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Forfeiture Shares | 12 Months Ended
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Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
Forfeiture Shares | NOTE 8 - FORFEITURE SHARES
| a. | On the Closing Date, 1,006,250 Ordinary Shares that PTK sponsor received in respect of its PTK common stock, are subject to forfeiture if certain price targets for the Valens Ordinary Shares are not achieved within a certain period of time (of up to four years), after the Closing Date or if an M&A Transaction (as defined in the Merger Agreement Closing), does not occur at a certain minimum price.
The Company performed a Monte-Carlo simulation to calculate the fair value. As of the Closing Date, the fair value was $4,485 using the following assumptions: stock price of $7.4, expected term of 3- 4 years, expected volatility of 47.74%-50.31% and risk-free interest rate of return of 0.53%-0.76%. The fair value of the Forfeiture Shares was computed using the following key assumptions:
|  | December 31, 2021 |
Stock price |  |  | 7.7 |
Expected term (years) |  |  | 2.75-3.75 |
Expected volatility |  |  | 48.77%-48.92 | %
Risk-free interest rate |  |  | 0.91%-1.08 | %
| b. | The table below sets forth a summary of the changes in the fair value of the Forfeiture Shares classified as Level 3:
|  | 2021 |  |  | 2020 |
|  | U.S. dollars in thousands |
Balance at beginning of year |  |  | — |  |  |  | — |
Issuance of Forfeiture Shares |  |  | 4,485 |  |  |  | — |
Changes in fair value |  |  | 173 |  |  |  | — |
Balance at end of year |  |  | 4,658 |  |  |  | — |

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