FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value on a 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 June 30, 2021 and February 16, 2021, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

Description	Level	June 30, 2021		February 16, 2021
Assets:
Marketable securities held in Trust Account (1)(2)	1	$	253,025,092	$	253,000,000
Liabilities:
Private Placement Warrants(1)	3	$	26,192,600	$	24,812,195
Public Warrants(1)	3	$	5,597,625	$	5,252,879

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(1)Measured at fair value on a recurring basis. As of February 16, 2021 the public warrants were classified as Level 3

(2)The fair value of the marketable securities held in the Trust Account approximates the carrying amount primarily due to their short-term nature.

Schedule of Key Inputs for Valuation of Private Placement Warrants

The key inputs into the Monte Carlo simulation model for the Public Warrants were as follows at initial measurement:

Input	February 16, 2021 (Initial measurement)
Risk-free interest rate	0.73		%
Expected term (years)	5.87
Expected volatility	23.2		%
Exercise price	$	11.50
Fair value of Unit	$	10
Fair value of Class A ordinary share	$	9.79

The key inputs into the Black-Scholes model for the Private Placement Warrants were as follows:

Input	June 30, 2021			February 16, 2021 (Initial measurement)
Risk-free interest rate	0.93		%	0.73		%
Expected term (years)	5.38			5.87
Expected volatility	45.8		%	42.6		%
Exercise price	$	11.50		$	11.50
Fair value of Unit	$	10		$	10
Fair value of Class A ordinary share	$	9.89		$	9.79

Schedule of Fair Value of Warrants Liability

The following table presents the changes in the fair value of warrants liability:

	Private Placement		Public		Warrants Liability
Fair value as of February 16, 2021 (initial measurement)	$	24,812,195	$	5,252,879	$	30,065,074
Change in fair value	1,380,405		344,746		1,725,151
Fair value as of June 30, 2021	$	26,192,600	$	5,597,625	$	31,790,225