Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.22.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net income (loss) $ 1,217,736 $ (49,954)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Change in fair value of warrants (1,747,419)  
Interest earned on cash and marketable securities held in Trust Account (72,450) (40,259)
Changes in operating assets and liabilities:    
Prepaid expenses 67,508 (498,904)
Deferred legal fees 2,849,885  
Accrued offering costs and expenses (2,720,843) 168,983
Due to related party 30,000 213
Net cash used in operating activities (375,583) (419,921)
Cash flows from investing activities:    
Investment held in Trust Account   (276,000,000)
Cash withdrawn from Trust Account to pay franchise tax and income taxes 161,000  
Net cash provided by (used in) investing activities 161,000 (276,000,000)
Cash flows from financing activities:    
Proceeds from Initial Public Offering, net of underwriters’ fees   270,480,000
Proceeds from private placement   7,270,000
Payments of offering costs   (636,086)
Net cash provided by financing activities   277,113,914
Net change in cash (214,583) 693,993
Cash, beginning of the period 462,274 35,614
Cash, end of the period $ 247,691 729,607
Supplemental disclosure of noncash investing and financing activities:    
Deferred underwriting commissions charged to additional paid-in capital   9,660,000
Initial value of common stock subject to possible redemption   276,000,000
Deferred offering costs paid by Sponsor loan   $ 18,773