Annual report pursuant to Section 13 and 15(d)

FAIR VALUE MEASUREMENTS (Tables)

v3.21.2
FAIR VALUE MEASUREMENTS (Tables)
12 Months Ended
Dec. 31, 2020
FAIR VALUE MEASUREMENTS [Abstract]  
Gross Holding Gains and Fair Value of Held-to-Maturity Securities
The gross holding gains and fair value of held-to-maturity securities at December 31, 2020 are as follows:

Held-To-Maturity
 
Level
   
Amortized
Cost
   
Gross
Holding
Gain
   
Fair Value
 
U.S. Treasury Securities (Matured on 2/4/2021)
   
1
   
$
449,973,787
   
$
3,713
   
$
449,977,500
 
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 at December 31, 2020, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

    
Level
   
December 31,
2020
 
Assets:
           
Marketable securities held in Trust Account
   
1
   
$
449,977,500
 
                 
Liabilities:
               
Warrant Liability – Public Warrants
   
1
   
$
10,097,710
 
Warrant Liability – Private Placement Warrants
   
3
   
$
4,909,424
 
Level 3 Fair Value Measurements of Warrant Liabilities
The following table presents the quantitative information regarding Level 3 fair value measurements of the warrant liabilities:

   
At
October 6, 2020
(Initial
Measurement)
   
As of
December 31,
2020
 
Stock price
 
$
9.55
   
$
10.12
 
Term (in years)
   
6.63
     
6.08
 
Volatility
   
16.1
%
   
33.0
%
Risk-free rate
   
0.52
%
   
0.52
%
Dividend yield
   
0.0
%
   
0.0
%
Changes in Fair Value of Level 3 Warrant Liabilities
The following table presents the changes in the fair value of Level 3 warrant liabilities:

 
Private Placement
   
Public
   
Warrant Liabilities
 
Fair value as of July 30, 2020 (inception)
 
$
   
$
   
$
 
Initial measurement on October 6, 2020 (inclusive of the over-allotment
   
9,940,576
     
20,277,290
     
30,217,866
 
Change in fair value      4,909,424        10,097,710        15,007,134  
Transfer to Level 1
   
     
(30,375,000
)
   
(30,375,000
)
Fair value as of December 31, 2020
 
$
14,850,000
   
$
   
$
14,850,000