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FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

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.

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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.

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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).

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-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
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