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Fair Value Measurements (Tables)

6 Months Ended

11 Months Ended

Jun. 30, 2022

Dec. 31, 2021

Fair Value Measurements

Summary of assets and liabilities that are measured at fair value on a recurring basis

The following table presents information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis by level within the fair value hierarchy:

June 30, 2022

​	​	​	​	​	​	​	​	​	​
​		Quoted Prices in			Significant Other			Significant Other
​	​	Active Markets		​	Observable Inputs		​	Unobservable Inputs
Description	​	(Level 1)		​	(Level 2)		​	(Level 3)
Assets:		​			​			​
Investments held in Trust Account	​	$	150,236,426	​	$	—	​	$	—
Liabilities:	​			​			​
Derivative liabilities - Public Warrants	​	$	2,025,000	​	$	—	​	$	—
Derivative liabilities - Private Placement Warrants	​	$	—	​	$	—	​	$	945,000

​

December 31, 2021

​	​	​	​	​	​	​	​	​	​
​		Quoted Prices in Active			Significant Other			Significant Other
​	​	Markets		​	Observable Inputs		​	Unobservable Inputs
Description	​	(Level 1)		​	(Level 2)		​	(Level 3)
Assets:	​	​	​	​	​	​	​	​	​
Investments held in Trust Account	​	$	150,006,015	​	$	—	​	$	—
Liabilities:	​		​	​			​
Derivative liabilities - Public Warrants	​	$	3,825,000	​	$	—	​	$	—
Derivative liabilities - Private Placement Warrants	​	$	—	​	$	—	​	$	1,785,000

​

The following table presents information as of December 31, 2021 about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis by level within the fair value hierarchy:

​	​	​	​	​	​	​	​	​	​
​		Quoted Prices in Active			Significant Other			Significant Other
​	​	Markets		​	Observable Inputs		​	Unobservable Inputs
Description	​	(Level 1)		​	(Level 2)		​	(Level 3)
Assets:	​	​	​	​	​	​	​	​	​
Investments held in Trust Account	​	$	150,006,015	​	$	—	​	$	—
Liabilities:	​			​			​
Derivative liabilities - Public Warrants	​	$	3,825,000	​	$	—	​	$	—
Derivative liabilities - Private Placement Warrants	​	$	—	​	$	—	​	$	1,785,000

​

Summary of quantitative information regarding Level 3 fair value measurement inputs

The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates:

​	​	​	​	​	​	​	​
​		As of June 30, 2022			As of December 31, 2021
Exercise price	​	$	11.50	​	$	11.50	​
Volatility	​		3.4	%		9.6	%
Stock price	​	$	9.77	​	$	9.66	​
Remaining term (yrs)	​		5.25	​		5.75	​
Risk-free rate	​		2.97	%		1.32	%

The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates:

​	​	​	​	​	​	​	​
​		As of December 31, 2021			As of August 6, 2021
Exercise price	​	$	11.50	​	$	11.50	​
Volatility	​		9.6	%		11.3	%
Stock price	​	$	9.66	​	$	9.66	​
Remaining term (yrs)	​		5.75	​		6.51	​
Risk-free rate	​		1.32	%		0.99	%

Summary of change in the fair value of the derivative warrant liabilities, measured using Level 3 inputs

The change in the fair value of the derivative warrant liabilities, measured using Level 3 inputs, for the three and six months ended June 30, 2022 is summarized as follows:

​	​	​	​
Derivative warrant liabilities at December 31, 2021		$	1,785,000
Change in fair value of derivative liabilities	​		245,000
Derivative warrant liabilities at March 31, 2022	​		2,030,000
Change in fair value of derivative liabilities	​		(1,085,000)
Derivative warrant liabilities at June 30, 2022	​	$	945,000

The change in the fair value of the derivative warrant liabilities, measured using Level 3 inputs, for the period from January 28, 2021 (inception) through December 31, 2021 is summarized as follows:

​	​	​	​
Derivative warrant liabilities at January 28, 2021 (inception)	​	$	—
Issuance of Public and Private Warrants	​		7,515,000
Transfer of Public Warrants to Level 1	​		(5,100,000)
Change in fair value of derivative liabilities	​		(630,000)
Derivative warrant liabilities at December 31, 2021	​	$	1,785,000

X

- Definition

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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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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.

+ 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
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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).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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