FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2022

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

11. FAIR VALUE MEASUREMENTS

The following tables presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at June 30, 2022 and December 31, 2021, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

		June 30,
Description	Level	2022
Assets:
Marketable securities held in Trust Account	1	$	145,447,559
Liabilities:
Warrant liability- Public Warrants	1	$	1,401,562
Warrant liability- Private Placement Warrants	2	$	858,000

		December 31,
Description	Level	2021
Assets:
Marketable securities held in Trust Account	1	$	145,201,023
Liabilities:
Warrant liability – Public Warrants	1	$	4,851,563
Warrant liability – Private Placement Warrants	2	$	2,970,000

The Warrants were accounted for as liabilities in accordance with ASC 815-40 and are presented within warrant liabilities in the accompanying balance sheet. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within the statement of operations. During the three and six months ended June 30, 2022, the Company recognized a gain on the change in fair value of the warrant liability in the unaudited condensed statements of operations resulting from decreases in the fair value of the warrant liabilities of $1,738,126 and $5,562,001, respectively.

The estimated fair value of the Company’s outstanding Public Warrants as of June 30, 2022 and December 31, 2021, was determined based on the market price of the Public Warrants as of June 30, 2022 and December 31, 2021, respectively, as the Public Warrants were separately listed and traded in an active market during the period.

The estimated fair value of the Private Placement Warrants classified as a Level 2 measurement as of June 30, 2022 and December 31, 2021, as all of the significant inputs to the valuation model used to estimate the fair value of the Private Placement Warrants became directly or indirectly observable from the listed Public Warrants.

There were no transfers in or out of Level 3 from other levels in the fair value hierarchy during the three and six months ended June 30, 2022.