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