Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements

v3.21.4
Fair Value Measurements
9 Months Ended
Sep. 30, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Note 9 — Fair Value Measurements
The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value.
September 30, 2021
 
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
   $ 363,978,513      $ —        $ —    
Liabilities:
                          
Derivative warrant liabilities - Public
   $ 8,658,014      $ —        $ —    
Derivative warrant liabilities - Private
   $ —        $ 3,915,073      $ —    
December 31, 2020
 
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
   $ 363,951,287      $ —        $ —    
Liabilities:
                          
Derivative warrant liabilities - Public
   $ 15,892,270      $ —        $ —    
Derivative warrant liabilities - Private
   $ —        $ 8,103,570      $ —    
Transfers to/from Levels 1, 2, and 3 are recognized at the end of the reporting period. There were no were transfers between levels for during the three and nine months ended September 30, 2021.
Level 1 instruments include investments in mutual funds invested in government securities. The Company uses inputs such as actual trade data, benchmark yields, quoted market prices from dealers or brokers, and other similar sources to determine the fair value of its investments.
The fair value of the Public Warrants issued in connection with the Public Offering and Private Placement Warrants were initially measured at fair value using a Monte Carlo simulation model. The fair value of Public Warrants issued in connection with the Initial Public Offering have been measured based on the listed market price of such warrants, a Level 1 measurement, since December 2020. The fair value of the Private Placement Warrants has subsequently been measured by reference to the trading price of the Public Warrants. For the three and nine months ended September 30, 2021, the Company recognized a gain of approximately $8.3 million and a gain of approximately $11.4 million, respectively, in the condensed statement of operations resulting from changes in the fair value of derivative warrant liabilities on the accompanying condensed statement of operations.