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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Measurements

Schedule of Company's assets and liabilities that are measured at fair value on a recurring basis

March 31, 2023 (unaudited)


		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 ⁽¹⁾		$	240,409,431		$	—		$	—
Liabilities:
Convertible note - related party		$	—		$	—		$	1,752,506
Derivative liabilities- Public Warrants		$	920,000		$	—		$	—
Derivative liabilities- Private Placement Warrants		$	—		$	842,900		$	—
Derivative liabilities - Forward Purchase Agreement		$	—		$	—		$	334,632

December 31, 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 ⁽²⁾		$	237,795,799		$	—		$	—
Liabilities:
Convertible note - related party		$	—		$	—		$	1,431,546
Derivative liabilities- Public Warrants		$	1,150,000		$	—		$	—
Derivative liabilities- Private Placement Warrants		$	—		$	1,055,000		$	—
Derivative liabilities - Forward Purchase Agreement		$	—		$	—		$	342,235

(1)	Excludes $726 of cash balance held within the Trust Account

(2)	Excludes $315 of cash balance held within the Trust Account

Schedule of quantitative information regarding Level 3 fair value measurements inputs

March 31, 2023 (unaudited)


					Forward Purchase
			Warrants		Agreements			Convertible Note
Exercise price		$	11.50		$	10.00		$	1.00
Stock price		$	10.44		$	9.63		$	0.08
Term (years)			5.38			0.38			0.38
Volatility			6.0	%		—			42.4	%
Risk-free rate			3.53	%		4.78	%		4.78	%
Dividend yield			0.0	%		0.0	%		0.0	%

December 31, 2022


					Forward Purchase
		Warrants			Agreements			Convertible Note
Exercise price		$	11.50		$	10.00		$	1.00
Stock price		$	10.28		$	10.85		$	0.10
Term (years)			5.29			0.29			0.29
Volatility			6.0	%		—			42.3	%
Risk-free rate			3.91	%		4.37	%		4.37	%
Dividend yield			0.0	%		0.0	%		0.0	%

Schedule of change in the fair value of the derivative liabilities measured using Level 3 inputs


Derivative liabilities at December 31, 2022		$	342,235
Change in fair value of derivative warrant liabilities			(7,603)
Derivative liabilities at March 31, 2023 (unaudited)		$	334,632


Derivative liabilities at December 31, 2021		$	5,694,560
Transfer of Private Placement Warrants to Level 2			(5,301,100)
Change in fair value of derivative liabilities			385,990
Derivative liabilities at March 31, 2022 (unaudited)		$	779,450

Schedule of change in the fair value of the convertible note - related party measured using Level 3 inputs


Convertible note - related party at December 31, 2022		$	1,431,546
Additional issuance of convertible note - related party			391,000
Change in fair value of convertible note - related party			(70,040)
Convertible note - related party at March 31, 2023 (unaudited)		$	1,752,506


Convertible note - related party at December 31, 2021		$	1,053,556
Change in fair value of convertible note - related party			4,208
Convertible note - related party at March 31, 2022 (unaudited)		$	1,057,764

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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