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FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of assets and liabilities are measured at fair value on a recurring basis

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2021 and 2020, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:


Description	Level		December 31, 2021		December 31, 2020
Assets:
Cash and marketable securities held in Trust Account		1	$	90,849,312	$	130,681,047
Liabilities:
Warrant liability – Private Warrants		3		6,982,603		3,950,311
Forward share purchase agreements		3		2,174,989		—

Schedule of quantitative information regarding Level 3 fair value measurements

The following table presents the quantitative information regarding Level 3 fair value measurements of the warrant liability:


	December 31, 2021			December 31, 2020
Exercise price	$	11.50		$	11.50
Stock price	$	9.99		$	10.20
Volatility		24.9	%		17.2	%
Term		5.00			5.00
Risk-free rate		1.19	%		0.29	%
Dividend yield		0.0	%		0.0	%

The following table presents the quantitative information regarding Level 3 fair value measurements of the Forward Purchase Agreements:


	December 31, 2021
Exercise price	$ $	10.01 and 10.16
Stock price	$	9.99
Volatility		24.9	%
Term		0.25
Risk-free rate		0.06	%
Dividend yield		0.0	%

Summary of changes in fair value of warrant and Level 3 liabilities

The following table presents the changes in the fair value of warrant liabilities:


	Private Placement Warrants
Fair value as of December 31, 2020	$	3,950,311
Change in fair value		3,032,292

Fair value as of December 31, 2021	$	6,982,603

The following table presents a summary of the changes in the fair value of the FPA liability, a Level 3 liability, measured on a recurring basis.


	FPA
Fair value as of December 22, 2021	$	2,174,989
Change in fair value		0

Fair value as of December 31, 2021	$	2,174,989