Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

v3.23.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Summary of Assets And Liabilities Measured At Fair Value
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 indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:
 
 
  
December 31,
2022
 
  
Quoted
Prices In
Active
Markets
(Level 1)
 
  
Significant
Other
Observable
Inputs
(Level 2)
 
  
Significant
Other
Unobservable
Inputs
(Level 3)
 
Liabilities:
  
  
  
  
Warrant Liability—Public Warrants
    $ 877,500      $ 877,500      $ —        $ —    
Warrant Liability—Private Placement Warrants
      505,949        —          —          505,949  
    
$
1,383,449
 
   
$
877,500
 
   
$
—  
 
   
$
505,949
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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, 2021 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.
 
 
  
December 31,
2021
 
  
Quoted
Prices In
Active
Markets
(Level 1)
 
  
Significant
Other
Observable
Inputs
(Level 2)
 
  
Significant
Other
Unobservable
Inputs
(Level 3)
 
Assets:
  
  
  
  
Money Market Funds held in Trust Account
    $ 300,026,796      $ 300,026,796      $ —        $ —    
Liabilities:
                                    
Warrant Liability—Public Warrants
    $ 8,626,500      $ 8,626,500      $ —        $ —    
Warrant Liability—Private Placement Warrants
      4,822,783        —          —          4,822,783  
    
$
13,449,283
 
   
$
8,626,500
 
   
$
—  
 
   
$
4,822,783
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Summary of the Monte Carlo simulation model for the Private Placement Warrants
The key inputs into the Monte Carlo simulation model for the Private Placement Warrants were as follows at December 31, 2022:
 
Input
  
 
 
Expected term (years)
      1.15  
Expected volatility
      7.9 % 
Risk-free interest rate
      4.68 % 
Exercise price
    $  11.50  
Fair value of the common stock price
    $ 9.92  
 
 
The
key inputs into the Monte Carlo simulation model for the Private Placement Warrants were as follows at December 31, 2021:
 
Input
  
 
 
Expected term (years)
      5.37  
Expected volatility
      12.4 % 
Risk-free interest rate
      1.29 % 
Exercise price
    $  11.50  
Fair value of the common stock price
    $ 9.90  
Summary of the changes in the fair value of the Level 3 warrant liability
The following table sets forth a summary of the changes in the fair value of the Level 3 warrant liability for the year ended December 31, 2022:
 
 
  
Warrant Liability
 
Fair value as of December 31, 2021
    $ 4,822,783  
Change in fair value
      (4,316,834 ) 
    
 
 
  
Fair value as of December 31, 2022
   
$
505,949
 
 
  
 
 
 
The following table sets forth a summary of the changes in the fair value of the Level 3 warrant liability for the year ended December 31, 2021:
 
 
  
Warrant Liability
 
Fair value as of December 31, 2020
    $ 33,807,463  
Transfer out of public warrants from Level 3 to Level 1
      (8,626,500 ) 
Change in fair value
      (20,358,180 ) 
    
 
 
  
Fair value as of December 31, 2021
   
$
4,822,783