General form of registration statement for all companies including face-amount certificate companies

Fair Value Measurements (Tables)

v3.22.4
Fair Value Measurements (Tables)
6 Months Ended 9 Months Ended 12 Months Ended
Jun. 30, 2022
Sep. 30, 2022
Dec. 31, 2021
Fair Value Measurements (Tables) [Line Items]      
Schedule of fair value hierarchy of valuation inputs  

 

Fair Value as of September 30, 2022

   

Carrying Value

 

Level 1

 

Level 2

 

Level 3

Financial liabilities:

 

 

   

 

   

 

   

 

 

Warrant liability – Public Warrants

 

$

2,242,500

 

$

2,242,500

 

$

 

$

Warrant liability – Private Warrants

 

 

1,906,056

 

 

 

 

 

 

1,906,056

Warrant liability – SPA Warrants

 

 

28,041,937

 

 

 

 

 

 

28,041,937

Total

 

$

32,190,493

 

$

2,242,500

 

$

 

$

29,947,993

 
Schedule of changes in fair value  

 

Warrant Liability

Balance, January 1, 2022

 

$

Assumption of Public and Private Warrants in Business Combination

 

 

5,278,145

SPA Warrants from Convertible Note

 

 

20,949,110

Change in fair value of warrant liabilities

 

 

5,963,238

Balance, September 30, 2022

 

$

32,190,493

 
CleanTech Acquisition Corp [Member]      
Fair Value Measurements (Tables) [Line Items]      
Schedule of fair value hierarchy of valuation inputs

Description

 

Amount at
Fair Value

 

Level 1

 

Level 2

 

Level 3

June 30, 2022

 

 

   

 

   

 

   

 

 

Assets

 

 

   

 

   

 

   

 

 

Investments held in Trust Account:

 

 

   

 

   

 

   

 

 

Money Market investments

 

$

174,483,243

 

$

174,483,243

 

$

 

$

Liabilities

 

 

   

 

   

 

   

 

 

Warrant liabilities – Public Warrants

 

$

2,760,000

 

$

2,760,000

 

$

 

$

Warrant liabilities – Private Placement
Warrants

 

$

2,296,000

 

$

 

$

 

$

2,296,000

December 31, 2021

 

 

   

 

   

 

   

 

 

Assets

 

 

   

 

   

 

   

 

 

Investments held in Trust Account:

 

 

   

 

   

 

   

 

 

Money Market investments

 

$

174,230,428

 

$

174,230,428

 

$

 

$

Liabilities

 

 

   

 

   

 

   

 

 

Warrant liabilities – Public Warrants

 

$

5,175,000

 

$

5,175,000

 

$

 

$

Warrant liabilities – Private Placement
Warrants

 

$

2,798,250

 

$

 

$

 

$

2,798,250

 

Description

 

Amount at
Fair Value

 

Level 1

 

Level 2

 

Level 3

December 31, 2021

 

 

   

 

   

 

   

 

 

Assets

 

 

   

 

   

 

   

 

 

Investments held in Trust Account:

 

 

   

 

   

 

   

 

 

Money Market investments

 

$

174,230,428

 

$

174,230,428

 

$

 

$

Liabilities

 

 

   

 

   

 

   

 

 

Warrant liabilities – Public Warrants

 

$

5,175,000

 

$

5,175,000

 

$

 

$

Warrant liabilities – Private Placement Warrants

 

$

2,798,250

 

$

 

$

 

$

2,798,250

Schedule of the black-scholes option model for the private placement warrants
 

As of
June 30,
2022

 

As of
December 31,
2021

Stock price

 

$

10.07

 

 

$

9.96

 

Strike price

 

$

11.50

 

 

$

11.50

 

Probability of completing a Business Combination

 

 

38.0

%

 

 

*

 

Dividend yield

 

 

%

 

 

%

Term (in years)

 

 

4.1

 

 

 

4.6

 

Volatility

 

 

11.2

%

 

 

8.7

%

Risk-free rate

 

 

3.0

%

 

 

1.2

%

Discount for lack of marketability

 

 

%

 

 

%

Fair value of warrants

 

$

0.32

 

 

$

0.39

 

*        The probability of completing a Business Combination is considered within the volatility implied by the traded price of the Public Warrants which is used to value the Private Placement Warrants.

 
 

As of
December 31,
2021

Stock price

 

$

9.96

 

Strike price

 

$

11.50

 

Probability of completing a Business Combination

 

 

100.0

%

Dividend yield

 

 

%

Term (in years)

 

 

4.6

 

Volatility

 

 

8.7

%

Risk-free rate

 

 

1.2

%

Fair value of warrants

 

$

0.39

 

Schedule of financial instruments that are measured at fair value on a recurring basis

Fair value as of December 31, 2020

 

$

 

Initial measurement of Public Warrants and Private Placement Warrants at July 19, 2021

 

 

7,980,000

 

Initial measurement of over-allotment warrants

 

 

1,071,000

 

Transfer of Public Warrants to Level 1 measurement

 

 

(5,175,000

)

Change in fair value

 

 

(1,077,750

)

Fair value as of December 31, 2021

 

 

2,798,250

 

Change in fair value

 

 

(861,000

)

Fair value as of March 31, 2022

 

 

1,937,250

 

Change in fair value

 

 

358,750

 

Fair value as of June 30, 2022

 

$

2,296,000

 

 

Fair value as of December 31, 2020

 

$

 

Initial measurement of Public Warrants and Private Placement Warrants at July 19, 2021

 

 

7,980,000

 

Initial measurement of over-allotment warrants

 

 

1,071,000

 

Transfer of Public Warrants to Level 1 measurement

 

 

(5,175,000

)

Change in fair value

 

 

(1,077,750

)

Fair value as of December 31, 2021

 

$

2,798,250