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FAIR VALUE MEASUREMENT

3 Months Ended

Mar. 31, 2023

The following tables present the Company’s fair value hierarchy for liabilities measured at fair value on a recurring basis:


	Successor
	March 31, 2023		December 31, 2022
	Level 1		Level 1
Public warrants	$	6,389	$	7,798

The fair value of the Private Placement Warrants was estimated using the Public Warrants’ quoted market price.

Changes in estimated fair value of Levels 1, 2 and 3 financial liabilities were as follows:


	Former CEO equity profits interest		Contingent consideration
	Level 3		Level 3
Fair value of liabilities at December 31, 2021 (Predecessor) and January 26, 2022 (Predecessor)	$	11,132	$	1,682


	Private Warrant liability		Public Warrant liability		Contingent consideration
	Level 2		Level 1		Level 3
Fair value of liabilities at January 27, 2022 (Successor)	$	8,727	$	18,285	$	1,682
Additions	—		—		573
Change in fair value	4,446		9,315		—
Fair value of liabilities at March 31, 2022 (Successor)	$	13,173	$	27,600	$	2,255


	Public Warrant liability
	Level 1
Fair value of liabilities at December 31, 2022 (Successor)	$	7,798
Change in fair value	(1,409)
Fair value of liabilities at March 31, 2023 (Successor)	$	6,389

There were no transfers in or out of levels during the three months ended March 31, 2023 (Successor), the period January 1, 2022 through January 26, 2022 (Predecessor), and the period January 27, 2022 through March 31, 2022 (Successor).

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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