XML 99 R26.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Measurements [Abstract]  
Schedule of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2023 and 2022 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:
Description  Level  December 31,
2023		   December 31,
2022		 
Assets:             
Investments held in Trust Account  1  $6,218,429   $290,646,467 
Liabilities:             
Warrant Liabilities – Public Warrants  2  $1,341,667   $95,833 
Warrant Liabilities – Private Placement Warrants  3  $700,000   $50,000 
Convertible promissory notes – related party  3  $n/a   $88,850 

 
Schedule of Changes in the Fair Value of the Level 3 Convertible Promissory Notes The key inputs for the binomial lattice model as of December 31, 2023 and 2022 were as follows:
Input  As of
December 31,
2023		   As of
December 31,
2022		 
Stock price  $10.58   $10.02 
Strike price  $11.50   $11.50 
Effective expiration date   September 17, 2024    September 17, 2023 
Volatility   Immaterial    7.0%
Risk-free rate   4.34%   4.69%
Dividend yield   0.0%   0.0%
The estimated fair value of the convertible promissory notes was based on the following significant inputs:
Input  As of
December 31,
2022		 
Stock price  $10.02 
Strike price  $11.50 
Expiration date of warrants   September 17, 2023 
Volatility   7.0%
Risk-free rate   4.69%
Dividend yield   0.0%
Schedule of Changes in the Fair Value of Warrant Liabilities The following tables present the changes in the fair value of warrant liabilities classified as Level 3 in the fair value hierarchy as of December 31, 2023 and 2022:
   Private
Placement		 
Fair value as of January 1, 2023  $50,000 
Change in valuation inputs or other assumptions   650,000 
Fair value as of December 31, 2023  $700,000 
   Private
Placement		 
Fair value as of January 1, 2022  $2,497,500 
Change in valuation inputs or other assumptions   (2,447,500)
Fair value as of December 31, 2022  $50,000 
Schedule of Changes in the Fair Value of the Level 3 Convertible Promissory Notes The following tables present the changes in the fair value of the Level 3 convertible promissory notes:
Fair value as of January 1, 2023  $88,850 
Restatement of Convertible Promissory Note   (88,850)
Fair value as of December 31, 2023  $
—
 
Fair value as of January 1, 2022  $
—
 
Proceeds received through Convertible Promissory Note   900,000 
Change in fair value   (811,150)
Fair value as of December 31, 2022  $88,850