Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Summary of Information About Assets and Liabilities Measured at Fair Value 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 as of June 30, 2021 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value.

Description	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
Investments held in Trust Account - money market funds	$	345,006,739	$	-	$	-
Liabilities:
Derivative warrant liabilities - Public warrants	$	10,350,000	$	-	$	-
Derivative warrant liabilities - Private placement warrants	$	-	$	-	$	5,340,000
Total	$	10,350,000	$	-	$	5,340,000

Summary of Fair Value Measurement Inputs and Valuation Techniques

The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates for the warrants:

	Initial Measurement			March 31, 2021			June 30, 2021
Exercise price	$	11.50		$	11.50		$	11.50
Stock price	$	9.75		$	9.78		$	9.71
Volatility		16.0	%		16.0	%		18.4	%
Term (years)		5.33			5.33			5.51
Risk-free rate		0.94	%		1.10	%		0.96	%

Change in Fair Value of Derivative Liabilities

The change in the fair value of the derivative liabilities utilizing Level 3 measurements for the three and six months ended June 30, 2021 is summarized as follows:

Derivative liabilities at January 1, 2021	$	-
Issuance of Public Warrants - Level 3		8,711,250
Issuance of Private Warrants - Level 3		4,494,500
Change in fair value of derivative liabilities - Level 3		523,000
Derivative liabilities at March 31, 2021 - Level 3	$	13,728,750
Transfer of Public Warrants to Level 1 Measurement		(9,056,250	)
Change in fair value of derivative liabilities - Level 3		667,500
Derivative liabilities at June 30, 2021 - Level 3	$	5,340,000