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RECURRING FAIR VALUE MEASUREMENTS (Tables)
3 Months Ended
Mar. 31, 2023
RECURRING FAIR VALUE MEASUREMENTS  
Schedule of Company's gross holding gains and fair value of held-to-maturity securities

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Gross

    

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Amortized 

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 Holding 

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Held-To-Maturity

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Level

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Cost

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Gain

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Fair Value

December 31, 2022

 

U.S. Treasury Bill (Matures on 01/05/2023)

 

1

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$

279,339,034

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$

40,537

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$

279,379,571

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March 31, 2023

 

Cash held by Continental Stock Transfer & Trust

 

N/A

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—

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—

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$

21,073,782

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Schedule of Company's liabilities that were measured at fair value on a recurring basis

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Level 1

    

Level 2

    

Level 3

Liabilities:

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Private Placement Warrants

 

$

—

 

$

—

 

$

306,611

Public Warrants

 

$

—

 

$

506,000

 

$

—

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Level 1

    

Level 2

    

Level 3

Liabilities:

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Private Placement Warrants

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$

—

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$

—

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$

250,239

Public Warrants

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$

—

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$

419,520

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$

—

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Schedule of key inputs

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December 31, 

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March 31, 

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Input

    

2022

    

2023

    

Risk-free interest rate

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4.75

%

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4.79

%

Expected term (years)

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5.71

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5.28

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Expected volatility

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9.8

%

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9.1

%

Dividend rate

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0.0

%

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0.0

%

Exercise price

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$

11.50

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$

11.50

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Market implied likelihood of IBC

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8.9

%

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9.5

%

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Schedule of reconciliation of changes in fair value of the assets and liabilities classified as level 3

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Fair Value at December 31, 2022

    

$

250,239

Change in fair value

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56,372

Fair Value at March 31, 2023

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306,611

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Fair Value at December 31, 2021

    

$

2,692,800

Change in fair value

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(1,100,880)

Fair Value at March 31, 2022

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1,591,920