Quarterly report pursuant to Section 13 or 15(d)

Common Stock Subject to Possible Redemption

v3.22.1
Common Stock Subject to Possible Redemption
3 Months Ended
Mar. 31, 2022
Common Stock Subject to Possible Redemption  
Common Stock Subject to Possible Redemption

Note 6— Common Stock Subject to Possible Redemption

The Company’s common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of future events. The Company is authorized to issue 400,000,000 shares of common stock with a par value of $0.0001 per share. Holders of the Company’s common stock are entitled to one vote for each share. As of March 31, 2022, and December 31, 2021, there were 21,451,875 shares of common stock outstanding, of which 17,161,500 shares were subject to possible redemption and classified outside of permanent equity in the condensed balance sheets.

The common stock subject to possible redemption reflected on the condensed balance sheets is reconciled on the following table:

Gross proceeds from Initial Public Offering

    

$

171,615,000

Less:

 

  

Fair value of Public Warrants at issuance

(7,894,290)

Offering costs allocated at common stock subject to possible redemption

 

(9,494,877)

Plus:

 

  

Accretion on common stock subject to possible redemption

 

17,389,167

Common stock subject to possible redemption

$

171,615,000