FAIR VALUE MEASUREMENTS (Tables)
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3 Months Ended |
12 Months Ended |
Mar. 31, 2024 |
Dec. 31, 2023 |
| FAIR VALUE MEASUREMENTS |
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| Schedule of Company's assets and liabilities that are measured at fair value on a recurring basis |
| | | | | | | | | | | | | March 31, | | December 31, | Description | | Level | | 2024 | | 2023 | Assets: | | | | | | | | | Marketable securities held in Trust Account | | 1 | | $ | — | | $ | 54,799,478 | | | | | | | | | | Liabilities: | | | | | | | | | Warrant liability – Private Warrants | | 3 | | $ | 615,312 | | $ | 307,656 | Non-redemption agreement liability | | 3 | | $ | — | | $ | 1,441,653 | Convertible notes derivative | | 3 | | $ | 12,369,480 | | $ | — | Earnout liability | | 3 | | $ | 11,183,000 | | $ | — |
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| | | | | | | | | | | | | December 31, | | December 31, | Description | | Level | | 2023 | | 2022 | Assets: | | | | | | | | | Marketable securities held in Trust Account | | 1 | | $ | 54,799,478 | | $ | 204,044,469 | | | | | | | | | | Liabilities: | | | | | | | | | Warrant liability – Private Warrants | | 3 | | $ | 307,656 | | $ | 184,594 | Non-redemption agreement liability | | 3 | | | 1,441,653 | | $ | — |
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| Schedule of Key Inputs into the models |
| | | | | | | | | | March 31, | | December 31, | | Input | | 2024 | | 2023 | | Market price of public shares | | $ | 1.60 | | $ | 6.20 | | Risk-free rate | | | 4.14 | % | | 3.77 | % | Dividend yield | | | 0.00 | % | | 0.00 | % | Volatility | | | 51.1 | % | | 12.0 | % | Probability of a business combination | | | 100 | % | | 100 | % | Exercise price | | $ | 11.50 | | $ | 11.50 | | Effective expiration date | | | 2/09/29 | | | 02/09/28 | |
| | | | | | | December 31, | | Input | | 2023 | | Market price of public shares | | $ | 6.20 | | Probability of acquisition | | | 100.0 | % | Equity volatility | | | 12.0 | % | Discount for lack of marketability | | | 8.0 | % | Discount for expected forfeiture | | | 5.11 | % |
| | | | | | | | | | | | | February 9, | | | | March 31, | | 2024 | | Input | | 2024 | | (initial measurement) | | Market price of public shares | | $ | 1.60 | | $ | 10.26 | | Revenue volatility | | | 15.00 | % | | 15.00 | % |
Discount factor for revenue | | | 96.9 | % | | 99.5 | % |
| | | | | | | | | | | | | February 9, | | | | | | 2024 | | | | March 31, | | (initial | | Input | | 2024 | | measurement) | | Market price of public shares | | $ | 1.60 | | $ | 10.26 | | Risk-free rate | | | 5.49 | % | | 4.48 | % | Dividend yield | | | 0.00 | % | | 0.00 | % | Volatility | | | 10,274.0 | % | | 4,120.0 | % | Exercise price | | $ | 1.60 | | $ | 10.26 | | Effective expiration date | | | 5/9/2024 | | | 5/9/2024 | |
| | | | | | | | | | | | | February 9, | | | | | | 2024 | | | | March 31, | | (initial | | Input | | 2024 | | measurement) | | Market price of public shares | | $ | 1.60 | | $ | 10.26 | | Risk-free rate | | | 4.59 | % | | 4.48 | % | Dividend yield | | | 0.00 | % | | 0.00 | % | Volatility | | | 10,274 | % | | 41,200 | % |
Exercise price | | $ | 1.60 | | $ | 10.26 | | Effective expiration date | | | 2/9/2026 | | | 2/9/2026 | |
| | | | | | | | | | | | | February 9, | | | | | | 2024 | | | | March 31, | | (initial | | Input | | 2024 | | measurement) | | Market price of public shares | | $ | 1.60 | | $ | 10.26 | | Risk-free rate | | | 4.31 | % | | 4.48 | % | Dividend yield | | | 0.00 | % | | 0.00 | % | Volatility | | | 166,681.0 | % | | 4,120.0 | % | Exercise price | | $ | 1.43 | | $ | 10.26 | | Effective expiration date | | | 2/9/2028 | | | 2/9/2028 | |
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| | | | | | | | | | December 31, | | December 31, | | Input | | 2023 | | 2022 | | Market price of public shares | | $ | 6.20 | | $ | 10.05 | | Risk-free rate | | | 3.77 | % | | 3.91 | % | Dividend yield | | | 0.00 | % | | 0.00 | % | Volatility | | | 12.0 | % | | 2.6 | % | Probability of a business combination | | | 100.0 | % | | 4.5 | % | Exercise price | | $ | 11.50 | | $ | 11.50 | | Effective expiration date | | | 02/09/2029 | | | 02/09/2028 | |
| | | | | | | | | | December 31, | | August 1, 2023 | | Input | | 2023 | | (Initial Measurement) | | Market price of public shares | | $ | 6.20 | | $ | 10.57 | | Probability of acquisition | | | 100.0 | % | | 82.0 | % | Equity volatility | | | 12.0 | % | | 19.9 | % | Discount for lack of marketability | | | 8.00 | % | | 3.0 | % | Discount for expected forfeiture | | | 5.11 | % | | 5.1 | % |
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| Schedule of changes in the fair value of the PIPE derivative liability and the warrant liability |
| | | | | | | | | Private | | Non-Redemption | | | Placement | | Agreement | | | Warrants | | Liability | Fair value as of December 31, 2023 | | $ | 307,656 | | $ | 1,441,653 | Change in valuation inputs or other assumptions | | | 307,656 | | | 164,626 | Transferred to equity | | | — | | | (1,606,279) | Fair value as of March 31, 2024 | | $ | 615,312 | | $ | — |
| | | | | | | | | Conversion | | Earnout | | | derivative | | Liability | Fair value as of December 31, 2023 | | $ | — | | $ | — | Initial measurement as of February 9, 2024 | | | 1,668,730 | | | 10,963,000 | Change in valuation inputs or other assumptions | | | 10,700,750 | | | 220,000 | Fair value as of March 31, 2024 | | $ | 12,369,480 | | $ | 11,183,000 |
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| | | | | | | | | | | | Private | | Non-Redemption | | PIPE | | | Placement | | Agreement | | Derivative | | | Warrants | | Liability | | Liability | Fair value as of December 31, 2022 | | $ | 184,594 | | $ | — | | $ | — | Initial measurement as of August 1, 2023 | | | — | | | 1,881,440 | | | — | Change in valuation inputs or other assumptions | | | 123,062 | | | (439,787) | | | — | Fair value as of December 31, 2023 | | $ | 307,656 | | $ | 1,441,653 | | $ | — |
| | | | | | | | | | | PIPE | | | Private | | Derivative | | | Placement Warrants | | Liability | Fair value as of December 31, 2021 | | $ | 7,137,930 | | 4,566,000 | Change in valuation inputs or other assumptions | | | (6,953,336) | | (4,566,000) | Fair value as of December 31, 2022 | | $ | 184,594 | | — |
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