XML 32 R22.htm IDEA: XBRL DOCUMENT v3.22.2
FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2022
FAIR VALUE MEASUREMENTS [Abstract]  
Assets and Liabilities Measured at Fair Value on Recurring Basis
The following tables present information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021, and indicate the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:
 
Description
  
Amount at
Fair Value
    
Level 1
    
Level 2
    
Level 3
  
June 30, 2022
                        
Assets
                        
Investments held in Trust Account:
                        
U.S. government treasury obligations
  
$
182,550,926
    
$
182,550,926
    
$
—
    
$
—
  
Liabilities
                                
Warrant liability – Public Warrants
  
$
1,623,735
    
$
1,623,735
    
$
—
    
$
—
  
Warrant liability – Private Placement Warrants
  
$
1,442,241
    
$
—
    
$
1,442,241
    
$
—
  
 
Description
  
Amount at
Fair Value
    
Level 1
    
Level 2
    
Level 3
  
December 31, 2021
                        
Assets
                        
Investments held in Trust Account:
                        
U.S. government treasury obligations
  
$
182,248,837
    
$
182,248,837
    
$
—
    
$
—
  
Liabilities
                                
Warrant liability – Public Warrants
  
$
3,969,130
    
$
3,969,130
    
$
—
    
$
—
  
Warrant liability – Private Placement Warrants
  
$
3,525,478
    
$
—
    
$
3,525,478
    
$
—
  
Significant Unobservable Inputs Used in Binomial/Lattice Model
The following table provides the significant unobservable inputs used in the binomial/lattice model for the initial valuation of the Public Warrants and Private Placement Warrants as of July 30, 2021:
 
   
As of July 30,
2021 (Initial
Measurement)
  
Stock price
  
$
9.47
  
Exercise price
  
$
11.50
  
Dividend yield
    
—
 %
Expected term (in years)
    
5.5
  
Volatility
    
20.0
%
Risk-free rate
    
0.80
%
Fair value
  
$
0.95
  
Changes in Fair Value of Level 3 Financial Instruments Measured at Fair Value on Recurring Basis
The following table provides a summary of the changes in the fair value of the Company’s Level 3 financial instruments that are measured at fair value on a recurring basis:
 
Fair value as of March 1, 2021
  
$
—
  
Initial measurement of Public Warrants and Private Placement Warrants as of July 30, 2021
    
15,770,000
  
Initial measurement of Public Warrants and Private Placement Warrants upon exercise of over-allotment on August 20, 2021
    
411,541
  
Transfer of Public Warrants to Level 1 measurement
    
(4,780,998
)
Transfer of Private Placement Warrants to Level 2 measurement
    
(4,246,599
)
Change in fair value
    
(7,153,944
)
Fair value as of December 31, 2021
  
$
—
  
Change in fair value
    
—
  
Fair value as of March 31, 2022
  
$
—
  
Change in fair value     —  
Fair value as of June 30, 2022   $ —