Accounting for Warrant Liability (Tables)
|
3 Months Ended |
11 Months Ended |
Mar. 31, 2021 |
Dec. 31, 2020 |
| Payables and Accruals [Abstract] |
|
|
| Schedule of warrant liabilities are measured at fair value on a recurring basis |
|
Description
|
|
March 31,
2021
|
|
Quoted
Prices in
Active
Markets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Other
Unobservable
Inputs
(Level 3)
|
|
Warrant Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Public Warrants
|
|
$
|
14,317,000
|
|
$
|
14,317,000
|
|
$
|
—
|
|
$
|
—
|
|
Private Placement Warrants
|
|
|
9,848,000
|
|
|
—
|
|
|
—
|
|
|
9,848,000
|
|
Warrant liability at March 31, 2021
|
|
$
|
24,165,000
|
|
|
14,317,000
|
|
|
|
|
$
|
24,165,000
|
|
Description
|
|
December 31,
2020
|
|
Quoted
Prices in
Active
Markets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Other
Unobservable
Inputs
(Level 3)
|
|
Warrant Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Public Warrants
|
|
$
|
12,851,000
|
|
$
|
—
|
|
$
|
—
|
|
$
|
12,851,000
|
|
Private Placement Warrants
|
|
$
|
8,668,000
|
|
$
|
—
|
|
$
|
—
|
|
$
|
8,668,000
|
|
Warrant liability at December 31, 2020
|
|
$
|
21,519,000
|
|
|
|
|
|
|
|
$
|
21,519,000
|
|
|
| Schedule of quantitative information regarding Level 3 fair value measurements |
|
|
|
As of
March 31,
2021
|
|
As of
December 31,
2020
|
|
Private Warrants:
|
|
|
|
|
|
|
|
|
|
Term (in years)
|
|
|
5.0
|
|
|
|
5.0
|
|
|
Volatility – pre announcement
|
|
|
10.0
|
%
|
|
|
10.0
|
%
|
|
Volatility – post announcement
|
|
|
22
|
%
|
|
|
30
|
%
|
|
Risk-free rate
|
|
|
1.04
|
%
|
|
|
0.469
|
%
|
|
Fair value of warrants
|
|
$
|
1.73
|
|
|
$
|
1.52
|
|
| |
|
|
|
|
|
|
|
|
|
Public Warrants:
|
|
|
|
|
|
|
|
|
|
Simulated warrant value
|
|
|
|
|
|
$
|
1.49
|
|
|
Publicly-traded value
|
|
|
|
|
|
$
|
1.49
|
|
|
|
Description
|
|
December 31, 2020
|
|
Quoted
Prices
in Active
Markets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Other
Unobservable
Inputs
(Level 3)
|
|
Warrant Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Public Warrants
|
|
$
|
12,851,000
|
|
$
|
—
|
|
$
|
—
|
|
$
|
12,851,000
|
|
Private Placement Warrants
|
|
$
|
8,668,000
|
|
$
|
—
|
|
$
|
—
|
|
$
|
8,668,000
|
|
Warrant liability at December 31, 2020
|
|
$
|
21,519,000
|
|
|
|
|
|
|
|
$
|
21,519,000
|
|
Description
|
|
September 30,
2020
|
|
Quoted
Prices
in Active
Markets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Other
Unobservable
Inputs
(Level 3)
|
|
Warrant Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Public Warrants
|
|
$
|
5,705,000
|
|
$
|
—
|
|
$
|
—
|
|
$
|
5,705,000
|
|
Private Placement Warrants
|
|
$
|
3,763,000
|
|
$
|
—
|
|
$
|
—
|
|
$
|
3,763,000
|
|
Warrant liability at September 30, 2020
|
|
$
|
9,468,000
|
|
|
|
|
|
|
|
$
|
9,468,000
|
|
| Schedule of changes in fair value of warrant liabilities |
|
|
|
Public
|
|
Private
Placement
|
|
Warrant
Liabilities
|
|
Fair value measurement on December 31, 2020
|
|
$
|
12,851,000
|
|
$
|
8,668,000
|
|
$
|
21,519,000
|
|
Change in valuation inputs or other assumptions
|
|
|
1,466,000
|
|
|
1,180,000
|
|
|
2,646,000
|
|
Fair value as of March 31, 2021
|
|
$
|
14,317,000
|
|
$
|
9,848,000
|
|
$
|
24,165,000
|
|
|