Quarterly report pursuant to Section 13 or 15(d)

Cash and Securities Held in Trust Account

v3.21.2
Cash and Securities Held in Trust Account
6 Months Ended
Jun. 30, 2021
Cash And Securities Held In Trust Account [Abstract]  
Cash and Securities Held in Trust Account

Note 6 — Cash and Securities Held in Trust Account

As of June 30, 2021, investment in the Company’s Trust Account consisted of $1,176, in U.S. Money Market and $276,050,479, in U.S. Treasury Securities. The Company classifies its United States Treasury securities as held-to-maturity in accordance with ASC 320 “Investments — Debt and Equity Securities”. Held-to-maturity treasury securities are recorded at amortized cost and adjusted for the amortization or accretion of premiums or discounts. The Company considers all investments with original maturities of more than three months but less than one year to be short-term investments. The carrying value approximates the fair value due to its short-term maturity.

The carrying value, excluding gross unrealized holding loss and fair value of held to maturity securities on June 30, 2021 are as follows:

 

 

 

Carrying

Value/Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Fair Value

as of

June 30, 2021

 

U.S. Money Market

 

$

1,176

 

 

$

-

 

 

$

-

 

 

$

1,176

 

U.S. Treasury Securities

 

 

276,054,621

 

 

 

-

 

 

 

(4,142

)

 

 

276,050,479

 

 

 

$

276,055,797

 

 

$

-

 

 

$

(4,142

)

 

$

276,051,655