Quarterly report pursuant to Section 13 or 15(d)

PRIVATE PLACEMENT

v3.21.2
PRIVATE PLACEMENT
3 Months Ended
Mar. 31, 2021
PRIVATE PLACEMENT [Abstract]  
PRIVATE PLACEMENT
NOTE 5. PRIVATE PLACEMENT

Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 7,175,000 Private Placement Warrants  at a price of $1.00 per private Placement Warrant, for an aggregate purchase price of $7,175,000, in a private placement. Each Private Placement Warrant is exercisable to purchase one share of Class A common stock at a price of $11.50 per share. The proceeds from the Private Placement Warrants were added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds of the sale of the Private Placement Warrants will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants will expire worthless. There will be no redemption rights or liquidating distributions from the Trust Account with respect to the Private Placement Warrants. The difference between the initial fair value of $0.72 per share (or $5,166,000) of the Private Placement warrants (see Note 10) and the purchase of $1.00 per share of $2,009,000 was recorded in additional paid-in capital.