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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Fair Value Assets Measured on Recurring Basis

The following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of December 31, 2022 and 2021, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

Description:	Level	December 31, 2022		December 31, 2021
Assets:
Cash and marketable securities held in Trust Account	1	$	41,561,656	$	232,304,005

Liabilities:
Warrant liability	2	$	31,800	$	413,400
Note payable to related party at fair value	3	$	257,492	$	—

Schedule of Change in Fair Value of Warrant Liability and Working Capital Note

The change in the fair value of the Level 3 warrant liability during the period from January 19, 2021 (date of inception) through November 4, 2021, was as follows:

	Period from January 19, 2021 (Inception) through November 4, 2021
Fair value - beginning of period	$	—
Additions		382,773
Change in fair value		125,023
Transfers out of level 3 to level 2		(507,796	)
Fair value - end of period	$	—

The following table presents information about the change in fair value of the Company’s Level 3 Working Capital Note during the year ended December 31, 2022:

	Year Ended December 31, 2022
Fair value - beginning of period	$	—
Additions		260,000
Change in fair value		(2,508	)
Fair value - end of period	$	257,492

Schedule of Estimated Fair Value of Working Capital Note

The Working Capital Note was valued using a combination of the Black-Scholes option pricing model and present value method, which is considered to be a Level 3 fair value measurement. The estimated fair value of the Working Capital Note was based on the following ranges of significant inputs:

Assumptions	At Issuance			As of December 31, 2022
Expected term	0.8 -1.0				0.9
Volatility		65.0	%		65.0	%
Risk free rate	4.0% - 4.7		%	4.7		%
Discount rate	24.8% - 29.6		%	24.4% - 29.4		%
Probability of conversion	65.0% - 75.0		%		65.0	%

- Definition

Tabular disclosure of all significant concentrations of risk, including credit risk and market risk, arising from all financial instruments (as defined), whether from an individual counterparty or groups of counterparties. The disclosure concerning concentrations of risk may consist of the following information: (1) for concentrations of credit risk disclosure may include: (a) information about the (shared) activity, region, or economic characteristic that identifies the concentration, (b) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the entity would incur if parties to the financial instruments that make up the concentration failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the entity, (c) the policy of requiring collateral or other security to support financial instruments subject to credit risk, information about the entity's access to that collateral or other security, and the nature and a brief description of the collateral or other security supporting those financial instruments, and (d) the policy of entering into master netting arrangements to mitigate the credit risk of financial instruments, information about the arrangements for which the entity is a party, and a brief description of the terms of those arrangements, including the extent to which they would reduce the entity's maximum amount of loss due to credit risk and (2) for disclosure of quantitative information about the market risks of financial instruments that is consistent with the way the company manages or adjusts those risks, disclosure may include: (a) more details about current positions and perhaps activity during the period, (b) the hypothetical effects on comprehensive income (or net assets), or annual income, of several possible changes in market prices, (c) a gap analysis of interest rate re-pricing or maturity dates, (d) the duration of the financial instruments, (e) the entity's value at risk from derivatives and from other positions at the end of the reporting period and the average value at risk during the year, or (f) other ways of reporting quantitative information as internally developed.

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