Registration of securities issued in business combination transactions

FAIR VALUE MEASUREMENTS (Tables)

v3.21.1
FAIR VALUE MEASUREMENTS (Tables)
3 Months Ended 12 Months Ended
Mar. 31, 2021
Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Schedule of assets measured at fair value on a recurring basis

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at March 31, 2021 and December 31, 2020 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

 

 

 

 

 

 

 

 

 

 

 

 

 

    

March 31,

    

December 31, 

Description

    

Level

    

2021

    

2020

Assets:

 

  

 

 

  

 

 

  

Marketable securities held in Trust Account

 

1

 

$

697,018,229

 

$

696,957,196

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Warrant liability-Public Warrants

 

1

 

 

33,810,000

 

 

45,310,000

Warrant liability-Private Placement Warrants

 

3

 

 

26,702,000

 

 

32,548,000

Prosus Agreement liability

 

3

 

 

24,532,413

 

 

50,481,190

Conversion option liability

 

3

 

 

1,632,013

 

 

1,604,359

 

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2020 and 2019, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

 

 

 

 

 

 

 

 

 

 

 

    

 

    

December 31, 

    

December 31, 

Description

 

Level

 

2020

 

2019

 

 

 

 

 

 

 

 

 

Assets:

 

  

 

 

 

 

 

  

Cash and marketable securities held in Trust Account

 

1

 

$

696,957,196

 

$

695,295,418

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Warrant Liabilities–Public Warrants

 

1

 

 

45,310,000

 

 

32,660,000

Warrant Liabilities–Private Placement Warrants

 

3

 

 

32,548,000

 

 

23,700,000

Prosus subscription agreement liability

 

3

 

 

50,481,190

 

 

 —

Conversion option liability

 

3

 

 

1,604,359

 

 

 —

 

Schedule of fair value of warrant liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Private Placement

 

Public

 

 

 

    

Warrants

    

Warrants

    

Warrant Liabilities

January 1, 2021

 

$

32,548,000

 

$

45,310,000

 

$

77,858,000

Change in valuation inputs or other assumptions

 

 

(5,846,000)

 

 

(11,500,000)

 

 

(17,346,000)

Fair value as of March 31, 2021

 

 

26,702,000

 

 

33,810,000

 

 

60,512,000

 

 

 

 

 

 

 

 

 

 

 

 

    

Private Placement

    

Public

    

Warrant Liabilities

Fair value as of April 11, 2019 (inception)

 

$

 —

 

$

 —

 

$

 —

Initial measurement on July 1, 2019

 

 

15,800,000

 

 

22,310,000

 

 

38,110,000

Change in valuation inputs or other assumptions

 

 

7,900,000

 

 

10,350,000

 

 

18,250,000

Fair value as of December 31, 2019

 

 

23,700,000

 

 

32,660,000

 

 

56,360,000

Change in valuation inputs and other assumptions

 

 

8,848,000

 

 

12,650,000

 

 

21,498,000

Fair value as of December 31, 2020

 

$

32,548,000

 

$

45,310,000

 

$

77,858,000

 

Private Placement Warrants    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Schedule of quantitative information regarding Level 3 fair value measurements inputs

*The underlying warrant value equals the calculated fair value of the private placement warrants as of each date presented and determined based on the following significant inputs:

 

 

 

 

 

 

 

 

 

 

    

At

    

As of March 31,

 

 

 

issuance

 

2021

 

Exercise price

 

$

11.50

 

$

11.50

 

Stock price

 

$

9.97

 

$

10.00

 

Volatility

 

 

30.0

%  

 

25

%

Probability of completing a Business Combination

 

 

85.0

%  

 

90

%

Term

 

 

5.28

 

 

5.08

 

Risk-free rate

 

 

0.41

%  

 

0.94

%

Dividend yield

 

 

0.0

%  

 

0.0

%

 

 
Prosus Agreement Liability Member    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Schedule of quantitative information regarding Level 3 fair value measurements inputs

As of inception and March 31, 2021, the estimated fair value of Prosus Agreement Liability was determined based on the following significant inputs:

 

 

 

 

 

 

 

 

 

 

    

At

    

As of March 31,

 

 

 

inception

 

2021

 

Exercise price

 

$

400.0

M  

$

500.0

M

Underlying value

 

$

436.8

M  

$

524.5

M

Volatility

 

 

40.0

%  

 

N/A

 

Term

 

 

0.55

 

 

0.08

 

Risk-free rate

 

 

0.12

%  

 

0.08

%

Dividend yield

 

 

0.00

%  

 

N/A

 

 

 
Black-Scholes Valuation | Private Placement Warrants    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Schedule of quantitative information regarding Level 3 fair value measurements inputs

As of issuance and March 31, 2021, the estimated fair value of Warrant Liability–Private Placement Warrants were determined using a Black-Scholes valuation and based on the following significant inputs:

 

 

 

 

 

 

 

 

 

 

    

At

    

As of March 31,

 

 

 

issuance

 

2021

 

Exercise price

 

$

11.50

 

$

11.50

 

Stock price

 

$

9.68

 

$

10.00

 

Volatility

 

 

16.5

%  

 

25

%

Probability of completing a Business Combination

 

 

80.0

%  

 

90

%

Term

 

 

5.33

 

 

5.08

 

Risk-free rate

 

 

1.86

%  

 

0.94

%

Dividend yield

 

 

0.0

%  

 

0.0

%

 

 
Black-Scholes Valuation | Conversion Option Liability    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Schedule of quantitative information regarding Level 3 fair value measurements inputs

At inception and March 31, 2021, the estimated fair value of Conversion option liability was determined based on the following significant inputs:

 

 

 

 

 

 

 

 

 

 

    

At

    

As of March 31,

    

 

 

issuance

 

2021

 

Exercise price

 

$

1.00

 

$

1.00

 

Underlying warrant value

 

$

1.92

*

$

2.09

*

Volatility

 

 

125.0

%  

 

115.0

%  

Number of Class A Shares

 

 

1.5

M%

 

1.5

M%

Term

 

 

0.28

 

 

0.08

 

Risk-free rate

 

 

0.09

%  

 

0.01

%  

Dividend yield

 

 

0.0

%  

 

0.0

%