| Assets and Liabilities Measured at Fair Value on Recurring Basis |
The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at December
31, 2022 and 2021, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:
|
December 31, 2022:
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets Held in Trust
|
|
$
|
235,578,275
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
235,578,275
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Public Warrants
|
|
$
|
690,000
|
|
|
$
|
—
|
|
|
$ |
— |
|
|
$
|
690,000
|
|
|
Private Placement Warrants
|
|
|
—
|
|
|
|
—
|
|
|
|
428,760
|
|
|
|
428,760
|
|
|
Total Warrant Liabilities
|
|
$
|
690,000
|
|
|
$ |
— |
|
|
$
|
428,760
|
|
|
$
|
1,118,760
|
|
|
December 31, 2021:
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets Held in Trust
|
|
$
|
232,303,712
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
232,303,712
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Public Warrants
|
|
$
|
5,865,000
|
|
|
$
|
—
|
|
|
$ |
— |
|
|
$
|
5,865,000
|
|
|
Private Placement Warrants
|
|
|
—
|
|
|
|
—
|
|
|
|
3,673,044
|
|
|
|
3,673,044
|
|
|
Total Warrant Liabilities
|
|
$
|
5,865,000
|
|
|
$ |
— |
|
|
$
|
3,673,044
|
|
|
$
|
9,538,044
|
|
|
| Level 3 Fair Value Measurement Inputs of Private Placement Warrants |
The key inputs into the Monte Carlo simulation model for the Private Placement Warrants were as follows on December 31, 2022 and 2021:
Input
|
|
December
31, 2022
|
|
|
December 31, 2021 |
|
|
Share Price
|
|
$ |
10.10 |
|
|
$
|
9.99
|
|
|
Exercise Price
|
|
$ |
11.50 |
|
|
$
|
11.50
|
|
|
Risk-free rate of interest
|
|
|
3.91 |
% |
|
|
1.32
|
%
|
|
Volatility
|
|
|
4.5 |
% |
|
|
8.1
|
%
|
|
Term
|
|
|
5.29
|
|
|
|
5.78
|
|
|
Probability Weighted Fair Value of Warrants
|
|
$ |
0.06 |
|
|
$
|
0.51
|
|
|
| Changes in Fair Value of Warrant Liabilities |
The following table presents the changes in the fair value of Level 3 warrant liabilities:
|
|
Private
Placement Warrants
|
|
|
Fair value as of December 31, 2021
|
|
$
|
3,673,044
|
|
Change in valuation inputs or other assumptions
(1)
|
|
|
(3,244,284 |
) |
|
Fair value as of December 31, 2022
|
|
$ |
428,760 |
|
|
(1)
|
Changes in valuation inputs or other assumptions are recognized in change in fair value of
warrant liabilities in the Statements of Operations.
|
|