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Recurring Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Recurring Fair Value Measurements [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents information about the Company’s assets and liabilities that were measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022, and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.

		June 30, 2023
		Level 1				Level 2				Level 3
Assets
Investments held in Trust Account		$	60,420,423			$	—			$	—
Liabilities
Public Warrants		$	805,000			$	—			$	—
Private Warrants		$	—			$	—			$	784,000
Working Capital Loan conversion option		$	—			$	—			$	—

		December 31, 2022
		Level 1				Level 2				Level 3
Assets
Investments held in Trust Account		$	237,038,010			$	—			$	—
Liabilities
Public Warrants		$	575,000			$	—			$	—
Private Warrants		$	—			$	—			$	560,000

Key Inputs into Binomial Lattice Model

The key inputs into the binomial lattice model were as follows at June 30, 2023 and December 31, 2022:

Input		June 30, 2023				December 31, 2022
Risk-free interest rate			4.07	%			3.95	%
Expected term to initial Business Combination (years)			0.25				0.25
Expected volatility			de minimis				de minimis
Common stock price		$	10.52			$	10.18
Dividend yield			0.0	%			0.0	%

Changes in Fair Value of Warrants

The following table provides a reconciliation of changes in fair value of the beginning and ending balances for the Company’s warrants classified as Level 3 for the period ended June 30, 2023 and December 31, 2022:

Fair Value at December 31, 2022 – private warrants		$	560,000
Change in fair value			—
Fair Value at March 31, 2023 – private warrants		$	560,000
Change in fair value			224,000
Fair Value at June 30, 2023 – private warrants		$	784,000

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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-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

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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

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-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

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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

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