Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 16, 2022 | |
Document Information Line Items | ||
Entity Registrant Name | PINE TECHNOLOGY ACQUISITION CORP. | |
Trading Symbol | PTOC | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Entity Central Index Key | 0001838238 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Shell Company | true | |
Entity Ex Transition Period | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-40179 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 86-1328728 | |
Entity Address, Address Line One | 260 Lena Drive | |
Entity Address, City or Town | Aurora | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 44202 | |
City Area Code | (212) | |
Local Phone Number | 402-8216 | |
Title of 12(b) Security | Shares of Class A common stock | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes | |
Class A Common Stock | ||
Document Information Line Items | ||
Entity Common Stock, Shares Outstanding | 34,500,000 | |
Class B Common Stock | ||
Document Information Line Items | ||
Entity Common Stock, Shares Outstanding | 8,625,000 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash | $ 93,982 | $ 313,382 |
Prepaid expenses | 316,761 | 290,673 |
Other receivable | 1,500,000 | |
Total Current Assets | 1,910,743 | 604,055 |
Prepaid expenses - non-current | 54,586 | |
Cash held in Trust Account | 345,001,062 | 345,075,817 |
Total Assets | 346,911,805 | 345,734,458 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 1,086,041 | 1,098,688 |
Due to Sponsor | 30,000 | |
Promissory note | 350,289 | 350,000 |
Total Current Liabilities | 1,466,330 | 1,448,688 |
Warrant liabilities | 3,371,663 | 22,434,321 |
Deferred underwriters’ discount | 12,075,000 | 12,075,000 |
Total Liabilities | 16,912,993 | 35,958,009 |
Commitments and Contingencies | ||
Class A Common Stock subject to possible redemption; $0.0001 par value; 34,500,000 shares at redemption value at March 31, 2022 and December 31, 2021 | 345,000,000 | 345,075,817 |
Stockholders’ Deficit: | ||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; no shares issued and outstanding | ||
Class A common stock, $0.0001 par value; 240,000,000 shares authorized; no shares issued and outstanding (excluding 34,500,000 shares subject to possible redemption at March 31, 2022 and December 31, 2021) | ||
Class B common stock, $0.0001 par value; 60,000,000 shares authorized; 8,625,000 shares issued and outstanding at March 31, 2022 and December 31, 2021 | 863 | 863 |
Additional paid-in capital | ||
Accumulated deficit | (15,002,051) | (35,300,231) |
Total Stockholders’ Deficit | (15,001,188) | (35,299,368) |
Total Liabilities, Redeemable Common Stock and Stockholders’ Deficit | $ 346,911,805 | $ 345,734,458 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parentheticals) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Preferred stock par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Class A Common Stock | ||
Common stock subject to possible redemption, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock subject to possible redemption shares | 34,500,000 | 34,500,000 |
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 240,000,000 | 240,000,000 |
Common stock, shares issued | ||
Common stock, shares outstanding | ||
Class B Common Stock | ||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 8,625,000 | 8,625,000 |
Common stock, shares outstanding | 8,625,000 | 8,625,000 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Formation and operating costs | $ 343,288 | $ 17,507 |
Loss from operations | (343,288) | (17,507) |
Other Income (Loss) | ||
Interest income | 3,282 | 3,738 |
Interest expense | (289) | |
Termination fee | 1,500,000 | |
Excess fair value over cash received for private placement warrants | (355,999) | |
Change in fair value of warrant liabilities | 19,062,658 | 115,000 |
Offering expenses related to warrant issuance | (844,080) | |
Total other income (loss) | 20,565,651 | (1,081,341) |
Net income (loss) | $ 20,222,363 | $ (1,098,848) |
Weighted average shares outstanding, Class A common stock subject to possible redemption (in Shares) | 34,500,000 | 6,516,667 |
Basic and diluted net income (loss) per share (in Dollars per share) | $ 0.47 | $ (0.08) |
Weighted average shares outstanding, non-redeemable Class B common stock (in Shares) | 8,625,000 | 7,712,500 |
Basic and diluted net income (loss) per share (in Dollars per share) | $ 0.47 | $ (0.08) |
Condensed Statements of Changes
Condensed Statements of Changes In Stockholders’ Deficit (Unaudited) - USD ($) | Class ACommon Stock | Class BCommon Stock | Additional Paid-in Capital | Accumulated Deficit | Total |
Balance at Dec. 31, 2020 | $ 863 | $ 24,137 | $ (1,940) | $ 23,060 | |
Balance (in Shares) at Dec. 31, 2020 | 8,625,000 | ||||
Sale of Units in Initial Public Offering, net of underwriting discount and initial fair value of public warrants | $ 3,450 | 311,411,854 | 311,415,304 | ||
Sale of Units in Initial Public Offering, net of underwriting discount and initial fair value of public warrants (in Shares) | 34,500,000 | ||||
Class A common stock subject to possible redemption | $ (3,450) | (311,435,991) | (33,564,297) | (345,003,738) | |
Class A common stock subject to possible redemption (in Shares) | (34,500,000) | ||||
Net income (loss) | (1,098,848) | (1,098,848) | |||
Balance at Mar. 31, 2021 | $ 863 | (34,665,085) | (34,664,222) | ||
Balance (in Shares) at Mar. 31, 2021 | 8,625,000 | ||||
Balance at Dec. 31, 2021 | $ 863 | (35,300,231) | (35,299,368) | ||
Balance (in Shares) at Dec. 31, 2021 | 8,625,000 | ||||
Accretion for Class A shares subject to redemption | 75,817 | 75,817 | |||
Net income (loss) | 20,222,363 | 20,222,363 | |||
Balance at Mar. 31, 2022 | $ 863 | $ (15,002,051) | $ (15,001,188) | ||
Balance (in Shares) at Mar. 31, 2022 | 8,625,000 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash Flows from Operating Activities: | ||
Net income (loss) | $ 20,222,363 | $ (1,098,848) |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ||
Interest earned on Trust Account | (3,282) | (3,738) |
Interest accrued on note payable | 289 | |
Termination fee | (1,500,000) | |
Change in fair value of warrant liabilities | (19,062,658) | (115,000) |
Excess of fair value over cash received for private placement warrants | 355,999 | |
Offering costs allocated to warrant issuance | 844,080 | |
Changes in current assets and current liabilities: | ||
Prepaid assets | 28,498 | (587,687) |
Due to Sponsor | 30,000 | |
Accounts payable and accrued expenses | (12,647) | 664,293 |
Net cash (used in) provided by operating activities | (297,437) | 59,099 |
Cash Flows from Investing Activities: | ||
Proceeds from Trust account | 78,037 | |
Investment of cash in Trust Account | (345,000,000) | |
Net cash provided by (used in) investing activities | 78,037 | (345,000,000) |
Proceeds from Initial Public Offering, net of underwriting discount | 338,100,000 | |
Proceeds from issuance of Private Placement Warrants | 8,900,000 | |
Cash received for share receivable | 25,000 | |
Payment of offering costs | (505,716) | |
Net cash provided by financing activities | 346,519,284 | |
Net Change in Cash | (219,400) | 1,578,383 |
Cash – Beginning | 313,382 | |
Cash – Ending | 93,982 | 1,578,383 |
Non-cash investing and financing activities: | ||
Initial value of Class A common stock subject to possible redemption | 345,000,000 | |
Initial value of warrant liabilities | 24,205,999 | |
Accretion for Class A common stock subject to possible redemption | (75,817) | 33,588,434 |
Deferred underwriting discount payable charged to additional paid-in capital | $ 12,075,000 |
Organization and Business Opera
Organization and Business Operations | 3 Months Ended |
Mar. 31, 2022 | |
Organization and Business Operations [Abstract] | |
Organization and Business Operations | Note 1 - Organization and Business Operations Organization and General Pine Technology Acquisition Corp. (the “Company”) was incorporated in Delaware on December 30, 2020. The Company was formed for the purpose of entering into 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 not limited to a particular industry or geographic region for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. As of March 31, 2022, the Company had not yet commenced any operations. All activity through March 31, 2022, relates to the Company’s formation and the initial public offering (“IPO”) which is described below, and subsequent to the IPO, identifying a target company for a Business Combination. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on from the marketable securities held in the Trust Account (as defined below). Financing The registration statement for the Company’s IPO was declared effective on March 10, 2021 (the “Effective Date”). On March 15, 2021, the Company consummated the IPO of 34,500,000 units (the “Units” and, with respect to the Class A common stock included in the Units being offered, the “public shares”), at $10.00 per Unit, generating gross proceeds of $345,000,000, which is discussed in Note 3. Simultaneously with the closing of the IPO, the Company consummated the sale of 5,933,333 warrants (the “Private Placement Warrants”), at a price of $1.50 per Private Placement Warrant, which is discussed in Note 4. Transaction costs of the IPO amounted to $19,478,776, consisting of $6,900,000 of underwriting discount, $12,075,000 of deferred underwriting discount and $503,776 of other offering costs. Of the total transaction costs, $844,080 was expensed as non-operating expenses in that statement of operations with the rest of the transaction costs charged to stockholders’ equity for the three months ended March 31, 2021. The transaction costs were allocated based on a relative fair value basis, compared to the total offering proceeds, between the fair value of the public warrant liabilities and the Class A common stock. Trust Account Following the closing of the IPO on March 15, 2021, $345,000,000 ($10.00 per Unit) from the net offering proceeds of the sale of the Units in the IPO and the sale of the Private Placement Warrants was placed in a trust account (the “Trust Account”) and was invested in U.S. government securities, with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act of 1940, as amended (the “Investment Company Act”), which invest only in direct U.S. government treasury obligations. Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its tax obligations, the proceeds from the IPO and the sale of Private Placement Warrants will not be released from the Trust Account until the earliest to occur of: (a) the completion of the Company’s initial Business Combination, (b) the redemption of any shares of the Company’s Class A common stock sold in the IPO properly submitted in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation (i) to modify the substance or timing of the Company’s obligation to redeem 100% of the Company’s public shares if it does not complete its initial Business Combination within 24 months from closing of the IPO (unless extended in accordance with the Company’s amended and restated certificate of incorporation) (the “Completion Window”) or (ii) with respect to any other material provisions relating to stockholders’ rights or pre-initial Business Combination activity, and (c) the redemption of the Company’s public shares if the Company is unable to complete the initial Business Combination within the Completion Window, subject to applicable law. The proceeds deposited in the Trust Account could become subject to the claims of the Company’s creditors, if any, which could have priority over the claims of the Company’s public stockholders. Initial Business Combination The Company’s management has broad discretion with respect to the specific application of the net proceeds of the IPO, although substantially all the net proceeds are intended to be generally applied toward consummating a Business Combination. The Company’s Business Combination must be with one or more target businesses that together have a fair market value equal to at least 80% of the balance in the Trust Account (excluding the amount of any deferred underwriting discount and taxes payable on the income earned on the Trust Account) at the time of the signing an agreement to enter into a Business Combination. However, the Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able to successfully effect 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 the initial Business Combination either (i) in connection with a stockholder meeting called to approve the initial Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a proposed initial Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The stockholders will be entitled to redeem their shares at a per share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account as of two business days prior to the consummation of the initial Business Combination, including interest (net of permitted withdrawals), divided by the number of then outstanding public shares, subject to certain limitations. The shares of common stock subject to redemption is recorded at a redemption value and classified as temporary equity upon the completion of the IPO in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the issued and outstanding shares voted are voted in favor of the Business Combination. The Company will have 24 months from the closing of the IPO (unless extended in accordance with the Company’s amended and restated certificate of incorporation) to consummate a Business Combination. However, if the Company is unable to complete a Business Combination within the Completion Window, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned (net of permitted withdrawals and up to $100,000 to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and 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. The Company’s Sponsor, officers and directors have agreed to (i) waive their redemption rights with respect to their Founder Shares and public shares in connection with the completion of the initial Business Combination, (ii) waive their redemption rights with respect to their Founder Shares and public shares in connection with a stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation to modify the substance or timing of the Company’s obligation to provide for the redemption of the public shares in connection with an initial Business Combination or to redeem 100% of the public shares if the Company has not consummated the initial Business Combination within the Completion Window, and (iii) waive their rights to liquidating distributions from the Trust Account with respect to their Founder Shares if the Company fails to complete the initial Business Combination within the Completion Window (although they will be entitled to liquidating distributions from the Trust Account with respect to any public shares they hold if the Company fails to complete the initial Business Combination within the Completion Window). The Company’s Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party (other than the Company’s independent registered public accounting firm) for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or similar agreement or Business Combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per public share and (ii) the actual amount per public share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per share due to reductions in the value of the trust assets in each case net of permitted withdrawals, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). However, the Company has not asked its Sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether its Sponsor has sufficient funds to satisfy its indemnity obligations and believe that the Company’s Sponsor’s only assets are securities of the Company. Therefore, the Company cannot assure that its Sponsor would be able to satisfy those obligations. On December 7, 2021, the Company entered into an agreement and plan of merger (the “Merger Agreement”) with Pine Technology Merger Corp., a Delaware corporation (“Merger Sub”), and The Tomorrow Companies Inc., a Delaware corporation (“Tomorrow.io”). On March 6, 2022, the above parties entered into a Termination of Agreement and Plan of Merger (the “Termination Agreement”) pursuant to which, due to market conditions, the parties thereto agreed to terminate the Merger Agreement effective as of such date, after taking several factors into consideration. Pursuant to the Termination Agreement, Tomorrow.io will pay the Company $1,500,000 upon the earliest to occur of (a) 120 days from the date of the Termination Agreement, (b) two business days after the initial closing of Tomorrow.io’s Next Financing (as defined in the Termination Agreement) and (c) immediately prior to the consummation of a Change of Control (as defined in the Termination Agreement). As a result of the Termination Agreement, the Merger Agreement is of no further force and effect, and certain agreements entered into and in connection with the Merger Agreement, including, but not limited to, the Parent Support Agreement, dated as of December 7, 2021, by and among the Company, Tomorrow.io and Pine Technology Sponsor LLC, the Voting and Support Agreements, dated as of December 7, 2021, by and among the Company, Merger Sub, Tomorrow.io and certain Tommorrow.io stockholders, and the Subscription Agreements, dated December 7, 2021, by and among the Company and certain investors, will either be terminated or no longer effective, as applicable, in accordance with their respective terms. The Company intends to continue to pursue the consummation of a business combination with an appropriate target. Liquidity and Capital Resources As of March 31, 2022, the Company had cash outside the Trust Account of $93,982 available for working capital needs. All remaining cash held in the Trust Account are unavailable for the Company’s use, prior to an initial Business Combination, and is restricted for use either in a Business Combination, to pay taxes or to redeem common stock. As March 31, 2022, $78,037 of interest income was withdrawn from the Trust Account to pay tax obligations. Through March 31, 2022, the Company’s liquidity needs were satisfied through receipt of $25,000 from the sale of the Founder Shares and the remaining net proceeds from the IPO and the sale of Private Placement Warrants held outside the Trust Account. The Company anticipates that the $93,382 outside of the Trust Account as of March 31, 2022 and the Termination Payment of $1,500,000 to be received from Tomorrow.io will be sufficient to allow the Company to operate for at least the next 12 months from the issuance of the financial statements, assuming that a Business Combination is not consummated during that time. Until consummation of its Business Combination, the Company will be using the funds not held in the Trust Account and any additional Working Capital Loans (as defined in Note 6) from the Company’s Sponsor, an affiliate of the Company’s Sponsor or certain of the Company’s directors and officers, for identifying and evaluating target businesses, performing business due diligence on prospective target businesses, traveling to and from the offices or similar locations of prospective target businesses or their representatives or owners, reviewing corporate documents and material agreements of prospective target businesses, structuring, negotiating and completing a Business Combination. The Company does not believe it will need to raise additional funds in order to meet the expenditures required for operating our business. However, if our estimate of the costs of identifying a target business, undertaking in-depth due diligence and negotiating a Business Combination are less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our Business Combination. Moreover, we may need to obtain additional financing either to complete our Business Combination or because we become obligated to redeem a significant number of our Public Shares upon consummation of our Business Combination, in which case we may issue additional securities or incur debt in connection with such Business Combination. In connection with the Company’s assessment of going concern considerations in accordance with the Financial Accounting Standards Board’s (“FASB’s”) Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that if the Company is unable to complete a Business Combination by March 15, 2023, then the Company will cease all operations except for the purpose of liquidating. The date for mandatory liquidation and subsequent dissolution raise substantial doubt about the Company’s ability to continue as a going concern. Management plans to consummate a business combination prior to the mandatory liquidation date. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after March 15, 2023. Risks and Uncertainties On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus (the “COVID-19 outbreak”). In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally. The full impact of the COVID-19 outbreak continues to evolve. The impact of the COVID-19 outbreak on the Company’s financial position will depend on future developments, including the duration and spread of the outbreak and related advisories and restrictions. These developments and the impact of the COVID-19 outbreak on the financial markets and the overall economy are highly uncertain and cannot be predicted. If the financial markets and/or the overall economy are impacted for an extended period, the Company’s financial position may be materially adversely affected. Additionally, the Company’s ability to complete an initial Business Combination may be materially adversely affected due to significant governmental measures being implemented to contain the COVID-19 outbreak or treat its impact, including travel restrictions, the shutdown of businesses and quarantines, among others, which may limit the Company’s ability to have meetings with potential investors or affect the ability of a potential target company’s personnel, vendors and service providers to negotiate and consummate an initial Business Combination in a timely manner. The Company’s ability to consummate an initial Business Combination may also be dependent on the ability to raise additional equity and debt financing, which may be impacted by the COVID-19 outbreak and the resulting market downturn. In February 2022, Russia launched a large-scale invasion of Ukraine. The extent and duration of the military action, resulting sanctions and resulting future market disruptions, are impossible to predict, but could be significant. Although the Company does not currently have operations, and does not anticipate having operations, in Russia or Ukraine, sanctions, an increase in cyberattacks and increases in energy costs, among other potential impacts on regional and global economic environment and currencies, may cause demand for products and services to be volatile, and cause abrupt changes in supply and demand of products and services which has had and may continue to have broader implications to the global economy. Such instability may affect the Company’s ability to consummate an initial Business Combination. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2 - 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 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. In connection with the preparation of the Company’s condensed financial statements as of March 31, 2022 management identified errors in the presentation of balances on the statement of changes in stockholders’ equity (deficit) for the year ended December 31, 2021, in which an ending balance was incorrectly presented in additional paid-in capital and accumulated deficit. As a result, management has revised those balances in the condensed statements of stockholders’ equity (deficit) for the three months ended March 31, 2022. There were no errors in presentation in the stockholders’ equity (deficit) balances on the balance sheet as of December 31, 2021.There has been no change to total stockholders’ deficit or any other accounts in the condensed financial statements. The impact of the revision on the Company’s financial statements is reflected in the following table. Statements of Changes in Stockholders’ Equity (Deficit) as of December 31, 2021 As Previously Adjustment As Revised Additional paid-in capital $ 24,137 $ (24,137 ) $ — Accumulated deficit $ (35,324,368 ) $ 24,137 $ (35,300,231 ) 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 March 11, 2022, which contains the audited financial statements and notes thereto. The interim results for the three months ended March 31, 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 Status The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart our Business Startups Act of 2012, (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, 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 (the “Exchange Act”)) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. One of the more significant accounting estimates included in these financial statements is the determination of the fair value of the warrant liabilities. Actual results could differ 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. Marketable Securities Held in Trust Account At March 31, 2022 and December 31, 2021, the Trust Account had $345,001,062 and $345,075,817, respectively, which was invested in U.S. government securities with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations. During the periods ended March 31, 2022 and December 31, 2021, the Company withdrew $78,037 and $0, respectively, of interest income from the Trust Account to pay its tax obligations. Other Receivable On March 6, 2022 the Company entered into a Termination Agreement with Tomorrow.io and pursuant to the Termination Agreement, Tomorrow.io will pay the Company $1,500,000 upon the earliest to occur of (a) 120 days from the Termination Agreement, (b) two business days after the initial closing of Tomorrow,io’s Next Financing (as defined in the Termination Agreement) and (c) immediately prior to the consummation of Change of Control (as defined in the Termination Agreement). As a result, the Company has recorded a receivable of $1,500,000 related to the reimbursement of business combination expenses to be received from Tommorrow.io as part of the Termination Agreement. 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. At March 31, 2022 and December 31, 2021, the Company has not experienced losses on this account. 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 Topic 480 “Distinguishing Liabilities from Equity.” Common stock subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable common stock (including common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, common stock are classified as stockholders’ equity (deficit). The Company’s Class A common stock feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, as of March 31, 2022 and December 31, 2021, 34,500,000 shares of Class A common stock subject to possible redemption are presented at redemption value as temporary equity, outside of the stockholders’ deficit section of the Company’s unaudited condensed balance sheet. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable common shares to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable common stock are affected by charges against additional paid-in capital and accumulated deficit. As of March 31, 2022 and December 31, 2021, the Class A Common Stock reflected in the condensed balance sheets are reconciled in the following table: Gross proceeds $ 345,000,000 Less: Proceeds allocated to public warrants (14,950,000 ) Issuance costs related to Class A common stock (18,634,688 ) Plus: Adjustment and accretion of carrying value to redemption value 33,660,505 Contingently redeemable Class A common stock – December 31, 2021 $ 345,075,817 Plus: Adjustment and accretion of carrying value to redemption value (75,817 ) Contingently redeemable Class A common stock – March 31, 2022 $ 345,000,000 Net Income (Loss) per Share of Common Stock The Company applies the two-class method in calculating earnings per share. The contractual formula utilized to calculate the redemption amount approximates fair value. The Class feature to redeem at fair value means that there is effectively only one class of stock. Changes in fair value are not considered a dividend of the purposes of the numerator in the earnings per share calculation. Net income (loss) per share of common stock is computed by dividing the pro rata net income (loss) between the shares of Class A common stock and the shares of Class B common stock by the weighted average number of shares of common stock outstanding for each of the periods. The calculation of diluted income per share does not consider the effect of the warrants issued in connection with the IPO since the exercise of the warrants is contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive. The Public Warrants and Private Placement Warrants are exercisable for 17,433,333 shares of Class A common stock in the aggregate. Reconciliation of Net Income (Loss) per Share of Common Stock The Company’s net income (loss) is adjusted for the portion of net income (loss) that is allocable to each class of common stock. The allocable net income (loss) is calculated by multiplying net income (loss) by the ratio of weighted average number of shares outstanding attributable to Class A and Class B common stock to the total weighted average number of shares outstanding for the period. Accretion associated with the redeemable Class A common shares is excluded from the net income (loss) per common share as the redemption value approximates fair value. Accordingly, basic and diluted income (loss) per share of common stock is calculated as follows: For the For the Common stock subject to possible redemption Numerator: Net income (loss) allocable to Class A common stock subject to possible redemption $ 16,177,890 $ (503,250 ) Denominator: Weighted Average Redeemable Class A common stock, Basic and Diluted 34,500,000 6,516,667 Basic and Diluted net income (loss) per share, Redeemable Class A common stock $ 0.47 $ (0.08 ) Non-Redeemable Common shares Numerator: Net income (loss) allocable to Class B common stock not subject to redemption $ 4,044,473 $ (595,598 ) Denominator: Weighted Average Non-Redeemable Class B common stock, Basic and Diluted 8,625,000 7,712,500 Basic and diluted net income (loss) per share, Class B common stock $ 0.47 $ (0.08 ) Offering Costs The Company complies with the requirements of the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A - “Expenses of Offering”. Offering costs consist principally of professional and registration fees incurred through the balance sheet date that are related to the IPO and that were charged to stockholders’ equity upon the completion of the IPO. Accordingly, on March 15, 2021, offering costs totaling $19,478,776 have been charged to stockholders’ equity (consisting of $6,900,000 of underwriting discount, $12,075,000 of deferred underwriting discount and $503,776 of other offering costs). Of the total transaction cost $844,080 was charged to expense as a non-operating expense in the statement of operations with the rest of the offering cost charged to stockholders’ equity. The transaction costs were allocated based on the relative fair value basis, compared to the total offering proceeds, between the fair value of the public warrant liabilities and the Class A common stock. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the Financial Accounting Standards Board (“FASB”) ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet. Derivative warrant liabilities The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815-15. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period. The Company accounts for its 17,433,333 Warrants (comprising 11,500,000 Public Warrants and 5,933,333 Private Placement Warrants) as derivative warrant liabilities in accordance with ASC 815-40. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s statement of operations. The fair value of Public Warrants issued by the Company in connection with the IPO was initially measured using a Monte Carlo simulation model, and then subsequently measured at the public trading price. The fair value of Private Placement Warrants has been estimated using a Modified Black-Scholes model at each measurement date. Income Taxes The Company accounts for income taxes under ASC 740 Income Taxes (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of March 31, 2022 and December 31, 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company has identified the United States as its only “major” tax jurisdiction. The Company may be subject to potential examination by federal and state taxing authorities in the areas of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal and state tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. Recent Accounting Standards Management does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s condensed financial statements. |
Initial Public Offering
Initial Public Offering | 3 Months Ended |
Mar. 31, 2022 | |
Initial Public Offering [Abstract] | |
Initial Public Offering | Note 3 - Initial Public Offering Pursuant to the IPO, the Company initially sold 34,500,000 Units at a price of $10.00 per Unit. Each Unit consists of one share of Class A common stock, par value $0.0001 per share and one-third of one redeemable warrant (“Public Warrant”). Each whole Public Warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share. |
Private Placement Warrants
Private Placement Warrants | 3 Months Ended |
Mar. 31, 2022 | |
Private Placement Warrant Disclosure [Abstract] | |
Private Placement Warrants | Note 4 - Private Placement Warrants Simultaneously with the closing of the IPO, the Sponsor purchased an aggregate of 5,933,333 Private Placement Warrants at a price of $1.50 per warrant ($8,900,000 in the aggregate). Each Private Placement Warrant is exercisable to purchase one share of Class A common stock at a price of $11.50 per share. A portion of the purchase price of the Private Placement Warrants was added to the proceeds from the IPO held in the Trust Account. The Private Placement Warrants are non-redeemable in certain circumstances so long as they are held by the Sponsor or its permitted transferees and (including the shares of Class A common stock issuable upon exercise thereof) may not, subject to certain limited exceptions, be transferred, assigned or sold by the Company’s Sponsor until 30 days after the completion of the Company’s initial Business Combination. The Private Placement Warrants may also be exercised by the Sponsor and its permitted transferees for cash or on a “cashless basis” and the holders thereof (including with respect to the shares of Class A common stock issuable upon exercise thereof) are entitled to registration rights. Otherwise, the Private Placement Warrants have terms and provisions that are identical to those of the warrants being sold as part of the Units in the IPO, including as to exercise price, exercisability and exercise period. The Company’s initial stockholders, directors and officers have entered into a letter agreement with the Company, pursuant to which they have agreed to: (1) to waive their redemption rights with respect to any Founder Shares and public shares held by them, as applicable, in connection with the completion of the initial Business Combination; (2) to waive their redemption rights with respect to any Founder Shares and public shares held by them in connection with a stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation to modify the substance or timing of the Company’s obligation to provide for the redemption of the public shares in connection with an initial Business Combination or to redeem 100% of the public shares if the Company has not consummated the initial Business Combination within the Completion Window; and (3) to waive their rights to liquidating distributions from the Trust Account with respect to any Founder Shares they hold if the Company fails to complete the initial Business Combination within the Completion Window (although they will be entitled to liquidating distributions from the Trust Account with respect to any public shares they hold if the Company fails to complete the initial Business Combination within the Completion Window). If the Company submits the initial Business Combination to the public stockholders for a vote, the initial stockholders, directors and officers have agreed to vote any Founder Shares and any public shares held by them in favor of the initial Business Combination. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 5 - Related Party Transactions Founder Shares On December 31, 2020, the Company’s Sponsor subscribed an aggregate of 8,625,000 founder shares (the “Founder Shares”) for a total purchase price of $25,000. With certain limited exceptions, the Founder Shares are not transferable, assignable or salable (except to the Company’s officers and directors and other persons or entities affiliated with the Sponsor, each of whom will be subject to the same transfer restrictions) until the earlier of (A) one year after the completion of the Company’s initial Business Combination or (B) subsequent to the Company’s initial Business Combination, (x) if the reported closing price of Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Company’s initial Business Combination or (y) the date, following the completion of the Company’s initial Business Combination, on which the Company completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property. Promissory Note - Related Party The Company’s Sponsor has agreed to loan the Company an aggregate of up to $600,000 to be used for a portion of the expenses of the IPO. The loan is non-interest bearing, unsecured and was due at the earlier of June 30, 2022 or the closing of the IPO. The Company fully repaid the loan upon the closing of the IPO out of offering proceeds not held in the Trust Account. On December 6, 2021, the Company issued an unsecured promissory note in the principal amount of $350,000 to the Sponsor (the “Note”). The Note bears interest at 0.33% per annum and is repayable in full at the earlier of (i) March 15, 2023 or (ii) the date on which the Company consummates an initial business combination as contemplated by its amended and restated certificate of incorporation. As of March 31, 2022 and December 31, 2021, the Company had borrowed $350,000 under the promissory note and interest expense accrued on the note was $289 and $0, respectively. Administrative Services Agreement Commencing on the date of the IPO, the Company has agreed to pay an affiliate of its Sponsor a total of $10,000 per month for office space, administrative and support services. Upon completion of the initial Business Combination or the Company’s liquidation, the Company will cease paying these monthly fees. For the three months ended March 31, 2022 and 2021, the Company has incurred $30,000 and $0 of expenses, respectively, under the Administrative Services Agreement of which such amounts are included in due to Sponsor in the accompanying condensed balance sheets. Working Capital Loans In addition, in order to finance transaction costs in connection with a Business Combination, the Company’s Sponsor, an affiliate of the Company’s Sponsor or certain of the Company’s directors and officers may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. Up to $1,500,000 of such Working Capital Loans may be convertible into warrants at a price of $1.50 per warrant. The warrants would be identical to the Private Placement Warrants. As of March 31, 2022 and December 31, 2021, no such Working Capital Loans were outstanding. Expense Reimbursement The Company’s Sponsor, directors and officers or any of their respective affiliates will be reimbursed for any out-of-pocket expenses incurred in connection with activities on its behalf such as identifying potential target businesses and performing due diligence on suitable Business Combinations. For the three months ended March 31, 2022 and 2021, the Company paid its Chief Executive Officer and his affiliates $16,162 and $16,162 in respect of such expenses and for the maintenance of the Company’s website by his affiliate. |
Commitments & Contingencies
Commitments & Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments & Contingencies | Note 6 - Commitments and Contingencies Registration Rights The holders of the Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans (and any Class A common stock issuable upon the exercise of the Private Placement Warrants or warrants issued upon conversion of the Working Capital Loans and upon conversion of the Founder Shares) will be entitled to registration rights pursuant to a registration rights agreement signed on March 10, 2021 requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to Class A common stock). The holders of these securities are 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 consummation 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 permit any registration statement filed under the Securities Act to become effective until termination of the applicable lockup period. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement On March 15, 2021, the Company paid a fixed underwriting discount of $0.20 per Unit, or $6,900,000 in the aggregate. Additionally, a deferred underwriting discount of $0.35 per Unit, or $12,075,000 in the aggregate, will be payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes an initial Business Combination, subject to the terms of the underwriting agreement. Termination of Business Combination Agreement On December 7, 2021, the Company entered into the Merger Agreement by and among the Company, Merger Sub and Tomorrow.io. On March 6, 2022, the Parties entered into the Termination Agreement pursuant to which, due to market conditions, the parties agreed to terminate the Merger Agreement effective as of such date, after taking several factors into consideration. Pursuant to the Termination Agreement, Tomorrow.io will pay the Company $1,500,000 upon the earliest to occur of (a) 120 days from the date of the Termination Agreement, (b) two business days after the initial closing of Tomorrow.io’s Next Financing and (c) immediately prior to the consummation of a Change of Control. A receivable of $1,500,000 has been recorded for the reimbursement of business combination expenses as of March 31, 2022. As a result of the Termination Agreement, the Merger Agreement is of no further force and effect, and certain agreements entered into and in connection with the Merger Agreement, including, but not limited to, the Parent Support Agreement, dated as of December 7, 2021, by and among the Company, Tomorrow.io and Pine Technology Sponsor LLC, the Voting and Support Agreements, dated as of December 7, 2021, by and among the Company, Merger Sub, Tomorrow.io and certain Tommorrow.io stockholders, and the Subscription Agreements, dated December 7, 2021, by and among the Company and certain investors, will either be terminated or no longer effective, as applicable, in accordance with their respective terms. In connection with the merger (the “Merger”) contemplated under the Merger Agreement, the Company had entered into engagement letters with Moelis & Company LLC and PJT Partners LP in respect of their roles as co-placement agents for the Subscription Agreements and with Moelis & Company LLC in respect of its role as the Company’s financial advisor. Under the terms of such engagement letters, Moelis & Company LLC and PJT Partners LP were entitled to receive advisory fees upon consummation of the Merger. Certain terms and conditions of such engagements survive the Termination Agreement. Additionally, certain fees payable to the Company’s legal advisor will be payable upon consummation of the Company’s initial business combination. Legal Proceedings In connection with the Merger, two purported stockholders sent demand letters, one of which included a draft complaint, alleging breaches of fiduciary duty and threatening litigation. No amount of damages was stated in either letter. The Company believes that these threatened lawsuits are without merit and, if filed, intend to defend the matters vigorously. The Company is currently unable to reasonably determine the outcome of any potential litigation or estimate any potential losses, and, as such, have not recorded a loss contingency. As a result of the Termination Agreement, the Company does not expect the threatened lawsuits to be filed. There is no other material litigation, arbitration or governmental proceeding currently pending against the Company or any members of its management team in their capacity as such. |
Stockholders_ Equity
Stockholders’ Equity | 3 Months Ended |
Mar. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Stockholders’ Equity | Note 7 - Stockholders’ Equity Preferred Stock - Class A Common Stock - Class B Common Stock - The Company’s Sponsor, directors and officers have agreed not to transfer, assign or sell their Founder Shares until the earlier to occur of (A) one year after the completion of the Company’s initial Business Combination or (B) subsequent to the Company’s initial Business Combination, (x) if the closing price of the Company’s Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Company’s initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, stock exchange, reorganization or other similar transaction that results in all of its stockholders having the right to exchange their shares of Class A common stock for cash, securities or other property. The shares of Class B common stock will automatically convert into shares of the Company’s Class A common stock at the time of its initial Business Combination 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 sold in the IPO and related to the closing of the initial Business Combination, the ratio at which shares of Class B common stock shall convert into shares of Class A common stock will be adjusted (unless the holders of a majority of the outstanding shares of Class B common stock agree to waive such anti-dilution adjustment with respect to any such issuance or deemed issuance) so that the number of shares of Class A common stock issuable upon conversion of all shares of Class B common stock will equal, in the aggregate, on an as-converted basis, 20% of the total number of all shares of common stock outstanding upon completion of the IPO plus all shares of Class A common stock and equity-linked securities issued or deemed issued in connection with the initial Business Combination (net of the number of shares of Class A common stock redeemed in connection with the initial Business Combination), excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial Business Combination in consideration for such seller’s interest in the Business Combination target and any Private Placement Warrants issued upon the conversion of Working Capital Loans made to the Company. Holders of the Class B common stock and holders of the Class A common stock will vote together as a single class, except as required by applicable law or stock exchange rules. |
Warrants
Warrants | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Warrants | Note 8 - Warrants Each whole warrant entitles the holder to purchase one share of the Company’s Class A common stock at a price of $11.50 per share, subject to adjustment as discussed herein. 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 initial Business Combination at an issue price or effective issue price of less than $9.20 per share of Class A common stock (with such issue price or effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to the Company’s initial stockholders or their affiliates, without taking into account any Founder Shares held by the Company’s initial stockholders 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 initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Class A common stock during the 20 trading day period starting on the trading day after the day on which the Company consummates the initial Business Combination (the “Market Value”) is below $9.20 per share, (i) the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and (ii) the $18.00 per share redemption trigger price described under ”- Redemption of Warrants for Cash” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price. The warrants will become exercisable on the later of 12 months from the closing of the IPO or 30 days after the completion of its initial Business Combination and will expire five years after the completion of the Company’s initial Business Combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation. The Company will not be obligated to deliver any shares of Class A common stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act covering the issuance of the shares of Class A common issuable upon exercise of the warrants is then effective and a current prospectus relating to those shares of Class A common stock is available, subject to the Company’s satisfying the obligations described above with respect to registration. No 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 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. In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In the event that a registration statement is not effective for the exercised warrants, the purchaser of a Unit containing such warrant will have paid the full purchase price for the Unit solely for the share of Class A common stock underlying such Unit. Redemption of Warrants for Cash. ● in whole and not in part; ● at a price of $0.01 per warrant; ● upon a minimum of 30 days’ prior written notice of redemption to each warrant holder (the “30-day redemption period”); and ● if, and only if, the closing price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) 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. If the warrants become redeemable, the Company may exercise the redemption right even if the Company is unable to register or qualify the underlying securities for sale under all applicable state securities laws. The Company has established the last of the redemption criterion discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the warrant exercise price. If the foregoing conditions are satisfied and the Company issues a notice of redemption of the warrants, each warrant holder will be entitled to exercise his, her or its warrant prior to the scheduled redemption date. However, the price of the Class A common stock may fall below the $18.00 redemption trigger price as well as the $11.50 warrant exercise price after the redemption notice is issued. If the Company calls the warrants for redemption as described above, the Company will have the option to require all holders that wish to exercise warrants to do so on a “cashless basis.” In determining whether to require all holders to exercise their warrants on a “cashless basis,” the management will consider, among other factors, the cash position, the number of warrants that are outstanding and the dilutive effect on the stockholders of issuing the maximum number of shares of Class A common stock issuable upon the exercise of the warrants. In such event, each holder would pay the exercise price by surrendering the warrants for that number of shares of Class A common stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A common stock underlying the warrants, multiplied by the excess of the fair market value of the Class A common stock, over the exercise price of the warrants by (y) the fair market value of the Class A common stock. The fair market value means the volume weighted average price of Class A common stock as reported during the ten-trading day period ending on the third trading day prior to the date on which the notice of redemption is sent to the holders. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 9 - Fair Value Measurements Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: ● Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; ● Level 2, defined as inputs other than quoted prices in active markets that are 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. The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at March 31, 2022 and December 31, 2021 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: March 31, Quoted Prices In Active Markets Significant Other Observable Inputs Significant Other Unobservable Inputs 2022 (Level 1) (Level 2) (Level 3) Description Assets: U.S. Money Market Funds held in Trust Account $ 345,001,062 $ 345,001,062 $ - $ - Liabilities: Warrant liabilities - public warrants $ 2,184,996 $ 2,184,996 $ - $ - Warrant liabilities - private warrants 1,186,667 - - 1,186,667 Total $ 3,371,663 $ 2,184,996 $ - $ 1,186,667 December 31, Quoted Prices In Active Markets Significant Other Observable Inputs Significant Other Unobservable Inputs 2021 (Level 1) (Level 2) (Level 3) Description Assets: U.S. Money Market Funds held in Trust Account $ 345,075,817 $ 345,075,817 $ - $ - Liabilities: Warrant liabilities - public warrants $ 7,244,989 $ 7,244,989 $ - $ - Warrant liabilities - private warrants 15,189,332 - - 15,189,332 Total $ 22,434,321 $ 7,244,989 $ - $ 15,189,332 The Company utilized a Monte Carlo simulation model for the initial valuation of the Public Warrants. The subsequent measurement of the Public Warrants as of March 31, 2022 and December 31, 2021, is classified as Level 1 due to the use of an observable market quote in an active market. The Company utilizes a Modified Black-Scholes model to value the Private Placement Warrants at each reporting period, with changes in fair value recognized in the statement of operations. The estimated fair value of the Private Placement Warrant liability is determined using Level 3 inputs. Inherent in a binomial options pricing model are assumptions related to expected share-price volatility, expected life, risk-free interest rate and dividend yield. . The volatility is based on the implied volatility from the Company’s Public Warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates to remain at zero. The aforementioned warrant liabilities are not subject to qualified hedge accounting. There were no transfers between Levels 1, 2 or 3 during the quarter ended March 31, 2022 and December 31, 2021. The following table provides quantitative information regarding Level 3 fair value measurements: At March 15, 2021 (Initial Measurement) At 2021 At Stock price $ 9.53 $ 9.85 $ 9.79 Strike price $ 11.50 $ 11.50 $ 11.50 Term (in years) 5.5 5.4 5.5 Volatility 25.0 % 35.0 % 4.0 % Risk-free rate 1.1 % 1.3 % 2.4 % Dividend yield 0.0 % 0.0 % 0.0 % The following table provides a reconciliation of changes in fair value of the beginning and ending balances for the liabilities classified as Level 3: Private Warrants Fair value of Level 3 warrants at January 1, 2022 $ 15,189,332 Change in valuation inputs or other assumptions (14,002,665 ) Fair value of Level 3 warrants at March 31, 2022 $ 1,186,667 The following table presents the changes in the fair value of warrant liabilities: Public Warrants Private Placement Warrants Total Warrant Liabilities Fair value as of January 1, 2022 $ 7,244,989 $ 15,189,332 $ 22,434,321 Change in valuation inputs or other assumptions (5,059,993 ) (14,002,665 ) (19,062,658 ) Fair value as of March 31, 2022 $ 2,184,996 $ 1,186,667 $ 3,371,663 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 10 - Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date through the date that the 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 condensed financial statements. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
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 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. In connection with the preparation of the Company’s condensed financial statements as of March 31, 2022 management identified errors in the presentation of balances on the statement of changes in stockholders’ equity (deficit) for the year ended December 31, 2021, in which an ending balance was incorrectly presented in additional paid-in capital and accumulated deficit. As a result, management has revised those balances in the condensed statements of stockholders’ equity (deficit) for the three months ended March 31, 2022. There were no errors in presentation in the stockholders’ equity (deficit) balances on the balance sheet as of December 31, 2021.There has been no change to total stockholders’ deficit or any other accounts in the condensed financial statements. The impact of the revision on the Company’s financial statements is reflected in the following table. Statements of Changes in Stockholders’ Equity (Deficit) as of December 31, 2021 As Previously Adjustment As Revised Additional paid-in capital $ 24,137 $ (24,137 ) $ — Accumulated deficit $ (35,324,368 ) $ 24,137 $ (35,300,231 ) 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 March 11, 2022, which contains the audited financial statements and notes thereto. The interim results for the three months ended March 31, 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 Status | Emerging Growth Company Status The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart our Business Startups Act of 2012, (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, 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 (the “Exchange Act”)) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. One of the more significant accounting estimates included in these financial statements is the determination of the fair value of the warrant liabilities. Actual results could differ 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. |
Marketable Securities Held in Trust Account | Marketable Securities Held in Trust Account At March 31, 2022 and December 31, 2021, the Trust Account had $345,001,062 and $345,075,817, respectively, which was invested in U.S. government securities with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations. During the periods ended March 31, 2022 and December 31, 2021, the Company withdrew $78,037 and $0, respectively, of interest income from the Trust Account to pay its tax obligations. |
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. At March 31, 2022 and December 31, 2021, the Company has not experienced losses on this account. |
Common Stock Subject to Possible Redemption | 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 Topic 480 “Distinguishing Liabilities from Equity.” Common stock subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable common stock (including common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, common stock are classified as stockholders’ equity (deficit). The Company’s Class A common stock feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, as of March 31, 2022 and December 31, 2021, 34,500,000 shares of Class A common stock subject to possible redemption are presented at redemption value as temporary equity, outside of the stockholders’ deficit section of the Company’s unaudited condensed balance sheet. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable common shares to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable common stock are affected by charges against additional paid-in capital and accumulated deficit. As of March 31, 2022 and December 31, 2021, the Class A Common Stock reflected in the condensed balance sheets are reconciled in the following table: Gross proceeds $ 345,000,000 Less: Proceeds allocated to public warrants (14,950,000 ) Issuance costs related to Class A common stock (18,634,688 ) Plus: Adjustment and accretion of carrying value to redemption value 33,660,505 Contingently redeemable Class A common stock – December 31, 2021 $ 345,075,817 Plus: Adjustment and accretion of carrying value to redemption value (75,817 ) Contingently redeemable Class A common stock – March 31, 2022 $ 345,000,000 |
Net Income (Loss) per Share of Common Stock | Net Income (Loss) per Share of Common Stock The Company applies the two-class method in calculating earnings per share. The contractual formula utilized to calculate the redemption amount approximates fair value. The Class feature to redeem at fair value means that there is effectively only one class of stock. Changes in fair value are not considered a dividend of the purposes of the numerator in the earnings per share calculation. Net income (loss) per share of common stock is computed by dividing the pro rata net income (loss) between the shares of Class A common stock and the shares of Class B common stock by the weighted average number of shares of common stock outstanding for each of the periods. The calculation of diluted income per share does not consider the effect of the warrants issued in connection with the IPO since the exercise of the warrants is contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive. The Public Warrants and Private Placement Warrants are exercisable for 17,433,333 shares of Class A common stock in the aggregate. |
Reconciliation of Net Income (Loss) per Share of Common Stock | Reconciliation of Net Income (Loss) per Share of Common Stock The Company’s net income (loss) is adjusted for the portion of net income (loss) that is allocable to each class of common stock. The allocable net income (loss) is calculated by multiplying net income (loss) by the ratio of weighted average number of shares outstanding attributable to Class A and Class B common stock to the total weighted average number of shares outstanding for the period. Accretion associated with the redeemable Class A common shares is excluded from the net income (loss) per common share as the redemption value approximates fair value. Accordingly, basic and diluted income (loss) per share of common stock is calculated as follows: For the For the Common stock subject to possible redemption Numerator: Net income (loss) allocable to Class A common stock subject to possible redemption $ 16,177,890 $ (503,250 ) Denominator: Weighted Average Redeemable Class A common stock, Basic and Diluted 34,500,000 6,516,667 Basic and Diluted net income (loss) per share, Redeemable Class A common stock $ 0.47 $ (0.08 ) Non-Redeemable Common shares Numerator: Net income (loss) allocable to Class B common stock not subject to redemption $ 4,044,473 $ (595,598 ) Denominator: Weighted Average Non-Redeemable Class B common stock, Basic and Diluted 8,625,000 7,712,500 Basic and diluted net income (loss) per share, Class B common stock $ 0.47 $ (0.08 ) |
Offering Costs | Offering Costs The Company complies with the requirements of the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A - “Expenses of Offering”. Offering costs consist principally of professional and registration fees incurred through the balance sheet date that are related to the IPO and that were charged to stockholders’ equity upon the completion of the IPO. Accordingly, on March 15, 2021, offering costs totaling $19,478,776 have been charged to stockholders’ equity (consisting of $6,900,000 of underwriting discount, $12,075,000 of deferred underwriting discount and $503,776 of other offering costs). Of the total transaction cost $844,080 was charged to expense as a non-operating expense in the statement of operations with the rest of the offering cost charged to stockholders’ equity. The transaction costs were allocated based on the relative fair value basis, compared to the total offering proceeds, between the fair value of the public warrant liabilities and the Class A common stock. |
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 the Financial Accounting Standards Board (“FASB”) ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet. |
Derivative warrant liabilities | Derivative warrant liabilities The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815-15. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period. The Company accounts for its 17,433,333 Warrants (comprising 11,500,000 Public Warrants and 5,933,333 Private Placement Warrants) as derivative warrant liabilities in accordance with ASC 815-40. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s statement of operations. The fair value of Public Warrants issued by the Company in connection with the IPO was initially measured using a Monte Carlo simulation model, and then subsequently measured at the public trading price. The fair value of Private Placement Warrants has been estimated using a Modified Black-Scholes model at each measurement date. |
Income Taxes | Income Taxes The Company accounts for income taxes under ASC 740 Income Taxes (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of March 31, 2022 and December 31, 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company has identified the United States as its only “major” tax jurisdiction. The Company may be subject to potential examination by federal and state taxing authorities in the areas of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal and state tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. |
Recent Accounting Standards | Recent Accounting Standards Management does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s condensed financial statements. |
Other Receivable | Other Receivable On March 6, 2022 the Company entered into a Termination Agreement with Tomorrow.io and pursuant to the Termination Agreement, Tomorrow.io will pay the Company $1,500,000 upon the earliest to occur of (a) 120 days from the Termination Agreement, (b) two business days after the initial closing of Tomorrow,io’s Next Financing (as defined in the Termination Agreement) and (c) immediately prior to the consummation of Change of Control (as defined in the Termination Agreement). As a result, the Company has recorded a receivable of $1,500,000 related to the reimbursement of business combination expenses to be received from Tommorrow.io as part of the Termination Agreement. |
Significant Accounting Polici_2
Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of revision on the company’s financial statements is reflected | Statements of Changes in Stockholders’ Equity (Deficit) as of December 31, 2021 As Previously Adjustment As Revised Additional paid-in capital $ 24,137 $ (24,137 ) $ — Accumulated deficit $ (35,324,368 ) $ 24,137 $ (35,300,231 ) |
Schedule of class A common stock reflected in the unaudited condensed balance sheet are reconciled | Gross proceeds $ 345,000,000 Less: Proceeds allocated to public warrants (14,950,000 ) Issuance costs related to Class A common stock (18,634,688 ) Plus: Adjustment and accretion of carrying value to redemption value 33,660,505 Contingently redeemable Class A common stock – December 31, 2021 $ 345,075,817 Plus: Adjustment and accretion of carrying value to redemption value (75,817 ) Contingently redeemable Class A common stock – March 31, 2022 $ 345,000,000 |
Schedule of basic and diluted income (loss) per share of common stock | For the For the Common stock subject to possible redemption Numerator: Net income (loss) allocable to Class A common stock subject to possible redemption $ 16,177,890 $ (503,250 ) Denominator: Weighted Average Redeemable Class A common stock, Basic and Diluted 34,500,000 6,516,667 Basic and Diluted net income (loss) per share, Redeemable Class A common stock $ 0.47 $ (0.08 ) Non-Redeemable Common shares Numerator: Net income (loss) allocable to Class B common stock not subject to redemption $ 4,044,473 $ (595,598 ) Denominator: Weighted Average Non-Redeemable Class B common stock, Basic and Diluted 8,625,000 7,712,500 Basic and diluted net income (loss) per share, Class B common stock $ 0.47 $ (0.08 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Measurements (Tables) [Line Items] | |
Schedule of measured at fair value on a recurring basis | March 31, Quoted Prices In Active Markets Significant Other Observable Inputs Significant Other Unobservable Inputs 2022 (Level 1) (Level 2) (Level 3) Description Assets: U.S. Money Market Funds held in Trust Account $ 345,001,062 $ 345,001,062 $ - $ - Liabilities: Warrant liabilities - public warrants $ 2,184,996 $ 2,184,996 $ - $ - Warrant liabilities - private warrants 1,186,667 - - 1,186,667 Total $ 3,371,663 $ 2,184,996 $ - $ 1,186,667 December 31, Quoted Prices In Active Markets Significant Other Observable Inputs Significant Other Unobservable Inputs 2021 (Level 1) (Level 2) (Level 3) Description Assets: U.S. Money Market Funds held in Trust Account $ 345,075,817 $ 345,075,817 $ - $ - Liabilities: Warrant liabilities - public warrants $ 7,244,989 $ 7,244,989 $ - $ - Warrant liabilities - private warrants 15,189,332 - - 15,189,332 Total $ 22,434,321 $ 7,244,989 $ - $ 15,189,332 |
Schedule of level 3 fair value measurements | At March 15, 2021 (Initial Measurement) At 2021 At Stock price $ 9.53 $ 9.85 $ 9.79 Strike price $ 11.50 $ 11.50 $ 11.50 Term (in years) 5.5 5.4 5.5 Volatility 25.0 % 35.0 % 4.0 % Risk-free rate 1.1 % 1.3 % 2.4 % Dividend yield 0.0 % 0.0 % 0.0 % |
Schedule of provides a reconciliation changes in fair value | Private Warrants Fair value of Level 3 warrants at January 1, 2022 $ 15,189,332 Change in valuation inputs or other assumptions (14,002,665 ) Fair value of Level 3 warrants at March 31, 2022 $ 1,186,667 |
Warrant Liabilities [Member] | |
Fair Value Measurements (Tables) [Line Items] | |
Schedule of provides a reconciliation changes in fair value | Public Warrants Private Placement Warrants Total Warrant Liabilities Fair value as of January 1, 2022 $ 7,244,989 $ 15,189,332 $ 22,434,321 Change in valuation inputs or other assumptions (5,059,993 ) (14,002,665 ) (19,062,658 ) Fair value as of March 31, 2022 $ 2,184,996 $ 1,186,667 $ 3,371,663 |
Organization and Business Ope_2
Organization and Business Operations (Details) - USD ($) | Mar. 06, 2022 | Dec. 07, 2021 | Mar. 15, 2021 | Mar. 31, 2022 | Mar. 31, 2021 |
Organization and Business Operations (Details) [Line Items] | |||||
Generating gross proceeds | $ 338,100,000 | ||||
Warrant per share (in Dollars per share) | $ 1.5 | ||||
Obligation redeem percentage | 100.00% | ||||
Fair value percentage | 80.00% | ||||
Net tangible assets | $ 5,000,001 | ||||
Dissolution expenses | $ 100,000 | ||||
Business combination redeem percentage | 100.00% | ||||
Trust account per share due to reductions (in Dollars per share) | $ 10 | ||||
Working capital | $ 93,982 | ||||
Interest income | 78,037 | ||||
Sale of founder shares | 25,000 | ||||
Termination agreement description | On March 6, 2022 the Company entered into a Termination Agreement and Plan of Merger (the “Termination Agreement”) with Tomorrow.io and pursuant to the Termination Agreement, Tomorrow.io will pay the Company $1,500,000 upon the earliest to occur of (a) 120 days from the Termination Agreement, (b) two business days after the initial closing of Tomorrow,io’s Next Financing (as defined in the Termination Agreement) and (c) immediately prior to the consummation of Change of Control (as defined in the Termination Agreement). The Company anticipates that the Termination Payment from Tomorrow.io will provide sufficient funds to alleviate any liquidity issues and allow the Company to operate through the liquidation date of March 15, 2023. Until consummation of its Business Combination, the Company will be using the funds not held in the Trust Account and any additional Working Capital Loans from the Company’s Sponsor, an affiliate of the Company’s Sponsor or certain of the Company’s directors and officers, for identifying and evaluating target businesses, performing business due diligence on prospective target businesses, traveling to and from the offices or similar locations of prospective target businesses or their representatives or owners, reviewing corporate documents and material agreements of prospective target businesses, structuring, negotiating and completing a Business Combination. | ||||
Assets Held-in-trust, Current | 93,382 | ||||
Termination payment | $ 1,500,000 | ||||
IPO [Member] | |||||
Organization and Business Operations (Details) [Line Items] | |||||
Number of shares issued (in Shares) | 34,500,000 | ||||
Transaction cost | $ 19,478,776 | ||||
Underwriting discounts | 6,900,000 | ||||
Deferred underwriting discount | 12,075,000 | ||||
Other offering costs | $ 503,776 | ||||
Non operating expenses | $ 844,080 | ||||
Net proceeds | $ 345,000,000 | ||||
Share price per unit (in Dollars per share) | $ 10 | ||||
Private Placement Warrant [Member] | |||||
Organization and Business Operations (Details) [Line Items] | |||||
Share price per unit (in Dollars per share) | $ 11.5 | ||||
Sale of warrants (in Shares) | 5,933,333 | ||||
Warrant per share (in Dollars per share) | $ 1.5 | ||||
Class A Common Stock [Member] | |||||
Organization and Business Operations (Details) [Line Items] | |||||
Share price per unit (in Dollars per share) | 10 | ||||
Class A Common Stock [Member] | IPO [Member] | |||||
Organization and Business Operations (Details) [Line Items] | |||||
Number of shares issued (in Shares) | 34,500,000 | ||||
Share price per unit (in Dollars per share) | $ 10 | ||||
Generating gross proceeds | $ 345,000,000 | ||||
US Treasury and Government [Member] | |||||
Organization and Business Operations (Details) [Line Items] | |||||
Maturity term | 185 days | ||||
Termination Agreement [Member] | |||||
Organization and Business Operations (Details) [Line Items] | |||||
Business combination, description | the Company $1,500,000 upon the earliest to occur of (a) 120 days from the date of the Termination Agreement, (b) two business days after the initial closing of Tomorrow.io’s Next Financing (as defined in the Termination Agreement) and (c) immediately prior to the consummation of a Change of Control (as defined in the Termination Agreement). | ||||
Business Combination Agreement [Member] | |||||
Organization and Business Operations (Details) [Line Items] | |||||
Share price per unit (in Dollars per share) | $ 10 | ||||
Business Combination [Member] | |||||
Organization and Business Operations (Details) [Line Items] | |||||
Voting securities percentage | 50.00% |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - USD ($) | Mar. 06, 2022 | Mar. 15, 2021 | Mar. 31, 2022 | Dec. 31, 2021 |
Significant Accounting Policies (Details) [Line Items] | ||||
Accumulated deficit | $ 3 | |||
U.S government securities in trust account | 345,001,062 | $ 345,075,817 | ||
Interest income from the Trust Account | 78,037 | $ 0 | ||
Termination agreement amount | $ 1,500,000 | |||
Reimbursement of business combination expenses | 1,500,000 | |||
Federal depository insurance coverage | $ 250,000 | |||
Class A common stock subject to possible redemption (in Shares) | 34,500,000 | 34,500,000 | ||
Exercisable of shares (in Shares) | 17,433,333 | |||
Offering costs | $ 19,478,776 | |||
Underwriting discount | 6,900,000 | |||
Deferred underwriting discount | 12,075,000 | |||
Other offering costs | 503,776 | |||
Total transaction cost | $ 844,080 | |||
Derivative warrants (in Shares) | 17,433,333 | |||
Public Warrants [Member] | ||||
Significant Accounting Policies (Details) [Line Items] | ||||
Derivative warrants (in Shares) | 11,500,000 | |||
Private Placement Warrants [Member] | ||||
Significant Accounting Policies (Details) [Line Items] | ||||
Derivative warrants (in Shares) | 5,933,333 |
Significant Accounting Polici_4
Significant Accounting Policies (Details) - Schedule of revision on the company’s financial statements is reflected | Dec. 31, 2021USD ($) |
As Previously Reported [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Additional paid-in capital | $ 24,137 |
Accumulated deficit | (35,324,368) |
Adjustment [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Additional paid-in capital | (24,137) |
Accumulated deficit | 24,137 |
As Revised [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Accumulated deficit | $ (35,300,231) |
Significant Accounting Polici_5
Significant Accounting Policies (Details) - Schedule of class A common stock reflected in the unaudited condensed balance sheet are reconciled - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Schedule of class A common stock reflected in the unaudited condensed balance sheet are reconciled [Abstract] | ||
Gross Proceeds | $ 345,000,000 | |
Less: | ||
Proceeds allocated to public warrants | (14,950,000) | |
Issuance costs related to Class A common stock | (18,634,688) | |
Plus: | ||
Adjustment and accretion of carrying value to redemption value | $ (75,817) | 33,660,505 |
Contingently redeemable Class A common stock | $ 345,000,000 | $ 345,075,817 |
Significant Accounting Polici_6
Significant Accounting Policies (Details) - Schedule of basic and diluted income (loss) per share of common stock - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Numerator: | ||
Net income (loss) allocable to Class A common stock subject to possible redemption | $ 16,177,890 | $ (503,250) |
Denominator: | ||
Weighted Average Redeemable Class A common stock, Basic and Diluted | 34,500,000 | 6,516,667 |
Basic and Diluted net income (loss) per share, Redeemable Class A common stock | $ 0.47 | $ (0.08) |
Numerator: | ||
Net income (loss) allocable to Class B common stock not subject to redemption | $ 4,044,473 | $ (595,598) |
Denominator: | ||
Weighted Average Non-Redeemable Class B common stock, Basic and Diluted | 8,625,000 | 7,712,500 |
Basic and diluted net income (loss) per share, Class B common stock | $ 0.47 | $ (0.08) |
Initial Public Offering (Detail
Initial Public Offering (Details) - $ / shares | Mar. 15, 2021 | Mar. 31, 2022 | Dec. 31, 2021 |
IPO [Member] | |||
Initial Public Offering (Details) [Line Items] | |||
Sale of units (in Shares) | 34,500,000 | ||
Private Placement [Member] | |||
Initial Public Offering (Details) [Line Items] | |||
Sale of stock price per unit | $ 11.5 | ||
Class A Common Stock [Member] | |||
Initial Public Offering (Details) [Line Items] | |||
Sale of stock price per unit | 10 | ||
Common stock, par value | $ 0.0001 | $ 0.0001 | |
Class A Common Stock [Member] | IPO [Member] | |||
Initial Public Offering (Details) [Line Items] | |||
Sale of units (in Shares) | 34,500,000 | ||
Sale of stock price per unit | $ 10 |
Private Placement Warrants (Det
Private Placement Warrants (Details) | 3 Months Ended |
Mar. 31, 2022USD ($)$ / sharesshares | |
Private Placement Warrant Disclosure [Abstract] | |
Aggregate private placement warrant (in Shares) | shares | 5,933,333 |
Private placement warrant price per warrant | $ 1.5 |
Aggregate value (in Dollars) | $ | $ 8,900,000 |
Common stock price per share | $ 11.5 |
Redemption of public shares, percentage | 100.00% |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 06, 2021 | |
Related Party Transactions (Details) [Line Items] | |||||
Closing price per share (in Dollars per share) | $ 12 | ||||
Bears interest rate | 0.33% | ||||
Promissory note | $ 350,000 | $ 350,000 | |||
Accrued interest expense | 289 | 0 | |||
Office space, administrative and support fees | 10,000 | ||||
Admin support fee expense | 30,000 | $ 0 | |||
Affiliates amount | 16,162 | $ 16,162 | |||
Warrant [Member] | |||||
Related Party Transactions (Details) [Line Items] | |||||
Maximum borrowing capacity | $ 1,500,000 | ||||
Price per warrant (in Dollars per share) | $ 1.5 | ||||
IPO [Member] | |||||
Related Party Transactions (Details) [Line Items] | |||||
Maximum borrowing capacity | $ 600,000 | ||||
Founder Shares [Member] | |||||
Related Party Transactions (Details) [Line Items] | |||||
Aggregate of founder shares (in Shares) | 8,625,000 | ||||
Total purchase price | $ 25,000 | ||||
Sponsor [Member] | |||||
Related Party Transactions (Details) [Line Items] | |||||
Principal amount | $ 350,000 |
Commitments & Contingencies (De
Commitments & Contingencies (Details) - USD ($) | Dec. 07, 2021 | Mar. 31, 2022 |
Commitments & Contingencies (Details) [Line Items] | ||
Underwriting agreement | On March 15, 2021, the Company paid a fixed underwriting discount of $0.20 per Unit, or $6,900,000 in the aggregate. Additionally, a deferred underwriting discount of $0.35 per Unit, or $12,075,000 in the aggregate, will be payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes an initial Business Combination, subject to the terms of the underwriting agreement. | |
Reimbursement of business combination expenses | $ 1,500,000 | |
Business Combination Agreement [Member] | ||
Commitments & Contingencies (Details) [Line Items] | ||
Business combination, description | the Company $1,500,000 upon the earliest to occur of (a) 120 days from the date of the Termination Agreement, (b) two business days after the initial closing of Tomorrow.io’s Next Financing and (c) immediately prior to the consummation of a Change of Control. |
Stockholders_ Equity (Details)
Stockholders’ Equity (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Stockholders’ Equity (Details) [Line Items] | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Class A Common Stock [Member] | ||
Stockholders’ Equity (Details) [Line Items] | ||
Common stock, shares authorized | 240,000,000 | 240,000,000 |
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock subject to possible redemption shares | 34,500,000 | 34,500,000 |
Common stock, shares issued | ||
Common stock, shares outstanding | ||
Class B Common Stock [Member] | ||
Stockholders’ Equity (Details) [Line Items] | ||
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares issued | 8,625,000 | 8,625,000 |
Common stock, shares outstanding | 8,625,000 | 8,625,000 |
Common stock conversion, percentage | 20.00% | |
Class B Common Stock [Member] | Business Combination [Member] | ||
Stockholders’ Equity (Details) [Line Items] | ||
Business combination, description | The Company’s Sponsor, directors and officers have agreed not to transfer, assign or sell their Founder Shares until the earlier to occur of (A) one year after the completion of the Company’s initial Business Combination or (B) subsequent to the Company’s initial Business Combination, (x) if the closing price of the Company’s Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Company’s initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, stock exchange, reorganization or other similar transaction that results in all of its stockholders having the right to exchange their shares of Class A common stock for cash, securities or other property. |
Warrants (Details)
Warrants (Details) | 3 Months Ended |
Mar. 31, 2022$ / shares | |
Warrants (Details) [Line Items] | |
Business combination issue price, description | 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 initial Business Combination at an issue price or effective issue price of less than $9.20 per share of Class A common stock (with such issue price or effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to the Company’s initial stockholders or their affiliates, without taking into account any Founder Shares held by the Company’s initial stockholders 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 initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Class A common stock during the 20 trading day period starting on the trading day after the day on which the Company consummates the initial Business Combination (the “Market Value”) is below $9.20 per share, (i) the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and (ii) the $18.00 per share redemption trigger price described under ”- Redemption of Warrants for Cash” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price. |
Redemption price, per share | $ 18 |
Warrant [Member] | |
Warrants (Details) [Line Items] | |
Redemption of warrants, description | Once the warrants become exercisable, the Company may call the warrants for redemption for cash: ●in whole and not in part; ●at a price of $0.01 per warrant; ●upon a minimum of 30 days’ prior written notice of redemption to each warrant holder (the “30-day redemption period”); and ●if, and only if, the closing price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) 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. |
Warrant exercise price, per share | $ 11.5 |
Class A Common Stock [Member] | Warrant [Member] | |
Warrants (Details) [Line Items] | |
Price per share | $ 11.5 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Schedule of measured at fair value on a recurring basis - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
U.S. Money Market Funds held in Trust Account | $ 345,001,062 | $ 345,075,817 |
Liabilities: | ||
Warrant liabilities | 3,371,663 | 22,434,321 |
Public Warrants [Member] | ||
Liabilities: | ||
Warrant liabilities | 2,184,996 | 7,244,989 |
Private Warrants [Member] | ||
Liabilities: | ||
Warrant liabilities | 1,186,667 | 15,189,332 |
Quoted Prices In Active Markets (Level 1) [Member] | ||
Assets: | ||
U.S. Money Market Funds held in Trust Account | 345,001,062 | 345,075,817 |
Liabilities: | ||
Warrant liabilities | 2,184,996 | 7,244,989 |
Quoted Prices In Active Markets (Level 1) [Member] | Public Warrants [Member] | ||
Liabilities: | ||
Warrant liabilities | 2,184,996 | 7,244,989 |
Quoted Prices In Active Markets (Level 1) [Member] | Private Warrants [Member] | ||
Liabilities: | ||
Warrant liabilities | ||
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
U.S. Money Market Funds held in Trust Account | ||
Liabilities: | ||
Warrant liabilities | ||
Significant Other Observable Inputs (Level 2) [Member] | Public Warrants [Member] | ||
Liabilities: | ||
Warrant liabilities | ||
Significant Other Observable Inputs (Level 2) [Member] | Private Warrants [Member] | ||
Liabilities: | ||
Warrant liabilities | ||
Significant Other Unobservable Inputs (Level 3) [Member] | ||
Assets: | ||
U.S. Money Market Funds held in Trust Account | ||
Liabilities: | ||
Warrant liabilities | 1,186,667 | 15,189,332 |
Significant Other Unobservable Inputs (Level 3) [Member] | Public Warrants [Member] | ||
Liabilities: | ||
Warrant liabilities | ||
Significant Other Unobservable Inputs (Level 3) [Member] | Private Warrants [Member] | ||
Liabilities: | ||
Warrant liabilities | $ 1,186,667 | $ 15,189,332 |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details) - Schedule of level 3 fair value measurements - Level 3 [Member] | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022$ / shares$ / item | Dec. 31, 2021$ / shares$ / item | Mar. 15, 2021$ / shares$ / item | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |||
Stock price (in Dollars per share) | $ / shares | $ 9.79 | $ 9.85 | $ 9.53 |
Strike price (in Dollars per Item) | $ / item | 11.5 | 11.5 | 11.5 |
Term (in years) | 5 years 6 months | 5 years 4 months 24 days | 5 years 6 months |
Volatility | 4.00% | 35.00% | 25.00% |
Risk-free rate | 2.40% | 1.30% | 1.10% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Fair Value Measurements (Deta_3
Fair Value Measurements (Details) - Schedule of provides a reconciliation changes in fair value - Fair Value, Inputs, Level 3 [Member] - Private Placement Warrants [Member] | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Fair Value Measurements (Details) - Schedule of provides a reconciliation changes in fair value [Line Items] | |
Fair value of Level 3 warrants at January 1, 2022 | $ 15,189,332 |
Change in valuation inputs or other assumptions | (14,002,665) |
Fair value of Level 3 warrants at March 31, 2022 | $ 1,186,667 |
Fair Value Measurements (Deta_4
Fair Value Measurements (Details) - Schedule of fair value of warrant liabilities | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Public Warrants [Member] | |
Fair Value Measurements (Details) - Schedule of fair value of warrant liabilities [Line Items] | |
Fair value as of beginning | $ 7,244,989 |
Change in valuation inputs or other assumptions | (5,059,993) |
Fair value as of ending | 2,184,996 |
Private Placement Warrants [Member] | |
Fair Value Measurements (Details) - Schedule of fair value of warrant liabilities [Line Items] | |
Fair value as of beginning | 15,189,332 |
Change in valuation inputs or other assumptions | (14,002,665) |
Fair value as of ending | 1,186,667 |
Total Warrant Liabilities [Member] | |
Fair Value Measurements (Details) - Schedule of fair value of warrant liabilities [Line Items] | |
Fair value as of beginning | 22,434,321 |
Change in valuation inputs or other assumptions | (19,062,658) |
Fair value as of ending | $ 3,371,663 |