Annual report pursuant to Section 13 and 15(d)

Initial Public Offering

v3.22.1
Initial Public Offering
12 Months Ended
Dec. 31, 2021
Initial Public Offering [Abstract]  
Initial Public Offering

Note 3 — Initial Public Offering

Pursuant to the IPO on January 14, 2021, the Company sold 24,000,000 Units, at a purchase price of $10.00 per Unit. Each Unit consists of one share of common stock and one half of one warrant to purchase one share of common stock (“Public Warrant”). Each whole Public Warrant entitles the holder to purchase one share of common stock at a price of $11.50 per share, subject to adjustment.

On January 14, 2021, an aggregate of $10.00 per Unit sold in the IPO was held in the Trust Account and will be held as cash or invested only in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 180 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of Rule 2a-7 of the Investment Company Act.

On January 19, 2021, the underwriters exercised the over-allotment option in full to purchase 3,600,000 Units. Following the closing of the IPO on January 14, 2021 and the underwriters’ full exercise of over-allotment option on January 19, 2021, $276,000,000 was held in the Trust Account.

As of December 31, 2021, the common stock subject to possible redemption reflected on the balance sheet are reconciled in the following table:

 

Gross proceeds from public issuance

 

$

276,000,000

 

Less:

 

 

 

 

Proceeds allocated to public warrants

 

 

(16,771,351

)

Common stock issuance costs

 

 

(14,849,933

)

Plus:

 

 

 

 

Accretion of carrying value to redemption value

 

 

31,621,284

 

Common stock subject to possible redemption

 

$

276,000,000