Quarterly report pursuant to Section 13 or 15(d)

Class A Common Stock Subject to Possible Redemption

v3.22.1
Class A Common Stock Subject to Possible Redemption
3 Months Ended
Mar. 31, 2022
Class A Ordinary Shares Subject To Possible Redemption [Abstract]  
Class A Common Stock Subject to Possible Redemption

Note 8 – Class A Common Stock Subject to Possible Redemption

 

The Company’s Class A common stock feature 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 300,000,000 shares of Class A common stock with a par value of $0.0001 per share. Holders of the Company’s Class A common stock are entitled to one vote for each share. As of March 31, 2022 and December 31, 2021, there were 86,250,000 shares of Class A common stock outstanding, all of which were subject to possible redemption and are classified outside of permanent equity in the condensed balance sheets.

 

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

 

Gross proceeds   $ 862,500,000  
Less:        
Proceeds allocated to Public Warrants     (24,753,640 )
Class A common stock issuance costs     (47,036,560 )
Plus:        
Remeasurement of carrying value to redemption value     71,790,200  
Class A common stock subject to possible redemption   $ 862,500,000