XML 30 R20.htm IDEA: XBRL DOCUMENT v3.22.2.2
RECURRING FAIR VALUE MEASUREMENTS (Tables)
6 Months Ended
Jun. 30, 2022
RECURRING FAIR VALUE MEASUREMENTS  
Schedule of Company's financial assets and liabilities that were accounted for at fair value on a recurring basis

The following table presents fair value information as of June 30, 2022 and December 31, 2021 of the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.

Description

    

Amount at Fair Value

    

Level 1

    

Level 2

    

Level 3

June 30, 2022

Assets:

Investments held in Trust Account:

 

  

  

 

  

  

Money Market investments

$

275,780,634

$

275,780,634

$

$

Liabilities:

Public Warrants

$

1,097,100

$

1,097,100

$

$

Private Warrants

$

827,200

$

$

$

827,200

December 31, 2021

Assets:

Investments held in Trust Account:

Money Market Funds

$

276,016,842

$

276,016,842

$

Liabilities:

Public Warrants

$

5,934,690

$

5,934,690

$

Private Warrants

$

4,594,820

$

4,594,820

Schedule of key inputs into the Monte Carlo simulation model for the Warrants

The key inputs into the Monte Carlo simulation model for the Warrants were as follows at initial measurement, June 30, 2022 and December 31, 2021:

March 9, 2021 (Initial

    

June 30, 2022

    

December 31, 2021

    

Measurement)

Risk-free interest rate

3.02

%

1.30

%

1.09

%

Expected term (years)

5.73

5.40

6.31

Expected volatility

14.4

%

13.6

%

24.3

%

Exercise Price

11.50

11.50

11.50

Schedule of change in the fair value of the warrant liabilities classified as Level 3

The change in the fair value of the warrant liabilities classified as Level 3 for the six months ended June 30, 2022 and the year ended December 31,2021 is summarized as follows:

Fair value at January 1, 2021

    

$

Issuance due to initial public offering

18,322,046

Public Warrants reclassified to level 1

(9,108,000)

Change in fair value

(4,619,226)

Fair value at December 31, 2021

4,594,820

Change in fair value

 

(1,977,860)

Fair value at March 31, 2022

2,616,960

Change in fair value

(1,789,760)

Fair value at June 30, 2022

$

827,200