Quarterly report pursuant to Section 13 or 15(d)

Initial Public Offering

Initial Public Offering
3 Months Ended
Mar. 31, 2022
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 March 31, 2022 and December 31, 2021, common stock subject to possible redemption reflected on the condensed consolidated balance sheets are reconciled in the following table:


Gross proceeds from public issuance










Proceeds allocated to public warrants





Common stock issuance costs










Accretion of carrying value to redemption value





Common stock subject to possible redemption