v3.23.1
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2022
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 are measured at fair value on a recurring basis as of December 31, 2022 and 2021 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value.

December 31, 2022
Description
  
Quoted Prices in Active
Markets
(Level 1)
    
Significant Other
Observable
Inputs
(Level 2)
    
Significant Other
Unobservable Inputs
(Level 3)
  
Assets:
                  
Investments held in Trust Account
  
$
237,964,294
    
$
-
    
$
-
  
                         
Liabilities:
                        
Derivative liabilities - Public Warrants
  
$
596,275
    
$
-
    
$
-
  
Derivative liabilities - Private Placement Warrants
  
$
-
    
$
-
    
$
581,280
  
Working capital loan - related party
   $ -     $ -     $ 79,260  

December 31, 2021

Description  
Quoted Prices in Active
Markets
(Level 1)
    
Significant Other
Observable Inputs
(Level 2)
    
Significant Other
Unobservable Inputs
(Level 3)
  
Assets:
                  
Investments held in Trust Account
   $ 234,600,723     $ -     $ -  
                         
Liabilities:
                        
Derivative liabilities - Public Warrants
   $ -     $ -     $ 7,636,000  
Derivative liabilities - Private Placement Warrants
   $ -     $ -     $ 7,504,000  
Level 3 Fair Value Measurement Inputs
The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates:
 
   
December 31, 2022
     December 31, 2021  
Exercise price
  
$
11.50
     $ 11.50  
Stock price
  
$
10.26
     $ 9.67  
Volatility
    
6.85
%
     13.0 %
Risk-free rate
    
4.57% - 4.62
%
     1.53 %
Dividend yield
    
0.0
%
     0.0 %
Years to expected initial Business Combination date
    
0.44
       0.94  
Years to expiration
    
5
       5  
Probability of a business combination     10 %     90 %
Change in Fair Value of the Derivative Warrant Liabilities Measured using Level 3 Inputs
The change in the fair value of the Company’s Level 3 financial instruments for the year ended December 31, 2022 is summarized as follows:

Level 3 Rollforward:
            
   
Warrants
    
Working capital loan - related
party
  
Level 3 - Warrant Liabilities at December 31, 2021
  
$
15,140,000
      
-
  
Transfer of Public Warrants to Level 1
    
(7,636,000
)
    
-
  
Change in fair value of private placement warrants
    
(6,922,720
)
    
-
  
Borrowing under working capital loan – related party
    
-
      
808,637
  
Change in fair value of working capital loan - related party
    
-
      
(729,377
)
Level 3 - Warrant Liabilities & working capital loan at December 31, 2022
  
$
581,280
    
$
79,260
  

The change in the fair value of the Company’s Level 3 financial instruments for the period from March 8, 2021 (inception) through December 31, 2021 is summarized as follows:
 
    Warrants
 
Derivative warrant liabilities as of March 8, 2021 (inception)
  
$
-
  
Issuance of Public Warrants and Private Placement Warrants
    
30,518,000
  
Change in fair value of derivative warrant liabilities
    
(15,378,000
)
Balance as of December 31, 2021
  
$
15,140,000