Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 10, 2022 | |
Entity Listings [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Document Transition Report | false | |
Entity File Number | 001-39714 | |
Entity Registrant Name | TIGA ACQUISITION CORP. | |
Entity Central Index Key | 0001820144 | |
Entity Incorporation, State or Country Code | E9 | |
Entity Tax Identification Number | 00-0000000 | |
Entity Address, Address Line One | Ocean Financial Centre | |
Entity Address, Address Line Two | Level 40, 10 Collyer Quay | |
Entity Address, City or Town | Singapore | |
Entity Address, Country | SG | |
Entity Address, Postal Zip Code | 049315 | |
City Area Code | 65 | |
Local Phone Number | 6808 6288 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | true | |
Units [Member] | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant | |
Trading Symbol | TINV U | |
Security Exchange Name | NYSE | |
Class A Ordinary Shares [Member] | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | Class A ordinary shares, par value $0.0001 per share | |
Trading Symbol | TINV | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 27,600,000 | |
Redeemable Warrants [Member] | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | Redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share | |
Trading Symbol | TINV WS | |
Security Exchange Name | NYSE | |
Class B Ordinary Shares [Member] | ||
Entity Listings [Line Items] | ||
Entity Common Stock, Shares Outstanding | 6,900,000 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Current Assets | ||
Cash | $ 165,655 | $ 17,499 |
Prepaid expenses | 106,875 | 123,750 |
Total Current Assets | 272,530 | 141,249 |
Cash and Investments held in Trust Account | 287,542,770 | 284,379,776 |
Total Assets | 287,815,300 | 284,521,025 |
Current Liabilities: | ||
Accrued expenses | 3,254,399 | 559,183 |
Convertible promissory note - related party | 1,680,000 | 0 |
Total Current Liabilities | 4,934,399 | 559,183 |
Deferred underwriting fee payable | 9,660,000 | 9,660,000 |
Total Liabilities | 39,250,270 | 36,447,246 |
Commitments and Contingencies | ||
Class A ordinary shares subject to possible redemption, $0.0001 par value; 27,600,000 shares at redemption value of $10.42 and $10.30 per share as of June 30, 2022 and December 31, 2021, respectively | 287,542,770 | 284,280,000 |
Shareholders' Deficit | ||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; no shares issued or outstanding | 0 | 0 |
Additional paid-in capital | 0 | 0 |
Accumulated deficit | (38,978,430) | (36,206,911) |
Total Shareholders' Deficit | (38,977,740) | (36,206,221) |
LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS' DEFICIT | 287,815,300 | 284,521,025 |
Class A Ordinary Shares [Member] | ||
Shareholders' Deficit | ||
Ordinary shares | 0 | 0 |
Class B Ordinary Shares [Member] | ||
Shareholders' Deficit | ||
Ordinary shares | 690 | 690 |
Forward Purchase Agreement [Member] | ||
Current Liabilities: | ||
Derivative liabilities | 5,521,061 | 5,008,045 |
Warrant [Member] | ||
Current Liabilities: | ||
Derivative liabilities | $ 19,134,810 | $ 21,220,018 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Shareholders' Deficit | ||
Preference shares, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preference shares, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preference shares, shares issued (in shares) | 0 | 0 |
Preference shares, shares outstanding (in shares) | 0 | 0 |
Class A Ordinary Shares [Member] | ||
LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS' DEFICIT | ||
Ordinary shares, redemption par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Ordinary shares, redemption (in shares) | 27,600,000 | 27,600,000 |
Ordinary shares, redemption price per share (in dollars per share) | $ 10.42 | $ 10.30 |
Shareholders' Deficit | ||
Ordinary shares, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Ordinary shares, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Ordinary shares, shares issued (in shares) | 0 | 0 |
Ordinary shares, shares outstanding (in shares) | 0 | 0 |
Class B Ordinary Shares [Member] | ||
Shareholders' Deficit | ||
Ordinary shares, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Ordinary shares, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Ordinary shares, shares issued (in shares) | 6,900,000 | 6,900,000 |
Ordinary shares, shares outstanding (in shares) | 6,900,000 | 6,900,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Loss from operations | ||||
Operating costs | $ 3,037,584 | $ 650,003 | $ 4,243,935 | $ 834,787 |
Loss from operations | (3,037,584) | (650,003) | (4,243,935) | (834,787) |
Other (expense) income: | ||||
Interest earned on investments held in Trust Account | 363,264 | 3,355 | 402,994 | 35,076 |
FV of private placement warrant in excess of purchase price | (81,153) | 79,548 | (81,153) | 79,548 |
Total other (expense) income, net | (4,480,498) | 6,075,886 | 4,735,186 | 11,832,796 |
Net (loss) income | (7,518,082) | 5,425,883 | 491,251 | 10,998,009 |
Class A Ordinary Shares [Member] | ||||
Other (expense) income: | ||||
Net (loss) income | $ (6,014,466) | $ 4,340,706 | $ 393,001 | $ 8,798,407 |
Weighted average shares outstanding, basic (in shares) | 27,600,000 | 27,600,000 | 27,600,000 | 27,600,000 |
Weighted average shares outstanding, diluted (in shares) | 27,600,000 | 27,600,000 | 27,600,000 | 27,600,000 |
Basic net (loss) income per share (in dollars per share) | $ (0.22) | $ 0.16 | $ 0.01 | $ 0.32 |
Diluted net (loss) income per share (in dollars per share) | $ (0.22) | $ 0.16 | $ 0.01 | $ 0.32 |
Class B Ordinary Shares [Member] | ||||
Other (expense) income: | ||||
Net (loss) income | $ (1,503,616) | $ 1,085,177 | $ 98,250 | $ 2,119,602 |
Weighted average shares outstanding, basic (in shares) | 6,900,000 | 6,900,000 | 6,900,000 | 6,900,000 |
Weighted average shares outstanding, diluted (in shares) | 6,900,000 | 6,900,000 | 6,900,000 | 6,900,000 |
Basic net (loss) income per share (in dollars per share) | $ (0.22) | $ 0.16 | $ 0.01 | $ 0.32 |
Diluted net (loss) income per share (in dollars per share) | $ (0.22) | $ 0.16 | $ 0.01 | $ 0.32 |
Warrant [Member] | ||||
Other (expense) income: | ||||
Change in fair value of warrant liabilities | $ (4,031,433) | $ 4,205,105 | $ 4,926,361 | $ 11,534,063 |
Forward Purchase Agreement [Member] | ||||
Other (expense) income: | ||||
Change in fair value of warrant liabilities | $ (731,176) | $ 1,787,878 | $ (513,016) | $ 184,109 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT - USD ($) | Common Stock [Member] Class B Ordinary Shares [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Total | Class B Ordinary Shares [Member] |
Beginning balance at Dec. 31, 2020 | $ 690 | $ 0 | $ (54,292,560) | $ (54,291,870) | |
Beginning balance (in shares) at Dec. 31, 2020 | 6,900,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | $ 0 | 0 | 5,572,126 | 5,572,126 | |
Ending balance at Mar. 31, 2021 | $ 690 | 0 | (48,720,434) | (48,719,744) | |
Ending balance (in shares) at Mar. 31, 2021 | 6,900,000 | ||||
Beginning balance at Dec. 31, 2020 | $ 690 | 0 | (54,292,560) | (54,291,870) | |
Beginning balance (in shares) at Dec. 31, 2020 | 6,900,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 10,998,009 | $ 2,119,602 | |||
Ending balance at Jun. 30, 2021 | $ 690 | 0 | (46,054,551) | (46,053,861) | |
Ending balance (in shares) at Jun. 30, 2021 | 6,900,000 | ||||
Beginning balance at Mar. 31, 2021 | $ 690 | 0 | (48,720,434) | (48,719,744) | |
Beginning balance (in shares) at Mar. 31, 2021 | 6,900,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | $ 0 | 0 | 5,425,883 | 5,425,883 | 1,085,177 |
Accretion for Class A ordinary shares to redemption amount | 0 | (2,760,000) | (2,760,000) | ||
Ending balance at Jun. 30, 2021 | $ 690 | 0 | (46,054,551) | (46,053,861) | |
Ending balance (in shares) at Jun. 30, 2021 | 6,900,000 | ||||
Beginning balance at Dec. 31, 2021 | $ 690 | 0 | (36,206,911) | (36,206,221) | |
Beginning balance (in shares) at Dec. 31, 2021 | 6,900,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | $ 0 | 0 | 8,009,333 | 8,009,333 | |
Ending balance at Mar. 31, 2022 | $ 690 | 0 | (28,197,578) | (28,196,888) | |
Ending balance (in shares) at Mar. 31, 2022 | 6,900,000 | ||||
Beginning balance at Dec. 31, 2021 | $ 690 | 0 | (36,206,911) | (36,206,221) | |
Beginning balance (in shares) at Dec. 31, 2021 | 6,900,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 491,251 | 98,250 | |||
Ending balance at Jun. 30, 2022 | $ 690 | 0 | (38,978,430) | (38,977,740) | |
Ending balance (in shares) at Jun. 30, 2022 | 6,900,000 | ||||
Beginning balance at Mar. 31, 2022 | $ 690 | 0 | (28,197,578) | (28,196,888) | |
Beginning balance (in shares) at Mar. 31, 2022 | 6,900,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | $ 0 | 0 | (7,518,082) | (7,518,082) | $ (1,503,616) |
Accretion for Class A ordinary shares to redemption amount | 0 | (3,262,770) | (3,262,770) | ||
Ending balance at Jun. 30, 2022 | $ 690 | $ 0 | $ (38,978,430) | $ (38,977,740) | |
Ending balance (in shares) at Jun. 30, 2022 | 6,900,000 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Cash Flows from Operating Activities: | ||||
Net income | $ (7,518,082) | $ 5,425,883 | $ 491,251 | $ 10,998,009 |
Adjustments to reconcile net income to net cash used in operating activities: | ||||
FV of private placement warrant in excess of purchase price | 81,153 | (79,548) | 81,153 | (79,548) |
Interest earned on investments held in Trust Account | (363,264) | (3,355) | (402,994) | (35,076) |
Changes in operating assets and liabilities: | ||||
Prepaid expenses | 16,875 | 22,860 | ||
Accrued expenses | 2,695,216 | 497,767 | ||
Net cash used in operating activities | (1,531,844) | (314,160) | ||
Cash Flows from Investing Activities: | ||||
Investment of cash into Trust Account | (2,760,000) | (2,760,000) | ||
Net cash used in provided by investing activities | (2,760,000) | (2,760,000) | ||
Cash Flows from Financing Activities: | ||||
Proceeds from sale of Private Placements Warrants | 2,760,000 | 2,760,000 | ||
Proceeds from promissory note - related party | 1,680,000 | 0 | ||
Payment of offering costs | 0 | (26,780) | ||
Net cash provided by financing activities | 4,440,000 | 2,733,220 | ||
Net Change in Cash | 148,156 | (340,940) | ||
Cash - Beginning of period | 17,499 | 1,144,776 | ||
Cash - End of period | $ 165,655 | $ 803,836 | 165,655 | 803,836 |
Non-Cash investing and financing activities: | ||||
Offering costs included in accrued offering costs | 0 | (26,780) | ||
Warrant [Member] | ||||
Adjustments to reconcile net income to net cash used in operating activities: | ||||
Change in fair value of warrant liabilities | (4,926,361) | (11,534,063) | ||
Forward Purchase Agreement [Member] | ||||
Adjustments to reconcile net income to net cash used in operating activities: | ||||
Change in fair value of warrant liabilities | $ 513,016 | $ (184,109) |
DESCRIPTION OF ORGANIZATION AND
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS | 6 Months Ended |
Jun. 30, 2022 | |
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS [Abstract] | |
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS | NOTE 1 — DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Tiga Acquisition Corp. (“Tiga” or the “Company”) is a blank check company incorporated as a Cayman Islands exempted company on July 27, 2020. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities (a “Business Combination”). On April 11, 2022, Merger Sub, a wholly owned subsidiary of Tiga was formed solely for the purpose of effectuating the Merger described herein. Merger Sub was incorporated under the laws of the State of Delaware. Merger Sub owns no material assets and does not operate any business. On the date immediately prior to the Closing Date, Merger Sub will merge with and into Grindr. The Company is not limited to a particular industry or sector for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. As of June 30, 2022, the Company had not commenced any operations. All activity for the period from July 27, 2020 (inception) and since the Initial Public Offering through June 30, 2022 relates to the Company’s formation and the preparation for the initial public offering (the “Initial Public Offering”), which is described below. Since the Initial Public Offering, the Company’s activities have been limited to the search for a business combination target and activities in connection with the proposed Business Combination with Grindr Group LLC, a Delaware limited liability company (“Grindr”), as described further in Note 10. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company generates non-operating income in the form of interest and dividend income from the proceeds obtained in connection with the Initial Public Offering. The registration statement for the Initial Public Offering was declared effective on November 23, 2020. On November 27, 2020, the Company consummated the Initial Public Offering of 27,600,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units sold, the “Public Shares”) which includes the full exercise by the underwriters of their over-allotment option in the amount of 3,600,000 Units, at $10.00 per Unit, generating gross proceeds of $276,000,000 which is described in Note 3. Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 10,280,000 warrants (the “Initial Private Placement Warrants”) at a price of $1.00 per Initial Private Placement Warrant in a private placement to Tiga Sponsor LLC (the “Sponsor”), generating gross proceeds of $10,280,000, which is described in Note 4. Transaction costs amounted to $15,736,649, consisting of $5,520,000 of underwriting fees, $9,660,000 of deferred underwriting fees and $556,649 of other offering costs. Following the closing of the Initial Public Offering on November 27, 2020, an amount of $278,760,000 ($10.10 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Initial Private Placement Warrants was placed in a trust account (the “Trust Account”), and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less until the earliest of: (i) the completion of a Business Combination and (ii) the distribution of the funds in the Trust Account to the Company’s shareholders, as described below. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Placement Warrants (as defined below) The Company will provide the holders of the public shares (the “Public Shareholders”) with the opportunity to redeem all or a portion of their public shares upon the completion of the Business Combination, either (i) in connection with a general meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Shareholders will be entitled to redeem their Public Shares, equal to the aggregate amount then on deposit in the Trust Account, calculated as of two The Company will proceed with a Business Combination only if the Company seeks shareholder approval, it receives an ordinary resolution under Cayman Islands law approving a Business Combination, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the Company. If a shareholder vote is not required and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission (“SEC”), and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination. If the Company seeks shareholder approval in connection with a Business Combination, the Sponsor has agreed to vote the Founder Shares (as defined in Note 5) and any Public Shares purchased during or after the Initial Public Offering in favor of approving a Business Combination. Additionally, each Public Shareholder may elect to redeem their Public Shares, without voting, and if they do vote, irrespective of whether they vote for or against a proposed Business Combination. Notwithstanding the foregoing, if the Company seeks shareholder approval of the Business Combination and the Company does not conduct redemptions pursuant to the tender offer rules, a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the Public Shares without the Company’s prior written consent. The Sponsor has agreed (a) to waive its redemption rights with respect to any Founder Shares and Public Shares held by it in connection with the completion of a Business Combination and (b) not to propose an amendment to the Amended and Restated Memorandum and Articles of Association (i) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the Company’s initial Business Combination or to redeem 100% of the Public Shares if the Company does not complete a Business Combination within the Combination Period (as defined below) or (ii) with respect to any other provision relating to shareholders’ rights or pre-initial business combination activity, unless the Company provides the Public Shareholders with the opportunity to redeem their Public Shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the Trust account and not previously released to pay taxes, divided by the number of then issued and outstanding Public Shares. The Company will have up until November 27, 2022 (the “Combination Period”) to consummate a Business Combination. If the Company has not completed a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten The Sponsor has agreed to waive its rights to liquidating distributions from the Trust Account with respect to the Founder Shares it will receive if the Company fails to complete a Business Combination within the Combination Period. However, if the Sponsor or any of its respective affiliates acquire Public Shares, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period, and in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the Initial Public Offering price per Unit. In order to protect the amounts held in the Trust Account, the Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party (other than the Company’s independent registered public accounting firm) for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (1) $10.40 per Public Share or (2) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.40 per Public Share, due to reductions in the value of trust assets, in each case net of the interest that may be withdrawn to pay taxes. This liability will not apply to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and as to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (other than the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. Business Combination On May 9, 2022, Tiga entered into an agreement and plan of merger with Tiga Merger Sub LLC, a Delaware limited liability company and wholly owned subsidiary of Tiga (“Merger Sub”), and Grindr (as it may be amended, restated, supplemented or otherwise modified from time to time, the “Merger Agreement”). The Merger Agreement provides that, among other things and upon the terms and subject to the conditions thereof, the following transactions will occur (together with the other transactions contemplated by the Merger Agreement, including the Domestication (as defined below), the “Business Combination Transaction”): (i) at the closing of the Business Combination Transaction (the “Closing”), in accordance with the Delaware Limited Liability Company Act (“DGCL”), Merger Sub will merge with and into Grindr, the separate corporate existence of Merger Sub will cease and Grindr will be the surviving corporation and a wholly owned subsidiary of Tiga (the “Merger”); and (ii) as a result of the Merger, among other things, (x) each Grindr series X ordinary unit (“Grindr Series X Ordinary Unit”) and each Grindr series Y preferred unit (“Grindr Series Y Preferred Unit”, and together with the Grindr Series X Ordinary Units, the “Grindr”) Units that is issued and outstanding immediately prior to the Effective Time (as defined in the Merger Agreement) shall be cancelled and converted into the right to receive a number of shares of New Grindr Common Stock (as defined below) equal to the quotient obtained by dividing dividing sum plus Under the Merger Agreement, Tiga has agreed to acquire all Grindr Units for (i) the Grindr Valuation plus plus exceeds The Special Committee of Tiga has unanimously approved and declared advisable the Merger Agreement and the Business Combination. In addition, the Board of Directors of Tiga (the “Board”) has unanimously (i) approved and declared advisable the Merger Agreement and the Business Combination and (ii) resolved to recommend approval of the Merger Agreement and related matters by the shareholders of Tiga. Prior to the Closing, subject to the approval of Tiga’s shareholders, and in accordance with the DGCL, Cayman Islands Companies Law (2020 Revision) (the “CICL”) and Tiga’s Amended and Restated Memorandum and Articles of Association (as may be amended from time to time, the “Cayman Constitutional Documents”), Tiga will effect a deregistration under the CICL and a domestication under Section 388 of the DGCL with the Secretary of State of Delaware), pursuant to which Tiga’s jurisdiction of incorporation will be changed from the Cayman Islands to the State of Delaware (the “Domestication”). In connection with the Domestication, Tiga, as the continuing entity in the Domestication, will be renamed “Grindr Inc.” As used herein, “New Grindr” refers to Tiga after the Domestication, including after such change of name. In connection with the Domestication, (i) each of the then issued and outstanding Class A ordinary shares, par value $0.0001 per share, of Tiga (the “Tiga Class A Ordinary Shares”), will convert automatically, on a one-for-one basis, into a share of common stock, par value $0.0001 per share of New Grindr (the “New Grindr Common Stock”), (ii) each of the then issued and outstanding Class B ordinary shares, par value $0.0001 per share, of Tiga (the “Tiga Class B Ordinary Shares”), will convert automatically, on a one-for-one basis, into a share of New Grindr Common Stock, (iii) each then issued and outstanding warrant of Tiga will convert automatically into a warrant to acquire one share of New Grindr Common Stock (“New Grindr Warrant”), pursuant to the Warrant Agreement, dated November 23, 2020, between Tiga and Continental Stock Transfer & Trust Company, as warrant agent, and (iv) each then issued and outstanding unit of Tiga will separate and convert automatically into one share of New Grindr Common Stock and one-half Liquidity and Going Concern As of June 30, 2022, the Company had cash of $165,655. The Company intends to use the funds held outside the Trust Account primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses, and structure, negotiate and complete a Business Combination. The Company will need to raise additional capital through loans or additional investments from its initial shareholders, officers or directors. If the Company is unable to raise additional capital, the Company may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to the Company on commercially acceptable terms, if at all. These conditions raise substantial doubt about the Company’s ability to continue as a going concern through one year and one day from the issuance of this Form 10-Q. In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” the Company has until November 27, 2022 to consummate a Business Combination. It is uncertain that the Company will be able to consummate a Business Combination by this time. If a Business Combination is not consummated by this date and an extension not requested by the Sponsor, there will be a mandatory liquidation and subsequent dissolution of the Company. Management has determined that the liquidity conditions and mandatory liquidation, should a Business Combination not occur, and an extension is not requested by the Sponsor, and potential subsequent dissolution raises substantial doubt about the Company’s ability to continue as a going concern. The Company intends to complete its Business Combination. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after November 27, 2022. Risks and Uncertainties Management continues to evaluate the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations, and/or search for a target company, the specific impact is not readily determinable as of the date of these unaudited condensed consolidated financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. In February 2022, the Russian Federation and Belarus commenced a military action with the country of Ukraine. As a result of this action, various nations, including the United States, have instituted economic sanctions against the Russian Federation and Belarus. Further, the impact of this action and related sanctions on the world economy is not determinable as of the date of these unaudited condensed consolidated financial statements, and the specific impact on the Company’s financial condition, results of operations, and cash flows is also not determinable as of the date of these financial statements. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the period ended December 31, 2021 as filed with the SEC on March 22, 2022. The interim results for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the period ending December 31, 2022 or any future periods. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation. Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statement with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. One of the more significant accounting estimates included in these financial statements is the determination of the fair value of the warrant and forward purchase agreement liabilities. Such estimates may be subject to change as more current information becomes available. Accordingly, the actual results could differ significantly from those estimates. Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of June 30, 2022 and December 31, 2021. Warrant and Forward Purchase Agreement Liability The Company accounts for the Warrants and the FPA (each as defined below) in accordance with the guidance contained in ASC 815-40, under which the Warrants and FPA do not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, the Company classifies the Warrants and FPA as liabilities at their fair value and adjusts the Warrants and FPA to fair value at each reporting period. These liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the condensed consolidated statements of operations. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the condensed consolidated statements of operations. The Public Warrants (as defined below) for periods where no observable trade price was available are valued using a Monte Carlo simulation. For periods subsequent to the detachment of the Public Warrants from the Units, the Public Warrant quoted market price was used as the fair value as of each relevant date. The fair value of the Private Placement Warrants (as defined below) was determined using a Black-Scholes-Merton model. The committed units of the FPA are valued using a discounted valuation of a reconstructed unit price and the optional units of the FPA are valued using the same reconstructed unit price within a Black-Scholes-Merton model framework. Convertible Promissory Note The Company accounts for its Convertible Note under ASC 815, “Derivatives and Hedging” (“ASC 815”). Under 815-15-25, an election can be made at the inception of a financial instrument to account for the instrument under the fair value option under ASC 825. The Company has made such election for its Convertible Note. Using the fair value option, the Convertible Note is required to be recorded at its initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the Convertible Note is recognized as a non-cash gain or loss on the condensed statements of operations. The Company has determined the fair value of the note is more accurately recorded at par since the conversion price is almost 150% higher than the value of the warrants. No arms-length transaction by a note holder would result in a conversion with this fact pattern, thus it is a more accurate depiction with recording at par. As such, no fair value change was booked to the statement of operations. Marketable Investments Held in Trust Account At June 30, 2022 and December 31, 2021, substantially all of the assets in the Trust Account were held in U.S. Treasury securities with a maturity of 185 days or less. The Company classifies its U.S. Treasury and equivalent securities as held-to-maturity in accordance with ASC Topic 320, “Investments - Debt and Equity Securities.” Held-to-maturity securities are those securities which the Company has the ability and intent to hold until maturity. Held-to-maturity treasury securities are recorded at amortized cost on the accompanying condensed consolidated balance sheets and adjusted for the amortization or accretion of premiums or discounts. Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ deficit. The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, at June 30, 2022 and December 31, 2021, Class A ordinary shares, 27,600,000, subject to possible redemption are presented as temporary equity, outside of the shareholders’ deficit section of the Company’s condensed consolidated balance sheets. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. Immediately upon the closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption amount value. The change in the carrying value of redeemable Class A ordinary shares resulted in charges against additional paid-in capital and accumulated deficit. At June 30, 2022 and December 31, 2021, the Class A ordinary shares reflected in the condensed consolidated balance sheets are reconciled in the following table: Gross proceeds $ 278,760,000 Less: Proceeds allocated to Public Warrants (15,897,248 ) Class A ordinary shares issuance costs (17,568,199 ) Add: Accretion of carrying value to redemption value 33,465,447 Class A ordinary shares subject to possible redemption at December 31, 2020 278,760,000 Plus: Accretion of carrying value to redemption value 5,520,000 Class A ordinary shares subject to possible redemption at December 31, 2021 284,280,000 Plus: Accretion of carrying value to redemption value 3,262,770 Class A ordinary shares subject to possible redemption at June 30, 2022 $ 287,542,770 Income Taxes The Company accounts for income taxes under ASC Topic 740, “Income Taxes,” which prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of June 30, 2022 and December 31, 2021, there were no unrecognized tax benefits and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was no for the period presented. Net Income (Loss) Per Ordinary Share The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share”. Net income per ordinary share is computed by dividing net income by the weighted average number of ordinary shares outstanding for the period. The net income or loss is allocated to each class of shares using an allocation of total shares, which is then divided by the total shares for the respective class. Accretion associated with the redeemable shares of Class A ordinary shares is excluded from earnings per share as the redemption value approximates fair value. The calculation of diluted income per share does not consider the effect of the warrants issued in connection with the (i) Initial Public Offering, and (ii) the private placement since the exercise of the warrants is contingent upon the occurrence of future events. The warrants are exercisable to purchase 32,360,000 Class A ordinary shares in the aggregate. As of June 30, 2022 and 2021, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted net loss per ordinary share is the same as basic net loss per ordinary share for the periods presented. The following table reflects the calculation of basic and diluted net income per ordinary share: Three Months Ended June 30, Six Months Ended June 30, 2022 2022 2021 2021 2022 2021 Class A Class B Class A Class B Class A Class B Class A Class B Basic and diluted net (loss) income per ordinary share Numerator: Allocation of net (loss) income $ (6,014,466 ) $ (1,503,616 ) $ 4,340,706 $ 1,085,177 $ 393,001 $ 98,250 $ 8,798,407 $ 2,119,602 Denominator: Basic and diluted weighted average shares outstanding 27,600,000 6,900,000 27,600,000 6,900,000 27,600,000 6,900,000 27,600,000 6,900,000 Basic and diluted net (loss) income per ordinary share $ (0.22 ) $ (0.22 ) $ 0.16 $ 0.16 $ 0.01 $ 0.01 $ 0.32 $ 0.32 Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Deposit Insurance Coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. Fair Value of Financial Instruments Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: • Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; • Level 2, defined as inputs other than quoted prices in active markets that are directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and • Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. As of June 30, 2022 and December 31, 2021, the carrying values of cash, prepaid expenses, accrued expenses, advances from related parties and notes payable from related parties approximate their fair values primarily due to the short-term nature of the instruments. Derivative Financial Instruments The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging”. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the issuance date and is then re-valued at each reporting date, with changes in the fair value reported in the condensed consolidated statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the condensed consolidated balance sheets as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date. Recent Accounting Standards In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. ASU 2016-13 also requires additional disclosures regarding significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. The Company expects to adopt the provisions of this guidance on January 1, 2023. The adoption is not expected to have a material impact on the Company’s condensed financial statements. Besides the above, the Company’s management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted. would have a material effect on the accompanying condensed financial statements. |
INITIAL PUBLIC OFFERING
INITIAL PUBLIC OFFERING | 6 Months Ended |
Jun. 30, 2022 | |
INITIAL PUBLIC OFFERING [Abstract] | |
INITIAL PUBLIC OFFERING | NOTE 3 — INITIAL PUBLIC OFFERING Pursuant to the Initial Public Offering, the Company sold 27,600,000 Units, which includes the full exercise by the underwriters of their over-allotment option in the amount of 3,600,000 Units, at a purchase price of $10.00 per Unit. Each Unit consists of one Class A ordinary share and one-half |
PRIVATE PLACEMENT
PRIVATE PLACEMENT | 6 Months Ended |
Jun. 30, 2022 | |
PRIVATE PLACEMENT [Abstract] | |
PRIVATE PLACEMENT | NOTE 4 — PRIVATE PLACEMENT Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 10,280,000 Initial Private Placement Warrants at a price of $1.00 per Initial Private Placement Warrant, for an aggregate purchase price of $10,280,000. Each Initial Private Placement Warrant is exercisable to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment (see Note 8). A portion of the proceeds from the Initial Private Placement Warrants were added to the proceeds from the Initial Public Offering held in the Trust Account. On May 18, 2021, November 17, 2021, and May 23, 2022, respectively, the Company announced the approval and extension of the time period to consummate a Business Combination and the approval of the issuance and sale of certain private placement warrants in connection therewith. On May 20, 2021, November 22, 2021, and May 24, 2022, respectively, the required deposit of $2,760,000 was placed into the Trust Account and on May 25, 2021, November 23, 2021, and May 25, 2022, respectively, the Company issued and sold to the Sponsor 2,760,000 private placement warrants (the “Extension Private Placement Warrants” and together with the Initial Private Placement Warrants, the “Private Placement Warrants”). Thereafter, the total amount of outstanding Private Placement Warrants is 18,560,000. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2022 | |
RELATED PARTY TRANSACTIONS [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 5 — RELATED PARTY TRANSACTIONS Founder Shares In July 2020, the Sponsor paid $25,000 to cover certain offering and formation costs of the Company in consideration for 5,750,000 Class B ordinary shares (the “Founder Shares”). On November 23, 2020, the Sponsor transferred 20,000 Founder Shares to each of the three independent directors for approximately the same per-share price initially paid by the Sponsor. On November 23, 2020, the Company effected a 1,150,000-share dividend, resulting in 6,900,000 Founder Shares outstanding. All share and per-share amounts have been retroactively restated to reflect the share dividend. The Founder Shares included an aggregate of up to 900,000 shares that were subject to forfeiture depending on the extent to which the underwriters’ over-allotment option was exercised, so that the number of Founder Shares would equal, on an as-converted basis, approximately 20% of the Company’s issued and outstanding ordinary shares after the Initial Public Offering. As a result of the underwriters’ election to fully exercise their over-allotment option, 900,000 Founder Shares are no longer subject to forfeiture. The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earliest of: (A) one year after the completion of a Business Combination and (B) subsequent to a Business Combination, (x) if the closing price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share dividends, rights issuances, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the Public Shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property. Administrative Support Agreement Commencing on November 23, 2020, the Company entered into an agreement to pay an affiliate of the Sponsor up to $10,000 per month for overhead expenses and related services. Upon completion of a Business Combination or its liquidation, the Company will cease paying these monthly fees. For the three and six months ended June 30, 2022, the Company incurred $30,000 and $60,000 of such fees, respectively, of which $20,000 are included in accrued expenses in the accompanying condensed consolidated balance sheets. For the three and six months ended June 30, 2021, the Company incurred and paid $30,000 and $60,000 of such fees, respectively. Related Party Loans In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes may be repaid upon completion of a Business Combination, without interest, or, at the lender’s discretion, up to $2,000,000 of notes may be converted upon completion of a Business Combination into warrants at a price of $1.00 per warrant. Such warrants would be identical to the Private Placement Warrants. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. On March 16, 2022, the Board of Directors of the Company authorized the execution and delivery of a Convertible Promissory Note in the principal amount of $2,000,000 (the “Note”) to the Sponsor as part of the Working Capital Loans. On January 25, 2022, March 31, 2022, May 12, 2022, and June 27, 2022, the Sponsor had advanced the sum of $750,000, $300,000, $430,000, and $200,000, respectively, to the Company on account of the Note. All unpaid principal under the Note shall be due and payable in full on the effective date of the Company’s initial business combination, unless accelerated upon the occurrence of an event of default. At June 30, 2022, there was $1,680,000 outstanding under this Note and the amount available for withdrawal under the Note totaled $320,000. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2022 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 6 — COMMITMENTS AND CONTINGENCIES Registration Rights Pursuant to a registration and shareholders rights agreement entered into on November 23, 2020, the holders of the Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of the Working Capital Loans) and forward purchase shares and forward purchase warrants (and underlying Class A ordinary shares) will be entitled to registration rights. The holders of these securities will be entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of a Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The underwriters are entitled to a deferred fee of $0.35 per Unit, or $9,660,000 in the aggregate. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. However, one of the underwriters, Goldman Sachs (Asia) L.L.C., has agreed to waive its rights to the deferred underwriting in connection with its decision not to provide further services as a financial advisor, placement agent, capital markets advisor or in any other capacity in connection with closing of the Business Combination. Forward Purchase Agreement The Company entered into a forward purchase agreement (the “FPA”) with the Sponsor which provides for the purchase by the Sponsor or its permitted transferee (the “forward purchaser”) of an aggregate of 5,000,000 Class A ordinary shares, plus an aggregate of 2,500,000 redeemable warrants (the “forward purchase warrants”) to purchase one Class A ordinary share at $11.50 per share, for an aggregate purchase price of $50,000,000, or $10.00 per Class A ordinary share, in a private placement to close prior to or concurrently with the closing of a Business Combination. Pursuant to the forward purchase agreement, the forward purchaser was also granted an option to subscribe, in the forward purchaser’s sole discretion, for an additional 5,000,000 Class A ordinary shares plus an additional 2,500,000 redeemable warrants to purchase one Class A ordinary share at $11.50 per share, for an additional purchase price of $50,000,000, or $10.00 per Class A ordinary share, in one or multiple private placements to close prior to or concurrently with the closing of a Business Combination (the “Optional FPA”). The obligations under the forward purchase agreement do not depend on whether any Class A ordinary shares are redeemed by the Public Shareholders. The forward purchase warrants will have the same terms as the Public Warrants. On May 9, 2022, concurrently with the execution of the Merger Agreement, the Company entered into an amended and restated forward purchase agreement (the “A&R FPA” or “Forward Purchase Agreement”) with the Sponsor. The A&R FPA replaces the FPA that was entered into in connection with the closing of the Initial Public Offering. The A&R FPA provides for the purchase by the forward purchaser of an aggregate of 5,000,000 Class A ordinary shares, plus an aggregate of 2,500,000 forward purchase warrants to purchase one share of New Grindr Common Stock at $11.50 per share, for an aggregate purchase price of $50,000,000, or $10.00 per Class A ordinary share, in a private placement to close prior to or concurrently with the closing of a Business Combination (the “Committed FPA”). In addition, to the extent that the Non-FPS Amount (as defined in the A&R FPA) is less than $50,000,000 immediately prior to the closing of a Business Combination but following the Domestication, the forward purchaser has agreed pursuant to the A&R FPA to purchase (a) a number of shares of Class A ordinary shares (the “backstop shares”) equal to (A) (x) $50,000,000 minus (y) the Non-FPS Amount, divided by (B) $10.00, rounded down to the nearest whole number and (b) a number of redeemable warrants (the “backstop warrants”) equal to (I) the number of backstop shares in clause (a) multiplied by (II) 0.5, rounded down to the nearest whole number. In addition to the foregoing, the forward purchaser may, at its discretion (regardless of the Non-FPS Amount), subscribe for up to 5,000,000 backstop shares plus up to 2,500,000 backstop warrants at $11.50 per share, for an aggregate purchase price of $50,000,000, or $10.00 for each backstop share and one-half The proceeds from the sale of the forward purchase securities may be used as part of the consideration to the sellers in a Business Combination, expenses in connection with a Business Combination or for working capital. This purchase will be required to be made regardless of whether any Class A ordinary shares are redeemed by the Public Shareholders and are intended to provide the Company with a minimum funding level for a Business Combination. Advisory Agreement On May 9, 2022 the Company has entered into an agreement with an advisor to provide strategic advice and assistance related to the potential Business Combination with Grindr Group LLC. Raine will provide strategic advice and assistance to the Company in respect of the Transaction involving the Target and will perform such services for the Company as are customary and appropriate in transactions of this type as may from time to time be agreed upon by the advisor and the Company (including advice on the structure, negotiation strategy, valuation analyses, investor marketing, financial terms and other financial matters) that the Company reasonably requests. In the event of a successful Business Combination, Raine will be entitled to a $5,000,000 success fee and in the event that the Company’s public shareholders redeem 50% or less of the Company’s Class A common stock held by non-affiliates of the Company, the Company shall pay or cause to be paid to the advisor an incentive fee equal to $2,000,000. Any Incentive Fee payable in connection with the Transaction will be paid to the advisor in cash by wire transfer of immediately available funds immediately prior to or concurrently with the consummation of the Transaction. In the event that the Company’s public shareholders do not redeem 50% or less of the Company’s Class A common stock held by non-affiliates of the Company, the Company, in its sole discretion, may pay to the advisor the Incentive Fee taking into account the amount of work performed by the advisor in connection with Raine’s engagement hereunder and the incremental value provided by the advisor to the Company in connection with the Transaction as determined by the Company. Transaction Support Agreement On May 9, 2022, concurrently with the execution of the Merger Agreement, Grindr, Tiga, Merger Sub, the Sponsor and the directors of Tiga entered into the Transaction Support Agreement. Pursuant to the terms of the Transaction Support Agreement, the Sponsor and the directors of Tiga agreed to, among other things, vote or cause its shares to vote in favor of the Business Combination Proposal (as defined in the Merger Agreement) and the other proposals included in the accompanying proxy statement/prospectus. Unitholder Support Agreement A&R Registration Rights Agreement |
SHAREHOLDERS' DEFICIT
SHAREHOLDERS' DEFICIT | 6 Months Ended |
Jun. 30, 2022 | |
SHAREHOLDERS' DEFICIT [Abstract] | |
SHAREHOLDERS' DEFICIT | NOTE 7 — SHAREHOLDERS’ DEFICIT Preference Shares The Company is authorized to issue 1,000,000 preference shares with a par value of Class A Ordinary Shares The Company is authorized to issue 200,000,000 Class A ordinary shares, with a At June Class B Ordinary Shares The Company is authorized to issue 20,000,000 Class B ordinary shares, with a At June Holders of Class A ordinary shares and Class B ordinary shares will vote together as a single class on all other matters submitted to a vote of shareholders, except as required by law. The Class B ordinary shares will automatically convert into Class A ordinary shares on the first business day following the consummation of a Business Combination at a ratio such that the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of Initial Public Offering, plus (ii) the total number of ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued by the Company in connection with or in relation to the completion of a Business Combination (including the forward purchase shares, but not the forward purchase warrants), excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, or to be issued, to any seller in a Business Combination and any Private Placement Warrants issued to the Sponsor or any of their respective affiliates upon conversion of Working Capital Loans. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one to one. |
WARRANTS
WARRANTS | 6 Months Ended |
Jun. 30, 2022 | |
WARRANTS [Abstract] | |
WARRANTS | NOTE 8 — WARRANTS Public Warrants may only be exercised for a whole number of shares. No fractional shares will be The Company will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the Class A ordinary shares underlying the warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations with respect to registration. No warrant will be exercisable, and the Company will not be obligated to issue a Class A ordinary share upon exercise of a warrant unless the Class A ordinary share issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. The Company has agreed that as soon as practicable, but in no event later than 20 business days, after the closing of a Business Combination, it will use its commercially reasonable efforts to file with the SEC a registration statement covering the issuance, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the warrants. The Company will use its commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of a Business Combination and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the warrants in accordance with the provisions of the warrant agreement. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th business day after the closing of a Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. In addition, if the Class A ordinary shares are, at the time of any exercise of a warrant, not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement, but will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00. ● in whole and not in part; ● at a price of $0.01 per warrant; ● upon not less than 30 days’ prior written notice of redemption to each warrant holder; and ● if, and only if, the last reported sale price of the Class A ordinary shares for any 20 trading days within a 30-trading day period ending three business days before the Company sends the notice of redemption to the warrant holders (the “Reference Value”) equals or exceeds $18.00 per share (as adjusted for share sub-divisions, share dividends, reorganizations, recapitalizations and the like). If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws. Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00 . ● in whole and not in part; ● at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption; provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined based on the redemption date and the fair market value of the Class A ordinary shares; ● if, and only if, the Reference Value equals or exceeds $10.00 per share (as adjusted for share sub-divisions, share dividends, reorganizations, recapitalizations and the like); and ● if the Reference Value is less than $18.00 per share (as adjusted for share sub-divisions, share dividends, reorganizations, recapitalizations and the like), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above. The exercise price and number of ordinary shares issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, except as described below, the Public Warrants will not be adjusted for issuances of ordinary shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the Public Warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of Public Warrants will not receive any of such funds with respect to their Public Warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such Public Warrants. Accordingly, the Public Warrants may expire worthless. In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of a Business Combination at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of a Business Combination on the date of the consummation of a Business Combination (net of redemptions), and (z) the volume weighted average trading price of its Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $10.00 and $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 100% and 180% of the higher of the Market Value and the Newly Issued Price, respectively. The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants and the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable, except as described above, so long as they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2022 | |
FAIR VALUE MEASUREMENTS [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 9 — FAIR VALUE MEASUREMENTS The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on assessment of the assumptions that market participants would use in pricing the asset or liability. The Company classifies its U.S. Treasury and equivalent securities as held-to-maturity in accordance with ASC Topic 320 “Investments - Debt and Equity Securities.” Held-to-maturity securities are those securities which the Company has the ability and intent to hold until maturity. Held-to-maturity treasury securities are recorded at amortized cost on the accompanying condensed consolidated balance sheets and adjusted for the amortization or accretion of premiums or discounts. At June 30, 2022 and December 31, 2021, assets held in the Trust Account were comprised of $7,874 in cash and $287,534,896 in U.S. Treasury securities and $6,579 in cash and $284,373,197 in U.S. Treasury securities, respectively. During the six months ended June 30, 2022 and the year ended December 31, 2021, the Company did not withdraw any interest income from the Trust Account. The following table presents the gross holding gain and loss and fair value of held-to-maturity securities at June 30, 2022 and December 31, 2021: Held-To-Maturity Level Amortized Cost Gross Holding Gain/(Loss) Fair Value (i) June 30, 2022 U.S. Treasury Securities (Matured on 07/12/22, reinvested and mature on 08/25/22) 1 $ 287,534,896 $ (10,910 ) $ 287,523,986 December 31, 2021 U.S. Treasury Securities (Matured on 1/25/2022) 1 $ 284,373,197 $ 959 $ 284,374,156 (i) Fair value of securities does not include cash held in trust in the amount of $7,874 and $6,579, as of June 30, 2022 and December 31, 2021, respectively. At June 30, 2022, there were 13,800,000 Public Warrants and 18,560,000 Private Placement Warrants outstanding, respectively. At December 31, 2021, there were 13,800,000 Public Warrants and 15,800,000 Private Placement Warrants outstanding, respectively. The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at June 30, 2022 and December 31, 2021 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: Level June 30, 2022 Level December 31, 2021 Warrant liabilities – public warrants 1 $ 6,593,640 1 $ 9,798,000 Warrant liabilities – private placement warrants 3 $ 12,541,170 3 $ 11,422,018 FPA liabilities – committed 3 $ 2,759,038 3 $ 2,474,941 FPA liabilities – optional 3 $ 2,762,023 3 $ 2,533,104 Transfers to and from Levels 1, 2 and 3 are recognized at the end of the reporting period in which a change in valuation technique or methodology occurs. On January 14, 2021, the Company’s Class A ordinary shares and Public Warrants commenced trading separately on the New York Stock Exchange. As there is now a listed price on an active market, Public Warrants totaling $17,940,000 have been reclassified from a Level 3 to Level 1 instrument d uring the six months ended June 30, 2021. During the six months ended June 30, 2022 , there were changes between levels . Subsequent to the detachment of the Public Warrants from the Units, the Public Warrants quoted market price is used as the fair value as of each relevant date. The fair value of the Private Placement Warrants is determined using a Black-Scholes-Merton model. The committed units of the FPA are valued using a discounted valuation of a reconstructed unit price and the optional units of the FPA are valued using the same reconstructed unit price within a Black-Scholes-Merton model framework. The Warrants and FPA are accounted for as liabilities in accordance with ASC 815-40. The warrant liabilities and FPA are measured at fair value at on a recurring basis, with changes in fair value presented in the statements of operations. The following table provides quantitative information regarding Level 3 fair value measurement inputs at their measurement dates: At June 30, 2022 At December 31, 2021 Warrants- private placement Common stock price $ 10.27 $ 10.13 Volatility 4.5 % 10.20 % Expected life of the options to convert 5.25 years 5.45 years Risk free rate 3.01 % 1.30 % Dividend yield 0 % 0 % FPA-committed Common stock price $ 10.27 $ 10.13 Time to maturity 0.25 year 0.45 year Risk Free rate 1.72 % 0.17 % FPA-optional Common stock price $ 10.27 $ 10.13 Volatility 4.5 % 5.0 % Time to maturity 0.25 year 0.45 year Risk Free rate 1.72 % 0.17 % The common stock price is the closing price of the Class A ordinary shares as of June 30, 2022. Volatility assumptions are based on volatilities of the publicly traded warrants and guideline public companies in target industry. The most significant input is volatility and significant increases (decreases) in the expected volatility in isolation would result in a significantly higher (lower) fair value measurement. Time to maturity for the Private Placement Warrants is assumed to be equivalent to their remaining contractual term while for the FPA is the expected time to exercise. The risk-free rate is based on U.S. Treasury rates commensurate with the remaining time to expiration of the liability. The Company anticipates the dividend to remain at zero. The following table presents the changes in the fair value of the Warrants and the FPA liabilities at June 30, 2022: Public Warrants Private Placement Warrants Total Warrant Liabilities Committed FPA Optional FPA Total FPA Liabilities Fair value as of December 31, 2021 $ 9,798,000 $ 11,422,018 $ 21,220,018 $ 2,474,941 $ 2,533,104 $ 5,008,045 Additional Private Placement Warrants May 25, 2022 — 2,760,000 2,760,000 — — — Fair Value of Private Placement Warrants in excess of purchase price — 81,153 81,153 — — — Change in fair value (3,204,360 ) (1,722,001 ) (4,926,361 ) 284,097 228,919 513,016 Fair value as of June 30, 2022 $ 6,593,640 $ 12,541,170 $ 19,134,810 $ 2,759,038 $ 2,762,023 $ 5,521,061 The following table presents the changes in the fair value of the Warrants and the FPA liabilities at June 30, 2021: Public Warrants Private Placement Warrants Total Warrant Liability Committed FPA Optional FPA Total FPA Liability Fair value as of December 31, 2020 $ 22,364,221 $ 16,867,946 $ 39,232,167 $ 2,947,167 $ 3,810,610 $ 6,757,777 Additional Private Placement Warrants May 25, 2021 — 2,760,000 2,760,000 — — — Fair Value of Private Placement Warrants in excess of purchase price — (79,548 ) (79,548 ) — — — Change in fair value (6,908,221 ) (4,652,842 ) (11,534,063 ) 25,391 (209,500 ) (184,109 ) Fair value as of June 30, 2021 $ 15,456,000 $ 14,992,556 $ 31,903,209 $ 2,972,558 $ 3,601,110 $ 6,573,668 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2022 | |
SUBSEQUENT EVENTS [Abstract] | |
SUBSEQUENT EVENTS | NOTE 10 — SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions that occurred after the condensed consolidated balance sheet date up to the date that the unaudited condensed financial statements were issued. Based upon this review, all subsequent events have been adequately disclosed in these unaudited condensed consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the period ended December 31, 2021 as filed with the SEC on March 22, 2022. The interim results for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the period ending December 31, 2022 or any future periods. |
Principles of Consolidation | Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. One of the more significant accounting estimates included in these financial statements is the determination of the fair value of the warrant and forward purchase agreement liabilities. Such estimates may be subject to change as more current information becomes available. Accordingly, the actual results could differ significantly from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of June 30, 2022 and December 31, 2021. |
Warrant and Forward Purchase Agreement Liability | Warrant and Forward Purchase Agreement Liability The Company accounts for the Warrants and the FPA (each as defined below) in accordance with the guidance contained in ASC 815-40, under which the Warrants and FPA do not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, the Company classifies the Warrants and FPA as liabilities at their fair value and adjusts the Warrants and FPA to fair value at each reporting period. These liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the condensed consolidated statements of operations. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the condensed consolidated statements of operations. The Public Warrants (as defined below) for periods where no observable trade price was available are valued using a Monte Carlo simulation. For periods subsequent to the detachment of the Public Warrants from the Units, the Public Warrant quoted market price was used as the fair value as of each relevant date. The fair value of the Private Placement Warrants (as defined below) was determined using a Black-Scholes-Merton model. The committed units of the FPA are valued using a discounted valuation of a reconstructed unit price and the optional units of the FPA are valued using the same reconstructed unit price within a Black-Scholes-Merton model framework. |
Convertible Promissory Note | Convertible Promissory Note The Company accounts for its Convertible Note under ASC 815, “Derivatives and Hedging” (“ASC 815”). Under 815-15-25, an election can be made at the inception of a financial instrument to account for the instrument under the fair value option under ASC 825. The Company has made such election for its Convertible Note. Using the fair value option, the Convertible Note is required to be recorded at its initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the Convertible Note is recognized as a non-cash gain or loss on the condensed statements of operations. The Company has determined the fair value of the note is more accurately recorded at par since the conversion price is almost 150% higher than the value of the warrants. No arms-length transaction by a note holder would result in a conversion with this fact pattern, thus it is a more accurate depiction with recording at par. As such, no fair value change was booked to the statement of operations. |
Marketable Investments Held in Trust Account | Marketable Investments Held in Trust Account At June 30, 2022 and December 31, 2021, substantially all of the assets in the Trust Account were held in U.S. Treasury securities with a maturity of 185 days or less. The Company classifies its U.S. Treasury and equivalent securities as held-to-maturity in accordance with ASC Topic 320, “Investments - Debt and Equity Securities.” Held-to-maturity securities are those securities which the Company has the ability and intent to hold until maturity. Held-to-maturity treasury securities are recorded at amortized cost on the accompanying condensed consolidated balance sheets and adjusted for the amortization or accretion of premiums or discounts. |
Class A Ordinary Shares Subject to Possible Redemption | Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ deficit. The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, at June 30, 2022 and December 31, 2021, Class A ordinary shares, 27,600,000, subject to possible redemption are presented as temporary equity, outside of the shareholders’ deficit section of the Company’s condensed consolidated balance sheets. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. Immediately upon the closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption amount value. The change in the carrying value of redeemable Class A ordinary shares resulted in charges against additional paid-in capital and accumulated deficit. At June 30, 2022 and December 31, 2021, the Class A ordinary shares reflected in the condensed consolidated balance sheets are reconciled in the following table: Gross proceeds $ 278,760,000 Less: Proceeds allocated to Public Warrants (15,897,248 ) Class A ordinary shares issuance costs (17,568,199 ) Add: Accretion of carrying value to redemption value 33,465,447 Class A ordinary shares subject to possible redemption at December 31, 2020 278,760,000 Plus: Accretion of carrying value to redemption value 5,520,000 Class A ordinary shares subject to possible redemption at December 31, 2021 284,280,000 Plus: Accretion of carrying value to redemption value 3,262,770 Class A ordinary shares subject to possible redemption at June 30, 2022 $ 287,542,770 |
Income Taxes | Income Taxes The Company accounts for income taxes under ASC Topic 740, “Income Taxes,” which prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of June 30, 2022 and December 31, 2021, there were no unrecognized tax benefits and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was no for the period presented. |
Net Income (Loss) Per Ordinary Share | Net Income (Loss) Per Ordinary Share The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share”. Net income per ordinary share is computed by dividing net income by the weighted average number of ordinary shares outstanding for the period. The net income or loss is allocated to each class of shares using an allocation of total shares, which is then divided by the total shares for the respective class. Accretion associated with the redeemable shares of Class A ordinary shares is excluded from earnings per share as the redemption value approximates fair value. The calculation of diluted income per share does not consider the effect of the warrants issued in connection with the (i) Initial Public Offering, and (ii) the private placement since the exercise of the warrants is contingent upon the occurrence of future events. The warrants are exercisable to purchase 32,360,000 Class A ordinary shares in the aggregate. As of June 30, 2022 and 2021, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted net loss per ordinary share is the same as basic net loss per ordinary share for the periods presented. The following table reflects the calculation of basic and diluted net income per ordinary share: Three Months Ended June 30, Six Months Ended June 30, 2022 2022 2021 2021 2022 2021 Class A Class B Class A Class B Class A Class B Class A Class B Basic and diluted net (loss) income per ordinary share Numerator: Allocation of net (loss) income $ (6,014,466 ) $ (1,503,616 ) $ 4,340,706 $ 1,085,177 $ 393,001 $ 98,250 $ 8,798,407 $ 2,119,602 Denominator: Basic and diluted weighted average shares outstanding 27,600,000 6,900,000 27,600,000 6,900,000 27,600,000 6,900,000 27,600,000 6,900,000 Basic and diluted net (loss) income per ordinary share $ (0.22 ) $ (0.22 ) $ 0.16 $ 0.16 $ 0.01 $ 0.01 $ 0.32 $ 0.32 |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Deposit Insurance Coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: • Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; • Level 2, defined as inputs other than quoted prices in active markets that are directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and • Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. As of June 30, 2022 and December 31, 2021, the carrying values of cash, prepaid expenses, accrued expenses, advances from related parties and notes payable from related parties approximate their fair values primarily due to the short-term nature of the instruments. |
Derivative Financial Instruments | Derivative Financial Instruments The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging”. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the issuance date and is then re-valued at each reporting date, with changes in the fair value reported in the condensed consolidated statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the condensed consolidated balance sheets as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date. |
Recent Accounting Standards | Recent Accounting Standards In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. ASU 2016-13 also requires additional disclosures regarding significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. The Company expects to adopt the provisions of this guidance on January 1, 2023. The adoption is not expected to have a material impact on the Company’s condensed financial statements. Besides the above, the Company’s management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted. would have a material effect on the accompanying condensed financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Reconciled Class A Ordinary Shares Subject to Possible Redemption | At June 30, 2022 and December 31, 2021, the Class A ordinary shares reflected in the condensed consolidated balance sheets are reconciled in the following table: Gross proceeds $ 278,760,000 Less: Proceeds allocated to Public Warrants (15,897,248 ) Class A ordinary shares issuance costs (17,568,199 ) Add: Accretion of carrying value to redemption value 33,465,447 Class A ordinary shares subject to possible redemption at December 31, 2020 278,760,000 Plus: Accretion of carrying value to redemption value 5,520,000 Class A ordinary shares subject to possible redemption at December 31, 2021 284,280,000 Plus: Accretion of carrying value to redemption value 3,262,770 Class A ordinary shares subject to possible redemption at June 30, 2022 $ 287,542,770 |
Basic and Diluted Net Income (Loss) Per Ordinary Share | The calculation of diluted income per share does not consider the effect of the warrants issued in connection with the (i) Initial Public Offering, and (ii) the private placement since the exercise of the warrants is contingent upon the occurrence of future events. The warrants are exercisable to purchase 32,360,000 Class A ordinary shares in the aggregate. As of June 30, 2022 and 2021, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted net loss per ordinary share is the same as basic net loss per ordinary share for the periods presented. The following table reflects the calculation of basic and diluted net income per ordinary share: Three Months Ended June 30, Six Months Ended June 30, 2022 2022 2021 2021 2022 2021 Class A Class B Class A Class B Class A Class B Class A Class B Basic and diluted net (loss) income per ordinary share Numerator: Allocation of net (loss) income $ (6,014,466 ) $ (1,503,616 ) $ 4,340,706 $ 1,085,177 $ 393,001 $ 98,250 $ 8,798,407 $ 2,119,602 Denominator: Basic and diluted weighted average shares outstanding 27,600,000 6,900,000 27,600,000 6,900,000 27,600,000 6,900,000 27,600,000 6,900,000 Basic and diluted net (loss) income per ordinary share $ (0.22 ) $ (0.22 ) $ 0.16 $ 0.16 $ 0.01 $ 0.01 $ 0.32 $ 0.32 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
FAIR VALUE MEASUREMENTS [Abstract] | |
Gross Holding Gains (Loss) Fair Value of Held-to-maturity Securities | The following table presents the gross holding gain and loss and fair value of held-to-maturity securities at June 30, 2022 and December 31, 2021: Held-To-Maturity Level Amortized Cost Gross Holding Gain/(Loss) Fair Value (i) June 30, 2022 U.S. Treasury Securities (Matured on 07/12/22, reinvested and mature on 08/25/22) 1 $ 287,534,896 $ (10,910 ) $ 287,523,986 December 31, 2021 U.S. Treasury Securities (Matured on 1/25/2022) 1 $ 284,373,197 $ 959 $ 284,374,156 (i) Fair value of securities does not include cash held in trust in the amount of $7,874 and $6,579, as of June 30, 2022 and December 31, 2021, respectively. |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at June 30, 2022 and December 31, 2021 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: Level June 30, 2022 Level December 31, 2021 Warrant liabilities – public warrants 1 $ 6,593,640 1 $ 9,798,000 Warrant liabilities – private placement warrants 3 $ 12,541,170 3 $ 11,422,018 FPA liabilities – committed 3 $ 2,759,038 3 $ 2,474,941 FPA liabilities – optional 3 $ 2,762,023 3 $ 2,533,104 |
Level 3 Fair Value Measurement Inputs | The following table provides quantitative information regarding Level 3 fair value measurement inputs at their measurement dates: At June 30, 2022 At December 31, 2021 Warrants- private placement Common stock price $ 10.27 $ 10.13 Volatility 4.5 % 10.20 % Expected life of the options to convert 5.25 years 5.45 years Risk free rate 3.01 % 1.30 % Dividend yield 0 % 0 % FPA-committed Common stock price $ 10.27 $ 10.13 Time to maturity 0.25 year 0.45 year Risk Free rate 1.72 % 0.17 % FPA-optional Common stock price $ 10.27 $ 10.13 Volatility 4.5 % 5.0 % Time to maturity 0.25 year 0.45 year Risk Free rate 1.72 % 0.17 % |
Change in Fair Value of Warrants and FPA Liabilities | The following table presents the changes in the fair value of the Warrants and the FPA liabilities at June 30, 2022: Public Warrants Private Placement Warrants Total Warrant Liabilities Committed FPA Optional FPA Total FPA Liabilities Fair value as of December 31, 2021 $ 9,798,000 $ 11,422,018 $ 21,220,018 $ 2,474,941 $ 2,533,104 $ 5,008,045 Additional Private Placement Warrants May 25, 2022 — 2,760,000 2,760,000 — — — Fair Value of Private Placement Warrants in excess of purchase price — 81,153 81,153 — — — Change in fair value (3,204,360 ) (1,722,001 ) (4,926,361 ) 284,097 228,919 513,016 Fair value as of June 30, 2022 $ 6,593,640 $ 12,541,170 $ 19,134,810 $ 2,759,038 $ 2,762,023 $ 5,521,061 The following table presents the changes in the fair value of the Warrants and the FPA liabilities at June 30, 2021: Public Warrants Private Placement Warrants Total Warrant Liability Committed FPA Optional FPA Total FPA Liability Fair value as of December 31, 2020 $ 22,364,221 $ 16,867,946 $ 39,232,167 $ 2,947,167 $ 3,810,610 $ 6,757,777 Additional Private Placement Warrants May 25, 2021 — 2,760,000 2,760,000 — — — Fair Value of Private Placement Warrants in excess of purchase price — (79,548 ) (79,548 ) — — — Change in fair value (6,908,221 ) (4,652,842 ) (11,534,063 ) 25,391 (209,500 ) (184,109 ) Fair value as of June 30, 2021 $ 15,456,000 $ 14,992,556 $ 31,903,209 $ 2,972,558 $ 3,601,110 $ 6,573,668 |
DESCRIPTION OF ORGANIZATION A_2
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS (Details) | 6 Months Ended | 12 Months Ended | ||||||||
May 25, 2022 shares | May 24, 2022 USD ($) | Nov. 23, 2021 shares | Nov. 22, 2021 USD ($) | May 25, 2021 shares | May 20, 2021 USD ($) | Nov. 27, 2020 USD ($) $ / shares shares | Jun. 30, 2022 USD ($) Business $ / shares | Jun. 30, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Proceeds from Issuance of Equity [Abstract] | ||||||||||
Private Placement Warrant Proceeds | $ 2,760,000 | $ 2,760,000 | ||||||||
Transaction costs | $ 15,736,649 | |||||||||
Underwriting fees | 5,520,000 | |||||||||
Deferred underwriting fees | 9,660,000 | |||||||||
Other costs | 556,649 | |||||||||
Net proceeds from initial public offering and private placement | $ 278,760,000 | $ 2,760,000 | $ 2,760,000 | |||||||
Net proceeds from initial public offering and private placement (in dollars per share) | $ / shares | $ 10.10 | |||||||||
Period of prior to completion of the business combination | 2 days | |||||||||
Percentage of public shares that can be redeemed without prior consent | 15% | |||||||||
Percentage of public shares that would not be redeemed if business combination is not completed within initial combination period | 100% | |||||||||
Period to redeem public shares if business combination is not completed within initial combination period | 10 days | |||||||||
Minimum [Member] | ||||||||||
Proceeds from Issuance of Equity [Abstract] | ||||||||||
Number of operating businesses included in initial business combination | Business | 1 | |||||||||
Fair market value as percentage of net assets held in trust account included in initial business combination | 80% | |||||||||
Post-transaction ownership percentage of the target business | 50% | |||||||||
Maximum [Member] | ||||||||||
Proceeds from Issuance of Equity [Abstract] | ||||||||||
Net proceeds from initial public offering and private placement (in dollars per share) | $ / shares | $ 10.40 | |||||||||
Interest on trust account that can be held to pay dissolution expenses | $ 100,000 | |||||||||
Private Placement Warrant [Member] | ||||||||||
Proceeds from Issuance of Equity [Abstract] | ||||||||||
Share price (in dollars per share) | $ / shares | $ 1 | |||||||||
Warrants issued (in shares) | shares | 10,280,000 | |||||||||
Private Placement Warrant Proceeds | $ 10,280,000 | |||||||||
Private Placement Warrant [Member] | Sponsor [Member] | ||||||||||
Proceeds from Issuance of Equity [Abstract] | ||||||||||
Warrants issued (in shares) | shares | 2,760,000 | 2,760,000 | 2,760,000 | |||||||
Private Placement Warrant Proceeds | $ 2,760,000 | $ 2,760,000 | $ 2,760,000 | |||||||
Initial Public Offering [Member] | ||||||||||
Proceeds from Issuance of Equity [Abstract] | ||||||||||
Gross proceeds from initial public offering | $ 278,760,000 | |||||||||
Initial Public Offering [Member] | Public Shares [Member] | ||||||||||
Proceeds from Issuance of Equity [Abstract] | ||||||||||
Units issued (in shares) | shares | 27,600,000 | |||||||||
Share price (in dollars per share) | $ / shares | $ 10 | |||||||||
Gross proceeds from initial public offering | $ 276,000,000 | |||||||||
Over-Allotment Option [Member] | Public Shares [Member] | ||||||||||
Proceeds from Issuance of Equity [Abstract] | ||||||||||
Units issued (in shares) | shares | 3,600,000 | |||||||||
Share price (in dollars per share) | $ / shares | $ 10 | |||||||||
Private Placement [Member] | Private Placement Warrant [Member] | ||||||||||
Proceeds from Issuance of Equity [Abstract] | ||||||||||
Share price (in dollars per share) | $ / shares | $ 1 | |||||||||
Warrants issued (in shares) | shares | 10,280,000 | |||||||||
Private Placement Warrant Proceeds | $ 10,280,000 |
DESCRIPTION OF ORGANIZATION A_3
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS, Business Combination (Details) | 6 Months Ended | ||
May 09, 2022 USD ($) $ / shares shares | Jun. 30, 2022 $ / shares shares | Dec. 31, 2021 $ / shares shares | |
Business Combination [Abstract] | |||
Stock conversion basis at time of business combination | 1 | ||
Class A Ordinary Shares [Member] | |||
Business Combination [Abstract] | |||
Ordinary shares, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Number of securities called by each warrant (in shares) | shares | 32,360,000 | 32,360,000 | |
Class B Ordinary Shares [Member] | |||
Business Combination [Abstract] | |||
Ordinary shares, par value (in dollars per share) | 0.0001 | $ 0.0001 | $ 0.0001 |
Grindr [Member] | |||
Business Combination [Abstract] | |||
Aggregate exercise price of options (in dollars per share) | 10 | ||
Aggregate exercise price of warrants (in dollars per share) | 10 | ||
Share price (in dollars per share) | $ 10 | ||
Valuation amount | $ | $ 1,584,000,000 | ||
Permitted distribution amount | $ | $ 370,000,000 | ||
Ordinary shares, par value (in dollars per share) | $ 0.0001 | ||
Number of securities called by each warrant (in shares) | shares | 1 | ||
Number of shares issued upon conversion of unit (in shares) | shares | 1 | ||
Grindr [Member] | Warrant [Member] | |||
Business Combination [Abstract] | |||
Stock conversion basis at time of business combination | 0.50 | ||
Grindr [Member] | Class A Ordinary Shares [Member] | |||
Business Combination [Abstract] | |||
Stock conversion basis at time of business combination | 1 | ||
Grindr [Member] | Class B Ordinary Shares [Member] | |||
Business Combination [Abstract] | |||
Stock conversion basis at time of business combination | 1 |
DESCRIPTION OF ORGANIZATION A_4
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS, Liquidity and Going Concern (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS [Abstract] | ||
Cash | $ 165,655 | $ 17,499 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Cash and Cash Equivalents (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents [Abstract] | ||
Cash equivalents | $ 0 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Convertible Promissory Note (Details) | 6 Months Ended |
Jun. 30, 2022 | |
Convertible Promissory Note [Abstract] | |
Conversion price percentage | 150% |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Class A Ordinary Shares Subject to Possible Redemption (Details) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Class A Ordinary Shares Subject to Possible Redemption [Abstract] | ||||
Class A ordinary shares issuance costs | $ 0 | $ (26,780) | ||
Class A ordinary shares subject to possible redemption | $ 287,542,770 | $ 284,280,000 | ||
Class A Ordinary Shares [Member] | ||||
Class A Ordinary Shares Subject to Possible Redemption [Abstract] | ||||
Ordinary shares, redemption (in shares) | 27,600,000 | 27,600,000 | ||
Initial Public Offering [Member] | ||||
Class A Ordinary Shares Subject to Possible Redemption [Abstract] | ||||
Gross proceeds | $ 278,760,000 | |||
Initial Public Offering [Member] | Class A Ordinary Shares [Member] | ||||
Class A Ordinary Shares Subject to Possible Redemption [Abstract] | ||||
Class A ordinary shares issuance costs | (17,568,199) | |||
Accretion of carrying value to redemption value | $ 3,262,770 | $ 5,520,000 | 33,465,447 | |
Class A ordinary shares subject to possible redemption | $ 287,542,770 | $ 284,280,000 | 278,760,000 | |
Initial Public Offering [Member] | Public Warrants [Member] | ||||
Class A Ordinary Shares Subject to Possible Redemption [Abstract] | ||||
Proceeds allocated to Public Warrants | $ (15,897,248) |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Income Taxes (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Income Taxes [Abstract] | ||
Unrecognized tax benefits | $ 0 | $ 0 |
Accrued interest and penalties | 0 | $ 0 |
Tax provision | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Net Income Per Ordinary Share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Net Income (Loss) Per Ordinary Share [Abstract] | |||||||
Antidilutive securities excluded from computation of loss per share (in shares) | 0 | 0 | |||||
Numerator: | |||||||
Allocation of net (loss) income | $ (7,518,082) | $ 8,009,333 | $ 5,425,883 | $ 5,572,126 | $ 491,251 | $ 10,998,009 | |
Class A Ordinary Shares [Member] | |||||||
Net Income (Loss) Per Ordinary Share [Abstract] | |||||||
Number of securities to be called by each warrant (in shares) | 32,360,000 | 32,360,000 | 32,360,000 | ||||
Numerator: | |||||||
Allocation of net (loss) income | $ (6,014,466) | $ 4,340,706 | $ 393,001 | $ 8,798,407 | |||
Denominator: | |||||||
Weighted average shares outstanding, basic (in shares) | 27,600,000 | 27,600,000 | 27,600,000 | 27,600,000 | |||
Weighted average shares outstanding, diluted (in shares) | 27,600,000 | 27,600,000 | 27,600,000 | 27,600,000 | |||
Basic net (loss) income per ordinary share (in dollars per share) | $ (0.22) | $ 0.16 | $ 0.01 | $ 0.32 | |||
Diluted net (loss) income per ordinary share (in dollars per share) | $ (0.22) | $ 0.16 | $ 0.01 | $ 0.32 | |||
Class B Ordinary Shares [Member] | |||||||
Numerator: | |||||||
Allocation of net (loss) income | $ (1,503,616) | $ 1,085,177 | $ 98,250 | $ 2,119,602 | |||
Denominator: | |||||||
Weighted average shares outstanding, basic (in shares) | 6,900,000 | 6,900,000 | 6,900,000 | 6,900,000 | |||
Weighted average shares outstanding, diluted (in shares) | 6,900,000 | 6,900,000 | 6,900,000 | 6,900,000 | |||
Basic net (loss) income per ordinary share (in dollars per share) | $ (0.22) | $ 0.16 | $ 0.01 | $ 0.32 | |||
Diluted net (loss) income per ordinary share (in dollars per share) | $ (0.22) | $ 0.16 | $ 0.01 | $ 0.32 |
INITIAL PUBLIC OFFERING (Detail
INITIAL PUBLIC OFFERING (Details) - $ / shares | Nov. 27, 2020 | Jun. 30, 2022 | Dec. 31, 2021 |
Class A Ordinary Stock [Member] | |||
Proposed Public Offering [Abstract] | |||
Number of securities to be called by each warrant (in shares) | 32,360,000 | 32,360,000 | |
Initial Public Offering [Member] | Public Shares [Member] | |||
Proposed Public Offering [Abstract] | |||
Units issued (in shares) | 27,600,000 | ||
Unit price (in dollars per share) | $ 10 | ||
Initial Public Offering [Member] | Public Warrants [Member] | |||
Proposed Public Offering [Abstract] | |||
Warrants exercise price (in dollars per share) | $ 11.50 | ||
Initial Public Offering [Member] | Class A Ordinary Stock [Member] | |||
Proposed Public Offering [Abstract] | |||
Number of securities to be called by each unit (in shares) | 1 | ||
Number of securities to be called by each warrant (in shares) | 1 | ||
Initial Public Offering [Member] | Class A Ordinary Stock [Member] | Public Warrants [Member] | |||
Proposed Public Offering [Abstract] | |||
Number of securities to be called by each unit (in shares) | 0.5 | ||
Over-Allotment Option [Member] | Public Shares [Member] | |||
Proposed Public Offering [Abstract] | |||
Units issued (in shares) | 3,600,000 | ||
Unit price (in dollars per share) | $ 10 |
PRIVATE PLACEMENT (Details)
PRIVATE PLACEMENT (Details) - USD ($) | 6 Months Ended | |||||||||
May 25, 2022 | May 24, 2022 | Nov. 23, 2021 | Nov. 22, 2021 | May 25, 2021 | May 20, 2021 | Nov. 27, 2020 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Private Placement Warrants [Abstract] | ||||||||||
Gross proceeds to be received from issuance of warrants | $ 2,760,000 | $ 2,760,000 | ||||||||
Private Placement Warrant [Member] | ||||||||||
Private Placement Warrants [Abstract] | ||||||||||
Warrants issued (in shares) | 10,280,000 | |||||||||
Share price (in dollars per share) | $ 1 | |||||||||
Gross proceeds to be received from issuance of warrants | $ 10,280,000 | |||||||||
Warrants outstanding (in shares) | 18,560,000 | |||||||||
Private Placement Warrant [Member] | Sponsor [Member] | ||||||||||
Private Placement Warrants [Abstract] | ||||||||||
Warrants issued (in shares) | 2,760,000 | 2,760,000 | 2,760,000 | |||||||
Gross proceeds to be received from issuance of warrants | $ 2,760,000 | $ 2,760,000 | $ 2,760,000 | |||||||
Class A Ordinary Shares [Member] | ||||||||||
Private Placement Warrants [Abstract] | ||||||||||
Number of securities to be called by each warrant (in shares) | 32,360,000 | 32,360,000 | ||||||||
Class A Ordinary Shares [Member] | Private Placement Warrant [Member] | ||||||||||
Private Placement Warrants [Abstract] | ||||||||||
Number of securities to be called by each warrant (in shares) | 1 | |||||||||
Warrants exercise price (in dollars per share) | $ 11.50 |
RELATED PARTY TRANSACTIONS, Fou
RELATED PARTY TRANSACTIONS, Founder Shares (Details) - USD ($) | 6 Months Ended | |||
Nov. 23, 2020 | Jul. 31, 2020 | Jun. 30, 2022 | Dec. 31, 2021 | |
Class A Ordinary Stock [Member] | ||||
Founder Shares [Abstract] | ||||
Ordinary shares, shares outstanding (in shares) | 0 | 0 | ||
Class B Ordinary Shares [Member] | ||||
Founder Shares [Abstract] | ||||
Ordinary shares, shares outstanding (in shares) | 6,900,000 | 6,900,000 | ||
Founder Shares [Member] | Class B Ordinary Shares [Member] | ||||
Founder Shares [Abstract] | ||||
Stock dividend issued (in shares) | 1,150,000 | |||
Founder Shares [Member] | Sponsor [Member] | Class A Ordinary Stock [Member] | ||||
Founder Shares [Abstract] | ||||
Number of trading days | 20 days | |||
Trading day threshold period | 30 days | |||
Founder Shares [Member] | Sponsor [Member] | Class A Ordinary Stock [Member] | Minimum [Member] | ||||
Founder Shares [Abstract] | ||||
Share price (in dollars per share) | $ 12 | |||
Threshold period after initial Business Combination | 150 days | |||
Founder Shares [Member] | Sponsor [Member] | Class B Ordinary Shares [Member] | ||||
Founder Shares [Abstract] | ||||
Proceeds from issuance of Class B common stock to Sponsor | $ 25,000 | |||
Shares issued (in shares) | 5,750,000 | |||
Ownership interest, as converted percentage | 20% | |||
Number of shares no longer subject to forfeiture (in shares) | 900,000 | |||
Period the Founder cannot sell shares after completion of a Business Combination. | 1 year | |||
Founder Shares [Member] | Sponsor [Member] | Class B Ordinary Shares [Member] | Maximum [Member] | ||||
Founder Shares [Abstract] | ||||
Number of shares subject to forfeiture (in shares) | 900,000 | |||
Founder Shares [Member] | Director One [Member] | Class B Ordinary Shares [Member] | ||||
Founder Shares [Abstract] | ||||
Shares issued (in shares) | 20,000 | |||
Founder Shares [Member] | Director Two [Member] | Class B Ordinary Shares [Member] | ||||
Founder Shares [Abstract] | ||||
Shares issued (in shares) | 20,000 | |||
Founder Shares [Member] | Director Three [Member] | Class B Ordinary Shares [Member] | ||||
Founder Shares [Abstract] | ||||
Shares issued (in shares) | 20,000 |
RELATED PARTY TRANSACTIONS, Adm
RELATED PARTY TRANSACTIONS, Administrative Support Agreement and Related Party Loans (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||||||
Jun. 27, 2022 | May 12, 2022 | Mar. 31, 2022 | Jan. 25, 2022 | Nov. 23, 2020 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Mar. 16, 2022 | Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |||||||||||
Accrued expenses | $ 3,254,399 | $ 3,254,399 | $ 559,183 | ||||||||
Advances from related party | 1,680,000 | $ 0 | |||||||||
Related parties, outstanding amount | 1,680,000 | 1,680,000 | $ 0 | ||||||||
Working Capital Loans [Member] | Convertible Promissory Note [Member] | |||||||||||
Related Party Transactions [Abstract] | |||||||||||
Related parties, outstanding amount | 1,680,000 | 1,680,000 | |||||||||
Cash available for withdrawal under note | 320,000 | 320,000 | |||||||||
Sponsor [Member] | Convertible Promissory Note [Member] | |||||||||||
Related Party Transactions [Abstract] | |||||||||||
Advances from related party | $ 200,000 | $ 430,000 | $ 300,000 | $ 750,000 | |||||||
Sponsor [Member] | Administrative Support Agreement [Member] | |||||||||||
Related Party Transactions [Abstract] | |||||||||||
Related party transaction | $ 10,000 | ||||||||||
Fees incurred | 30,000 | $ 30,000 | 60,000 | $ 60,000 | |||||||
Sponsor [Member] | Administrative Support Agreement [Member] | Administrative Service [Member] | |||||||||||
Related Party Transactions [Abstract] | |||||||||||
Accrued expenses | 20,000 | $ 20,000 | |||||||||
Sponsor [Member] | Working Capital Loans [Member] | Convertible Promissory Note [Member] | |||||||||||
Related Party Transactions [Abstract] | |||||||||||
Principal amount | $ 2,000,000 | ||||||||||
Sponsor or an Affiliate of the Sponsor, or Certain of the Company's Officers and Directors [Member] | Working Capital Loans [Member] | |||||||||||
Related Party Transactions [Abstract] | |||||||||||
Related party transaction | $ 2,000,000 | ||||||||||
Share price (in dollars per share) | $ 1 | $ 1 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) | 6 Months Ended | ||||
May 09, 2022 USD ($) $ / shares shares | Jun. 30, 2022 $ / shares shares | Dec. 31, 2021 shares | Nov. 27, 2020 USD ($) $ / shares | Nov. 23, 2020 USD ($) Demand $ / shares shares | |
Underwriting Agreement [Abstract] | |||||
Deferred underwriter fee discount (in dollars per share) | $ 0.35 | ||||
Deferred underwriting fees | $ | $ 9,660,000 | ||||
Forward Purchase Agreement [Abstract] | |||||
Purchase price (in dollars per share) | $ 10.10 | ||||
Stock conversion basis at time of business combination | 1 | ||||
Advisory Agreement [Abstract] | |||||
Advisor success fee payable | $ | $ 5,000,000 | ||||
Advisor incentive fee payable | $ | $ 2,000,000 | ||||
Public Warrants [Member] | |||||
Forward Purchase Agreement [Abstract] | |||||
Number of shares provided for purchase (in shares) | shares | 2,500,000 | 2,500,000 | |||
Class A Ordinary Shares [Member] | |||||
Forward Purchase Agreement [Abstract] | |||||
Number of securities called by each warrant (in shares) | shares | 32,360,000 | 32,360,000 | |||
Maximum [Member] | |||||
Registration Rights [Abstract] | |||||
Number of demands eligible security holder can make | Demand | 3 | ||||
Forward Purchase Agreement [Abstract] | |||||
Purchase price (in dollars per share) | $ 10.40 | ||||
Advisory Agreement [Abstract] | |||||
Threshold percentage for paying advisor incentive fee | 50% | ||||
Forward Purchase Agreement [Member] | |||||
Forward Purchase Agreement [Abstract] | |||||
Aggregate purchase price | $ | $ 50,000,000 | ||||
Forward Purchase Agreement [Member] | Public Warrants [Member] | |||||
Forward Purchase Agreement [Abstract] | |||||
Number of shares provided for purchase (in shares) | shares | 2,500,000 | 2,500,000 | |||
Forward Purchase Agreement [Member] | Class A Ordinary Shares [Member] | |||||
Forward Purchase Agreement [Abstract] | |||||
Number of shares provided for purchase (in shares) | shares | 5,000,000 | 5,000,000 | |||
Number of securities called by each warrant (in shares) | shares | 1 | ||||
Warrants exercise price (in dollars per share) | $ 11.50 | $ 11.50 | |||
Aggregate purchase price | $ | $ 50,000,000 | ||||
Purchase price (in dollars per share) | $ 10 | $ 10 | |||
Stock conversion basis at time of business combination | 0.5 | ||||
Subscription Option [Member] | |||||
Forward Purchase Agreement [Abstract] | |||||
Aggregate purchase price | $ | $ 50,000,000 | ||||
Subscription Option [Member] | Class A Ordinary Shares [Member] | |||||
Forward Purchase Agreement [Abstract] | |||||
Number of shares provided for purchase (in shares) | shares | 5,000,000 | ||||
Number of securities called by each warrant (in shares) | shares | 1 | ||||
Warrants exercise price (in dollars per share) | $ 11.50 | ||||
Purchase price (in dollars per share) | $ 10 | ||||
A&R Forward Purchase Agreement [Member] | |||||
Forward Purchase Agreement [Abstract] | |||||
Aggregate purchase price | $ | $ 50,000,000 | ||||
A&R Forward Purchase Agreement [Member] | Class A Ordinary Shares [Member] | |||||
Forward Purchase Agreement [Abstract] | |||||
Number of securities called by each warrant (in shares) | shares | 1 | ||||
Warrants exercise price (in dollars per share) | $ 11.50 | ||||
Purchase price (in dollars per share) | $ 10 |
SHAREHOLDERS' DEFICIT, Preferre
SHAREHOLDERS' DEFICIT, Preferred Shares and Ordinary Shares (Details) | 6 Months Ended | ||
Jun. 30, 2022 VoteperShare $ / shares shares | May 09, 2022 $ / shares | Dec. 31, 2021 $ / shares shares | |
Stockholders' Deficit [Abstract] | |||
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 | |
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | |
Preferred stock, shares issued (in shares) | 0 | 0 | |
Preferred stock, shares outstanding (in shares) | 0 | 0 | |
Stock conversion percentage threshold | 20% | ||
Stock conversion basis at time of business combination | 1 | ||
Class A Ordinary Shares [Member] | |||
Stockholders' Deficit [Abstract] | |||
Ordinary shares, shares authorized (in shares) | 200,000,000 | 200,000,000 | |
Ordinary shares, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Voting right per share | VoteperShare | 1 | ||
Ordinary shares, shares issued (in shares) | 27,600,000 | 27,600,000 | |
Ordinary shares, shares outstanding (in shares) | 27,600,000 | 27,600,000 | |
Ordinary shares, shares issued (in shares) | 0 | 0 | |
Ordinary shares, shares outstanding (in shares) | 0 | 0 | |
Class B Ordinary Shares [Member] | |||
Stockholders' Deficit [Abstract] | |||
Ordinary shares, shares authorized (in shares) | 20,000,000 | 20,000,000 | |
Ordinary shares, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Voting right per share | VoteperShare | 1 | ||
Ordinary shares, shares issued (in shares) | 6,900,000 | 6,900,000 | |
Ordinary shares, shares outstanding (in shares) | 6,900,000 | 6,900,000 |
WARRANTS (Details)
WARRANTS (Details) | 6 Months Ended |
Jun. 30, 2022 $ / shares | |
WARRANTS [Abstract] | |
Period warrants to become excisable after business combination | 30 days |
Period to exercise warrants after public offerings | 12 months |
Warrants expiration period | 5 years |
Number of days to file registration statement | 20 days |
Period for registration statement to become effective | 60 days |
Class A Ordinary Shares [Member] | Additional Issue of Common Stock or Equity [Member] | |
WARRANTS [Abstract] | |
Share price (in dollars per share) | $ 9.20 |
Number of trading days | 20 days |
Percentage of exercise price of public warrants is adjusted higher than the market value of newly issued price | 115% |
Percentage of redemption triggered price is adjusted higher than the market value of newly issued price | 180% |
Class A Ordinary Shares [Member] | Additional Issue of Common Stock or Equity [Member] | Minimum [Member] | |
WARRANTS [Abstract] | |
Percentage of redemption triggered price is adjusted higher than the market value of newly issued price | 100% |
Class A Ordinary Shares [Member] | Additional Issue of Common Stock or Equity [Member] | Maximum [Member] | |
WARRANTS [Abstract] | |
Percentage of aggregate gross proceeds of issuance available for funding of business combination | 60% |
Redemption of Warrants When Price Exceeds $18.00 [Member] | Class A Ordinary Shares [Member] | |
WARRANTS [Abstract] | |
Warrant redemption price (in dollars per share) | $ 0.01 |
Notice period to redeem warrants | 30 days |
Trading day threshold period | 20 days |
Number of trading days | 30 days |
Redemption of Warrants When Price Exceeds $18.00 [Member] | Class A Ordinary Shares [Member] | Minimum [Member] | |
WARRANTS [Abstract] | |
Share price (in dollars per share) | $ 18 |
Redemption of Warrants When Price Exceeds $10.00 [Member] | Class A Ordinary Shares [Member] | |
WARRANTS [Abstract] | |
Warrant redemption price (in dollars per share) | $ 0.10 |
Notice period to redeem warrants | 30 days |
Redemption of Warrants When Price Exceeds $10.00 [Member] | Class A Ordinary Shares [Member] | Minimum [Member] | |
WARRANTS [Abstract] | |
Share price (in dollars per share) | $ 10 |
Redemption of Warrants When Price Exceeds $10.00 [Member] | Class A Ordinary Shares [Member] | Private Placement Warrant [Member] | |
WARRANTS [Abstract] | |
Number of trading days | 30 days |
Redemption of Warrants When Price Exceeds $10.00 [Member] | Class A Ordinary Shares [Member] | Private Placement Warrant [Member] | Minimum [Member] | |
WARRANTS [Abstract] | |
Share price (in dollars per share) | $ 18 |
FAIR VALUE MEASUREMENTS, Assets
FAIR VALUE MEASUREMENTS, Assets Held in Trust Account (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Assets [Abstract] | ||
Interest income withdrawn from Trust Account | $ 0 | $ 0 |
Cash [Member] | ||
Assets [Abstract] | ||
Assets held in Trust Account | 7,874 | 6,579 |
US Treasury Securities [Member] | ||
Assets [Abstract] | ||
Assets held in Trust Account | $ 287,534,896 | $ 284,373,197 |
FAIR VALUE MEASUREMENTS, Gross
FAIR VALUE MEASUREMENTS, Gross Holding Gain and Loss and Fair Value of Held-to-maturity Securities (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | ||
Public Warrants [Member] | |||
Warrants [Abstract] | |||
Warrants outstanding (in shares) | 13,800,000 | 13,800,000 | |
Private Placement Warrant [Member] | |||
Warrants [Abstract] | |||
Warrants outstanding (in shares) | 18,560,000 | 15,800,000 | |
Recurring [Member] | Level 1 [Member] | US Treasury Securities [Member] | |||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | |||
Amortized Cost | $ 287,534,896 | $ 284,373,197 | |
Gross Holding (Loss) | (10,910) | ||
Gross Holding Gain | 959 | ||
Fair Value | [1] | $ 287,523,986 | $ 284,374,156 |
Maturity, Date | Jul. 12, 2022 | Jan. 25, 2022 | |
New Maturity, Date | Aug. 25, 2022 | ||
[1]Fair value of securities does not include cash held in trust in the amount of $7,874 and $6,579, as of June 30, 2022 and December 31, 2021, respectively. |
FAIR VALUE MEASUREMENTS, Asse_2
FAIR VALUE MEASUREMENTS, Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Fair value of reclassified levels [Abstract] | |||
Transfer in out of Level 3 | $ 0 | $ 17,940,000 | |
Recurring [Member] | Level 1 [Member] | Public Warrants [Member] | |||
Liabilities [Abstract] | |||
Liabilities | 6,593,640 | $ 9,798,000 | |
Recurring [Member] | Level 3 [Member] | Private Placement Warrant [Member] | |||
Liabilities [Abstract] | |||
Liabilities | 12,541,170 | 11,422,018 | |
Recurring [Member] | Level 3 [Member] | FPA liability - Committed [Member] | |||
Liabilities [Abstract] | |||
Liabilities | 2,759,038 | 2,474,941 | |
Recurring [Member] | Level 3 [Member] | FPA liability - Optional [Member] | |||
Liabilities [Abstract] | |||
Liabilities | $ 2,762,023 | $ 2,533,104 |
FAIR VALUE MEASUREMENTS, Level
FAIR VALUE MEASUREMENTS, Level 3 Fair Value Measurement Inputs (Details) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Fair Value Measurements [Abstract] | ||
Expected life of the options to convert | 5 years | |
Private Placement Warrant [Member] | ||
Fair Value Measurements [Abstract] | ||
Expected life of the options to convert | 5 years 3 months | 5 years 5 months 12 days |
Private Placement Warrant [Member] | Common Stock Price [Member] | ||
Fair Value Measurements [Abstract] | ||
Measurement input | 10.27 | 10.13 |
Private Placement Warrant [Member] | Volatility [Member] | ||
Fair Value Measurements [Abstract] | ||
Measurement input | 0.045 | 0.1020 |
Private Placement Warrant [Member] | Risk-Free Rate [Member] | ||
Fair Value Measurements [Abstract] | ||
Measurement input | 0.0301 | 0.0130 |
Private Placement Warrant [Member] | Dividend Yield [Member] | ||
Fair Value Measurements [Abstract] | ||
Measurement input | 0 | 0 |
FPA liability - Committed [Member] | ||
Fair Value Measurements [Abstract] | ||
Expected life of the options to convert | 3 months | 5 months 12 days |
FPA liability - Committed [Member] | Common Stock Price [Member] | ||
Fair Value Measurements [Abstract] | ||
Measurement input | 10.27 | 10.13 |
FPA liability - Committed [Member] | Risk-Free Rate [Member] | ||
Fair Value Measurements [Abstract] | ||
Measurement input | 0.0172 | 0.0017 |
FPA liability - Optional [Member] | ||
Fair Value Measurements [Abstract] | ||
Expected life of the options to convert | 3 months | 5 months 12 days |
FPA liability - Optional [Member] | Common Stock Price [Member] | ||
Fair Value Measurements [Abstract] | ||
Measurement input | 10.27 | 10.13 |
FPA liability - Optional [Member] | Volatility [Member] | ||
Fair Value Measurements [Abstract] | ||
Measurement input | 0.045 | 0.050 |
FPA liability - Optional [Member] | Risk-Free Rate [Member] | ||
Fair Value Measurements [Abstract] | ||
Measurement input | 0.0172 | 0.0017 |
FAIR VALUE MEASUREMENTS, Change
FAIR VALUE MEASUREMENTS, Changes in Fair Value of Warrant and FPA Liabilities (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Warrant [Member] | ||
Changes in Fair Value of Warrant Liabilities [Roll Forward] | ||
Fair value, beginning of period | $ 21,220,018 | $ 39,232,167 |
Additional Private Placement Warrants | 2,760,000 | 2,760,000 |
Fair Value of Private Placement Warrants in excess of purchase price | 81,153 | (79,548) |
Change in fair value | (4,926,361) | (11,534,063) |
Fair value, end of period | 19,134,810 | 31,903,209 |
Public Warrants [Member] | ||
Changes in Fair Value of Warrant Liabilities [Roll Forward] | ||
Fair value, beginning of period | 9,798,000 | 22,364,221 |
Additional Private Placement Warrants | 0 | 0 |
Fair Value of Private Placement Warrants in excess of purchase price | 0 | 0 |
Change in fair value | (3,204,360) | (6,908,221) |
Fair value, end of period | 6,593,640 | 15,456,000 |
Private Placement Warrant [Member] | ||
Changes in Fair Value of Warrant Liabilities [Roll Forward] | ||
Fair value, beginning of period | 11,422,018 | 16,867,946 |
Fair Value of Private Placement Warrants in excess of purchase price | 81,153 | (79,548) |
Change in fair value | (1,722,001) | (4,652,842) |
Fair value, end of period | 12,541,170 | 14,992,556 |
Private Placement Warrants Issued on May 25, 2022 [Member] | ||
Changes in Fair Value of Warrant Liabilities [Roll Forward] | ||
Additional Private Placement Warrants | 2,760,000 | |
Private Placement Warrants Issued on May 25, 2021 [Member] | ||
Changes in Fair Value of Warrant Liabilities [Roll Forward] | ||
Additional Private Placement Warrants | 2,760,000 | |
FPA Liability [Member] | ||
Changes in Fair Value of Warrant Liabilities [Roll Forward] | ||
Fair value, beginning of period | 5,008,045 | 6,757,777 |
Additional Private Placement Warrants | 0 | 0 |
Fair Value of Private Placement Warrants in excess of purchase price | 0 | 0 |
Change in fair value | 513,016 | (184,109) |
Fair value, end of period | 5,521,061 | 6,573,668 |
FPA liability - Committed [Member] | ||
Changes in Fair Value of Warrant Liabilities [Roll Forward] | ||
Fair value, beginning of period | 2,474,941 | 2,947,167 |
Additional Private Placement Warrants | 0 | 0 |
Fair Value of Private Placement Warrants in excess of purchase price | 0 | 0 |
Change in fair value | 284,097 | 25,391 |
Fair value, end of period | 2,759,038 | 2,972,558 |
FPA liability - Optional [Member] | ||
Changes in Fair Value of Warrant Liabilities [Roll Forward] | ||
Fair value, beginning of period | 2,533,104 | 3,810,610 |
Additional Private Placement Warrants | 0 | 0 |
Fair Value of Private Placement Warrants in excess of purchase price | 0 | 0 |
Change in fair value | 228,919 | (209,500) |
Fair value, end of period | $ 2,762,023 | $ 3,601,110 |