XML 97 R83.htm IDEA: XBRL DOCUMENT v3.24.0.1
FAIR VALUE MEASUREMENTS (Tables)
 5 Months Ended 9 Months Ended 12 Months Ended
Oct. 15, 2023
Sep. 30, 2023
Dec. 31, 2022
Fair value, assets and liabilities measured on recurring basis      
Schedule of changes in the fair value of derivative warrant liabilities The Company adjusts the warrants to fair value at each reporting period. During the twenty-four weeks ended October 15, 2023, the change in the fair value was as follows:
Warrant liability as of April 30, 2023
$1,925 
Change in fair value409 
Warrant liability as of July 23, 2023$2,334 
Granted to Granite Creek1,015 
Reclassification of liability-classified warrants1,834 
Issuance of contingently issuable shares(173)
Change in fair value(1,759)
Warrant liability as of October 15, 2023$3,251 
The following table presents the changes in the fair value of derivative warrant liabilities for the three and nine months ended September 30, 2023:
Public
Warrants		Private
Placement
Warrants		Warrant
Liability
Derivative warrant liabilities as of December 31, 2022$301,875 $298,000 $599,875 
Change in fair value212,520 240,000 452,520 
Derivative warrant liabilities as of March 31, 2023
514,395 538,000 1,052,395 
Change in fair value2,142,105 2,082,000 4,224,105 
Derivative warrant liabilities as of June 30, 2023
2,656,500 2,620,000 5,276,500 
Change in fair value(464,888)(458,000)(922,888)
Derivative warrant liabilities as of September 30, 2023
$2,191,613 $2,162,000 $4,353,616 
The following table presents the changes in the fair value of derivative warrant liabilities for the twelve months ended December 31, 2022:
Public
Warrants		Private
Placement
Warrants		Warrant
Liability
Derivative warrant liabilities as of January 1, 2022$— $— $— 
Initial fair value of warrant liabilities at January 24, 20227,498,575 7,405,638 14,904,213 
Change in fair value(7,196,700)(7,107,638)(14,304,338)
Derivative warrant liabilities as of December 31, 2022
$301,875 $298,000 $599,875 
Schedule of company's assets and liabilities that were accounted for at fair value on a recurring basis  
The following table sets forth by level within the fair value hierarchy the Company’s assets and liabilities that were accounted for at fair value on a recurring basis at September 30, 2023:
(Level 1)(Level 2)(Level 3)
Assets
Treasury securities held in trust account$42,423,610 $— $— 
Liabilities
Public Warrants$2,191,613 $— $— 
Private Placement Warrants$— $— $2,162,000 
The following table sets forth by level within the fair value hierarchy the Company’s assets and liabilities that were accounted for at fair value on a recurring basis at December 31, 2022:
(Level 1)(Level 2)(Level 3)
Assets
Cash and marketable securities held in trust account$250,326,857 $— $— 
Liabilities
Public Warrants$301,875 $— $— 
Private Placement Warrants$— $— $298,000 
Schedule of key inputs into the calculation at the measurement on recurring and non-recurring  
The key inputs into the Monte Carlo simulation model formula were as follows at September 30, 2023:
InputClass B
Common Stock
Common stock price$10.53 
Exercise price$11.50 
Risk-free rate of interest4.55 %
Volatility0.001 %
Term5.17
Value of one warrant$0.182 
Dividend yield0.000 %
The key inputs into the Monte Carlo simulation model formula were as follows at January 24, 2022:
January 24, 2022
InputPublic
Warrants 		Private
Warrants
Common stock price$9.69 $9.69 
Exercise price$11.50 $11.50 
Risk-free rate of interest1.61 %1.61 %
Volatility10.85 %10.86 %
Term6.006.00
Value of one warrant$0.62 $0.62 
Dividend yield0.00 %0.00 %
The following are the key inputs into the calculation at the measurement date:
InputPrivate
Warrants
Common stock price$10.41 
Estimated probability of the Initial Business Combination10.00 %
Volatility40.00 %
Risk-free rate4.25 %
Time to expiration1.50
The key inputs into the Monte Carlo simulation model formula were as follows at December 31, 2022:
December 31, 2022
InputPublic
Warrants 		Private
Warrants
Common stock price$— $10.21 
Exercise price$— $11.50 
Risk-free rate of interest— %3.95 %
Volatility— %0.00 %
Term05.25
Value of one warrant$0.03 $0.03 
Dividend yield— %0.00 %
The key inputs into the Monte Carlo simulation model formula were as follows at January 24, 2022:
January 24, 2022
InputPublic
Warrants 		Private
Warrants
Common stock price$9.69 $9.69 
Exercise price$11.50 $11.50 
Risk-free rate of interest1.61 %1.61 %
Volatility10.85 %10.86 %
Term6.006.00
Value of one warrant$0.62 $0.62 
Dividend yield0.00 %0.00 %
Level 3      
Fair value, assets and liabilities measured on recurring basis      
Schedule of changes in the fair value of derivative warrant liabilities   The Company transferred the fair value of Public Warrants from a Level 3 measurement to a Level 1 measurement as a result of the Public Warrants detaching from the Units and becoming separately tradable:
Public Warrants
Private Placement Warrants
Total Level 3 Financial Instruments
Derivative warrant liabilities at December 31, 2022$— $298,000 $298,000 
Change in fair value— 240,000 240,000 
Level 3 derivative warrant liabilities at March 31, 2023
— 538,000 538,000 
Change in fair value— 2,082,000 2,082,000 
Level 3 derivative warrant liabilities at June 30, 2023
— 2,620,000 2,620,000 
Change in fair value— (458,000)(458,000)
Level 3 derivative warrant liabilities at September 30, 2023
$— $2,162,000 $2,162,000 
 The fair value of the private warrant liability is classified within Level 3 of the fair value hierarchy. The Company transferred the fair value of Public Warrants from a Level 3 measurement to a Level 1 measurement as a result of the Public Warrants detaching from the Units and becoming separately tradable:
Public
Warrants		Private Placement
Warrants		Total Level 3
Financial Instruments
Derivative warrant liabilities at March 10, 2021 (inception)$— $— $— 
Initial fair value at issuance7,498,575 7,405,638 14,904,213 
Transfer public warrant liability to Level 1 measurement(7,498,575)— (7,498,575)
Change in fair value— (7,107,638)(7,107,638)
Level 3 derivative warrant liabilities at December 31, 2022
$— $298,000 $298,000