Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Measurements [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents information about the Company’s financial liabilities that are measured at fair value on a recurring basis as of September 30, 2022 by level within the fair value hierarchy:

	Level 1		Level 2		Level 3		Total
Assets
Marketable securities held in Trust Account	$	235,463,100	$	-	$	-	$	235,463,100
	$	235,463,100	$	-	$	-	$	235,463,100
Liabilities:
Public Warrants	$	923,450	$	-	$	-	$	923,450
Private Placement Warrants		-		939,510		-		939,510
Total liabilities	$	923,450	$	939,510	$	-	$	1,862,960

The following table presents the fair value hierarchy for liabilities measured at fair value on a recurring basis as of December 31, 2021:

	Level 1		Level 2		Level 3		Total
Assets
Marketable securities held in Trust Account	$	234,600,000	$	-	$	-	$	234,600,000
	$	234,600,000	$	-	$	-	$	234,600,000
Liabilities:
Public Warrants	$	-	$	-	$	7,705,000	$	7,705,000
Private Placement Warrants		-		-		7,839,000		7,839,000
Total liabilities	$	-	$	-	$	15,544,000	$	15,544,000

Change in Fair Value of Warrant Liability

The change in the fair value of the derivative warrant liabilities measured with Level 3 inputs for the period from April 1, 2021 (inception) through September 31, 2022 is summarized as follows:

Derivative warrant liabilities at April 1, 2021 (inception)	$	-
Issuance of Public and Private Warrants - Level 3 measurements		16,008,000
Change in fair value of derivative warrant liabilities with Level 3 inputs		(464,000	)
Derivative warrant liabilities at December 31, 2021 with Level 3 inputs	$	15,544,000
Transfer out of level 3		(15,544,000	)
Derivative warrant liabilities at September 30, 2022 with Level 3 inputs	$	-

The Company recognized a charge to the statement of operations resulting from a decrease in the fair value of liabilities of $13,681,040 presented as change in fair value of derivative warrant liabilities on the accompanying statement of operations.

	Public Warrant			Private Warrant			Total
Fair value at January 1, 2022	$	7,705,000		$	7,839,000		$	15,544,000
Change in fair value		(3,829,592	)		(3,826,437	)		(7,656,029	)
Fair value as of March 31, 2022	$	3,875,408		$	4,012,563		$	7,887,971
Change in fair value		(2,150,408	)		(2,257,563	)		(4,407,971	)
Fair value as of June 30, 2022	$	1,725,000		$	1,755,000		$	3,480,000
Change in fair value		(801,550	)		(815,490	)		(1,617,040	)
Fair value as of September 30, 2022	$	923,450		$	939,510		$	1,862,960

Level 3 Fair Value Measurement Inputs

The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement:

As of December 31, 2021
Volatility		11.0	%
Underlying stock price	$	9.67
Expected time until merger (years)		5.92
Risk-free rate		1.33	%
Dividend yield		0.0	%