0001213900-22-011593 | 10-K/A | XBRL Viewer

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Balance Sheet	Dec. 31, 2020 USD ($)
Current assets:
Cash	$ 1,724,354
Prepaid expenses	555,410
Total current assets	2,279,764
Investments held in Trust Account	230,000,189
Total Assets	232,279,953
Current liabilities:
Accounts payable	16,981
Accrued expenses	70,000
Franchise tax payable	57,036
Total current liabilities	144,017
Derivative warrant liabilities	25,856,500
Deferred underwriting commissions	8,050,000
Total Liabilities	34,050,517
Commitments and Contingencies
Class A common stock subject to possible redemption, $0.0001 par value; 23,000,000 shares issued and outstanding at $10.00 per share redemption value	230,000,000
Stockholders’ Deficit:
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; no shares issued or outstanding
Class A common stock, $0.0001 par value; 100,000,000 shares authorized; no non-redeemable shares issued or outstanding
Class B common stock, $0.0001 par value; 10,000,000 shares authorized; 5,750,000 shares issued and outstanding	575
Additional paid-in capital
Accumulated deficit	(31,771,139)
Total stockholders’ deficit	(31,770,564)
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Deficit	$ 232,279,953

Balance Sheet (Parentheticals)	Dec. 31, 2020 $ / shares shares
Preferred stock par value (in Dollars per share) \| $ / shares	$ 0.0001
Preferred stock, shares authorized	1,000,000
Preferred stock, shares issued	0
Preferred stock, shares outstanding	0
Common stock, shares outstanding	5,750,000
Class A Common Stock
Subject to possible redemption per share (in Dollars per share) \| $ / shares	$ 10.00
Common stock subject to possible redemption, shares	23,000,000
Common stock, subject to possible redemption per value (in Dollars per share) \| $ / shares	$ 0.0001
Common stock par value (in Dollars per share) \| $ / shares	$ 0.0001
Common stock, shares authorized	100,000,000
Common stock, non-redeemable shares issued	0
Common stock,non-redeemable shares outstanding	0
Class B Common Stock
Common stock par value (in Dollars per share) \| $ / shares	$ 0.0001
Common stock, shares authorized	10,000,000
Common stock, shares issued	5,750,000
Common stock, shares outstanding	5,750,000

Statement of Operations	3 Months Ended
Statement of Operations	Dec. 31, 2020 USD ($) $ / shares shares
General and administrative expenses	$ 44,937
Franchise tax expenses	57,036
Total operating expenses	(101,973)
Other income (expense)
Change in fair value of derivative warrant liabilities	(3,843,500)
Loss on issuance of private placement warrants	(1,323,000)
Financing cost - derivative warrant liabilities	(783,506)
Gain on investments held in Trust Account	189
Net loss	$ (6,051,790)
Class A Common Stock
Other income (expense)
Weighted average shares outstanding (in Shares) \| shares	876,190
Basic and diluted net loss per share (in Dollars per share) \| $ / shares	$ (1.28)
Class B Common Stock
Other income (expense)
Weighted average shares outstanding (in Shares) \| shares	3,838,095
Basic and diluted net loss per share (in Dollars per share) \| $ / shares	$ (1.28)

Statement of Changes in Stockholders’ Deficit - 3 months ended Dec. 31, 2020 - USD ($)	Class B Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Balance at Sep. 17, 2020
Balance (in Shares) at Sep. 17, 2020
Issuance of Class B common stock to Sponsor	$ 575	24,425		25,000
Issuance of Class B common stock to Sponsor (in Shares)	5,750,000
Accretion of Class A common stock to redemption amount		(24,425)	(25,719,349)	(25,743,774)
Net loss			(6,051,790)	(6,051,790)
Balance at Dec. 31, 2020	$ 575		$ (31,771,139)	$ (31,770,564)
Balance (in Shares) at Dec. 31, 2020	5,750,000

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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Statement of Cash Flows	3 Months Ended
Statement of Cash Flows	Dec. 31, 2020 USD ($)
Cash Flows from Operating Activities:
Net loss	$ (6,051,790)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of derivative warrant liabilities	3,843,500
Loss on issuance of private placement warrants	1,323,000
Financing costs - derivative warrant liabilities	783,506
Interest earned on investments held in Trust Account	(189)
Changes in operating assets and liabilities:
Prepaid expenses	(555,410)
Accounts payable	16,981
Franchise tax payable	57,036
Net cash used in operating activities	(583,366)
Cash Flows from Investing Activities
Cash deposited in Trust Account	(230,000,000)
Net cash used in investing activities	(230,000,000)
Cash Flows from Financing Activities:
Proceeds from issuance of Class B common stock to Sponsor	25,000
Proceeds from note payable to related party	150,000
Repayment of note payable to related party	(150,000)
Proceeds received from initial public offering, gross	230,000,000
Proceeds received from private placement	7,350,000
Offering costs paid	(5,067,280)
Net cash provided by financing activities	232,307,720
Net increase in cash	1,724,354
Cash - beginning of the period
Cash - end of the period	1,724,354
Supplemental disclosure of noncash activities:
Offering costs included in accrued expenses	70,000
Deferred underwriting commissions in connection with the initial public offering	$ 8,050,000

Description of Organization and Business Operations

3 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Description of Organization and Business Operations

Note 1—Description of Organization and Business Operations

Organization and General

7GC & Co. Holdings, Inc. (the “Company”) was incorporated as a Delaware corporation on September 18, 2020. The Company was formed for the purpose of effectuating a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses (the “Business Combination”). The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.

As of December 31, 2020, the Company has not commenced any operations. All activity for the period from September 18, 2020 (inception) through December 31, 2020 (collectively the “Affected Period”) has been related to the Company’s formation and the initial public offering (“Initial Public Offering”) described below, and since the offering, the search for a prospective Initial Business Combination. The Company will not generate any operating revenue until after the completion of its Initial Business Combination, at the earliest. The Company will generate non-operating income in the form of income earned on investments on cash and cash equivalents in the Trust Account (as defined below). The Company has selected December 31 as its fiscal year end.

Sponsor and Financing

The Company’s sponsor is 7GC & Co. Holdings LLC, a Delaware limited liability company (the “Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective on December 22, 2020. On December 28, 2020, the Company consummated its Initial Public Offering of 23,000,000 units (the “Units” and, with respect to the Class A common stock included in the Units being offered, the “Public Shares”), including 3,000,000 additional Units to cover over-allotments (the “Over-Allotment Units”), at $10.00 per Unit, generating gross proceeds of $230.0 million, and incurring offering costs of approximately $13.2 million, of which approximately $8.1 million was for deferred underwriting commissions (Note 6).

Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of 7,350,000 warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant to the Sponsor, generating proceeds of approximately $7.4 million (Note 5).

Trust Account

Upon the closing of the Initial Public Offering and the Private Placement, $230.0 million ($10.00 per Unit) of the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement was placed in a trust account (the “Trust Account”) in the United States, with Continental Stock Transfer & Trust Company acting as trustee, and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or in any money market funds meeting certain conditions of Rule 2a-7 of the Investment Company Act of 1940, as amended (the “Investment Company Act”), which invest only in direct U.S, government treasury obligations until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the funds in the Trust Account to the Company’s stockholders, as described below.

Initial Business Combination

The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and sale of the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. Nasdaq rules provide that the Business Combination must be with one or more target businesses that together have a fair market value equal to at least 80% of the balance in the Trust Account (excluding the deferred underwriting commissions and taxes payable on income earned on the Trust Account) at the time of the signing a definitive agreement to enter a Business Combination. The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able to successfully effect a Business Combination.

The Company will provide its holders of the outstanding Public Shares (the “Public Stockholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholders meeting called to approve the Business Combination or (ii) by means of a tender offer. In connection with a proposed Business Combination, the Company may seek stockholder approval of a Business Combination at a meeting called for such purpose at which public stockholders may seek to redeem their shares, regardless of whether they vote for or against a Business Combination. The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 either immediately prior to or upon such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the outstanding shares voted are voted in favor of the Business Combination.

If the Company seeks stockholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Company’s Amended and Restated Certificate of Incorporation provides that, a Public Stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from seeking redemption rights with respect to 15% or more of the Public Shares without the Company’s prior written consent.

The Public Stockholders will be entitled to redeem their shares for a pro rata portion of the amount then in the Trust Account (initially $10.00 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). The per-share amount to be distributed to Public Stockholders who redeem their shares will not be reduced by the deferred underwriting commissions the Company will pay to the representative of the underwriters (as discussed in Note 6). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. These shares of Class A common stock are recorded at a redemption value and classified as temporary equity, in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.”

If a stockholder vote is not required and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation, offer such redemption pursuant to the tender offer rules of the Securities and Exchange Commission (the “SEC”), and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination.

The Company’s Sponsor has agreed (a) to vote its Founder Shares (as defined in Note 5) and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination, (b) not to propose an amendment to the Company’s amended and restated certificate of incorporation with respect to the Company’s pre-Business Combination activities prior to the consummation of a Business Combination unless the Company provides dissenting Public Stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment; (c) not to redeem any shares (including the Founder Shares) and Private Placement Warrants (including underlying securities) into the right to receive cash from the Trust Account in connection with a stockholder vote to approve a Business Combination (or to sell any shares in a tender offer in connection with a Business Combination if the Company does not seek stockholder approval in connection therewith) or a vote to amend the provisions of the amended and restated certificate of incorporation relating to stockholders’ rights of pre-Business Combination activity and (d) that the Founder Shares and Private Placement Warrants (including underlying securities) shall not participate in any liquidating distributions upon winding up if a Business Combination is not consummated. However, the Sponsor will be entitled to liquidating distributions from the Trust Account with respect to any Public Shares purchased during or after the Initial Public Offering if the Company fails to complete its Business Combination.

If the Company is unable to complete a Business Combination within 24 months from the closing of the Initial Public Offering, or December 28, 2022 (the “Combination Period”), the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders and the Company’s board of directors, proceed to commence a voluntary liquidation and thereby a formal dissolution of the Company, subject in each case to its obligations to provide for claims of creditors and the requirement of applicable law. The representative of the underwriters has agreed to waive its rights to the deferred underwriting commission held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the Initial Public Offering price per Unit ($10.00).

The Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per public share and (ii) the actual amount per public share held in the Trust Account as of the day of liquidation of the Trust Account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). However, we have not asked the Sponsor to reserve for such indemnification obligations, nor have we independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations. None of the Company’s officers or directors will indemnify the Company for claims by third parties including, without limitation, claims by vendors and prospective target businesses.

Liquidity and Going Concern

As of December 31, 2020, the Company had approximately $1.7 million of cash in its operating account and working capital of approximately $2.2 million (excluding tax obligations of approximately $57,000 that may be paid using investment income earned in Trust Account).

The Company’s liquidity prior to the consummation of the Initial Public Offering were satisfied through a payment of $25,000 from the Sponsor to purchase Founder Shares (as defined in Note 5), and loan proceeds from the Sponsor of $150,000 under the Note (Note 5). The Company repaid the Note in full on December 28, 2020. Subsequent to the consummation of the Initial Public Offering, the Company’s liquidity has been satisfied through the net proceeds from the consummation of the Initial Public Offering and the Private Placement held outside of the Trust Account.

The Company’s management plans to continue its efforts to complete a Business Combination within 24 months of the closing of the Initial Public Offering, or December 28, 2022. The Company believes that the funds currently available to it outside of the Trust Account will be sufficient to allow it to operate until December 28, 2022; however, there can be no assurances that this estimate is accurate.

In connection with the Company’s assessment of going concern considerations in accordance with FASB ASC Topic 205-40, “Presentation of Financial Statements - Going Concern,” management has determined that the mandatory liquidation date and subsequent dissolution raises substantial doubt about the Company’s ability to continue as a going concern. If the Company is unable to complete a Business Combination by December 28, 2022, then the Company will cease all operations except for the purpose of liquidating. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after December 28, 2022.

Restatement of Previously Issued Financial Statements

3 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Restatement of Previously Issued Financial Statements

Note 2 —Restatement of Previously Issued Financial Statements

In preparation of the Company’s unaudited condensed financial statements for the quarterly period ended September 30, 2021, the Company re-evaluated its accounting for its redeemable Class A common stock and earnings per share. In accordance with the SEC staff guidance on redeemable equity instruments, ASC 480, paragraph 10-S99, redemption provisions not solely within the control of the Company require common stock subject to redemption to be classified outside of permanent equity. The Company had previously classified a portion of its Class A common stock in permanent equity, or total stockholders’ equity. Although the Company did not specify a maximum redemption threshold, its Amended and Restated Articles of Incorporation currently provides that, the Company will not redeem its public shares in an amount that would cause its net tangible assets to be less than $5,000,001. Previously, the Company did not consider redeemable stock classified as temporary equity as part of net tangible assets. The Company revised this interpretation to include temporary equity in net tangible assets. Also, in connection with the change in presentation for the Class A common stock subject to possible redemption, the Company revised its earnings per share calculation to allocate income and losses shared pro rata between the two classes of shares. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of shares share pro rata in the income and losses of the Company. As a result, the Company concluded it should present all redeemable Class A common stock as temporary equity and recognize accretion from the initial book value to redemption value at the time of its Initial Public Offering and in accordance with ASC 480, and correct is earnings per share presentation.

The Company’s previously filed financial statements that contained the error were initially reported in the Company’s Form 8-K filed with the SEC on January 4, 2021 (the “Post-IPO Balance Sheet”) and the Company’s Annual Report on Form 10-K for the annual period ended December 31, 2020, which were all previously restated in the Company’s Amendment No. 1 to its Form 10-K as filed with the SEC on May 28, 2021 (“the 2020 Affected Periods”), as well as the Company’s Form 10-Qs for the quarterly periods ended March 31, 2021, and June 30, 2021 (collectively, the “Affected Periods”).

In accordance with SEC Staff Accounting Bulletin No. 99, “Materiality,” and SEC Staff Accounting Bulletin No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements,” the Company evaluated the corrections noted above and determined that the related impact was material to the Affected Periods that contained the errors. Therefore, the Company is restating the 2020 Affected Periods in this filing. The quarterly periods ended March 31, 2021, and June 30, 2021, will be restated with an amendment the Company’s Form 10-Q for the quarterly period ended September 30, 2021.

Impact of the Restatement

The impact of the restatement on the balance sheets, statements of operations and statements of cash flows for the 2020 Affected Periods is presented below:

The impact of the restatement to the Post-IPO Balance Sheet is as follows:

As of December 28, 2020	As Reported			Adjustment			As Restated
Total assets	$	232,837,304			-		$	232,837,304
Total liabilities	$	8,735,274			22,013,000		$	30,748,274
Class A common stock subject to possible redemption		219,102,020			10,897,980			230,000,000
Preferred stock		-			-			-
Class A common stock		109			(109	)		-
Class B common stock		575			-			575
Additional paid-in capital		5,085,016			(5,085,016	)		-
Accumulated deficit		(85,690	)		(27,825,855	)		(27,911,545	)
Total stockholders’ equity (deficit)	$	5,000,010		$	(32,910,980	)	$	(27,910,970	)
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit)	$	232,837,304		$	-		$	232,837,304
Shares of Class A common stock subject to possible redemption		21,910,202			1,089,798			23,000,000
Shares of Class A non-redeemable common stock		1,089,798			(1,089,798	)		-

The table below presents the effect on the financial statement adjustments related to the restatement discussed above of the Company’s previously reported balance sheet as of December 31, 2020:

As of December 31, 2020	As Previously Restated			Adjustment			As Restated
Total assets	$	232,279,953					$	232,279,953
Total liabilities	$	34,050,517					$	34,050,517
Class A common stock subject to possible redemption		193,229,430			36,770,570			230,000,000
Preferred stock		-			-			-
Class A common stock		368			(368	)		-
Class B common stock		575			-			575
Additional paid-in capital		11,050,853			(11,050,853	)		-
Accumulated deficit		(6,051,790	)		(25,719,349	)		(31,771,139	)
Total stockholders’ equity (deficit)	$	5,000,006		$	(36,770,570	)	$	(31,770,564	)
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit)	$	232,279,953		$	-		$	232,279,953
Shares of Class A common stock subject to possible redemption		19,322,943			3,677,057			23,000,000
Shares of Class A non-redeemable common stock		3,677,057			(3,677,057	)		-

The Company’s statement of stockholders’ equity has been restated to reflect the changes to the impacted stockholders’ equity accounts described above.

The impact of the restatement to the previously reported as restated statement of cash flows for the period ended December 31, 2020 is presented below:

For the Period from September 18, 2020 (inception) through December 31, 2020
	As Reported			Adjustment			As Restated
Supplemental Disclosure of Noncash Financing Activities:
Initial value of Class A common stock subject to possible redemption	$	197,089,020		$	(197,089,020	)	$	-
Change in value of Class A common stock subject to possible redemption	$	(3,859,590	)	$	3,859,590		$	-

The impact to the reported amounts of weighted average shares outstanding and basic and diluted earnings per common share for the period ended December 31, 2020 is presented below:

	Earnings (Loss) Per Share
	As Reported			Adjustment			As Restated
For the Period from September 18, 2020 (inception) through December 31, 2020
Net loss	$	(6,051,790	)	$	-		$	(6,051,790	)
Weighted average shares outstanding - Class A common stock		23,000,000			(22,123,810	)		876,190
Basic and diluted loss per share - Class A common stock	$	-		$	(1.28	)	$	(1.28	)
Weighted average shares outstanding - Class B common stock		5,037,500			(1,199,405	)		3,838,095
Basic and diluted loss per share - Class B common stock	$	(1.20	)	$	(0.08	)	$	(1.28	)

Subsequent to the Company’s previously issued Amendment No. 1 to its Annual Report on Form 10-K for the annual period ended December 31, 2020, as filed with the SEC on May 28, 2021, in connection with the Company’s assessment of going concern considerations in accordance with FASB ASC 205-40, Presentation of Financial Statements - Going Concern” management has determined that if the Company is unable to complete a Business Combination by December 28, 2022, then the Company will cease all operations except for the purpose of liquidating. The date for mandatory liquidation and subsequent dissolution as well as the Company’s working capital deficit raise substantial doubt about the Company’s ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after the Combination Period. The Company intends to complete a Business Combination before the mandatory liquidation date.

Summary of Significant Accounting Policies

3 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 3—Summary of Significant Accounting Policies

Basis of Presentation

The accompanying financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).

As described in Note 2—Restatement of Previously Issued Financial Statements, the Company’s financial statements for the period as of December 31, 2020, and the period from September 18, 2020 (inception) through December 31, 2020 (the “2020 Affected Period”) are restated in this Annual Report on Form 10-K/A (Amendment No. 2) (this “Annual Report”) to correct the misapplication of accounting guidance related to the redeemable Class A common stock and earnings per share in the Company’s previously issued audited financial statements for such periods. The restated financial statements are indicated as “Restated” in the audited financial statements and accompanying notes, as applicable. See Note 2—Restatement of Previously Issued Financial Statements for further discussion.

Emerging Growth Company

As an emerging growth company, the Company may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

Further, section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Actual results could differ from those estimates.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents as of December 31, 2020.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which, at times, may exceed the Federal depository insurance coverage of $250,000, and investments held in Trust Account. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. The Company’s investments held in the Trust Account as of December 31, 2020 is comprised of investments in U.S. Treasury securities with an original maturity of 185 days or less or investments in a money market funds that comprise only U.S. treasury securities money market funds.

Investments Held in the Trust Account

The Company’s portfolio of investments held in the Trust Account is comprised of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities, or a combination thereof. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities is included in net gain from investments held in Trust Account in the accompanying statement of operations. The estimated fair values of investments held in the Trust Account are determined using available market information.

Fair Value of Financial Instruments

Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:

●

Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

●

Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

●

Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.

As of December 31, 2020, the carrying values of cash, prepaid expenses, accounts payable, accrued expenses, and franchise tax payable approximate their fair values due to the short-term nature of the instruments. The Company’s investments held in Trust Account are comprised of investments in U.S. Treasury securities with an original maturity of 185 days or less or investments in a money market funds that comprise only U.S. treasury securities and are recognized at fair value. The fair value of investments held in Trust Account is determined using quoted prices in active markets.

The fair value of the Public Warrants issued in connection with the Initial Public Offering and Private Placement Warrants were initially and subsequently measured at fair value using a Monte Carlo simulation model.

Offering Costs

The Company complies with the requirements of the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin Topic 5A – “Expenses of Offering.” Offering costs consist of legal, accounting, underwriting fees and other costs directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with derivative warrant liabilities were expensed as incurred and presented as non-operating expenses in the statement of operations. Offering costs associated with the Class A common stock issued were charged against the carrying value of the Class A common stock subject to possible redemption upon the completion of the Initial Public Offering. The Company classifies deferred underwriting commissions as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities.

Class A Common Stock Subject to Possible Redemption

The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Shares of Class A common stock subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Shares of conditionally redeemable Class A common stock (including Class A common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, shares of Class A common stock are classified as stockholders’ equity. The Company’s Class A common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, as of December 31, 2020, 23,000,000 shares of Class A common stock subject to possible redemption are presented as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheet.

The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of the Class A common stock subject to possible redemption to equal the redemption value at the end of each reporting period. Effective with the closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption amount, which resulted in charges against additional paid-in capital (to the extent available) and accumulated deficit.

Derivative Warrant liabilities

The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815-15. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period.

The 11,500,000 issued in connection with the Initial Public Offering (the “Public Warrants”) and the 7,350,000 Private Placement Warrants are recognized as derivative liabilities in accordance with ASC 815-40. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjust the instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in our statement of operations. The fair value of Public Warrants was calculated using an option pricing method and the fair value of Private Placement Warrants was calculated using the Black-Scholes Option Pricing Model. Derivative warrant liabilities are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities.

Net Income (Loss) Per Common Share

The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” The Company has two classes of shares, which are referred to as Class A common stock and Class B common stock. Income and losses are shared pro rata between the two classes of shares. Net income (loss) per share of common stock is calculated by dividing the net income (loss) by the weighted average number of common stock outstanding for the respective period.

The calculation of diluted net income (loss) per share of common stock does not consider the effect of the warrants underlying the Units sold in the Initial Public Offering and the Private Placement to purchase an aggregate of 18,850,000 shares of the Company’s Class A common stock in the calculation of diluted income per share, because their exercise is contingent upon future events and their inclusion would be anti-dilutive under the treasury stock method. Accretion associated with the redeemable Class A common stock is excluded from earnings per share as the redemption value approximates fair value.

The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net loss per share of common stock for each class of common stock:

	For the Period from September 18, 2020 (inception) through December 31, 2020
	Class A			Class B
Basic and diluted net income (loss) per common share:
Numerator:
Allocation of net income (loss)	$	(1,124,777	)	$	(4,927,013	)

Denominator:
Basic and diluted weighted average common shares outstanding		876,190			3,838,095

Basic and diluted net income (loss) per common share	$	(1.28	)	$	(1.28	)

Income Taxes

The Company complies with the accounting and reporting requirements of Financial Accounting Standards Board Accounting Standard Codification, or FASB ASC, 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense.

Recent Accounting Pronouncements

Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have an effect on the Company’s financial statements.

Initial Public Offering

3 Months Ended

Dec. 31, 2020

Initial Public Offering [Abstract]

Initial Public Offering

Note 4—Initial Public Offering

On December 28, 2020, the Company consummated its Initial Public Offering of 23,000,000 Units, including 3,000,000 Over-Allotment Units, at $10.00 per Unit, generating gross proceeds of $230.0 million, and incurring offering costs of approximately $13.2 million, of which approximately $8.1 million was for deferred underwriting commissions.

Each Unit consists of one share of Class A common stock, and one-half of one redeemable warrant (each, a “Public Warrant”). Each Public Warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment (see Note 7).

Related Party Transactions

3 Months Ended

Dec. 31, 2020

Related Party Transactions

Note 5—Related Party Transactions

Founder Shares

On October 13, 2020, the Sponsor purchased 5,031,250 shares of the Company’s Class B common stock, par value $0.0001 per share, (the “Founder Shares”) for an aggregate purchase price of $25,000, or approximately $0.005 per share. On December 1, 2020, the Sponsor transferred 25,000 Founder Shares to each of the Company’s four director nominees. In December 2020, the Company effected a stock dividend of approximately 0.143 shares for each share of Class B common stock outstanding, resulting in an aggregate of 5,750,000 Founder Shares outstanding. Certain of the initial stockholders then retransferred an aggregate of 14,286 shares back to the Sponsor. Of the 5,750,000 Founder Shares outstanding, up to 750,000 shares were subject to forfeiture by the Sponsor to the extent that the underwriters’ over-allotment was not exercised in full, so that the initial stockholders would own 20.0% of the Company’s issued and outstanding shares after the Initial Public Offering. The underwriters exercised their over-allotment option in full on December 28, 2020; thus, the 750,000 Founder Shares were no longer subject to forfeiture.

The Company’s initial stockholders agreed not to transfer, assign or sell any of their Founder Shares until the earlier to occur of: (A) one year after the completion of a Business Combination or (B) subsequent to the initial Business Combination, (x) if the last sale price of the Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of the stockholders having the right to exchange their shares of common stock for cash, securities or other property.

Private Placement Warrants

Simultaneously with the closing of the Initial Public Offering, the Company consummated the Private Placement of 7,350,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant to the Sponsor, generating proceeds of approximately $7.4 million.

Each warrant is exercisable to purchase one share of the Company’s Class A common stock at a price of $11.50 per share. Certain proceeds from the sale of the Private Placement Warrants were added to the net 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 from the sale of the Private Placement Warrants will be used to fund the redemption of the Public Shares (subject to the requirement of applicable law) and the Private Placement Warrants will expire worthless.

Promissory Note - Related Party

On September 18, 2020, the Sponsor agreed to loan the Company an aggregate of up to $300,000 to cover expenses related to the Initial Public Offering pursuant to a promissory note (the “Note”). This loan was non-interest bearing and was due upon the completion of the Initial Public Offering. The Company borrowed $150,000 under the Note and repaid the Note in full on December 28, 2020.

Related Party Loans

In order to finance transaction costs in connection with a Business Combination, the Company’s Sponsor, an affiliate of the Sponsor, or the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (the “Working Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes would either be repaid upon consummation of a Business Combination, without interest, or, at the lenders’ discretion, up to $1.5 million of notes may be converted upon consummation of a Business Combination into additional Private Placement Warrants at a price of $1.00 per Warrant. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. As of December 31, 2020, the Company had no borrowings under the Working Capital Loans.

Administrative Support Agreement

The Company agreed to pay $10,000 a month for office space, utilities, and secretarial and administrative support to the Sponsor. Services commenced on the date the securities were first listed on the Nasdaq and will terminate upon the earlier of the consummation by the Company of a Business Combination or the liquidation of the Company.

Commitments and Contingencies

3 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 6—Commitments and Contingencies

Registration Rights

The holders of the Founder Shares, Private Placement Warrants and any warrants that may be issued upon conversion of the Working Capital Loans (and any shares of Class A common stock issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans and upon conversion of the Founder Shares) were entitled to registration rights pursuant to a registration rights agreement signed on the effective date of the Initial Public Offering. The holders of these securities were entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the consummation of a Business Combination. The registration rights agreement does not contain liquidating damages or other cash settlement provisions resulting from delays in registering the Company’s securities. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting Agreement

The Company granted the underwriters a 45-day option to purchase up to 3,000,000 additional Units to cover over-allotments at the Initial Public Offering price, less the underwriting discounts and commissions. The underwriters exercised their over-allotment option in full on December 28, 2020.

The underwriters were entitled to a cash underwriting discount of 2.0% of the gross proceeds of the Initial Public Offering, or $4.6 million in the aggregate. In addition, the representative of the underwriters is entitled to a deferred fee of 3.5% of the Initial Public Offering, or approximately $8.1 million. The deferred fee will become payable to the representative of the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement.

Risks and Uncertainties

Management continues to evaluate the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Derivative Warrant Liabilities

3 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Warrant Liabilities

Note 7—Derivative Warrant Liabilities

As of December 31, 2020, the Company 11,500,000 and 7,350,000 Public Warrants and Private Warrants outstanding, respectively.

The Public Warrants will become exercisable on the later of (a) 30 days after the consummation of a Business Combination or (b) 12 months from the closing of the Initial Public Offering, provided in each case that the Company has an effective registration statement under the Securities Act covering the shares of Class A common stock issuable upon exercise of the warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their warrants on a cashless basis under certain circumstances). The Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of the initial Business Combination, it will its best efforts to file with the SEC a registration statement covering the shares of Class A common stock issuable upon exercise of the warrants, to cause such registration statement to become effective and to maintain a current prospectus relating to those shares of Class A common stock until the warrants expire or are redeemed. If a registration statement covering the shares of Class A common stock issuable upon exercise of the warrants is not effective by the 60^th business day after the closing of the initial Business Combination, the warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis.

The warrants have an exercise price of $11.50 per share, subject to adjustments, and will expire five years from the consummation of a Business Combination or earlier upon redemption or liquidation. The exercise price and number of shares of Class A common stock issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a share dividend, or recapitalization, reorganization, merger or consolidation. In addition, if (x) the Company issues additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing of its initial Business Combination at an issue price or effective issue price of less than $9.20 per share of Class A common stock (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the Company’s initial Business Combination on the date of the consummation of such initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Company’s common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described below will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price.

Additionally, in no event will the Company be required to net cash settle the Public Warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless. If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of common shares issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in the event of a stock dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such warrants. Accordingly, the warrants may expire worthless.

Once the Warrants become exercisable, the Company may redeem the outstanding Warrants (except for the Private Placement Warrants):

●

in whole and not in part;

●

at a price of $0.01 per Warrant;

●

upon a minimum of 30 days’ prior written notice of redemption (the “30-day redemption period”); and

●

if, and only if, the last reported sale price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period commencing once the Warrants become exercisable and ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders.

The Company will not redeem the warrants unless a registration statement under the Securities Act covering the shares of Class A common stock issuable upon exercise of the warrants is effective and a current prospectus relating to those shares of Class A common stock is available throughout the 30-day redemption period, except if the warrants may be exercised on a cashless basis and such cashless exercise is exempt from registration under the Securities Act. If and when the warrants become redeemable by the Company, it may not exercise its redemption right if the issuance of shares of common stock upon exercise of the warrants is not exempt from registration or qualification under applicable state blue sky laws or the Company is unable to effect such registration or qualification.

The Private Placement Warrants will be identical to the Public Warrants underlying the Units being sold in the Initial Public Offering, except that the Private Placement Warrants will, and the common shares issuable upon the exercise of the Private Placement Warrants will not, be transferable, assignable or salable until after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be exercisable on a cashless basis and will be non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.

Class A Common Stock Subject to Possible Redemption

3 Months Ended

Dec. 31, 2020

Class A Common Stock Subject To Possible Redemption [Abstract]

Class A Common Stock Subject to Possible Redemption

Note 8—Class A Common Stock Subject to Possible Redemption

The Company’s Class A common stock feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of future events. The Company is authorized to issue 100,000,000 shares of Class A common stock with a par value of $0.0001 per share. Holders of the Company’s Class A common stock are entitled to one vote for each share. As of December 31, 2020, there were 23,000,000 shares of Class A common stock outstanding, all of which were subject to possible redemption.

As of December 31, 2020, the Class A common stock subject to possible redemption reflected on the balance sheet is reconciled on the following table:

Gross proceeds	$	230,000,000
Less:
Amount allocated to Public Warrants		(13,340,000	)
Class A common stock issuance costs		(12,403,774	)
Plus:
Accretion of carrying value to redemption value		25,743,774
Class A common stock subject to possible redemption	$	230,000,000

Stockholders’ Deficit

3 Months Ended

Dec. 31, 2020

Stockholders' Equity Note [Abstract]

Stockholders’ Deficit

Note 9—Stockholders’ Deficit

Preferred stock—The Company is authorized to issue 1,000,000 shares of preferred stock with a par value of $0.0001 per share. As of December 31, 2020, there are no shares of preferred stock issued or outstanding.

Class A Common Stock—The Company is authorized to issue 100,000,000 shares of Class A common stock with a par value of $0.0001 per share. As of December 31, 2020, there were 23,000,000 shares of Class A common stock issued and outstanding, all of which were subject to possible redemption and therefore classified outside of permanent equity (see Note 8).

Class B Common Stock—The Company is authorized to issue 10,000,000 shares of Class B common stock with a par value of $0.0001 per share. On October 13, 2020, the Company issued 5,031,250 shares of Class B common stock to the Sponsor. In December 2020, the Company effected a stock dividend of approximately 0.143 shares for each share of Class B common stock outstanding, resulting in an aggregate of 5,750,000 shares of Class B common stock outstanding. Of the 5,750,000 shares of Class B common stock outstanding, up to 750,000 shares were subject to forfeiture by the Sponsor to the extent that the underwriters’ over-allotment option was not exercised in full, so that the Sponsor would own 20% of the issued and outstanding shares after the Initial Public Offering. The underwriters exercised their over-allotment option in full on December 28, 2020; thus, these 750,000 Founder Shares were no longer subject to forfeiture.

Holders of the Company’s Class B common stock are entitled to one vote for each share. The shares of Class B common stock will automatically convert into shares of Class A common stock at the time of the Business Combination on a one-for-one basis, subject to adjustment for stock splits, stock dividends, reorganizations, recapitalizations and the like. In the case that additional shares of Class A common stock, or equity-linked securities, are issued or deemed issued in excess of the amounts offered in the Initial Public Offering and related to the closing of the initial Business Combination, the ratio at which shares of Class B common stock shall convert into shares of Class A common stock will be adjusted (unless the holders of a majority of the outstanding shares of Class B common stock agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of shares of Class A common stock issuable upon conversion of all shares of Class B common stock will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all shares of common stock outstanding upon the completion of the Initial Public Offering plus all shares of Class A common stock and equity-linked securities issued or deemed issued in connection with the initial Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial Business Combination and any private placement-equivalent warrants issued to the Sponsor or its affiliates upon conversion of loans made to the Company).

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Fair Value Measurements

3 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 10—Fair Value Measurements

The following table presents information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2020 by level within the fair value hierarchy:

	Quoted Prices in		Significant Other		Significant Other
	Active Markets		Observable Inputs		Unobservable Inputs
Description	(Level 1)		(Level 2)		(Level 3)
Assets:
Investments held in Trust Account	$	230,000,189	$	-	$	-
Liabilities:
Derivative warrant liabilities - Public	$	-	$	-	$	15,640,000
Derivative warrant liabilities - Private	$	-	$	-	$	10,216,500

Transfers to/from Levels 1, 2, and 3 are recognized at the beginning of the reporting period. There were no transfers between levels of the hierarchy in during the period from September 18, 2020 (inception) through December 31, 2020. The fair value of the Public Warrants issued in connection with the Public Offering as well as Private Placement Warrants, were initially and subsequently measured at fair value using a Monte Carlo simulation model at each measurement date.

For the period from September 1, 2020 (inception) through December 31, 2020, the Company recognized a charge to the statement of operations resulting from an increase in the fair value of liabilities of approximately $3.8 million presented as change in fair value of derivative warrant liabilities on the accompanying statement of operations.

The estimated fair value of the Private Placement Warrants and the Public Warrants was determined using Level 3 inputs. Inherent in a Monte Carlo simulation are assumptions related to expected stock-price volatility, expected term, risk-free interest rate and dividend yield. The Company estimates the volatility of its common stock warrants based on implied volatility from the Company’s traded warrants and from historical volatility of select peer company’s common stock that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero.

The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates:

	As of December 28, 2020			As of December 31, 2020
Volatility		11.0	%		11.0	%
Stock price	$	9.42		$	9.87
Time to M&A		1 year			1 year
Risk-free rate		0.52	%		0.51	%
Dividend yield		0.0	%		0.0	%
Expected term		5			5
Exercise price		11.50			11.50

The change in the fair value of the derivative warrant liabilities measured with Level 3 inputs for the period from September 18, 2020 (inception) through December 31, 2020 is summarized as follows:

	Private Placement		Public		Warrant Liabilities
Derivative warrant liabilities as of September 18, 2020 (inception)	$	-	$	-	$	-
Issuance of Public and Private Warrants		8,673,000		13,340,000		22,013,000
Change in fair value of derivative warrant liabilities		1,543,500		2,300,000		3,843,500
Derivative warrant liabilities as of December 31, 2020	$	10,216,500	$	15,640,000	$	25,856,500

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Income Taxes

3 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Note 11—Income Taxes

The Company’s taxable income primarily consists of interest income on the Trust Account. The Company’s general and administrative expenses are generally considered start-up costs and are not currently deductible.

The income tax provision (benefit) consists of the following:

	December 31, 2020
Current
Federal	$	-
State		-
Deferred
Federal		(21,375	)
State		-
Valuation allowance		21,375
Income tax provision	$	-

The Company’s net deferred tax assets are as follows:

	December 31, 2020
Deferred tax assets:
Start-up/Organization costs	$	9,437
Net operating loss carryforwards		11,938
Total deferred tax assets	$	21,375
Valuation allowance		(21,375	)
Deferred tax asset, net of allowance	$	-

In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences representing net future deductible amounts become deductible. Management considers the scheduled reversal of deferred tax assets, projected future taxable income and tax planning strategies in making this assessment. After consideration of all of the information available, management believes that significant uncertainty exists with respect to future realization of the deferred tax assets and has therefore established a full valuation allowance.

There were no unrecognized tax benefits as of December 31, 2020. No amounts were accrued for the payment of interest and penalties as of December 31, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.

A reconciliation of the statutory federal income tax rate (benefit) to the Company’s effective tax rate (benefit) is as follows:

	December 31, 2020
Statutory federal income tax rate		21.0	%
Change in fair value of derivative warrant liabilities		(13.3	)%
Financing cost - derivative warrant liabilities		(2.7	)%
Loss on issuance of private placement warrants		(4.6	)%
Change in valuation allowance		(0.4	)%
Effective tax rate		0.0	%

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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+ Details

Subsequent Events

3 Months Ended

Dec. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

Note 12—Subsequent Events

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were available to be issued and determined that, other than the restatements in Note 2, there have been no events that have occurred that would require adjustments to the disclosures in the financial statements.

Accounting Policies, by Policy (Policies)

3 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

Emerging Growth Company

Emerging Growth Company

Use of Estimates

Use of Estimates

Cash and Cash Equivalents

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents as of December 31, 2020.

Concentration of Credit Risk

Concentration of Credit Risk

Investments Held in the Trust Account

Investments Held in the Trust Account

Fair Value of Financial Instruments

Fair Value of Financial Instruments

●

Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

●

Offering Costs

Offering Costs

Class A Common Stock Subject to Possible Redemption

Class A Common Stock Subject to Possible Redemption

Derivative Warrant liabilities

Derivative Warrant liabilities

Net Income (Loss) Per Common Share

Net Income (Loss) Per Common Share

The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net loss per share of common stock for each class of common stock:

	For the Period from September 18, 2020 (inception) through December 31, 2020
	Class A			Class B
Basic and diluted net income (loss) per common share:
Numerator:
Allocation of net income (loss)	$	(1,124,777	)	$	(4,927,013	)

Denominator:
Basic and diluted weighted average common shares outstanding		876,190			3,838,095

Basic and diluted net income (loss) per common share	$	(1.28	)	$	(1.28	)

Income Taxes

Income Taxes

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have an effect on the Company’s financial statements.

Restatement of Previously Issued Financial Statements (Tables)

3 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Schedule of balance sheets

As of December 28, 2020	As Reported			Adjustment			As Restated
Total assets	$	232,837,304			-		$	232,837,304
Total liabilities	$	8,735,274			22,013,000		$	30,748,274
Class A common stock subject to possible redemption		219,102,020			10,897,980			230,000,000
Preferred stock		-			-			-
Class A common stock		109			(109	)		-
Class B common stock		575			-			575
Additional paid-in capital		5,085,016			(5,085,016	)		-
Accumulated deficit		(85,690	)		(27,825,855	)		(27,911,545	)
Total stockholders’ equity (deficit)	$	5,000,010		$	(32,910,980	)	$	(27,910,970	)
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit)	$	232,837,304		$	-		$	232,837,304
Shares of Class A common stock subject to possible redemption		21,910,202			1,089,798			23,000,000
Shares of Class A non-redeemable common stock		1,089,798			(1,089,798	)		-

As of December 31, 2020	As Previously Restated			Adjustment			As Restated
Total assets	$	232,279,953					$	232,279,953
Total liabilities	$	34,050,517					$	34,050,517
Class A common stock subject to possible redemption		193,229,430			36,770,570			230,000,000
Preferred stock		-			-			-
Class A common stock		368			(368	)		-
Class B common stock		575			-			575
Additional paid-in capital		11,050,853			(11,050,853	)		-
Accumulated deficit		(6,051,790	)		(25,719,349	)		(31,771,139	)
Total stockholders’ equity (deficit)	$	5,000,006		$	(36,770,570	)	$	(31,770,564	)
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit)	$	232,279,953		$	-		$	232,279,953
Shares of Class A common stock subject to possible redemption		19,322,943			3,677,057			23,000,000
Shares of Class A non-redeemable common stock		3,677,057			(3,677,057	)		-

Schedule of statement of cash flows

For the Period from September 18, 2020 (inception) through December 31, 2020
	As Reported			Adjustment			As Restated
Supplemental Disclosure of Noncash Financing Activities:
Initial value of Class A common stock subject to possible redemption	$	197,089,020		$	(197,089,020	)	$	-
Change in value of Class A common stock subject to possible redemption	$	(3,859,590	)	$	3,859,590		$	-

	Earnings (Loss) Per Share
	As Reported			Adjustment			As Restated
For the Period from September 18, 2020 (inception) through December 31, 2020
Net loss	$	(6,051,790	)	$	-		$	(6,051,790	)
Weighted average shares outstanding - Class A common stock		23,000,000			(22,123,810	)		876,190
Basic and diluted loss per share - Class A common stock	$	-		$	(1.28	)	$	(1.28	)
Weighted average shares outstanding - Class B common stock		5,037,500			(1,199,405	)		3,838,095
Basic and diluted loss per share - Class B common stock	$	(1.20	)	$	(0.08	)	$	(1.28	)

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Schedule of reconciliation of the numerator and denominator used to compute basic and diluted net loss per share

	For the Period from September 18, 2020 (inception) through December 31, 2020
	Class A			Class B
Basic and diluted net income (loss) per common share:
Numerator:
Allocation of net income (loss)	$	(1,124,777	)	$	(4,927,013	)

Denominator:
Basic and diluted weighted average common shares outstanding		876,190			3,838,095

Basic and diluted net income (loss) per common share	$	(1.28	)	$	(1.28	)

Class A Common Stock Subject to Possible Redemption (Tables)

3 Months Ended

Dec. 31, 2020

Class A Common Stock Subject To Possible Redemption [Abstract]

Schedule of class A common stock subject to possible redemption

Gross proceeds	$	230,000,000
Less:
Amount allocated to Public Warrants		(13,340,000	)
Class A common stock issuance costs		(12,403,774	)
Plus:
Accretion of carrying value to redemption value		25,743,774
Class A common stock subject to possible redemption	$	230,000,000

- Definition

Tabular disclosure of the nature and terms of the financial instruments and the rights and obligations embodied in those instruments, information about settlement alternatives, if any, in the contract and identification of the entity that controls the settlement alternatives including: a. The amount that would be paid, or the number of shares that would be issued and their fair value, determined under the conditions specified in the contract if the settlement were to occur at the reporting date b. How changes in the fair value of the issuer's equity shares would affect those settlement amounts (for example, "the issuer is obligated to issue an additional x shares or pay an additional y dollars in cash for each $1 decrease in the fair value of one share") c. The maximum amount that the issuer could be required to pay to redeem the instrument by physical settlement, if applicable d. The maximum number of shares that could be required to be issued, if applicable e. That a contract does not limit the amount that the issuer could be required to pay or the number of shares that the issuer could be required to issue, if applicable f. For a forward contract or an option indexed to the issuer's equity shares, the forward price or option strike price, the number of issuer's shares to which the contract is indexed, and the settlement date or dates of the contract, as applicable. g. The components of the liability that would otherwise be related to shareholders' interest and other comprehensive income (if any) subject to the redemption feature (for example, par value and other paid in amounts of mandatorily redeemable instruments are disclosed separately from the amount of retained earnings or accumulated deficit).

+ References + Details

Fair Value Measurements (Tables)

3 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of financial assets and liabilities measured at fair value on a recurring basis

	Quoted Prices in		Significant Other		Significant Other
	Active Markets		Observable Inputs		Unobservable Inputs
Description	(Level 1)		(Level 2)		(Level 3)
Assets:
Investments held in Trust Account	$	230,000,189	$	-	$	-
Liabilities:
Derivative warrant liabilities - Public	$	-	$	-	$	15,640,000
Derivative warrant liabilities - Private	$	-	$	-	$	10,216,500

Schedule of level 3 fair value measurements inputs

	As of December 28, 2020			As of December 31, 2020
Volatility		11.0	%		11.0	%
Stock price	$	9.42		$	9.87
Time to M&A		1 year			1 year
Risk-free rate		0.52	%		0.51	%
Dividend yield		0.0	%		0.0	%
Expected term		5			5
Exercise price		11.50			11.50

Schedule of changes in the fair value of derivative warrant liabilities with level 3 inputs

	Private Placement		Public		Warrant Liabilities
Derivative warrant liabilities as of September 18, 2020 (inception)	$	-	$	-	$	-
Issuance of Public and Private Warrants		8,673,000		13,340,000		22,013,000
Change in fair value of derivative warrant liabilities		1,543,500		2,300,000		3,843,500
Derivative warrant liabilities as of December 31, 2020	$	10,216,500	$	15,640,000	$	25,856,500

Income Taxes (Tables)

3 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of income tax provision

	December 31, 2020
Current
Federal	$	-
State		-
Deferred
Federal		(21,375	)
State		-
Valuation allowance		21,375
Income tax provision	$	-

Schedule of deferred tax assets and liabilities

	December 31, 2020
Deferred tax assets:
Start-up/Organization costs	$	9,437
Net operating loss carryforwards		11,938
Total deferred tax assets	$	21,375
Valuation allowance		(21,375	)
Deferred tax asset, net of allowance	$	-

Schedule of reconciliation of the expected tax expense (benefit)

	December 31, 2020
Statutory federal income tax rate		21.0	%
Change in fair value of derivative warrant liabilities		(13.3	)%
Financing cost - derivative warrant liabilities		(2.7	)%
Loss on issuance of private placement warrants		(4.6	)%
Change in valuation allowance		(0.4	)%
Effective tax rate		0.0	%

Description of Organization and Business Operations (Details) - USD ($)	1 Months Ended	3 Months Ended
	Dec. 28, 2020	Dec. 31, 2020
Description of Organization and Business Operations (Details) [Line Items]
Per unit price (in Dollars per share)		$ 10.00
Generating gross proceeds		$ 230,000,000
Minimum percentage specified for aggregate fair market value of assets held in trust account		80.00%
Threshold percentage of outstanding voting securities in business combination		50.00%
Minimum amount of net tangible assets for business combination		$ 5,000,001
Dissolution expenses		$ 100,000
Trust account, description		The Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per public share and (ii) the actual amount per public share held in the Trust Account as of the day of liquidation of the Trust Account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”).
Investment income earned Amount		$ 57,000
Operating cash account		1,700,000
Working capital		2,200,000
Payment of purchase amount		25,000
Loaned from sponsor		$ 150,000
IPO [Member]
Description of Organization and Business Operations (Details) [Line Items]
Number of units issued in transaction (in Shares)	23,000,000
Per unit price (in Dollars per share)	$ 10.00
Generating gross proceeds	$ 230,000,000
Offering costs	13,200,000
Deferred underwriting commissions	$ 8,100,000
Sale of stock description		Upon the closing of the Initial Public Offering and the Private Placement, $230.0 million ($10.00 per Unit) of the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement was placed in a trust account (the “Trust Account”) in the United States, with Continental Stock Transfer & Trust Company acting as trustee, and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or in any money market funds meeting certain conditions of Rule 2a-7 of the Investment Company Act of 1940, as amended (the “Investment Company Act”), which invest only in direct U.S, government treasury obligations until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the funds in the Trust Account to the Company’s stockholders, as described below.
Redemption percentage of public shares (in Dollars per share)		$ 10.00
Over-Allotment Option [Member]
Description of Organization and Business Operations (Details) [Line Items]
Number of units issued in transaction (in Shares)	3,000,000
Private Placement Warrant [Member]
Description of Organization and Business Operations (Details) [Line Items]
Number of units issued in transaction (in Shares)		7,350,000
Per unit price (in Dollars per share)		$ 1.00
Generating gross proceeds		$ 7,400,000

Restatement of Previously Issued Financial Statements (Details)	Dec. 31, 2020 USD ($)
Condensed Financial Information Disclosure [Abstract]
Net tangible assets	$ 5,000,001

Restatement of Previously Issued Financial Statements (Details) - Schedule of balance sheets - USD ($)	Dec. 31, 2020	Dec. 28, 2020
As Reported [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Total assets	$ 232,279,953	$ 232,837,304
Total liabilities	34,050,517	8,735,274
Class A common stock subject to possible redemption	193,229,430	219,102,020
Preferred stock
Class A common stock	368	109
Class B common stock	575	575
Additional paid-in capital	11,050,853	5,085,016
Accumulated deficit	(6,051,790)	(85,690)
Total stockholders’ equity (deficit)	5,000,006	5,000,010
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit)	$ 232,279,953	$ 232,837,304
Shares of Class A common stock subject to possible redemption (in Shares)	19,322,943	21,910,202
Shares of Class A non-redeemable common stock (in Shares)	3,677,057	1,089,798
Adjustment [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Total assets
Total liabilities		22,013,000
Class A common stock subject to possible redemption	$ 36,770,570	10,897,980
Preferred stock
Class A common stock	(368)	(109)
Class B common stock
Additional paid-in capital	(11,050,853)	(5,085,016)
Accumulated deficit	(25,719,349)	(27,825,855)
Total stockholders’ equity (deficit)	(36,770,570)	(32,910,980)
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit)
Shares of Class A common stock subject to possible redemption (in Shares)	3,677,057	1,089,798
Shares of Class A non-redeemable common stock (in Shares)	(3,677,057)	(1,089,798)
As Restated [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Total assets	$ 232,279,953	$ 232,837,304
Total liabilities	34,050,517	30,748,274
Class A common stock subject to possible redemption	230,000,000	230,000,000
Preferred stock
Class A common stock
Class B common stock	575	575
Additional paid-in capital
Accumulated deficit	(31,771,139)	(27,911,545)
Total stockholders’ equity (deficit)	(31,770,564)	(27,910,970)
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit)	$ 232,279,953	$ 232,837,304
Shares of Class A common stock subject to possible redemption (in Shares)	23,000,000	23,000,000
Shares of Class A non-redeemable common stock (in Shares)

Restatement of Previously Issued Financial Statements (Details) - Schedule of statement of cash flows	3 Months Ended
	Dec. 31, 2020 USD ($) $ / shares shares
As Reported [Member]
Supplemental Disclosure of Noncash Financing Activities:
Initial value of Class A common stock subject to possible redemption	$ 197,089,020
Change in value of Class A common stock subject to possible redemption	(3,859,590)
Net loss	$ (6,051,790)
As Reported [Member] \| Class A Common Stock [Member]
Supplemental Disclosure of Noncash Financing Activities:
Weighted average shares outstanding (in Shares) \| shares	23,000,000
Basic and diluted loss per share (in Dollars per share) \| $ / shares
As Reported [Member] \| Class B Common Stock [Member]
Supplemental Disclosure of Noncash Financing Activities:
Weighted average shares outstanding (in Shares) \| shares	5,037,500
Basic and diluted loss per share (in Dollars per share) \| $ / shares	$ (1.20)
Adjustment [Member]
Supplemental Disclosure of Noncash Financing Activities:
Initial value of Class A common stock subject to possible redemption	$ (197,089,020)
Change in value of Class A common stock subject to possible redemption	3,859,590
Net loss
Adjustment [Member] \| Class A Common Stock [Member]
Supplemental Disclosure of Noncash Financing Activities:
Weighted average shares outstanding (in Shares) \| shares	(22,123,810)
Basic and diluted loss per share (in Dollars per share) \| $ / shares	$ (1.28)
Adjustment [Member] \| Class B Common Stock [Member]
Supplemental Disclosure of Noncash Financing Activities:
Weighted average shares outstanding (in Shares) \| shares	(1,199,405)
Basic and diluted loss per share (in Dollars per share) \| $ / shares	$ (0.08)
As Restated [Member]
Supplemental Disclosure of Noncash Financing Activities:
Initial value of Class A common stock subject to possible redemption
Change in value of Class A common stock subject to possible redemption
Net loss	$ (6,051,790)
As Restated [Member] \| Class A Common Stock [Member]
Supplemental Disclosure of Noncash Financing Activities:
Weighted average shares outstanding (in Shares) \| shares	876,190
Basic and diluted loss per share (in Dollars per share) \| $ / shares	$ (1.28)
As Restated [Member] \| Class B Common Stock [Member]
Supplemental Disclosure of Noncash Financing Activities:
Weighted average shares outstanding (in Shares) \| shares	3,838,095
Basic and diluted loss per share (in Dollars per share) \| $ / shares	$ (1.28)

Summary of Significant Accounting Policies (Details)	3 Months Ended
Summary of Significant Accounting Policies (Details)	Dec. 31, 2020 USD ($) shares
Summary of Significant Accounting Policies (Details) [Line Items]
Federal depository insurance coverage (in Dollars) \| $	$ 250,000
Initial Public Offering [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Warrants issued	11,500,000
Private Placement [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Warrants issued	7,350,000
Class A Common Stock [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Subject to possible redemption	23,000,000
Aggregate of common stock, shares	18,850,000

Summary of Significant Accounting Policies (Details) - Schedule of reconciliation of the numerator and denominator used to compute basic and diluted net loss per share	3 Months Ended
	Dec. 31, 2020 USD ($) $ / shares shares
Class A [Member]
Numerator:
Allocation of net income (loss) \| $	$ (1,124,777)
Denominator:
Basic and diluted weighted average common shares outstanding \| shares	876,190
Basic and diluted net income (loss) per common share \| $ / shares	$ (1.28)
Class B [Member]
Numerator:
Allocation of net income (loss) \| $	$ (4,927,013)
Denominator:
Basic and diluted weighted average common shares outstanding \| shares	3,838,095
Basic and diluted net income (loss) per common share \| $ / shares	$ (1.28)

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
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-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e1448-109256

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Initial Public Offering (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Dec. 28, 2020	Dec. 31, 2020
Initial Public Offering (Details) [Line Items]
Price per share (in Dollars per share)		$ 10.00
Description of initial public offering.		Each Unit consists of one share of Class A common stock, and one-half of one redeemable warrant (each, a “Public Warrant”). Each Public Warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment (see Note 7).
IPO [Member]
Initial Public Offering (Details) [Line Items]
Number of units issued in transaction (in Shares)	23,000,000
Price per share (in Dollars per share)	$ 10.00
Gross proceeds from initial public offering	$ 230.0
Offering costs	13.2
Deferred underwriting commission	$ 8.1
Over-Allotment Option [Member]
Initial Public Offering (Details) [Line Items]
Number of units issued in transaction (in Shares)	3,000,000

Related Party Transactions (Details) - USD ($)			1 Months Ended	3 Months Ended
Related Party Transactions (Details) - USD ($)	Dec. 01, 2020	Oct. 13, 2020	Dec. 28, 2020	Dec. 31, 2020	Sep. 18, 2020
Related Party Transactions (Details) [Line Items]
Price per share (in Dollars per share)				$ 10.00
Warrants price per share (in Dollars per share)				$ 11.50
Office space, utilities and secretarial and administrative support expenses (in Dollars)				$ 10,000
Founder Shares [Member]
Related Party Transactions (Details) [Line Items]
Purchase of shares (in Dollars)		$ 25,000
Price per share (in Dollars per share)		$ 0.005
Transfer of shares	25,000
Founder shares outstanding				5,750,000
Transfer of initial stockholders share				14,286
Shares subject to forfeiture				750,000
Issued and outstanding shares percentage				20.00%
Promissory Note Related Party [Member]
Related Party Transactions (Details) [Line Items]
Aggregate principal amount (in Dollars)					$ 300,000
Borrowed loan (in Dollars)			$ 150,000
Working Capital Loans [Member]
Related Party Transactions (Details) [Line Items]
Warrants price per share (in Dollars per share)				$ 1.00
Related party transaction (in Dollars)				$ 1,500,000
Over-Allotment Option [Member]
Related Party Transactions (Details) [Line Items]
Purchase of shares			3,000,000
Over-Allotment Option [Member] \| Founder Shares [Member]
Related Party Transactions (Details) [Line Items]
Shares subject to forfeiture			750,000
Private Placement Warrants [Member]
Related Party Transactions (Details) [Line Items]
Purchase of shares				7,350,000
Warrants price per share (in Dollars per share)				$ 1.00
Generating gross proceeds (in Dollars)				$ 7,400,000
Class B Common Stock [Member]
Related Party Transactions (Details) [Line Items]
Common stock par value (in Dollars per share)				$ 0.0001
Stock dividends				0.143
Shares subject to forfeiture			750,000	750,000
Issued and outstanding shares percentage				20.00%
Class B Common Stock [Member] \| Founder Shares [Member]
Related Party Transactions (Details) [Line Items]
Purchase of shares		5,031,250
Common stock par value (in Dollars per share)		$ 0.0001
Stock dividends				0.143
Founder shares outstanding				5,750,000
Class A Common Stock [Member]
Related Party Transactions (Details) [Line Items]
Common stock par value (in Dollars per share)				$ 0.0001
Common stock equals or exceeds per share (in Dollars per share)				12.00
Class A Common Stock [Member] \| Private Placement Warrants [Member]
Related Party Transactions (Details) [Line Items]
Warrants price per share (in Dollars per share)				$ 11.50

Commitments and Contingencies (Details) $ in Millions	3 Months Ended
Commitments and Contingencies (Details) $ in Millions	Dec. 31, 2020 USD ($) shares
Commitments and Contingencies (Details) [Line Items]
Underwriting discount percentage	2.00%
Underwriting expense	$ 4.6
Underwriters deferred fee percentage	3.50%
Gross proceeds	$ 8.1
IPO [Member]
Commitments and Contingencies (Details) [Line Items]
Additional units to cover over-allotment \| shares	3,000,000

Derivative Warrant Liabilities (Details)	3 Months Ended
Derivative Warrant Liabilities (Details)	Dec. 31, 2020 $ / shares shares
Derivative Warrant Liabilities (Details) [Line Items]
Warrant exercise price \| $ / shares	$ 11.50
Warrants expiry	5 years
Redemption of warrants description	In addition, if (x) the Company issues additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing of its initial Business Combination at an issue price or effective issue price of less than $9.20 per share of Class A common stock (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the Company’s initial Business Combination on the date of the consummation of such initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Company’s common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described below will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price.
Public Warrants [Member]
Derivative Warrant Liabilities (Details) [Line Items]
Warrants outstanding	11,500,000
Private Warrants [Member]
Derivative Warrant Liabilities (Details) [Line Items]
Warrants outstanding	7,350,000
Warrant [Member]
Derivative Warrant Liabilities (Details) [Line Items]
Redemption of warrants description	Once the Warrants become exercisable, the Company may redeem the outstanding Warrants (except for the Private Placement Warrants): ● in whole and not in part; ● at a price of $0.01 per Warrant; ● upon a minimum of 30 days’ prior written notice of redemption (the “30-day redemption period”); and ● if, and only if, the last reported sale price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period commencing once the Warrants become exercisable and ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders.

Class A Common Stock Subject to Possible Redemption (Details) - Class A Common Stock [Member]	Dec. 31, 2020 $ / shares shares
Class A Common Stock Subject to Possible Redemption (Details) [Line Items]
Common stock, shares authorized	100,000,000
Common stock, par value (in Dollars per share) \| $ / shares	$ 0.0001
Common stock, shares outstanding	23,000,000

Class A Common Stock Subject to Possible Redemption (Details) - Schedule of class A common stock subject to possible redemption	3 Months Ended
	Dec. 31, 2020 USD ($)
Schedule of class A common stock subject to possible redemption [Abstract]
Gross proceeds	$ 230,000,000
Less:
Amount allocated to Public Warrants	(13,340,000)
Class A common stock issuance costs	(12,403,774)
Plus:
Accretion of carrying value to redemption value	25,743,774
Class A common stock subject to possible redemption	$ 230,000,000

- Definition

Carrying amount, attributable to parent, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

+ References + Details

Stockholders’ Deficit (Details) - $ / shares	3 Months Ended
Stockholders’ Deficit (Details) - $ / shares	Dec. 31, 2020	Dec. 28, 2020	Oct. 13, 2020
Stockholders’ Deficit (Details) [Line Items]
Preferred stock, shares authorized	1,000,000
Preferred stock, par value (in Dollars per share)	$ 0.0001
Common stock, shares outstanding	5,750,000
Description of warrant redemption	In the case that additional shares of Class A common stock, or equity-linked securities, are issued or deemed issued in excess of the amounts offered in the Initial Public Offering and related to the closing of the initial Business Combination, the ratio at which shares of Class B common stock shall convert into shares of Class A common stock will be adjusted (unless the holders of a majority of the outstanding shares of Class B common stock agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of shares of Class A common stock issuable upon conversion of all shares of Class B common stock will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all shares of common stock outstanding upon the completion of the Initial Public Offering plus all shares of Class A common stock and equity-linked securities issued or deemed issued in connection with the initial Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial Business Combination and any private placement-equivalent warrants issued to the Sponsor or its affiliates upon conversion of loans made to the Company).
Class A Common Stock [Member]
Stockholders’ Deficit (Details) [Line Items]
Common stock, shares authorized	100,000,000
Common stock, par value (in Dollars per share)	$ 0.0001
Common stock subject to possible redemption, shares issued	23,000,000
Common stock subject to possible redemption, shares outstanding	23,000,000
Class B Common Stock [Member]
Stockholders’ Deficit (Details) [Line Items]
Common stock, shares authorized	10,000,000
Common stock, par value (in Dollars per share)	$ 0.0001
Common stock, shares issued	5,750,000		5,031,250
Stock dividend shares	0.143
Common stock, shares outstanding	5,750,000
Shares subject to forfeiture	750,000	750,000
Issued and outstanding shares percentage	20.00%
Conversion rate percentage of common stock outstanding	20.00%

Fair Value Measurements (Details) $ in Millions	4 Months Ended
Fair Value Measurements (Details) $ in Millions	Dec. 31, 2020 USD ($)
Fair Value Disclosures [Abstract]
Increase in fair value of derivative warrant liabilities	$ 3.8

Fair Value Measurements (Details) - Schedule of financial assets and liabilities measured at fair value on a recurring basis	Dec. 31, 2020 USD ($)
Quoted Prices in Active Markets (Level 1)
Assets:
Investments held in Trust Account	$ 230,000,189
Liabilities:
Derivative warrant liabilities - Public
Derivative warrant liabilities - Private
Significant Other Observable Inputs (Level 2)
Assets:
Investments held in Trust Account
Liabilities:
Derivative warrant liabilities - Public
Derivative warrant liabilities - Private
Significant Other Unobservable Inputs (Level 3)
Assets:
Investments held in Trust Account
Liabilities:
Derivative warrant liabilities - Public	15,640,000
Derivative warrant liabilities - Private	$ 10,216,500

Fair Value Measurements (Details) - Schedule of level 3 fair value measurements inputs - $ / shares	3 Months Ended
	Dec. 31, 2020	Dec. 28, 2020
Schedule of level 3 fair value measurements inputs [Abstract]
Volatility	11.00%	11.00%
Stock price (in Dollars per share)	$ 9.87	$ 9.42
Time to M&A	1 year	1 year
Risk-free rate	0.51%	0.52%
Dividend yield	0.00%	0.00%
Expected term	5 years	5 years
Exercise price (in Dollars per share)	$ 11.50	$ 11.50

Fair Value Measurements (Details) - Schedule of changes in the fair value of derivative warrant liabilities with level 3 inputs	3 Months Ended
	Dec. 31, 2020 USD ($)
Fair Value Measurements (Details) - Schedule of changes in the fair value of derivative warrant liabilities with level 3 inputs [Line Items]
Derivative warrant liabilities at September 18, 2020 (inception)
Derivative warrant liabilities at December 31, 2020	25,856,500
Issuance of Public and Private Warrants	22,013,000
Change in fair value of derivative warrant liabilities	3,843,500
Private Placement [Member]
Fair Value Measurements (Details) - Schedule of changes in the fair value of derivative warrant liabilities with level 3 inputs [Line Items]
Derivative warrant liabilities at September 18, 2020 (inception)
Derivative warrant liabilities at December 31, 2020	10,216,500
Issuance of Public and Private Warrants	8,673,000
Change in fair value of derivative warrant liabilities	1,543,500
Public [Member]
Fair Value Measurements (Details) - Schedule of changes in the fair value of derivative warrant liabilities with level 3 inputs [Line Items]
Derivative warrant liabilities at September 18, 2020 (inception)
Derivative warrant liabilities at December 31, 2020	15,640,000
Issuance of Public and Private Warrants	13,340,000
Change in fair value of derivative warrant liabilities	$ 2,300,000

Income Taxes (Details) - Schedule of income tax provision	3 Months Ended
	Dec. 31, 2020 USD ($)
Current
Federal
State
Deferred
Federal	(21,375)
State
Valuation allowance	21,375
Income tax provision

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes (Details) - Schedule of deferred tax assets and liabilities	Dec. 31, 2020 USD ($)
Schedule of deferred tax assets and liabilities [Abstract]
Start-up/Organization costs	$ 9,437
Net operating loss carryforwards	11,938
Total deferred tax assets	21,375
Valuation allowance	(21,375)
Deferred tax asset, net of allowance

Income Taxes (Details) - Schedule of reconciliation of the expected tax expense (benefit)	3 Months Ended
	Dec. 31, 2020
Schedule of reconciliation of the expected tax expense (benefit) [Abstract]
Statutory Federal income tax rate	21.00%
Change in fair value of derivative warrant liabilities	(13.30%)
Financing cost - derivative warrant liabilities	(2.70%)
Loss on issuance of private placement warrants	(4.60%)
Change in valuation allowance	(0.40%)
Effective tax rate	0.00%