FAIR VALUE MEASUREMENTS (Tables)
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12 Months Ended |
Dec. 31, 2020 |
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| FAIR VALUE MEASUREMENTS |
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| Schedule of assets measured at fair value on a recurring basis |
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December 31,
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December 31,
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Description
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Level
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2020
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2019
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Assets:
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Cash and marketable securities held in Trust Account
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1
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$
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696,957,196
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$
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695,295,418
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Liabilities: Warrant Liabilities – Public Warrants
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1
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45,310,000
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32,660,000
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Warrant Liabilities – Private Placement Warrants
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3
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32,548,000
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23,700,000
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Prosus Agreement liability
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3
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50,481,190
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—
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Conversion option liability
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3
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1,604,359
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—
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| Schedule of fair value of warrant liabilities |
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Warrant
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Private Placement
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Public
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Liabilities
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Fair value as of April 11, 2019 (inception)
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$
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—
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$
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—
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$
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—
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Initial measurement on July 1, 2019
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15,800,000
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22,310,000
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38,110,000
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Change in valuation inputs or other assumptions
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7,900,000
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10,350,000
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18,250,000
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Fair value as of December 31, 2019
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23,700,000
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32,660,000
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56,360,000
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Change in valuation inputs and other assumptions
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8,848,000
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12,650,000
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21,498,000
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Fair value as of December 31, 2020
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$
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32,548,000
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$
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45,310,000
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$
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77,858,000
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| Private Placement Warrants |
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| FAIR VALUE MEASUREMENTS |
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| Schedule of quantitative information regarding Level 3 fair value measurements inputs |
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As of November 2,
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As of December 31,
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2020
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2020
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Exercise price
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$
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11.50
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$
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11.50
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Stock price
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$
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9.97
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$
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10.35
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Volatility
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30.0
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%
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30.0
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%
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Probability of completing a Business Combination
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85.0
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%
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85.0
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%
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Term
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5.28
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5.11
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Risk-free rate
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0.41
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%
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0.38
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%
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Dividend yield
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0.0
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%
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0.0
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%
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| Prosus Agreement Liability |
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| FAIR VALUE MEASUREMENTS |
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| Schedule of quantitative information regarding Level 3 fair value measurements inputs |
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As of October 12,
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As of December 31,
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2020
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2020
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Exercise price
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$
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*400.0
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M
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$
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500.0
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M
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Underlying value
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$
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436.8
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M
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$
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550.3
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M
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Volatility
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40
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%
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N/A
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Term
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0.08
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0.33
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Risk-free rate
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0.10
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%
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0.09
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%
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Dividend yield
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0.00
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%
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0.00
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%
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(*) M is defined as million.
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| Schedule of fair value of warrant liabilities |
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Fair value as of January 1, 2020
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$
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—
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Initial measurement on October 12, 2020
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45,045,478
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Change in valuation inputs and other assumptions
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5,432,712
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Fair value as of December 31, 2020
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$
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50,481,190
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| Conversion Option Liabilities |
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| FAIR VALUE MEASUREMENTS |
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| Schedule of fair value of warrant liabilities |
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Fair value as of January 1, 2020
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$
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—
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Initial measurement on November 2, 2020
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1,493,877
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Change in valuation inputs and other assumptions
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110,482
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Fair value as of December 31, 2020
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$
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1,604,359
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| Black-Scholes Valuation | Private Placement Warrants |
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| FAIR VALUE MEASUREMENTS |
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| Schedule of quantitative information regarding Level 3 fair value measurements inputs |
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As of December 31,
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As of December 31,
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2019
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2020
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Exercise price
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$
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11.50
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$
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11.50
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Stock price
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$
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10.44
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$
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10.35
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Volatility
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20.00
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%
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30.0
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%
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Probability of completing a Business Combination
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80.0
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%
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85
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%
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Term
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5.33
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5.11
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Risk-free rate
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1.74
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%
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0.38
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%
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Dividend yield
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0.0
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%
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0.0
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%
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| Black-Scholes Valuation | Conversion Option Liabilities |
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| FAIR VALUE MEASUREMENTS |
|
| Schedule of quantitative information regarding Level 3 fair value measurements inputs |
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As of November 2,
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As of December 31,
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2020
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2020
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Exercise price
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$
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1.00
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$
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1.00
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Underlying warrant value
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$
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1.92
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*
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$
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2.06
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*
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Volatility
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125.0
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%
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110.0
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%
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Number of Class A Shares
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*1.5
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M
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1.5
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M
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Term
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0.28
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0.11
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Risk-free rate
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0.09
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%
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0.08
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%
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Dividend yield
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0.0
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%
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0.0
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%
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(*) M is defined as million.
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