Registration of securities issued in business combination transactions

Fair Value Measurements (Tables)

v3.22.1
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents information about the Company’s assets and liabilities that were measured at fair value on a recurring basis as of December 31, 2021, and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.
 
    
December 31,
2021
    
Quoted
Prices In
Active
Markets
(Level 1)
    
Significant
Other
Observable
Inputs
(Level 2)
    
Significant
Other
Unobservable
Inputs
(Level 3)
 
Assets:
                                   
Cash and securities held in Trust Account
   $ 276,119,979      $ 276,119,979      $ —        $ —    
    
 
 
    
 
 
    
 
 
    
 
 
 
     $ 276,119,979      $ 276,119,979      $ —        $ —    
    
 
 
    
 
 
    
 
 
    
 
 
 
Liabilities:
                                   
Warrant liability — Private Placement Warrants
   $ 5,044,441      $ —        $ —        $ 5,044,441  
    
 
 
    
 
 
    
 
 
    
 
 
 
     $ 5,044,441      $ —        $ —        $ 5,044,441  
    
 
 
    
 
 
    
 
 
    
 
 
 
Schedule of Carrying Value, Excluding Gross Unrealized Holding Loss and Fair Value of Held to Maturity Securities
The carrying value, excluding gross unrealized holding loss and fair value of held to maturity securities on December 31, 2021 were as follows:
 
    
Carrying
Value/Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
    
Fair Value as of
December 31,
2021
 
U.S. Money Market
   $ 979      $ —        $ —        $ 979  
U.S. Treasury Securities
     276,114,465        4,535        —          276,119,000  
    
 
 
    
 
 
    
 
 
    
 
 
 
     $ 276,115,444      $ —        $ —        $ 276,119,979  
    
 
 
    
 
 
    
 
 
    
 
 
 
                                     
Schedule of Key Inputs into Monte Carlo Simulation Model for Warrants
The key inputs into the Monte Carlo simulation model for the Warrants were as follows at December 23, 2021:
 
Input
  
December 23,
2021
 
Expected term (years)
     5.43  
Expected volatility
     13.20
Risk-free interest rate
     1.21
Stock price
   $ 9.88  
Dividend yield
     0.00
Exercise price
   $ 11.50  
The key inputs into the Monte Carlo simulation model for the Warrants were as follows at December 31, 2021:
 
Input
  
December 31,
2021
 
Expected term (years)
     5.40  
Expected volatility
     11.70
Risk-free interest rate
     1.20
Stock price
   $ 9.90  
Dividend yield
     0.00
Exercise price
   $ 11.50  
Summary of Changes in Fair Value
The following table sets forth a summary of the changes in the fair value of the Level 3 warrant liability for the year ended December 31, 2021:
 
    
Warrant
Liability
 
Fair value as of December 31, 2020
   $ —    
Initial fair value of warrant liability upon modification
     6,000,476  
Change in fair value
     (956,035
    
 
 
 
Fair value as of December 31, 2021
   $ 5,044,441