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FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Sep. 30, 2023
Fair Value Disclosures [Abstract] |
SUMMARY OF CHANGE IN FAIR VALUE OF DERIVATIVE WARRANT LIABILITIES | SUMMARY OF CHANGE IN FAIR VALUE OF DERIVATIVE WARRANT LIABILITIES
|  |  |  |  | Private |  |  |  |
|  | Public |  |  | Placement |  |  | Warrant |
|  | Warrants |  |  | Warrants |  |  | Liability |
Derivative warrant liabilities at December 31, 2021 |  | $ | — |  |  | $ | — |  |  | $ | — |
Initial fair value at issuance of public and private placement warrants |  |  | 3,521,870 |  |  |  | 2,258,677 |  |  |  | 5,780,547 |
Change in fair value |  |  | (1,905,870 | ) |  |  | (1,730,725 | ) |  |  | (3,636,595 | )
Transfer of public warrants to Level 1 measurement |  |  | (1,616,000 | ) |  |  | — |  |  |  | (1,616,000 | )
Level 3 derivative warrant liabilities as of March 31, 2022 |  |  | — |  |  |  | 527,952 |  |  |  | 527,952 |
Change in fair value |  |  | — |  |  |  | (280,952 | ) |  |  | (280,952 | )
Level 3 derivative warrant liabilities as of June 30, 2022 |  |  | — |  |  |  | 247,000 |  |  |  | 247,000 |
Change in fair value |  |  | — |  |  |  | (118,000 | ) |  |  | (118,000 | )
Level 3 derivative warrant liabilities as of September 30, 2022 |  |  | — |  |  |  | 129,000 |  |  |  | 129,000 |
Change in fair value |  |  | — |  |  |  | 14,000 |  |  |  | 14,000 |
Transfer of Private Placement Warrants to Level 2 measurement |  |  | — |  |  |  | (143,000 | ) |  |  | (143,000 | )
Level 3 derivative warrant liabilities as of December 31, 2022 |  |  | — |  |  |  | — |  |  |  | — |
Change in fair value |  |  | — |  |  |  | — |  |  |  | — |
Level 3 derivative warrant liabilities as of March 31, 2023 |  | $ | — |  |  | $ | — |  |  | $ | — |
Change in fair value |  |  | — |  |  |  | — |  |  |  | — |
Level 3 derivative warrant liabilities as of June 30, 2023 |  | $ | — |  |  | $ | — |  |  | $ | — |
Change in fair value |  |  | — |  |  |  | — |  |  |  | — |
Level 3 derivative warrant liabilities as of September 30, 2023 |  | $ | — |  |  | $ | — |  |  | $ | — |
|  | Public Warrants |  |  | Private Placement Warrants |  |  | Total Derivative Warrant Liability |
Fair value at August 6, 2021 (inception) |  |  | — |  |  |  | — |  |  |  | — |
Change in fair value |  |  | - |  |  |  | - |  |  |  | - |
Derivative warrant liabilities as of December 31, 2021 |  | $ | — |  |  | $ | — |  |  | $ | — |
Initial fair value at issuance |  |  | 3,521,870 |  |  |  | 2,258,677 |  |  |  | 5,780,547 |
Change in fair value |  |  | (1,905,870 | ) |  |  | (1,730,725 | ) |  |  | (3,636,595 | )
Derivative warrant liabilities as of March 31, 2022 |  | $ | 1,616,000 |  |  | $ | 527,952 |  |  | $ | 2,143,952 |
Change in fair value |  |  | (858,500 | ) |  |  | (280,952 | ) |  |  | (1,139,452 | )
Derivative warrant liabilities as of June 30, 2022 |  | $ | 757,500 |  |  | $ | 247,000 |  |  | $ | 1,004,500 |
Change in fair value |  |  | (353,500 | ) |  |  | (118,000 | ) |  |  | (471,500 | )
Derivative warrant liabilities as of September 30, 2022 |  | $ | 404,000 |  |  | $ | 129,000 |  |  | $ | 533,000 |
Change in fair value |  |  | 42,420 |  |  |  | 14,000 |  |  |  | 56,420 |
Derivative warrant liabilities as of December 31, 2022 |  | $ | 446,420 |  |  | $ | 143,000 |  |  | $ | 589,420 |
Change in fair value |  |  | 58,580 |  |  |  | 20,000 |  |  |  | 78,580 |
Derivative warrant liabilities as of March 31, 2023 |  | $ | 505,000 |  |  | $ | 163,000 |  |  | $ | 668,000 |
Change in fair value |  |  | (220,180 | ) |  |  | (71,000 | ) |  |  | (291,180 | )
Derivative warrant liabilities as of June 30, 2023 |  | $ | 284,820 |  |  | $ | 92,000 |  |  | $ | 376,820 |
Change in fair value |  |  | 48,480 |  |  |  | 16,000 |  |  |  | 64,480 |
Derivative warrant liabilities as of September 30, 2023 |  | $ | 333,300 |  |  | $ | 108,000 |  |  | $ | 441,300 |
SUMMARY OF FAIR VALUE HIERARCHY OF ASSETS AND LIABILITIES ON RECURRING BASIS | The following tables set forth by level within the fair value hierarchy the Company’s assets and liabilities that were accounted for at fair value on a recurring basis at September 30, 2023: SUMMARY OF FAIR VALUE HIERARCHY OF ASSETS AND LIABILITIES ON RECURRING BASIS
|  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and marketable securities held in trust account |  | $ | 57,481,369 |  |  | $ | — |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Public Warrants |  | $ | 333,300 |  |  | $ | — |  |  | $ | — |
Private Placement Warrants |  | $ | — |  |  | $ | 108,000 |  |  | $ | — |
The following tables set forth by level within the fair value hierarchy the Company’s assets and liabilities that were accounted for at fair value on a recurring basis at December 31, 2022:
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and marketable securities held in trust account |  | $ | 206,879,903 |  |  | $ | — |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Public Warrants |  | $ | 446,420 |  |  | $ | — |  |  | $ | — |
Private Placement Warrants |  | $ | — |  |  | $ | 143,000 |  |  | $ | — |
SUMMARY OF FAIR VALUE MEASUREMENTS INPUTS | The key inputs into the Black Scholes Merton model formula were as follows at February 9, 2022: SUMMARY OF FAIR VALUE MEASUREMENTS INPUTS
|  | Private Placement |
|  | Warrants |
Ordinary Share price |  | $ | 9.08 |
Exercise price |  | $ | 11.50 |
Risk-free rate of interest |  |  | 1.80 | %
Volatility |  |  | 9.43 | %
Term |  |  | 5.99 |
Warrant to buy one share |  | $ | 0.35 |
Dividend yield |  |  | 0.00 | %
|  | September 30, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Ordinary Share price |  | $ | 10.85 |  |  | $ | 10.23 |
Exercise price |  | $ | 11.50 |  |  | $ | 11.50 |
Risk-free rate of interest |  |  | 4.55 | % |  |  | 3.94 | %
Volatility |  |  | 0.00 | % |  |  | 0.00 | %
Term |  |  | 5.25 |  |  |  | 5.50 |
Warrant to buy one share |  | $ | 0.02 |  |  | $ | 0.02 |
Dividend yield |  |  | 0.00 | % |  |  | 0.00 | %

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- 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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- Definition 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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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- Definition 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 -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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