Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 14, 2022 | |
Document Information Line Items | ||
Entity Registrant Name | BRIGHT LIGHTS ACQUISITION CORP. | |
Trading Symbol | BLTS | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Entity Central Index Key | 0001827328 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Shell Company | true | |
Entity Ex Transition Period | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-39846 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 85-3038614 | |
Entity Address, Address Line One | 12100 Wilshire Blvd | |
Entity Address, Address Line Two | Suite 1150 | |
Entity Address, City or Town | Los Angeles | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 90025 | |
City Area Code | (310) | |
Local Phone Number | 421-1472 | |
Title of 12(b) Security | Class A common stock, par value $0.0001 per share | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes | |
Class A Common Stock | ||
Document Information Line Items | ||
Entity Common Stock, Shares Outstanding | 23,000,000 | |
Class B Common Stock | ||
Document Information Line Items | ||
Entity Common Stock, Shares Outstanding | 5,750,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash | $ 218,796 | $ 87,074 |
Prepaid expenses and other current assets | 174,875 | 600,000 |
Total Current Assets | 393,671 | 687,074 |
Other receivables | 650,000 | |
Marketable securities held in Trust Account | 231,399,934 | 230,014,425 |
TOTAL ASSETS | 232,443,605 | 230,701,499 |
Current liabilities | ||
Accrued expenses | 5,332,137 | 5,776,435 |
Income taxes payable | 156,139 | |
Advance – related party | 200,000 | |
Total Current Liabilities | 5,488,276 | 5,976,435 |
Convertible promissory note – related party | ||
Deferred underwriting fee payable | 7,568,750 | 7,568,750 |
Warrant liabilities | 543,000 | 14,480,000 |
Total Liabilities | 13,600,026 | 28,025,185 |
Commitments and Contingencies | ||
Class A common stock, $0.0001 par value; 380,000,000 shares authorized; 23,000,000 shares subject to possible redemption at redemption value of $10.04 and $10.00 per share as of September 30, 2022 and December 31, 2021, respectively | 230,892,995 | 230,000,000 |
Stockholders’ Deficit | ||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding | ||
Class B common stock, $0.0001 par value; 20,000,000 shares authorized; 5,750,000 shares issued and outstanding as of September 30, 2022 and December 31, 2021 | 575 | 575 |
Additional paid-in capital | ||
Accumulated deficit | (12,049,991) | (27,324,261) |
Total Stockholders’ Deficit | (12,049,416) | (27,323,686) |
TOTAL LIABILITIES, COMMITMENTS AND CONTINGENCIES AND STOCKHOLDERS’ DEFICIT | $ 232,443,605 | $ 230,701,499 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Preferred stock par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares outstanding | ||
Preferred stock, shares issued | ||
Class A Common Stock | ||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 380,000,000 | 380,000,000 |
Common stock, shares subject to possible redemption | 23,000,000 | 23,000,000 |
Ccommon stock, shares subject to possible redemption per share (in Dollars per share) | $ 10.04 | $ 10 |
Class B Common Stock | ||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 5,750,000 | 5,750,000 |
Common stock, shares outstanding | 5,750,000 | 5,750,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating and formation costs | $ 465,850 | $ 1,814,941 | $ 2,022,913 | $ 4,308,085 |
Loss from operations | (465,850) | (1,814,941) | (2,022,913) | (4,308,085) |
Other income (expense): | ||||
Other Income - Termination Fee | 1,000,000 | 1,000,000 | ||
Other Income - Reduction of Due Diligence Fee | 1,068,808 | 1,068,808 | ||
Interest earned on investments held in Trust Account | 1,040,054 | 3,533 | 1,385,509 | 10,063 |
Transaction costs allocated to warrant liabilities | (788,627) | |||
Loss on initial issuance of Private Placement Warrants | (1,716,000) | |||
Change in fair value of convertible promissory note | 184,795 | |||
Change in fair value of warrant liabilities | 905,000 | (3,077,000) | 13,937,000 | 5,430,000 |
Total other income (expense), net | 4,013,862 | (3,073,467) | 17,576,112 | 2,935,436 |
Income before provision for income taxes | 3,548,012 | (4,888,408) | 15,553,199 | (1,372,649) |
Provision for income taxes | (143,970) | (156,139) | ||
Net income (loss) | $ 3,404,042 | $ (4,888,408) | $ 15,397,060 | $ (1,372,649) |
Class A Common Stock | ||||
Other income (expense): | ||||
Weighted average shares outstanding (in Shares) | 23,000,000 | 23,000,000 | 23,000,000 | 22,073,260 |
Basic net income (loss) per share (in Dollars per share) | $ 0.12 | $ (0.17) | $ 0.54 | $ (0.05) |
Weighted average shares outstanding (in Shares) | 23,000,000 | 23,000,000 | 23,000,000 | 22,073,260 |
Diluted net income (loss) per share (in Dollars per share) | $ 0.12 | $ (0.17) | $ 0.54 | $ (0.05) |
Class B Common Stock | ||||
Other income (expense): | ||||
Weighted average shares outstanding (in Shares) | 5,750,000 | 5,750,000 | 5,750,000 | 5,719,780 |
Basic net income (loss) per share (in Dollars per share) | $ 0.12 | $ (0.17) | $ 0.54 | $ (0.05) |
Weighted average shares outstanding (in Shares) | 5,750,000 | 5,750,000 | 5,750,000 | 5,719,780 |
Diluted net income (loss) per share (in Dollars per share) | $ 0.12 | $ (0.17) | $ 0.54 | $ (0.05) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders’ Deficit (Unaudited) - USD ($) | Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total |
Balance at Dec. 31, 2020 | $ 575 | $ 24,425 | $ (4,251) | $ 20,749 | |
Balance (in Shares) at Dec. 31, 2020 | 5,750,000 | ||||
Remeasurement adjustment on redeemable common stock | (24,425) | (25,978,632) | (26,003,057) | ||
Net income (loss) | 8,607,546 | 8,607,546 | |||
Balance at Mar. 31, 2021 | $ 575 | (17,375,337) | (17,374,762) | ||
Balance (in Shares) at Mar. 31, 2021 | 5,750,000 | ||||
Balance at Dec. 31, 2020 | $ 575 | 24,425 | (4,251) | 20,749 | |
Balance (in Shares) at Dec. 31, 2020 | 5,750,000 | ||||
Net income (loss) | (1,372,649) | ||||
Balance at Sep. 30, 2021 | $ 575 | (27,355,532) | (27,354,957) | ||
Balance (in Shares) at Sep. 30, 2021 | 5,750,000 | ||||
Balance at Mar. 31, 2021 | $ 575 | (17,375,337) | (17,374,762) | ||
Balance (in Shares) at Mar. 31, 2021 | 5,750,000 | ||||
Net income (loss) | (5,091,787) | (5,091,787) | |||
Balance at Jun. 30, 2021 | $ 575 | (22,467,124) | (22,466,549) | ||
Balance (in Shares) at Jun. 30, 2021 | 5,750,000 | ||||
Net income (loss) | (4,888,408) | (4,888,408) | |||
Balance at Sep. 30, 2021 | $ 575 | (27,355,532) | (27,354,957) | ||
Balance (in Shares) at Sep. 30, 2021 | 5,750,000 | ||||
Balance at Dec. 31, 2021 | $ 575 | (27,324,261) | (27,323,686) | ||
Balance (in Shares) at Dec. 31, 2021 | 5,750,000 | ||||
Net income (loss) | 3,656,694 | 3,656,694 | |||
Balance at Mar. 31, 2022 | $ 575 | (23,667,567) | (23,666,992) | ||
Balance (in Shares) at Mar. 31, 2022 | 5,750,000 | ||||
Balance at Dec. 31, 2021 | $ 575 | (27,324,261) | (27,323,686) | ||
Balance (in Shares) at Dec. 31, 2021 | 5,750,000 | ||||
Net income (loss) | 15,397,060 | ||||
Balance at Sep. 30, 2022 | $ 575 | (12,049,991) | (12,049,416) | ||
Balance (in Shares) at Sep. 30, 2022 | 5,750,000 | ||||
Balance at Mar. 31, 2022 | $ 575 | (23,667,567) | (23,666,992) | ||
Balance (in Shares) at Mar. 31, 2022 | 5,750,000 | ||||
Cash provided in excess of fair value of promissory note | 52,275 | 52,275 | |||
Remeasurement for Class A common stock to redemption amount | (46,911) | (46,911) | |||
Net income (loss) | 8,336,324 | 8,336,324 | |||
Balance at Jun. 30, 2022 | $ 575 | 5,364 | (15,331,243) | (15,325,304) | |
Balance (in Shares) at Jun. 30, 2022 | 5,750,000 | ||||
Cash provided in excess of fair value of promissory note | 717,930 | 717,930 | |||
Remeasurement for Class A common stock to redemption amount | (723,294) | (122,790) | (846,084) | ||
Net income (loss) | 3,404,042 | 3,404,042 | |||
Balance at Sep. 30, 2022 | $ 575 | $ (12,049,991) | $ (12,049,416) | ||
Balance (in Shares) at Sep. 30, 2022 | 5,750,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash Flows from Operating Activities: | ||
Net income (loss) | $ 15,397,060 | $ (1,372,649) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Change in fair value of warrant liabilities | (13,937,000) | (5,430,000) |
Change in fair value of Convertible Promissory Note – related party | (184,795) | |
Loss on initial issuance of Private Placement Warrants | 1,716,000 | |
Interest earned on marketable securities held in Trust Account | (1,385,509) | (10,063) |
Transaction costs associated with the Initial Public Offering | 788,627 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 425,125 | (512,001) |
Other Receivable | (650,000) | |
Income taxes payable | 156,139 | |
Accrued expenses | (444,298) | 3,158,019 |
Net cash used in operating activities | (623,278) | (1,662,067) |
Cash Flows from Investing Activities: | ||
Investment of cash into Trust Account | (230,000,000) | |
Net cash used in investing activities | (230,000,000) | |
Cash Flows from Financing Activities: | ||
Proceeds from sale of Units, net of underwriting discount paid | 225,675,000 | |
Proceeds from sale of Private Placements Warrants | 6,600,000 | |
Proceeds from Convertible Promissory Note – related party | 755,000 | |
Repayment of Convertible Promissory Note – related party | (155,000) | |
Payment of offering costs | (284,639) | |
Net cash provided by financing activities | 755,000 | 231,835,361 |
Net Change in Cash | 131,722 | 173,294 |
Cash – Beginning of period | 87,074 | 56,573 |
Cash – End of period | 218,796 | 229,867 |
Non-cash investing and financing activities: | ||
Remeasurement of Class A common stock to redemption value | 892,995 | 230,000,000 |
Cash provided in excess of fair value of promissory note | 770,205 | |
Deferred underwriting fee payable | 7,568,750 | |
Initial classification of warrant liability | $ 22,806,000 |
Description of Organization and
Description of Organization and Business Operations | 9 Months Ended |
Sep. 30, 2022 | |
Description of Organization and Business Operations [Abstract] | |
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS | NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Bright Lights Acquisition Corp. (the “Company” or “BLTS”) is a blank check company incorporated in Delaware on September 15, 2020. The Company was formed for the purpose of effectuating a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses (the “Business Combination”). The Company has four wholly-owned subsidiaries, Bright Lights Parent Corp. (“ParentCo”), Mower Merger Sub Corp. (“Merger Sub Corp”), Mower Intermediate Holdings, Inc. (“Intermediate Holdco”), and Mower Merger Sub 2, LLC (“Merger Sub LLC”), which is a direct wholly-owned subsidiary of Intermediate Holdco. All subsidiaries were incorporated in the state of Delaware on November 10, 2021. 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 September 30, 2022, the Company had not yet commenced any operations. All activity for the period September 15, 2020 (inception) through September 30, 2022 relates to the Company’s formation, initial public offering (the “Initial Public Offering”), which is described below, and, subsequent to the Initial Public Offering, identifying a target company for a Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company believes it will generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering. As previously disclosed in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, filed with the SEC on August 15, 2022, on November 22, 2021, the Company entered into a business combination agreement (the “BCA” or “Business Combination Agreement, and the transactions contemplated thereby, the “Contemplated Business Combination”) with Manscaped Holdings, LLC (“Manscaped”). On August 15, 2022, BLTS received a letter from Manscaped purporting to terminate the BCA. On August 18, 2022, the parties to the BCA entered into a Mutual Termination and Release Agreement (the “Termination Agreement”), pursuant to which, among other things, the parties agreed to mutually terminate the BCA, effective immediately. Pursuant to the Termination Agreement, subject to certain exceptions, BLTS and Manscaped have also agreed, on behalf of themselves and their respective related parties, to a release of claims relating to the Contemplated Business Combination. Manscaped has also agreed to pay BLTS the sum of $1.0 million, with $350,000 due on the date of the Termination Agreement (the “Termination Date”), $216,666.66 due on each of the first and second anniversaries of the Termination Date, and $216,666.68 due on the third anniversary of the Termination Date. The entire amount of $1.0 million has been recorded as Other income - Termination Fee with the remaining $650,000 disclosed on the balance sheet as Other Receivable. As a result of the Termination Agreement, the Company will no longer owe due diligence fees. The Company recognized other income for the reduction of due diligence fees that were expensed in prior periods. The total Other Income – Reduction of Due Diligence Fees for September 30, 2022 is $1,068,000. The registration statement for the Company’s Initial Public Offering was declared effective on January 6, 2021. On January 11, 2021, the Company consummated the Initial Public Offering of 23,000,000 units (the “Units” and, with respect to the shares of Class A common stock included in the Units sold, the “Public Shares”), which includes the full exercise by the underwriter of its over-allotment option in the amount of 3,000,000 Units, at $10.00 per Unit, generating gross proceeds of $230,000,000, which is described in Note 3. Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 6,600,000 warrants (each, a “Private Placement Warrant” and, collectively, the “Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant in a private placement to Bright Lights Sponsor LLC (the “Sponsor”), generating gross proceeds of $6,600,000, which is described in Note 4. Transaction costs amounted to $12,301,684, consisting of $4,325,000 of underwriting fees, $7,568,750 of deferred underwriting fees and $407,934 of other offering costs. Following the closing of the Initial Public Offering on January 11, 2021, an amount of $230,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Warrants was placed in a trust account (the “Trust Account”), 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, or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the funds in the Trust Account to the Company’s stockholders, as described below. With respect to the regulation of special purpose acquisition companies like the Company (“SPACs”), on March 30, 2022, the SEC issued proposed rules (the “SPAC Rule Proposals”) relating to, among other items, disclosures in business combination transactions involving SPACs and private operating companies; the condensed financial statement requirements applicable to transactions involving shell companies; the use of projections by SPACs in SEC filings in connection with proposed business combination transactions; the potential liability of certain participants in proposed business combination transactions; and the extent to which SPACs could become subject to regulation under the Investment Company Act of 1940, as amended, including a proposed rule that would provide SPACs a safe harbor from treatment as an investment company if they satisfy certain conditions that limit a SPAC’s duration, asset composition, business purpose and activities. With regard to the SEC’s investment company proposals included in the SPAC Rule Proposals, while the funds in the Trust Account have, since the Company’s initial public offering, been held only in U.S. government treasury bills with a maturity of 185 days or less or in money market funds investing solely in U.S. Treasuries, to mitigate the risk of being viewed as operating an unregistered investment company (including pursuant to the subjective test of Section 3(a)(1)(A) of the Investment Company Act of 1940), the Company intends to instruct the trustee to hold all funds in the Trust Account in cash until the earlier of the consummation of an initial business combination and the liquidation of the Company. 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, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. Nasdaq rules provide that the Business Combination must be with one or more target businesses that together have a fair market value equal to at least 80% of the balance in the Trust Account (less any deferred underwriting commissions and taxes payable on interest earned on the Trust Account) at the time of the signing a definitive agreement to enter a Business Combination. The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able to successfully effect or complete a Business Combination. The Company will provide its holders of the outstanding Public Shares (the “public stockholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The public stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.00 per Public Share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 either prior to or upon such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the shares voted are voted in favor of the Business Combination. If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote for business or other reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation (the “Amended and Restated Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the transaction is required by law, or the Company decides to obtain stockholder approval for business or other reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks stockholder approval in connection with a Business Combination, the Sponsor has agreed to vote its 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 stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction or do not vote at all. Notwithstanding the above, if the Company seeks stockholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Amended and Restated Certificate of Incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder 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 20% of the Public Shares, without the prior consent of the Company. The Sponsor and initial stockholders of the Company have agreed (a) to waive their redemption rights with respect to their Founder Shares and Public Shares held by them in connection with the completion of a Business Combination, (b) to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination by January 11, 2023 and (c) not to propose an amendment to the Amended and Restated Certificate of Incorporation (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 its Public Shares if the Company does not complete a Business Combination or (ii) with respect to any other provision relating to stockholders’ rights or pre-initial business combination activity, unless the Company provides the public stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment. The Company will have until January 11, 2023 to complete a Business Combination or any extended period of time that the Company has to consummate a Business Combination as a result of an amendment to the Amended and Restated Certificate of Incorporation (the “Combination Period”). If the Company is unable to complete 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 business days thereafter, redeem the Public Shares, 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 funds held in the Trust Account and not previously released to the Company to pay its tax obligations (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless if the Company fails to complete a Business Combination within the Combination Period. The Sponsor and initial stockholders of the Company have agreed to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Sponsor or the initial stockholders of the Company acquire Public Shares in or after the Initial Public Offering, 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 in 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 ($10.00). In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a third party 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) $10.00 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 due to reductions in the value of the trust assets, in each case net of the interest which may be withdrawn to pay our taxes. This liability will not apply with respect to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except 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”). Moreover, 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 (except 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. Going Concern As of September 30, 2022, the Company had $218,796 in its operating bank accounts, $231,399,934 in securities held in the Trust Account to be used for a Business Combination or to repurchase or redeem its common stock in connection therewith and a working capital deficit of $4,587,666, which excludes franchise and income taxes payable as such amounts can be paid from the interest earned in the Trust Account. As of September 30, 2022, $1,399,934 of the amount on deposit in the Trust Account represented interest income, which is available to pay the Company’s tax obligations. Until the consummation of a Business Combination, the Company will be using the funds not held in the Trust Account for identifying and evaluating prospective acquisition candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to acquire, and structuring, negotiating and consummating the Business Combination. The Company may raise additional capital through loans or additional investments from its Sponsor, stockholders, officers, directors, or third parties. The Company’s officers, directors and Sponsor may, but are not obligated to, loan the Company funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion, to meet the Company’s working capital needs. Accordingly, the Company may not be able to obtain additional financing. If the Company is unable to raise additional capital, it 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 it on commercially acceptable terms, if at all. These conditions raise substantial doubt about the Company’s ability to continue as a going concern through January 11, 2023, the date that the Company will be required to cease all operations, except for the purpose of winding up, if a Business Combination is not consummated. These condensed consolidated financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern. Risks and Uncertainties In February 2022, Russia 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 Russia. The invasion of Ukraine may result in market volatility that could adversely affect our stock price and our search for a target company. Further, the impact of this action and related sanctions on the world economy are not determinable as of the date of these 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 condensed financial statements. Management is currently evaluating 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 the condensed consolidated financial statements. The condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Inflation Reduction Act of 2022 On August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for, among other things, a new U.S. federal 1% excise tax on certain repurchases of stock by publicly traded U.S. domestic corporations and certain U.S. domestic subsidiaries of publicly traded foreign corporations occurring on or after January 1, 2023. The excise tax is imposed on the repurchasing corporation itself, not its shareholders from which shares are repurchased. The amount of the excise tax is generally 1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the excise tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year. In addition, certain exceptions apply to the excise tax. The U.S. Department of the Treasury (the “Treasury”) has been given authority to provide regulations and other guidance to carry out and prevent the abuse or avoidance of the excise tax. Any redemption or other repurchase that occurs after December 31, 2022, in connection with a Business Combination, extension vote or otherwise, may be subject to the excise tax. Whether and to what extent the Company would be subject to the excise tax in connection with a Business Combination, extension vote or otherwise would depend on a number of factors, including (i) the fair market value of the redemptions and repurchases in connection with the Business Combination, extension or otherwise, (ii) the structure of a Business Combination, (iii) the nature and amount of any “PIPE” or other equity issuances in connection with a Business Combination (or otherwise issued not in connection with a Business Combination but issued within the same taxable year of a Business Combination) and (iv) the content of regulations and other guidance from the Treasury. In addition, because the excise tax would be payable by the Company and not by the redeeming holder, the mechanics of any required payment of the excise tax have not been determined. The foregoing could cause a reduction in the cash available on hand to complete a Business Combination and in the Company’s ability to complete a Business Combination. On October 31, 2022, the Company filed a definitive proxy statement in connection with a proposed stockholder vote to amend the Company’s charter to, among other things, amend the date by which the Company must complete an initial Business Combination from January 11, 2023, to December 12, 2022. If the proposals described in such proxy statement are approved, the Company intends to wind up and liquidate prior to December 31, 2022. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
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 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 as filed with the SEC on March 14, 2022. The interim results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or for any future periods. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. 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 stockholder 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 condensed consolidated financial statements 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 the 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 condensed consolidated financial statements and the reported amounts of revenues and 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 condensed consolidated 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 condensed consolidated financial statements is the determination of the fair value of the warrant liabilities as well as the fair value of the Convertible Promissory Note (as defined under Note 2 herein). Such estimates may be subject to change as more current information becomes available and 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 September 30, 2022 and December 31, 2021. Offering Costs Offering costs consisted of legal, accounting and other expenses incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering costs were allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with warrant liabilities were expensed as incurred in the statements of operations. Offering costs associated with the Class A common stock issued were charged to temporary equity and warrants upon the completion of the Initial Public Offering. Offering costs amounting to $12,301,684 were charged to stockholders’ equity upon the completion of the Initial Public Offering and $788,627 were expensed as of the date of the Initial Public Offering. Marketable Securities Held in Trust Account As of September 30, 2022 and December 31, 2021, substantially all of the Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the condensed consolidated balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held in Trust Account are included in interest earned on marketable securities held in Trust Account in the accompanying statements of operations. Other Receivable Pursuant to the Termination Agreement, subject to certain exceptions, BLTS and Manscaped have also agreed, on behalf of themselves and their respective related parties, to a release of claims relating to the Contemplated Business Combination. Manscaped has also agreed to pay BLTS the sum of $1.0 million, with $350,000 due on the Termination Date, $216,666.66 due on each of the first and second anniversaries of the Termination Date, and $216,666.68 due on the third anniversary of the Termination Date. As a result, the Company has recorded a receivable of $650,000 related to the reimbursement of business combination expenses to be received from Manscaped as part of the Termination Agreement. Class A Common Stock Subject to Possible Redemption The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Shares of Class A common stock subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally redeemable common stock (including common stock that features redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s Class A common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, as of September 30, 2022 and December 31, 2021, Class A common stock subject to possible redemption is presented at redemption value as temporary equity, outside of the stockholders’ 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 common stock to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable common stock are affected by charges against additional paid-in capital and accumulated deficit. Gross proceeds $ 230,000,000 Less: Proceeds allocated to Public Warrants (14,490,000 ) Class A common stock issuance costs (11,513,057 ) Plus: Remeasurement adjustment on redeemable common stock 26,003,057 Class A common stock subject to possible redemption – December 31, 2021 230,000,000 Remeasurement adjustment on redeemable common stock 892,995 Class A common stock subject to possible redemption – September 30, 2022 $ 230,892,995 Warrant Liabilities The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own common stock, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded as a liability at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations. The Company accounts for the Public Warrants and Private Placement Warrants (together, the “Warrants”) in accordance with the guidance contained in ASC 815-40. The Warrants are not considered indexed to the Company’s own common stock and, as such, the Warrants do not meet the criteria for equity treatment and must be recorded as liabilities. The Private Placement Warrants and the Public Warrants for periods where no observable traded price was available were valued using the Modified Monte Carlo Simulation and Modified Black Scholes option pricing models (see Note 9). Income Taxes The Company accounts for income taxes under ASC 740, “Income Taxes.” ASC 740, Income Taxes, requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the unaudited condensed financial statements and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. As of September 30, 2022 and December 31, 2021, the Company’s deferred tax asset had a full valuation allowance recorded against it. Our effective tax rate was 4.06% and 0.00% for the three months ended September 30, 2022 and 2021, respectively, and 1.00% and 0.00% for the nine months ended September 30, 2022 and 2021, respectively. The effective tax rate differs from the statutory tax rate of 21% for the three and nine months ended September 30, 2022 and 2021, due to changes in fair value in warrant liability and the valuation allowance on the deferred tax assets. ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position 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. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 2022 and December 31, 2021. 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 has identified the United States as its only “major” tax jurisdiction. The Company is subject to income taxation by major taxing authorities since inception. These examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal and state tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. Net Income (Loss) Per Common Share Net income (loss) per common share is computed by dividing net income by the weighted average number of common stock outstanding for the period. The Company applies the two-class method in calculating net income (loss) per common share. The remeasurement adjustment associated with the redeemable shares of Class A common stock is excluded from net income (loss) per common 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 and (iii) any warrants that could be acquired through conversion of convertible debt. The warrants are exercisable to purchase 18,100,000 shares of Class A common stock in the aggregate. As of September 30, 2022 and 2021, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised or converted into common stock and then share in the earnings of the Company. As a result, diluted net income (loss) per common share is the same as basic net income (loss) per common share for the periods presented. The following table reflects the calculation of basic and diluted net income (loss) per common share (in dollars, except per share amounts): Three Months Ended Three Months Ended Class A Class B Class A Class B Basic net income (loss) per common share Numerator: Allocation of net income (loss), as adjusted $ 2,723,234 $ 680,808 $ (3,910,762 ) $ (977,682 ) Denominator: Basic weighted average common shares outstanding 23,000,000 5,750,000 23,000,000 5,750,000 Basic net income (loss) per common share $ 0.12 $ 0.12 $ (0.17 ) $ (0.17 ) Diluted net income (loss) per common share Numerator: Allocation of net income (loss), as adjusted $ 2,723,234 $ 680,808 $ (3,910,762 ) $ (977,682 ) Denominator: Diluted weighted average common shares outstanding 23,000,000 5,750,000 23,000,000 5,750,000 Diluted net income (loss) per common share $ 0.12 $ 0.12 $ (0.17 ) $ (0.17 ) Nine Months Ended Nine Months Ended Class A Class B Class A Class B Basic net income (loss) per common share Numerator: Allocation of net income (loss), as adjusted $ 12,317,648 $ 3,079,412 $ (1,090,159 ) $ (282,490 ) Denominator: Basic weighted average common shares outstanding 23,000,000 5,750,000 22,073,260 5,719,780 Basic net income (loss) per common share $ 0.54 $ 0.54 $ (0.05 ) $ (0.05 ) Diluted net income (loss) per common share Numerator: Allocation of net income (loss), as adjusted $ 12,317,648 $ 3,079,412 $ (1,090,159 ) $ (282,490 ) Denominator: Diluted weighted average common shares outstanding 23,000,000 5,750,000 22,073,260 5,719,780 Diluted net income (loss) per common share $ 0.54 $ 0.54 $ (0.05 ) $ (0.05 ) Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on these accounts. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the accompanying condensed consolidated balance sheets, primarily due to their short-term nature, except for warrant liabilities and the convertible promissory note (see Note 9). Recent Accounting Standards Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s condensed consolidated financial statements. Convertible Promissory Note – Related Party On January 18, 2022, the Company entered into a convertible promissory note (the “Convertible Promissory Note”) with the Sponsor. Pursuant to the Convertible Promissory Note, the Sponsor agreed to loan to the Company up to $1.5 million to be used for working capital purposes. The Company accounts for its Convertible Promissory Note under ASC 815, Derivatives and Hedging (“ASC 815”). Under 815-15-25, the election can be made at the inception of a financial instrument to account for the instrument under the fair value option under ASC 825, Financial Instruments (“ASC 825”). The Company has made such election for its Convertible Promissory Note. Using the fair value option, the convertible promissory note is required to be recorded at its initial fair value on the date of issuance, and each balance sheet date thereafter. Differences between the face value of the Convertible Promissory Note and fair value at issuance are recognized as either an expense in the statement of operations (if issued at a premium) or as a capital contribution (if issued at a discount). Any material changes in the estimated fair value of the Convertible Promissory Note are recognized as non-cash gains or losses in the condensed statements of operations. The Company reviews the terms of convertible debt issued to determine whether there are embedded derivative instruments, including embedded conversion options, which are required to be bifurcated and accounted for separately as derivative financial instruments. In circumstances where the host instrument contains more than one embedded derivative instrument, including the conversion option, that is required to be bifurcated, the bifurcated derivative instruments are accounted for as a single, compound derivative instrument. Bifurcated embedded derivatives are initially recorded at fair value and are then revalued at each reporting date with changes in the fair value reported as non-operating income or expense. When the equity or convertible debt instruments contain embedded derivative instruments that are to be bifurcated and accounted for as liabilities, the total proceeds received are first allocated to the fair value of all the bifurcated derivative instruments. The remaining proceeds, if any, are then allocated to the host instruments themselves, usually resulting in those instruments being recorded at a discount from their face value. The discount from the face value of the convertible debt, together with the stated interest on the instrument, is amortized over the life of the instrument through periodic charges to interest expense. |
Initial Public Offering
Initial Public Offering | 9 Months Ended |
Sep. 30, 2022 | |
Initial Public Offering [Abstract] | |
INITIAL PUBLIC OFFERING | NOTE 3 — INITIAL PUBLIC OFFERING On January 11, 2021, pursuant to the Initial Public Offering, the Company sold 23,000,000 Units which includes a full exercise by the underwriters of their over-allotment option in the amount of 3,000,000 Units, at a purchase price of $10.00 per Unit. Each Unit consists of one share of the Company’s Class A common stock, $0.0001 par value, and one-half of one redeemable warrant (“Public Warrant”). Each Public Warrant entitles the holder to purchase one share of Class A common stock at an exercise price of $11.50 per whole share. |
Private Placement
Private Placement | 9 Months Ended |
Sep. 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 6,600,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant ($6,600,000 in the aggregate), in a private placement. Each Private Placement Warrant is exercisable to purchase one share of Class A common stock at a price of $11.50 per share. The proceeds from the sale of the Private Placement Warrants were added to the net proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants will expire worthless. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 5 — RELATED PARTY TRANSACTIONS Founder Shares On September 29, 2020, the Sponsor paid $25,000 to cover certain offering costs of the Company in consideration for 5,750,000 shares of Class B common stock (the “Founder Shares”). The Founder Shares included an aggregate of up to 750,000 shares subject to forfeiture by the Sponsor to the extent that the underwriter’s over-allotment was not exercised in full or in part, so that the amount of Founder Shares outstanding equals, on an as-converted basis, 20% of the Company’s issued and outstanding shares after the Initial Public Offering (assuming the Sponsor does not purchase any Public Shares in the Initial Public Offering). As a result of the underwriters’ election to fully exercise their over-allotment option, no Founder Shares are currently subject to forfeiture. The Sponsor has agreed, subject to certain limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier to occur of: (A) one year after the completion of a Business Combination or (B) subsequent to a Business Combination, (x) if the last reported sale price of the Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, 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, capital stock exchange or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property. Administrative Services Agreement The Company agreed, commencing on January 7, 2021, to pay the Sponsor a total of $10,000 per month for office space, secretarial and administrative support. Upon completion of the Business Combination or the Company’s liquidation, the Company will cease paying these monthly fees. For the three and nine months ended September 30, 2022, the Company incurred and paid $30,000 and $90,000, respectively, in fees for these services. For the three and nine months ended September 30, 2021, the Company incurred and paid $30,000 and $88,065 in fees for these services. Lee Strategic Services Agreement Commencing on January 6, 2021, the Company agreed to pay its Chief Financial Officer, Hahn Lee, $12,500 per month for his services prior to the initial Business Combination. For the three and nine months ended September 30, 2022, the Company incurred and paid $37,500 and $112,500, respectively, in fees for these services. For the three and nine months ended September 30, 2021, the Company incurred and paid $37,500 and $110,484 in fees for these services. Promissory Note — Related Party On September 29, 2020, the Sponsor agreed to loan the Company an aggregate of up to $300,000 to cover expenses related to the Initial Public Offering pursuant to a promissory note (the “Note”). The Note was non-interest bearing and payable on the earlier of (i) June 30, 2021, (ii) the consummation of the Initial Public Offering or (iii) the date on which the Company determines not to proceed with the Initial Public Offering. As of December 31, 2020, there was $155,000 in borrowings outstanding under the Promissory Note. The outstanding balance under the Note of $155,000 was repaid at the closing of the Initial Public Offering on January 11, 2021. Borrowings under the Note are no longer available. 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 directors and officers may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. 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. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of such Working Capital Loans may be convertible into warrants of the post-Business Combination entity at a price of $1.00 per warrant. The warrants would be identical to the Private Placement Warrants. In December 2021, the Sponsor advanced $200,000 to the Company for incurred expenses as an advance. This was included in the Advance – related party on the condensed consolidated balance sheet at December 31, 2021. On January 18, 2022, the $200,000 advance was converted into a Working Capital Loan via a Convertible Promissory Note. At December 31, 2021, there were no amounts outstanding under any Working Capital Loans or under the Convertible Promissory Note – related party on the condensed consolidated balance sheets. The Company assessed the provisions of the Convertible Promissory Note under ASC 470-20. The derivative component of the obligation was initially valued and classified as a derivative liability. The conversion value has had zero value since the inception of the Convertible Promissory Note, due primarily to the trading price of the public warrants. Upon conversion on January 18, 2022, the fair value of the Convertible Promissory Note approximated face value and any difference was immaterial. At September 30, 2022, the conversion option was valued using an option pricing framework, which is considered to be a Level 3 fair value measurement with the most significant valuation input being the probability of a Business Combination. As the possibility of a Business Combination is deemed to be zero, at September 30, 2022, the fair value of the Convertible Promissory Note – related party was zero. The following table presents the change in the fair value of the Convertible Promissory Note – related party: Fair value as of conversion date of January, 18, 2022 $ 725,000 Additional borrowings 205,000 Additional borrowings in excess of fair value (52,275 ) Change in fair value (877,725 ) Fair value as of September 30, 2022 $ — |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 6 — COMMITMENTS AND CONTINGENCIES Registration Rights Pursuant to a registration rights agreement entered into on January 6, 2021, the holders of the Founder Shares, Private Placement Warrants and any warrants that may be issued upon conversion of the Convertible Promissory Note (and any shares of Class A common stock issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of Convertible Promissory Note and upon conversion of the Founder Shares) will have registration rights to require the Company to register a sale of any of our securities held by them. The holders of these securities are 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 registration rights agreement does not contain liquidating damages or other cash settlement provisions resulting from delays in registering the Company’s securities. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Termination of BCA As previously disclosed in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, filed with the SEC on August 15, 2022, on November 22, 2021, the Company, entered into a business combination agreement (the “BCA” or “Business Combination Agreement) with Manscaped. On August 15, 2022, BLTS received a letter from Manscaped purporting to terminate the BCA. On August 18, 2022, the parties to the BCA entered into a Mutual Termination and Release Agreement (the “Termination Agreement”), pursuant to which, among other things, the parties agreed to mutually terminate the BCA, effective immediately. Pursuant to the Termination Agreement, subject to certain exceptions, BLTS and Manscaped have also agreed, on behalf of themselves and their respective related parties, to a release of claims relating to the Contemplated Business Combination. Manscaped has also agreed to pay BLTS the sum of $1.0 million, with $350,000 due on the Termination Date, $216,666.66 due on each of the first and second anniversaries of the Termination Date, and $216,666.68 due on the third anniversary of the Termination Date. The entire amount of $1.0 million has been recorded as Other income - Termination Fee with the remaining $650,000 disclosed on the balance sheet as Other Receivable. Warrant Amendment Concurrently with the execution of the Business Combination Agreement, the Company, ParentCo and Continental executed an Assignment, Assumption and Amendment Agreement, to be effective upon the closing of the Contemplated Business Combination, pursuant to which the Company was to assign all of its right, title and interest in the Warrant Agreement, dated as of January 6, 2021, by and between the Company and Continental (the “Warrant Agreement”), to ParentCo. Such Assignment, Assumption and Amendment Agreement became of no further force and effect upon the termination of the Business Combination Agreement. Underwriting Agreement The underwriters are entitled to a deferred fee of $0.35 per Unit, up to $7,568,750 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. |
Class A Common Stock Subject to
Class A Common Stock Subject to Possible Redemption | 9 Months Ended |
Sep. 30, 2022 | |
Common Stock Subject to Possible Redemption [Abstract] | |
CLASS A COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION | NOTE 7 — CLASS A COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION Class A Common Stock |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2022 | |
Stockholders' Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 8 — STOCKHOLDERS’ DEFICIT Preferred Stock no Class B Common Stock Holders of Class A common stock and Class B common stock will vote together as a single class on all other matters submitted to a vote of shareholders, except as required by law. The shares of Class B common stock will automatically convert into shares of Class A common stock concurrently with or immediately following the consummation of a Business Combination, or earlier at the option of the holder, on a one-for-one basis, subject to adjustment. In the case that additional shares of Class A common stock or equity-linked securities are issued or deemed issued in connection with a Business Combination, the number of shares of Class A common stock issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted basis, 20% of the total number of shares of Class A common stock outstanding after such conversion (after giving effect to any redemptions of shares of Class A common stock by public stockholders), including the total number of shares of Class A common stock 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 consummation of a Business Combination, excluding any shares of Class A common stock or equity-linked securities or rights exercisable or exchangeable for or convertible into shares of Class A common stock issued, or to be issued, to any seller in a Business Combination and any Private Placement Warrants issued to the Sponsor, officers or directors upon conversion of Working Capital Loans, provided that such conversion of Founder Shares will never occur on a less than one-for-one basis. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 9 — FAIR VALUE MEASUREMENTS The Company follows the guidance in ASC 820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. 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 our assessment of the assumptions that market participants would use in pricing the asset or liability. As of September 30, 2022 and December 31, 2021, assets held in the Trust Account were comprised of $231,399,934 and $230,014,425 in money market funds which are invested primarily in U.S. Treasury Securities, respectively. Through September 30, 2022, the Company had not withdrawn any of interest earned on the Trust Account. The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: Description Level December 31, September 30, Assets: Marketable securities held in Trust Account 1 $ 230,014,425 $ 231,399,934 Liabilities: Convertible promissory note 3 $ — $ — Warrant Liability – Public Warrants 2 $ 9,200,000 $ 345,000 Warrant Liability – Private Placement Warrants 2 $ 5,280,000 $ 198,000 The Company accounts for conversion options embedded in convertible notes in accordance with ASC 815. ASC 815 generally requires companies to bifurcate conversion options embedded in convertible notes from their host instruments and to account for them as free-standing derivative financial instruments. The Company assessed the provisions of the Convertible Promissory Note under ASC 470-20. The derivative component of the obligation was initially valued and classified as a derivative liability. The conversion value has had zero value since the inception of the Convertible Promissory Note, due primarily to the trading price of the public warrants. Upon conversion on January 18, 2022, the fair value of the Convertible Promissory Note approximated face value and any difference was immaterial. At September 30, 2022, the conversion option was valued using an option pricing framework, which is considered to be a Level 3 fair value measurement with the most significant valuation input being the probability of a Business Combination. As the possibility of a Business Combination is deemed to be zero, at September 30, 2022, the fair value of the Convertible Promissory Note – related party was zero. The Warrants were accounted for as liabilities in accordance with ASC 815-40 and are presented within warrant liabilities on the accompanying September 30, 2022 condensed consolidated balance sheets. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of warrant liabilities in the condensed consolidated statements of operations. The warrants are measured at fair value on a recurring basis. The warrants were initially valued using a Monte Carlo Simulation method. The Monte Carlo simulation model’s primary unobservable input utilized in determining the fair value of the warrants is the expected volatility of the common stock. The expected volatility as of January 11, 2021 was derived from observable public warrant pricing on comparable ‘blank-check’ companies without an identified target. Prior to September 30, 2022 the subsequent measurements of the Public Warrants after the detachment of the Public Warrants from the Units is classified as Level 1 due to the use of an observable market quote in an active market under the ticker BLTSW. For periods subsequent to the detachment of the Public Warrants from the Units, the close price of the Public Warrant price was used as the fair value of the Warrants as of each relevant date. The Public Warrants transferred from a Level 1 fair value measurement to a Level 2 measurement during the three and nine months ended September 30, 2022, due to a decrease in observable trading volume of the Public Warrants. The subsequent measurements of the Private Placement Warrants after the detachment of the Public Warrants from the Units are classified as Level 2 due to the use of an observable market quote for a similar asset. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 10 — SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the condensed consolidated financial statements were issued. Other than described below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the condensed consolidated financial statements. On October 31, 2022, the Company filed a definitive proxy statement in connection with a proposed stockholder vote to amend the Company’s charter to, among other things, amend the date by which the Company must complete an initial Business Combination from January 11, 2023, to December 12, 2022. If the proposals described in such proxy statement are approved, the Company intends to wind up and liquidate prior to December 31, 2022. Subject to the terms of the underwriting agreement, the deferred underwriting fee payable of $7,568,750 will be waived by the underwriters, due to the Company’s inability to consummate an initial Business Combination by the Liquidation Date. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
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 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 as filed with the SEC on March 14, 2022. The interim results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or for 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 subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. |
Emerging Growth Company | 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 stockholder 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 condensed consolidated financial statements 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 | Use of Estimates The preparation of the 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 condensed consolidated financial statements and the reported amounts of revenues and 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 condensed consolidated 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 condensed consolidated financial statements is the determination of the fair value of the warrant liabilities as well as the fair value of the Convertible Promissory Note (as defined under Note 2 herein). Such estimates may be subject to change as more current information becomes available and 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 September 30, 2022 and December 31, 2021. |
Offering Costs | Offering Costs Offering costs consisted of legal, accounting and other expenses incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering costs were allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with warrant liabilities were expensed as incurred in the statements of operations. Offering costs associated with the Class A common stock issued were charged to temporary equity and warrants upon the completion of the Initial Public Offering. Offering costs amounting to $12,301,684 were charged to stockholders’ equity upon the completion of the Initial Public Offering and $788,627 were expensed as of the date of the Initial Public Offering. |
Marketable Securities Held in Trust Account | Marketable Securities Held in Trust Account As of September 30, 2022 and December 31, 2021, substantially all of the Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the condensed consolidated balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held in Trust Account are included in interest earned on marketable securities held in Trust Account in the accompanying statements of operations. |
Other Receivable | Other Receivable Pursuant to the Termination Agreement, subject to certain exceptions, BLTS and Manscaped have also agreed, on behalf of themselves and their respective related parties, to a release of claims relating to the Contemplated Business Combination. Manscaped has also agreed to pay BLTS the sum of $1.0 million, with $350,000 due on the Termination Date, $216,666.66 due on each of the first and second anniversaries of the Termination Date, and $216,666.68 due on the third anniversary of the Termination Date. As a result, the Company has recorded a receivable of $650,000 related to the reimbursement of business combination expenses to be received from Manscaped as part of the Termination Agreement. |
Class A Common Stock Subject to Possible Redemption | Class A Common Stock Subject to Possible Redemption The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Shares of Class A common stock subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally redeemable common stock (including common stock that features redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s Class A common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, as of September 30, 2022 and December 31, 2021, Class A common stock subject to possible redemption is presented at redemption value as temporary equity, outside of the stockholders’ 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 common stock to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable common stock are affected by charges against additional paid-in capital and accumulated deficit. |
Warrant Liabilities | Warrant Liabilities The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own common stock, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded as a liability at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations. The Company accounts for the Public Warrants and Private Placement Warrants (together, the “Warrants”) in accordance with the guidance contained in ASC 815-40. The Warrants are not considered indexed to the Company’s own common stock and, as such, the Warrants do not meet the criteria for equity treatment and must be recorded as liabilities. The Private Placement Warrants and the Public Warrants for periods where no observable traded price was available were valued using the Modified Monte Carlo Simulation and Modified Black Scholes option pricing models (see Note 9). |
Income Taxes | Income Taxes The Company accounts for income taxes under ASC 740, “Income Taxes.” ASC 740, Income Taxes, requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the unaudited condensed financial statements and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. As of September 30, 2022 and December 31, 2021, the Company’s deferred tax asset had a full valuation allowance recorded against it. Our effective tax rate was 4.06% and 0.00% for the three months ended September 30, 2022 and 2021, respectively, and 1.00% and 0.00% for the nine months ended September 30, 2022 and 2021, respectively. The effective tax rate differs from the statutory tax rate of 21% for the three and nine months ended September 30, 2022 and 2021, due to changes in fair value in warrant liability and the valuation allowance on the deferred tax assets. ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position 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. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 2022 and December 31, 2021. 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 has identified the United States as its only “major” tax jurisdiction. The Company is subject to income taxation by major taxing authorities since inception. These examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal and state tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. |
Net Income (Loss) Per Common Share | Net Income (Loss) Per Common Share Net income (loss) per common share is computed by dividing net income by the weighted average number of common stock outstanding for the period. The Company applies the two-class method in calculating net income (loss) per common share. The remeasurement adjustment associated with the redeemable shares of Class A common stock is excluded from net income (loss) per common 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 and (iii) any warrants that could be acquired through conversion of convertible debt. The warrants are exercisable to purchase 18,100,000 shares of Class A common stock in the aggregate. As of September 30, 2022 and 2021, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised or converted into common stock and then share in the earnings of the Company. As a result, diluted net income (loss) per common share is the same as basic net income (loss) per common share for the periods presented. The following table reflects the calculation of basic and diluted net income (loss) per common share (in dollars, except per share amounts): Three Months Ended Three Months Ended Class A Class B Class A Class B Basic net income (loss) per common share Numerator: Allocation of net income (loss), as adjusted $ 2,723,234 $ 680,808 $ (3,910,762 ) $ (977,682 ) Denominator: Basic weighted average common shares outstanding 23,000,000 5,750,000 23,000,000 5,750,000 Basic net income (loss) per common share $ 0.12 $ 0.12 $ (0.17 ) $ (0.17 ) Diluted net income (loss) per common share Numerator: Allocation of net income (loss), as adjusted $ 2,723,234 $ 680,808 $ (3,910,762 ) $ (977,682 ) Denominator: Diluted weighted average common shares outstanding 23,000,000 5,750,000 23,000,000 5,750,000 Diluted net income (loss) per common share $ 0.12 $ 0.12 $ (0.17 ) $ (0.17 ) Nine Months Ended Nine Months Ended Class A Class B Class A Class B Basic net income (loss) per common share Numerator: Allocation of net income (loss), as adjusted $ 12,317,648 $ 3,079,412 $ (1,090,159 ) $ (282,490 ) Denominator: Basic weighted average common shares outstanding 23,000,000 5,750,000 22,073,260 5,719,780 Basic net income (loss) per common share $ 0.54 $ 0.54 $ (0.05 ) $ (0.05 ) Diluted net income (loss) per common share Numerator: Allocation of net income (loss), as adjusted $ 12,317,648 $ 3,079,412 $ (1,090,159 ) $ (282,490 ) Denominator: Diluted weighted average common shares outstanding 23,000,000 5,750,000 22,073,260 5,719,780 Diluted net income (loss) per common share $ 0.54 $ 0.54 $ (0.05 ) $ (0.05 ) |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on these accounts. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the accompanying condensed consolidated balance sheets, primarily due to their short-term nature, except for warrant liabilities and the convertible promissory note (see Note 9). |
Recent Accounting Standards | Recent Accounting Standards Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s condensed consolidated financial statements. |
Convertible Promissory Note – Related Party | Convertible Promissory Note – Related Party On January 18, 2022, the Company entered into a convertible promissory note (the “Convertible Promissory Note”) with the Sponsor. Pursuant to the Convertible Promissory Note, the Sponsor agreed to loan to the Company up to $1.5 million to be used for working capital purposes. The Company accounts for its Convertible Promissory Note under ASC 815, Derivatives and Hedging (“ASC 815”). Under 815-15-25, the election can be made at the inception of a financial instrument to account for the instrument under the fair value option under ASC 825, Financial Instruments (“ASC 825”). The Company has made such election for its Convertible Promissory Note. Using the fair value option, the convertible promissory note is required to be recorded at its initial fair value on the date of issuance, and each balance sheet date thereafter. Differences between the face value of the Convertible Promissory Note and fair value at issuance are recognized as either an expense in the statement of operations (if issued at a premium) or as a capital contribution (if issued at a discount). Any material changes in the estimated fair value of the Convertible Promissory Note are recognized as non-cash gains or losses in the condensed statements of operations. The Company reviews the terms of convertible debt issued to determine whether there are embedded derivative instruments, including embedded conversion options, which are required to be bifurcated and accounted for separately as derivative financial instruments. In circumstances where the host instrument contains more than one embedded derivative instrument, including the conversion option, that is required to be bifurcated, the bifurcated derivative instruments are accounted for as a single, compound derivative instrument. Bifurcated embedded derivatives are initially recorded at fair value and are then revalued at each reporting date with changes in the fair value reported as non-operating income or expense. When the equity or convertible debt instruments contain embedded derivative instruments that are to be bifurcated and accounted for as liabilities, the total proceeds received are first allocated to the fair value of all the bifurcated derivative instruments. The remaining proceeds, if any, are then allocated to the host instruments themselves, usually resulting in those instruments being recorded at a discount from their face value. The discount from the face value of the convertible debt, together with the stated interest on the instrument, is amortized over the life of the instrument through periodic charges to interest expense. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Schedule of additional paid-in capital and accumulated deficit | Gross proceeds $ 230,000,000 Less: Proceeds allocated to Public Warrants (14,490,000 ) Class A common stock issuance costs (11,513,057 ) Plus: Remeasurement adjustment on redeemable common stock 26,003,057 Class A common stock subject to possible redemption – December 31, 2021 230,000,000 Remeasurement adjustment on redeemable common stock 892,995 Class A common stock subject to possible redemption – September 30, 2022 $ 230,892,995 |
Schedule of basic and diluted net income (loss) per common share | Three Months Ended Three Months Ended Class A Class B Class A Class B Basic net income (loss) per common share Numerator: Allocation of net income (loss), as adjusted $ 2,723,234 $ 680,808 $ (3,910,762 ) $ (977,682 ) Denominator: Basic weighted average common shares outstanding 23,000,000 5,750,000 23,000,000 5,750,000 Basic net income (loss) per common share $ 0.12 $ 0.12 $ (0.17 ) $ (0.17 ) Diluted net income (loss) per common share Numerator: Allocation of net income (loss), as adjusted $ 2,723,234 $ 680,808 $ (3,910,762 ) $ (977,682 ) Denominator: Diluted weighted average common shares outstanding 23,000,000 5,750,000 23,000,000 5,750,000 Diluted net income (loss) per common share $ 0.12 $ 0.12 $ (0.17 ) $ (0.17 ) Nine Months Ended Nine Months Ended Class A Class B Class A Class B Basic net income (loss) per common share Numerator: Allocation of net income (loss), as adjusted $ 12,317,648 $ 3,079,412 $ (1,090,159 ) $ (282,490 ) Denominator: Basic weighted average common shares outstanding 23,000,000 5,750,000 22,073,260 5,719,780 Basic net income (loss) per common share $ 0.54 $ 0.54 $ (0.05 ) $ (0.05 ) Diluted net income (loss) per common share Numerator: Allocation of net income (loss), as adjusted $ 12,317,648 $ 3,079,412 $ (1,090,159 ) $ (282,490 ) Denominator: Diluted weighted average common shares outstanding 23,000,000 5,750,000 22,073,260 5,719,780 Diluted net income (loss) per common share $ 0.54 $ 0.54 $ (0.05 ) $ (0.05 ) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of change in the fair value of conversion option liability for the borrowings | Fair value as of conversion date of January, 18, 2022 $ 725,000 Additional borrowings 205,000 Additional borrowings in excess of fair value (52,275 ) Change in fair value (877,725 ) Fair value as of September 30, 2022 $ — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities that are measured at fair value on a recurring basis | Description Level December 31, September 30, Assets: Marketable securities held in Trust Account 1 $ 230,014,425 $ 231,399,934 Liabilities: Convertible promissory note 3 $ — $ — Warrant Liability – Public Warrants 2 $ 9,200,000 $ 345,000 Warrant Liability – Private Placement Warrants 2 $ 5,280,000 $ 198,000 |
Description of Organization a_2
Description of Organization and Business Operations (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jan. 11, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Description of Organization and Business Operations (Details) [Line Items] | ||||||
Termination agreement due | $ 1,000,000 | |||||
Other income | 1,000,000 | |||||
Other receivable | $ 650,000 | 650,000 | ||||
Reduction of due diligence fees | 1,068,000 | |||||
Gross proceeds | $ 230,000,000 | |||||
Transaction costs | 12,301,684 | 12,301,684 | ||||
Underwriting fees | 4,325,000 | |||||
Deferred underwriting fees | 7,568,750 | |||||
Other offering costs | $ 407,934 | $ 407,934 | ||||
Fair market value percentage | 80% | 80% | ||||
Net tangible assets | $ 5,000,001 | $ 5,000,001 | ||||
Aggregate of percentage | 20% | |||||
Redemption of public shares percentage | 100% | |||||
Dissolution expenses | $ 100,000 | |||||
Public per share price (in Dollars per share) | $ 10 | $ 10 | ||||
Operating bank accounts | $ 218,796 | $ 218,796 | ||||
Marketable securities held in Trust Account | $ 231,399,934 | 231,399,934 | ||||
Interest income | $ 1,399,934 | |||||
Federal Funds Purchased, Average Rate Paid | 1% | |||||
Effective Income Tax Rate Reconciliation, Percent | 4.06% | 0% | 1% | 0% | ||
Initial Public Offering [Member] | ||||||
Description of Organization and Business Operations (Details) [Line Items] | ||||||
Consummated the initial public offering (in Shares) | 23,000,000 | |||||
Gross proceeds | $ 230,000,000 | |||||
Initial public offering, description | Following the closing of the Initial Public Offering on January 11, 2021, an amount of $230,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Warrants was placed in a trust account (the “Trust Account”), 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, or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the funds in the Trust Account to the Company’s stockholders, as described below. | |||||
Initial public offering price, per share (in Dollars per share) | $ 10 | $ 10 | ||||
Over-Allotment Option [Member] | ||||||
Description of Organization and Business Operations (Details) [Line Items] | ||||||
Consummated the initial public offering (in Shares) | 3,000,000 | |||||
Price per warrant (in Dollars per share) | $ 10 | |||||
Private Placement Warrant [Member] | ||||||
Description of Organization and Business Operations (Details) [Line Items] | ||||||
Gross proceeds | $ 6,600,000 | |||||
Sale of warrant (in Shares) | 6,600,000 | 6,600,000 | ||||
Warrants price, per share (in Dollars per share) | $ 1 | |||||
Termination Agreement [Member] | ||||||
Description of Organization and Business Operations (Details) [Line Items] | ||||||
Termination agreement due | $ 350,000 | |||||
First and Second Anniversaries Termination [Member] | ||||||
Description of Organization and Business Operations (Details) [Line Items] | ||||||
Termination agreement due | 216,666.66 | |||||
Third Anniversary Termination [Member] | ||||||
Description of Organization and Business Operations (Details) [Line Items] | ||||||
Termination agreement due | $ 216,666.68 | |||||
Business Combination [Member] | ||||||
Description of Organization and Business Operations (Details) [Line Items] | ||||||
Percentage of outstanding voting securities | 50% | 50% | ||||
Public per share (in Dollars per share) | $ 10 | $ 10 | ||||
Working capital deficit | $ 4,587,666 | $ 4,587,666 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Initial public offering (in Dollars) | $ 788,627 | |||
Receivable amount recorded (in Dollars) | $ 650,000 | $ 650,000 | ||
Effective tax rate, percentage | 4.06% | 0% | 1% | 0% |
Statutory tax rate, percentage | 21% | 21% | 21% | 21% |
Federal depository insurance coverage (in Dollars) | $ 250,000 | |||
Initial Public Offering [Member] | ||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Offering costs (in Dollars) | $ 12,301,684 | $ 12,301,684 | ||
Warrants are exercisable to purchase (in Shares) | 18,100,000 | |||
Business Combination [Member] | ||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Business combination description | Manscaped has also agreed to pay BLTS the sum of $1.0 million, with $350,000 due on the Termination Date, $216,666.66 due on each of the first and second anniversaries of the Termination Date, and $216,666.68 due on the third anniversary of the Termination Date. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Schedule of additional paid-in capital and accumulated deficit - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Schedule of additional paid-in capital and accumulated deficit [Abstract] | ||
Gross proceeds | $ 230,000,000 | |
Less: | ||
Proceeds allocated to Public Warrants | (14,490,000) | |
Class A common stock issuance costs | (11,513,057) | |
Plus: | ||
Remeasurement adjustment on redeemable common stock | $ 892,995 | $ 26,003,057 |
Class A common stock subject to possible redemption (in Shares) | 230,892,995 | 230,000,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details) - Schedule of basic and diluted net income (loss) per common share - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Class A [Member] | ||||
Numerator: | ||||
Allocation of net income (loss), as adjusted | $ 2,723,234 | $ (3,910,762) | $ 12,317,648 | $ (1,090,159) |
Denominator: | ||||
Diluted weighted average common shares outstanding | 23,000,000 | 23,000,000 | 23,000,000 | 22,073,260 |
Diluted net income (loss) per common share | $ 0.12 | $ (0.17) | $ 0.54 | $ (0.05) |
Denominator: | ||||
Basic weighted average common shares outstanding | 23,000,000 | 23,000,000 | 23,000,000 | 22,073,260 |
Basic net income (loss) per common share | $ 0.12 | $ (0.17) | $ 0.54 | $ (0.05) |
Class B [Member] | ||||
Numerator: | ||||
Allocation of net income (loss), as adjusted | $ 680,808 | $ (977,682) | $ 3,079,412 | $ (282,490) |
Denominator: | ||||
Diluted weighted average common shares outstanding | 5,750,000 | 5,750,000 | 5,750,000 | 5,719,780 |
Diluted net income (loss) per common share | $ 0.12 | $ (0.17) | $ 0.54 | $ (0.05) |
Denominator: | ||||
Basic weighted average common shares outstanding | 5,750,000 | 5,750,000 | 5,750,000 | 5,719,780 |
Basic net income (loss) per common share | $ 0.12 | $ (0.17) | $ 0.54 | $ (0.05) |
Initial Public Offering (Detail
Initial Public Offering (Details) | Jan. 11, 2021 $ / shares shares |
Class A Common Stock [Member] | |
Initial Public Offering (Details) [Line Items] | |
Exercise price | $ / shares | $ 11.5 |
Initial Public Offering [Member] | |
Initial Public Offering (Details) [Line Items] | |
Sale of units | shares | 23,000,000 |
Purchase price | $ / shares | $ 10 |
Public offering, description | Each Unit consists of one share of the Company’s Class A common stock, $0.0001 par value, and one-half of one redeemable warrant (“Public Warrant”). Each Public Warrant entitles the holder to purchase one share of Class A common stock at an exercise price of $11.50 per whole share. |
Over-Allotment Option [Member] | |
Initial Public Offering (Details) [Line Items] | |
Sale of units | shares | 3,000,000 |
Private Placement (Details)
Private Placement (Details) | 9 Months Ended |
Sep. 30, 2022 USD ($) $ / shares shares | |
Private Placement (Details) [Line Items] | |
Aggregate amount | $ | $ 6,600,000 |
Private Placement [Member] | |
Private Placement (Details) [Line Items] | |
Purchased an aggregate amount | shares | 6,600,000 |
Warrant price per share | $ / shares | $ 1 |
Class A Common Stock [Member] | |
Private Placement (Details) [Line Items] | |
Sale of stock, description | Each Private Placement Warrant is exercisable to purchase one share of Class A common stock at a price of $11.50 per share. |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Jan. 07, 2021 | Jan. 06, 2021 | Sep. 29, 2020 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Jan. 18, 2022 | |
Related Party Transactions (Details) [Line Items] | |||||||||
Sponsor fees | $ 25,000 | $ 200,000 | |||||||
Converted basis, percentage | 20% | ||||||||
Monthly rent payment | $ 10,000 | ||||||||
Service fees | $ 30,000 | $ 30,000 | $ 90,000 | $ 88,065 | |||||
Related party, description | On September 29, 2020, the Sponsor agreed to loan the Company an aggregate of up to $300,000 to cover expenses related to the Initial Public Offering pursuant to a promissory note (the “Note”). The Note was non-interest bearing and payable on the earlier of (i) June 30, 2021, (ii) the consummation of the Initial Public Offering or (iii) the date on which the Company determines not to proceed with the Initial Public Offering. As of December 31, 2020, there was $155,000 in borrowings outstanding under the Promissory Note. The outstanding balance under the Note of $155,000 was repaid at the closing of the Initial Public Offering on January 11, 2021. | ||||||||
Working capital loans | $ 200,000 | ||||||||
Convertible promissory note | 0 | $ 0 | |||||||
Private Placement [Member] | |||||||||
Related Party Transactions (Details) [Line Items] | |||||||||
Working capital loans | 1,500,000 | $ 1,500,000 | |||||||
Warrant price (in Dollars per share) | $ 1 | ||||||||
Class B Common Stock [Member] | |||||||||
Related Party Transactions (Details) [Line Items] | |||||||||
Founder shares (in Shares) | 5,750,000 | ||||||||
Founder Shares [Member] | |||||||||
Related Party Transactions (Details) [Line Items] | |||||||||
Forfeiture shares (in Shares) | 750,000 | ||||||||
Lee Strategic Services Agreement [Member] | |||||||||
Related Party Transactions (Details) [Line Items] | |||||||||
Service fees | $ 37,500 | $ 37,500 | $ 112,500 | $ 110,484 | |||||
Chief Financial Officer [Member] | |||||||||
Related Party Transactions (Details) [Line Items] | |||||||||
Service fee per month | $ 12,500 | ||||||||
Business Combination [Member] | Founder Shares [Member] | |||||||||
Related Party Transactions (Details) [Line Items] | |||||||||
Business combination, description | The Sponsor has agreed, subject to certain limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier to occur of: (A) one year after the completion of a Business Combination or (B) subsequent to a Business Combination, (x) if the last reported sale price of the Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property. |
Related Party Transactions (D_2
Related Party Transactions (Details) - Schedule of change in the fair value of conversion option liability for the borrowings | 8 Months Ended |
Sep. 30, 2022 USD ($) | |
Schedule Of Change In The Fair Value Of Conversion Option Liability For The Borrowings Abstract | |
Fair value as of beginning | $ 725,000 |
Additional borrowings | 205,000 |
Additional borrowings in excess of fair value | (52,275) |
Change in fair value | (877,725) |
Fair value as of ending |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Commitments and Contingencies [Abstract] | ||
Common stock conversion description | Pursuant to a registration rights agreement entered into on January 6, 2021, the holders of the Founder Shares, Private Placement Warrants and any warrants that may be issued upon conversion of the Convertible Promissory Note (and any shares of Class A common stock issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of Convertible Promissory Note and upon conversion of the Founder Shares) will have registration rights to require the Company to register a sale of any of our securities held by them. | |
Other income | $ 1,000,000 | |
Other receivable | $ 650,000 | |
Milestones share price description | Concurrently with the execution of the Business Combination Agreement, the Company, ParentCo and Continental executed an Assignment, Assumption and Amendment Agreement, to be effective upon the closing of the Contemplated Business Combination, pursuant to which the Company was to assign all of its right, title and interest in the Warrant Agreement, dated as of January 6, 2021, by and between the Company and Continental (the “Warrant Agreement”), to ParentCo. | |
Deferred fee per unit (in Dollars per share) | $ 0.35 | |
Aggregate value of deferred fee | $ 7,568,750 |
Class A Common Stock Subject _2
Class A Common Stock Subject to Possible Redemption (Details) - Class A Common Stock [Member] - $ / shares | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Class A Common Stock Subject to Possible Redemption (Details) [Line Items] | ||
Common stock shares authorized | 380,000,000 | 380,000,000 |
Common stock shares par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock shares voting rights | one | |
Common stock shares issued | 23,000,000 | 23,000,000 |
Common stock shares outstanding | 23,000,000 | 23,000,000 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Stockholders' Equity (Details) [Line Items] | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Shares outstanding percentage | 20% | |
Class B Common Stock [Member] | ||
Stockholders' Equity (Details) [Line Items] | ||
Common stock ,shares authorized | 20,000,000 | 20,000,000 |
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock voting rights, description | Holders of the Company’s common stock are entitled to one vote for each share. | |
Common stock, shares issued | 5,750,000 | 5,750,000 |
Common stock, shares outstanding | 5,750,000 | 5,750,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
US Treasury Securities [Member] | ||
Fair Value Measurements (Details) [Line Items] | ||
Money market funds | $ 231,399,934 | $ 230,014,425 |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details) - Schedule of assets and liabilities that are measured at fair value on a recurring basis - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Level 1 [Member] | ||
Assets: | ||
Marketable securities held in Trust Account | $ 231,399,934 | $ 230,014,425 |
Level 1 [Member] | Public Warrants [Member] | ||
Liabilities: | ||
Warrant Liability | 345,000 | 9,200,000 |
Level 3 [Member] | ||
Liabilities: | ||
Convertible promissory note | ||
Level 2 [Member] | Private Placement Warrants [Member] | ||
Liabilities: | ||
Warrant Liability | $ 198,000 | $ 5,280,000 |
Subsequent Events (Details)
Subsequent Events (Details) | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Subsequent Events [Abstract] | |
Deferred underwriting fee payable | $ 7,568,750 |