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Fair Value Measurements
12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements
NOTE 10. FAIR VALUE MEASUREMENTS
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, 2022 and 2021, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:
 
    
December 31, 2022
    
December 31, 2021
 
    
Level
    
Amount
    
Level
    
Amount
 
Assets:
                                   
Marketable securities held in Trust Account
     1      $ 10,325,848        1      $  301,518,928  
Liabilities:
                                   
Warrant Liability – Private Placement Warrants
     3      $ 16,380        3      $ 250,250  
The Private Placement Warrants were accounted for as liabilities in accordance with ASC
815-40
and are presented within warrant liabilities in the accompanying balance sheets. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within the statements of operations.
The Private Placement Warrants were valued using a binomial lattice model, which is considered to be a Level 3 fair value measurement. The binomial lattice model’s primary unobservable input utilized in determining the fair value of the Warrants is the expected volatility of the common stock. The expected volatility as of the closing date of the Initial Public Offering date was derived from observable public warrant pricing on comparable ‘blank-check’ companies without an identified target.
The following table provides quantitative information regarding Level 3 fair value measurements:
 
    
December 31, 2022
   
December 31, 2021
 
Stock price
   $ 9.96     $ 9.77  
Exercise price
   $ 11.50     $ 11.50  
Expected term (in years)
     0.59       5.75  
Volatility
     32.00     10.20
Risk-free rate
     5.60     1.32
Dividend yield
     0.00     0.00
The following table presents the changes in the fair value of Level 3 warrant liabilities as of December 31, 2022 and 2021:
 
    
Warrant
Liabilities
 
Fair value as of December 31, 2021
   $ 250,250  
Change in fair value
     (233,870
    
 
 
 
Fair value as of December 31, 2022
   $ 16,380  
    
 
 
 
 
    
Warrant
Liabilities
 
Fair value as of December 10, 2020 (inception)
   $ —    
Initial measurement on October 5, 2021
     509,600  
Change in fair value
     (259,350
    
 
 
 
Fair value as of December 31, 2021
   $ 250,250  
    
 
 
 
 
 
Transfers to/from Levels 1, 2 and 3 are recognized at the end of the reporting period in which a change in valuation technique or methodology occurs. There were no transfers in or out of Level 3 from other levels in the fair value hierarchy during the years ended December 31, 2022 and 2021.