Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Summary of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis

The following table presents information about the Company’s assets and liabilities that are measured at fair value at June 30, 2023 and December 31, 2022, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:


	Level		June 30, 2023		December 31, 2022
Assets:
Investments held in Trust Account – (1)		1	$	70,672,456	$	177,952,202
Liabilities:
Warrant Liability - Public Warrants (2)		1	$	608,063	$	172,500
Warrant Liability - Private Warrants (2)		2	$	750,384	$	179,000

(1)	The fair value of the investments held in Trust Account approximates the carrying amount primarily due to the short-term nature.

(2)

Transfers to/from Levels 1, 2 and 3 are recognized at the end of the reporting period. The estimated fair value of the Public Warrants was transferred from a Level 3 measurement to a Level I measurement during the year ended December 31, 2022, when the Public Warrants were separately listed and traded in an active market. The estimated fair value of the Private Warrants was transferred from a Level 3 measurement to a Level 2 measurement during the year ended December 31, 2022, as the key inputs to the valuation model became directly or indirectly observable from the Public Warrants listed price. There have been no transfers for the

six-month

period ended June 30, 2023.

Summary of Fair Value Measurements Inputs

The key inputs into the Monte Carlo simulation model for the Private Placement Warrants and Public Warrants were as follows at initial measurement:


	December 9,
	2021 (Initial
Inputs	Measurement)
Risk-free interest rate		1.27	%
Expected term (years)		5.0
Expected volatility		15.0	%
Exercise price	$	11.50
Stock price	$	9.59

The key inputs into the Monte Carlo simulation model for the Private Placement Warrants and Public Warrants were as follows at subsequent measurement:


	June 30,			December 31,
Inputs	2023			2022
Risk-free interest rate		4.50	%		4.08	%
Expected term (years)		.59			.83
Expected volatility		.53	%		.35	%
Exercise price	$	11.50		$	11.50
Stock price	$	10.74		$	10.27

Summary of Changes in the Fair Value of Level 2 Warrant Liabilities

The following table presents the changes in the fair value of the Level 2 warrant liabilities:


	Private Placement
Fair value as of December 31, 2022	$	179,000
Change in valuation inputs or other assumptions		571,384

Fair value as of June 30, 2023	$	750,384