Fair Value Measurements (Tables)
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6 Months Ended |
Jun. 30, 2023 |
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| Schedule of Information about Company's Asset And Liabilities Measured at Fair Value |
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June 30, 2023 |
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Quoted Prices
In Active
Markets
(Level 1) |
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Significant
Other
Observable
Inputs
(Level 2) |
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Significant
Other
Unobservable
Inputs
(Level 3) |
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Assets |
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Investments held in Trust Account |
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$ |
230,206,581 |
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$ |
230,206,581 |
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$ |
— |
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$ |
— |
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$ |
230,206,581 |
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$ |
230,206,581 |
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$ |
— |
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$ |
— |
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Liabilities |
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Warrant liability—Public Warrants |
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$ |
436,407 |
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$ |
436,407 |
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$ |
— |
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$ |
— |
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Warrant liability—Private Warrants |
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293,684 |
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— |
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293,684 |
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— |
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$ |
730,091 |
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$ |
436,407 |
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$ |
293,684 |
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$ |
— |
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December 31, 2022 |
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Quoted Prices
In Active
Markets
(Level 1) |
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Significant
Other
Observable
Inputs
(Level 2) |
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Significant
Other
Unobservable
Inputs
(Level 3) |
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Assets |
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Investments held in Trust Account |
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$ |
225,084,808 |
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$ |
225,084,808 |
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$ |
— |
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$ |
— |
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$ |
225,084,808 |
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$ |
225,084,808 |
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$ |
— |
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$ |
— |
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Liabilities |
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Warrant liability—Public Warrants |
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$ |
482,460 |
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$ |
482,460 |
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$ |
— |
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$ |
— |
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Warrant liability—Private Warrants |
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324,676 |
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— |
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324,676 |
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— |
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$ |
807,136 |
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$ |
482,460 |
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$ |
324,676 |
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$ |
— |
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| Summary of Changes in Fair Value of Financial Instruments Measured at Fair Value on Recurring Basis |
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Private
Placement
Warrants |
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Public
Warrants |
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Warrant
Liabilities |
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Over-allotment
Liability |
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Fair value at March 3, 2021 (inception) |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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Initial measurement of public and private warrant at January 24, 2022 |
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3,332,000 |
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4,900,000 |
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8,232,000 |
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— |
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Initial measurement of over-allotment option at January 24, 2022 |
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— |
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— |
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— |
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510,000 |
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Initial measurement of public and private warrants issued in connection with the exercise of over-allotment option at February 1, 2022 |
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283,710 |
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472,850 |
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756,560 |
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— |
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Public Warrants fair value changes from Level 3 to Level 1 at March 31, 2022 |
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(3,618,450 |
) |
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(3,618,450 |
) |
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— |
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Forfeiture of over-allotment option |
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— |
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— |
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— |
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(510,000 |
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Private Placement Warrants fair value changes from Level 3 to Level 2 at June 30, 2022 |
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(1,438,905 |
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— |
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(1,438,905 |
) |
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— |
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Fair value changes of warrants |
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(2,176,805 |
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(1,754,400 |
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(3,931,205 |
) |
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— |
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Fair value at December 31, 2022 |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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| Lattice Model |
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| Summary of Key Inputs for Warrants Liability |
The key inputs into the Lattice Model for the Public Warrants liability were as follows at initial measurement:
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Input |
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January 24,
2022 |
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Risk-free interest rate |
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1.37 |
% |
Expected term (years) |
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5.33 |
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Expected volatility |
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9.2 |
% |
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| Black-Scholes Model |
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| Summary of Key Inputs for Warrants Liability |
The key inputs into the Black-Scholes model for the Private Warrants liability were as follows at initial measurement:
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Input |
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January 24,
2022 |
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Risk-free interest rate |
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1.37 |
% |
Expected term (years) |
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5.33 |
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Expected volatility |
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9.2 |
% |
Exercise price |
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$ |
11.5 |
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Dividend yield |
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0.00 |
% |
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