Recurring Fair Value Measurements

6 Months Ended

Jun. 30, 2022

Note 7 — Recurring Fair Value Measurements

Investments Held in Trust Account

As of June 30, 2022 and December 31, 2021, the investments in the Company’s Trust Account consisted of $319.7 million and $319.2 million in U.S. Money Market funds, respectively, The Company considers all investments with original maturities of more than three months but less than one year to be short-term investments.

Fair values of the Company’s investments are classified as Level 1 utilizing quoted prices (unadjusted) in active markets for identical assets.

Recurring Fair Value Measurements

The Company’s permitted investments consist of U.S. Money Market funds. Fair values of these investments are determined by Level 1 inputs utilizing quoted prices (unadjusted) in active markets for identical assets. The Company’s initial value of the warrant liability was based on a valuation model utilizing management judgment and pricing inputs from observable and unobservable markets with less volume and transaction frequency than active markets and classified as level 3. The subsequent measurement of the Public Warrants is classified as Level 1 due to the use of an observable market price of these warrants. The subsequent measurement of the Private Warrants is classified as Level 2 because these warrants are economically equivalent to the Public warrants, based on the terms of the Private Warrant agreement, and as such their value is principally derived by the value of the Public Warrants. Significant deviations from these estimates and inputs could result in a material change in fair value. At June 30, 2021, the Company reclassified the Public Warrants and Private Warrants from Level 3 to Level 1 and Level 2, respectively.

The following table presents fair value information as of June 30, 2022 and December 31, 2021, of the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.


June 30, 2022	Total		Level 1		Level 2		Level 3
Assets
Investments held in Trust Account—U.S. Money Market	$	319,712,052	$	319,712,052	$	—	$	—
Liabilities
Public warrant liability		1,276,865		1,276,865		—		—
Private warrant liability		1,251,244		—		1,251,244		—
Total	$	2,528,109	$	1,276,865	$	1,251,244	$	—


December 31, 2021	Total		Level 1		Level 2		Level 3
Assets
Investments held in Trust Account—U.S. Money Market	$	319,232,602	$	319,232,602	$	—	$	—
Liabilities
Public warrant liability		4,723,763		4,723,763		—		—
Private warrant liability		4,628,976		—		4,628,976		—
Total	$	9,352,739	$	4,723,763	$	4,628,976	$	—