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Fair Value Measurements
12 Months Ended
Dec. 31, 2022
Fair Value Measurements [Abstract]  
FAIR VALUE MEASUREMENTS

NOTE 8 - Fair Value Measurements

 

The Company determines the level in the fair value hierarchy within which each fair value measurement falls based on the lowest level input that is significant to the fair value measurement and performs an analysis of the assets and liabilities at each reporting period end.

 

The following tables present information about the Company’s financial assets that are measured at fair value on a recurring basis by level within the fair value hierarchy:

 

December 31, 2022 

 

Description  Quoted Prices
in Active Markets
(Level 1)
   Significant
Other
Observable
Inputs
(Level 2)
   Significant
Other
Unobservable
Inputs
(Level 3)
 
Assets:            
Investments held in Trust Account - Money Market Fund (1)  $262,960,151   $
       -
   $
         -
 

 

December 31, 2021 

 

Description  Quoted Prices
in Active Markets
(Level 1)
   Significant
Other
Observable
Inputs
(Level 2)
   Significant
Other
Unobservable
Inputs
(Level 3)
 
Assets:            
Investments held in Trust Account - Money Market Fund  $256,795,678   $
            -
   $
            -
 

 

(1)This balance includes cash deposited for an extension payment of $2,530,000.

 

Transfers to/from Levels 1, 2, and 3 are recognized at the beginning of the reporting period. There were no transfers to/from Levels 1, 2, and 3 during the period from March 17, 2021 (inception) through December 31, 2022.

 

Level 1 assets include investments in money market funds that invest solely in U.S. government securities. The Company uses inputs such as actual trade data, quoted market prices from dealers or brokers, and other similar sources to determine the fair value of its investments.