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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Measurements [Abstract]

Schedule of Company’s Assets that are Measured at Fair Value on a Recurring Basis

Liabilities subject to fair value measurements are as follows:

		As of March 31, 2024
		Level 1				Level 2				Level 3				Total
Liabilities
Earnout Shares liability		$	-			$	-			$	61,393,000			$	61,393,000
True Up Shares liability			-				-				286,000				286,000
Subject Vesting Shares liability			-				-				14,217,000				14,217,000
Total liabilities		$	-			$	-			$	75,896,000			$	75,896,000

Schedule of Estimated Fair Value of the Earnout Shares

The Earnout term of 5 years and the Earnout mechanics represent contractual inputs. Assumptions such as risk-free rate, stock price, volatility, and discount rate were based on market data. See the following summary of key inputs:

		As of March 31, 2024				As of March 14, 2024
Stock Price (1)		$	11.29			$	10.00
Volatility			35	%			35	%
Risk free rate of return			4.17	%			4.24	%
Expected term (in years)			5.0				5.0

(1) At March 14, 2024, the $10.00 price represents the Business Combination price.

Schedule of Earnout Share Liability

The following table presents the changes in the fair value of the Earnout Shares liability at March 31, 2024:

		For the three months ended March 31, 2024
Earnout Shares Liability as of December 31, 2023		$	-
Expensed as transaction costs of business combination			53,721,000
Change in fair value			7,672,000
Balance as of March 31, 2024		$	61,393,000

Schedule of Changes in the Fair Value of the True Up Shares liability

The following table presents the changes in the fair value of the True Up Shares liability at March 31, 2024:

		For the three months ended March 31, 2024
Balance as of December 31, 2023		$	-
Assumed in the Business Combination			555,000
Change in fair value			(269,000	)
Balance as of March 31, 2024		$	286,000

Schedule of Vesting Shares Liability

The following table presents the changes in the fair value of the Subject Vesting Shares liability at March 31, 2024:

		For the three months ended March 31, 2024
Balance as of December 31, 2023		$	-
Assumed in the Business Combination			11,792,000
Change in fair value			2,425,000
Balance as of March 31, 2024		$	14,217,000

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

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-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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-Topic 820
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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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