Shares held by the Sponsor had an aggregate market value of $85,560,000$86,595,000 based upon the closing price of $9.92$10.04 per share of Class A common stock on the Nasdaq on November 17,December 28, 2022, the most recent practicable date prior to the date of this Proxy Statement. Given the differential in the purchase price that the Sponsor paid for the Founder Shares as compared to the price of the units sold in the IPO and the substantial number of shares of our common stock that our Sponsor will receive upon conversion of the Founder Shares in connection with the Business Combination, our Sponsor may earn a positive rate of return on their investment even if the common stock of the post-combination company trades below the price initially paid for the units in the IPO and the public stockholders experience a negative rate of return following the completion of the Business Combination. The Sponsor has agreed to forfeit 1,766,612 Founder Shares upon the Closing, and not to transfer 2,120,627 Founder Shares until such Founder Shares become released upon the achievement of certain performance-based milestones under the Sponsor Agreement.Agreement, and assuming such forfeiture occurs at the Closing and the full achievement of the earn out, the Sponsor’s remaining 6,858,388 Founder Shares would be valued at approximately $68,858,216 based upon the closing price of $10.04 per share of Class A common stock on the Nasdaq on December 28, 2022. Approximately 820,000 Founder Shares and 321,000 Sponsor Earnout Shares may be allocated to the third parties (including the anchor investors).
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The Sponsor and anchor investors purchased an aggregate of 5,933,3334,983,999 and 949,334 Private Placement Warrants respectively from the Company for an aggregate purchase price of $8,900,000 (or $1.50 per warrant). These purchases took place in a private placement simultaneously with the consummation of the IPO. A portion of the proceeds we received from these purchases were placed in the Trust Account. The Sponsor’s Private Placement Warrants had an aggregateapproximate market value of $534,000$519,831, and the anchor investors’ Private Placement Warrants had an approximate market value of $99,016, based upon the closing price of $0.09$0.1043 per public warrant on the Nasdaq on November 17,December 28, 2022, the most recent practicable date prior to the date of this Proxy Statement. The Private Placement Warrants would become worthless if we do not consummate the Business Combination within the permitted time period. The Sponsor and anchor investors have agreed to forfeit 50% of the Private Placement Warrants held by them upon the Closing.Closing, and assuming such forfeiture occurs the Sponsor’s remaining 2,492,000 Private Placement Warrants would be valued at approximately $259,916, and the anchor investors’ remaining 474,667 Private Placement Warrants would be valued at approximately $49,508, based upon the closing price of $0.1043 per public warrant on the Nasdaq on December 28, 2022.
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The fact that Judith A. Hannaway, Jonathan Langer and Charles Schoenherr, our directors, and Keith Feldman, our Chief Financial Officer, will be entitled to receive, upon completion of the Business Combination, 27,121, 27,121, 27,121 and 235,118 Founder Shares, respectively, from our Sponsor, which would be valued in the aggregate at approximately $3,139,492$3,177,469 based on the closing price of $9.92$10.04 per share of our Class A common stock on the Nasdaq on November 17,December 28, 2022, and Keith Feldman will also be entitled to receive, upon completion of the Business Combination, 149,520 Private Placement Warrants from our Sponsor. The Private Placement Warrants had an aggregate market value of $13,457$15,595 based upon the closing price of $0.09$0.1043 per public warrant on the Nasdaq on November 17,December 28, 2022, the most recent practicable date prior to the date of this Proxy Statement. The Founder Shares and Private Placement Warrants would become worthless if we do not consummate the Business Combination within the permitted time period.
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On October 18, 2022, the Company executed (i) a promissory note in the principal amount of up to $200,000, bearing an interest of 10%, payable to David T. Hamamoto, in his personal capacity, and (ii) a promissory note in the principal amount of up to $200,000, bearing an interest of 10%, payable to Antara Capital Total Return SPAC Master Fund LP, a Cayman Islands exempted limited partnership. Such promissory notes will not have any claim on the proceeds held in the Trust Account unless such proceeds are released upon the Closing.
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We pay our Sponsor $10,000 per month for office space, secretarial and administrative services provided to members of our management team. Such arrangement will terminate upon the consummation of the Business Combination.