Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.22.1
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Summary of Assets that are Measured at Fair Value
The following table presents information about the Company’s financial assets and liabilities that are measured at fair value.
 
    
Fair Value Measured as of March 31, 2022
 
    
Level 1
    
Level 2
    
Level 3
    
Total
 
Assets:
                                   
Investments held in Trust Account
   $ 316,293,269      $ —        $ —        $ 316,293,269  
Liabilities:
                                   
Derivative warrant liabilities – public warrants
   $ 2,727,660      $ —        $ —        $ 2,727,660  
Derivative warrant liabilities – private placement warrants
   $ —        $ —        $ 1,998,000      $ 1,998,000  
 
    
Fair Value Measured as of December 31, 2021
 
    
Level 1
    
Level 2
    
Level 3
    
Total
 
Assets:
                                   
Investments held in Trust Account
   $ 316,267,458      $ —        $ —        $ 316,267,458  
Liabilities:
                                   
Derivative warrant liabilities – public warrants
   $ 6,008,750      $ —        $ —        $ 6,008,750  
Derivative warrant liabilities – private placement warrants
   $ —        $ —        $ 6,549,000      $ 6,549,000  
Summary of Fair Value Measurement Inputs and Valuation Techniques
    
As of
March 31,
2022
   
As of
December 31,
2021
 
Share Price
   $ 9.79     $ 9.77  
Exercise Price
   $ 11.50     $ 11.50  
Option Term (in years)
     5.0       5.0  
Volatility
     6.00     18.00
Risk-free interest rate
     2.42     1.26
Expected Dividends
     0.00     0.00
Summary of Change in the Fair Value of the Derivative Warrant Liabilities
The change in the fair value of the derivative warrant liabilities measured using Level 3 inputs for the three months ended March 31, 2022 is summarized as follows:
 
Derivative warrant liabilities at January 1, 2022
   $ 6,549,000  
Change in fair value of derivative warrant liabilities
     (4,551,000
    
 
 
 
Derivative warrant liabilities at March 31, 2022
   $ 1,998,000  
    
 
 
 
The change in the fair value of the derivative warrant liabilities measured using Level 3 inputs for the three months ended March 31, 2021 is summarized as follows:
 
Derivative warrant liabilities at January 1, 2021
   $ —    
Issuance of Public and Private Warrants
     26,843,380  
Change in fair value of derivative warrant liabilities
     (1,021,000
    
 
 
 
Derivative warrant liabilities at March 31, 2021
   $ 25,822,380