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Recurring Fair Value Measurements (Q3) (Tables)
9 Months Ended 12 Months Ended
Sep. 30, 2023
Dec. 31, 2022
Recurring Fair Value Measurements [Abstract]    
Assets and Liabilities Measured at Fair Value on Recurring Basis
The following table presents information about the Company’s assets and liabilities that were measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022, and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.

 
September 30, 2023
 
Level 1
Level 2
Level 3
Assets
 
 
 
Investments held in Trust Account
$61,539,627
$—
$
Liabilities
 
 
 
Public Warrants
$920,000
$—
$
Private Warrants
$
$—
$896,000
Working Capital Loan conversion option
$
$—
$

 
December 31, 2022
 
Level 1
Level 2
Level 3
Assets
 
 
 
Investments held in Trust Account
$237,038,010
$—
$
Liabilities
 
 
 
Public Warrants
$575,000
$—
$
Private Warrants
$
$—
$560,000
The following table presents information about the Company’s assets and liabilities that were measured at fair value on a recurring basis as of December 31, 2022 and 2021, and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.

 
December 31, 2022
 
Level 1
Level 2
Level 3
Assets
 
 
 
Investments held in Trust Account
$237,038,010
$—
$
Liabilities
 
 
 
Public Warrants
$575,000
$—
$
Private Warrants
$
$—
$560,000

 
December 31, 2021
 
Level 1
Level 2
Level 3
Assets
 
 
 
Investments held in Trust Account
$234,603,156
$—
$
Liabilities
 
 
 
Public Warrants
$5,980,000
$—
$
Private Warrants
$
$—
$5,824,000
Key Inputs into Binomial Lattice Model
The key inputs into the binomial lattice model were as follows at September 30, 2023 and December 31, 2022:

 
September 30,
2023
December 31,
2022
Input
 
 
Risk-free interest rate
4.55%
3.95%
Expected term to initial Business Combination (years)
0.25
0.25
Expected volatility
de minimis
de minimis
Common stock price
$10.79
$10.18
Dividend yield
0.0%
0.0%
The key inputs into the binomial lattice model were as follows at December 31, 2022 and 2021:

 
December 31,
2022
December 31,
2021
Input
 
 
Risk-free interest rate
3.95%
1.33%
Expected term to initial Business Combination (years)
0.25
0.84
Expected volatility
de minimis%
8.6%
Common stock price
$10.18
$9.87
Dividend yield
0.0%
0.0%
Changes in Fair Value of Warrants
The following table provides a reconciliation of changes in fair value of the beginning and ending balances for the Company’s warrants classified as Level 3 for the period ended September 30, 2023 and December 31, 2022:

Fair Value at December 31, 2022 – private warrants
$560,000
Change in fair value
Fair Value at March 31, 2023 – private warrants
$560,000
Change in fair value
224,000
Fair Value at June 30, 2023 – private warrants
$784,000
Change in fair value
112,000
Fair Value at September 30, 2023 – private warrants
$896,000
The following table provides a reconciliation of changes in fair value of the beginning and ending balances for the Company’s warrants classified as Level 3 for the year ended December 31, 2022 and 2021:

Fair Value at December 31, 2021 – private warrants
$5,824,000
Change in fair value
(5,264,000)
Fair Value at December 31, 2022 – private warrants
$560,000

Fair value at February 23, 2021 – public and private warrants
$
Initial fair value of the warrants
16,571,000
Public Warrants reclassified to level 1(1)
(5,980,000)
Change in fair value
(4,767,000)
Fair Value at December 31, 2021 – private warrants
$5,824,000