Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements

v3.23.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 9 — Fair Value Measurements

 

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

 

September 30, 2023

 

    Quoted Prices     Significant Other     Significant  Other  
    in Active     Observable     Unobservable  
    Markets     Inputs     Inputs  
Description   (Level 1)     (Level 2)     (Level 3)  
Liabilities:                  
Derivative warrant liabilities - Public Warrants   $
—
     $ 479,167     $
—
  
Derivative warrant liabilities - Private Placement Warrants   $
—
     $ 13,333     $
—
  

 

December 31, 2022

    Quoted Prices     Significant Other     Significant Other  
    in Active     Observable     Unobservable  
    Markets     Inputs     Inputs  
Description   (Level 1)     (Level 2)     (Level 3)  
Assets:                  
Investments held in Trust Account - US Treasury securities   $ 291,525,100     $
—
     $
—
  
Liabilities:                        
Derivative warrant liabilities - Public Warrants   $
—
     $ 191,667     $
—
  
Derivative warrant liabilities - Private Placement Warrants   $
—
     $ 5,333     $
—
  
Working capital loan - related party   $
—
     $ 100,800     $ —  

  

Transfers to/from Levels 1, 2, and 3 are recognized at the beginning of the reporting period. The estimated fair value of the Public Warrants transferred from a Level 3 measurement to a Level 1 fair value measurement in March 2021 when the Public Warrants were separately listed and traded. The estimated fair value of the Private Placement Warrants was transferred from a Level 3 measurement to a Level 2 fair value measurement at the same time as Public Warrants, as the transfer of Private Placement Warrants to anyone who is not a permitted transferee would result in the Private Placement Warrants having substantially the same terms as the Public Warrants. The estimated fair value of Public Warrants was transferred from a Level 1 measurement to a Level 2 measurement due to lack of trading activity as of June 30, 2022. The Public Warrants were still held at Level 2 as of September 30, 2023. There were no other transfers to/from Levels 1, 2, and 3 during the period ended September 30, 2023.

 

Level 1 instruments include investments in money market funds that invest solely in U.S. Treasury securities. The Company uses quoted market prices from dealers or brokers, and other similar sources to determine the fair value of its investments.

 

Level 2 instruments include Private Placement Warrants, Public Warrants and Working Capital Loan – related party. The Company uses the same quoted market prices from dealers or brokers, and other similar sources as Public Warrants to determine the fair value of its investments.

 

There were no Level 3 measurement inputs used at September 30, 2023 and December 31, 2022.