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Fair Value Measurements
6 Months Ended
Jun. 30, 2023
Fair Value Measurements [Abstract]  
Fair Value Measurements

Note 9 — Fair Value Measurements

 

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, 2023 and December 31, 2022, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

 

Description  Level  June 30,
2023
   Level  December 31,
2022
 
Assets:              
Cash and Investments held in Trust Account  1  $47,837,943   1  $314,517,268 
Liabilities                
Public Warrant Liability  2  $606,050   1  $310,000 
Private Warrant Liability  2  $320,620   2  $164,000 

 

The Warrants are accounted for as liabilities in accordance with ASC 815-40 and are presented within warrant liabilities on the condensed balance sheets. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of warrant liabilities in the condensed statements of operations.

 

The Company established the initial fair value for the Public Warrants on January 29, 2021, the date of the Company’s Initial Public Offering, using a Monte Carlo simulation model, and for the Private Warrants on January 29, 2021, using a Black Scholes Model. As of June 30, 2023 and December 31, 2022, the fair value the Private Warrants were valued utilizing the quoted market price of the Public Warrants, and the fair value of the Public Warrants by reference to the quoted market price of the warrants. The Public and Private Warrants were classified as Level 3 at the initial measurement date. The estimated fair value of the Public Warrants transferred from a Level 1 measurement to a Level 2 fair value measurement during the six months ended June 30, 2023 was $606,050.

 

The following table presents the changes in the fair value of Level 3 warrant liabilities:

 

   Private
Placement
Warrants
 
Fair Value as of December 31, 2021  $3,473,299 
Change in fair value   (1,642,365)
Fair Value as of March 31, 2022  $1,830,934 
Change in fair value   (1,021,565)
Fair Value as of June 30, 2022  $809,369