Post-effective amendment to a registration statement that is not immediately effective upon filing

Fair Value Measurement and Fair Value of Financial Instruments (Tables)

v3.22.1
Fair Value Measurement and Fair Value of Financial Instruments (Tables)
3 Months Ended 12 Months Ended
Apr. 03, 2022
Jan. 02, 2022
Fair Value Disclosures [Abstract]    
Schedule of Assets Measured at Fair Value on Recurring Basis The following table details the fair value measurements of assets and liabilities that were measured at fair value on a recurring basis based on the following three-tiered fair value hierarchy per ASC 820,
Fair Value Measurement
, as of April 3, 2022 and January 2, 2022 (in thousands).
    
Fair Value Measurement using
 
    
Level 1
    
Level 2
    
Level 3
    
Total
Fair
Value
 
As of April 3, 2022
                                   
Liabilities:
                                   
Private Placement Warrants
   $     —        $     —        $ 56,460      $ 56,460  
As of January 2, 2022
                                   
Liabilities:
                                   
Private Placement Warrants
   $ —        $ —        $ 124,260      $ 124,260  
    
Fair Value Measurement using
 
    
Level 1
    
Level 2
    
Level 3
    
Total
Fair Value
 
As of January 2, 2022
                                   
Liabilities:
                                   
Private Placement Warrants
   $ —        $ —        $ 124,260      $ 124,260  
         
As of December 31, 2020
                                   
Liabilities:
                                   
Convertible preferred stock warrants
   $ —        $ —        $ 15,995      $ 15,995  
Schedule of Changes in Fair Value for Level 3   The changes for Level 3 items measured at fair value on a recurring basis using significant unobservable inputs are as follows (in thousands):
 
    
Private Placement
Warrants
    
Convertible
Preferred Stock
Warrants
 
Fair value as of December 31, 2020
   $ —        $ 15,995  
Acquired from the Business Combination
     72,900        —    
Settlements
     —          (20,776
Change in fair value
     51,360        4,781  
    
 
 
    
 
 
 
Fair value as of January 2, 2022
   $ 124,260      $ —    
    
 
 
    
 
 
 
 
    
Convertible
Promissory
Notes
    
Convertible
Preferred Stock
Warrants
 
Fair value as of December 31, 2019
   $ 5,651      $ 730  
Additions
     —          1,476  
Settlements
     (8,073      —    
Change in fair value
     2,422        13,789  
    
 
 
    
 
 
 
Fair value as of December 31, 2020
   $ —        $ 15,995  
    
 
 
    
 
 
 
Schedule of Key Assumptions for Determining Fair Value of Convertible Preferred Stock Warrants and Common Stock Warrants
The following table summarizes the key assumptions used for determining the fair value of convertible preferred stock warrants and common stock warrants.
 
    
Private
Placement
Warrants
outstanding as
of April 3,
2022
  
Private
Placement
Warrants
outstanding as
of January 2,
2022
  
Convertible
preferred stock
warrants
exercised
on February 22,
2021
Expected term (in years)
   4.3    4.5   
2.5 - 4.1
Expected volatility
   75.0%    77.5%    75.0%
Risk-free interest rate
   2.8%    1.2%   
0.2% - 0.4%
Expected dividend rate
   0.0%    0.0%    0.0%
The following table summarizes the key assumptions used for determining the fair value of convertible preferred stock warrants and common stock warrants.
 
    
Private
Placement
Warrants
outstanding
as of
January 2,
2022
  
Private
Placement
Warrants
acquired
on
July 14,
2021
  
Convertible
preferred
stock
warrants
exercised
on
February 22,
2021
  
Convertible
preferred
stock
warrants
outstanding
as of
December 31,
2020
Expected term (in years)
   4.5    5.0   
2.5 - 4.1
  
2.6 - 4.2
Expected volatility
   77.5%    50.0%    75.0%    63.6%
Risk-free interest rate
   1.2%    0.8%   
0.2% - 0.4%
  
0.2% - 0.3%
Expected dividend rate
   0.0%    0.0%    0.0%    0.0%