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Fair Value Measurements (Tables)
3 Months Ended 12 Months Ended
Mar. 31, 2023
Dec. 31, 2022
Fair Value Disclosures [Abstract]    
Schedule of assets that are measured at fair value on a recurring basis
    
March 31,
2023
    
Quoted Prices In
Active
Markets
(Level 1)
    
Significant
Other
Observable
Inputs
(Level 2)
    
Significant
Other
Unobservable
Inputs
(Level 3)
 
Description
                                   
Warrant liabilities — Public warrants
   $ 2,164,013        —        $ 2,164,013      $ —    
Warrant liabilities — Private warrants
     1,583,375        —          —          1,583,375  
Convertible Note — April 1, 2022
     443,067        —          —          443,067  
Convertible Note — June 6, 2022
     443,067        —          —          443,067  
Convertible Note — December 14, 2022
     287,993        —          —          287,993  
    
 
 
    
 
 
    
 
 
    
 
 
 
Total Warrant liabilities
   $ 4,921,515        —        $ 2,164,013      $ 2,757,502  
    
 
 
    
 
 
    
 
 
    
 
 
 
         
    
December 31,
2022
    
Quoted Prices In
Active
Markets
(Level 1)
    
Significant
Other
Observable
Inputs
(Level 2)
    
Significant
Other
Unobservable
Inputs
(Level 3)
 
Description
                                   
Investments held in trust account- Money Market Funds
     349,927,313        349,927,313        —          —    
    
 
 
    
 
 
    
 
 
    
 
 
 
Total Investments held in Trust Account
   $ 349,927,313      $ 349,927,313      $ —        $ —    
    
 
 
    
 
 
    
 
 
    
 
 
 
Warrant liabilities — Public warrants
   $ 1,725,000               $ 1,725,000      $ —    
Warrant liabilities — Private warrants
     1,253,333        —          —          1,253,333  
Convertible Note — April 1, 2022
     338,200        —          —          338,200  
Convertible Note — June 6, 2022
     338,200        —          —          338,200  
Convertible Note — December 14, 2022
     152,200        —          —          152,200  
    
 
 
    
 
 
    
 
 
    
 
 
 
Total Warrant liabilities
   $ 3,806,933               $ 1,725,000      $ 2,081,933  
    
 
 
    
 
 
    
 
 
    
 
 
 
 
    
December 31,
    
Quoted Prices
In
Active
Markets
    
Significant
Other
Observable
Inputs
    
Significant
Other
Unobservable
Inputs
 
    
2022
    
(Level 1)
    
(Level 2)
    
(Level 3)
 
Description
                                   
Investments held in trust account- U.S. Treasury Securities
     349,927,313        349,927,313        —          —    
    
 
 
    
 
 
    
 
 
    
 
 
 
Total Investments held in Trust Account
   $ 349,927,313      $ 349,927,313      $ —        $ —    
    
 
 
    
 
 
    
 
 
    
 
 
 
Warrant liabilities — Public warrants
   $ 1,725,000               $ 1,725,000      $ —    
Warrant liabilities — Private warrants
     1,253,333        —          —          1,253,333  
Convertible Note — April 1, 2022
     338,200        —          —          338,200  
Convertible Note — June 6, 2022
     338,200        —          —          338,200  
Convertible Note — December 14, 2022
     152,200        —          —          152,200  
    
 
 
    
 
 
    
 
 
    
 
 
 
Total Warrant liabilities
   $ 3,806,933               $ 1,725,000      $ 2,081,933  
    
 
 
    
 
 
    
 
 
    
 
 
 
 
    
December 31,
    
Quoted Prices
In
Active
Markets
    
Significant
Other
Observable
Inputs
    
Significant
Other
Unobservable
Inputs
 
    
2021
    
(Level 1)
    
(Level 2)
    
(Level 3)
 
Description
                                   
Investments held in trust account- U.S. Money Market Fund
   $ 484      $ 484      $ —        $ —    
Investments held in trust account- U.S. Treasury Securities
     345,105,197        345,105,197        —          —    
    
 
 
    
 
 
    
 
 
    
 
 
 
Total Investments held in Trust Account
   $ 345,105,681      $ 345,105,681      $             —        $ —    
    
 
 
    
 
 
    
 
 
    
 
 
 
Warrant liabilities — Public warrants
   $ 4,916,250      $ 4,916,250      $ —        $ —    
Warrant liabilities — Private warrants
     3,572,000        —          —          3,572,000  
    
 
 
    
 
 
    
 
 
    
 
 
 
Total Warrant liabilities
   $ 8,488,250      $ 4,916,250      $ —        $ 3,572,000  
    
 
 
    
 
 
    
 
 
    
 
 
 
Schedule of quantitative information regarding Level 3 fair value measurements
The following table provides quantitative information regarding Level 3 fair value measurements of the warrants:
 
    
At
March 31,
   
At
December 31,
 
    
2023
   
2022
 
Share price
   $ 10.32     $ 10.10  
Strike price
   $ 11.50     $ 11.50  
Term (in years)
     5.96       0.38  
Volatility
     12.50     de minimis  
Risk-free rate
     4.66     3.98
Dividend yield
     0.00     0.00
The following table provides quantitative information regarding Level 3 fair value measurements of the convertible promissory notes:
 
    
At
March 31,
   
At
December 31,
 
    
2023
   
2022
 
Share price
   $ 10.32     $ 10.10  
Strike price
   $ 11.50     $ 11.50  
Term (in years)
     0.33       0.38  
Risk-free rate
     4.88     4.54
Dividend yield
     0.00     0.00
The following table provides quantitative information regarding Level 3 fair value measurements:
 
    
At
December 31,
   
At
December 31,
 
    
2022
   
2021
 
Share price
   $ 10.10     $ 9.68  
Strike price
   $ 11.50     $ 11.50  
Term (in years)
     0.38       0.50  
Volatility
     de minimis       10.50
Risk-free rate
     3.98     1.30
Dividend yield
     0.00     0.00
Schedule of changes in the fair value of warrant liabilities
The following table presents the changes in the fair value of warrant liabilities:
 
    
Public
    
Private
Placement
    
Warrant
Liabilities
 
Fair value as of January 1, 2022
   $ 4,916,250      $ 3,572,000      $ 8,488,250  
Change in valuation inputs or other assumptions
     (3,191,250      (2,318,667      (5,509,917
    
 
 
    
 
 
    
 
 
 
Fair value as of December 31, 2022
   $ 1,725,000      $ 1,253,333      $ 2,978,333  
Change in valuation inputs or other assumptions
     439,013        330,042        769,055  
    
 
 
    
 
 
    
 
 
 
Fair value as of March 31, 2023
   $ 2,164,013      $ 1,583,375      $ 3,747,388  
    
 
 
    
 
 
    
 
 
 
Th
e following table
presents the changes in the fair value of warrant liabilities:
 
    
Public
    
Private

Placement
    
Warrant

Liabilities
 
Fair value as of January 1, 2022
   $ 4,916,250      $ 3,572,000      $ 8,488,250  
Change in valuation inputs or other assumptions
     (3,191,250      (2,318,667      (5,509,917
    
 
 
    
 
 
    
 
 
 
Fair value as of December 31, 2022
   $ 1,725,000      $ 1,253,333      $ 2,978,333  
    
 
 
    
 
 
    
 
 
 
 
    
Public
    
Private

Placement
    
Warrant

Liabilities
 
Fair value as of January 1, 2021
   $ —        $ —        $ —    
Initial measurement on March 2, 2021
     10,350,000        7,520,000        17,870,000  
Change in valuation inputs or other assumptions
     (5,433,750      (3,948,000      (9,381,750
    
 
 
    
 
 
    
 
 
 
Fair value as of December 31, 2021
   $ 4,916,250      $ 3,572,000      $ 8,488,250  
    
 
 
    
 
 
    
 
 
 
Schedule of changes in the fair value of level 3 warrant liabilities
The following table presents a summary of the changes in the fair value of Level 3 warrant liabilities:
 
    
Private
Placement
    
Public
    
Total
Warrant
Liabilities
 
Fair value as of January 1, 2022
   $ 3,572,000      $ —        $ 3,572,000  
Change in fair value
     (2,318,667      —          (2,318,667
    
 
 
    
 
 
    
 
 
 
Fair value as of December 31, 2022
   $ 1,253,333      $ —        $ 1,253,333  
Change in fair value
     330,042        —          330,042  
    
 
 
    
 
 
    
 
 
 
Fair value as of March 31, 2023
   $ 1,583,375      $ —        $ 1,583,375  
    
 
 
    
 
 
    
 
 
 
The following table presents a summary of the changes in the fair value of Level 3 warrant liabilities:
 
    
Private
Placement
    
Public
    
Total

Warrant

Liabilities
 
Fair value as of January 1, 2022
   $ 3,572,000      $             —        $     3,572,000  
Change in fair value
     (2,318,667      —          (2,318,667
    
 
 
    
 
 
    
 
 
 
Fair value as of December 31, 2022
   $ 1,253,333      $ —        $ 1,253,333  
    
 
 
    
 
 
    
 
 
 
 
    
Private

Placement
    
Public
    
Total

Warrant

Liabilities
 
Fair value as of January 1, 2021
   $ —        $ —        $ —    
Initial measurement on March 2, 2021
     7,520,000        10,350,000        17,870,000  
Transfer to Level 1
     —          (10,350,000      (10,350,000
Change in fair value
     (3,948,000      —          (3,948,000
    
 
 
    
 
 
    
 
 
 
Fair value as of December 31, 2021
   $ 3,572,000      $ —        $ 3,572,000  
    
 
 
    
 
 
    
 
 
 
Schedule of fair value of the convertible promissory notes
The following table presents the changes in the fair value of the convertible promissory notes:
 
    
March 31,
2023
 
Fair value as of January 1, 2023
   $ 828,600  
Borrowing during the quarter ended March 31, 2023
     100,000  
Proceeds received in excess of initial fair value of convertible promissory note
     (12,198
Change in fair value
     257,725  
    
 
 
 
Fair value as of March 31, 2023
  
$
1,174,127