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Fair value measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Summary financial assets measured at fair value on a recurring basis

The following table presents information about the Company’s financial assets that are measured at fair value on a recurring basis at March 31, 2022 and December 31, 2021, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

Description		Amount at Fair Value				Level 1				Level 2				Level 3
March 31, 2022
Assets
Investments held in Trust Account:
Money Market investments		$	317,582,318			$	317,582,318			$	—			$	—
Liabilities
Warrant liability – Public Warrants		$	4,365,625			$	4,365,625			$	—			$	—
Warrant liability – Private Placement Warrants		$	3,061,666			$	—			$	—			$	3,061,666
Convertible promissory note - related party		$	72,800			$	—			$	—			$	72,800
December 31, 2021
Assets
Investments held in Trust Account:
Money Market investments		$	317,581,791			$	317,581,791			$	—			$	—
Liabilities
Warrant liability – Public Warrants		$	5,715,000			$	5,715,000			$	—			$	—
Warrant liability – Private Placement Warrants		$	4,063,666			$	—			$	—			$	4,063,666

Summary of changes in the fair value of warrant liabilities

The following table presents the changes in the fair value of the Company’s Level 3 financial instruments that are measured at fair value:

Fair value as of December 31, 2020		$	—
Initial measurement of Public Warrants and Private Placement Warrants as of March 4, 2021			27,185,000
Additional warrants issued in over-allotment			1,420,125
Transfer of Public Warrants to Level 1 measurement			(16,748,125	)
Change in valuation inputs or other assumptions			(7,793,334	)
Fair value as of December 31, 2021			4,063,666
Initial measurement of draw on convertible promissory note - related party on February 4, 2022			29,600
Initial measurement of draw on convertible promissory note - related party on February 9, 2022			27,600
Initial measurement of draw on convertible promissory note - related party on February 14, 2022			14,800
Change in valuation inputs or other assumptions			(1,001,200	)
Fair value as of March 31, 2022		$	3,134,466

Convertible Promissory Note [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Summary of the significant inputs to the Monte Carlo Simulation for the fair value of the Public Warrants

		As of March 31, 2022				As of February 14, 2022 (Initial Measurement)				As of February 9, 2022 (Initial Measurement)				As of February 4, 2022 (Initial Measurement)
Warrant price		$	0.55			$	0.36			$	0.44			$	0.47
Conversion price		$	1.50			$	1.50			$	1.50			$	1.50
Expected term			0.3				0.4				0.4				0.4
Warrant volatility			123.0	%			91.0	%			89.0	%			89.0	%
Risk free rate			0.5	%			0.6	%			0.4	%			0.4	%
Discount rate			9.9	%			9.8	%			9.9	%			9.9	%
Probability of completing initial Business Combination			35	%			35	%			35	%			35	%
Fair value convertible promissory note - related party		$	72,800			$	14,800			$	27,600			$	29,600

Public Warrants

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Summary of the significant inputs to the Monte Carlo Simulation for the fair value of the Public Warrants

The following table provides the significant inputs to the Monte Carlo Simulation for the fair value of the Public Warrants:

		At March 4, 2021 (Initial Measurement)
Stock Price on Valuation Date		$	10.00
Strike price (Exercise Price per Share)		$	11.50
Probability of completing a Business Combination			85.0	%
Term (in years)			6.6
Volatility			4% pre-merger/34% post-merger
Risk-free rate			1.1	%
Fair value per warrant		$	2.11

The following table provides the significant inputs to the Modified Black Scholes model for the fair value of the Private Placement Warrants:

		As of March 31, 2022				As of December 31, 2021
Stock price		$	9.88			$	9.80
Strike price		$	11.50			$	11.50
Probability of completing a Business Combination			N/A	*			N/A	*
Dividend yield			—	%			—	%
Term (in years)			5.3				5.8
Volatility			7.3	%			11.3	%
Risk-free rate			2.4	%			1.3	%
Fair value per warrant		$	0.55			$	0.73

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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.

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-Topic 820
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-Section 50
-Paragraph 2
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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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