Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 17, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2022 | |
Entity File Number | 001-39930 | |
Entity Registrant Name | Science Strategic Acquisition Corp. Alpha | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 85-3594633 | |
Entity Address, Address Line One | 1447 2nd Street | |
Entity Address, City or Town | Santa Monica | |
Entity Address State Or Province | CA | |
Entity Address, Postal Zip Code | 90401 | |
City Area Code | 310 | |
Local Phone Number | 393-3024 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | true | |
Entity Central Index Key | 0001830547 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Unit Each Consisting Of One Class Common Stock And One Third of one Redeemable Warrant | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Units, each consisting of one share of Class A common stock, $0.0001 par value, and one-third of one redeemable warrant | |
Trading Symbol | SSAAU | |
Security Exchange Name | NASDAQ | |
Class A Common Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Class A common stock | |
Trading Symbol | SSAA | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 31,050,000 | |
Redeemable Warrants, each whole warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Redeemable warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 | |
Trading Symbol | SSAAW | |
Security Exchange Name | NASDAQ | |
Class B Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 7,762,500 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash | $ 511,761 | $ 346,319 |
Prepaid expenses - current | 239,075 | 337,104 |
Total Current Assets | 750,836 | 683,423 |
Noncurrent assets | ||
Marketable securities held in Trust Account | 310,780,579 | 310,544,829 |
Prepaid expenses - noncurrent | 0 | 27,689 |
Total Noncurrent Assets | 310,780,579 | 310,572,518 |
TOTAL ASSETS | 311,531,415 | 311,255,941 |
Current liabilities | ||
Accrued offering costs | 0 | 70,000 |
Related party payables | 19,244 | 250,000 |
Working capital loan payable | 750,000 | 0 |
Accrued expenses | 1,565,164 | 1,315,635 |
Total Current Liabilities | 2,334,408 | 1,635,635 |
Noncurrent liabilities | ||
Warrant liability | 1,424,100 | 8,544,600 |
Deferred underwriting fee payable | 10,867,500 | 10,867,500 |
Total Noncurrent Liabilities | 12,291,600 | 19,412,100 |
Total Liabilities | 14,626,008 | 21,047,735 |
Commitments and Contingencies (Note 7) | ||
Stockholders' Deficit | ||
Preferred stock, $0.0001 par value; 1,000,000 authorized; none issued and outstanding | 0 | 0 |
Additional paid-in capital | 0 | 0 |
Accumulated deficit | (13,595,369) | (20,292,570) |
Total Stockholders' Deficit | (13,594,593) | (20,291,794) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | 311,531,415 | 311,255,941 |
Class A Common Stock Subject to Redemption | ||
Noncurrent liabilities | ||
Class A Common stock subject to possible redemption, 31,050,000 shares at redemption value as of June 30, 2022 and December 31, 2021 | 310,500,000 | 310,500,000 |
Class A Common Stock Not Subject to Redemption | ||
Stockholders' Deficit | ||
Common stock | 0 | 0 |
Class B Common Stock | ||
Stockholders' Deficit | ||
Common stock | $ 776 | $ 776 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Preferred stock, par value, (per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Class A Common Stock | ||
Common shares, par value, (per share) | $ 0.0001 | $ 0.0001 |
Common shares, shares authorized | 400,000,000 | 400,000,000 |
Common shares, shares issued | 0 | 0 |
Common shares, shares outstanding | 0 | 0 |
Class A Common Stock Subject to Redemption | ||
Temporary equity, shares outstanding | 31,050,000 | 31,050,000 |
Class A Common Stock Not Subject to Redemption | ||
Common shares, shares issued | 0 | 0 |
Common shares, shares outstanding | 0 | 0 |
Class B Common Stock | ||
Common shares, par value, (per share) | $ 0.0001 | $ 0.0001 |
Common shares, shares authorized | 40,000,000 | 40,000,000 |
Common shares, shares issued | 7,762,500 | 7,762,500 |
Common shares, shares outstanding | 7,762,500 | 7,762,500 |
Condensed Statements of Operati
Condensed Statements of Operations (unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Operating expenses | $ 341,179 | $ 211,844 | $ 659,049 | $ 729,474 |
Loss from operations | (341,179) | (211,844) | (659,049) | (729,474) |
Other income (expense): | ||||
Unrealized gain on marketable securities held in Trust Account | 231,412 | 6,774 | 235,750 | 34,744 |
Change in fair value of warrant liability | 2,057,033 | (3,986,035) | 7,120,500 | (1,929,002) |
Total other income (expense) | 2,288,445 | (3,979,261) | 7,356,250 | (1,894,258) |
Net income (loss) | 1,947,266 | (4,191,105) | 6,697,201 | (2,623,732) |
Class A Common Stock Subject to Redemption | ||||
Other income (expense): | ||||
Net income (loss) | $ 1,557,813 | $ (3,352,884) | $ 5,357,761 | $ (2,032,003) |
Weighted average number of shares outstanding, Basic | 31,050,000 | 31,050,000 | 31,050,000 | 26,102,473 |
Weighted average number of shares outstanding, Diluted | 31,050,000 | 31,050,000 | 31,050,000 | 26,102,473 |
Net income (loss) per share, Basic | $ 0.05 | $ (0.11) | $ 0.17 | $ (0.08) |
Net income (loss) per share, Diluted | $ 0.05 | $ (0.11) | $ 0.17 | $ (0.08) |
Non redeemable Class B common stock | ||||
Other income (expense): | ||||
Net income (loss) | $ 389,453 | $ (838,221) | $ 1,339,440 | $ (591,729) |
Weighted average number of shares outstanding, Basic | 7,762,500 | 7,762,500 | 7,762,500 | 7,601,168 |
Weighted average number of shares outstanding, Diluted | 7,762,500 | 7,762,500 | 7,762,500 | 7,601,168 |
Net income (loss) per share, Basic | $ 0.05 | $ (0.11) | $ 0.17 | $ (0.08) |
Net income (loss) per share, Diluted | $ 0.05 | $ (0.11) | $ 0.17 | $ (0.08) |
Condensed Statements of Changes
Condensed Statements of Changes in Stockholders' Deficit (unaudited) - USD ($) | Class A Common Stock Subject to Redemption Common Stock | Class A Common Stock Subject to Redemption | Class B Common Stock Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total |
Balance at the beginning at Dec. 31, 2020 | $ 776 | $ 24,224 | $ (5,000) | $ 20,000 | ||
Balance at the beginning (in shares) at Dec. 31, 2020 | 7,762,500 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Proceeds received in excess of fair value of public warrants | 4,159,734 | 4,159,734 | ||||
Remeasurement of Class A common stock subject to possible redemption | (4,183,958) | (20,446,345) | (24,630,303) | |||
Net income | 1,567,374 | 1,567,374 | ||||
Balance at the end at Mar. 31, 2021 | $ 776 | (18,883,971) | (18,883,195) | |||
Balance at the end (in shares) at Mar. 31, 2021 | 7,762,500 | |||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||
Issuance of 31,050,000 Units | $ 285,869,697 | |||||
Issuance of 31,050,000 Units (in shares) | 31,050,000 | |||||
Remeasurement of Class A common stock subject to possible redemption | $ 24,630,303 | |||||
Balance at the end at Mar. 31, 2021 | $ 310,500,000 | |||||
Balance at the end (in shares) at Mar. 31, 2021 | 31,050,000 | |||||
Balance at the beginning at Dec. 31, 2020 | $ 776 | 24,224 | (5,000) | 20,000 | ||
Balance at the beginning (in shares) at Dec. 31, 2020 | 7,762,500 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | $ (2,032,003) | (2,623,732) | ||||
Balance at the end at Jun. 30, 2021 | $ 776 | (23,075,076) | (23,074,300) | |||
Balance at the end (in shares) at Jun. 30, 2021 | 7,762,500 | |||||
Balance at the end at Jun. 30, 2021 | $ 310,500,000 | |||||
Balance at the end (in shares) at Jun. 30, 2021 | 31,050,000 | |||||
Balance at the beginning at Mar. 31, 2021 | $ 776 | (18,883,971) | (18,883,195) | |||
Balance at the beginning (in shares) at Mar. 31, 2021 | 7,762,500 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | (3,352,884) | (4,191,105) | (4,191,105) | |||
Balance at the end at Jun. 30, 2021 | $ 776 | (23,075,076) | (23,074,300) | |||
Balance at the end (in shares) at Jun. 30, 2021 | 7,762,500 | |||||
Balance at the beginning at Mar. 31, 2021 | $ 310,500,000 | |||||
Balance at the beginning (in shares) at Mar. 31, 2021 | 31,050,000 | |||||
Balance at the end at Jun. 30, 2021 | $ 310,500,000 | |||||
Balance at the end (in shares) at Jun. 30, 2021 | 31,050,000 | |||||
Balance at the beginning at Dec. 31, 2021 | $ 776 | 0 | (20,292,570) | (20,291,794) | ||
Balance at the beginning (in shares) at Dec. 31, 2021 | 7,762,500 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 4,749,935 | 4,749,935 | ||||
Balance at the end at Mar. 31, 2022 | $ 776 | (15,542,635) | (15,541,859) | |||
Balance at the end (in shares) at Mar. 31, 2022 | 7,762,500 | |||||
Balance at the beginning at Dec. 31, 2021 | $ 310,500,000 | |||||
Balance at the beginning (in shares) at Dec. 31, 2021 | 31,050,000 | |||||
Balance at the end at Mar. 31, 2022 | $ 310,500,000 | |||||
Balance at the end (in shares) at Mar. 31, 2022 | 31,050,000 | |||||
Balance at the beginning at Dec. 31, 2021 | $ 776 | $ 0 | (20,292,570) | (20,291,794) | ||
Balance at the beginning (in shares) at Dec. 31, 2021 | 7,762,500 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 5,357,761 | 6,697,201 | ||||
Balance at the end at Jun. 30, 2022 | $ 776 | (13,595,369) | (13,594,593) | |||
Balance at the end (in shares) at Jun. 30, 2022 | 7,762,500 | |||||
Balance at the beginning at Dec. 31, 2021 | $ 310,500,000 | |||||
Balance at the beginning (in shares) at Dec. 31, 2021 | 31,050,000 | |||||
Balance at the end at Jun. 30, 2022 | $ 310,500,000 | |||||
Balance at the end (in shares) at Jun. 30, 2022 | 31,050,000 | |||||
Balance at the beginning at Mar. 31, 2022 | $ 776 | (15,542,635) | (15,541,859) | |||
Balance at the beginning (in shares) at Mar. 31, 2022 | 7,762,500 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | $ 1,557,813 | 1,947,266 | 1,947,266 | |||
Balance at the end at Jun. 30, 2022 | $ 776 | $ (13,595,369) | $ (13,594,593) | |||
Balance at the end (in shares) at Jun. 30, 2022 | 7,762,500 | |||||
Balance at the beginning at Mar. 31, 2022 | $ 310,500,000 | |||||
Balance at the beginning (in shares) at Mar. 31, 2022 | 31,050,000 | |||||
Balance at the end at Jun. 30, 2022 | $ 310,500,000 | |||||
Balance at the end (in shares) at Jun. 30, 2022 | 31,050,000 |
Condensed Statements of Chang_2
Condensed Statements of Changes in Stockholders' Deficit (unaudited) (Parenthetical) | 3 Months Ended |
Mar. 31, 2021 shares | |
Class A Common Stock Subject to Redemption | Common Stock | |
Issuance of units | 31,050,000 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash Flows used in Operating Activities: | ||
Net income (loss) | $ 6,697,201 | $ (2,623,732) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Unrealized gain on marketable securities held in Trust Account | (235,750) | (34,744) |
Change in fair value of warrant liability | (7,120,500) | 1,929,002 |
Warrant issuance costs | 420,743 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses, net of amortization | 125,718 | (566,520) |
Related party payable | (230,756) | |
Accrued offering costs | (70,000) | |
Accrued expenses | 249,529 | 2,018 |
Net cash used in operating activities | (584,558) | (873,233) |
Cash Flows from Investing Activities: | ||
Investment of cash in Trust Account | (310,500,000) | |
Net cash used in investing activities | (310,500,000) | |
Cash Flows from Financing Activities: | ||
Proceeds from sale of Units, net of underwriting discounts paid | 304,290,000 | |
Proceeds from the sale of Private Placements Warrants | 8,210,000 | |
Proceeds from promissory note - related party | 300,000 | |
Repayment of promissory note - related party | (300,000) | |
Proceeds from working capital loan | 750,000 | |
Payment of offering costs | (278,045) | |
Net cash provided by financing activities | 750,000 | 312,221,955 |
Net Change in Cash | 165,442 | 848,722 |
Cash - Beginning of period | 346,319 | 20,000 |
Cash - End of period | $ 511,761 | 868,722 |
Non-Cash investing and financing activities: | ||
Initial classification of Class A common stock subject to possible redemption | 285,869,697 | |
Remeasurement of Class A common stock subject to possible redemption | 24,630,303 | |
Initial fair value of warrant liability | 11,605,766 | |
Deferred offering costs included in accrued offering costs | $ 135,000 |
ORGANIZATION AND PLANS OF BUSIN
ORGANIZATION AND PLANS OF BUSINESS OPERATIONS | 6 Months Ended |
Jun. 30, 2022 | |
ORGANIZATION AND PLANS OF BUSINESS OPERATIONS | |
ORGANIZATION AND PLANS OF BUSINESS OPERATIONS | NOTE 1. ORGANIZATION AND PLANS OF BUSINESS OPERATIONS Organization and General Science Strategic Acquisition Corp. Alpha (the “Company”) was incorporated in Delaware on October 22, 2020. The Company is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (a “Business Combination”). The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Sponsor and Initial Financing As of June 30, 2022, the Company had not commenced any operations. All activity through June 30, 2022 relates to the Company’s formation, the initial public offering (the “Initial Public Offering”), which is described below, and identifying a target 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 generates non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering, and non-operating income or expenses from the change in fair value of warrant liability. The registration statements for the Initial Public Offering were declared effective on January 25, 2021. On January 28, 2021, the Company consummated the Initial Public Offering of 31,050,000 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 exercise by the underwriter of its over-allotment option in the amount of 4,050,000 Units, at $10.00 per Unit, generating gross proceeds of $310,500,000, which is described in Note 4. Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 5,473,333 warrants (each, a “Private Placement Warrant” and, collectively, the “Private Placement Warrants”) at a price of $1.50 per Private Placement Warrant in a private placement to SSAC Alpha Sponsor, LLC (the “Sponsor”), generating gross proceeds of $8,210,000, which is described in Note 5. Transaction costs amounted to $17,495,500, consisting of $6,210,000 of underwriting fees, $10,867,500 of deferred underwriting fees and $418,000 of other offering costs. In addition, cash of approximately $2,300,000 was held outside of the Trust Account (as defined below) and is available for the payment of offering costs and for working capital purposes. The Trust Account Following the closing of the Initial Public Offering on January 28, 2021, an amount of $310,500,000 ($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”). The funds in the Trust Account will be invested 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 and meeting certain conditions under Rule 2a-7 under the Investment Company Act of 1940, as amended. The Company will not be permitted to withdraw any of the principal or interest held in the Trust Account except for the withdrawal of interest to pay taxes, if any. The funds held in the Trust Account will not otherwise be released from the trust account until the earliest of: (1) the Company’s completion of a Business Combination; (2) the redemption of any Public Shares properly submitted in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with a Business Combination or to redeem 100% of the Company’s Public Shares if the Company does not complete a Business Combination on or before January 28, 2023 or (B) with respect to any other provision relating to stockholders’ rights or pre-initial business combination activity; and (3) the redemption of the Company’s Public Shares if the Company has not completed a Business Combination on or before January 28, 2023, subject to applicable law. Based on current interest rates, the Company expects that interest earned on the Trust Account will be sufficient to pay taxes. Business Combination The Company’s management has broad discretion with respect to the specific application of the net proceeds from the Initial Public Offering, although substantially all of the net proceeds from the Initial Public Offering are intended to be generally applied toward consummating a Business Combination with (or acquisition of) a Target Business. As used herein, “Target Business” means one or more target businesses that together have an aggregate fair market value equal to at least 80% of the value of the assets held in the Trust Account (excluding taxes payable on the interest earned on the Trust Account) at the time of the signing of a definitive agreement in connection with a Business Combination. Furthermore, there is no assurance that the Company will be able to successfully effect a Business Combination. The Company will provide its 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 such Business Combination or (ii) by means of a tender offer. The public stockholders will be entitled to redeem their shares for a pro rata portion of the amount held in the Trust Account, calculated as of two business days prior to the completion of a Business Combination, including 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. The per-share amount to be distributed to the public stockholders who redeem their shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriter (as discussed in Note 7). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. The decision as to whether the Company will seek stockholder approval of a Business Combination or will allow stockholders to sell their shares in a tender offer will be made by the Company, in its sole discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would otherwise require the Company to seek stockholder approval unless a vote is required by law or stock exchange listing requirements. If the Company seeks stockholder approval, it will complete its Business Combination only if a majority of the shares of common stock voted are voted in favor of a Business Combination. However, in no event will the Company redeem its Public Shares in an amount that would cause its net tangible assets to be less than $5,000,001 upon consummation of a Business Combination. In such case, the Company would not proceed with the redemption of its Public Shares and the related Business Combination, and instead may search for an alternate Business Combination. The Company will have until January 28, 2023 to complete its initial Business Combination. If the Company does not complete a Business Combination by such date (or such longer period as provided in an amendment to the Company’s amended and restated certificate of incorporation approved by its stockholders (an “Extension Period”)), it shall (i) cease all operations except for the purposes of winding up; (ii) as promptly as reasonably possible but not more than 10 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 (less up to $100,000 of interest to pay dissolution expenses and which interest shall be net of taxes payable), divided by the number of then issued and 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 its board of directors, liquidate and dissolve, 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 its initial Business Combination by January 28, 2023 or during any Extension Period. The initial stockholders have entered into a letter agreement with the Company, pursuant to which they have waived their rights to liquidating distributions from the Trust Account with respect to their Founder Shares (as defined in Note 6) if the Company fails to complete its initial Business Combination by January 28, 2023 or during any Extension Period. However, if the initial stockholders acquire Public Shares, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete its initial Business Combination by January 28, 2023 or during any Extension Period. The Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party (other than the Company’s independent auditors) 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) such lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, due to reductions in value of the trust assets, in each case net of the amount of interest which may be withdrawn to pay taxes, except as 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 underwriter of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act. In the event that an executed waiver is deemed to be unenforceable against a third party, then the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to have all third parties, including, but not limited to, all vendors, service providers (other than its independent registered public accounting firm), prospective target businesses and other entities with which the Company does business execute agreements with the Company waiving any right, title, interest or claims of any kind in or to any monies held in the Trust Account. Liquidity, Capital Resources and Going Concern As of June 30, 2022, the Company had $511,761 in cash held outside of the Trust Account and a working capital deficit of $1,483,572. The Company’s liquidity needs prior to the consummation of the Initial Public Offering were satisfied through the payment of $25,000 from the Sponsor to cover certain offering costs on the Company’s behalf in exchange for the issuance of Founder Shares (as discussed in Note 6), and a loan from the Sponsor of $300,000 under the Promissory Note (as discussed in Note 6). The Company repaid the Promissory Note in full on February 2, 2021. Subsequent to the consummation of the Initial Public Offering, the Company’s liquidity has been satisfied through the net proceeds from the consummation of the Initial Public Offering and the private placement held outside of the Trust Account. In addition, in order to finance transaction costs in connection with a Business Combination, the Company issued an unsecured promissory note to the Sponsor, pursuant to which the Sponsor may provide up to $750,000 to the Company as a working capital loan (the “Working Capital Loan”) (as discussed in Note 6). As of June 30, 2022 and December 31, 2021, there was $750,000 and $0 outstanding under the Working Capital Loan, respectively. In order to fund working capital deficiencies or finance transaction costs in connection with an intended 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 additional funds (“Additional Working Capital Loans”) as may be required. The Company has incurred and expects to incur significant costs in pursuit of its financing and acquisition plans. Management believes that the Company has access to funds from the Sponsor that are sufficient to fund the working capital needs of the Company until the consummation of an initial Business Combination or for a minimum of one year from the date of issuance of these financial statements. However, in connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Update 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that the Company’s cash flow deficit and the liquidation date of January 28, 2023 being within twelve months from the issuance of these financial statements raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. There is no assurance that the Company’s plans to consummate a Business Combination or raise additional funds will be successful. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
REVISION OF PREVIOUSLY ISSUED F
REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS | 6 Months Ended |
Jun. 30, 2022 | |
REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS | |
REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS | NOTE 2. REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS In connection with the preparation of the Company's financial statements as of June 30, 2022, management identified an error made in its historical financial statements where, warrant issuance costs were incorrectly included within the financing activities section of the Statement of Cash Flows as of June 30, 2021. The Company revised the Condensed Statements of Cash Flows by reclassifying warrant issuance costs from financing activities to operating activities for the six months ended June 30, 2021. The impact of the revision on the Company’s Condensed Statements of Cash Flows is reflected in the following table: As Previously Reported As Revised For the Six Months Ended For the Six Months Ended June 30, 2021 June 30, 2021 Cash Flows Used in Operating Activities: Warrant issuance costs — 420,743 Net cash used in operating activities (1,293,976) (873,233) Cash Flows From Financing Activities: Proceeds from sale of Units, net of underwriting discounts paid 304,710,744 304,290,000 Net cash provided by financing activities 312,642,698 312,221,955 There is no impact to the reported amounts for total assets, total liabilities, or net income. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed 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 financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 as filed with the SEC on April 12, 2022, which contains the audited financial statements and notes thereto. The financial information as of December 31, 2021 is derived from the audited financial statements presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The interim results for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or for any future interim periods. Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by 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 independent registered public accounting firm 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 Securities Exchange Act of 1934, as amended) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is either not an emerging growth company or 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 financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of 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 financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of June 30, 2022 and December 31, 2021. Offering Costs Offering costs consist of legal, accounting and other expenses incurred through the balance sheet date that are directly related to the Initial Public Offering. These costs, together with the upfront underwriting discounts, the deferred underwriting commissions and the financial advisory fee in connection with the Initial Public Offering were charged to stockholders’ equity and warrants exercisable for Class A common stock upon the completion of the Initial Public Offering. Approximately $17.1 million of the offering costs were related to the issuance of Class A common stock and charged to stockholders’ equity and approximately $0.4 million of the offering costs were related to the warrant liabilities and charged to the condensed statement of operations. Marketable Securities Held in Trust Account At June 30, 2022, substantially all of the assets held in the Trust Account were held in money market funds which invest in United States Treasury securities. Through June 30, 2022, the Company has not withdrawn any monies from the Trust Account. Income Taxes The Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes” (“ASC 740”). Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statements recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company 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 June 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 been subject to income tax examinations by major taxing authorities since inception. The provision for income taxes was deemed to be de minimis for the three and six months ended June 30, 2022. Net Income (Loss) per Share Net income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period in compliance with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings per Share.” The remeasurement associated with the redeemable Class A common stock is excluded from net income (loss) per share as the redemption value approximates fair value. The Company has not considered the effect of the warrants sold in the Initial Public Offering and the private placement to purchase an aggregate of 15,823,333 shares in the calculation of diluted net income (loss) per share, since the exercise of the warrants are contingent upon the occurrence of future events. 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 Company’s condensed statement of operations includes a presentation of net income (loss) per share of Class A common stock subject to possible redemption and non-redeemable Class B common stock and allocates the net income (loss) into the two classes of stock in calculating net income (loss). Net income (loss) per common share, basic and diluted, for Class A redeemable common stock is calculated by dividing the net income (loss) by the weighted average number of Class A common stock subject to possible redemption outstanding. Net income (loss) per share, basic and diluted, for Class B non-redeemable common stock is calculated by dividing the net income (loss) by the weighted average number of Class B non-redeemable common stock outstanding for the period. As of June 30, 2022 and June 30, 2021, the Company did not have any dilutive securities or other contracts that could, potentially, be exercisable or converted to shares of common stock and then share in the earnings of the Company. The following table reflects the calculation of basic and diluted net income (loss) per common share (in dollars, except per share amounts): For the Three Months Ended For the Six Months Ended June 30, June 30, 2022 2021 2022 2021 (unaudited) (unaudited) (unaudited) (unaudited) Class A common stock subject to possible redemption Numerator: Net income (loss) attributable to Class A Common Stock subject to possible redemption Net income (loss) $ 1,557,813 $ (3,352,884) $ 5,357,761 $ (2,032,003) Net income (loss) attributable to Class A common stock subject to possible redemption $ 1,557,813 $ (3,352,884) $ 5,357,761 $ (2,032,003) Denominator: Weighted average Class A common stock subject to possible redemption Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption 31,050,000 31,050,000 31,050,000 26,102,473 Basic and diluted net income (loss) per share, Class A Common Stock subject to possible redemption $ 0.05 $ (0.11) $ 0.17 $ (0.08) Non-Redeemable Class B Common Stock Numerator: Net income (loss) attributable to Class B common stock Net income (loss) $ 389,453 $ (838,221) 1,339,440 $ (591,729) Non-redeemable net income (loss) $ 389,453 $ (838,221) $ 1,339,440 $ (591,729) Denominator: Weighted average shares of non-redeemable Class B common stock Basic and diluted weighted average shares outstanding, non-redeemable Class B common stock 7,762,500 7,762,500 7,762,500 7,601,168 Basic and diluted net income (loss) per share, non-redeemable Class B common stock $ 0.05 $ (0.11) 0.17 $ (0.08) Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurement” (“ASC 820”), approximates the carrying amounts represented in the accompanying condensed balance sheets, primarily due to their short-term nature. Fair Value Measurements Fair value is defined as the price that would be received for sale of an asset or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: ● Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets ; ● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active ; and ● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. Warrants Exercisable for Class A Common Stock The Company accounted for the 15,823,333 warrants issued in connection with the Initial Public Offering and the Private Placement Warrants (collectively, the “Warrants”) as either equity-classified or liability-classified instruments based on an assessment of the Warrant’s specific terms and applicable authoritative guidance in ASC 480, “Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, “Derivatives and Hedging” (“ASC 815”). 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. Working Capital Loan Payable The Company accounted for the Working Capital Loan payable in accordance with ASC 470, “Debt”. The Working Capital Loan payable is recorded at amortized cost. The conversion option feature had a fair value of $0 as of on June 1, 2022, the date of initial measurement. As such, there is no debt discount recorded as there are no proceeds to allocate to the conversion option feature. 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 ASC 480. 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 are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s 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, 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 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. Such changes are reflected in additional paid-in capital to the extent available, or in the absence of additional capital, in accumulated deficit. At June 30, 2022 and December 31, 2021, the Class A common stock subject to possible redemption reflected in the condensed balance sheets is reconciled in the following table: Gross proceeds from initial public offering $ 310,500,000 Less: Proceeds allocated to public warrants (7,555,500) Offering costs allocated to Class A common stock subject to possible redemption (17,074,803) Add: Remeasurement on Class A common stock subject to possible redemption amount 24,630,303 Class A common stock subject to possible redemption $ 310,500,000 Recent Accounting Pronouncements In August 2020, FASB issued ASU No. 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”), which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. ASU 2020-06 removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and it also simplifies the diluted earnings per share calculation in certain areas. ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, with early adoption permitted. The Company is currently assessing the impact, if any, that ASU 2020-06 would have on its financial position, results of operations or cash flows. Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s condensed financial statements. |
INITIAL PUBLIC OFFERING
INITIAL PUBLIC OFFERING | 6 Months Ended |
Jun. 30, 2022 | |
INITIAL PUBLIC OFFERING | |
INITIAL PUBLIC OFFERING | NOTE 4. INITIAL PUBLIC OFFERING On January 28, 2021, pursuant to the Initial Public Offering, the Company sold 31,050,000 Units, which includes the full exercise by the underwriter of its over-allotment option in the amount of 4,050,000 Units, at a price of $10.00 per Unit. Each Unit consists of one share of Class A common stock and one |
PRIVATE PLACEMENT
PRIVATE PLACEMENT | 6 Months Ended |
Jun. 30, 2022 | |
PRIVATE PLACEMENT | |
PRIVATE PLACEMENT | NOTE 5. PRIVATE PLACEMENT Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 5,473,333 Private Placement Warrants, at a price of $1.50 per Private Placement Warrant, for an aggregate purchase price of $8,210,000 in a private placement. Each Private Placement Warrant is exercisable to purchase one share of Class A common stock at an exercise price of $11.50 per share. $6,210,000 of the proceeds from the Private Placement Warrants were added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination by January 28, 2023 or during any Extension Period, the proceeds of 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. There will be no redemption rights or liquidating distributions from the Trust Account with respect to the Private Placement Warrants. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2022 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | NOTE 6. RELATED PARTY TRANSACTIONS Founder Shares On October 29, 2020, the Sponsor purchased 6,468,750 shares of Class B common stock for an aggregate purchase price of $25,000. On January 25, 2021, the Company effected a stock dividend of 1,293,750 shares of Class B common stock to holders of Class B common stock on a pro rata basis based on their holdings, resulting in the Company’s initial stockholders holding an aggregate of 7,762,500 shares of Class B common stock (see Note 8). All share and per-share amounts have been retroactively restated to reflect the stock dividend. The initial stockholders have agreed, subject to limited exceptions, not to transfer, assign or sell any of their Class B common stock or Class A common stock received upon conversion thereof (together, “Founder Shares”) until the earlier of: (A) one year after the completion of a Business Combination; and (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, rights issuances, consolidations, reorganizations, recapitalizations and other similar transactions) for any 20 trading days within any 30-trading day period commencing at least 150 days after a Business Combination or (y) the date on which the Company completes a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of the Company’s public stockholders having the right to exchange their shares of common stock for cash, securities or other property. Promissory Note — Related Party On October 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 “Promissory Note”). The Promissory Note was non-interest bearing and payable on the earlier of December 31, 2021 or the completion of the Initial Public Offering. The outstanding balance under the Promissory Note of $300,000 remained outstanding at the closing of the Initial Public Offering on January 28, 2021. On February 2, 2021, the Company repaid the Promissory Note in full. Administrative Services Agreement The Company agreed, commencing on the date that securities of the Company were first listed on the Nasdaq Capital Market through the earlier of the Company’s consummation of a Business Combination or its liquidation, to pay an affiliate of the Sponsor a total of $10,000 per month for office space, administrative and support services. The Company and the affiliate of the Sponsor canceled the Administrative Services Agreement effective March 31, 2022 as the affiliate of the Sponsor agreed to waive the monthly payments. No amounts have been accrued or paid for the period from the commencement date through June 30, 2022. Related Party Payables The Company owed $19,244 and $250,000 as of June 30, 2022 and December 31, 2021, respectively, to a related party for certain costs paid by an affiliate of the Sponsor. Working Capital Loan On May 27, 2022, the Company issued an unsecured promissory note to the Sponsor, pursuant to which the Sponsor may provide up to $750,000 to the Company as a working capital loan. The Working Capital Loan does not bear interest and is repayable in full on the earlier of (i) the consummation of the Company’s initial Business Combination or (ii) end of the Business Combination period. Upon the consummation of a Business Combination, the Sponsor shall have the option, but not the obligation, to convert the principal balance of the Working Capital Loan, in whole or in part, into warrants at a price of $1.50 per warrant. Such warrants would be identical to the Private Placement Warrants. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loan but no proceeds held in the Trust Account would be used to repay the Working Capital Loan. The Working Capital Loan is subject to customary events of default, the occurrence of which automatically trigger the unpaid principal balance of the Working Capital Loan and all other sums payable with regard to the Working Capital Loan becoming immediately due and payable. As of June 30, 2022 and December 31, 2021, there was $750,000 and $0 outstanding under the Working Capital Loan, respectively. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2022 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | NOTE 7. COMMITMENTS AND CONTINGENCIES Registration Rights The holders of the Founder Shares, Private Placement Warrants and any warrants that may be issued on conversion of the Working Capital Loan or Additional Working Capital Loans (and any Class A common stock issuable upon the exercise of the Private Placement Warrants or warrants issued upon conversion of the Working Capital Loan or Additional Working Capital Loans and upon conversion of the Founder Shares) will be entitled to registration rights pursuant to a registration rights agreement signed in conjunction with the Initial Public Offering requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to the Company’s Class A common stock). The holders of these securities will be entitled to make up to three demands, excluding short form registration 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 and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides that the Company will not be required to effect or permit any registration or cause any registration statement to become effective until termination of the applicable lock-up period. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The underwriters are entitled to a deferred fee of $0.35 per Unit, or $10,867,500 in the aggregate. The deferred fee will be waived by the underwriters in the event that the Company does not complete a Business Combination by January 28, 2023, subject to the terms of the underwriting agreement. |
STOCKHOLDERS' DEFICIT
STOCKHOLDERS' DEFICIT | 6 Months Ended |
Jun. 30, 2022 | |
STOCKHOLDERS' DEFICIT | |
STOCKHOLDERS' DEFICIT | NOTE 8. STOCKHOLDERS’ DEFICIT Preferred Stock Class A Common Stock Class B Common Stock Holders of Class B common stock have the right to elect all of the Company’s directors prior to a Business Combination. 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 stockholders except as required by law. The Class B common stock will automatically convert into Class A common stock at the time of the completion 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 excess of the amounts issued in the Initial Public Offering and related to the closing of a Business Combination, the ratio at which Founder Shares will convert into Class A common stock will be adjusted (subject to waiver by holders of a majority of the Class B common stock) so that 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 sum of the common stock issued and outstanding upon completion of the Initial Public Offering plus the number of shares of Class A common stock and equity-linked securities issued or deemed issued in connection with a Business Combination, excluding any shares of Class A common stock or equity-linked securities issued, or to be issued, to any seller in a Business Combination. |
WARRANTS
WARRANTS | 6 Months Ended |
Jun. 30, 2022 | |
WARRANTS | |
WARRANTS | NOTE 9. WARRANTS Warrants If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement governing the Warrants (the “Warrant Agreement”). The exercise price and number of shares of Class A common stock issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, or recapitalization, reorganization, merger or consolidation. However except as described below, the warrants will not be adjusted for issuances of Class A common stock at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants. If the Company is unable to complete a Business Combination by January 28, 2023 or during an Extension Period and the Company liquidates the funds held in the Trust Account, holders of the warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution form the Company’s assets held outside the Trust Account with respect to such warrants. Accordingly, the warrants may expire worthless. In addition, if (x) the Company issues additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing of the Company’s initial Business Combination at an issue price or effective issue price of less than $9.20 per share of common stock (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the Company’s initial Business Combination on the date of the completion of the Company’s initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of shares of the Company’s Class A common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummate a Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, the $18.00 per share redemption trigger price described below under “Redemption of warrants when the price per share of the Company’s Class A common stock equals or exceeds $18.00” and “Redemption of warrants when the price per share of the Company’s Class A common stock equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price described below under “Redemption of warrants when the price per share of the Company’s Class A common stock equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price. The Company will not be obligated to deliver any shares of Class A common stock pursuant to the exercise of a Public Warrant and will have no obligation to settle such Public Warrant exercise unless a registration statement under the Securities Act covering the issuance of the shares of Class A common stock issuable upon exercise of the Public Warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations with respect to registration or a valid exemption from registration is available. No Public Warrant will be exercisable for cash or on a cashless basis, and the Company will not be obligated to issue any shares to holders seeking to exercise their Public Warrants, unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising holder, or an exemption from registration is available. The Company has agreed that as soon as practicable, but in no event later than 15 business days, after the closing of a Business Combination, it will use its commercially reasonable efforts to file with the SEC a registration statement registering the issuance, under the Securities Act, of the Class A common stock issuable upon exercise of the Public Warrants. The Company will use its commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of a Business Combination and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the Public Warrants in accordance with the provisions of the Warrant Agreement. Notwithstanding the above, if the Class A common stock is, at the time of any exercise of a Public Warrant, not listed on a national securities exchange such that they do not satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their Public Warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement, but will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. Redemption of warrants when the price per share of the Company’s Class A common stock equals or exceeds $18.00 ● in whole and not in part; ● at a price of $0.01 per Public Warrant; ● upon not less than 30 days ’ prior written notice of redemption to each warrant holder; and ● if, and only if, the last reported sale price of shares of the Class A common stock for any 20 trading days within a 30 -trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders (the “Reference Value”) equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant). Redemption of warrants when the price per share of the Company’s Class A common stock equals or exceeds $10.00 ● in whole and not in part; ● at $0.10 per warrant upon a minimum of 30 days ’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares based on the redemption date and the “fair market value” of the Class A common stock; ● if, and only if, the Reference Value equals or exceeds $10.00 per share (as adjusted); and ● if the Reference Value is less than $18.00 per share (as adjusted), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants. If and when the Public Warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws. The Private Placement Warrants are identical to the Public Warrants underlying the Units that were sold in the Initial Public Offering, except that the Private Placement Warrants and the Class A common stock issuable upon the exercise of the Private Placement Warrants are not transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants are exercisable on a cashless basis and are non-redeemable, except as described above, so long as they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants are redeemable by the Company and are exercisable by such holders on the same basis as the Public Warrants. The Warrants are not considered to be indexed to the Company’s stock price. In accordance with ASC 815, the warrants were classified as a liability in the total amount of $11.6 million at January 28, 2021. In addition, the warrants must be valued every reporting period and adjusted to market value with the increase or decrease being adjusted through earnings. As of June 30, 2022 and December 31, 2021, the fair value of the warrant liability was $1,424,100 and $8,544,600, respectively. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2022 | |
FAIR VALUE MEASUREMENTS | |
FAIR VALUE MEASUREMENTS | NOTE 10. FAIR VALUE MEASUREMENTS The following table presents fair value information at June 30, 2022 and December 31, 2021 of the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. The Company’s warrant liability is based on a valuation model utilizing management’s judgment and pricing inputs from observable and unobservable markets with less volume and transaction frequency than active markets. Significant deviations from these estimates and inputs could result in a material change in fair value. The fair value of the Private Placement Warrants liability is classified within Level 3 of the fair value hierarchy. There was no transfer of fair value measurements between levels of the fair value hierarchy for the three and six months ended June 30, 2022. The following tables set forth by level within the fair value hierarchy the Company’s assets and liabilities that were accounted for at fair value on a recurring basis: June 30, 2022 (unaudited) (Level 1) (Level 2) (Level 3) Assets Cash and marketable securities held in Trust Account $ 310,780,579 $ — $ — Liabilities Public Warrants $ 931,500 $ — $ — Private Placement Warrants $ — $ — $ 492,600 December 31, 2021 (Level 1) (Level 2) (Level 3) Assets Cash and marketable securities held in Trust Account $ 310,544,829 $ — $ — Liabilities Public Warrants $ 5,589,000 $ — $ — Private Placement Warrants $ — $ — $ 2,955,600 Measurement At June 30, 2022, the Company’s warrant liability was valued at $1,424,100. Under the guidance in Subtopic 815-40, the Public Warrants and the Private Placement Warrants do not meet the criteria for equity treatment. As such, the Public Warrants and the Private Placement Warrants must be recorded as a liability on the balance sheet at fair value. This valuation is subject to re-measurement at each balance sheet date. With each re-measurement, the valuations will be adjusted to fair value, with the change in fair value recognized in the Company’s condensed statement of operations. The Warrants were initially valued using a Monte Carlo simulation model, with the observable assumptions as provided in the table below. Significant increases in the expected stock prices and expected liquidity would result in a significantly higher fair value measurement. Significant increases in either the probability or severity of default of the host instrument would result in a significantly lower fair value measurement. The measurement 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. For periods subsequent to the detachment of the Public Warrants from the Units, the closing price of the Public Warrants was used as the fair value for the Public Warrants as of each relevant date. The Private Placement Warrants are valued using a Monte Carlo simulation model at each reporting period. The key inputs into the Monte Carlo simulation model formula utilized to value the Private Placement Warrants were as follows at June 30, 2022 and December 31, 2021: June 30, December 31, Input 2022 2021 Common stock price $ 9.81 $ 9.75 Exercise price $ 11.50 $ 11.50 Risk-free rate of interest 2.97 % 1.34 % Volatility 6.31 % 9.10 % Term 5.51 6.00 Warrant to buy one share (unadjusted for the probability of dissolution) $ 0.60 $ 0.54 Warrant to buy one share (adjusted for the probability of dissolution) $ 0.09 $ 0.54 Dividend yield 0.00 % 0.00 % |
INCOME TAX
INCOME TAX | 6 Months Ended |
Jun. 30, 2022 | |
INCOME TAX | |
INCOME TAX | NOTE 11. INCOME TAX During the three and six months ended June 30, 2022, the Company did not record any income tax benefits for the net operating losses incurred due to the uncertainty of realizing a benefit from those items. Taxes generated on the interest income on amounts held in the Trust Account are offset by the net operating losses and valuation allowance. The Company has evaluated the positive and negative evidence bearing upon its ability to realize its deferred tax assets, which primarily consist of net operating loss carryforwards. The Company considered the history of cumulative net losses, estimated future taxable income and prudent and feasible tax planning strategies, and has concluded that it is more likely than not that the Company will not realize the benefits of its deferred tax assets. As such, the Company recorded a full valuation allowance against net deferred tax assets as of June 30, 2022 and December 31, 2021. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2022 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 12. SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the unaudited condensed financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the unaudited condensed financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed 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 financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 as filed with the SEC on April 12, 2022, which contains the audited financial statements and notes thereto. The financial information as of December 31, 2021 is derived from the audited financial statements presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The interim results for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or for any future interim periods. |
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 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 independent registered public accounting firm 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 Securities Exchange Act of 1934, as amended) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is either not an emerging growth company or 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 financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of 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 financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of June 30, 2022 and December 31, 2021. |
Offering Costs | Offering Costs Offering costs consist of legal, accounting and other expenses incurred through the balance sheet date that are directly related to the Initial Public Offering. These costs, together with the upfront underwriting discounts, the deferred underwriting commissions and the financial advisory fee in connection with the Initial Public Offering were charged to stockholders’ equity and warrants exercisable for Class A common stock upon the completion of the Initial Public Offering. Approximately $17.1 million of the offering costs were related to the issuance of Class A common stock and charged to stockholders’ equity and approximately $0.4 million of the offering costs were related to the warrant liabilities and charged to the condensed statement of operations. |
Marketable Securities Held in Trust Account | Marketable Securities Held in Trust Account At June 30, 2022, substantially all of the assets held in the Trust Account were held in money market funds which invest in United States Treasury securities. Through June 30, 2022, the Company has not withdrawn any monies from the Trust Account. |
Income Taxes | Income Taxes The Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes” (“ASC 740”). Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statements recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company 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 June 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 been subject to income tax examinations by major taxing authorities since inception. The provision for income taxes was deemed to be de minimis for the three and six months ended June 30, 2022. |
Net Income (Loss) per Share | Net Income (Loss) per Share Net income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period in compliance with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings per Share.” The remeasurement associated with the redeemable Class A common stock is excluded from net income (loss) per share as the redemption value approximates fair value. The Company has not considered the effect of the warrants sold in the Initial Public Offering and the private placement to purchase an aggregate of 15,823,333 shares in the calculation of diluted net income (loss) per share, since the exercise of the warrants are contingent upon the occurrence of future events. 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 Company’s condensed statement of operations includes a presentation of net income (loss) per share of Class A common stock subject to possible redemption and non-redeemable Class B common stock and allocates the net income (loss) into the two classes of stock in calculating net income (loss). Net income (loss) per common share, basic and diluted, for Class A redeemable common stock is calculated by dividing the net income (loss) by the weighted average number of Class A common stock subject to possible redemption outstanding. Net income (loss) per share, basic and diluted, for Class B non-redeemable common stock is calculated by dividing the net income (loss) by the weighted average number of Class B non-redeemable common stock outstanding for the period. As of June 30, 2022 and June 30, 2021, the Company did not have any dilutive securities or other contracts that could, potentially, be exercisable or converted to shares of common stock and then share in the earnings of the Company. The following table reflects the calculation of basic and diluted net income (loss) per common share (in dollars, except per share amounts): For the Three Months Ended For the Six Months Ended June 30, June 30, 2022 2021 2022 2021 (unaudited) (unaudited) (unaudited) (unaudited) Class A common stock subject to possible redemption Numerator: Net income (loss) attributable to Class A Common Stock subject to possible redemption Net income (loss) $ 1,557,813 $ (3,352,884) $ 5,357,761 $ (2,032,003) Net income (loss) attributable to Class A common stock subject to possible redemption $ 1,557,813 $ (3,352,884) $ 5,357,761 $ (2,032,003) Denominator: Weighted average Class A common stock subject to possible redemption Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption 31,050,000 31,050,000 31,050,000 26,102,473 Basic and diluted net income (loss) per share, Class A Common Stock subject to possible redemption $ 0.05 $ (0.11) $ 0.17 $ (0.08) Non-Redeemable Class B Common Stock Numerator: Net income (loss) attributable to Class B common stock Net income (loss) $ 389,453 $ (838,221) 1,339,440 $ (591,729) Non-redeemable net income (loss) $ 389,453 $ (838,221) $ 1,339,440 $ (591,729) Denominator: Weighted average shares of non-redeemable Class B common stock Basic and diluted weighted average shares outstanding, non-redeemable Class B common stock 7,762,500 7,762,500 7,762,500 7,601,168 Basic and diluted net income (loss) per share, non-redeemable Class B common stock $ 0.05 $ (0.11) 0.17 $ (0.08) |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurement” (“ASC 820”), approximates the carrying amounts represented in the accompanying condensed balance sheets, primarily due to their short-term nature. |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received for sale of an asset or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: ● Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets ; ● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active ; and ● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. |
Warrants Exercisable for Class A Common Stock | Warrants Exercisable for Class A Common Stock The Company accounted for the 15,823,333 warrants issued in connection with the Initial Public Offering and the Private Placement Warrants (collectively, the “Warrants”) as either equity-classified or liability-classified instruments based on an assessment of the Warrant’s specific terms and applicable authoritative guidance in ASC 480, “Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, “Derivatives and Hedging” (“ASC 815”). 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. |
Working Capital Loan Payable | Working Capital Loan Payable The Company accounted for the Working Capital Loan payable in accordance with ASC 470, “Debt”. The Working Capital Loan payable is recorded at amortized cost. The conversion option feature had a fair value of $0 as of on June 1, 2022, the date of initial measurement. As such, there is no debt discount recorded as there are no proceeds to allocate to the conversion option feature. |
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 ASC 480. 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 are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s 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, 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 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. Such changes are reflected in additional paid-in capital to the extent available, or in the absence of additional capital, in accumulated deficit. At June 30, 2022 and December 31, 2021, the Class A common stock subject to possible redemption reflected in the condensed balance sheets is reconciled in the following table: Gross proceeds from initial public offering $ 310,500,000 Less: Proceeds allocated to public warrants (7,555,500) Offering costs allocated to Class A common stock subject to possible redemption (17,074,803) Add: Remeasurement on Class A common stock subject to possible redemption amount 24,630,303 Class A common stock subject to possible redemption $ 310,500,000 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2020, FASB issued ASU No. 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”), which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. ASU 2020-06 removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and it also simplifies the diluted earnings per share calculation in certain areas. ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, with early adoption permitted. The Company is currently assessing the impact, if any, that ASU 2020-06 would have on its financial position, results of operations or cash flows. Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s condensed financial statements. |
REVISION OF PREVIOUSLY ISSUED_2
REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS | |
Schedule of impact of the revision on financial statements | The impact of the revision on the Company’s Condensed Statements of Cash Flows is reflected in the following table: As Previously Reported As Revised For the Six Months Ended For the Six Months Ended June 30, 2021 June 30, 2021 Cash Flows Used in Operating Activities: Warrant issuance costs — 420,743 Net cash used in operating activities (1,293,976) (873,233) Cash Flows From Financing Activities: Proceeds from sale of Units, net of underwriting discounts paid 304,710,744 304,290,000 Net cash provided by financing activities 312,642,698 312,221,955 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Schedule of basic and diluted net income per common share | The following table reflects the calculation of basic and diluted net income (loss) per common share (in dollars, except per share amounts): For the Three Months Ended For the Six Months Ended June 30, June 30, 2022 2021 2022 2021 (unaudited) (unaudited) (unaudited) (unaudited) Class A common stock subject to possible redemption Numerator: Net income (loss) attributable to Class A Common Stock subject to possible redemption Net income (loss) $ 1,557,813 $ (3,352,884) $ 5,357,761 $ (2,032,003) Net income (loss) attributable to Class A common stock subject to possible redemption $ 1,557,813 $ (3,352,884) $ 5,357,761 $ (2,032,003) Denominator: Weighted average Class A common stock subject to possible redemption Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption 31,050,000 31,050,000 31,050,000 26,102,473 Basic and diluted net income (loss) per share, Class A Common Stock subject to possible redemption $ 0.05 $ (0.11) $ 0.17 $ (0.08) Non-Redeemable Class B Common Stock Numerator: Net income (loss) attributable to Class B common stock Net income (loss) $ 389,453 $ (838,221) 1,339,440 $ (591,729) Non-redeemable net income (loss) $ 389,453 $ (838,221) $ 1,339,440 $ (591,729) Denominator: Weighted average shares of non-redeemable Class B common stock Basic and diluted weighted average shares outstanding, non-redeemable Class B common stock 7,762,500 7,762,500 7,762,500 7,601,168 Basic and diluted net income (loss) per share, non-redeemable Class B common stock $ 0.05 $ (0.11) 0.17 $ (0.08) |
Schedule of reconciliation of Class A common stock subject to possible redemption | At June 30, 2022 and December 31, 2021, the Class A common stock subject to possible redemption reflected in the condensed balance sheets is reconciled in the following table: Gross proceeds from initial public offering $ 310,500,000 Less: Proceeds allocated to public warrants (7,555,500) Offering costs allocated to Class A common stock subject to possible redemption (17,074,803) Add: Remeasurement on Class A common stock subject to possible redemption amount 24,630,303 Class A common stock subject to possible redemption $ 310,500,000 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
FAIR VALUE MEASUREMENTS | |
Schedule of Company's assets that are measured at fair value on a recurring basis | June 30, 2022 (unaudited) (Level 1) (Level 2) (Level 3) Assets Cash and marketable securities held in Trust Account $ 310,780,579 $ — $ — Liabilities Public Warrants $ 931,500 $ — $ — Private Placement Warrants $ — $ — $ 492,600 December 31, 2021 (Level 1) (Level 2) (Level 3) Assets Cash and marketable securities held in Trust Account $ 310,544,829 $ — $ — Liabilities Public Warrants $ 5,589,000 $ — $ — Private Placement Warrants $ — $ — $ 2,955,600 |
Schedule of quantitative information regarding fair value measurements inputs | June 30, December 31, Input 2022 2021 Common stock price $ 9.81 $ 9.75 Exercise price $ 11.50 $ 11.50 Risk-free rate of interest 2.97 % 1.34 % Volatility 6.31 % 9.10 % Term 5.51 6.00 Warrant to buy one share (unadjusted for the probability of dissolution) $ 0.60 $ 0.54 Warrant to buy one share (adjusted for the probability of dissolution) $ 0.09 $ 0.54 Dividend yield 0.00 % 0.00 % |
ORGANIZATION AND PLANS OF BUS_2
ORGANIZATION AND PLANS OF BUSINESS OPERATIONS (Details) | 6 Months Ended | |||||
Jan. 28, 2021 USD ($) $ / shares shares | Oct. 29, 2020 USD ($) | Jun. 30, 2022 USD ($) D $ / shares shares | Jun. 30, 2021 USD ($) | May 27, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Subsidiary, Sale of Stock [Line Items] | ||||||
Issue price per unit | $ / shares | $ 10 | $ 10 | ||||
Sale of private placement warrants (in shares) | shares | 15,823,333 | |||||
Proceeds from the sale of Private Placements Warrants | $ 8,210,000 | |||||
Transaction costs | $ 17,495,500 | |||||
Underwriting fees | 6,210,000 | |||||
Deferred underwriting fee payable | 10,867,500 | $ 10,867,500 | $ 10,867,500 | |||
Other offering costs | 418,000 | |||||
Cash held outside the trust account | 2,300,000 | $ 511,761 | 346,319 | |||
Aggregate proceeds held in trust account | $ 310,500,000 | |||||
Maturity days of funds in the trust account | 185 days | |||||
Obligation to redeem public shares if entity does not complete a business combination (as a percent) | 100% | |||||
Threshold minimum aggregate fair market value as percentage of assets held in trust account | 80% | |||||
Redemption of shares calculated based on business days prior to consummation of business combination (in days) | D | 2 | |||||
Minimum net tangible assets upon consummation of business combination | $ 5,000,001 | |||||
Number of days to redeem shares if business combination is not completed by specified date | 10 days | |||||
Maximum interest to pay dissolution expenses | $ 100,000 | |||||
Working capital deficit | 1,483,572 | |||||
Related party note payable | 0 | |||||
Initial Public Offering | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Number of units sold | shares | 31,050,000 | |||||
Issue price per unit | $ / shares | $ 10 | |||||
Proceeds from issuance initial public offering | $ 310,500,000 | |||||
Private Placement | Private Placement Warrants | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Sale of private placement warrants (in shares) | shares | 5,473,333 | |||||
Price of warrant | $ / shares | $ 1.50 | |||||
Proceeds from the sale of Private Placements Warrants | $ 8,210,000 | |||||
Over-allotment option | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Number of units sold | shares | 4,050,000 | |||||
Promissory Note with Related Party | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Maximum borrowing capacity of related party promissory note | $ 300,000 | |||||
Related party note payable | $ 300,000 | |||||
Working Capital Loan | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Maximum borrowing capacity of related party promissory note | $ 750,000 | |||||
Related party note payable | $ 750,000 | $ 0 | ||||
Class B Common Stock | Sponsor | Founder Shares | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Aggregate purchase price | $ 25,000 |
REVISION OF PREVIOUSLY ISSUED_3
REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS - Company's Condensed Statements of Cash Flows (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash Flows from Operating Activities: | ||
Warrant issuance costs | $ 420,743 | |
Net cash used in operating activities | $ (584,558) | (873,233) |
Cash Flows From Financing Activities: | ||
Proceeds from sale of Units, net of underwriting discounts paid | 304,290,000 | |
Net cash provided by financing activities | $ 750,000 | 312,221,955 |
As Previously Reported | ||
Cash Flows from Operating Activities: | ||
Net cash used in operating activities | (1,293,976) | |
Cash Flows From Financing Activities: | ||
Proceeds from sale of Units, net of underwriting discounts paid | 304,710,744 | |
Net cash provided by financing activities | $ 312,642,698 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Offering costs charged to shareholders' equity | $ 17,100,000 | |
Offering costs related to warrant liabilities | 400,000 | |
Unrecognized tax benefits | 0 | $ 0 |
Unrecognized tax benefits accrued for interest and penalties | $ 0 | 0 |
Shares excluded from calculation of diluted income per share | 15,823,333 | |
Federal depository insurance coverage | $ 250,000 | |
Number of warrants to purchase shares issued | 15,823,333 | |
Related party note payable | $ 0 | |
Debt Discount | $ 0 | |
Proceeds | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Net income per common share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Numerator: Income (loss) attributable to Class A Common Stock subject to possible redemption | ||||||
Net income (loss) | $ 1,947,266 | $ 4,749,935 | $ (4,191,105) | $ 1,567,374 | $ 6,697,201 | $ (2,623,732) |
Class A Common Stock Subject to Redemption | ||||||
Numerator: Income (loss) attributable to Class A Common Stock subject to possible redemption | ||||||
Net income (loss) | 1,557,813 | (3,352,884) | 5,357,761 | (2,032,003) | ||
Net income (loss) attributable to Class A common stock subject to possible redemption | $ 1,557,813 | $ (3,352,884) | $ 5,357,761 | $ (2,032,003) | ||
Denominator: Weighted average Class of common stock | ||||||
Basic weighted average shares outstanding | 31,050,000 | 31,050,000 | 31,050,000 | 26,102,473 | ||
Diluted weighted average shares outstanding | 31,050,000 | 31,050,000 | 31,050,000 | 26,102,473 | ||
Basic net income (loss) per share | $ 0.05 | $ (0.11) | $ 0.17 | $ (0.08) | ||
Diluted net income (loss) per share | $ 0.05 | $ (0.11) | $ 0.17 | $ (0.08) | ||
Non redeemable Class B common stock | ||||||
Numerator: Income (loss) attributable to Class A Common Stock subject to possible redemption | ||||||
Net income (loss) | $ 389,453 | $ (838,221) | $ 1,339,440 | $ (591,729) | ||
Non-redeemable net income (loss) | $ 389,453 | $ (838,221) | $ 1,339,440 | $ (591,729) | ||
Denominator: Weighted average Class of common stock | ||||||
Basic weighted average shares outstanding | 7,762,500 | 7,762,500 | 7,762,500 | 7,601,168 | ||
Diluted weighted average shares outstanding | 7,762,500 | 7,762,500 | 7,762,500 | 7,601,168 | ||
Basic net income (loss) per share | $ 0.05 | $ (0.11) | $ 0.17 | $ (0.08) | ||
Diluted net income (loss) per share | $ 0.05 | $ (0.11) | $ 0.17 | $ (0.08) |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Class A common stock subject to possible redemption (Details) - Class A Common Stock Subject to Redemption - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Gross proceeds from initial public offering | $ 310,500,000 | $ 310,500,000 |
Proceeds allocated to public warrants | (7,555,500) | (7,555,500) |
Offering costs allocated to Class A common stock subject to possible redemption | (17,074,803) | (17,074,803) |
Remeasurement on Class A common stock subject to possible redemption amount | 24,630,303 | 24,630,303 |
Class A common stock subject to possible redemption | $ 310,500,000 | $ 310,500,000 |
INITIAL PUBLIC OFFERING (Detail
INITIAL PUBLIC OFFERING (Details) - $ / shares | Jan. 28, 2021 | Jun. 30, 2022 |
Subsidiary, Sale of Stock [Line Items] | ||
Issue price per unit | $ 10 | $ 10 |
Initial Public Offering | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of units sold | 31,050,000 | |
Issue price per unit | $ 10 | |
Initial Public Offering | Class A Common Stock | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of shares in a unit | 1 | |
Initial Public Offering | Public Warrants | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of warrants in a unit | 0.33 | |
Exercise price of warrants | $ 11.50 | |
Initial Public Offering | Public Warrants | Class A Common Stock | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of shares issuable per warrant | 1 | |
Over-allotment option | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of units sold | 4,050,000 |
PRIVATE PLACEMENT (Details)
PRIVATE PLACEMENT (Details) - USD ($) | 6 Months Ended | ||
Jan. 28, 2021 | Jun. 30, 2021 | Jun. 30, 2022 | |
Subsidiary, Sale of Stock [Line Items] | |||
Number of warrants to purchase shares issued | 15,823,333 | ||
Aggregate purchase price | $ 8,210,000 | ||
Private Placement | Private Placement Warrants | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of warrants to purchase shares issued | 5,473,333 | ||
Price of warrants | $ 1.50 | ||
Aggregate purchase price | $ 8,210,000 | ||
Exercise price of warrant | $ 11.50 | ||
Amount held in the trust account from private placement warrants issuance proceeds | $ 6,210,000 | ||
Private Placement | Private Placement Warrants | Class A Common Stock | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of shares per warrant | 1 |
RELATED PARTY TRANSACTIONS - Fo
RELATED PARTY TRANSACTIONS - Founder Shares (Details) - Founder Shares - Sponsor - Class B Common Stock | 6 Months Ended | ||
Jan. 25, 2021 shares | Oct. 29, 2020 USD ($) shares | Jun. 30, 2022 D $ / shares | |
Related Party Transaction [Line Items] | |||
Number of shares issued | 6,468,750 | ||
Aggregate purchase price | $ | $ 25,000 | ||
Share dividend | 1,293,750 | ||
Aggregate number of shares owned | 7,762,500 | ||
Restrictions on transfer period of time after business combination completion | 1 year | ||
Stock price trigger to transfer, assign or sell any shares or warrants of the company, after the completion of the initial business combination (in dollars per share) | $ / shares | $ 12 | ||
Threshold trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination | D | 20 | ||
Threshold consecutive trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination | D | 30 | ||
Threshold period after the business combination in which the 20 trading days within any 30 trading day period commences | 150 days |
RELATED PARTY TRANSACTIONS - Ad
RELATED PARTY TRANSACTIONS - Additional Information (Details) - USD ($) | 6 Months Ended | ||||
Jun. 30, 2022 | May 27, 2022 | Dec. 31, 2021 | Jan. 28, 2021 | Oct. 29, 2020 | |
Related Party Transaction [Line Items] | |||||
Related party note payable | $ 0 | ||||
Promissory Note with Related Party | |||||
Related Party Transaction [Line Items] | |||||
Maximum borrowing capacity of related party promissory note | $ 300,000 | ||||
Related party note payable | $ 300,000 | ||||
Related Party Loans | |||||
Related Party Transaction [Line Items] | |||||
Related party payables | $ 19,244 | 250,000 | |||
Working Capital Loan | |||||
Related Party Transaction [Line Items] | |||||
Maximum borrowing capacity of related party promissory note | $ 750,000 | ||||
Related party note payable | $ 750,000 | $ 0 | |||
Working Capital Loan | Working capital loans warrant | |||||
Related Party Transaction [Line Items] | |||||
Price of warrant | $ 1.50 | ||||
Administrative Services Agreement | |||||
Related Party Transaction [Line Items] | |||||
Expenses per month | $ 10,000 | ||||
Amount accrued or paid | $ 0 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) | Jun. 30, 2022 USD ($) item $ / shares | Dec. 31, 2021 USD ($) | Jan. 28, 2021 USD ($) |
COMMITMENTS AND CONTINGENCIES | |||
Number of demands securities are entitled to | item | 3 | ||
Deferred fee per unit | $ / shares | $ 0.35 | ||
Deferred underwriting fee payable | $ | $ 10,867,500 | $ 10,867,500 | $ 10,867,500 |
STOCKHOLDERS' DEFICIT - Preferr
STOCKHOLDERS' DEFICIT - Preferred Stock Shares (Details) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
STOCKHOLDERS' DEFICIT | ||
Preferred shares, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, par value, (per share) | $ 0.0001 | $ 0.0001 |
Preferred shares, shares issued | 0 | 0 |
Preferred shares, shares outstanding | 0 | 0 |
STOCKHOLDERS' DEFICIT - Common
STOCKHOLDERS' DEFICIT - Common Stock Shares (Details) | 6 Months Ended | |
Jun. 30, 2022 Vote $ / shares shares | Dec. 31, 2021 $ / shares shares | |
Class of Stock [Line Items] | ||
Class B common stock conversion ratio to Class B | 1 | |
Class A Common Stock | ||
Class of Stock [Line Items] | ||
Common shares, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common shares, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 |
Common shares, shares issued (in shares) | 0 | 0 |
Common shares, shares outstanding (in shares) | 0 | 0 |
Class A Common Stock Subject to Redemption | ||
Class of Stock [Line Items] | ||
Class A common stock subject to possible redemption, outstanding (in shares) | 31,050,000 | 31,050,000 |
Class A Common Stock Not Subject to Redemption | ||
Class of Stock [Line Items] | ||
Common shares, votes per share | Vote | 1 | |
Common shares, shares issued (in shares) | 0 | 0 |
Common shares, shares outstanding (in shares) | 0 | 0 |
Class B Common Stock | ||
Class of Stock [Line Items] | ||
Common shares, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common shares, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 |
Common shares, votes per share | Vote | 1 | |
Common shares, shares issued (in shares) | 7,762,500 | 7,762,500 |
Common shares, shares outstanding (in shares) | 7,762,500 | 7,762,500 |
Ratio to be applied to the stock in the conversion | 20 |
WARRANTS (Details)
WARRANTS (Details) | 6 Months Ended | ||
Jun. 30, 2022 USD ($) item D $ / shares | Dec. 31, 2021 USD ($) | Jan. 28, 2021 USD ($) | |
Class of Warrant or Right [Line Items] | |||
Fair value of warrant liabilities | $ | $ 1,424,100 | $ 8,544,600 | $ 11,600,000 |
Public Warrants | |||
Class of Warrant or Right [Line Items] | |||
Public Warrants exercisable term after the completion of a business combination | 30 days | ||
Public Warrants exercisable term from the closing of the initial public offering | 12 months | ||
Public Warrants expiration term | 5 years | ||
Threshold issue price per share | $ 9.20 | ||
Adjustment of exercise price of warrants based on market value and newly issued price (as a percent) | 115% | ||
Adjustment of redemption price of stock based on market value and newly issued price (as a percent) | 180% | ||
Maximum period after business combination in which to file registration statement | 15 days | ||
Maximum threshold period for registration statement to become effective after business combination | 60 days | ||
Public Warrants | Class A Common Stock | |||
Class of Warrant or Right [Line Items] | |||
Threshold issue price per share | $ 9.20 | ||
Percentage of gross new proceeds to total equity proceeds used to measure dilution of warrant | 60% | ||
Trading period after business combination used to measure dilution of warrant | D | 20 | ||
Public Warrants | Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00 | |||
Class of Warrant or Right [Line Items] | |||
Stock price trigger for redemption of public warrants (in dollars per share) | $ 18 | ||
Redemption price per warrant (in dollars per share) | $ 0.01 | ||
Threshold trading days for redemption of public warrants | item | 20 | ||
Threshold consecutive trading days for redemption of public warrants | D | 30 | ||
Minimum threshold written notice period for redemption of public warrants | 30 days | ||
Public Warrants | Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $10.00 | |||
Class of Warrant or Right [Line Items] | |||
Stock price trigger for redemption of public warrants (in dollars per share) | $ 10 | ||
Redemption price per warrant (in dollars per share) | $ 0.10 | ||
Minimum threshold written notice period for redemption of public warrants | 30 days | ||
Private Placement Warrants | |||
Class of Warrant or Right [Line Items] | |||
Restrictions on transfer period of time after business combination completion | 30 days | ||
Public And Private Placement Warrants | |||
Class of Warrant or Right [Line Items] | |||
Fair value of warrant liabilities | $ | $ 1,424,100 | $ 8,544,600 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 | Jan. 28, 2021 |
Assets: | |||
Cash and marketable securities held in Trust Account | $ 310,780,579 | $ 310,544,829 | |
Liabilities: | |||
Warrant liability | 1,424,100 | 8,544,600 | $ 11,600,000 |
Level 1 | Recurring | |||
Assets: | |||
Cash and marketable securities held in Trust Account | 310,780,579 | 310,544,829 | |
Level 1 | Recurring | Public Warrants | |||
Liabilities: | |||
Warrant liability | 931,500 | ||
Level 1 | Recurring | Private Placement Warrants | |||
Liabilities: | |||
Warrant liability | 5,589,000 | ||
Level 2 | Recurring | |||
Assets: | |||
Cash and marketable securities held in Trust Account | 0 | ||
Level 2 | Recurring | Private Placement Warrants | |||
Liabilities: | |||
Warrant liability | 0 | ||
Level 3 | Recurring | Private Placement Warrants | |||
Liabilities: | |||
Warrant liability | $ 492,600 | $ 2,955,600 |
FAIR VALUE MEASUREMENTS - Fair
FAIR VALUE MEASUREMENTS - Fair Value Measurements Inputs (Details) - Private Placement Warrants | Jun. 30, 2022 | Dec. 31, 2021 |
Common stock price | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Measurement Input | 9.81 | 9.75 |
Exercise price | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Measurement Input | 11.50 | 11.50 |
Risk-free rate of interest | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Measurement Input | 2.97 | 1.34 |
Volatility | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Measurement Input | 6.31 | 9.10 |
Term | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Measurement Input | 5.51 | 6 |
Warrant to buy one share (unadjusted for the probability of dissolution) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Measurement Input | 0.60 | 0.54 |
Warrant to buy one share (adjusted for the probability of dissolution) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Measurement Input | 0.09 | 0.54 |
Dividend yield | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Measurement Input | 0 | 0 |