Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Measurements [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables presents information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2021, by level within the fair value hierarchy:

Description	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)		Total
Assets:
Investments held in the Trust Account:
Money Market Funds	$	230,017,306	$	-	$	-	$	230,017,306
Liabilities:
Derivative liabilities - Public Warrants	$	3,496,000	$	-	$	-	$	3,496,000
Derivative liabilities - Private Warrants		-		-		4,055,330		4,055,330
Forward purchase agreement		-		-		-		-
Total derivative liabilities							$	7,551,330

Level 3 Fair Value Measurement Inputs

The following table provides quantitative information regarding Level 3 fair value measurements inputs at the measurement date:

	As of December 31, 2021
Volatility		25.2	%
Stock price	$	9.82
Expected life of the options to convert		0.22
Risk-free rate		1.30	%
Dividend yield		0.0	%

Change in Fair Value of Derivative Liabilities

The change in the fair value of the derivative liabilities, measured using Level 3 inputs, for the year ended December 31, 2021, is summarized as follows:

Balance - January 1, 2021	$	-
Issuance of Public and Private Warrants		9,228,670
Transfer of Public Warrants to Level 1 measurement		(4,370,000	)
Change in fair value of derivative liabilities		(803,340	)
Derivative liabilities at December 31, 2021	$	4,055,330