Annual report pursuant to Section 13 and 15(d)

FAIR VALUE MEASUREMENTS

v3.21.1
FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS

NOTE 7. FAIR VALUE MEASUREMENTS

The following tables presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2020 and December 31, 2019 and indicate the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are observable, such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and includes situations where there is little, if any, market activity for the asset or liability.

The Company has determined that the Warrants are subject to treatment as a liability. As the transfer of the Private Placement Warrants to anyone other than the purchasers or their permitted transferees would result in the Private Placement Warrants having substantially the same terms as the Public Warrants issued in the Offering, the Company has determined that the fair value of each Warrant issued as part of the Private Placement Warrants is the same as that of a Warrant issued in the Offering, with an insignificant adjustment for short-term marketability restrictions. Accordingly, the Warrants are classified as Level 2 financial instruments.

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

    $ 293,315,407    $ —        $ —    

Liabilities:

         

Warrants

    $ —        $ 35,351,250    $ —  

 

December 31, 2019

 

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

    $ 292,054,158    $ —        $ —    

Liabilities:

         

Warrants

    $ —        $ 18,817,500    $ —    

Transfers to/from Levels 1, 2, and 3 are recognized at the end of the reporting period. There were no transfers between levels for the years ended December 31, 2020 and 2019.