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FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 2022

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

NOTE 9 — FAIR VALUE MEASUREMENTS

The following table presents information about the Company’s financial assets and liabilities that are measured at fair value.

September 30, 2022


		Quoted Prices in			Significant Other			Significant Other
		Active Markets			Observable Inputs			Unobservable Inputs
Description		(Level 1)			(Level 2)			(Level 3)
Assets:
Investments held in Trust Account - U.S. Treasury Securities		$	231,296,575		$	—		$	—
Liabilities:
Derivative warrant liabilities - public warrants		$	—		$	460,000		$	—
Derivative warrant liabilities - private warrants		$	—		$	13,200		$	—

December 31, 2021


		Quoted Prices in			Significant Other			Significant Other
		Active Markets			Observable Inputs			Unobservable Inputs
Description		(Level 1)			(Level 2)			(Level 3)
Assets:
Investments held in Trust Account - U.S. Treasury Securities		$	230,011,224		$	—		$	—
Liabilities:
Derivative warrant liabilities - public warrants		$	4,986,400		$	—		$	—
Derivative warrant liabilities - private warrants		$	—		$	143,090		$	—

Transfers to/from Levels 1, 2, and 3 are recognized at the beginning of the reporting period. The estimated fair value of the Public Warrants transferred from a Level 3 fair value measurement to a Level 1 fair value measurement, when the Public Warrants were separately listed and traded in May 2021. The estimated fair value of Public Warrants was transferred from a Level 1 measurement to a Level 2 measurement due to lack of trading activity as of June 30, 2022 and September 30, 2022. There were no other transfers to/from Levels 1, 2, and 3 during the three and nine months ended September 30, 2022.

Level 1 assets include investments in U.S. government securities. The Company uses inputs such as actual trade data, quoted market prices from dealers or brokers, and other similar sources to determine the fair value of its investments.

The fair value of the Public Warrants as of September 30, 2022, was measured utilizing the Level 2 input of the quoted listed trading price for such warrants. As the Company determined the transfer of Private Placement Warrants to anyone who is not a permitted transferee would result in the Private Placement Warrants having substantially the same terms as the Public Warrants, the fair value of the Private Placement Warrants have been determined by reference to the listed trading price of the Public Warrants.

The change in the fair value of the derivative warrant liabilities measured with Level 3 inputs for the period from January 15, 2021 (inception) through September 30, 2021 is summarized as follows:


Derivative warrant liabilities beginning of the period		$	—
Issuance of Public and Private Warrants			8,320,600
Transfer of Public Warrants to a Level 1 measurement			(8,050,000)
Change in fair value of derivative warrant liabilities			(26,400)
Derivative warrant liabilities at March 31, 2021			244,200
Change in fair value of derivative warrant liabilities			37,950
Derivative warrant liabilities at June 30, 2021			282,150
Change in fair value of derivative warrant liabilities			(72,600)
Derivative warrant liabilities at September 30, 2021		$	209,550

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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