FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2022

FAIR VALUE MEASUREMENTS [Abstract]

Gross Holding Gains (Loss) Fair Value of Held-to-maturity Securities

The following table presents the gross holding gain and loss and fair value of held-to-maturity securities at June 30, 2022 and December 31, 2021:

	Held-To-Maturity	Level		Amortized Cost		Gross Holding Gain/(Loss)			Fair Value (i)
June 30, 2022	U.S. Treasury Securities (Matured on 07/12/22, reinvested and mature on 08/25/22)		1	$	287,534,896	$	(10,910	)	$	287,523,986
December 31, 2021	U.S. Treasury Securities (Matured on 1/25/2022)		1	$	284,373,197	$	959		$	284,374,156

(i)
Fair value of securities does not include cash held in trust in the amount of $7,874 and $6,579, as of June 30, 2022 and December 31, 2021, respectively.

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 at June 30, 2022 and December 31, 2021 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

	Level		June 30, 2022		Level		December 31, 2021
Warrant liabilities – public warrants		1	$	6,593,640		1	$	9,798,000
Warrant liabilities – private placement warrants		3	$	12,541,170		3	$	11,422,018
FPA liabilities – committed		3	$	2,759,038		3	$	2,474,941
FPA liabilities – optional		3	$	2,762,023		3	$	2,533,104

Level 3 Fair Value Measurement Inputs

The following table provides quantitative information regarding Level 3 fair value measurement inputs at their measurement dates:

	At June 30, 2022			At December 31, 2021
Warrants- private placement
Common stock price	$	10.27		$	10.13
Volatility		4.5	%		10.20	%
Expected life of the options to convert	5.25 years			5.45 years
Risk free rate		3.01	%		1.30	%
Dividend yield		0	%		0	%
FPA-committed
Common stock price	$	10.27		$	10.13
Time to maturity	0.25 year			0.45 year
Risk Free rate		1.72	%		0.17	%
FPA-optional
Common stock price	$	10.27		$	10.13
Volatility		4.5	%		5.0	%
Time to maturity	0.25 year			0.45 year
Risk Free rate		1.72	%		0.17	%

Change in Fair Value of Warrants and FPA Liabilities

The following table presents the changes in the fair value of the Warrants and the FPA liabilities at June 30, 2022:

	Public Warrants			Private Placement Warrants			Total Warrant Liabilities			Committed FPA		Optional FPA		Total FPA Liabilities
Fair value as of December 31, 2021	$	9,798,000		$	11,422,018		$	21,220,018		$	2,474,941	$	2,533,104	$	5,008,045
Additional Private Placement Warrants May 25, 2022		—			2,760,000			2,760,000			—		—		—
Fair Value of Private Placement Warrants in excess of purchase price		—			81,153			81,153			—		—		—
Change in fair value		(3,204,360	)		(1,722,001	)		(4,926,361	)		284,097		228,919		513,016
Fair value as of June 30, 2022	$	6,593,640		$	12,541,170		$	19,134,810		$	2,759,038	$	2,762,023	$	5,521,061

The following table presents the changes in the fair value of the Warrants and the FPA liabilities at June 30, 2021:

	Public Warrants			Private Placement Warrants			Total Warrant Liability			Committed FPA		Optional FPA			Total FPA Liability
Fair value as of December 31, 2020	$	22,364,221		$	16,867,946		$	39,232,167		$	2,947,167	$	3,810,610		$	6,757,777
Additional Private Placement Warrants May 25, 2021		—			2,760,000			2,760,000			—		—			—
Fair Value of Private Placement Warrants in excess of purchase price		—			(79,548	)		(79,548	)		—		—			—
Change in fair value		(6,908,221	)		(4,652,842	)		(11,534,063	)		25,391		(209,500	)		(184,109	)
Fair value as of June 30, 2021	$	15,456,000		$	14,992,556		$	31,903,209		$	2,972,558	$	3,601,110		$	6,573,668