0001564590-21-030500 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2021	May 27, 2021
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Registrant Name	GORES HOLDINGS VI, INC.
Entity Central Index Key	0001819394
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	true
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity File Number	001-39790
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-1695048
Entity Address Address Line1	6260 Lookout Rd.
Entity Address, City or Town	Boulder
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80301
City Area Code	310
Local Phone Number	209-3010
Document Quarterly Report	true
Document Transition Report	false
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		34,500,000
Security12b Title	Class A Common Stock
Trading Symbol	GHVI
Security Exchange Name	NASDAQ
Class F Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		8,625,000
Warrants
Document Information [Line Items]
Security12b Title	Warrants
Trading Symbol	GHVIW
Security Exchange Name	NASDAQ
Units
Document Information [Line Items]
Security12b Title	Units
Trading Symbol	GHVIU
Security Exchange Name	NASDAQ

BALANCE SHEET - USD ($)	Mar. 31, 2021	Dec. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 176,595	$ 633,266
Prepaid assets	835,981	897,754
Total current assets	1,012,576	1,531,020
Deferred tax asset		26,273
Investments and cash held in Trust Account	345,022,332	345,008,625
Total assets	346,034,908	346,565,918
Current liabilities:
Accrued expenses, formation and offering costs	2,659,357	475,462
Related party note	600,000
State franchise tax accrual	50,000	55,241
Total current liabilities	48,141,857	18,690,703
Deferred underwriting compensation	12,075,000	12,075,000
Total liabilities	60,216,857	30,765,703
Commitments and Contingencies
Class A Common Stock subject to possible redemption, 34,500,000 shares (at redemption value of $10 per share)	345,000,000	345,000,000
Stockholders’ equity (deficit):
Preferred stock, $0.0001 par value; 1,000,000 shares authorized, none issued or outstanding
Accumulated deficit	(59,182,812)	(29,200,648)
Total stockholders’ equity (deficit)	(59,181,949)	(29,199,785)
Total liabilities and stockholders’ equity (deficit)	346,034,908	346,565,918
Public Warrants
Current liabilities:
Warrants derivative liability	27,255,000	11,040,000
Private Warrants
Current liabilities:
Warrants derivative liability	17,577,500	7,120,000
Class F Common Stock
Stockholders’ equity (deficit):
Common stock value	863	863
Total stockholders’ equity (deficit)	$ 863	$ 863

BALANCE SHEET (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, shares authorized	440,000,000
Class A Common Stock
Class A subject to possible redemption, shares	34,500,000	34,500,000
Class A subject to possible redemption, redemption value per share	$ 10	$ 10
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	400,000,000	400,000,000
Class F Common Stock
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	8,625,000	8,625,000
Common stock, shares outstanding	8,625,000	8,625,000

STATEMENT OF OPERATIONS (Unaudited)	3 Months Ended
STATEMENT OF OPERATIONS (Unaudited)	Mar. 31, 2021 USD ($) $ / shares
Professional fees and other expenses	$ (3,238,968)
State franchise taxes, other than income tax	(50,000)
Change in fair value of warrant liability	(26,672,500)
Net loss from operations	(29,961,468)
Other income - interest and dividend income	13,707
Loss before income taxes	(29,947,761)
Income tax expense	(26,273)
Net loss attributable to common shares	(29,974,034)
Class A Common Stock
Net loss attributable to common shares	$ (23,985,731)
Net loss per ordinary share:
Common stock - basic and diluted \| $ / shares	$ (0.70)
Class F Common Stock
Net loss attributable to common shares	$ (5,996,433)
Net loss per ordinary share:
Common stock - basic and diluted \| $ / shares	$ (0.70)

STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) - 3 months ended Mar. 31, 2021 - USD ($)	Total	Class A Common Stock	Class F Common Stock	Additional Paid-In Capital	Accumulated Deficit
Beginning Balance at Dec. 31, 2020	$ (29,199,785)		$ 863		$ (29,200,648)
Beginning Balance (in shares) at Dec. 31, 2020			8,625,000
Subsequent measurement under ASC 480-10-S99 against accumulated deficit	(8,130)				(8,130)
Net loss	(29,974,034)	$ (23,985,731)	$ (5,996,433)		(29,974,034)
Ending Balance at Mar. 31, 2021	$ (59,181,949)		$ 863	$ 0	$ (59,182,812)
Ending Balance (in shares) at Mar. 31, 2021			8,625,000

- Definition

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

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+ Details

- 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.

+ References + Details

STATEMENT OF CASH FLOWS (Unaudited)	3 Months Ended
STATEMENT OF CASH FLOWS (Unaudited)	Mar. 31, 2021 USD ($)
Cash flows from operating activities:
Net loss	$ (29,974,034)
Changes in state franchise tax accrual	(5,241)
Changes in prepaid assets	61,773
Changes in accrued expenses, formation and offering costs	2,183,895
Change in fair value of warrant liability	26,672,500
Changes in deferred income tax	26,273
Net cash used in operating activities	(1,034,834)
Cash used in investing activities:
Interest and dividends reinvested in the Trust Account	(13,707)
Net cash used in investing activities	(13,707)
Cash flows from financing activities:
Proceeds from notes and advances payable – related party	600,000
Payment of issuance expenses	(8,130)
Net cash provided by financing activities	591,870
Increase in cash	(456,671)
Cash at beginning of period	633,266
Cash at end of period	176,595
Supplemental disclosure of income and franchise taxes paid:
Cash paid for income and state franchise taxes	$ 55,241

Organization and Business Operations

3 Months Ended

Mar. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization and Business Operations

1. Organization and Business Operations

Organization and General

Gores Holdings VI, Inc. (the “Company”) was incorporated in Delaware on June 29, 2020. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar Business Combination with one or more businesses (the “Business Combination”). The Company has neither engaged in any operations nor generated any revenue to date. The Company’s management has broad discretion with respect to the Business Combination. The Company’s Sponsor is Gores Sponsor VI, LLC, a Delaware limited liability company (the “Sponsor”). The Company has selected December 31st as its fiscal year-end.

The Company completed the Public Offering on December 15, 2020 (the “IPO Closing Date”). The Company will not generate any operating revenues until after the completion of its Business Combination, at the earliest. Subsequent to the Public Offering, the Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the Public Offering and the sale of the Private Placement Warrants (as defined below) held in the Trust Account (as defined below).

Proposed Matterport Business Combination

On February 7, 2021, the Company entered into a Merger Agreement, by and among the Company, First Merger Sub, Second Merger Sub, and Matterport, which provides for, among other things: (a) the First Merger; and (b) immediately following the First Merger and as part of the same overall transaction as the First Merger, the Second Merger. The transactions set forth in the Merger Agreement, including the Mergers, will constitute a “Business Combination” as contemplated by the Company’s Amended and Restated Certificate of Incorporation.

The Merger Agreement and the transactions contemplated thereby were unanimously approved by the Board of Directors of the Company on February 7, 2021 and the Matterport Board on February 7, 2021.

The Merger Agreement

Merger Consideration

Pursuant to the terms of the Merger Agreement, at the effective time of the First Merger (the “Effective Time”), each share of Matterport’s common stock, par value $0.001 per share (“Matterport Common Stock”), will be converted into the right to receive a number of newly-issued shares of the Company’s Class A common stock, par value $0.0001 per share (“Company Class A common stock”), equal to the Per Share Company Common Stock Consideration (as defined in the Merger Agreement) and each share of Matterport’s preferred stock, par value $0.001 per share (“Matterport Preferred Stock”), will be converted into the right to receive a number of newly-issued shares of Company Class A common stock equal to the Per Share Company Preferred Stock Consideration (as defined in the Merger Agreement). Pursuant to the terms of the Merger Agreement, the Company is required to use reasonable best efforts to cause the shares of Company Class A common stock to be issued in connection with the transactions contemplated by the Merger Agreement (the “Business Combination”) to be listed on the Nasdaq Capital Market (the “Nasdaq”) at the closing of the Business Combination.

Pursuant to the Merger Agreement, the aggregate merger consideration payable at the closing of the Business Combination to all of the stockholders and holders of equity awards of Matterport will be an aggregate number of shares, or equity awards exercisable for shares, of Company Class A common stock (deemed to have a value of $10.00 per share) equal to $2,188,750,000, divided by $10.00.

In addition to the consideration to be paid at the closing of the Business Combination, stockholders of Matterport will be entitled to receive their pro rata share of an additional number of earn-out shares from the

Company, issuable in Company Class A common stock and subject to the terms provided in the Merger Agreement, up to an aggregate of 23,460,000 shares collectively issuable to all Matterport equity holders.

Treatment of Matterport’s Equity Awards

Pursuant to the Merger Agreement, at the closing of the Business Combination, each of Matterport’s stock options, to the extent then outstanding and unexercised, will automatically be converted into (a) an option to acquire a certain number of shares of Company Class A common stock (pursuant to a ratio based on the Per Share Company Common Stock Consideration), at an adjusted exercise price per share and (b) the right to receive a pro rata portion of a number of earn-out shares from the Company, issuable in Company Class A common stock and subject to the terms provided in the Merger Agreement (including that such right to receive earn-out shares is conditional on the holder continuing to provide services to the Company), up to an aggregate of 23,460,000 shares collectively issuable to all Matterport equity holders. Each such converted option will be subject to the same terms and conditions as were applicable immediately prior to such conversion.

Pursuant to the Merger Agreement, at the closing of the Business Combination, each of Matterport’s restricted stock units, to the extent then unvested and outstanding, will automatically be converted into (a) an award of restricted stock units covering a certain number of shares of Company Class A common stock (pursuant to a ratio based on the Per Share Company Common Stock Consideration) and (b) the right to receive a pro rata portion of a number of earn-out shares from the Company, issuable in Company Class A common stock and subject to the terms provided in the Merger Agreement (including that such right to receive earn-out shares is conditional on the holder continuing to provide services to the Company), up to an aggregate of 23,460,000 shares collectively issuable to all Matterport equity holders. Each such converted restricted stock unit will be subject to the same terms and conditions as were applicable immediately prior to such conversion.

Private Placement Subscription Agreements

On February 7, 2021, the Company entered into subscription agreements (each, a “Subscription Agreement” and collectively, the “Subscription Agreements”) with certain investors, including certain individuals (each, an “Individual Investor Subscription Agreement”), institutional investors (each, an “Institutional Investor Subscription Agreement”) and Gores Sponsor VI LLC (the “Sponsor”), pursuant to which the investors have agreed to purchase an aggregate of 29,500,000 shares of Class A common stock in a private placement for $10.00 per share (the “Private Placement”). The proceeds from the Private Placement will remain on the Company’s balance sheet following the consummation of the Business Combination.

Each Subscription Agreement will terminate with no further force and effect upon the earliest to occur of: (a) such date and time as the Merger Agreement is terminated in accordance with its terms; (b) upon the mutual written agreement of the parties to such Subscription Agreement; (c) if any of the conditions to closing set forth in such Subscription Agreement are not satisfied or waived on or prior to the closing and, as a result thereof, the transactions contemplated by such Subscription Agreement are not consummated at the closing; and (d) if the closing of the Business Combination shall not have occurred by September 7, 2021. As of the date hereof, the shares of Class A common stock to be issued pursuant to the Subscription Agreements have not been registered under the Securities Act of 1933, as amended (the “Securities Act”). The Company will, within 30 days after the closing, file with the Securities and Exchange Commission (“SEC”) a registration statement (the “Post-Closing Registration Statement”) registering the resale of such shares of Class A Common Stock and will use its commercially reasonable efforts to have such Post-Closing Registration Statement declared effective as soon as practicable after the filing thereof.

The subscription agreements are accounted for as equity given that the shares are only contingently issuable. There is no impact on basic or diluted net income/(loss) per share.

Financing

Upon the IPO Closing Date and the sale of the Private Placement Warrants, an aggregate of $345,000,000 was placed in a Trust Account with Continental Stock Transfer & Trust Company (the “Trust Account”) acting as Trustee.

The Company intends to finance the Proposed Business Combination with the net proceeds from its $345,000,000 Public Offering and its sale of $8,900,000 of Private Placement Warrants.

Trust Account

Funds held in the Trust Account can be invested only in U.S. government treasury bills with a maturity of one hundred and eighty-five (185) days or less or in money market funds meeting certain conditions under Rule 2a‑7 under the Investment Company Act of 1940, as amended, that invest only in direct U.S. government obligations. As of March 31, 2021, the Trust Account consisted of cash and money market funds.

The Company’s amended and restated certificate of incorporation provides that, other than the withdrawal of interest to fund regulatory compliance requirements and other costs related thereto (a “Regulatory Withdrawal”) for a maximum 24 months and/or additional amounts necessary to pay franchise and income taxes, if any, none of the funds held in trust will be released until the earliest of: (i) the completion of the Business Combination; or (ii) the redemption of any public shares of common stock properly tendered in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation to modify the substance or timing of the Company’s obligation to redeem 100% of such public shares of common stock if the Company does not complete the Business Combination within 24 months from the IPO Closing Date; or (iii) the redemption of 100% of the public shares of common stock if the Company is unable to complete a Business Combination within 24 months from the IPO Closing Date, subject to the requirements of law and stock exchange rules.

Business Combination

The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Public Offering, although substantially all of the net proceeds of the Public Offering are intended to be generally applied toward consummating a Business Combination. The Business Combination must be with one or more target businesses that together have an aggregate fair market value of at least 80% of the assets held in the Trust Account (less any deferred underwriting commissions and taxes payable on interest income earned) at the time of the Company signing a definitive agreement in connection with the Business Combination. Furthermore, there is no assurance that the Company will be able to successfully effect a Business Combination, including the Proposed Business Combination.

The Company, after signing a definitive agreement for a Business Combination, will either (i) seek stockholder approval of the Business Combination at a meeting called for such purpose in connection with which stockholders may seek to redeem their shares, regardless of whether they vote for or against the Business Combination, for cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account as of two business days prior to the consummation of the Business Combination, including interest income but less taxes payable, or (ii) provide stockholders with the opportunity to sell their shares to the Company by means of a tender offer (and thereby avoid the need for a stockholder vote) for an amount in cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account as of two business days prior to the consummation of the Business Combination, including interest income but less taxes payable. The decision as to whether the Company will seek stockholder approval of the Business Combination or will allow stockholders to sell their shares in a tender offer will be made by the Company, solely in its discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would otherwise require the Company to seek stockholder approval, unless a vote is required by law or under Nasdaq rules. If the Company seeks stockholder approval, it will complete its Business Combination only if a majority of the outstanding shares of common stock voted are voted in favor of the Business Combination. Currently, the Company will not redeem its public shares of common stock in an amount that would cause its net tangible assets to be less than $5,000,001. In such case, the Company would not proceed with the redemption of its public shares of common stock and the related Business Combination, and instead may search for an alternate Business Combination. For business and other reasons, the Company has elected to provide its stockholders with the opportunity to have their public shares redeemed in connection with a stockholder vote to approve the Proposed Business Combination rather than a tender offer.

As a result of the foregoing redemption provisions, the public shares of common stock have been recorded at redemption amount and classified as temporary equity, in accordance with SEC and its staff’s guidance on redeemable equity instruments, which has been codified in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 480, “Distinguishing Liabilities from Equity” (“ASC 480”) in subsequent periods.

The Company will have 24 months from the IPO Closing Date to complete its Business Combination. If the Company does not complete a Business Combination within this period of time, it shall (i) cease all operations except for the purposes of winding up; (ii) as promptly as reasonably possible, but not more than ten business days thereafter, redeem the public shares of common stock for a per share pro rata portion of the Trust Account, including interest income, but less taxes payable (less up to $100,000 of such net interest income to pay dissolution expenses) and (iii) as promptly as possible following such redemption, dissolve and liquidate the balance of the Company’s net assets to its remaining stockholders, as part of its plan of dissolution and liquidation. The Sponsor and the Company’s officers and directors have entered into a letter agreement with the Company, pursuant to which they waived their rights to participate in any redemption with respect to their Founder Shares (as defined below); however, if the Sponsor or any of the Company’s officers, directors or affiliates acquire public shares of common stock, they will be entitled to a pro rata share of the Trust Account in the event the Company does not complete a Business Combination within the required time period.

Emerging Growth Company

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 Securities Exchange Act of 1934, as amended (the “Exchange Act”)) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a 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 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.

Significant Accounting Policies

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Significant Accounting Policies

2. Significant Accounting Policies

Basis of Presentation

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the accounting and disclosure rules and regulations of the SEC, and reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the financial position as of March 31, 2021 and the results of operations and cash flows for the periods presented. Operating results for the three months ended March 31, 2021 are not necessarily indicative of results that may be expected for the full year or any other period. The Company was formed on June 29, 2020. Therefore, these financials statements do not include comparative statements to prior 2020 periods.

Net Income/(Loss) Per Common Share

The Company has two classes of shares, which are referred to as Class A Common Stock (the “Common Stock”) and Class F Common Stock (the “Founders Shares”). Earnings and losses are shared pro rata between the two classes of shares. Private and public warrants to purchase

11,350,000 shares of Common Stock at $11.50 per share were issued on December 15, 2020. No warrants were exercised during the three months ended March 31, 2021. The 11,350,000 potential common shares for outstanding warrants to purchase the Company’s stock were excluded from diluted earnings per share in 2021 as the Company had a net loss for the period. As a result, diluted net income/(loss) per common share is the same as basic net income/(loss) per common share for the period.

	Three Months Ended March 31, 2021
	Class A			Class F
Basic and diluted net income/(loss) per share:
Numerator:
Allocation of net income/(loss)	$	(23,985,731	)	$	(5,996,433	)

Denominator:
Weighted-average shares outstanding		34,500,000			8,625,000
Basic and diluted net income/(loss) per share	$	(0.70	)	$	(0.70	)

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution as well as the Trust Account, which at times, may exceed the Federal depository insurance coverage of $250,000. The Company has not experienced losses on these accounts.

Financial Instruments

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC Topic 820, “Fair Value Measurements and Disclosures,” (“ASC 820”) approximates the carrying amounts represented in the balance sheet.

Offering Costs

The Company complies with the requirements of ASC 340-10-S99-1 and SEC Staff Accounting Bulletin Topic 5A — “Expenses of Offering.” Offering costs consist principally of professional and registration fees incurred through the balance sheet date that are related to our Public Offering and were charged to equity upon the completion of our Public Offering.

Redeemable Common Stock

As discussed in Note 4, all of the 34,500,000 Class A Common Stock sold as part of the Units in the Public Offering contain a redemption feature which allows for the redemption of such public shares in connection with the Company’s liquidation, if there is a stockholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s second amended and restated certificate of incorporation. In accordance with SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption provisions not solely within the control of the Company require common stock subject to redemption to be classified outside of permanent equity. Therefore, all Class A Common Stock has been classified outside of permanent equity.

The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable common stock to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable common stock are affected by charges against additional paid in capital and accumulated deficit.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires the Company’s 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. One of the more significant accounting estimates included in these financial statements is the determination of the fair value of the warrant liability. Such estimates may be

subject to change as more current information becomes available and accordingly the actual results could differ significantly from those estimates.

Income Taxes

The Company follows the asset and liability method of accounting for income taxes under ASC Topic 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements 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 includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

For those liabilities or 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 liabilities as income tax expense. No amounts were accrued for the payment of interest and penalties at March 31, 2021.

The Company may be subject to potential examination by U.S. federal, states or foreign jurisdiction authorities in the areas of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income amounts in various tax jurisdictions and compliance with U.S. federal, states or foreign tax laws.

The Company is incorporated in the State of Delaware and is required to pay franchise taxes to the State of Delaware on an annual basis.

Cash and Cash Equivalents

The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company continually monitors its positions with and the credit quality of the financial institutions with which it invests. Periodically, the Company may maintain balances in various operating accounts in excess of federally insured limits.

Investments and Cash Held in Trust Account

At March 31, 2021, the Company had $345,022,332 in the Trust Account which may be utilized for Business Combinations. At March 31, 2021, the Trust Account consisted of cash and money market funds.

The Company’s amended and restated certificate of incorporation provides that, other than the withdrawal of interest to pay taxes, if any, none of the funds held in trust will be released until the earlier of: (i) the completion of the Business Combination; (ii) the redemption of any public shares of common stock properly tendered in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation to modify the substance or timing of the Company’s obligation to redeem 100% of such public shares of common stock if the Company does not complete the Business Combination within 24 months from the IPO Closing Date; or (iii) the redemption of 100% of the public shares of common stock if the Company is unable to complete a Business Combination within 24 months from the IPO Closing Date, subject to the requirements of law and stock exchange rules.

Warrant Liability

The Company accounts for warrants for shares of the Company’s common stock that are not indexed to its own stock as liabilities at fair value on the balance sheet. The warrants are subject to remeasurement at each balance sheet date and any change in fair value is recognized in the Company’s the statement of operations. For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a

component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded as a liability at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations.

Recently Issued Accounting Pronouncements Not Yet Adopted

Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements based on current operations of the Company. The impact of any recently issued accounting standards will be re-evaluated on a regular basis or if a business combination is completed where the impact could be material.

Going Concern Consideration

If the Company does not complete its Business Combination by December 15, 2022, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of the common stock sold as part of the units in the Public Offering, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of franchise and income taxes payable and less up to $100,000 of such net interest which may be distributed to the Company 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 Company’s remaining stockholders and the Company’s Board of Directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.

In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be less than the initial public offering price per unit in the Public Offering. In addition, if the Company fails to complete its Business Combination by December 15, 2022, there will be no redemption rights or liquidating distributions with respect to the warrants, which will expire worthless.

In addition, at March 31, 2021 and December 31, 2020, the Company had current liabilities of $48,141,857 and $18,690,703, respectively and working capital of ($47,129,281) and ($17,159,683), the balances of which are primarily related to warrants we have recorded as liabilities as described in Notes 2, 3 and 4. Other amounts related to accrued expenses owed to professionals, consultants, advisors and others who are working on seeking a Business Combination as described in Note 1. Such work is continuing after March 31, 2021 and amounts are continuing to accrue.

Public Offering

3 Months Ended

Mar. 31, 2021

Public Offering [Abstract]

Public Offering

3. Public Offering

Public Units

On December 15, 2020, the Company sold 34,500,000 units at a price of $10.00 per unit (the “Units”), including 4,500,000 Units as a result of the underwriters’ full exercise of their over-allotment option, generating gross proceeds of $345,000,000. Each Unit consists of one share of the Company’s Class A common stock, $0.0001 par value, and one-fifth of one redeemable Class A common stock purchase warrant (the “Warrants”). Each Whole Warrant entitles the holder to purchase one share of Class A common stock for $11.50 per share. Each Warrant will become exercisable on the later of 30 days after the completion of the Business Combination or 12 months from the IPO Closing Date and will expire five years after the completion of the Business Combination or earlier upon redemption or liquidation. However, if the Company does not complete the Business Combination on or prior to the 24-month period allotted to complete the Business Combination, the Warrants will expire at the end of such period. The Warrants were issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and the Company. The Company did not register the shares of common stock issuable upon exercise of the Warrants under the Securities Act or any state securities law. Under the

terms of the warrant agreement, the Company has agreed to use its best efforts to file a registration statement under the Securities Act following the completion of the Business Combination covering the shares of common stock issuable upon exercise of the Warrants. The Company paid an upfront underwriting discount of 2.00% ($6,900,000) of the per Unit offering price to the underwriters at the IPO Closing Date, with an additional fee (the “Deferred Discount”) of 3.50% ($12,075,000) of the per Unit offering price payable upon the Company’s completion of a Business Combination. The Deferred Discount will become payable to the underwriters from the amounts held in the Trust Account solely in the event the Company completes its Business Combination.

The public warrants issued as part of the Units are accounted for as liabilities as there are terms and features do not qualify for equity classification in ASC Topic 815-40 “Derivatives and Hedging – Contracts in Entity’s Own Equity.” The fair value of the public warrants at December 31, 2020 was a liability of $11,040,000. At March 31, 2021, the fair value has increased to $27,255,000. The change in fair value of $16,215,000 is reflected as an expense in the statement of operations.

All of the 34,500,000 Class A Common Stock sold as part of the Units in the Public Offering contain a redemption feature which allows for the redemption of such public shares in connection with the Company’s liquidation, if there is a stockholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s second amended and restated certificate of incorporation. In accordance with SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption provisions not solely within the control of the Company require common stock subject to redemption to be classified outside of permanent equity. Given that the Class A Common Stock was issued with other freestanding instruments (i.e., public warrants), the initial carrying value of Class A Common Stock classified as temporary equity is the allocated proceeds based on the guidance in ASC 470-20.

Our Class A Common Stock are subject to SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99. If it is probable that the equity instrument will become redeemable, the Company has the option to either accrete changes in the redemption value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable, if later) to the earliest redemption date of the instrument or to recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Company has elected to recognize the changes immediately. The accretion or remeasurement is treated as a deemed dividend (i.e., a reduction to retained earnings, or in absence of retained earnings, additional paid-in capital).

As of March 31, 2021, the Class A Common Stock reflected on the balance sheet are reconciled in the following table. The accretion of carrying value to redemption value was recognized on December 31, 2020, and there has been $8,130 of additional accretion for the three months ended March 31, 2021:

	As of March 31, 2021
Gross proceeds	$	345,000,000
Less:
Proceeds allocated to public warrants	$	(10,557,000	)
Class A shares issuance costs	$	(19,266,180	)
Plus:
Accretion of carrying value to redemption value	$	(29,823,180	)
Contingently redeemable Class A Common Stock	$	345,000,000

Related Party Transactions

3 Months Ended

Mar. 31, 2021

Related Party Transactions

4. Related Party Transactions

Founder Shares

On July 24, 2020, the Sponsor purchased 17,250,000 shares of Class F Common Stock for $25,000, or approximately $0.001 per share. On October 1, 2020, the Sponsor surrendered 8,625,000 Founder Shares to us for no consideration, on October 23, 2020, the Company effected a stock dividend with respect to its Class F Common Stock of 6,468,750 shares thereof and on November 13, 2020 the Sponsor surrendered 6,468,750 Founder Shares to us for no consideration, resulting in an aggregate of 8,625,000 outstanding shares of Class F Common Stock. As a result of such surrender, the per-share purchase price increased to approximately $0.003 per share. The number of Founder Shares issued was determined based on the expectation that such Founder Shares would represent 20% of the outstanding shares upon completion of the Public Offering. On September 11, 2020, the Sponsor transferred 25,000 Founder Shares to each of the independent directors at their original purchase price. The Founder Shares are identical to the common stock included in the Units sold in the Public Offering except that the Founder Shares 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 as described in the Company’s amended and restated certificate of incorporation.

The sale of the Founders Shares is in the scope of ASC 718, “Compensation-Stock Compensation.” Under ASC 718, stock-based compensation associated with equity-classified awards is measured at fair value upon the grant date. The Founders Shares were granted subject to a performance condition (i.e., the occurrence of a Business Combination). Compensation expense related to the Founders Shares is recognized only when the performance condition is probable of occurrence under the applicable accounting literature in this circumstance. As of December 31, 2020, the Company determined that a Business Combination is not considered probable, and, therefore, no stock-based compensation expense has been recognized. Stock-based compensation would be recognized at the date a Business Combination is considered probable (i.e., upon consummation of a Business Combination) in an amount equal to the number of Founders Shares that ultimately vest multiplied times the grant date fair value per share (unless subsequently modified) less the amount initially received for the purchase of the Founders Shares.

Private Placement Warrants

The Sponsor purchased from the Company an aggregate of 4,450,000 warrants at a price of $2.00 per warrant (a purchase price of $8,900,000) in a private placement that occurred simultaneously with the Public Offering (the “Private Placement Warrants”). Each Private Placement Warrant entitles the holder to purchase one share of Class A common stock at $11.50 per share. A portion of the purchase price of the Private Placement Warrants was added to the proceeds from the Public Offering to be held in the Trust Account pending completion of the Business Combination.

The Private Placement Warrants have terms and provisions that are identical to those of the public warrants sold as part of the units in the Public Offering, except that the Private Placement Warrants may be physical (cash) or net share (cashless) settled and are not redeemable so long as they are held by the Sponsor or its permitted transferees.

If the Company does not complete a Business Combination, then the Private Placement Warrants proceeds will be part of the liquidation distribution to the public stockholders and the Private Placement Warrants will expire worthless. Consistent with the public warrants, the private warrants are accounted for as liabilities under ASC Topic 814-40, due to their terms.

Registration Rights

The holders of Founder Shares, Private Placement Warrants and warrants issued upon conversion of working capital loans, if any, have registration rights (in the case of the Founder Shares, only after conversion of such shares to common shares) pursuant to a registration rights agreement entered into by the Company, the Sponsor and the other security holders named therein on December 15, 2020. These holders will also have certain demand

and “piggy back” registration rights. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Sponsor Loan

On July 24, 2020, Company borrowed $300,000 by the issuance of an unsecured promissory note from the Sponsor for $300,000 to cover expenses related to the Public Offering. This Note was non-interest bearing and payable on the earlier of June 30, 2021 or the completion of the Public Offering. This Note was repaid in full upon the completion of the Public Offering.

On March 19, 2021, the Sponsor made available to the Company a loan of up to $2,000,000 pursuant to a promissory note issued by the Company to the Sponsor. The proceeds from the note will be used for on-going operational expenses and certain other expenses in connection with the Proposed Business Combination. The note is unsecured, non-interest bearing and matures on the earlier of: (i) January 31, 2022 or (ii) the date on which the Company consummates the Proposed Business Combination. As of March 31, 2021, the amount advanced by Sponsor to the Company was $600,000.

Administrative Services Agreement

The Company entered into an administrative services agreement on December 10, 2020, pursuant to which it agreed to pay to an affiliate of the Sponsor $20,000 a month for office space, utilities and secretarial support. Services commenced on the date the securities were first listed on the Nasdaq Capital Market and will terminate upon the earlier of the consummation by the Company of a Business Combination or the liquidation of the Company.

For the three months ended March 31, 2021 the Company has paid the affiliate $60,000.

Deferred Underwriting Compensation

3 Months Ended

Mar. 31, 2021

Deferred Underwriting Compensation [Abstract]

Deferred Underwriting Compensation

5. Deferred Underwriting Compensation

The Company is committed to pay a deferred underwriting discount totaling $12,075,000 or 3.50% of the gross offering proceeds of the Public Offering, to the underwriters upon the Company’s consummation of a Business Combination. The underwriters are not entitled to any interest accrued on the Deferred Discount, and no Deferred Discount is payable to the underwriters if there is no Business Combination.

Income Taxes

3 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

6. Income Taxes

Income tax expense during interim periods is based on applying an estimated annual effective income tax rate to year-to-date income, plus any significant unusual or infrequently occurring items which are recorded in the interim period. The Company’s effective tax rates differ from the federal statutory rate primarily due to the fair value on instruments treated as debt for GAAP and equity for tax purposes, which is not deductible for income tax purposes, for 2021.

The computation of the annual estimated effective tax rate at each interim period requires certain estimates and significant judgment including, but not limited to, the expected operating income for the year, projections of the proportion of income earned and taxed in various jurisdictions, permanent and temporary differences, and the likelihood of recovering deferred tax assets generated in the current year. The accounting estimates used to compute the provision for income taxes may change as new events occur, more experience is obtained, additional information becomes known or as the tax environment changes.

The Company has evaluated tax positions taken or expected to be taken in the course of preparing the financial statements to determine if the tax positions are “more likely than not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more likely than not” threshold would be recorded as a tax benefit or expense in the current year. The Company has concluded that there was no impact related to uncertain tax positions on the results of its operations for the period ended March 31, 2021. As of March 31, 2021, the Company has no accrued interest or penalties related to uncertain tax positions. 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’s conclusions regarding tax positions will be subject to review and may be adjusted at a later date based on factors including, but not limited to, ongoing analyses of tax laws, regulations, and interpretations thereof.

- 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 + Details

Investments and Cash Held in Trust

3 Months Ended

Mar. 31, 2021

Investments Debt And Equity Securities [Abstract]

Investments and Cash Held in Trust

7. Investments and Cash Held in Trust

As of March 31, 2021, investment securities in the Company’s Trust Account consist of $345,022,332 in cash and money market funds.

Fair Value Measurement

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurement

8. Fair Value Measurement

The Company complies with ASC 820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. ASC 820 determines fair value to be the price that would be received to sell an asset or would be paid to transfer a liability (i.e., the exit price) in an orderly transaction between market participants at the measurement date.

Warrants

The Company has determined that warrants issued in connection with its initial public offering in December 2020 are subject to treatment as a liability. The Company utilizes a Monte Carlo simulation methodology to value the warrants at each reporting period, with changes in fair value recognized in the statement of operations. The estimated fair value of the warrant liability is determined using Level 1 and Level 2 inputs. The key assumptions in the option pricing model utilized are assumptions related to expected share-price volatility, expected term, risk-free interest rate and dividend yield. The expected volatility as of the IPO Closing Date was derived from observable public warrant pricing on comparable ‘blank-check’ companies that recently went public in 2020 and 2021. At March 31, 2021, there were observable transactions in the Company’s public warrants and correspondingly an implied volatility. The risk-free interest rate is based on the interpolated U.S. Constant Maturity Treasury yield. The expected term of the warrants is assumed to be six months until the close of a Business Combination, and the contractual five year term subsequently. The dividend rate is based on the historical rate, which the Company anticipates to remain at zero.

The Warrants were classified as Level 2 at the respective measurement dates.

The key inputs into the option model for the Private Placement Warrants and Public Warrants were as follows for the relevant periods:

	As of
	December 31, 2020			March 31, 2021
Volatility		21.0	%		13.0	%
Risk-free interest rate		0.43	%		1.00	%
Warrant exercise price	$	11.50		$	11.50
Expected term	5.5			5.35

Subsequent Measurement

The Warrants are measured at fair value on a recurring basis. The subsequent measurement of the Public and Private Warrants as of March 31, 2021 and December 31, 2020 are classified as Level 2 due to the use of both observable inputs in an active market as well as quoted prices in active markets for similar assets and liabilities.

As of March 31, 2021, the aggregate values of the Private Placement Warrants and Public Warrants were $17.6 million and $27.3 million, respectively, based on the closing price of GHVIW on that date of $3.95.

As of December 31, 2020, the aggregate values of the Private Placement Warrants and Public Warrants were $7.1 million and $11.0 million, respectively, based on the closing price of GHVIU on that date of $10.60.

The following table presents the changes in the fair value of warrant liabilities:

	Private placement warrants		Public warrants		Total warrant liabilities
Fair value at December 31, 2020	$	7,120,000	$	11,040,000	$	18,160,000
Change in fair value		10,457,500		16,215,000		26,672,500
Fair value at March 31, 2021	$	17,577,500	$	27,255,000	$	44,832,500

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2021 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and includes situations where there is little, if any, market activity for the asset or liability:

					Significant		Significant
					Other		Other
			Quoted Prices in		Observable		Unobservable
	March 31,		Active Markets		Inputs		Inputs
Description	2021		(Level 1)		(Level 2)		(Level 3)
Investments and cash held in Trust Account		345,022,332		345,022,332		—		—
Public warrants		27,255,000		—		27,255,000		—
Private placement warrants		17,577,500		—		17,577,500		—
Total	$	389,854,832	$	345,022,332	$	44,832,500	$	—

- 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

Stockholder's Equity

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Stockholder's Equity

9. Stockholders’ Equity

Common Stock

The Company is authorized to issue 440,000,000 shares of common stock, consisting of 400,000,000 shares of Class A common stock, par value $0.0001 per share and 40,000,000 shares of Class F Common Stock, par value $0.0001 per share. Holders of the Company’s common stock are entitled to one vote for each share of common stock and vote together as a single class. At March 31, 2021, there were 34,500,000 shares of Class A common stock and 8,625,000 shares of Class F Common Stock issued and outstanding, respectively.

Preferred Stock

The Company is authorized to issue 1,000,000 shares of preferred stock, par value $0.0001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Board of Directors. At March 31, 2021, there were no shares of preferred stock issued and outstanding.

Risk and Contingencies

3 Months Ended

Mar. 31, 2021

Risks And Uncertainties [Abstract]

Risk and Contingencies

10. Risk and Contingencies

Management is currently evaluating 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.

Subsequent Events

3 Months Ended

Mar. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

11. Subsequent Events

Management has performed an evaluation of subsequent events through May 27, 2021 of the financial statements, noting no items which require adjustment or disclosure other than those set forth in the preceding notes to the financial statements.

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Basis of Presentation

Net Income/(Loss) Per Common Share

	Three Months Ended March 31, 2021
	Class A			Class F
Basic and diluted net income/(loss) per share:
Numerator:
Allocation of net income/(loss)	$	(23,985,731	)	$	(5,996,433	)

Denominator:
Weighted-average shares outstanding		34,500,000			8,625,000
Basic and diluted net income/(loss) per share	$	(0.70	)	$	(0.70	)

Concentration of Credit Risk

Financial Instruments

Offering Costs

Redeemable Common Stock

Use of Estimates

subject to change as more current information becomes available and accordingly the actual results could differ significantly from those estimates.

Income Taxes

The Company is incorporated in the State of Delaware and is required to pay franchise taxes to the State of Delaware on an annual basis.

Cash and Cash Equivalents

Investments and Cash Held in Trust Account

At March 31, 2021, the Company had $345,022,332 in the Trust Account which may be utilized for Business Combinations. At March 31, 2021, the Trust Account consisted of cash and money market funds.

Warrant Liability

Recently Issued Accounting Pronouncements Not Yet Adopted

Going Concern Consideration

Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Schedule of Diluted Net Income/(Loss) Per Common Share Basic Net Income/(Loss) Per Common Share

As a result, diluted net income/(loss) per common share is the same as basic net income/(loss) per common share for the period.

	Three Months Ended March 31, 2021
	Class A			Class F
Basic and diluted net income/(loss) per share:
Numerator:
Allocation of net income/(loss)	$	(23,985,731	)	$	(5,996,433	)

Denominator:
Weighted-average shares outstanding		34,500,000			8,625,000
Basic and diluted net income/(loss) per share	$	(0.70	)	$	(0.70	)

Public Offering (Tables)

3 Months Ended

Mar. 31, 2021

Public Offering [Abstract]

Reconciliation of Class A Common Stock

	As of March 31, 2021
Gross proceeds	$	345,000,000
Less:
Proceeds allocated to public warrants	$	(10,557,000	)
Class A shares issuance costs	$	(19,266,180	)
Plus:
Accretion of carrying value to redemption value	$	(29,823,180	)
Contingently redeemable Class A Common Stock	$	345,000,000

Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Key Inputs into Option Model for Private Placement Warrants and Public Warrants

The key inputs into the option model for the Private Placement Warrants and Public Warrants were as follows for the relevant periods:

	As of
	December 31, 2020			March 31, 2021
Volatility		21.0	%		13.0	%
Risk-free interest rate		0.43	%		1.00	%
Warrant exercise price	$	11.50		$	11.50
Expected term	5.5			5.35

Schedule of Changes in Fair Value of Warrant Liabilities

The following table presents the changes in the fair value of warrant liabilities:

	Private placement warrants		Public warrants		Total warrant liabilities
Fair value at December 31, 2020	$	7,120,000	$	11,040,000	$	18,160,000
Change in fair value		10,457,500		16,215,000		26,672,500
Fair value at March 31, 2021	$	17,577,500	$	27,255,000	$	44,832,500

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

					Significant		Significant
					Other		Other
			Quoted Prices in		Observable		Unobservable
	March 31,		Active Markets		Inputs		Inputs
Description	2021		(Level 1)		(Level 2)		(Level 3)
Investments and cash held in Trust Account		345,022,332		345,022,332		—		—
Public warrants		27,255,000		—		27,255,000		—
Private placement warrants		17,577,500		—		17,577,500		—
Total	$	389,854,832	$	345,022,332	$	44,832,500	$	—

Organization and Business Operations - Additional Information (Details) - USD ($)		3 Months Ended
	Feb. 07, 2021	Mar. 31, 2021	Dec. 31, 2020	Dec. 15, 2020
Organization And Business Operations [Line Items]
Date of incorporation		Jun. 29, 2020
Preferred stock, par value		$ 0.0001	$ 0.0001
Proceeds from sale of Units in initial public offering		$ 345,000,000
Maximum maturity period		185 days
Regulatory withdrawal of interest from trust account, maximum period		24 months
Redemption percentage of public shares of common stock if business combination not completed		100.00%
Number of days to seek shareholder approval for redemption of shares		2 days
Number of days to provide opportunity to shareholders to sell their shares		2 days
Dissolution expenses, maximum allowed		$ 100,000
Maximum
Organization And Business Operations [Line Items]
Threshold period to complete business combination from closing of public offering		24 months
Threshold net tangible assets		$ 5,000,001
Number of days to redeem public shares of common stock if business combination not completed		10 days
Minimum
Organization And Business Operations [Line Items]
Percentage of fair market value		80.00%
Private Placement
Organization And Business Operations [Line Items]
Amount placed in trust account				$ 345,000,000
Proceeds from sale of Private Placement Warrants to Sponsor		$ 8,900,000
Class A Common Stock
Organization And Business Operations [Line Items]
Common stock, par value		$ 0.0001	$ 0.0001	$ 0.0001
Class A Common Stock \| Private Placement
Organization And Business Operations [Line Items]
Sale of common stock (in shares)	29,500,000
Shares issued, price per share	$ 10.00
Matterport, Inc
Organization And Business Operations [Line Items]
Common stock, par value		0.001
Preferred stock, par value		0.001
Matterport, Inc \| Class A Common Stock
Organization And Business Operations [Line Items]
Common stock, par value		0.0001
Equity awards exercisable for shares, per share		$ 10.00
Equity awards exercisable for shares		$ 2,188,750,000
Additional number of earnout shares		23,460,000

Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Significant Accounting Policies [Line Items]
Date of incorporation	Jun. 29, 2020
Number of warrants exercised	0
Federal depository insurance coverage amount	$ 250,000
Accrued interest and penalties related to unrecognized tax liabilities	0
Investments and cash held in Trust Account	$ 345,022,332	$ 345,008,625
Redemption percentage of public shares of common stock if business combination not completed	100.00%
Business combination	Company does not complete the Business Combination within 24 months from the IPO Closing Date; or (iii) the redemption of 100% of the public shares of common stock if the Company is unable to complete a Business Combination within 24 months from the IPO Closing Date
Dissolution expenses, maximum allowed	$ 100,000
Going concern description	If the Company does not complete its Business Combination by December 15, 2022, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of the common stock sold as part of the units in the Public Offering, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of franchise and income taxes payable and less up to $100,000 of such net interest which may be distributed to the Company 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 Company’s remaining stockholders and the Company’s Board of Directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law
Current liabilities	$ 48,141,857	18,690,703
Working capital	$ (47,129,281)	$ (17,159,683)
Maximum
Significant Accounting Policies [Line Items]
Threshold period to complete business combination from closing of public offering	24 months
Number of days to redeem public shares of common stock if business combination not completed	10 days
Initial Public Offering \| Class A Common Stock
Significant Accounting Policies [Line Items]
Sale of common stock (in shares)	34,500,000
Warrants
Significant Accounting Policies [Line Items]
Potential common shares for outstanding warrants to purchase stock were excluded from diluted earnings	11,350,000
Common Stock
Significant Accounting Policies [Line Items]
Number of warrants sold	11,350,000
Share price	$ 11.50

Significant Accounting Policies - Schedule of Diluted Net Income/(Loss) Per Common Share Basic Net Income/(Loss) Per Common Share (Details)	3 Months Ended
	Mar. 31, 2021 USD ($) $ / shares shares
Numerator:
Allocation of net income/(loss)	$ (29,974,034)
Class A Common Stock
Numerator:
Allocation of net income/(loss)	$ (23,985,731)
Denominator:
Weighted-average shares outstanding \| shares	34,500,000
Basic and diluted net income/(loss) per share \| $ / shares	$ (0.70)
Class F Common Stock
Numerator:
Allocation of net income/(loss)	$ (5,996,433)
Denominator:
Weighted-average shares outstanding \| shares	8,625,000
Basic and diluted net income/(loss) per share \| $ / shares	$ (0.70)

- Definition

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

+ References

+ Details

Public Offering - Additional Information (Details) - USD ($)		3 Months Ended
	Dec. 15, 2020	Mar. 31, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
Gross proceeds excluding over-allotment	$ 345,000,000
Percentage of deferred underwriting discount		3.50%
Change in fair value of warrants		$ 26,672,500
Public Warrants
Class Of Stock [Line Items]
Warrants derivative liability		27,255,000	$ 11,040,000
Change in fair value of warrants		16,215,000
Initial Public Offering
Class Of Stock [Line Items]
Units sold	34,500,000
Sale of stock, price per unit	$ 10.00
Percentage of upfront underwriting discount	2.00%
Upfront underwriting discount	$ 6,900,000
Percentage of deferred underwriting discount	3.50%
Deferred underwriting discount	$ 12,075,000
Initial Public Offering \| Public Warrants
Class Of Stock [Line Items]
Warrants derivative liability		$ 10,557,000
Over-Allotment Option
Class Of Stock [Line Items]
Units sold	4,500,000
Warrant
Class Of Stock [Line Items]
Number of shares contribute each unit	0.20
Warrant exercisable term if business combination is completed	30 days
Warrant exercisable term from closing of public offer	12 months
Warrant expiration term	5 years
Number of months to complete business combination	24 months
Class A Common Stock
Class Of Stock [Line Items]
Number of shares contribute each unit	1
Common stock, par value	$ 0.0001	$ 0.0001	$ 0.0001
Number of shares warrant may be converted	1
Warrants exercise price	$ 11.50
Class A Common Stock \| Initial Public Offering
Class Of Stock [Line Items]
Additional accretion to redemption value		$ 8,130

Public Offering - Reconciliation of Class A Common Stock (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
Contingently redeemable Class A Common Stock	$ 345,000,000	$ 345,000,000
Public Warrants
Class Of Stock [Line Items]
Proceeds allocated to public warrants	(27,255,000)	$ (11,040,000)
Initial Public Offering
Class Of Stock [Line Items]
Gross proceeds	345,000,000
Class A shares issuance costs	(19,266,180)
Accretion of carrying value to redemption value	(29,823,180)
Contingently redeemable Class A Common Stock	345,000,000
Initial Public Offering \| Public Warrants
Class Of Stock [Line Items]
Proceeds allocated to public warrants	$ (10,557,000)

Related Party Transactions - Additional Information (Details)							3 Months Ended	6 Months Ended	9 Months Ended
	Mar. 19, 2021 USD ($)	Nov. 13, 2020 USD ($) $ / shares shares	Oct. 23, 2020 shares	Oct. 01, 2020 USD ($) shares	Sep. 11, 2020 shares	Jul. 24, 2020 USD ($) $ / shares shares	Mar. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($)	Mar. 31, 2021 USD ($) $ / shares shares	Dec. 15, 2020 shares	Dec. 10, 2020 USD ($)
Related Party Transaction [Line Items]
Due to related party							$ 600,000		$ 600,000
Class A Common Stock
Related Party Transaction [Line Items]
Number of shares warrant may be converted \| shares										1
Class A Common Stock \| Initial Public Offering
Related Party Transaction [Line Items]
Sale of common stock \| shares							34,500,000
Founder Shares
Related Party Transaction [Line Items]
Stock-based compensation expense								$ 0
Founder Shares \| Class F Common Stock
Related Party Transaction [Line Items]
Shares issued, price per share \| $ / shares		$ 0.003
Outstanding shares of common stock held by the initial stockholders (as a percent)		20.00%
Founder Shares \| Class A Common Stock
Related Party Transaction [Line Items]
Conversion ratio						1
Founder Shares \| Sponsor \| Class F Common Stock
Related Party Transaction [Line Items]
Sale of common stock \| shares						17,250,000
Sale of common stock, value						$ 25,000
Shares issued, price per share \| $ / shares						$ 0.001
Number of shares surrendered during period \| shares		6,468,750		8,625,000
Consideration value for number of shares surrendered during period		$ 0		$ 0
Aggregate outstanding shares of common stock held by the initial stockholders \| shares		8,625,000
Founder shares transferred to independent directors \| shares					25,000
Stock dividends, shares \| shares			6,468,750
Private Placement Warrants \| Class A Common Stock
Related Party Transaction [Line Items]
Warrants sold, price per warrant \| $ / shares							$ 11.50		$ 11.50
Number of shares warrant may be converted \| shares							1		1
Private Placement Warrants \| Sponsor
Related Party Transaction [Line Items]
Number of warrants sold \| shares							4,450,000		4,450,000
Warrants sold, price per warrant \| $ / shares							$ 2.00		$ 2.00
Proceeds from sale of warrants									$ 8,900,000
Sponsor Loan
Related Party Transaction [Line Items]
Debt instrument, call date, earliest	Jan. 31, 2022
Debt instrument, call feature							The note is unsecured, non-interest bearing and matures on the earlier of: (i) January 31, 2022 or (ii) the date on which the Company consummates the Proposed Business Combination.
Due to related party							$ 600,000		$ 600,000
Sponsor Loan \| Maximum
Related Party Transaction [Line Items]
Aggregate issuance of unsecured promissory note	$ 2,000,000
Sponsor Loan \| Initial Public Offering
Related Party Transaction [Line Items]
Aggregate issuance of unsecured promissory note						$ 300,000
Proceeds from related party promissory note						$ 300,000
Administrative Services Agreement
Related Party Transaction [Line Items]
Agreed to pay to affiliate, monthly for office space, utilities and secretarial support											$ 20,000
Administrative Services Agreement \| Affiliate of the Sponsor
Related Party Transaction [Line Items]
Payments to affiliate							$ 60,000

Deferred Underwriting Compensation - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Deferred Underwriting Compensation [Abstract]
Deferred underwriting compensation	$ 12,075,000	$ 12,075,000
Percentage of deferred underwriting discount	3.50%
Deferred underwriting discount if business combination not completed	$ 0

Income Taxes - Additional Information (Details)	Mar. 31, 2021 USD ($)
Income Tax Disclosure [Abstract]
Accrued interest or penalties related to uncertain tax position	$ 0

Investments and Cash Held in Trust - Additional Information (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Investments Debt And Equity Securities [Abstract]
Investments and cash held in Trust Account	$ 345,022,332	$ 345,008,625

Fair Value Measurement - Additional Information (Details)	Mar. 31, 2021 USD ($) $ / shares	Dec. 31, 2020 USD ($) $ / shares	Dec. 15, 2020
Warrants
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrant expiration term			5 years
Closing price \| $ / shares	$ 3.95	$ 10.60
Private Placement Warrants
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Aggregate values of Warrants	$ 17,577,500	$ 7,120,000
Public Warrants
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Aggregate values of Warrants	$ 27,255,000	$ 11,040,000
Until Close of Business Combination
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrant expiration term	6 months
Subsequent to Business Combination
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrant expiration term	5 years
Expected Dividend Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Private placement warrants and public warrants, measurement input	0

Fair Value Measurement - Schedule of Key Inputs into Option Model for Private Placement Warrants and Public Warrants (Details)	Mar. 31, 2021	Dec. 31, 2020
Implied Volatility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Private placement warrants and public warrants, measurement input	0.130	0.210
Risk-Free Interest Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Private placement warrants and public warrants, measurement input	0.0100	0.0043
Warrant Exercise Price
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Private placement warrants and public warrants, measurement input	0.1150	0.1150
Expected Term
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Private placement warrants and public warrants, expected term	5 years 4 months 6 days	5 years 6 months

Fair Value Measurement - Schedule of Changes in Fair Value of Warrant Liabilities (Details) - Warrant Liabilities	3 Months Ended
	Mar. 31, 2021 USD ($)
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value at December 31, 2020	$ 18,160,000
Change in fair value	26,672,500
Fair value at March 31, 2021	44,832,500
Private Placement Warrants
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value at December 31, 2020	7,120,000
Change in fair value	10,457,500
Fair value at March 31, 2021	17,577,500
Public Warrants
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value at December 31, 2020	11,040,000
Change in fair value	16,215,000
Fair value at March 31, 2021	$ 27,255,000

Fair Value Measurement - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments and cash held in Trust Account	$ 345,022,332	$ 345,008,625
Public Warrants
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrants	27,255,000	11,040,000
Private Placement Warrants
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrants	17,577,500	$ 7,120,000
Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments and cash held in Trust Account	345,022,332
Total	389,854,832
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments and cash held in Trust Account	345,022,332
Total	345,022,332
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	44,832,500
Fair Value, Measurements, Recurring \| Public Warrants
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrants	27,255,000
Fair Value, Measurements, Recurring \| Public Warrants \| Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrants	27,255,000
Fair Value, Measurements, Recurring \| Private Placement Warrants
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrants	17,577,500
Fair Value, Measurements, Recurring \| Private Placement Warrants \| Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrants	$ 17,577,500

Stockholders' Equity - Additional Information (Details)	Mar. 31, 2021 Vote $ / shares shares	Dec. 31, 2020 $ / shares shares	Dec. 15, 2020 $ / shares
Class Of Stock [Line Items]
Common stock, shares authorized	440,000,000
Number of votes for each share \| Vote	1
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, par value \| $ / shares	$ 0.0001	$ 0.0001
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class A Common Stock
Class Of Stock [Line Items]
Common stock, shares authorized	400,000,000	400,000,000
Common stock, par value \| $ / shares	$ 0.0001	$ 0.0001	$ 0.0001
Common stock subject to redemption, shares issued	34,500,000	34,500,000
Common stock subject to redemption, shares outstanding	34,500,000
Class F Common Stock
Class Of Stock [Line Items]
Common stock, shares authorized	40,000,000	40,000,000
Common stock, par value \| $ / shares	$ 0.0001	$ 0.0001
Common stock, shares issued	8,625,000	8,625,000
Common stock, shares outstanding	8,625,000	8,625,000