Altitude Acquisition Corp. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Recurring Fair Value Measurements (Tables)

Recurring Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Summary of Assets And Liabilities Measured At Fair Value

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at June 30, 2022, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:


	June 30, 2022		Quoted Prices In Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
Mutual Funds held in Trust Account	$	50,642,618	$	50,642,618	$	—	$	—

	$	50,642,618	$	50,642,618	$	—	$	—

Liabilities:
Warrant Liability - Public Warrants	$	1,873,500	$	1,873,500	$	—	$	—
Warrant Liability - Private Placement Warrants	$	1,050,194	$	—	$	—	$	1,050,194

	$	2,923,694	$	1,873,500	$	—	$	1,050,194

The following table presents information about the Company’s assets and liabilities that were measured at fair value on a recurring basis as

December 31, 2021 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.


	December 31, 2021		Quoted Prices In Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
Mutual Funds held in Trust Account	$	300,026,796	$	300,026,796	$	—	$	—

	$	300,026,796	$	300,026,796	$	—	$	—

Liabilities:
Warrant Liability - Public Warrants	$	8,626,500	$	8,626,500	$	—	$	—
Warrant Liability - Private Placement Warrants	$	4,822,783	$	—	$	—	$	4,822,783

	$	13,449,283	$	8,626,500	$	—	$	4,822,783

Summary of the Monte Carlo simulation model for the Private Placement Warrants

The key inputs into the Monte Carlo simulation model for the Private Placement Warrants were as follows at June 30, 2022:


Input	June 30, 2022
Expected term (years)		5.32
Expected volatility		13.8	%
Risk-free interest rate		3.02	%
Fair value of the common stock price	$	9.91
Exercise price	$	11.50

The key inputs into the Monte Carlo simulation model for the Private Placement Warrants were as follows at December 31, 2021:


Input	December 31, 2021
Expected term (years)		5.37
Expected volatility		12.4	%
Risk-free interest rate		1.29	%
Fair value of the common stock price	$	9.90
Exercise price	$	11.50

Summary of the changes in the fair value of the Level 3 warrant liability

The following table sets forth a summary of the changes in the fair value of the Level 3 warrant liability for the three and six months ended June 30, 2022:


	Warrant Liability
Fair value as of December 31, 2021	$	4,822,783
Change in fair value		(3,428,308	)

Fair value as of March 31, 2022		1,394,475
Change in fair value		(344,281	)

Fair value as of June 30, 2022	$	1,050,194

The following table sets forth a summary of the changes in the fair value of the Level 3 warrant liability for the three and six months ended June 30, 2021:


	Warrant Liability
Fair value as of December 31, 2020	$	33,807,463
Transfer out of Level 3 to Level 1		(25,500,000	)
Change in fair value		5,996,188

Fair value as of March 31, 2021		14,303,651
Change in fair value		(6,657,377	)

Fair value as of June 30, 2021	$	7,646,274

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details