FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2021

FAIR VALUE MEASUREMENTS [Abstract]

Gross Holding Gains (Losses) and Fair Value of Held-To-Maturity Securities

The following table presents information about the gross holding gains (losses) and fair value of held-to-maturity securities at December 31, 2020:

	Held-To-Maturity	Amortized Cost		Gross Holding Loss			Fair Value
December 31, 2020	U.S. Treasury Securities (Matured on 3/11/2021)	$	312,507,938	$	(10,694	)	$	312,497,244

Assets and Liabilities Measured on Recurring Basis

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at September 30, 2021 and December 31, 2020, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

Assets:		September 30, 2021			December 31, 2020
Marketable securities held in Trust Account	1	$	312,507,022	1	$	312,497,244
Liabilities:
Warrant Liability – Public Warrants	1	$	16,562,500	3	$	20,625,000
Warrant Liability – Private Placement Warrants	2	$	8,559,500	3	$	10,982,000

Private Placement Warrants Level 3 Fair Value Measurement

The fair value of the Private Placement Warrants was estimated at December 31, 2020 to be $1.36 using the modified Black-Scholes option pricing model and the following assumptions:

	December 31, 2020
Risk-free interest rate		0.57	%
Expected Term		6.45
Dividend yield		0.00	%
Expected volatility		17.5	%
Exercise price	$	11.50
Unit Price	$	10.36

Changes in Fair Value of Level 3 Warrant Liabilities

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

	Private Placement			Public Warrants			Warrant Liabilities
Fair value as of December 31, 2020	$	10,982,000		$	20,625,000		$	31,607,000
Change in fair value		(1,372,750	)		—			(1,372,750	)
Transfer to Level 2		(9,609,250	)					(9,609,250	)
Transfer to Level 1		—			(20,625,000	)		(20,625,000	)
Fair value as of September 30, 2021	$	—		$	—		$	—