Annual report pursuant to Section 13 and 15(d)

FAIR VALUE MEASUREMENTS (Tables)

v3.24.1
FAIR VALUE MEASUREMENTS (Tables)
12 Months Ended
Dec. 31, 2023
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 are measured at fair value on a recurring basis at December 31, 2023, and 2022, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

December 31, 2023:
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Assets:
                       
Assets Held in Trust
 
$
100,304,232
   
$
   
$
   
$
100,304,232
 
Liabilities:
                               
Warrant Liabilities:
                               
Public Warrants
 
$
230,000
   
$
    $    
$
230,000
 
Private Placement Warrants
  $
142,920
    $
    $
142,920
    $
142,920
 
Total Warrant Liabilities
 
$
372,920
    $    
$
142,920
   
$
372,920
 

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
 
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, 2023, and 2022:

Input
 
December
31, 2023
   
December
31, 2022
 
Share Price
  $ 10.84    
$
10.00
 
Exercise Price
  $ 11.50    
$
11.50
 
Risk-free rate of interest
    3.78 %    
3.91
%
Volatility
    2.0 %    
4.5
%
Term (years)
    5.79      
5.29
 
Probability Weighted Fair Value of Warrants
  $ 1.60    
$
0.06
 
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, 2022
 
$
428,760
 
Change in valuation inputs or other assumptions (1)
  $
(285,840 )
Fair value as of December 31, 2023
  $ 142,920  

(1)
Changes in valuation inputs or other assumptions are recognized in change in fair value of warrant liabilities in the statements of operations.