnings per share	Three months ended March 31, 2021			Three months ended June 30, 2021			Six months ended June 30, 2021
	As revised
Class A Common Stock
Basic and diluted net loss per share
Numerator
Allocation of net income	$	12,730,825		$	(4,234,490	)	$	9,522,587
Denominator
Weighted-average shares outstanding		32,222,222			50,000,000			41,160,221
Basic and diluted net income per share	$	0.40		$	(0.08	)	$	0.23
Class B Common Stock
Basic and diluted net loss per share
Numerator
Allocation of net income	$	4,992,459		$	(1,058,623	)	$	2,907,584
Denominator					—
Weighted-average shares outstanding		12,636,111			12,500,000			12,567,680
Basic and diluted net income per share	$	0.40		$	(0.08	)	$	0.23
Earnings per share	Three months ended March 31, 2021			Three months ended June 30, 2021			Six months ended June 30, 2021
	Impact of change on calculation
Class A Common Stock
Basic and diluted net loss per share
Numerator
Allocation of net income	$	(12,730,825	)	$	4,234,490		$	(9,522,587	)
Denominator
Weighted-average shares outstanding		12,133,192			(3,780,255	)		4,341,505
Basic and diluted net income per share	$	(0.40	)	$	0.08		$	(0.23	)
Class B Common Stock
Basic and diluted net loss per share
Numerator
Allocation of net income	$	12,730,825		$	(4,234,490	)	$	9,522,587
Denominator					—
Weighted-average shares outstanding		3,637,994			3,780,255			3,709,517
Basic and diluted net income per share	$	0.69		$	(0.25	)	$	0.53

8

MASON INDUSTRIAL TECHNOLOGY, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

(Unaudited)

NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The accompanying unaudited interim condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and should be read in conjunction with the Company’s financial statements, summary of significant accounting policies and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Form 10-K”). Accordingly, certain disclosures required by GAAP and normally included in Annual Reports on Form 10-K have been condensed or omitted from this report; however, except as disclosed herein, there has been no material change in the information disclosed in the notes to condensed financial statements included in the Company’s 2020 Form 10-K.

It is the opinion of management that all adjustments, consisting of normal recurring adjustments considered necessary for a fair presentation of interim financial information, have been included. The Company has no items of other comprehensive income or loss; therefore, its net income or loss is identical to its comprehensive income or loss. Operating results for the periods presented are not necessarily indicative of expected results for the full year or for any future interim periods.

Use of Estimates

In the course of preparing the condensed financial statements, management makes various assumptions, judgments and estimates to determine the reported amounts of assets, liabilities, income and expenses, and in the disclosures of commitments and contingencies. Changes in these assumptions, judgments and estimates will occur as a result of the passage of time and the occurrence of future events. Although management believes these estimates are reasonable, actual results could differ from these estimates.

Estimates made in preparing these condensed financial statements include, among other things, (1) the measurement of derivative warrant liabilities, (2) the measurement of the derivative forward purchase agreement and (3) accrued expenses. Changes in these estimates and assumptions could have a significant impact on results in future periods.

Cash and cash equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of September 30, 2021 and December 31, 2020.

Cash held in Trust Account

At September 30, 2021, the Company had $500.0 million in cash held in the Trust Account that were held in U.S. Treasury Bills.

Fair Value Measurements

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). Certain financial assets and liabilities, such as the derivative warrant liability, are measured at fair value on a recurring basis. Nonfinancial assets and liabilities, if any, are recognized at fair value on a nonrecurring basis.

The Company categorizes the inputs to the fair value of its financial assets and liabilities using a three-tier fair value hierarchy, established by the FASB, that prioritizes the significant inputs used in measuring fair value. These levels are:

Level 1—inputs are based on unadjusted quoted prices that are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Examples of Level 1 inputs include financial instruments such as exchange-traded derivatives, listed securities and U.S. government treasury securities.

Level 2—inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques (e.g., the Black-Scholes model) for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs including interest rate curves, credit spreads, foreign exchange rates, and forward and spot prices for currencies. Examples of Level 2 inputs include nonexchange-traded derivatives such as over-the-counter forwards, swaps, and options.

Level 3—inputs that are generally unobservable from objective sources and typically reflect management’s estimates and assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques, including option pricing models and discounted cash flow models.

Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. 

9

MASON INDUSTRIAL TECHNOLOGY, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

(Unaudited)

Concentration of Credit Risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash held in Trust Account. The Company’s Trust Account is maintained with a high-quality financial institution, with the compositions and maturities of the Trust Account’s investments are regularly monitored by management.

Derivative warrant liabilities and forward purchase agreement

The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480 and ASC 815. The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

The Company evaluated the Public Warrants, the Private Placement Warrants, and the FPA (which are discussed in Note 4, Note 5 and Note 6) in accordance with ASC 815-40 and concluded that each contained provisions related to certain tender or exchange offers which precludes them from being accounted for as a component of equity. As the Warrants and FPA meet the definition of a derivative as contemplated in ASC 815, the Warrants and FPA were measured at fair value at inception (on the date of the IPO) and recorded as assets or liabilities on the condensed balance sheets. The Warrants and FPA are subject to remeasurement at each reporting date until exercised in accordance with ASC 820, Fair Value Measurement, with changes in fair value recognized on the statement of operation in the period of change. See Note 4, Fair Value Measurements, for more information regarding the methods used to fair value the Warrants and the FPA.

Allocation of Issuance costs

The Company accounts for the allocation of its issuance costs to its Warrants using the guidance in ASC 470-20, applied by analogy. Under this guidance, if debt or stock is issued with detachable warrants, the proceeds need to be allocated to the two instruments using either the fair value method, the relative fair value method, or the residual value method. The guidance also requires companies to use a consistent approach in allocating issuance costs between the instruments. Accordingly, the Company allocated its issuance costs of $27,903,259—consisting of $10,000,000 of underwriting fees, $17,500,000 of deferred underwriting commissions, and $403,259 of other offering costs—to the issuance of its Class A shares and Warrants in the amount of $26,581,907 and $1,321,352, respectively. Issuance costs attributed to the Warrants were expensed to the condensed statements of operations.

Class A Common Stock Subject to Possible Redemption

The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in ASC 480. Shares of Class A common stock subject to mandatory redemption (if any) is classified as a liability instrument and is measured at fair value. Conditionally redeemable common stock (including common stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s Class A common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, at September 30, 2021, Class A common stock subject to possible redemption is presented at redemption value as temporary equity, outside of the stockholders’ equity section of the Company’s condensed balance sheets.

Franchise Tax Obligation

As a Delaware corporation, the Company’s franchise tax obligation is based on the number of shares of common stock authorized and outstanding. As of September 30, 2021 and December 31, 2020 the Company has recorded franchise taxes payable of $218,310 and $0 respectively. The Company remits these obligations to Delaware annually.

Recently issued accounting standards

In August 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”), which simplifies accounting for convertible instruments by removing major separation models required under current U.S. GAAP. The ASU also removes certain settlement conditions that are required for equity-linked contracts to qualify for the derivative scope exception, and it simplifies the diluted earnings per share calculation in certain areas. The new standard is effective for the Company on January 1, 2024, although early adoption is permitted. The ASU allows the use of the modified retrospective method or the fully retrospective method. The Company is still in the process of evaluating the impact of this new standard; however, the Company does not believe the initial impact of adopting the standard will result in any changes to the Company’s statements of financial position, operations or cash flows.

The Company’s management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying condensed consolidated financial statements.

10

MASON INDUSTRIAL TECHNOLOGY, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

(Unaudited)

NOTE 4 — FAIR VALUE MEASUREMENTS

Financial Assets and Liabilities Measured on a Recurring Basis

Certain assets and liabilities are reported at fair value on a recurring basis. These assets and liabilities include the investments held in Trust Account, and derivative warrant liabilities.

The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis and where they are classified within the fair value hierarchy at September 30, 2021. The Company did not have any assets or liabilities that were measured at fair value on a recurring basis at December 31, 2020.

	Fair Value Measurement as of September 30, 2021
	Level 1		Level 2		Level 3
Assets:
Investments held in trust account (1)	$	500,020,040	$	—	$	—
Derivative forward purchase agreements (2)	$	—	$	—	$	134,777
Liabilities:
Derivative warrant liabilities—Public Warrants (3)	$	12,000,000	$	—	$	—
Derivative warrant liabilities—Private Placement Warrants (4)	$	—	$	—	$	6,345,600

(1) The fair value of the investments held in Trust Account was based on the quoted market price.

(2) The fair value of the derivative forward purchase agreement was based on the forward price formula.

(3) The fair value of the derivative warrant liabilities – Public Warrants was based the quoted market price for MIT.W as of the reporting date.

(4) The fair value of the derivative warrant liabilities – Private Placement Warrants was based on a modified Black-Scholes model.

Investments held in Trust Account. At September 30, 2021, the investments held in Trust Account were entirely comprised of U.S. Treasury Bills. During the three and nine months ended September 30, 2021, the Company did not withdraw any interest income from the Trust Account.

Derivative warrant liabilities. The Warrants are accounted for as liabilities in accordance with ASC 815-40 and are presented within derivative warrant liabilities on the condensed balance sheets. The derivative warrant liabilities were 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 statements of operations.

Initial Measurement

The estimated fair value of the Public Warrants and the Private Warrants on February 2, 2021 was estimated using a Binomial Lattice and modified Black-Scholes valuation model, respectively. At their initial measurement, the Warrants were classified as Level 3 inputs due to the use of unobservable inputs.

The following table presents information and assumptions used to determine the estimated fair values of the Warrants at the initial measurement date, February 2, 2021, using the pricing models:

	February 2, 2021 (Initial Measurement)
Strike price	$	11.50
Term (in years)		5.2
Risk-free rate		0.7	%
Volatility		25.5	%
Dividend yield		0.0	%
Fair value of Public Warrants	$	1.41
Fair value of Private Placement Warrants	$	1.50

Subsequent Measurement

The Warrants are measured at fair value on a recurring basis. The subsequent measurement of the Public Warrants as of September 30, 2021 is classified as Level 1 due to the use of an observable market quote in an active market under the ticker MIT.W. The fair value of the Private Warrants continues to be estimated using a modified Black-Scholes valuation model and is classified as Level 3 due to the use of unobservable inputs.

The following table presents information and assumptions used in the modified Black-Scholes valuation model to determine the estimated fair value of the Private Placement Warrants as of September 30, 2021:

	September 30, 2021
Strike price	$	11.50
Term (in years)		5.2
Risk-free rate		1.1	%
Volatility		12.8	%
Dividend yield		0.0	%
Fair value of Private Placement Warrants	$	0.72

11

MASON INDUSTRIAL TECHNOLOGY, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

(Unaudited)

The following contains additional information regarding the inputs used in the pricing models:

• Term – the expected life of the warrants was assumed to be equivalent to their remaining contractual term.

• Risk-free rate – the risk-free interest rate is based on the U.S. Treasury yield curve in effect on the date of valuation equal to the remaining expected life of the Warrants.

• Volatility – the Company estimated the volatility of its common stock warrants based on implied volatility and actual historical volatility of a group of comparable publicly traded companies observed over a historical period equal to the expected remaining life of the Warrants.

• Dividend yield – the dividend yield percentage is zero because the Company does not currently pay dividends, nor does it intend to do so during the expected term of the Private Placement Warrants.

The change in fair value of the derivative warrant liabilities through September 30, 2021 is as follows:

	Public Warrants			Private Warrants			Total Derivative Warrants Liability
Derivative warrant liabilities at January 1, 2021	$	—		$	—		$	—
Issuance of Public and Private Warrants (1)		23,500,000			13,220,001			36,720,001
Change in fair value of warrant liabilities		(13,000,000	)		(5,904,934	)		(18,904,934	)
Derivative warrant liabilities at March 31, 2021	$	10,500,000		$	7,315,067		$	17,815,067
Change in fair value of warrant liabilities		4,500,000			705,067			5,205,067
Derivative warrant liabilities at June 30, 2021	$	15,000,000		$	8,020,134		$	23,020,134
Change in fair value of warrant liabilities		(3,000,000	)		(1,674,534	)		(4,674,534	)
Derivative warrant liabilities at September 30, 2021	$	12,000,000		$	6,345,600		$	18,345,600

(1) – During the 1st quarter of 2021, these warrants were transferred from Level 3 in the fair value hierarchy to Level 1 in the fair value hierarchy

Derivative forward purchase agreement. The FPA is accounted for as a derivative instrument in accordance with ASC 815-40 and is presented as a derivative forward purchase agreement asset or liability on the condensed balance sheets. The FPA was measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of forward purchase agreement in the condensed statements of operations.

The FPA was valued using an adjusted net assets method, which is considered to be a Level 3 fair value measurement. Under the adjusted net assets method utilized, the aggregate commitment of $80.0 million, pursuant to the FPA, is discounted to present value and compared to the fair value of the common stock and warrants to be issued pursuant to the FPA. The fair value of the common stock and warrants to be issued under the FPA were based on the public trading price of the Units issued in the IPO. The excess (liability) or deficit (asset) of the fair value of the common stock and warrants to be issued compared to the $80.0 million fixed commitment is then reduced to account for the probability of consummation of the Business Combination. The primary unobservable input utilized in determining the fair value of the FPA is the probability of consummation of the Business Combination. As of September 30, 2021, the probability assigned to the consummation of the Business Combination was 90%, which was determined based on observed success rates of business combinations for special purpose acquisition companies.

The change in fair value of the derivative forward purchase agreement through September 30, 2021 is as follows:

	FPA Asset (Liability)
Derivative forward purchase agreement at January 1, 2021	$	—
Executed forward purchase agreement in connection with IPO		(327,414	)
Change in fair value of the derivative forward purchase agreement		362,131
Derivative forward purchase agreement at March 31, 2021	$	34,717
Change in fair value of the derivative forward purchase agreement		258,095
Derivative forward purchase agreement at June 30, 2021	$	292,812
Change in fair value of the derivative forward purchase agreement		(158,035	)
Derivative forward purchase agreement at September 30, 2021	$	134,777

Fair Value of Other Financial Instruments

The carrying value of cash, accounts payable and accrued expenses are considered to be representative of their respective fair values due to the nature of and short-term maturities of those instruments.

12

MASON INDUSTRIAL TECHNOLOGY, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

(Unaudited)

NOTE 5 — STOCKHOLDERS’ DEFICIT

Preferred Stock — The Company is authorized to issue 1,000,000 shares of preferred stock with a par value of $0.0001 per share with such designation, rights and preferences as may be determined from time to time by the Company’s Board of Directors. At September 30, 2021 and December 31, 2020, there were no shares of preferred stock issued or outstanding.

Class A Common Stock — The Company is authorized to issue 400,000,000 shares of Class A common stock with a par value of $0.0001 per share. Holders of the Company’s Class A common stock are entitled to one vote for each share. As of September 30, 2021, there were 0 shares of Class A common stock issued and outstanding (excluding 50,000,000 shares of Class A common stock subject to possible redemption). There was no Class A Common Stock outstanding as of December 31, 2020.

If the Company enters into an initial Business Combination, it may (depending on the terms of such an initial Business Combination) be required to increase the number of shares of Class A common stock which the Company is authorized to issue at the same time as the Company’s stockholders vote on the initial Business Combination to the extent the Company seeks stockholder approval in connection with the initial Business Combination.

In addition, 50,000,000 shares of Class A common stock are redeemable upon the consummation of the Company’s initial Business Combination, subject to limitation described in Note 1, Description of Organization and Business Operations. In addition, if the Company is unable to complete the initial Business Combination within the Combination Period, the Company will cease all operations except for the purpose of winding up and redeem the shares of Class A common stock at a per-share price equal to the aggregate amount then on deposit in the Trust Account, divided by the number of then outstanding Public Shares (see Note 1, Description of Organization and Business Operations, for more information). The Company classified the shares of Class A common stock subject to redemption rights as temporary equity in the event of the consummation of the Company’s initial Business Combination is not solely within the control of the Company.

Class B Common Stock — The Company is authorized to issue 50,000,000 shares of Class B common stock with a par value of $0.0001 per share. At December 31, 2020, 12,937,500 shares of Class B common stock were issued and outstanding, of which 1,687,500 shares were subject to forfeiture to the extent that the underwriters’ over-allotment option was not exercised. These amounts have been retroactively adjusted to reflect the January 28, 2021 stock dividend of 0.125 shares, described in Note 6, Related Party Transactions.

Holders of the Class A common stock and holders of the Class B common stock will vote together as a single class on all matters submitted to a vote of the stockholders, except as required by law.

The Sponsor, the Company’s officers and directors entered into a letter agreement with the Company, pursuant to which they agreed (i) to waive their redemption rights with respect to their Founder Shares and Public Shares in connection with the completion of the initial Business Combination, (ii) to waive their redemption rights with respect to their Founder Shares and Public Shares in connection with a stockholder vote to approve an amendment to the Company’s certificate of incorporation and (iii) to waive their rights to liquidating distributions from the Trust Account with respect to their Founder Shares if the Company fails to complete the initial Business Combination within the Combination Period, although they will be entitled to liquidating distributions from the Trust Account with respect to their Public Shares if the Company fails to complete the initial Business Combination within such time period.

Warrant Liabilities — Public Warrants may only be exercised for a whole number of shares. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination or (b) 12 months from the closing of the IPO; provided in each case that the Company has an effective registration statement under the Securities Act covering the shares of common stock issuable upon exercise of the Public Warrants and a current prospectus relating to them is available. The Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of a Business Combination, the Company will use its best efforts to file with the U.S Securities and Exchange Commission a registration statement for the registration, under the Securities Act, of the shares of Class A common stock issuable upon exercise of the Public Warrants. The Company will use its best efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the Public Warrants in accordance with the provisions of the warrant agreement. Notwithstanding the foregoing, if a registration statement covering the shares of Class A common stock issuable upon exercise of the Public Warrants is not effective within a specified period following the consummation of Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act, provided that such exemption is available. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis. The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation.

The Private Placement Warrants are identical to the Public Warrants underlying the Units being sold in the IPO, except that the Private Placement Warrants and the Class A common stock issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.

The Company may redeem the Public Warrants (except with respect to the Private Placement Warrants):

• in whole and not in part;

• at a price of $0.01 per warrant;

• at any time during the exercise period;

• upon a minimum of 30 days’ prior written notice of redemption; and

• if, and only if, the last sale price of the Company’s Class A common stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders.

• If, and only if, there is a current registration statement in effect with respect to the shares of Class A common stock underlying such warrants.

13

MASON INDUSTRIAL TECHNOLOGY, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

(Unaudited)

If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement.

The exercise price and number of shares of Class A common stock issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, or recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuance of Class A common stock at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless.

NOTE 6 — RELATED PARTY TRANSACTIONS

Founder Shares

On September 15, 2020, the Sponsor purchased 11,500,000 shares of Class B common stock (the “Founder Shares”) for an aggregate price of $25,000, or approximately $0.002 per share. The Sponsor has agreed to forfeit up to 1,500,000 Founder Shares to the extent that the over-allotment option is not exercised in full by the underwriters. On January 28, 2021, the Company effected a stock dividend of 0.125 shares of Class B common stock, resulting in the Sponsor holding an aggregate of 12,937,500 Founder Shares (up to 1,687,500 Founder Shares of which are subject to forfeiture to the extent that the underwriters’ over-allotment option is not exercised), representing an adjusted purchase price of approximately $0.002 per share. The financial statement has been retroactively restated to reflect the stock dividend.

On January 29, 2021, the Sponsor forfeited 437,500 Founder Shares as a result of the underwriters’ election to partially exercise their over- allotment option.

The Founder Shares are identical to the Class A common stock included in the Units being sold in the IPO except that the Founder Shares automatically convert into shares of Class A common stock at the time of the Company’s initial Business Combination, on a one-for-one basis, subject to adjustments pursuant to certain anti-dilution rights, and the Founder Shares are subject to certain transfer restrictions.

The Company’s initial stockholders have agreed not to transfer, assign or sell any of their Founder Shares until the earlier to occur of: (A) one year after the completion of the initial Business Combination or (B) subsequent to the initial Business Combination, (x) if the last sale price of the Company’s Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 180 days after the initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, stock exchange or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property.

Private Placement

As described in Note 1, Description of Organization and Business Operations, the Company sold Private Placement Warrants simultaneously with the closing of the IPO. Each whole Private Placement Warrant is exercisable for one whole share of the Company’s Class A common stock at a price of $11.50 per share. A portion of the proceeds from the sale of the Private Placement Warrants were added to the proceeds from the IPO to be held in the Trust Account. If the initial Business Combination is not completed within the Combination Period, the proceeds from the sale of the Private Placement Warrants held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants will expire worthless.

The Private Placement Warrants are non-redeemable and exercisable on a cashless basis so long as they are held by the Sponsor or its permitted transferees. The Private Placement Warrants are not transferrable, assignable or salable until 30 days after the completion of the initial Business Combination.

Forward Purchase Agreement

As described in Note 1, Description of Organization and Business Operations, the Company entered into an FPA with the Sponsor simultaneously with the closing of the IPO, pursuant to which the Sponsor committed that it will purchase up to 8,000,000 FPA Units, consisting of one share of Class A common stock and one-third of one warrant to purchase one share of Class A common stock for $10.00 per unit, or an aggregate amount of up to $80,000,000, in a private placement that will close concurrently with the closing of the initial Business Combination. In addition, the Sponsor’s commitment under the FPA will be subject to approval, prior to entering into a definitive agreement for the initial Business Combination, of Mason Capital Management LLC, an affiliate of the managing member of the Sponsor. The proceeds from the sale of the FPA Units, together with the amounts available to the Company from the Trust Account (after giving effect to any redemptions of Public Shares) and any other equity or debt financing obtained by the Company in connection with the initial Business Combination, will be used to satisfy the cash requirements of the initial Business Combination, including funding the purchase price and paying expenses and retaining specified amounts to be used by the post-business combination company for working capital or other purposes. To the extent that the amounts available from the Trust Account and other financing are sufficient for such cash requirements, the Sponsor may purchase less than 8,000,000 FPA Units. In addition, the Sponsor’s commitment under the FPA will be subject to approval, prior to entering into a definitive agreement for the initial Business Combination, of Mason Capital Management LLC, an affiliate of the managing member of the Sponsor. The FPA Shares will be identical to the shares of Class A common stock included in the units being sold in this offering, except that they will be subject to transfer restrictions and registration rights. The FPA Warrants will have the same terms as the Private Placement Warrants so long as they are held by the Sponsor or its permitted assignees and transferees.

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MASON INDUSTRIAL TECHNOLOGY, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

(Unaudited)

Consulting Agreement

On May 1, 2021, Mason Capital Management LLC, an affiliate of the managing member of the Sponsor, entered into a two-year (the “Initial Term”) consulting agreement with Philip Whitehead, the Vice Chairman of the Company’s Board of Directors, pursuant to which Mason Capital Management LLC agreed to pay Mr. Whitehead a consulting fee of $250,000 per year in exchange for his consulting services to assist Mason Capital Management LLC in evaluating investment opportunities.

Related Party Loan

The Company’s Sponsor agreed to loan the Company an aggregate of up to $300,000 to cover expenses related to the IPO pursuant to a promissory note (the “Note”). This Note was non-interest bearing and payable on the earlier of September 30, 2021 or the completion of the IPO. The outstanding balance under the Note of $300,000 was repaid in full on February 16, 2021. In order to fund working capital deficiencies or finance transaction costs in connection with the initial Business Combination, the Sponsor or an affiliate of the Sponsor or certain of the Company’s directors and officers may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes the initial Business Combination, the Company would repay the Working Capital Loans. In the event that the initial Business Combination does not close, the Company may use a portion of the proceeds held outside the Trust Account to repay such loaned amounts but no proceeds from the Trust Account would be used to repay the Working Capital Loans. Up to $1.5 million of the Working Capital Loans may be convertible into warrants, at a price of $1.50 per warrant at the option of the lender. The warrants would be identical to the Private Placement Warrants, including as to exercise price, exercisability and exercise period. To date, the Company has had no Working Capital Loans outstanding.

NOTE 7 — INCOME TAXES

The Company’s provision for income taxes for the three and nine months ended September 30, 2021 is based on the estimated annual effective tax rate, in addition to discrete items. As of September 30, 2021 and December 31, 2020, the Company has provided a valuation allowance against its net deferred tax assets that it believes, based on the weight of available evidence, are not more likely than not to be realized. Therefore, no material current tax liability or expense has been recorded in the condensed financial statements.

NOTE 8 — NET INCOME (LOSS) PER COMMON SHARE

The Company applies the two-class method in calculating net income (loss) per common share. Net income (loss) per common share is computed by dividing net income, on a pro rata basis, by the weighted average number of common shares outstanding for the period.

The Company has not considered the effect of the warrants sold in the IPO and Private Placement to purchase 25,480,001 shares of Class A common stock in the calculation of diluted income per share, since the exercise of the warrants is contingent upon the occurrence of future events. As of September 30, 2021, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised or converted into shares of common stock and then share in earnings of the Company. As a result, diluted net income per common share is the same as basic net income per common share for the periods presented.

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MASON INDUSTRIAL TECHNOLOGY, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

(Unaudited)

Reconciliation of Net Income per Common Share

The following table reflects the calculation of basic and diluted net income per common share:

	Three Months Ended				Nine Months Ended				August 31, 2020 (inception) through
	September 30, 2021				September 30, 2021				September 30, 2020
	Class A		Class B		Class A		Class B		Class A		Class B
Basic and diluted net loss per share
Numerator
Allocation of net income	$	3,376,672	$	842,248	$	12,979,386	$	3,669,705	$	—	$	(83,334	)
Denominator
Weighted-average shares outstanding (1)		50,000,000		12,500,000		44,301,471		12,544,872		—		11,250,000
Basic and diluted net income per share	$	0.07	$	0.07	$	0.29	$	0.29	$	—	$	(0.01	)

(1) The weighted average shares outstanding for the period from August 31, 2020 (inception) through September 30, 2020 excludes an aggregate of up to 1,687,500 Class B common stock that was subject to forfeiture if the over-allotment option was not exercised in full or in part by the underwriters. The underwriters partially exercised their over-allotment option on January 29, 2021; therefore the Sponsor forfeited 437,500 Founder Shares as a result of the partial exercise of the over-allotment option, while the remaining 1,250,000 shares were no longer subject to forfeiture and are included in the 2021 periods.

NOTE 9 — COMMITMENTS AND CONTINGENCIES

Registration Rights

Pursuant to a registration rights agreement, dated January 28, 2021, the holders of the Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans (and any shares of Class A common stock issuable upon the exercise of the Private Placement Warrants or warrants that may be issued upon conversion of Working Capital Loans and upon conversion of the Founder Shares) will be entitled to registration rights requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to Class A common stock). The holders of these securities will be entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting Agreement

The underwriters were paid a cash underwriting discount of 2.0% of the gross proceeds of the IPO, or $10.0 million, with an additional fee (the “Deferred Discount”) of 3.5% of the gross offering proceeds payable upon the Company’s completion of an initial Business Combination. This Deferred Discount of $17.5 million has been recorded as Deferred Underwriting Commissions in the balance sheet as of September 30, 2021. The Deferred Discount will become payable to the underwriters from the amounts held in the Trust Account solely in the event the Company completes its initial Business Combination.

NOTE 10 — SUBSEQUENT EVENTS

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the condensed financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the condensed financial statements.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

References to “we,” “us,” “company” or “our company” are to Mason Industrial Technology, Inc. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the unaudited condensed financial statements and the notes thereto contained elsewhere in this report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We have based these forward- looking statements on our current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “continue,” or the negative of such terms or other similar expressions. Factors that might cause or contribute to such a discrepancy include, but are not limited to, those described in our other U.S. Securities and Exchange Commission (“SEC”) filings.

Overview

We are a blank check company incorporated as a Delaware corporation and formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses, which we refer to throughout this Report as our initial business combination. We consummated our initial public offering on February 2, 2021.

We currently intend to concentrate our efforts in identifying businesses in the industrial technology, advanced materials or specialty chemicals industries (collectively, “Advanced Industrials”). A common theme across these sectors is the application of technology to make industrial processes more profitable, faster, more sustainable, less capital-intensive and less complex. Specifically, we intend to identify businesses that apply innovative technology to engineering, production, assembly and manufacturing. These innovations include a wide range of automation, analytics and productivity tools, as well as control systems, high precision technologies, sustainability technologies, high performance computing and robotics. These technologies enable companies to confront numerous challenges inherent in their daily operations, such as rising wage rates, globalization, increased regulation, higher quality standards, heightened focus on sustainability and tighter timelines. We are also interested in companies that participate in market segments that are adjacent to Advanced Industrials. We believe that there are many potential targets within Advanced Industrials that could become attractive public companies. These potential targets exhibit a broad range of business models and financial characteristics, with enterprise values ranging between $1 billion and $3 billion. They span a wide continuum that includes both high growth emerging companies and mature businesses with established growth profiles, recurring revenues and strong cash flows. They are generally characterized by strong intellectual property, differentiated product offerings, compelling customer value propositions and corporate cultures that are data-driven and innovative.

We are not, however, required to complete our initial business combination with an Advanced Industrials business and, as a result, we may pursue a business combination outside of this industry. We are seeking to acquire mature businesses that we believe are fundamentally sound, yet which could benefit from additional financial, operational, strategic or managerial resources to achieve maximum value potential. We are also targeting earlier stage, yet established, companies that exhibit the potential to disrupt the market segments in which they participate through innovation and which offer the potential of sustained high levels of revenue growth.

Our sponsor is affiliated with and controlled by Mason Capital, a registered investment adviser under the Investment Advisers Act of 1940, as amended, which was established in 2000 and had over $1.4 billion of assets under management as of September 30, 2021.

Results of Operations

We have neither engaged in any operations nor generated any revenues to date. All activity from our inception through the date of our IPO, February 2, 2021, was in preparation for our IPO. Since our IPO, our activity has been limited to the evaluation of Business Combination candidates. We do not expect to generate any operating revenues until the closing and completion of our Business Combination. We expect to generate non-operating income in the form of interest income on marketable securities held after the Initial Public Offering. We incur increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.

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For the three months ended September 30, 2021, we had a net income of $4,218,920, which was primarily driven by a $4,674,534 gain from changes in fair value of derivative warrant liabilities and $7,682 of interest income on marketable securities held in the Trust Account. This was offset by general and administrative expenses of $255,261, $50,000 of franchise tax expense, and $158,035 loss from changes in fair value of the derivative FPA.

For the nine months ended September 30, 2021, we had net income of $16,649,091, which was primarily driven by a $18,374,401 gain from changes in fair value of derivative warrant liabilities, a $462,191 gain from changes in fair value of the derivative FPA, and $20,040 of interest income on marketable securities held in the Trust Account. This was partially offset by $667,878 in general and administrative expense, $218,310 of franchise tax expense, and $1,321,353 of issuance costs attributed to the Warrants.

As described in Note 3, Summary of Significant Accounting Policies, in “Part 1. Financial Information – Item 1. Financial Statements,” we account for (i) the Warrants issued in connection with our IPO and Private Placement and (ii) the forward purchase agreement as derivative instruments which were initially recorded at their fair value. These derivative instruments are subject to remeasurement at each balance sheet date until exercised, and any change in fair value is recognized in our statements of operations.

Liquidity and Capital Resources

Prior to the completion of the IPO, our liquidity needs were satisfied through receipt of $25,000 from the sale of Founder Shares to Mason Industrial Sponsor LLC, or the “Sponsor”.

On February 2, 2021, we consummated the IPO of 50,000,000 Units at a price of $10.00 per Unit generating net proceeds of $472,096,741. Transaction costs were $27,903,259, including $10,000,000 of underwriting fees, $17,500,000 of deferred underwriting fees and $403,259 of other offering costs in connection with the IPO. Simultaneously with the closing of the IPO, we consummated the sale of 8,813,334 Private Placement Warrants to our Sponsor at a price of $1.50 per warrant, generating gross proceeds of $13,220,000. Following the IPO and the sale of the Private Placement Warrants, a total of $500,000,000 was placed in a Trust Account and following the payment of certain transaction expenses.

For the nine months ended September 30, 2021, cash used in operating activities was $1,156,581. Net income of $16,649,091 was impacted by the non-cash changes in fair value of the derivative warrant liability and forward purchase agreement of $18,374,401 and $462,191, respectively, and the issuance costs attributed to the warrant liabilities of $1,321,353. Additionally, changes in operating assets and liabilities provided $270,393 of cash used in operating activities.

As of September 30, 2021, we had cash and marketable securities in the Trust Account of $500,020,040. We intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account (less deferred underwriting commissions) to complete our initial Business Combination. We may withdraw interest from the trust account to pay franchise and income taxes. To the extent that our capital stock or debt is used, in whole or in part, as consideration to complete our initial Business Combination, the remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.

As of September 30, 2021, we had cash of $1,402,383 held outside the Trust Account. We intend to use the funds held outside the Trust Account primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses, and structure, negotiate and complete a Business Combination.

In order to fund working capital deficiencies and/or finance transaction costs in connection with an initial Business Combination, our Sponsor or an affiliate of our Sponsor or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. If we complete our initial Business Combination, we would repay such loaned amounts. In the event that our initial Business Combination does not close, we may use a portion of the working capital held outside the Trust Account to repay such loaned amounts but no proceeds from our Trust Account would be used for such repayment. Up to $1,500,000 of such loans may be convertible into warrants, at a price of $1.50 per warrant at the option of the lender. The warrants would be identical to the Private Placement Warrants, including as to exercise price, exercisability and exercise period.

We believe we have sufficient working capital to meet our needs through the earlier of the consummation of the Business Combination or one year from this filing, and that we will not need to raise additional funds. However, if our estimates of the costs of identifying a target business, undertaking in-depth due diligence and negotiating an initial Business Combination are less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our Business Combination. Moreover, we may need to obtain additional financing either to complete our Business Combination or because we become obligated to redeem a significant number of our public shares upon completion of our Business Combination, in which case we may issue additional securities or incur debt in connection with such Business Combination. Subject to compliance with applicable securities laws, we would only complete such financing simultaneously with the completion of our Business Combination. If we are unable to complete our initial Business Combination because we do not have sufficient funds available to us, we will be forced to cease operations and liquidate the Trust Account. In addition, following our initial Business Combination, if cash on hand is insufficient, we may need to obtain additional financing in order to meet our obligations.

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Related Party Transactions

Please refer to Note 6, Related Party Transactions, in “Part 1. Financial Information – Item 1. Financial Statements” for a discussion of our related party transactions.

Critical Accounting Policies and Estimates

Our management makes a number of significant estimates, assumptions and judgments in the preparation of our financial statements. See “Note 3—Summary of Significant Account Policies” in our 2020 Form 10-K, for a discussion of the estimates and judgments necessary in our accounting for common stock subject to possible redemption, and net income (loss) per common share. Any new accounting policies or updates to existing accounting policies as a result of new accounting pronouncements have been included in the notes to our condensed financial statements contained in this Quarterly Report on Form 10-Q. The application of our critical accounting policies may require management to make judgments and estimates about the amounts reflected in the condensed financial statements. Management uses historical experience and all available information to make these estimates and judgments. Different amounts could be reported using different assumptions and estimates.

Recent Accounting Pronouncements

Please refer to Note 3, Summary of Significant Accounting Policies, in “Part 1. Financial Information – Item 1. Financial Statements” for a discussion of recent accounting pronouncements and their anticipated effect on our business.

JOBS Act

On April 5, 2012, the JOBS Act was signed into law. The JOBS Act contains provisions that, among other things, relax certain reporting requirements for qualifying public companies. We qualify as an “emerging growth company” under the JOBS Act and are allowed to comply with new or revised accounting pronouncements based on the effective date for private (not publicly traded) companies. We elected to delay the adoption of new or revised accounting standards, and as a result, we may not comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. As a result, our financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates.

As an “emerging growth company”, we are not required to, among other things, (i) provide an auditor’s attestation report on our system of internal controls over financial reporting pursuant to Section 404, (ii) provide all of the compensation disclosure that may be required of non-emerging growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act, (iii) comply with any requirement that may be adopted by the PCAOB regarding mandatory audit firm rotation or a supplement to the auditor’s report providing additional information about the audit and the financial statements (auditor discussion and analysis), and (iv) disclose certain executive compensation related items such as the correlation between executive compensation and performance and comparisons of the CEO’s compensation to median employee compensation. These exemptions will apply for a period of five years following the completion of our initial public offering or until we are no longer an “emerging growth company,” whichever is earlier.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

As of September 30, 2021, we were not subject to any significant market or interest rate risk. The net proceeds of the Initial Public Offering and Over- Allotment, respectively, included in the Trust Account, have been invested in cash and may be invested in U.S. government securities with a maturity of 185 days or less or in money market funds that meet certain conditions under Rule 2a-7 under the Investment Company Act of 1940, as amended, that invest only in direct U.S. government treasury obligations. Due to the short-term nature of these investments, we believe there will be no associated material exposure to interest rate risk.

We have not engaged in any hedging activities since our inception, and we do not expect to engage in any hedging activities with respect to the market risk to which we are exposed.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our principal executive officer and principal financial and accounting officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures as of the end of the fiscal quarter ended September 30, 2021, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on this evaluation, and in light of the material weakness in internal controls described below, our principal executive officer and principal financial and accounting officer has concluded that during the period covered by this report, our disclosure controls and procedures were not effective as of September 30, 2021.

Our internal control over financial reporting did not result in the proper accounting classification of the Warrants and the forward purchase agreement which, due to its impact on our financial statements, we determined to be a material weakness. This mistake in classification was brought to our attention only when the SEC issued a Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (“SPACs”) dated April 12, 2021 (the “SEC Statement”). The SEC Statement addresses certain accounting and reporting considerations related to warrants of a kind similar to those we issued at the time of our initial public offering in February 2021.

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Changes in Internal Control Over Financial Reporting

There was no change in our internal control over financial reporting that occurred during the fiscal quarter ended September 30, 2021 covered by this Quarterly Report on Form 10-Q that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting, with the exception of the below.

The Chief Executive Officer and Chief Financial Officer performed additional accounting and financial analyses and other post-closing procedures including consulting with subject matter experts related to the accounting for the Public Warrants, the Private Placement Warrants and the forward purchase agreement. The Company’s management has expended, and will continue to expend, a substantial amount of effort and resources for the remediation and improvement of our internal control over financial reporting. While we have processes to properly identify and evaluate the appropriate accounting technical pronouncements and other literature for all significant or unusual transactions, we have expanded and will continue to improve these processes to ensure that the nuances of such transactions are effectively evaluated in the context of the increasingly complex accounting standards.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 1A. Risk Factors.

As of the date of this Quarterly Report on Form 10-Q, there have been no material changes to the risk factors disclosed in our annual report on Form 10-K filed with the SEC on March 17, 2021, except for the below risk factor. We may disclose changes to such factors or disclose additional factors from time to time in our future filings with the SEC.

Our warrants and forward purchase agreement are accounted for as derivatives and the changes in value of our warrants and forward purchase agreement could have a material effect on our financial results.

On April 12, 2021, the Acting Director of the Division of Corporation Finance and Acting Chief Accountant of the SEC together issued a statement regarding the accounting and reporting considerations for warrants issued by special purpose acquisition companies entitled “Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (“SPACs”)” (the “SEC Statement”). Specifically, the SEC Statement focused on certain settlement terms and provisions related to certain tender offers following a business combination, which terms are similar to those contained in the warrant agreement governing our warrants. As a result of the SEC Statement, we reevaluated the accounting treatment of (i) our public warrants, (ii) our private placement warrants, and (iii) our forward purchase agreement, and determined to classify the warrants and forward purchase agreement as derivatives measured at fair value, with changes in fair value each period reported in earnings.

As a result, included on our condensed balance sheet as of September 30, 2021 contained elsewhere in this Quarterly Report are derivatives related to embedded features contained within our warrants and forward purchase agreement. Accounting Standards Codification 815, Derivatives and Hedging (“ASC 815”), provides for the remeasurement of the fair value of such derivatives at each balance sheet date, with a resulting non-cash gain or loss related to the change in the fair value being recognized in earnings in the statements of operations. As a result of the recurring fair value measurement, our financial statements and results of operations may fluctuate quarterly, based on factors, which are outside of our control. Due to the recurring fair value measurement, we expect that we will recognize non-cash gains or losses on our warrants and forward purchase agreement each reporting period and that the amount of such gains or losses could be material.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

On September 15, 2020, our sponsor purchased 11,500,000 founder shares for an aggregate price of $25,000, or approximately $0.002 per share. On January 28, 2021, we effected a stock dividend of 0.125 shares of founder shares, resulting in our sponsor holding an aggregate of 12,937,500 Founder Shares, representing an adjusted purchase price of approximately $0.002 per share. The financial statements have been retroactively restated to reflect the stock dividend. On January 29, 2021, the Sponsor forfeited 437,500 founder shares, resulting in an aggregate of 12,500,000 Founder Shares outstanding.

In addition, our sponsor purchased from us 8,813,334 private placement warrants at $1.50 per warrant (for a purchase price of $13,220,000). These purchases took place on a private placement basis simultaneously with the completion of our initial public offering. These issuances were made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act. Our sponsor is an accredited investor for purposes of Rule 501 of Regulation D under the Securities Act.

In connection with the consummation of our initial public offering, our sponsor entered into a forward purchase agreement with us pursuant to which our sponsor committed to purchase from us up to 8,000,000 forward purchase units, consisting of one share of Class A common stock (the “forward purchase shares”) and one-third of one warrant to purchase one share of Class A common stock (the “forward purchase warrants”), for $10.00 per unit, or an aggregate amount of up to $80,000,000, in a private placement that will close concurrently with the closing of our initial business combination. In addition, the Sponsor’s commitment under the FPA will be subject to approval, prior to entering into a definitive agreement for the initial Business Combination, of Mason Capital Management LLC, an affiliate of the managing member of the Sponsor. The proceeds from the sale of these forward purchase units, together with the amounts available to us from the trust account (after giving effect to any redemptions of public shares) and any other equity or debt financing obtained by us in connection with the business combination, will be used to satisfy the cash requirements of the business combination, including funding the purchase price and paying expenses and retaining specified amounts to be used by the post-business combination company for working capital or other purposes. To the extent that the amounts available from the trust account and other financing are sufficient for such cash requirements, our sponsor may purchase less than 8,000,000 forward purchase units. In addition, our sponsor’s commitment

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under the forward purchase agreement will be subject to approval, prior to our entering into a definitive agreement for our initial business combination, of Mason Capital. The forward purchase shares will be identical to the shares of Class A common stock included in the units sold in our initial public offering, except that they will not be transferable, assignable or salable until 30 days after the completion of our initial business combination and will be subject to registration rights. The forward purchase warrants have the same terms as the private placement warrants so long as they are held by our sponsor or its permitted assignees and transferees.

No underwriting discounts or commissions were paid with respect to such sales.

Use of Proceeds

On February 2, 2021, we consummated our initial public offering of 50,000,000 units, including 5,000,000 units from the underwriters’ partial exercise of the over-allotment option, at $10.00 per unit, generating gross proceeds of $500.0 million. Citigroup Global Markets Inc. and Jefferies LLC acted as the representatives of the several underwriters in the initial public offering. The securities sold in the initial public offering were registered under the Securities Act on a registration statement on Form S-1 (No. 333-252051) and a registration statement on Form S-1MEF. The SEC declared the registration statement on Form S-1 effective on January 28, 2021.

Substantially concurrently with the closing of the initial public offering, we consummated the private placement to our sponsor of 8,813,334 private placement warrants, at a price of $1.50 per private placement warrant, generating gross proceeds of $13.22 million.

In connection with the initial public offering, we incurred offering costs of approximately $27.9 million (including deferred underwriting commissions of approximately $17.5 million). Other incurred offering costs consisted principally of preparation fees related to the initial public offering. After deducting the underwriting discounts and commissions (excluding the deferred portion, which amount will be payable upon consummation of the initial business combination, if consummated) and the initial public offering expenses, $500.0 million of the net proceeds from our initial public offering and certain of the proceeds from the private placement of the private placement warrants (or $10.00 per unit sold in the initial public offering) was placed in the trust account.

There has been no material change in the planned use of the proceeds from the initial public offering and private placement as is described in our final prospectus related to the initial public offering.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits.

Exhibit Number	Description
31.1*	Certification of Chief Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certification of Chief Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**	Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.
32.2**	Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.
101.INS*	Inline XBRL Instance Document
101.SCH*	Inline XBRL Taxonomy Extension Schema Document
101.CAL*	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104*	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

* Filed herewith.

** Furnished.

21

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	MASON INDUSTRIAL TECHNOLOGY, INC.
Date: November 9, 2021	By:	/s/ Derek Satzinger
	Name:	Derek Satzinger
	Title:	Chief Financial Officer

22

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Edward A. Rose III, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 of Mason Industrial Technology, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) [Omitted];

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 9, 2021	By:	/s/ Edward A. Rose III
		Edward A. Rose III
		Chief Executive Officer (Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Derek Satzinger, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 of Mason Industrial Technology, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) [Omitted];

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 9, 2021	By:	/s/ Derek Satzinger
		Derek Satzinger
		Chief Financial Officer (Principal Financial Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Mason Industrial Technology, Inc. (the “Company”) on Form 10-Q for the quarter ended September 30, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I certify, in the capacity and on the date indicated below, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 9, 2021	By:	/s/ Edward A. Rose III
		Edward A. Rose III
		Chief Financial Officer
		(Principal Executive Officer)

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Mason Industrial Technology, Inc. (the “Company”) on Form 10-Q for the quarter ended September 30, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I certify, in the capacity and on the date indicated below, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 9, 2021	By:	/s/ Derek Satzinger
		Derek Satzinger
		Chief Financial Officer
		(Principal Financial Officer)

XML

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Nov. 05, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Amendment Flag	false
Document Fiscal Period Focus	Q3
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Entity Registrant Name	MASON INDUSTRIAL TECHNOLOGY, INC.
Entity Central Index Key	0001826058
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Entity Address, State or Province	NY
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	true
Entity File Number	001-39955
Entity Tax Identification Number	85-2856616
Entity Address, Address Line One	110 East 59th Street
Entity Address, City or Town	New York
Entity Address, Postal Zip Code	10022
City Area Code	212
Local Phone Number	771-1200
Common Class A [Member]
Document Information [Line Items]
Title of 12(b) Security	Class A common stock, par value $0.0001 per share
Trading Symbol	MIT
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		50,000,000
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		12,500,000
Capital Units [Member]
Document Information [Line Items]
Title of 12(b) Security	Units, each consisting of one share of Class A common stock and one-third of one redeemable warrant to purchase one share of Class A common stock
Trading Symbol	MIT.U
Security Exchange Name	NYSE
Warrant [Member]
Document Information [Line Items]
Title of 12(b) Security	Redeemable warrants exercisable for one share of Class A common stock at an exercise price of $11.50
Trading Symbol	MIT.W
Security Exchange Name	NYSE

XML

Condensed Balance Sheets - USD ($)	Sep. 30, 2021	Dec. 31, 2020
CURRENT ASSETS
Cash	$ 1,402,383	$ 167,224
Prepaid expenses	522,200	274,442
Total current assets	1,924,583	441,666
NONCURRENT ASSETS
Cash held in trust account	500,020,040
Other assets	174,067
Derivative forward purchase agreement	134,777
Total noncurrent assets	500,328,884
TOTAL ASSETS	502,253,467	441,666
CURRENT LIABILITIES
Accounts payable	8,122	75,000
Accrued deferred offering costs		125,000
Franchise tax payable	218,310
Note payable – related party		300,000
Total current liabilities	226,432	500,000
LONG-TERM LIABILITIES
Deferred underwriting commissions	17,500,000
Derivative warrant liabilities	18,345,600
Total liabilities	36,072,032	500,000
Commitments and Contingencies
Redeemable Class A common stock; 50,000,000 and 0 shares as of September 30, 2021 and December 31, 2020, respectively, subject to possible redemption at $10.00 per share	500,000,000
STOCKHOLDERS' DEFICIT
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; no shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively
Additional paid-in capital		23,706
Accumulated deficit	(33,819,815)	(83,334)
Total Stockholders' Deficit	(33,818,565)	(58,334)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	502,253,467	441,666
Common Class B [Member]
STOCKHOLDERS' DEFICIT
Common stock	1,250	1,294
Total Stockholders' Deficit	$ 1,250	$ 1,294

XML

Condensed Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Preferred stock, par or stated value per share	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common Class A [Member]
Temporary equity, shares outstanding	50,000,000
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	0	0
Common stock, shares outstanding	0	0
Common Class A [Member] | Shares Subject To Possible Redemption [Member]
Temporary equity, shares outstanding	50,000,000	0
Temporary equity, redemption price per share	$ 10.00	$ 10.00
Common Class B [Member]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	12,500,000	12,937,500
Common stock, shares outstanding	12,500,000	12,937,500

XML

Condensed Statements Of Operations - USD ($)		1 Months Ended	3 Months Ended		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2021		Sep. 30, 2021
OPERATING EXPENSES
General and administrative expenses		$ 83,334	$ 255,261		$ 667,878
Franchise tax expense		0	50,000		218,310
Total operating expenses		(83,334)	(305,261)		(886,188)
OTHER INCOME (EXPENSE)
Interest income on marketable securities held in Trust Account		0	7,682		20,040
Underwriting discounts and offering costs attributed to derivative warrant liability		0			(1,321,353)
Change in fair value of warrant liabilities		0	4,674,534		18,374,401
Change in fair value of derivative forward purchase agreement		0	(158,035)		462,191
Total other income		0	4,524,181		17,535,279
INCOME (LOSS) BEFORE INCOME TAX		(83,334)	4,218,920		16,649,091
Income tax expense (benefit)		0			0
NET INCOME (LOSS)		$ (83,334)	4,218,920		16,649,091
Common Class A [Member]
OTHER INCOME (EXPENSE)
NET INCOME (LOSS)			$ 3,376,672		$ 12,979,386
Basic and diluted weighted average shares outstanding		0	50,000,000	[1]	44,301,471	[1]
Basic and diluted net income (loss) per share		$ 0	$ 0.07		$ 0.29
Common Class B [Member]
OTHER INCOME (EXPENSE)
NET INCOME (LOSS)		$ (83,334)	$ 842,248		$ 3,669,705
Basic and diluted weighted average shares outstanding	[1],[2]	11,250,000	12,500,000		12,544,872
Basic and diluted net income (loss) per share		$ (0.01)	$ 0.07		$ 0.29

[1] The weighted average shares outstanding for the period from August 31, 2020 (inception) through September 30, 2020 excludes an aggregate of up to 1,687,500 Class B common stock that was subject to forfeiture if the over-allotment option was not exercised in full or in part by the underwriters. The underwriters partially exercised their over-allotment option on January 29, 2021; therefore the Sponsor forfeited 437,500 Founder Shares as a result of the partial exercise of the over-allotment option, while the remaining 1,250,000 shares were no longer subject to forfeiture and are included in the 2021 periods.

[2] The weighted average shares outstanding for the period from August 31, 2020 (inception) through September 30, 2020 excludes an aggregate of up to 1,687,500 Class B common stock that was subject to forfeiture if the over-allotment option was not exercised in full or in part by the underwriters. The underwriters partially exercised their over-allotment shares on January 29, 2021; therefore the Sponsor forfeited 437,500 Founder Shares as a result of the partial exercise of the over-allotment shares, while the remaining 1,250,000 shares were no longer subject to forfeiture and are included in the 2021 periods.

XML

Condensed Statements Of Operations (Parenthetical) - shares		1 Months Ended	9 Months Ended	12 Months Ended
	Jan. 29, 2021	Sep. 30, 2020	Sep. 30, 2021	Dec. 31, 2020
Common Class B [Member]
Shares issued, shares, share-based payment arrangement, forfeited				1,687,500
Over-Allotment Option [Member] | Founder Shares [Member]
Shares issued, shares, share-based payment arrangement, forfeited	437,500
Over-Allotment Option [Member] | Common Class B [Member]
Weighted average number of shares common stock subject to repurchase or cancellation		1,687,500
Shares issued, shares, share-based payment arrangement, forfeited		1,687,500
Shares no longer subject to forfeiture			1,250,000

XML

Condensed Statements Of Changes In Stockholders' Deficit - USD ($)		Total	Additional Paid-in Capital [Member]	Retained Earnings (Accumulated Deficit) [Member]	Class A Common Stock [Member]	Class B Common Stock [Member]
Beginning Balance , Shares at Aug. 30, 2020					0	0
Beginning Balance at Aug. 30, 2020		$ 0	$ 0	$ 0	$ 0	$ 0
Issuance of Class B stock to Sponsor, Shares	[1]					12,937,500
Issuance of Class B stock to Sponsor	[1]	25,000	23,706			$ 1,294
Net income (loss)		(83,334)		(83,334)		$ (83,334)
Ending Balance , Shares at Sep. 30, 2020						12,937,500
Ending Balance at Sep. 30, 2020		(58,334)	23,706	(83,334)		$ 1,294
Beginning Balance , Shares at Dec. 31, 2020					0	12,937,500
Beginning Balance at Dec. 31, 2020		(58,334)	23,706	(83,334)	$ 0	$ 1,294
Forfeiture of Founder Shares, Shares	[2]					(437,500)
Forfeiture of Founder Shares	[2]		44			$ (44)
Initial classification of derivative forward purchase agreement		(327,414)	(327,414)
Accretion to shares subject to possible redemption		(50,081,908)	303,664	(50,385,572)
Net income (loss)		17,723,284		17,723,284
Ending Balance at Mar. 31, 2021		(32,744,372)		(32,745,622)		$ 1,250
Ending Balance, Shares at Mar. 31, 2021						12,500,000
Beginning Balance , Shares at Dec. 31, 2020					0	12,937,500
Beginning Balance at Dec. 31, 2020		(58,334)	23,706	(83,334)	$ 0	$ 1,294
Ending Balance , Shares at Jun. 30, 2021						12,500,000
Ending Balance at Jun. 30, 2021		(38,037,485)		(38,038,735)		$ 1,250
Beginning Balance , Shares at Dec. 31, 2020					0	12,937,500
Beginning Balance at Dec. 31, 2020		(58,334)	$ 23,706	(83,334)	$ 0	$ 1,294
Net income (loss)		16,649,091			$ 12,979,386	$ 3,669,705
Ending Balance , Shares at Sep. 30, 2021						12,500,000
Ending Balance at Sep. 30, 2021		(33,818,565)		(33,819,815)		$ 1,250
Ending Balance, Shares at Sep. 30, 2021					50,000,000
Beginning Balance at Mar. 31, 2021		(32,744,372)		(32,745,622)		$ 1,250
Net income (loss)		(5,293,113)		(5,293,113)
Ending Balance , Shares at Jun. 30, 2021						12,500,000
Ending Balance at Jun. 30, 2021		(38,037,485)		(38,038,735)		$ 1,250
Net income (loss)		4,218,920		4,218,920	$ 3,376,672	$ 842,248
Ending Balance , Shares at Sep. 30, 2021						12,500,000
Ending Balance at Sep. 30, 2021		$ (33,818,565)		$ (33,819,815)		$ 1,250
Ending Balance, Shares at Sep. 30, 2021					50,000,000

[1] The Class B common stock includes an aggregate of up to 1,687,500 Class B common stock that was subject to forfeiture if the over-allotment option was not exercised in full or in part by the underwriters.

[2] On January 29, 2021 the Sponsor forfeited 437,500 Founder Shares as a result of the underwriters election to partially exercise their overallotment option.

XML

Condensed Statements Of Changes In Stockholders' Deficit (Parenthetical) - shares		1 Months Ended	12 Months Ended
	Jan. 29, 2021	Sep. 30, 2020	Dec. 31, 2020
Common Class B [Member]
Common stock subject to forfeiture			1,687,500
Shares issued, shares, share-based payment arrangement, forfeited			1,687,500
Over-Allotment Option [Member] | Founder Shares [Member]
Common stock subject to forfeiture	437,500
Shares issued, shares, share-based payment arrangement, forfeited	437,500
Over-Allotment Option [Member] | Common Class B [Member]
Common stock subject to forfeiture		1,687,500
Shares issued, shares, share-based payment arrangement, forfeited		1,687,500

XML

Condensed Statement Of Cash Flows - USD ($)	1 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (83,334)	$ 16,649,091
Adjustments to reconcile net income to net cash used in operating activities:
Interest earned on cash held in Trust Account	0	(20,040)
Underwriting discounts and offering costs attributed to warrant liability	0	1,321,353
Change in fair value of derivative warrant liabilities	0	(18,374,401)
Change in fair value of derivative forward purchase agreement	0	(462,191)
Changes in operating assets and liabilities:
Prepaid expenses	0	(247,758)
Accounts payable	83,334	(66,878)
Other assets	0	(174,067)
Franchise tax payable	0	218,310
Net cash used in operating activities	0	(1,156,581)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment of cash in Trust Account	0	(500,000,000)
Net cash used in investing activities	0	(500,000,000)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from sale of Units, net of underwriting discounts paid	0	489,596,740
Proceeds from sale of Private Placement Warrants	0	13,220,000
Proceeds from sale of Class B common stock	25,000
Proceeds from issuance of note payable – related party	300,000
Repayment of note payable – related party	0	(300,000)
Payment of offering costs	(84,500)	(125,000)
Net cash provided by financing activities	240,500	502,391,740
NET CHANGE IN CASH	240,500	1,235,159
CASH, BEGINNING OF PERIOD	0	167,224
CASH, END OF PERIOD	240,500	1,402,383
SUPPLEMENTAL DISCLOSURES OF NONCASH ACTIVITIES
Initial classification of derivative warrant liability	0	36,720,001
Initial classification of derivative forward purchase agreement	0	(327,414)
Initial classification of common stock subject to possible redemption, as revised	0	500,000,000
Deferred underwriting fees charged to additional paid in capital		17,500,000
Deferred offering costs included in accrued deferred offering costs	$ 136,132	$ 0

XML

Description of Organization and Business Operations

9 Months Ended

Sep. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Organization and Business Operations

NOTE 1 — DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

Organization and Operations

Mason Industrial Technology, Inc. (the “Company”) was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses (the “Business Combination”). The Company is an early stage and emerging growth company, and as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.

As of September 30, 2021, the Company had not commenced any operations. All activity through September 30, 2021 relates to the Company’s formation, its Initial Public Offering (the “IPO”) and identifying a target company for a Business Combination. The Company will not generate any operating revenues until after completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on cash from the proceeds derived from the IPO (see below for more information on the IPO), and recognizes changes in the fair value of warrant liabilities and forward purchase agreement as other income (expense).

Corporate Organization and Initial Public Offering

The Company was incorporated in Delaware on August 31, 2020. The Company’s sponsor is Mason Industrial Sponsor, LLC, a Delaware limited liability company (the “Sponsor”).

On February 2, 2021, the Company consummated its IPO of 50,000,000 units (the “Units” and, with respect to the Class A common stock included in the Units being offered, the “Public Shares”) at $10.00 per Unit, raising $500.0 million of gross proceeds. Of the 50,000,000 units issued, 45,000,000 Units were included in the Company’s initial offering, and 5,000,000 Units resulted from the underwriter partially exercising its over- allotment option. The net proceeds of the IPO were $472.1 million, after deducting expenses and underwriting discounts and commissions of approximately $27.9 million, which includes $17.5 million in deferred underwriting commissions (see Note 9, Commitments and Contingencies, for more information).

Public Warrants

Each Unit consists of one share of Class A common stock and one-third of one redeemable warrant (each, a “Public Warrant” and, collectively, the “Public Warrants”). Each whole Public Warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share. In addition, if (x) the Company issues additional shares of Class A common stock for capital raising purposes in connection with the closing of the Company’s Initial Business Combination at an issue or effective issue price of less than $9.20 per share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Sponsor or their affiliates, without taking into account any shares of Class B common stock held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the amount that is the total equity proceeds (and interest thereon) , available for the funding of the Initial Business Combination on the date of the consummation (net of redemptions) and (z) the volume-weighted average trading price of the Company’s Class A common stock during the 20-trading-day period starting on the trading day prior to the date on which the Company consummates its Initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the Public Warrants will be adjusted, to the nearest cent, to 115% of the higher of the Newly Issued Price and the Market Value, and the $18.00 per share redemption trigger price described below will be adjusted, to the nearest cent, to be equal to 180% of the higher of the Newly Issued Price and the Market Value.

No fractional shares will be issued upon separation of the Units and only whole Public Warrants will trade. Each Public Warrant will become exercisable on the later of 30 days after the completion of the Company’s Initial Business Combination or 12 months from the closing of the Initial Public Offering and will expire five years after the completion of the Company’s Initial Business Combination or earlier upon redemption or liquidation.

Once the Public Warrants become exercisable, the Company may redeem the outstanding Public Warrants in whole and not in part at a price of $0.01 per Public Warrant upon a minimum of 30 days’ prior written notice of redemption, if and only if the last sale price of the Company’s Class A common stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the Public Warrant holders.

Private Placement Warrants

Simultaneously with the closing of the IPO, the Company consummated a private sale (the “Private Placement”) of 8,813,334 warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants” and together with the Public Warrants, the “Warrants”) to the Sponsor at a price of $1.50 per Private Placement Warrant, generating gross proceeds of approximately $13.2 million (see Note 6, Related Party Transactions, for more information). The Private Placement Warrants are identical to the Warrants included in the Units sold in the IPO, except as otherwise disclosed in the Registration Statement. No underwriting discounts or commissions were paid with respect to such sale.

Forward Purchase Agreement

Simultaneously with the closing of the IPO, the Company entered into a Forward Purchase Agreement (the “FPA”) with the Sponsor, pursuant to which the Sponsor committed that it will purchase up to 8,000,000 forward purchase units (the “FPA Units”), consisting of one share of Class A common stock (the “FPA Share”) and one-third of one warrant to purchase one share of Class A common stock (the “FPA Warrant”) for $10.00 per unit, or an aggregate amount of up to $80,000,000, in a private placement that will close concurrently with the closing of the initial Business Combination (see Note 6, Related Party Transactions, for more information). In addition, the Sponsor’s commitment under the FPA will be subject to approval, prior to entering into a definitive agreement for the initial Business Combination, of Mason Capital Management LLC, an affiliate of the managing member of the Sponsor. The FPA Shares will be identical to the shares of Class A common stock included in the units being sold in this offering, except that they will be subject to transfer restrictions and registration rights. The FPA Warrants will have the same terms as the Private Placement Warrants so long as they are held by the Sponsor or its permitted assignees and transferees.

Transaction Costs

Transaction costs amounted to $27.9 million, consisting of $10.0 million of underwriting fees, $17.5 million of deferred underwriting commissions, and $0.4 million of other offering costs.

The Trust Account

Following the closing of the IPO, $500.0 million of the net proceeds of the sale of the Units and the Private Placement Warrants were placed in a trust account (the “Trust Account”). The funds in the Trust Account will be invested only in U.S. government treasury bills with a maturity of one hundred eighty (180) days or less or in money market funds that meet certain conditions under Rule 2a-7 under the Investment Company Act of 1940 and that invest only in direct U.S. government obligations. Funds will remain in the Trust Account until the earlier of (i) the consummation of the Initial Business Combination or (ii) the distribution of the Trust Account proceeds as described below. The remaining proceeds outside the Trust Account may be used to pay for business, legal and accounting due diligence on prospective acquisitions and continuing general and administrative expenses.

Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its taxes, the proceeds from the IPO and the Private Placement will not be released from the Trust Account until the earlier of: (i) the completion of the Company’s Initial Business Combination; (ii) the redemption of any shares of the Public Shares that have been properly tendered in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation (A) to modify the substance or timing of the Company’s obligation to redeem 100% of Public Shares if the Company does not complete its Initial Business Combination within 24 months from the closing of the IPO (or 30 months from the closing of the IPO if the Company has executed a letter of intent, agreement in principle or definitive agreement for the initial Business Combination within 24 months from the closing of the IPO but has not completed the initial Business Combination within such 24 month period) (the “Combination Period”) or (B) with respect to any other provision relating to stockholders’ right for pre-initial Business Combination activity; and (iii) the redemption of 100% of the Public Shares if the Company is unable to complete an initial Business Combination within the Combination Period, subject to the requirements of law. The proceeds deposited in the Trust Account could become subject to the claims of the Company’s creditors, if any, which could have priority over the claims of the Company’s public stockholders.

Initial Business Combination

The Company’s management has broad discretion with respect to the specific application of the net proceeds of the IPO, although substantially all of the net proceeds of the IPO are intended to be generally applied toward consummating an initial Business Combination. The initial Business Combination must occur with one or more target businesses that together have an aggregate fair market value of at least 80% of the assets held in the Trust Account (excluding the amount of any deferred underwriting discount held in the trust account) at the time of the agreement to enter into the initial Business Combination. Furthermore, there is no assurance that the Company will be able to successfully effect an initial Business Combination.

The Company, after signing a definitive agreement for an initial Business Combination, will either (i) seek stockholder approval of the initial Business Combination at a meeting called for such purpose in connection with which stockholders may seek to redeem their shares, regardless of whether they vote for or against the initial Business Combination, for cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account as of two business days prior to the consummation of the initial Business Combination, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay the Company’s taxes, or (ii) provide stockholders with the opportunity to sell their Public Shares to the Company by means of a tender offer (and thereby avoid the need for a stockholder vote) for an amount in cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account as of two business days prior to the consummation of the initial Business Combination, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay the Company’s taxes. The decision as to whether the Company will seek stockholder approval of the initial Business Combination or will allow stockholders to sell their Public Shares in a tender offer will be made by the Company, solely in its discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would otherwise require the Company to seek stockholder approval, unless a vote is required by law or under New York Stock Exchange rules. If the Company seeks stockholder approval, it will complete its initial Business Combination only if a majority of the outstanding shares of common stock voted are voted in favor of the initial Business Combination.

If the Company holds a stockholder vote or there is a tender offer for shares in connection with an initial Business Combination, a public stockholder will have the right to redeem its shares for an amount in cash equal to its pro rata share of the aggregate amount then on deposit in the Trust Account as of two business days prior to the consummation of the initial Business Combination, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay the Company’s taxes.

Pursuant to the Company’s amended and restated certificate of incorporation, if the Company is unable to complete the initial Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to the Company to pay the Company’s taxes (less $100,000 to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.

The Sponsor and the Company’s directors, director nominees and officers have entered into a letter agreement with the Company, pursuant to which they have agreed to waive their rights to liquidating distributions from the Trust Account with respect to any Founder Shares (as defined below in Note 6, Related Party Transactions) held by them if the Company fails to complete an initial Business Combination within the Combination Period. However, if the Sponsor or any of the Company’s directors, officers or affiliates acquires shares of Class A common stock in or after the IPO, they will be entitled to liquidating distributions from the Trust Account with respect to such shares if the Company fails to complete the initial Business Combination within the Combination Period.

Liquidity

As of December 31, 2020, the Company had $167,224 in cash and a working capital deficiency of $332,776. As described above, on February 2, 2021 the Company closed its IPO of 50,000,000 Units at $10.00 per Unit, generating gross proceeds of $500.0 million, and also consummated the Private Placement of 8,813,334 Private Placement Warrants to the Sponsor at a purchase price of $1.50 per Private Placement Warrant, generating gross proceeds of approximately $13.2 million.

The Company’s liquidity needs prior to the consummation of its IPO were satisfied through the proceeds of $25,000 from the sale of the Founder Shares (Note 6), and a loan of $300,000 under an unsecured and noninterest bearing promissory note (Note 6). Subsequent to the IPO, the Company’s liquidity will be satisfied through a portion of the net proceeds from IPO held outside of the Trust Account.

Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity to meet its needs through the earlier of the consummation of a Business Combination or one year from this filing. Over this time period, the Company will be using the funds held outside of the Trust Account for paying existing accounts payable and accrued liabilities, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination. The Company does not believe it will need to raise additional funds in order to meet the expenditures required for operating the business. However, if the Company’s estimate of the costs of identifying a target business, undertaking in-depth due diligence and negotiating an Initial Business Combination are less than the actual amount necessary to do so, the Company may have insufficient funds available to operate the business prior to the Initial Business Combination. Moreover, the Company may need to obtain additional financing either to complete the Initial Business Combination or to redeem a significant number of our public shares upon completion of the Initial Business Combination, in which case the Company may issue additional securities or incur debt in connection with such Initial Business Combination. If the Company is unable to complete an Initial Business Combination because it does not have sufficient funds available, it will be forced to cease operations and liquidate the Trust Account.

There is no assurance that the Company’s plans to consummate an Initial Business Combination will be successful within the Combination Period. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Separate trading of Class A common shares and Public Warrants

On March 18, 2021, the Company announced that, commencing March 22, 2021, the holders of the Company’s Units may elect to separately trade the Class A common stock and Public Warrants comprising the Units. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Those units not separated will continue to trade on the New York Stock Exchange under the symbol “MIT.U,” and each of the shares of Class A common stock and Public Warrants that are separated will trade on the New York Stock Exchange under the symbols “MIT” and “MIT.W,” respectively.

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Revision of Previously Issued Financial Statements

9 Months Ended

Sep. 30, 2021

Prior Period Adjustment [Abstract]

Revision of Previously Issued Financial Statements

NOTE 2 — REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

In connection with the preparation of the Company’s financial statements as of September 30, 2021, management determined it should revise its previously reported financial statements. The Company determined, at the closing of the Company’s IPO and shares sold pursuant to the exercise of the underwriters’ overallotment, it had improperly valued its Class A ordinary shares subject to possible redemption. The Company previously determined the Class A ordinary shares subject to possible redemption to be equal to the redemption value of $10.00 per Class A ordinary share while also taking into consideration a redemption cannot result in net tangible assets being less than $5,000,001. Management determined that the Class A ordinary shares issued during the IPO and pursuant to the exercise of the underwriters’ overallotment can be redeemed or become redeemable subject to the occurrence of future events considered outside the Company’s control. Therefore, management concluded that the redemption value should include all Class A ordinary shares subject to possible redemption, resulting in the Class A ordinary shares subject to possible redemption being equal to their redemption value. As a result, management has noted a reclassification adjustment related to temporary equity and permanent equity. This resulted in an adjustment to the initial carrying value of the Class A ordinary shares subject to possible redemption with the offset recorded to additional paid-in capital (to the extent available), accumulated deficit and Class A ordinary shares.

In connection with the change in presentation for the Class A ordinary shares subject to redemption, the Company also revised its earnings per share calculation to allocate net income (loss) evenly to Class A and Class B ordinary shares. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of ordinary shares share pro rata in the income (loss) of the Company.

There has been no change in the Company’s total assets, liabilities or operating results.

The impact of the revision on the Company’s financial statements is reflected in the following table.

Balance Sheet as of March 31, 2021 (unaudited)	As previously reported		Adjustment			As revised
Class A common stock subject to redemption	$	462,255,620	$	37,744,380		$	500,000,000
Class A Common stock	$	377	$	(377	)	$	—
Retained Earnings (Accumulated deficit)	$	4,998,381	$	(37,744,003	)	$	(32,745,622	)
Total Stockholders’ Equity (deficit)	$	5,000,008	$	(37,744,380	)	$	(32,744,372	)

Balance Sheet as of June 30, 2021 (unaudited)	As previously reported		Adjustment			As revised
Class A common stock subject to redemption	$	456,962,510	$	43,037,490		$	500,000,000
Class A Common stock	$	430	$	(430	)	$	—
Retained Earnings (Accumulated deficit)	$	4,998,325	$	(43,037,060	)	$	(38,038,735	)
Total Stockholders’ Equity (deficit)	$	5,000,005	$	(43,037,490	)	$	(38,037,485	)

Statement of cash flows as of March 31, 2021 (unaudited)	As previously reported			Adjustment		As revised
Initial classification of common stock subject to redemption	$	443,220,180		$	56,779,820	$	500,000,000
Change in value of common stock subject to possible redemption		(19,035,440	)		19,035,440		—

Statement of cash flows as of June 30, 2021 (unaudited)	As previously reported		Adjustment			As revised
Initial classification of common stock subject to redemption	$	443,220,180	$	56,779,820		$	500,000,000
Change in value of common stock subject to possible redemption		13,742,330		(13,742,330	)		—

 

Earnings per share	Three months ended March 31, 2021			Three months ended June 30, 2021			Six months ended June 30, 2021
	As previously reported
Class A Common Stock
Basic and diluted net loss per share
Numerator
Allocation of net income	$	—		$	—		$	—
Denominator
Weighted-average shares outstanding		44,355,414			46,219,745			45,501,726
Basic and diluted net income per share	$	—		$	—		$	—
Class B Common Stock
Basic and diluted net loss per share
Numerator
Allocation of net income	$	17,723,284		$	(5,293,113	)	$	12,430,171
Denominator
Weighted-average shares outstanding		16,274,105			16,280,255			16,277,197
Basic and diluted net income per share	$	1.09		$	(0.33	)	$	0.76
Earnings per share	Three months ended March 31, 2021			Three months ended June 30, 2021			Six months ended June 30, 2021
	As revised
Class A Common Stock
Basic and diluted net loss per share
Numerator
Allocation of net income	$	12,730,825		$	(4,234,490	)	$	9,522,587
Denominator
Weighted-average shares outstanding		32,222,222			50,000,000			41,160,221
Basic and diluted net income per share	$	0.40		$	(0.08	)	$	0.23
Class B Common Stock
Basic and diluted net loss per share
Numerator
Allocation of net income	$	4,992,459		$	(1,058,623	)	$	2,907,584
Denominator					—
Weighted-average shares outstanding		12,636,111			12,500,000			12,567,680
Basic and diluted net income per share	$	0.40		$	(0.08	)	$	0.23
Earnings per share	Three months ended March 31, 2021			Three months ended June 30, 2021			Six months ended June 30, 2021
	Impact of change on calculation
Class A Common Stock
Basic and diluted net loss per share
Numerator
Allocation of net income	$	(12,730,825	)	$	4,234,490		$	(9,522,587	)
Denominator
Weighted-average shares outstanding		12,133,192			(3,780,255	)		4,341,505
Basic and diluted net income per share	$	(0.40	)	$	0.08		$	(0.23	)
Class B Common Stock
Basic and diluted net loss per share
Numerator
Allocation of net income	$	12,730,825		$	(4,234,490	)	$	9,522,587
Denominator					—
Weighted-average shares outstanding		3,637,994			3,780,255			3,709,517
Basic and diluted net income per share	$	0.69		$	(0.25	)	$	0.53

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Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The accompanying unaudited interim condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and should be read in conjunction with the Company’s financial statements, summary of significant accounting policies and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Form 10-K”). Accordingly, certain disclosures required by GAAP and normally included in Annual Reports on Form 10-K have been condensed or omitted from this report; however, except as disclosed herein, there has been no material change in the information disclosed in the notes to condensed financial statements included in the Company’s 2020 Form 10-K.

It is the opinion of management that all adjustments, consisting of normal recurring adjustments considered necessary for a fair presentation of interim financial information, have been included. The Company has no items of other comprehensive income or loss; therefore, its net income or loss is identical to its comprehensive income or loss. Operating results for the periods presented are not necessarily indicative of expected results for the full year or for any future interim periods.

Use of Estimates

In the course of preparing the condensed financial statements, management makes various assumptions, judgments and estimates to determine the reported amounts of assets, liabilities, income and expenses, and in the disclosures of commitments and contingencies. Changes in these assumptions, judgments and estimates will occur as a result of the passage of time and the occurrence of future events. Although management believes these estimates are reasonable, actual results could differ from these estimates.

Estimates made in preparing these condensed financial statements include, among other things, (1) the measurement of derivative warrant liabilities, (2) the measurement of the derivative forward purchase agreement and (3) accrued expenses. Changes in these estimates and assumptions could have a significant impact on results in future periods.

Cash and cash equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of September 30, 2021 and December 31, 2020.

Cash held in Trust Account

At September 30, 2021, the Company had $500.0 million in cash held in the Trust Account that were held in U.S. Treasury Bills.

Fair Value Measurements

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). Certain financial assets and liabilities, such as the derivative warrant liability, are measured at fair value on a recurring basis. Nonfinancial assets and liabilities, if any, are recognized at fair value on a nonrecurring basis.

The Company categorizes the inputs to the fair value of its financial assets and liabilities using a three-tier fair value hierarchy, established by the FASB, that prioritizes the significant inputs used in measuring fair value. These levels are:

Level 1—inputs are based on unadjusted quoted prices that are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Examples of Level 1 inputs include financial instruments such as exchange-traded derivatives, listed securities and U.S. government treasury securities.

Level 2—inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques (e.g., the Black-Scholes model) for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs including interest rate curves, credit spreads, foreign exchange rates, and forward and spot prices for currencies. Examples of Level 2 inputs include nonexchange-traded derivatives such as over-the-counter forwards, swaps, and options.

Level 3—inputs that are generally unobservable from objective sources and typically reflect management’s estimates and assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques, including option pricing models and discounted cash flow models.

Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. 

Concentration of Credit Risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash held in Trust Account. The Company’s Trust Account is maintained with a high-quality financial institution, with the compositions and maturities of the Trust Account’s investments are regularly monitored by management.

Derivative warrant liabilities and forward purchase agreement

The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480 and ASC 815. The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

The Company evaluated the Public Warrants, the Private Placement Warrants, and the FPA (which are discussed in Note 4, Note 5 and Note 6) in accordance with ASC 815-40 and concluded that each contained provisions related to certain tender or exchange offers which precludes them from being accounted for as a component of equity. As the Warrants and FPA meet the definition of a derivative as contemplated in ASC 815, the Warrants and FPA were measured at fair value at inception (on the date of the IPO) and recorded as assets or liabilities on the condensed balance sheets. The Warrants and FPA are subject to remeasurement at each reporting date until exercised in accordance with ASC 820, Fair Value Measurement, with changes in fair value recognized on the statement of operation in the period of change. See Note 4, Fair Value Measurements, for more information regarding the methods used to fair value the Warrants and the FPA.

Allocation of Issuance costs

The Company accounts for the allocation of its issuance costs to its Warrants using the guidance in ASC 470-20, applied by analogy. Under this guidance, if debt or stock is issued with detachable warrants, the proceeds need to be allocated to the two instruments using either the fair value method, the relative fair value method, or the residual value method. The guidance also requires companies to use a consistent approach in allocating issuance costs between the instruments. Accordingly, the Company allocated its issuance costs of $27,903,259—consisting of $10,000,000 of underwriting fees, $17,500,000 of deferred underwriting commissions, and $403,259 of other offering costs—to the issuance of its Class A shares and Warrants in the amount of $26,581,907 and $1,321,352, respectively. Issuance costs attributed to the Warrants were expensed to the condensed statements of operations.

Class A Common Stock Subject to Possible Redemption

The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in ASC 480. Shares of Class A common stock subject to mandatory redemption (if any) is classified as a liability instrument and is measured at fair value. Conditionally redeemable common stock (including common stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s Class A common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, at September 30, 2021, Class A common stock subject to possible redemption is presented at redemption value as temporary equity, outside of the stockholders’ equity section of the Company’s condensed balance sheets.

Franchise Tax Obligation

As a Delaware corporation, the Company’s franchise tax obligation is based on the number of shares of common stock authorized and outstanding. As of September 30, 2021 and December 31, 2020 the Company has recorded franchise taxes payable of $218,310 and $0 respectively. The Company remits these obligations to Delaware annually.

Recently issued accounting standards

In August 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”), which simplifies accounting for convertible instruments by removing major separation models required under current U.S. GAAP. The ASU also removes certain settlement conditions that are required for equity-linked contracts to qualify for the derivative scope exception, and it simplifies the diluted earnings per share calculation in certain areas. The new standard is effective for the Company on January 1, 2024, although early adoption is permitted. The ASU allows the use of the modified retrospective method or the fully retrospective method. The Company is still in the process of evaluating the impact of this new standard; however, the Company does not believe the initial impact of adopting the standard will result in any changes to the Company’s statements of financial position, operations or cash flows.

The Company’s management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying condensed consolidated financial statements.

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Fair Value Measurements

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

NOTE 4 — FAIR VALUE MEASUREMENTS

Financial Assets and Liabilities Measured on a Recurring Basis

Certain assets and liabilities are reported at fair value on a recurring basis. These assets and liabilities include the investments held in Trust Account, and derivative warrant liabilities.

The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis and where they are classified within the fair value hierarchy at September 30, 2021. The Company did not have any assets or liabilities that were measured at fair value on a recurring basis at December 31, 2020.

	Fair Value Measurement as of September 30, 2021
	Level 1		Level 2		Level 3
Assets:
Investments held in trust account (1)	$	500,020,040	$	—	$	—
Derivative forward purchase agreements (2)	$	—	$	—	$	134,777
Liabilities:
Derivative warrant liabilities—Public Warrants (3)	$	12,000,000	$	—	$	—
Derivative warrant liabilities—Private Placement Warrants (4)	$	—	$	—	$	6,345,600

(1) The fair value of the investments held in Trust Account was based on the quoted market price.

(2) The fair value of the derivative forward purchase agreement was based on the forward price formula.

(3) The fair value of the derivative warrant liabilities – Public Warrants was based the quoted market price for MIT.W as of the reporting date.

(4) The fair value of the derivative warrant liabilities – Private Placement Warrants was based on a modified Black-Scholes model.

Investments held in Trust Account. At September 30, 2021, the investments held in Trust Account were entirely comprised of U.S. Treasury Bills. During the three and nine months ended September 30, 2021, the Company did not withdraw any interest income from the Trust Account.

Derivative warrant liabilities. The Warrants are accounted for as liabilities in accordance with ASC 815-40 and are presented within derivative warrant liabilities on the condensed balance sheets. The derivative warrant liabilities were 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 statements of operations.

Initial Measurement

The estimated fair value of the Public Warrants and the Private Warrants on February 2, 2021 was estimated using a Binomial Lattice and modified Black-Scholes valuation model, respectively. At their initial measurement, the Warrants were classified as Level 3 inputs due to the use of unobservable inputs.

The following table presents information and assumptions used to determine the estimated fair values of the Warrants at the initial measurement date, February 2, 2021, using the pricing models:

	February 2, 2021 (Initial Measurement)
Strike price	$	11.50
Term (in years)		5.2
Risk-free rate		0.7	%
Volatility		25.5	%
Dividend yield		0.0	%
Fair value of Public Warrants	$	1.41
Fair value of Private Placement Warrants	$	1.50

Subsequent Measurement

The Warrants are measured at fair value on a recurring basis. The subsequent measurement of the Public Warrants as of September 30, 2021 is classified as Level 1 due to the use of an observable market quote in an active market under the ticker MIT.W. The fair value of the Private Warrants continues to be estimated using a modified Black-Scholes valuation model and is classified as Level 3 due to the use of unobservable inputs.

The following table presents information and assumptions used in the modified Black-Scholes valuation model to determine the estimated fair value of the Private Placement Warrants as of September 30, 2021:

	September 30, 2021
Strike price	$	11.50
Term (in years)		5.2
Risk-free rate		1.1	%
Volatility		12.8	%
Dividend yield		0.0	%
Fair value of Private Placement Warrants	$	0.72

The following contains additional information regarding the inputs used in the pricing models:

• Term – the expected life of the warrants was assumed to be equivalent to their remaining contractual term.

• Risk-free rate – the risk-free interest rate is based on the U.S. Treasury yield curve in effect on the date of valuation equal to the remaining expected life of the Warrants.

• Volatility – the Company estimated the volatility of its common stock warrants based on implied volatility and actual historical volatility of a group of comparable publicly traded companies observed over a historical period equal to the expected remaining life of the Warrants.

• Dividend yield – the dividend yield percentage is zero because the Company does not currently pay dividends, nor does it intend to do so during the expected term of the Private Placement Warrants.

The change in fair value of the derivative warrant liabilities through September 30, 2021 is as follows:

	Public Warrants			Private Warrants			Total Derivative Warrants Liability
Derivative warrant liabilities at January 1, 2021	$	—		$	—		$	—
Issuance of Public and Private Warrants (1)		23,500,000			13,220,001			36,720,001
Change in fair value of warrant liabilities		(13,000,000	)		(5,904,934	)		(18,904,934	)
Derivative warrant liabilities at March 31, 2021	$	10,500,000		$	7,315,067		$	17,815,067
Change in fair value of warrant liabilities		4,500,000			705,067			5,205,067
Derivative warrant liabilities at June 30, 2021	$	15,000,000		$	8,020,134		$	23,020,134
Change in fair value of warrant liabilities		(3,000,000	)		(1,674,534	)		(4,674,534	)
Derivative warrant liabilities at September 30, 2021	$	12,000,000		$	6,345,600		$	18,345,600

(1) – During the 1st quarter of 2021, these warrants were transferred from Level 3 in the fair value hierarchy to Level 1 in the fair value hierarchy

Derivative forward purchase agreement. The FPA is accounted for as a derivative instrument in accordance with ASC 815-40 and is presented as a derivative forward purchase agreement asset or liability on the condensed balance sheets. The FPA was measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of forward purchase agreement in the condensed statements of operations.

The FPA was valued using an adjusted net assets method, which is considered to be a Level 3 fair value measurement. Under the adjusted net assets method utilized, the aggregate commitment of $80.0 million, pursuant to the FPA, is discounted to present value and compared to the fair value of the common stock and warrants to be issued pursuant to the FPA. The fair value of the common stock and warrants to be issued under the FPA were based on the public trading price of the Units issued in the IPO. The excess (liability) or deficit (asset) of the fair value of the common stock and warrants to be issued compared to the $80.0 million fixed commitment is then reduced to account for the probability of consummation of the Business Combination. The primary unobservable input utilized in determining the fair value of the FPA is the probability of consummation of the Business Combination. As of September 30, 2021, the probability assigned to the consummation of the Business Combination was 90%, which was determined based on observed success rates of business combinations for special purpose acquisition companies.

The change in fair value of the derivative forward purchase agreement through September 30, 2021 is as follows:

	FPA Asset (Liability)
Derivative forward purchase agreement at January 1, 2021	$	—
Executed forward purchase agreement in connection with IPO		(327,414	)
Change in fair value of the derivative forward purchase agreement		362,131
Derivative forward purchase agreement at March 31, 2021	$	34,717
Change in fair value of the derivative forward purchase agreement		258,095
Derivative forward purchase agreement at June 30, 2021	$	292,812
Change in fair value of the derivative forward purchase agreement		(158,035	)
Derivative forward purchase agreement at September 30, 2021	$	134,777

Fair Value of Other Financial Instruments

The carrying value of cash, accounts payable and accrued expenses are considered to be representative of their respective fair values due to the nature of and short-term maturities of those instruments.

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Stockholders' Deficit

9 Months Ended

Sep. 30, 2021

Stockholders' Equity Note [Abstract]

Stockholders' Deficit

NOTE 5 — STOCKHOLDERS’ DEFICIT

Preferred Stock — The Company is authorized to issue 1,000,000 shares of preferred stock with a par value of $0.0001 per share with such designation, rights and preferences as may be determined from time to time by the Company’s Board of Directors. At September 30, 2021 and December 31, 2020, there were no shares of preferred stock issued or outstanding.

Class A Common Stock — The Company is authorized to issue 400,000,000 shares of Class A common stock with a par value of $0.0001 per share. Holders of the Company’s Class A common stock are entitled to one vote for each share. As of September 30, 2021, there were 0 shares of Class A common stock issued and outstanding (excluding 50,000,000 shares of Class A common stock subject to possible redemption). There was no Class A Common Stock outstanding as of December 31, 2020.

If the Company enters into an initial Business Combination, it may (depending on the terms of such an initial Business Combination) be required to increase the number of shares of Class A common stock which the Company is authorized to issue at the same time as the Company’s stockholders vote on the initial Business Combination to the extent the Company seeks stockholder approval in connection with the initial Business Combination.

In addition, 50,000,000 shares of Class A common stock are redeemable upon the consummation of the Company’s initial Business Combination, subject to limitation described in Note 1, Description of Organization and Business Operations. In addition, if the Company is unable to complete the initial Business Combination within the Combination Period, the Company will cease all operations except for the purpose of winding up and redeem the shares of Class A common stock at a per-share price equal to the aggregate amount then on deposit in the Trust Account, divided by the number of then outstanding Public Shares (see Note 1, Description of Organization and Business Operations, for more information). The Company classified the shares of Class A common stock subject to redemption rights as temporary equity in the event of the consummation of the Company’s initial Business Combination is not solely within the control of the Company.

Class B Common Stock — The Company is authorized to issue 50,000,000 shares of Class B common stock with a par value of $0.0001 per share. At December 31, 2020, 12,937,500 shares of Class B common stock were issued and outstanding, of which 1,687,500 shares were subject to forfeiture to the extent that the underwriters’ over-allotment option was not exercised. These amounts have been retroactively adjusted to reflect the January 28, 2021 stock dividend of 0.125 shares, described in Note 6, Related Party Transactions.

Holders of the Class A common stock and holders of the Class B common stock will vote together as a single class on all matters submitted to a vote of the stockholders, except as required by law.

The Sponsor, the Company’s officers and directors entered into a letter agreement with the Company, pursuant to which they agreed (i) to waive their redemption rights with respect to their Founder Shares and Public Shares in connection with the completion of the initial Business Combination, (ii) to waive their redemption rights with respect to their Founder Shares and Public Shares in connection with a stockholder vote to approve an amendment to the Company’s certificate of incorporation and (iii) to waive their rights to liquidating distributions from the Trust Account with respect to their Founder Shares if the Company fails to complete the initial Business Combination within the Combination Period, although they will be entitled to liquidating distributions from the Trust Account with respect to their Public Shares if the Company fails to complete the initial Business Combination within such time period.

Warrant Liabilities — Public Warrants may only be exercised for a whole number of shares. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination or (b) 12 months from the closing of the IPO; provided in each case that the Company has an effective registration statement under the Securities Act covering the shares of common stock issuable upon exercise of the Public Warrants and a current prospectus relating to them is available. The Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of a Business Combination, the Company will use its best efforts to file with the U.S Securities and Exchange Commission a registration statement for the registration, under the Securities Act, of the shares of Class A common stock issuable upon exercise of the Public Warrants. The Company will use its best efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the Public Warrants in accordance with the provisions of the warrant agreement. Notwithstanding the foregoing, if a registration statement covering the shares of Class A common stock issuable upon exercise of the Public Warrants is not effective within a specified period following the consummation of Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act, provided that such exemption is available. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis. The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation.

The Private Placement Warrants are identical to the Public Warrants underlying the Units being sold in the IPO, except that the Private Placement Warrants and the Class A common stock issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.

The Company may redeem the Public Warrants (except with respect to the Private Placement Warrants):

• in whole and not in part;

• at a price of $0.01 per warrant;

• at any time during the exercise period;

• upon a minimum of 30 days’ prior written notice of redemption; and

• if, and only if, the last sale price of the Company’s Class A common stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders.

• If, and only if, there is a current registration statement in effect with respect to the shares of Class A common stock underlying such warrants.

If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement.

The exercise price and number of shares of Class A common stock issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, or recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuance of Class A common stock at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless.

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Related Party Transactions

9 Months Ended

Sep. 30, 2021

Related Party Transactions [Abstract]

Related Party Transactions

NOTE 6 — RELATED PARTY TRANSACTIONS

Founder Shares

On September 15, 2020, the Sponsor purchased 11,500,000 shares of Class B common stock (the “Founder Shares”) for an aggregate price of $25,000, or approximately $0.002 per share. The Sponsor has agreed to forfeit up to 1,500,000 Founder Shares to the extent that the over-allotment option is not exercised in full by the underwriters. On January 28, 2021, the Company effected a stock dividend of 0.125 shares of Class B common stock, resulting in the Sponsor holding an aggregate of 12,937,500 Founder Shares (up to 1,687,500 Founder Shares of which are subject to forfeiture to the extent that the underwriters’ over-allotment option is not exercised), representing an adjusted purchase price of approximately $0.002 per share. The financial statement has been retroactively restated to reflect the stock dividend.

On January 29, 2021, the Sponsor forfeited 437,500 Founder Shares as a result of the underwriters’ election to partially exercise their over- allotment option.

The Founder Shares are identical to the Class A common stock included in the Units being sold in the IPO except that the Founder Shares automatically convert into shares of Class A common stock at the time of the Company’s initial Business Combination, on a one-for-one basis, subject to adjustments pursuant to certain anti-dilution rights, and the Founder Shares are subject to certain transfer restrictions.

The Company’s initial stockholders have agreed not to transfer, assign or sell any of their Founder Shares until the earlier to occur of: (A) one year after the completion of the initial Business Combination or (B) subsequent to the initial Business Combination, (x) if the last sale price of the Company’s Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 180 days after the initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, stock exchange or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property.

Private Placement

As described in Note 1, Description of Organization and Business Operations, the Company sold Private Placement Warrants simultaneously with the closing of the IPO. Each whole Private Placement Warrant is exercisable for one whole share of the Company’s Class A common stock at a price of $11.50 per share. A portion of the proceeds from the sale of the Private Placement Warrants were added to the proceeds from the IPO to be held in the Trust Account. If the initial Business Combination is not completed within the Combination Period, the proceeds from the sale of the Private Placement Warrants held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants will expire worthless.

The Private Placement Warrants are non-redeemable and exercisable on a cashless basis so long as they are held by the Sponsor or its permitted transferees. The Private Placement Warrants are not transferrable, assignable or salable until 30 days after the completion of the initial Business Combination.

Forward Purchase Agreement

As described in Note 1, Description of Organization and Business Operations, the Company entered into an FPA with the Sponsor simultaneously with the closing of the IPO, pursuant to which the Sponsor committed that it will purchase up to 8,000,000 FPA Units, consisting of one share of Class A common stock and one-third of one warrant to purchase one share of Class A common stock for $10.00 per unit, or an aggregate amount of up to $80,000,000, in a private placement that will close concurrently with the closing of the initial Business Combination. In addition, the Sponsor’s commitment under the FPA will be subject to approval, prior to entering into a definitive agreement for the initial Business Combination, of Mason Capital Management LLC, an affiliate of the managing member of the Sponsor. The proceeds from the sale of the FPA Units, together with the amounts available to the Company from the Trust Account (after giving effect to any redemptions of Public Shares) and any other equity or debt financing obtained by the Company in connection with the initial Business Combination, will be used to satisfy the cash requirements of the initial Business Combination, including funding the purchase price and paying expenses and retaining specified amounts to be used by the post-business combination company for working capital or other purposes. To the extent that the amounts available from the Trust Account and other financing are sufficient for such cash requirements, the Sponsor may purchase less than 8,000,000 FPA Units. In addition, the Sponsor’s commitment under the FPA will be subject to approval, prior to entering into a definitive agreement for the initial Business Combination, of Mason Capital Management LLC, an affiliate of the managing member of the Sponsor. The FPA Shares will be identical to the shares of Class A common stock included in the units being sold in this offering, except that they will be subject to transfer restrictions and registration rights. The FPA Warrants will have the same terms as the Private Placement Warrants so long as they are held by the Sponsor or its permitted assignees and transferees.

Consulting Agreement

On May 1, 2021, Mason Capital Management LLC, an affiliate of the managing member of the Sponsor, entered into a two-year (the “Initial Term”) consulting agreement with Philip Whitehead, the Vice Chairman of the Company’s Board of Directors, pursuant to which Mason Capital Management LLC agreed to pay Mr. Whitehead a consulting fee of $250,000 per year in exchange for his consulting services to assist Mason Capital Management LLC in evaluating investment opportunities.

Related Party Loan

The Company’s Sponsor agreed to loan the Company an aggregate of up to $300,000 to cover expenses related to the IPO pursuant to a promissory note (the “Note”). This Note was non-interest bearing and payable on the earlier of September 30, 2021 or the completion of the IPO. The outstanding balance under the Note of $300,000 was repaid in full on February 16, 2021. In order to fund working capital deficiencies or finance transaction costs in connection with the initial Business Combination, the Sponsor or an affiliate of the Sponsor or certain of the Company’s directors and officers may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes the initial Business Combination, the Company would repay the Working Capital Loans. In the event that the initial Business Combination does not close, the Company may use a portion of the proceeds held outside the Trust Account to repay such loaned amounts but no proceeds from the Trust Account would be used to repay the Working Capital Loans. Up to $1.5 million of the Working Capital Loans may be convertible into warrants, at a price of $1.50 per warrant at the option of the lender. The warrants would be identical to the Private Placement Warrants, including as to exercise price, exercisability and exercise period. To date, the Company has had no Working Capital Loans outstanding.

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Income Taxes

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 7 — INCOME TAXES

The Company’s provision for income taxes for the three and nine months ended September 30, 2021 is based on the estimated annual effective tax rate, in addition to discrete items. As of September 30, 2021 and December 31, 2020, the Company has provided a valuation allowance against its net deferred tax assets that it believes, based on the weight of available evidence, are not more likely than not to be realized. Therefore, no material current tax liability or expense has been recorded in the condensed financial statements.

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Net Income (Loss) Per Common Share

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Net Income Per Common Share

NOTE 8 — NET INCOME (LOSS) PER COMMON SHARE

The Company applies the two-class method in calculating net income (loss) per common share. Net income (loss) per common share is computed by dividing net income, on a pro rata basis, by the weighted average number of common shares outstanding for the period.

The Company has not considered the effect of the warrants sold in the IPO and Private Placement to purchase 25,480,001 shares of Class A common stock in the calculation of diluted income per share, since the exercise of the warrants is contingent upon the occurrence of future events. As of September 30, 2021, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised or converted into shares of common stock and then share in earnings of the Company. As a result, diluted net income per common share is the same as basic net income per common share for the periods presented.

Reconciliation of Net Income per Common Share

The following table reflects the calculation of basic and diluted net income per common share:

	Three Months Ended				Nine Months Ended				August 31, 2020 (inception) through
	September 30, 2021				September 30, 2021				September 30, 2020
	Class A		Class B		Class A		Class B		Class A		Class B
Basic and diluted net loss per share
Numerator
Allocation of net income	$	3,376,672	$	842,248	$	12,979,386	$	3,669,705	$	—	$	(83,334	)
Denominator
Weighted-average shares outstanding (1)		50,000,000		12,500,000		44,301,471		12,544,872		—		11,250,000
Basic and diluted net income per share	$	0.07	$	0.07	$	0.29	$	0.29	$	—	$	(0.01	)

(1) The weighted average shares outstanding for the period from August 31, 2020 (inception) through September 30, 2020 excludes an aggregate of up to 1,687,500 Class B common stock that was subject to forfeiture if the over-allotment option was not exercised in full or in part by the underwriters. The underwriters partially exercised their over-allotment option on January 29, 2021; therefore the Sponsor forfeited 437,500 Founder Shares as a result of the partial exercise of the over-allotment option, while the remaining 1,250,000 shares were no longer subject to forfeiture and are included in the 2021 periods.

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Commitments and Contingencies

9 Months Ended

Sep. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 9 — COMMITMENTS AND CONTINGENCIES

Registration Rights

Pursuant to a registration rights agreement, dated January 28, 2021, the holders of the Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans (and any shares of Class A common stock issuable upon the exercise of the Private Placement Warrants or warrants that may be issued upon conversion of Working Capital Loans and upon conversion of the Founder Shares) will be entitled to registration rights requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to Class A common stock). The holders of these securities will be entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting Agreement

The underwriters were paid a cash underwriting discount of 2.0% of the gross proceeds of the IPO, or $10.0 million, with an additional fee (the “Deferred Discount”) of 3.5% of the gross offering proceeds payable upon the Company’s completion of an initial Business Combination. This Deferred Discount of $17.5 million has been recorded as Deferred Underwriting Commissions in the balance sheet as of September 30, 2021. The Deferred Discount will become payable to the underwriters from the amounts held in the Trust Account solely in the event the Company completes its initial Business Combination.

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Subsequent Events

9 Months Ended

Sep. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

NOTE 10 — SUBSEQUENT EVENTS

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the condensed financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the condensed financial statements.

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Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Basis of presentation

Basis of presentation

The accompanying unaudited interim condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and should be read in conjunction with the Company’s financial statements, summary of significant accounting policies and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Form 10-K”). Accordingly, certain disclosures required by GAAP and normally included in Annual Reports on Form 10-K have been condensed or omitted from this report; however, except as disclosed herein, there has been no material change in the information disclosed in the notes to condensed financial statements included in the Company’s 2020 Form 10-K.

It is the opinion of management that all adjustments, consisting of normal recurring adjustments considered necessary for a fair presentation of interim financial information, have been included. The Company has no items of other comprehensive income or loss; therefore, its net income or loss is identical to its comprehensive income or loss. Operating results for the periods presented are not necessarily indicative of expected results for the full year or for any future interim periods.

Use of Estimates

Use of Estimates

In the course of preparing the condensed financial statements, management makes various assumptions, judgments and estimates to determine the reported amounts of assets, liabilities, income and expenses, and in the disclosures of commitments and contingencies. Changes in these assumptions, judgments and estimates will occur as a result of the passage of time and the occurrence of future events. Although management believes these estimates are reasonable, actual results could differ from these estimates.

Estimates made in preparing these condensed financial statements include, among other things, (1) the measurement of derivative warrant liabilities, (2) the measurement of the derivative forward purchase agreement and (3) accrued expenses. Changes in these estimates and assumptions could have a significant impact on results in future periods.

Cash and cash equivalents

Cash and cash equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of September 30, 2021 and December 31, 2020.

Cash held in Trust Account

Cash held in Trust Account

At September 30, 2021, the Company had $500.0 million in cash held in the Trust Account that were held in U.S. Treasury Bills.

Fair Value Measurements

Fair Value Measurements

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). Certain financial assets and liabilities, such as the derivative warrant liability, are measured at fair value on a recurring basis. Nonfinancial assets and liabilities, if any, are recognized at fair value on a nonrecurring basis.

The Company categorizes the inputs to the fair value of its financial assets and liabilities using a three-tier fair value hierarchy, established by the FASB, that prioritizes the significant inputs used in measuring fair value. These levels are:

Level 1—inputs are based on unadjusted quoted prices that are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Examples of Level 1 inputs include financial instruments such as exchange-traded derivatives, listed securities and U.S. government treasury securities.

Level 2—inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques (e.g., the Black-Scholes model) for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs including interest rate curves, credit spreads, foreign exchange rates, and forward and spot prices for currencies. Examples of Level 2 inputs include nonexchange-traded derivatives such as over-the-counter forwards, swaps, and options.

Level 3—inputs that are generally unobservable from objective sources and typically reflect management’s estimates and assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques, including option pricing models and discounted cash flow models.

Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. 

Concentration of Credit Risk

Concentration of Credit Risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash held in Trust Account. The Company’s Trust Account is maintained with a high-quality financial institution, with the compositions and maturities of the Trust Account’s investments are regularly monitored by management.

Derivative warrant liabilities and forward purchase agreement

Derivative warrant liabilities and forward purchase agreement

The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480 and ASC 815. The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

The Company evaluated the Public Warrants, the Private Placement Warrants, and the FPA (which are discussed in Note 4, Note 5 and Note 6) in accordance with ASC 815-40 and concluded that each contained provisions related to certain tender or exchange offers which precludes them from being accounted for as a component of equity. As the Warrants and FPA meet the definition of a derivative as contemplated in ASC 815, the Warrants and FPA were measured at fair value at inception (on the date of the IPO) and recorded as assets or liabilities on the condensed balance sheets. The Warrants and FPA are subject to remeasurement at each reporting date until exercised in accordance with ASC 820, Fair Value Measurement, with changes in fair value recognized on the statement of operation in the period of change. See Note 4, Fair Value Measurements, for more information regarding the methods used to fair value the Warrants and the FPA.

Allocation of Issuance costs

Allocation of Issuance costs

The Company accounts for the allocation of its issuance costs to its Warrants using the guidance in ASC 470-20, applied by analogy. Under this guidance, if debt or stock is issued with detachable warrants, the proceeds need to be allocated to the two instruments using either the fair value method, the relative fair value method, or the residual value method. The guidance also requires companies to use a consistent approach in allocating issuance costs between the instruments. Accordingly, the Company allocated its issuance costs of $27,903,259—consisting of $10,000,000 of underwriting fees, $17,500,000 of deferred underwriting commissions, and $403,259 of other offering costs—to the issuance of its Class A shares and Warrants in the amount of $26,581,907 and $1,321,352, respectively. Issuance costs attributed to the Warrants were expensed to the condensed statements of operations.

Class A Common Stock Subject to Possible Redemption

Class A Common Stock Subject to Possible Redemption

The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in ASC 480. Shares of Class A common stock subject to mandatory redemption (if any) is classified as a liability instrument and is measured at fair value. Conditionally redeemable common stock (including common stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s Class A common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, at September 30, 2021, Class A common stock subject to possible redemption is presented at redemption value as temporary equity, outside of the stockholders’ equity section of the Company’s condensed balance sheets.

Franchise Tax Obligation

Franchise Tax Obligation

As a Delaware corporation, the Company’s franchise tax obligation is based on the number of shares of common stock authorized and outstanding. As of September 30, 2021 and December 31, 2020 the Company has recorded franchise taxes payable of $218,310 and $0 respectively. The Company remits these obligations to Delaware annually.

Recently issued accounting standards

Recently issued accounting standards

In August 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”), which simplifies accounting for convertible instruments by removing major separation models required under current U.S. GAAP. The ASU also removes certain settlement conditions that are required for equity-linked contracts to qualify for the derivative scope exception, and it simplifies the diluted earnings per share calculation in certain areas. The new standard is effective for the Company on January 1, 2024, although early adoption is permitted. The ASU allows the use of the modified retrospective method or the fully retrospective method. The Company is still in the process of evaluating the impact of this new standard; however, the Company does not believe the initial impact of adopting the standard will result in any changes to the Company’s statements of financial position, operations or cash flows.

The Company’s management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying condensed consolidated financial statements.

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Revision of Previously Issued Financial Statements (Tables)

9 Months Ended

Sep. 30, 2021

Prior Period Adjustment [Abstract]

Schedule of Impact of the Revision on the Financial Statements

The impact of the revision on the Company’s financial statements is reflected in the following table.

Balance Sheet as of March 31, 2021 (unaudited)	As previously reported		Adjustment			As revised
Class A common stock subject to redemption	$	462,255,620	$	37,744,380		$	500,000,000
Class A Common stock	$	377	$	(377	)	$	—
Retained Earnings (Accumulated deficit)	$	4,998,381	$	(37,744,003	)	$	(32,745,622	)
Total Stockholders’ Equity (deficit)	$	5,000,008	$	(37,744,380	)	$	(32,744,372	)

Balance Sheet as of June 30, 2021 (unaudited)	As previously reported		Adjustment			As revised
Class A common stock subject to redemption	$	456,962,510	$	43,037,490		$	500,000,000
Class A Common stock	$	430	$	(430	)	$	—
Retained Earnings (Accumulated deficit)	$	4,998,325	$	(43,037,060	)	$	(38,038,735	)
Total Stockholders’ Equity (deficit)	$	5,000,005	$	(43,037,490	)	$	(38,037,485	)

Statement of cash flows as of March 31, 2021 (unaudited)	As previously reported			Adjustment		As revised
Initial classification of common stock subject to redemption	$	443,220,180		$	56,779,820	$	500,000,000
Change in value of common stock subject to possible redemption		(19,035,440	)		19,035,440		—

Statement of cash flows as of June 30, 2021 (unaudited)	As previously reported		Adjustment			As revised
Initial classification of common stock subject to redemption	$	443,220,180	$	56,779,820		$	500,000,000
Change in value of common stock subject to possible redemption		13,742,330		(13,742,330	)		—

 

Earnings per share	Three months ended March 31, 2021			Three months ended June 30, 2021			Six months ended June 30, 2021
	As previously reported
Class A Common Stock
Basic and diluted net loss per share
Numerator
Allocation of net income	$	—		$	—		$	—
Denominator
Weighted-average shares outstanding		44,355,414			46,219,745			45,501,726
Basic and diluted net income per share	$	—		$	—		$	—
Class B Common Stock
Basic and diluted net loss per share
Numerator
Allocation of net income	$	17,723,284		$	(5,293,113	)	$	12,430,171
Denominator
Weighted-average shares outstanding		16,274,105			16,280,255			16,277,197
Basic and diluted net income per share	$	1.09		$	(0.33	)	$	0.76
Earnings per share	Three months ended March 31, 2021			Three months ended June 30, 2021			Six months ended June 30, 2021
	As revised
Class A Common Stock
Basic and diluted net loss per share
Numerator
Allocation of net income	$	12,730,825		$	(4,234,490	)	$	9,522,587
Denominator
Weighted-average shares outstanding		32,222,222			50,000,000			41,160,221
Basic and diluted net income per share	$	0.40		$	(0.08	)	$	0.23
Class B Common Stock
Basic and diluted net loss per share
Numerator
Allocation of net income	$	4,992,459		$	(1,058,623	)	$	2,907,584
Denominator					—
Weighted-average shares outstanding		12,636,111			12,500,000			12,567,680
Basic and diluted net income per share	$	0.40		$	(0.08	)	$	0.23
Earnings per share	Three months ended March 31, 2021			Three months ended June 30, 2021			Six months ended June 30, 2021
	Impact of change on calculation
Class A Common Stock
Basic and diluted net loss per share
Numerator
Allocation of net income	$	(12,730,825	)	$	4,234,490		$	(9,522,587	)
Denominator
Weighted-average shares outstanding		12,133,192			(3,780,255	)		4,341,505
Basic and diluted net income per share	$	(0.40	)	$	0.08		$	(0.23	)
Class B Common Stock
Basic and diluted net loss per share
Numerator
Allocation of net income	$	12,730,825		$	(4,234,490	)	$	9,522,587
Denominator					—
Weighted-average shares outstanding		3,637,994			3,780,255			3,709,517
Basic and diluted net income per share	$	0.69		$	(0.25	)	$	0.53

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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Summary of the company's financial assets that are measured at fair value on a recurring basis

The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis and where they are classified within the fair value hierarchy at September 30, 2021. The Company did not have any assets or liabilities that were measured at fair value on a recurring basis at December 31, 2020.

	Fair Value Measurement as of September 30, 2021
	Level 1		Level 2		Level 3
Assets:
Investments held in trust account (1)	$	500,020,040	$	—	$	—
Derivative forward purchase agreements (2)	$	—	$	—	$	134,777
Liabilities:
Derivative warrant liabilities—Public Warrants (3)	$	12,000,000	$	—	$	—
Derivative warrant liabilities—Private Placement Warrants (4)	$	—	$	—	$	6,345,600

(1) The fair value of the investments held in Trust Account was based on the quoted market price.

(2) The fair value of the derivative forward purchase agreement was based on the forward price formula.

(3) The fair value of the derivative warrant liabilities – Public Warrants was based the quoted market price for MIT.W as of the reporting date.

(4) The fair value of the derivative warrant liabilities – Private Placement Warrants was based on a modified Black-Scholes model.

Summary of the table presents information and assumptions used to determine the estimated fair values using the pricing models

The following table presents information and assumptions used to determine the estimated fair values of the Warrants at the initial measurement date, February 2, 2021, using the pricing models:

	February 2, 2021 (Initial Measurement)
Strike price	$	11.50
Term (in years)		5.2
Risk-free rate		0.7	%
Volatility		25.5	%
Dividend yield		0.0	%
Fair value of Public Warrants	$	1.41
Fair value of Private Placement Warrants	$	1.50

The following table presents information and assumptions used in the modified Black-Scholes valuation model to determine the estimated fair value of the Private Placement Warrants as of September 30, 2021:

	September 30, 2021
Strike price	$	11.50
Term (in years)		5.2
Risk-free rate		1.1	%
Volatility		12.8	%
Dividend yield		0.0	%
Fair value of Private Placement Warrants	$	0.72

Summary of change in the fair value of the derivative warrant liabilities

The change in fair value of the derivative warrant liabilities through September 30, 2021 is as follows:

	Public Warrants			Private Warrants			Total Derivative Warrants Liability
Derivative warrant liabilities at January 1, 2021	$	—		$	—		$	—
Issuance of Public and Private Warrants (1)		23,500,000			13,220,001			36,720,001
Change in fair value of warrant liabilities		(13,000,000	)		(5,904,934	)		(18,904,934	)
Derivative warrant liabilities at March 31, 2021	$	10,500,000		$	7,315,067		$	17,815,067
Change in fair value of warrant liabilities		4,500,000			705,067			5,205,067
Derivative warrant liabilities at June 30, 2021	$	15,000,000		$	8,020,134		$	23,020,134
Change in fair value of warrant liabilities		(3,000,000	)		(1,674,534	)		(4,674,534	)
Derivative warrant liabilities at September 30, 2021	$	12,000,000		$	6,345,600		$	18,345,600

Summary of change in fair value of the FPA Units liability

The change in fair value of the derivative forward purchase agreement through September 30, 2021 is as follows:

	FPA Asset (Liability)
Derivative forward purchase agreement at January 1, 2021	$	—
Executed forward purchase agreement in connection with IPO		(327,414	)
Change in fair value of the derivative forward purchase agreement		362,131
Derivative forward purchase agreement at March 31, 2021	$	34,717
Change in fair value of the derivative forward purchase agreement		258,095
Derivative forward purchase agreement at June 30, 2021	$	292,812
Change in fair value of the derivative forward purchase agreement		(158,035	)
Derivative forward purchase agreement at September 30, 2021	$	134,777

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Net Income (Loss) Per Common Share (Tables)

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Summary of basic and diluted net income per ordinary share

The following table reflects the calculation of basic and diluted net income per common share:

	Three Months Ended				Nine Months Ended				August 31, 2020 (inception) through
	September 30, 2021				September 30, 2021				September 30, 2020
	Class A		Class B		Class A		Class B		Class A		Class B
Basic and diluted net loss per share
Numerator
Allocation of net income	$	3,376,672	$	842,248	$	12,979,386	$	3,669,705	$	—	$	(83,334	)
Denominator
Weighted-average shares outstanding (1)		50,000,000		12,500,000		44,301,471		12,544,872		—		11,250,000
Basic and diluted net income per share	$	0.07	$	0.07	$	0.29	$	0.29	$	—	$	(0.01	)

(1) The weighted average shares outstanding for the period from August 31, 2020 (inception) through September 30, 2020 excludes an aggregate of up to 1,687,500 Class B common stock that was subject to forfeiture if the over-allotment option was not exercised in full or in part by the underwriters. The underwriters partially exercised their over-allotment option on January 29, 2021; therefore the Sponsor forfeited 437,500 Founder Shares as a result of the partial exercise of the over-allotment option, while the remaining 1,250,000 shares were no longer subject to forfeiture and are included in the 2021 periods.

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Description of Organization and Business Operations - Additional Information (Detail) - USD ($)				1 Months Ended	2 Months Ended	9 Months Ended
	Feb. 02, 2021	Jan. 28, 2021	Sep. 15, 2020	Sep. 30, 2020	Mar. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Description Of Organization And Business Operations [Line Items]
Proceeds from issuance initial public offering				$ 0		$ 489,596,740
Warrants expire term						5 years
Class of warrant or right, exercise price of warrants or rights						$ 0.01
Adjustments to additional paid in capital stock issuance costs						$ 27,900,000
Underwriting fee						10,000,000.0
Deferred underwriting commissions						17,500,000
Other offering cost						400,000
Payment to acquire restricted investments						$ 500,000,000.0
Term of restricted investments						180 days
Percentage of the public shareholding to be redeemed in case the business combination is not consummated						100.00%
Percentage of the fair value of assets in the trust account of the prospective acquiree excluding deferred underwriting commission and discount						80.00%
Proceeds from sale of Private Placement Warrants				$ 0		$ 13,220,000
Cash						1,402,383	$ 167,224
Working capital deficiency							$ 332,776
Sponsor [Member] | Related Party Loan [Member]
Description Of Organization And Business Operations [Line Items]
Debt face amount						$ 300,000
Maximum [Member]
Description Of Organization And Business Operations [Line Items]
Threshold limit to be redeemed in case the business combination is not consummated from closing of IPO						30 months
Minimum [Member]
Description Of Organization And Business Operations [Line Items]
Threshold limit to be redeemed in case the business combination is not consummated from closing of IPO						24 months
Stock Trigger Price One [Member]
Description Of Organization And Business Operations [Line Items]
Sale of stock, price per share						$ 9.20
Percent of exercise price of the public warrants will be adjusted						115.00%
Stock Trigger Price Two [Member]
Description Of Organization And Business Operations [Line Items]
Sale of stock, price per share						$ 18.00
Percent of exercise price of the public warrants will be adjusted						180.00%
Public Warrants [Member]
Description Of Organization And Business Operations [Line Items]
Class of warrant or right issue price						$ 11.50
Additional class of warrant or right issued for capital rising purpose with the closing of IPO effective exercise price						$ 9.20
Percentage of proceeds from issuance of additional shares issuance equal to total equity proceeds						60.00%
Private Placement Warrants [Member]
Description Of Organization And Business Operations [Line Items]
Class of warrant or right issue price						$ 1.50
Class of warrant or right, issued during the period						8,813,334
Proceeds from issuance of warrants						$ 13,200,000
Common Class A [Member]
Description Of Organization And Business Operations [Line Items]
Stock Conversion Basis						one vote for each share
Common Class A [Member] | Forward Purchase Agreement [Member]
Description Of Organization And Business Operations [Line Items]
Stock Conversion Basis	consisting of one share of Class A common stock (the “FPA Share”) and one-third of one warrant to purchase one share of Class A common stock
Common Class B [Member] | Founder Shares [Member] | Sponsor [Member]
Description Of Organization And Business Operations [Line Items]
Stock issued during period, shares, new issues			11,500,000
Stock issued during period, value, new issues			$ 25,000
IPO [Member]
Description Of Organization And Business Operations [Line Items]
Stock issued during period, shares, new issues					45,000,000
Proceeds from issuance initial public offering					$ 472,100,000
Deferred offering costs	$ 27,900,000
Deferred underwriting commissions	$ 17,500,000
IPO [Member] | Forward Purchase Agreement [Member]
Description Of Organization And Business Operations [Line Items]
Stock issued during period, shares, new issues	8,000,000
Share price	$ 10.00
Proceeds from sale of Private Placement Warrants	$ 80,000,000
IPO [Member] | Class A Common Stock And Public Warrants [Member]
Description Of Organization And Business Operations [Line Items]
Stock issued during period, shares, new issues					50,000,000
Proceeds from issuance initial public offering					$ 500,000,000.0
IPO [Member] | Common Class A [Member]
Description Of Organization And Business Operations [Line Items]
Class of warrant or right, exercise price of warrants or rights						$ 11.50
Over-Allotment Option [Member]
Description Of Organization And Business Operations [Line Items]
Sale of stock, price per share	$ 10.00
Over-Allotment Option [Member] | Founder Shares [Member] | Sponsor [Member]
Description Of Organization And Business Operations [Line Items]
Stock issued during period, shares, new issues		12,937,500
Sale of stock, price per share		$ 0.002

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Revision of Previously Issued Financial Statements - Schedule of Impact of the Revision on the Financial Statement (Detail) - USD ($)		1 Months Ended	3 Months Ended				6 Months Ended	9 Months Ended
		Sep. 30, 2020	Sep. 30, 2021		Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021	Sep. 30, 2021		Dec. 31, 2020	Aug. 30, 2020
Statement of Financial Position [Abstract]
Class A common stock subject to redemption			$ 500,000,000					$ 500,000,000
Retained Earnings (Accumulated deficit)			(33,819,815)					(33,819,815)		$ (83,334)
Total Stockholders' Deficit		$ (58,334)	(33,818,565)		$ (38,037,485)	$ (32,744,372)	$ (38,037,485)	(33,818,565)		(58,334)	$ 0
Statement of Cash Flows [Abstract]
Initial classification of common stock subject to redemption		0						500,000,000
Numerator
Allocation of net income		$ (83,334)	4,218,920		(5,293,113)	17,723,284		16,649,091
Common Class A [Member]
Statement of Financial Position [Abstract]
Total Stockholders' Deficit										0	0
Numerator
Allocation of net income			$ 3,376,672					$ 12,979,386
Denominator
Weighted-average shares outstanding		0	50,000,000	[1]				44,301,471	[1]
Basic and diluted net income per share		$ 0	$ 0.07					$ 0.29
Common Class B [Member]
Statement of Financial Position [Abstract]
Class A Common stock			$ 1,250					$ 1,250		1,294
Total Stockholders' Deficit		$ 1,294	1,250		1,250	1,250	1,250	1,250		$ 1,294	$ 0
Numerator
Allocation of net income		$ (83,334)	$ 842,248					$ 3,669,705
Denominator
Weighted-average shares outstanding	[1],[2]	11,250,000	12,500,000					12,544,872
Basic and diluted net income per share		$ (0.01)	$ 0.07					$ 0.29
As previously reported [Member]
Statement of Financial Position [Abstract]
Class A common stock subject to redemption					456,962,510	462,255,620	456,962,510
Retained Earnings (Accumulated deficit)					4,998,325	4,998,381	4,998,325
Total Stockholders' Deficit					5,000,005	5,000,008	5,000,005
Statement of Cash Flows [Abstract]
Initial classification of common stock subject to redemption						443,220,180	443,220,180
Change in value of common stock subject to possible redemption						(19,035,440)	13,742,330
As previously reported [Member] | Common Class A [Member]
Statement of Financial Position [Abstract]
Class A Common stock					$ 430	$ 377	$ 430
Denominator
Weighted-average shares outstanding					46,219,745	44,355,414	45,501,726
As previously reported [Member] | Common Class B [Member]
Numerator
Allocation of net income					$ (5,293,113)	$ 17,723,284	$ 12,430,171
Denominator
Weighted-average shares outstanding					16,280,255	16,274,105	16,277,197
Basic and diluted net income per share					$ (0.33)	$ 1.09	$ 0.76
Adjustment [Member]
Statement of Financial Position [Abstract]
Class A common stock subject to redemption					$ 43,037,490	$ 37,744,380	$ 43,037,490
Retained Earnings (Accumulated deficit)					(43,037,060)	(37,744,003)	(43,037,060)
Total Stockholders' Deficit					(43,037,490)	(37,744,380)	(43,037,490)
Statement of Cash Flows [Abstract]
Initial classification of common stock subject to redemption						56,779,820	56,779,820
Change in value of common stock subject to possible redemption						19,035,440	(13,742,330)
Adjustment [Member] | Common Class A [Member]
Statement of Financial Position [Abstract]
Class A Common stock					(430)	(377)	(430)
Numerator
Allocation of net income					$ 4,234,490	$ (12,730,825)	$ (9,522,587)
Denominator
Weighted-average shares outstanding					(3,780,255)	12,133,192	4,341,505
Basic and diluted net income per share					$ 0.08	$ (0.40)	$ (0.23)
Adjustment [Member] | Common Class B [Member]
Numerator
Allocation of net income					$ (4,234,490)	$ 12,730,825	$ 9,522,587
Denominator
Weighted-average shares outstanding					3,780,255	3,637,994	3,709,517
Basic and diluted net income per share					$ (0.25)	$ 0.69	$ 0.53
As revised [Member]
Statement of Financial Position [Abstract]
Class A common stock subject to redemption					$ 500,000,000	$ 500,000,000	$ 500,000,000
Retained Earnings (Accumulated deficit)					(38,038,735)	(32,745,622)	(38,038,735)
Total Stockholders' Deficit					(38,037,485)	(32,744,372)	(38,037,485)
Statement of Cash Flows [Abstract]
Initial classification of common stock subject to redemption						500,000,000	500,000,000
As revised [Member] | Common Class A [Member]
Numerator
Allocation of net income					$ (4,234,490)	$ 12,730,825	$ 9,522,587
Denominator
Weighted-average shares outstanding					50,000,000	32,222,222	41,160,221
Basic and diluted net income per share					$ (0.08)	$ 0.40	$ 0.23
As revised [Member] | Common Class B [Member]
Numerator
Allocation of net income					$ (1,058,623)	$ 4,992,459	$ 2,907,584
Denominator
Weighted-average shares outstanding					12,500,000	12,636,111	12,567,680
Basic and diluted net income per share					$ (0.08)	$ 0.40	$ 0.23

[1] The weighted average shares outstanding for the period from August 31, 2020 (inception) through September 30, 2020 excludes an aggregate of up to 1,687,500 Class B common stock that was subject to forfeiture if the over-allotment option was not exercised in full or in part by the underwriters. The underwriters partially exercised their over-allotment option on January 29, 2021; therefore the Sponsor forfeited 437,500 Founder Shares as a result of the partial exercise of the over-allotment option, while the remaining 1,250,000 shares were no longer subject to forfeiture and are included in the 2021 periods.

[2] The weighted average shares outstanding for the period from August 31, 2020 (inception) through September 30, 2020 excludes an aggregate of up to 1,687,500 Class B common stock that was subject to forfeiture if the over-allotment option was not exercised in full or in part by the underwriters. The underwriters partially exercised their over-allotment shares on January 29, 2021; therefore the Sponsor forfeited 437,500 Founder Shares as a result of the partial exercise of the over-allotment shares, while the remaining 1,250,000 shares were no longer subject to forfeiture and are included in the 2021 periods.

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Revision of Previously Issued Financial Statements - Additional Information (Detail)	Sep. 30, 2021 USD ($) $ / shares
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Networth needed post business combination | $	$ 5,000,001
Previously Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Temporary equity, redemption price per share | $ / shares	$ 10.00

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Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	1 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2021	Dec. 31, 2020
Summary Of Significant Accounting Policies [Line Items]
Cash equivalents, at carrying value		$ 0	$ 0
Payments of stock issuance costs	$ 84,500	125,000
Underwriting commission expense		17,500,000
Other offering cost		400,000
Underwriting discounts and offering costs attributed to derivative warrant liability	$ 0	(1,321,353)
Franchise taxes payable		218,310	$ 0
Warrant [Member]
Summary Of Significant Accounting Policies [Line Items]
Payments of stock issuance costs		27,903,259
Payments for underwriting expense		10,000,000
Other offering cost		403,259
Underwriting discounts and offering costs attributed to derivative warrant liability		1,321,352
Common Class A [Member] | Warrant [Member]
Summary Of Significant Accounting Policies [Line Items]
Stock issued during period, value, new issues		26,581,907
US Treasury Securities [Member]
Summary Of Significant Accounting Policies [Line Items]
Assets held-in-trust		$ 500,000,000.0

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Fair Value Measurements - Summary of the Company's Financial Assets That Are Measured at Fair Value On A Recurring Basis (Detail) - USD ($)		Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Liabilities:
Derivative warrant liabilities		$ 18,345,600	$ 23,020,134	$ 17,815,067
Public Warrants [Member]
Liabilities:
Derivative warrant liabilities		12,000,000	15,000,000	10,500,000
Fair value of Private Placement Warrants [Member]
Liabilities:
Derivative warrant liabilities		6,345,600	$ 8,020,134	$ 7,315,067
Fair Value, Recurring [Member] | Level 1 [Member]
Assets:
Investments held in Trust Account	[1]	500,020,040
Fair Value, Recurring [Member] | Level 1 [Member] | Public Warrants [Member]
Liabilities:
Derivative warrant liabilities	[2]	12,000,000
Fair Value, Recurring [Member] | Level 3 [Member] | Fair value of Private Placement Warrants [Member]
Liabilities:
Derivative warrant liabilities	[3]	6,345,600
Fair Value, Recurring [Member] | Level 3 [Member] | Derivative Forward Purchase Agreement [Member]
Assets:
Derivative forward purchase agreements	[4]	$ 134,777

[1] The fair value of the investments held in Trust Account was based on the quoted market price.

[2] The fair value of the derivative warrant liabilities – Public Warrants was based the quoted market price for MIT.W as of the reporting date.

[3] The fair value of the derivative warrant liabilities – Private Placement Warrants was based on a modified Black-Scholes model.

[4] The fair value of the derivative forward purchase agreement was based on the forward price formula.

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Fair Value Measurements - Summary of the Table Presents Information and Assumptions Used to Determine the Estimated Fair Values Using the Pricing Models (Detail)	Sep. 30, 2021 d $ / shares	Feb. 02, 2021 d $ / shares
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Term	5 years
Strike Price [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Average Price Risk Option Strike Price | $ / shares	$ 11.50	$ 11.50
Term [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Term	5 years 2 months 12 days	5 years 2 months 12 days
Risk-free rate Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	1.1	0.7
Volatility [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	12.8	25.5
Dividend yield [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	0.0	0.0
Measurement Input, Exercise Price [Member] | Fair value of Public Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input		1.41
Measurement Input, Exercise Price [Member] | Fair value of Private Placement Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	0.72	1.50

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Fair Value Measurements - Summary of Change in the Fair Value of the Derivative Warrant Liabilities (Detail) - USD ($)		1 Months Ended	3 Months Ended			9 Months Ended
		Sep. 30, 2020	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2021
Schedule Of Changes In The Fair Value Of Warrant Liabilities [Line Items]
Derivative warrant liabilities			$ 23,020,134	$ 17,815,067
Issuance of Public and Private Warrants	[1]				36,720,001
Change in fair value of warrant liabilities		$ 0	(4,674,534)	5,205,067	(18,904,934)	(18,374,401)
Derivative warrant liabilities			18,345,600	23,020,134	17,815,067	18,345,600
Public Warrants [Member]
Schedule Of Changes In The Fair Value Of Warrant Liabilities [Line Items]
Derivative warrant liabilities			15,000,000	10,500,000
Issuance of Public and Private Warrants	[1]				23,500,000
Change in fair value of warrant liabilities			(3,000,000)	4,500,000	(13,000,000)
Derivative warrant liabilities			12,000,000	15,000,000	10,500,000	12,000,000
Private Placement Warrants [Member]
Schedule Of Changes In The Fair Value Of Warrant Liabilities [Line Items]
Derivative warrant liabilities			8,020,134	7,315,067
Issuance of Public and Private Warrants	[1]				13,220,001
Change in fair value of warrant liabilities			(1,674,534)	705,067	(5,904,934)
Derivative warrant liabilities			$ 6,345,600	$ 8,020,134	$ 7,315,067	$ 6,345,600

[1] – During the 1st quarter of 2021, these warrants were transferred from Level 3 in the fair value hierarchy to Level 1 in the fair value hierarchy

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Fair Value Measurements - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2021 USD ($)
Schedule Of Changes In The Fair Value Of Warrant Liabilities [Line Items]
Fair value, investments, entities that calculate net asset value per share, unfunded commitments	$ 80.0
Fair value, net derivative asset (liability) period increase (dcrease)	$ 80.0
Percentage of probability on initial business Combination	90.00%

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Fair Value Measurements - Summary of Change in Fair Value of the FPA Units Liability (Detail) - USD ($)	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Opening Balance, Derivative forward purchase agreement	$ 292,812	$ 34,717
Executed forward purchase agreement in connection with IPO			(327,414)
Change in fair value of the derivative forward purchase agreement	(158,035)	258,095	362,131
Ending Balance, Derivative forward purchase agreement	$ 134,777	$ 292,812	$ 34,717

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Stockholders' Deficit - Additional Information (Detail) - $ / shares		9 Months Ended	12 Months Ended
	Jan. 28, 2021	Sep. 30, 2021	Dec. 31, 2020	Jun. 30, 2021	Mar. 31, 2021
Class of Stock [Line Items]
Preferred stock, par value		$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock, shares authorized		1,000,000	1,000,000
Preferred stock, shares issued		0	0	0
Preferred stock, shares outstanding		0	0	0
Fair Value of Private Placement Warrants [Member] | Share Price Equal Or Exceeds Eighteen Rupees Per Dollar [Member]
Class of Stock [Line Items]
Class of warrants redemption price per unit		$ 0.01
Number of days of notice to be given for the redemption of warrants		30 days
Common Class A [Member]
Class of Stock [Line Items]
Common stock, par value		$ 0.0001	$ 0.0001
Common stock, shares authorized		400,000,000	400,000,000
Common stock, conversion basis		one vote for each share
Common stock, shares issued		0	0
Common stock, shares outstanding		0	0
Common stock shares subject to possible redemption		50,000,000
Common Class A [Member] | Share Price Equal Or Exceeds Eighteen Rupees Per Dollar [Member]
Class of Stock [Line Items]
Share Price		$ 18.00
Common Class A [Member] | Share Price Equal Or Exceeds Eighteen Rupees Per Dollar [Member] | Maximum [Member]
Class of Stock [Line Items]
Number of trading days for determining the share price		30 days
Common Class A [Member] | Share Price Equal Or Exceeds Eighteen Rupees Per Dollar [Member] | Minimum [Member]
Class of Stock [Line Items]
Number of consecutive trading days for determining the share price		20 days
Common Class A [Member] | IPO [Member]
Class of Stock [Line Items]
Common stock, shares issued		0
Common Class A [Member] | Public Warrants [Member]
Class of Stock [Line Items]
Class of warrant or right, threshold period for exercise from date of closing public offering		15 days
Common Class A [Member] | Public Warrants [Member] | IPO [Member]
Class of Stock [Line Items]
Class of warrant or right redemption threshold consecutive trading days | trading days		30 days
Class of warrant or right, threshold period for exercise from date of closing public offering		12 months
Common Class A [Member] | Fair Value of Private Placement Warrants [Member] | IPO [Member]
Class of Stock [Line Items]
Class of warrant or right redemption threshold consecutive trading days | trading days		30 days
Common Class B [Member]
Class of Stock [Line Items]
Common stock, par value		$ 0.0001	$ 0.0001
Common stock, shares authorized		50,000,000	50,000,000
Common stock, shares issued		12,500,000	12,937,500
Common stock, shares outstanding		12,500,000	12,937,500
Common stock shares subject to possible redemption					12,500,000
Shares issued, shares, share-based payment arrangement, forfeited			1,687,500
Common stock, dividends, per share, declared	$ 0.125
Common Class B [Member] | IPO [Member]
Class of Stock [Line Items]
Common stock, shares issued			12,937,500

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Related Party Transactions - Additional Information (Detail) - USD ($)					1 Months Ended	2 Months Ended	9 Months Ended	12 Months Ended
	May 01, 2021	Jan. 29, 2021	Jan. 28, 2021	Sep. 15, 2020	Sep. 30, 2020	Mar. 31, 2021	Sep. 30, 2021	Dec. 31, 2020	Feb. 02, 2021
Related Party Transaction [Line Items]
Exercise price of warrants or rights							$ 0.01
Sponsor [Member] | Related Party Loan [Member]
Related Party Transaction [Line Items]
Debt face amount							$ 300,000
Debt instrument, maturity date							Sep. 30, 2021
Repayments of debt							$ 300,000
Sponsor [Member] | Working Capital Loans [Member]
Related Party Transaction [Line Items]
Debt conversion price per share							$ 1.50
Sponsor [Member] | Maximum [Member] | Working Capital Loans [Member]
Related Party Transaction [Line Items]
Debt face amount							$ 1,500,000
Consulting fee [Member] | Mason Capital Management LLC [Member]
Related Party Transaction [Line Items]
Consulting agreement fee	$ 250,000
Consulting agreement, Initial term	two-year
Founder Shares [Member] | Share Price Equal Or Exceeds Tweleve Rupees Per Dollar [Member]
Related Party Transaction [Line Items]
Share price							$ 12.00
Common stock, transfers, restriction on number of days from the date of business combination							180 days
Founder Shares [Member] | Share Price Equal Or Exceeds Tweleve Rupees Per Dollar [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Common stock, transfers, threshold trading days							30 days
Founder Shares [Member] | Share Price Equal Or Exceeds Tweleve Rupees Per Dollar [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Common stock, transfers, threshold trading days							20 days
Forward Purchase Units [Member] | Sponsor [Member]
Related Party Transaction [Line Items]
Stock issued during period, shares, new issues							8,000,000
Stock issued during period, value, new issues							$ 80,000,000
Shares issued, price per share							$ 10.00
Number of shares issued in transaction							1
Stockholders' equity note, stock split							one-third of one warrant to purchase one share
Over-Allotment Option [Member]
Related Party Transaction [Line Items]
Sale of stock, price per share									$ 10.00
Over-Allotment Option [Member] | Founder Shares [Member]
Related Party Transaction [Line Items]
Shares issued, shares, share-based payment arrangement, forfeited		437,500
Over-Allotment Option [Member] | Founder Shares [Member] | Sponsor [Member]
Related Party Transaction [Line Items]
Stock issued during period, shares, new issues			12,937,500
Common stock shares subject to possible redemption			1,687,500
Sale of stock, price per share			$ 0.002
IPO [Member]
Related Party Transaction [Line Items]
Stock issued during period, shares, new issues						45,000,000
Fair Value of Private Placement Warrants [Member]
Related Party Transaction [Line Items]
Class of warrants or rights, transfers, restriction on number of days from the date of business combination							30 days
Common Class A [Member]
Related Party Transaction [Line Items]
Common stock shares subject to possible redemption							50,000,000
Common Class A [Member] | IPO [Member]
Related Party Transaction [Line Items]
Exercise price of warrants or rights							$ 11.50
Class of warrant or right, number of securities called by warrants or rights							1
Common Class B [Member]
Related Party Transaction [Line Items]
Shares issued, shares, share-based payment arrangement, forfeited								1,687,500
Common stock, dividends, per share, declared			$ 0.125
Common stock shares subject to possible redemption						12,500,000
Common Class B [Member] | Founder Shares [Member] | Sponsor [Member]
Related Party Transaction [Line Items]
Stock issued during period, shares, new issues				11,500,000
Stock issued during period, value, new issues				$ 25,000
Shares issued, shares, share-based payment arrangement, forfeited				1,500,000
Shares issued, price per share				$ 0.002
Common Class B [Member] | Over-Allotment Option [Member]
Related Party Transaction [Line Items]
Shares issued, shares, share-based payment arrangement, forfeited					1,687,500

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Income Taxes - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 0		$ 0

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Net Income (Loss) Per Common Share - Additional Information (Detail) - shares		1 Months Ended	9 Months Ended	12 Months Ended
	Jan. 29, 2021	Sep. 30, 2020	Sep. 30, 2021	Dec. 31, 2020
Over-Allotment Option [Member] | Founder Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock subject to forfeiture	437,500
Common Class A [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount			25,480,001
Common Class B [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock subject to forfeiture				1,687,500
Common Class B [Member] | Over-Allotment Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number of shares common stock subject to repurchase or cancellation		1,687,500
Common stock subject to forfeiture		1,687,500
Shares no longer subject to forfeiture			1,250,000

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Net Income (Loss) Per Common Share - Summary of Basic and Diluted Net Income Per Ordinary Share (Detail) - USD ($)		1 Months Ended	3 Months Ended				9 Months Ended
		Sep. 30, 2020	Sep. 30, 2021		Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2021
Numerator
Allocation of net income		$ (83,334)	$ 4,218,920		$ (5,293,113)	$ 17,723,284	$ 16,649,091
Common Class A [Member]
Numerator
Allocation of net income			$ 3,376,672				$ 12,979,386
Denominator
Weighted-average shares outstanding		0	50,000,000	[1]			44,301,471	[1]
Basic and diluted net income per share		$ 0	$ 0.07				$ 0.29
Common Class B [Member]
Numerator
Allocation of net income		$ (83,334)	$ 842,248				$ 3,669,705
Denominator
Weighted-average shares outstanding	[1],[2]	11,250,000	12,500,000				12,544,872
Basic and diluted net income per share		$ (0.01)	$ 0.07				$ 0.29

[1] The weighted average shares outstanding for the period from August 31, 2020 (inception) through September 30, 2020 excludes an aggregate of up to 1,687,500 Class B common stock that was subject to forfeiture if the over-allotment option was not exercised in full or in part by the underwriters. The underwriters partially exercised their over-allotment option on January 29, 2021; therefore the Sponsor forfeited 437,500 Founder Shares as a result of the partial exercise of the over-allotment option, while the remaining 1,250,000 shares were no longer subject to forfeiture and are included in the 2021 periods.

[2] The weighted average shares outstanding for the period from August 31, 2020 (inception) through September 30, 2020 excludes an aggregate of up to 1,687,500 Class B common stock that was subject to forfeiture if the over-allotment option was not exercised in full or in part by the underwriters. The underwriters partially exercised their over-allotment shares on January 29, 2021; therefore the Sponsor forfeited 437,500 Founder Shares as a result of the partial exercise of the over-allotment shares, while the remaining 1,250,000 shares were no longer subject to forfeiture and are included in the 2021 periods.

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Commitments and Contingencies - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Under writing discount percentage	2.00%
Proceeds from issuance deferred discount	$ 10.0
Percentage of gross offering proceeds payable upon after completion of an initial business combination	3.50%
Deferred underwriting commissions	$ 17.5