Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.21.2
Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2021
Accounting Policies [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present information about the Company’s assets and liabilities that were measured at fair value on a recurring basis as of June 30, 2021, and indicate the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.

 

 

 

June 30,

 

 

Quoted

Prices In

Active

Markets

 

 

Quoted

Prices In

Active

Markets

 

 

Significant

Other

Unobservable

Inputs

 

 

 

2021

 

 

(Level 1)

 

 

(Level 1)

 

 

(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Money Market held in Trust Account

 

$

1,176

 

 

$

1,176

 

 

$

-

 

 

$

-

 

U.S. Treasury Securities

 

 

276,054,621

 

 

 

276,054,621

 

 

 

-

 

 

 

-

 

 

 

$

276,055,797

 

 

$

276,055,797

 

 

$

-

 

 

$

-

 

Schedule of Net Income Per Common Share

The Company’s statement of operations includes a presentation of income (loss) per share for common shares subject to possible redemption in a manner similar to the two-class method of income (loss) per common share. Net income per common share, basic and diluted, for redeemable common shares is calculated by dividing the interest income earned on the Trust Account, by the weighted average number of redeemable common shares outstanding since original issuance. Net loss per common share, basic and diluted, for non-redeemable common shares is calculated by dividing the net loss, adjusted for income attributable to redeemable common shares, by the weighted average number of non-redeemable common shares outstanding for the periods presented. Non-redeemable common shares include the Founder Shares as these common shares do not have any redemption features and do not participate in the income earned on the Trust Account.

 

 

 

For the Three

Months Ended

June 30, 2021

 

 

For the Six

Months Ended

June 30, 2021

 

Common stock subject to possible redemption

 

 

 

 

 

 

 

 

Numerator: net income allocable to common stock

   subject to possible redemption

 

 

 

 

 

 

 

 

Amortized interest income on marketable securities

   held in trust

 

$

14,767

 

 

$

53,029

 

Less: interest available to be withdrawn for payment

   of taxes

 

 

(14,767

)

 

 

(53,029

)

Net income allocable to common stock subject to

   possible redemption

 

$

-

 

 

$

-

 

Denominator: weighted average redeemable common

   stock redeemable common stock, basic and diluted

 

 

26,242,843

 

 

 

22,756,411

 

Basic and diluted net income per share, redeemable

   common stock

 

$

-

 

 

$

-

 

Non-redeemable common stock

 

 

 

 

 

 

 

 

Numerator: net loss minus redeemable net earnings

 

 

 

 

 

 

 

 

Net loss

 

$

(119,589

)

 

$

(169,543

)

Redeemable net earnings

 

 

-

 

 

 

-

 

Non-redeemable net loss

 

 

(119,589

)

 

 

(169,543

)

Denominator: weighted average non-redeemable basic

   and diluted weighted average shares outstanding,

   common stock

 

 

8,257,157

 

 

 

12,830,882

 

Basic and diluted net loss per share, common stock

 

$

(0.01

)

 

$

(0.01

)