General form of registration statement for all companies including face-amount certificate companies

Fair Value Measurements (Tables)

v3.22.2.2
Fair Value Measurements (Tables) - CIK 0001816261 Executive Network Partnering Corp
9 Months Ended 12 Months Ended
Sep. 30, 2022
Dec. 31, 2021
Fair Value Measurements    
Summary of assets and liabilities that are measured at fair value on a recurring basis

The following tables present information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021 by level within the fair value hierarchy:

Fair Value Measured as of September 30, 2022

    

Level 1

    

Level 2

    

Level 3

    

Level 3

Assets:

 

  

 

  

 

  

 

  

Investments held in Trust Account – U.S. Treasury Securities

$

416,329,383

$

$

$

416,329,383

Liabilities:

 

  

 

  

 

  

 

  

Warrant liabilities – Public Warrants

$

9,625,500

$

$

$

9,625,500

Warrant liabilities – Private Placement Warrants

$

$

$

145,825

$

145,825

Fair Value Measured as of December 31, 2021

    

Level 1

    

Level 2

    

Level 3

    

Total

Assets:

  

  

  

  

Investments held in Trust Account – U.S. Treasury Securities

$

414,052,978

$

$

$

414,052,978

Liabilities:

 

  

 

  

 

  

 

  

Warrant liabilities – Public Warrants

$

7,027,650

$

$

$

7,027,650

Warrant liabilities – Private Placement Warrants

$

$

$

107,910

$

107,910

The following table presents information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2021 and 2020 by level within the fair value hierarchy:

Fair Value Measured as of December 31, 2021

    

Level 1

    

Level 2

    

Level 3

    

Total

Assets:

 

  

 

  

 

  

 

  

Investments held in Trust Account – U.S. Treasury Securities

$

414,052,978

$

$

$

414,052,978

Liabilities:

 

  

 

  

 

  

 

  

Warrant liabilities – Public Warrants

$

7,027,650

$

$

$

7,027,650

Warrant liabilities – Private Placement Warrants

$

$

$

107,910

$

107,910

Fair Value Measured as of December 31, 2020

    

Level 1

    

Level 2

    

Level 3

    

Total

Assets:

 

  

 

  

 

  

 

  

Investments held in Trust Account – U.S. Treasury Securities

$

414,011,571

$

$

$

414,011,571

Liabilities:

 

  

 

  

 

  

 

  

Warrant liabilities – Public Warrants

$

10,764,000

$

$

$

10,764,000

Warrant liabilities – Private Placement Warrants

$

$

$

165,780

$

165,780

Summary of fair value measurements inputs

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

    

September 30, 

    

December 31, 

 

2022

2021

 

Exercise price

$

11.50

$

11.50

Stock Price

$

9.98

$

9.81

Term (in years)

 

5.00

 

5.00

Volatility

 

8.50

%  

 

14.20

%

Risk-free interest rate

 

4.06

%  

 

1.34

%

Dividend yield

 

0.00

%  

 

0.00

%

Probability of success

 

90.00

%  

 

80.00

%

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

    

December 31, 2021

    

December 31, 2020

 

Exercise price

$

11.50

$

11.50

Stock Price

$

9.81

$

10.01

Term (in years)

 

5.00

 

5.00

Volatility

 

14.20

%  

 

17.00

%

Risk-free interest rate

 

1.34

%  

 

0.56

%

Dividend yield

 

0.00

%  

 

0.00

%

Probability of success

 

80.00

%  

 

100.00

%

Summary of change in the fair value of the derivative warrant liabilities

The change in the fair value of the derivative warrant liabilities measured with Level 3 inputs for the three and nine months ended September 30, 2022 and 2021 is summarized as follows:

Level 3 warrant liabilities as of December 31, 2021

    

$

107,910

Change in fair value of warrant liabilities

 

(60,325)

Level 3 warrant liabilities as of March 31, 2022

 

47,585

Change in fair value of warrant liabilities

 

93,635

Level 3 warrant liabilities as of June 30, 2022

 

141,220

Change in fair value of warrant liabilities

 

4,605

Level 3 warrant liabilities as of September 30, 2022

$

145,825

Level 3 warrant liabilities as of December 31, 2020

    

$

165,780

Change in fair value of warrant liabilities

 

(30,700)

Level 3 warrant liabilities as of March 31, 2021

 

135,080

Change in fair value of warrant liabilities

 

23,025

Level 3 warrant liabilities as of June 30, 2021

 

158,105

Change in fair value of warrant liabilities

 

(33,770)

Level 3 warrant liabilities as of September 30, 2021

$

124,335

The change in the fair value of the derivative warrant liabilities measured with Level 3 inputs for the year ended December 31, 2021 and for the period from June 22, 2020 (inception) through December 31, 2020 is summarized as follows:

Level 3 warrant liabilities as of June 22, 2020 (inception)

    

$

Issuance of Public and Private Placement Warrants

 

13,765,730

Transfer of Public Warrants to Level 1

 

(12,109,500)

Change in fair value of derivative warrant liabilities

 

(1,490,450)

Level 3 warrant liabilities as of December 31, 2020

 

165,780

Change in fair value of derivative warrant liabilities

 

(57,870)

Level 3 warrant liabilities as of December 31, 2021

$

107,910