Annual report pursuant to Section 13 and 15(d)

Recurring Fair Value Measurements (Tables)

v3.23.1
Recurring Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Summary of assets and liabilities that are measured at fair value on a recurring basis
The following tables present fair value information as of December 31, 2022 and 2021, of the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis and indicate the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value:
 
December 31, 2022
  
Level 1
    
Level 2
    
Level 3
 
Assets
                          
Investments held in Trust Account
– money market fund
   $ 356,976,495      $ —        $ —    
    
 
 
    
 
 
    
 
 
 
Total Assets
  
$
356,976,495
 
  
$
—  
 
  
$
—  
 
    
 
 
    
 
 
    
 
 
 
Liabilities
                          
Public Warrants
   $ 1,093,650      $ —        $ —    
Private Warrants
     —          —          1,125,515  
    
 
 
    
 
 
    
 
 
 
Total Liabilities
  
$
1,093,650
 
  
$
—  
 
  
$
1,125,515
 
    
 
 
    
 
 
    
 
 
 
 
December 31, 2021
  
Level 1
    
Level 2
    
Level 3
 
Assets
                          
Investments held in Trust Account
– money market fund
   $ 351,900,888      $ —        $ —    
    
 
 
    
 
 
    
 
 
 
Total Assets
  
$
351,900,888
 
  
$
—  
 
  
$
—  
 
    
 
 
    
 
 
    
 
 
 
Liabilities
                          
Public Warrants
   $ —        $ —        $ 10,122,569  
Private Warrants
     —          —          9,840,442  
    
 
 
    
 
 
    
 
 
 
Total Liabilities
  
$
—  
 
  
$
—  
 
  
$
19,963,011
 
    
 
 
    
 
 
    
 
 
 
Summary of simulation model for the private placement warrants and public warrants The following table provides quantitative information regarding Level 3 fair value measurements:
    
December 31,
2022
   
December 31,
2021
 
Share price
   $ 10.27     $ 9.60  
Strike price
     11.50     $ 11.50  
Term (in years)
     5.41       6.21  
Volatility
     7.8     10.4
Risk-free rate
     4.74     1.37
Dividend yield
     0       0  
Summary Of Reconciliation Of Changes In Fair Value Of warrant Liabilities The following table presents the changes in the fair value of Level 3 warrant liabilities:
    
Private
Placement
    
Public
    
Warrant
Liabilities
 
Initial measurement on December 17, 2021
   $ 13,216,499      $ 13,631,224      $ 26,847,723  
Change in fair value
     (3,376,056      (3,508,655      (6,884,712
    
 
 
    
 
 
    
 
 
 
Fair value as of December 31, 2021
  
9,840,443     
10,122,569     
19,963,011  
Transfer to
L
evel 1
     —          (10,122,569      (10,122,569
Change in fair value
     (8,714,928      —          (8,714,928
    
 
 
    
 
 
    
 
 
 
Fair value as of December 31, 2022
  
$
1,125,515
 
  
$
—  
 
  
$
1,125,515