Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 10, 2021 | |
Document Information Line Items | ||
Entity Registrant Name | TortoiseEcofin Acquisition Corp. III | |
Trading Symbol | TRTL | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Entity Central Index Key | 0001847112 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Shell Company | true | |
Entity Ex Transition Period | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | E9 | |
Entity File Number | 001-40633 | |
Entity Tax Identification Number | 98-1583266 | |
Entity Address, Address Line One | 6363 College Boulevard | |
Entity Address, City or Town | Overland Park | |
Entity Address, State or Province | KS | |
Entity Address, Postal Zip Code | 66211 | |
City Area Code | (913) | |
Local Phone Number | 981-1020 | |
Title of 12(b) Security | Class A Ordinary Shares included as part of the units | |
Security Exchange Name | NYSE | |
Entity Interactive Data Current | Yes | |
Class A Ordinary Shares | ||
Document Information Line Items | ||
Entity Common Stock, Shares Outstanding | 34,500,000 | |
Class B Ordinary Shares | ||
Document Information Line Items | ||
Entity Common Stock, Shares Outstanding | 8,625,000 |
Unaudited Condensed Balance She
Unaudited Condensed Balance Sheet | Sep. 30, 2021USD ($) |
Current assets: | |
Cash | $ 1,329,111 |
Prepaid expenses | 1,377,413 |
Total current assets | 2,706,524 |
Cash held in Trust Account | 345,000,000 |
Total Assets | 347,706,524 |
Current liabilities: | |
Accounts payable | 30,585 |
Accrued expenses | 98,811 |
Total current liabilities | 129,396 |
Deferred legal fees | 150,000 |
Deferred underwriting commissions | 12,075,000 |
Derivative warrant liabilities | 18,981,166 |
Total Liabilities | 31,335,562 |
Commitments and Contingencies | |
Class A ordinary shares subject to possible redemption, $0.0001 par value; 34,500,000 shares at redemption value | 345,000,000 |
Shareholders’ Deficit | |
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | |
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized | |
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 8,625,000 shares issued and outstanding | 863 |
Accumulated deficit | (28,629,901) |
Total shareholders’ deficit | (28,629,038) |
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit | $ 347,706,524 |
Unaudited Condensed Balance S_2
Unaudited Condensed Balance Sheet (Parentheticals) | Sep. 30, 2021USD ($)$ / sharesshares |
Preferred stock shares, par value (in Dollars per share) | $ / shares | $ 0.0001 |
Preferred stock, shares authorized | 1,000,000 |
Preferred stock, shares issued | |
Preferred stock, shares outstanding | |
Class A Ordinary Shares | |
Ordinary shares subject to possible redemption, par value (in Dollars) | $ | $ 0.0001 |
Ordinary shares subject to possible redemption, value | 34,500,000 |
Ordinary shares, par value (in Dollars per share) | $ / shares | $ 0.0001 |
Ordinary shares, shares authorized | 200,000,000 |
Class B Ordinary Shares | |
Ordinary shares, par value (in Dollars per share) | $ / shares | $ 0.0001 |
Ordinary shares, shares authorized | 20,000,000 |
Ordinary shares, shares issued | 8,625,000 |
Ordinary shares, shares outstanding | 8,625,000 |
Unaudited Condensed Statements
Unaudited Condensed Statements of Operations - USD ($) | 3 Months Ended | 8 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||
General and administrative expenses | $ 342,493 | $ 393,853 |
Administrative expenses - related party | 24,000 | 24,000 |
Loss from operations | (366,493) | (417,853) |
Other income (expenses): | ||
Change in fair value of derivative warrant liabilities | 7,468,000 | 7,468,000 |
Loss upon issuance of private placement warrants | (1,386,666) | (1,386,666) |
Offering costs associated with derivative warrant liabilities | (1,328,733) | (1,328,733) |
Total other income (expenses) | 4,752,601 | 4,752,601 |
Net income | $ 4,386,108 | $ 4,334,748 |
Weighted average number of Class A ordinary shares - basic and diluted (in Shares) | 26,380,435 | 10,371,795 |
Basic and diluted net income per share, Class A (in Dollars per share) | $ 0.13 | $ 0.24 |
Weighted average number of Class B ordinary shares - basic (in Shares) | 8,307,065 | 7,817,308 |
Weighted average number of Class B ordinary shares - diluted (in Shares) | 8,625,000 | 8,625,000 |
Basic net income per share, Class B (in Dollars per share) | $ 0.13 | $ 0.24 |
Diluted net income per share, Class B (in Dollars per share) | $ 0.13 | $ 0.23 |
Unaudited Condensed Statement_2
Unaudited Condensed Statements of Changes in Shareholders’ Equity (Deficit) - USD ($) | Class AOrdinary Shares | Class A | Class BOrdinary Shares | Additional Paid-in Capital | Accumulated Deficit | Total |
Balance at Feb. 02, 2021 | ||||||
Balance (in Shares) at Feb. 02, 2021 | ||||||
Issuance of Class B ordinary shares to Sponsor | $ 863 | 24,137 | 25,000 | |||
Issuance of Class B ordinary shares to Sponsor (in Shares) | 8,625,000 | |||||
Net income (loss) | (31,602) | (31,602) | ||||
Balance at Mar. 31, 2021 | $ 863 | 24,137 | (31,602) | (6,602) | ||
Balance (in Shares) at Mar. 31, 2021 | 8,625,000 | |||||
Net income (loss) | (19,758) | (19,758) | ||||
Balance at Jun. 30, 2021 | $ 863 | 24,137 | (51,360) | (26,360) | ||
Balance (in Shares) at Jun. 30, 2021 | 8,625,000 | |||||
Contribution from Sponsor upon sale of Founder Shares to anchor investors | 11,104,500 | 11,104,500 | ||||
Accretion of Class A ordinary shares subject to possible redemption | (11,128,637) | (32,964,649) | (44,093,286) | |||
Net income (loss) | 4,386,108 | 4,386,108 | ||||
Balance at Sep. 30, 2021 | $ 863 | $ (28,629,901) | $ (28,629,038) | |||
Balance (in Shares) at Sep. 30, 2021 | 34,500,000 | 8,625,000 |
Unaudited Condensed Statement o
Unaudited Condensed Statement of Cash Flows | 8 Months Ended |
Sep. 30, 2021USD ($) | |
Cash Flows from Operating Activities: | |
Net income | $ 4,334,748 |
Adjustments to reconcile net income to net cash used in operating activities: | |
General and administrative expenses paid by Sponsor in exchange for issuance of Class B ordinary shares | 25,000 |
General and administrative expenses paid by related party under promissory note | 3,944 |
Change in fair value of derivative warrant liabilities | (7,468,000) |
Loss upon issuance of private placement warrants | 1,386,666 |
Offering costs associated with derivative warrant liabilities | 1,328,733 |
Changes in operating assets and liabilities: | |
Prepaid expenses | (1,377,413) |
Accounts payable | 30,585 |
Accrued expenses | 13,811 |
Net cash used in operating activities | (1,721,926) |
Cash Flows from Investing Activities | |
Cash deposited in Trust Account | (345,000,000) |
Net cash used in investing activities | (345,000,000) |
Cash Flows from Financing Activities: | |
Repayment of note payable to related party | (195,450) |
Proceeds received from initial public offering, gross | 345,000,000 |
Proceeds received from private placement | 10,400,000 |
Offering costs paid | (7,153,513) |
Net cash provided by financing activities | 348,051,037 |
Net change in cash | 1,329,111 |
Cash - beginning of the period | |
Cash - end of the period | 1,329,111 |
Supplemental disclosure of noncash investing and financing activities: | |
Offering costs included in accrued expenses | 85,000 |
Offering costs paid by related party under promissory note | 191,506 |
Value of Class B ordinary shares transferred to Anchor Investors at Initial Public Offering | 11,104,500 |
Deferred legal fees | 150,000 |
Deferred underwriting commissions | $ 12,075,000 |
Description of Organization, Bu
Description of Organization, Business Operations and Basis of Presentation | 8 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND BASIS OF PRESENTATION | NOTE 1. DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND BASIS OF PRESENTATION TortoiseEcofin Acquisition Corp. III (the “Company”) was incorporated as a Cayman Islands exempted company on February 3, 2021. The Company was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities (the “Business Combination”). The Company is an emerging growth company and, as such, the Company is subject to all of the risks associated with emerging growth companies. All activity for the period from February 3, 2021 (inception) through September 30, 2021 relates to the Company’s formation and its initial public offering (the “Initial Public Offering”), which is described below, and, subsequent to the Initial Public Offering, the search for a prospective acquisition for an initial Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company may generate non-operating income in the form of interest income on investments held in trust from the proceeds of its Initial Public Offering. The Company has selected December 31 as its fiscal year end. The Company’s sponsor is TortoiseEcofin Sponsor III LLC, a Cayman Islands limited liability company (the “Sponsor”), which is owned by TortoiseEcofin Investments, LLC, a Delaware limited liability company, and its consolidated subsidiaries (“Tortoise”) and the Company’s management (directly or indirectly, including through family trusts). The registration statement for the Company’s Initial Public Offering was declared effective on July 19, 2021. On July 22, 2021, the Company consummated its Initial Public Offering of 30,000,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units being offered, the “Public Shares”), at $10.00 per Unit, generating gross proceeds of $300.0 million, and incurring offering costs of approximately $30.8 million, of which $10.5 million was for deferred underwriting commissions (see Note 5) and $11.1 million was the excess of fair value over price paid for Founder Shares sold to certain qualified institutional buyers or institutional accredited investors (the “Anchor Investors”). Approximately $1,329,000 of the offering costs were allocated to derivative warrant liabilities. On July 23, 2021, the underwriters exercised their over-allotment option in full and on July 27, 2021, they purchased 4,500,000 additional Units, generating gross proceeds of $45.0 million (the “Over-Allotment”), and incurring offering costs of approximately $2.5 million, of which approximately $1.6 million was for deferred underwriting commissions. The Anchor Investors purchased 32,400,000 Units in the Initial Public Offering and the Over-Allotment. None of the Anchor Investors are affiliated with any member of the Company’s management. Simultaneously with the closing of the Initial Public Offering, the Company completed the sale of 6,333,333 warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”) in a private placement (the “Private Placement”), at a price of $1.50 per Private Placement Warrant, to TortoiseEcofin Borrower LLC, a Delaware limited liability company (“TortoiseEcofin Borrower”) and an affiliate of the Sponsor, generating proceeds of $9.5 million (see Note 4). Concurrently with the consummation of the Over-Allotment on July 27, 2021, TortoiseEcofin Borrower purchased 600,000 additional Private Placement Warrants, generating proceeds of $900,000 (the “Second Private Placement”). Upon the closing of the Initial Public Offering and the Private Placement on July 22, 2021, and the Over-Allotment and the Second Private Placement on July 27, 2021, the net proceeds thereof consisting of $345.0 million ($10.00 per Unit) were placed in a trust account (“Trust Account”), located in the United States with Continental Stock Transfer & Trust Company acting as trustee, and may be invested only in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below. The Company’s management (“management”) has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering (including the Over-Allotment) and the sale of the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the net assets held in the Trust Account (net of amounts disbursed to management for working capital purposes and excluding the amount of any deferred underwriting discount held in Trust) at the time of the signing of the agreement to enter into the initial Business Combination, and a majority of the independent directors must approve such initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction 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. The Company will provide the holders (the “Public Shareholders”) of Public Shares with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially at $10.00 per Public Share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes). The per-share amount to be distributed to Public Shareholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 5). These Public Shares are classified as temporary equity in accordance with the Financial Accounting Standards Board’s (“FASB”) 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 only if a majority of the ordinary shares, represented in person or by proxy and entitled to vote thereon, voted at a shareholder meeting are voted in favor of the Business Combination. If a shareholder vote is not required by law and the Company does not decide to hold a shareholder vote for business or other reasons, the Company will, pursuant to the amended and restated memorandum and articles of association which the Company adopted in connection with the Initial Public Offering (the “Amended and Restated Memorandum and Articles of Association”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (the “SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, shareholder approval of the transactions is required by law, or the Company decides to obtain shareholder approval for business or other reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each Public Shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction or vote at all. If the Company seeks shareholder approval in connection with a Business Combination, the initial shareholders (as defined below) and Tortoise agreed to vote their Founder Shares (as defined below in Note 4) and any Public Shares purchased during or after the Initial Public Offering, and the Anchor Investors agreed to vote any Founder Shares held by them in favor of a Business Combination. Subsequent to the consummation of the Initial Public Offering, the Company adopted an insider trading policy which requires insiders to: (i) refrain from purchasing shares during certain blackout periods and when they are in possession of any material non-public information and (ii) clear all trades with the Company’s legal counsel prior to execution. In addition, Tortoise and the initial shareholders agreed to waive their redemption rights with respect to their Founder Shares and Public Shares in connection with the completion of a Business Combination. Notwithstanding the foregoing, if the Company seeks shareholder approval of its Business Combination and does not conduct redemptions in connection with its Business Combination pursuant to the tender offer rules, the Amended and Restated Memorandum and Articles of Association provides that a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 20% of the Class A ordinary shares sold in the Initial Public Offering, without the prior consent of the Company. The Company’s Sponsor, officers and directors (the “initial shareholders”) have agreed not to propose an amendment to the Amended and Restated Memorandum and Articles of Association that would modify the substance or timing of the Company’s obligation to provide holders of its Public Shares the right to have their shares redeemed in connection with a Business Combination or to redeem 100% of the Company’s Public Shares if the Company does not complete its Business Combination within 24 months from the closing of the Initial Public Offering, or July 22, 2023, or 27 months from the closing of the Initial Public Offering, or October 22, 2023, if the Company executed a letter of intent, agreement in principle or definitive agreement for an initial Business Combination within 24 months from the closing of the Initial Public Offering but has not completed the initial Business Combination within such 24-month period (the “Combination Period”) or with respect to any other provision relating to the rights of Public Shareholders, unless the Company will provide the Public Shareholders with the opportunity to redeem their Class A ordinary shares in conjunction with any such amendment. The Anchor Investors are not entitled to (i) redemption rights with respect to any Founder Shares held by them in connection with the completion of the initial Business Combination, (ii) redemption rights with respect to any Founder Shares held by them in connection with a shareholder vote to amend the Amended and Restated Memorandum and Articles of Association in a manner that would affect the substance or timing of the Company’s obligation to redeem 100% of its Public Shares if the Company has not consummated an initial Business Combination within the Combination Period or (iii) rights to liquidating distributions from the Trust Account with respect to any Founder Shares held by them if the Company fails to complete the initial Business Combination within the Combination Period (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 Combination Period). If the Company has not completed a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes (less up to $100,000 of interest to pay dissolution expenses and net of taxes payable), divided by the number of then outstanding Public Shares, which redemption will completely extinguish the Public Shareholders’ rights as shareholders (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 remaining shareholders and the board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii), to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. Tortoise and the initial shareholders agreed to waive their liquidation rights with respect to the Founder Shares held by them if the Company fails to complete a Business Combination within the Combination Period. However, if the initial shareholders acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriters agreed to waive their rights to their deferred underwriting commission (see Note 5) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period, and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution (including Trust Account assets) will be only $10.00 per share initially held in the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor agreed to be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below 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 Public Share due to reductions in the value of the trust assets. This liability will not apply with respect to any claims by a third party who executed a waiver of any right, title, interest or claim of any kind in or to any monies held in the Trust Account or to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (excluding the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. Liquidity and Capital Resources As of September 30, 2021, the Company had $1.3 million in operating cash and working capital of approximately $2.6 million. The Company’s liquidity needs prior to the consummation of the Initial Public Offering were satisfied through the payment of $25,000 from its Sponsor to cover certain expenses on behalf of the Company in consideration of Founder Shares (as defined in Note 4), and a loan from the Sponsor of approximately $195,000, under the Note (as defined in Note 4). The Company repaid the Note in full on July 22, 2021. Subsequent to the consummation of the Initial Public Offering, the Company’s liquidity has been satisfied through the net proceeds of $3.5 million from the consummation of the Initial Public Offering (including the Over-Allotment), the Private Placement and the Second Private Placement held outside of the Trust Account. In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, provide the Company Working Capital Loans (as defined in Note 4). As of September 30, 2021, there were no amounts outstanding under any Working Capital Loans. Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity to meet its needs through one year from this filing. Over this time period, the Company will be using the funds held outside of the Trust Account for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 8 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, all adjustments (consisting of normal accruals) considered for a fair presentation have been included. Operating results for the three months ended September 30, 2021, and for the period from February 3, 2021 (inception) through September 30, 2021, are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Form 8-K and the final prospectus filed by the Company with the SEC on July 28, 2021, and July 21, 2021, respectively. Revision to Previously Reported Financial Statements In preparation of the Company’s unaudited condensed financial statements as of and for the quarterly period ended September 30, 2021, the Company concluded it should revise its financial statements to classify all Class A ordinary shares subject to possible redemption in temporary equity. In accordance with the SEC and its staff’s guidance on redeemable equity instruments, ASC Topic 480, “Distinguishing Liabilities from Equity” (ASC 480), paragraph 10-S99, redemption provisions not solely within the control of the Company require ordinary shares subject to redemption to be classified outside of permanent equity. The Company had previously classified a portion of its Class A ordinary shares in permanent equity. Although the Company did not specify a maximum redemption threshold, its Amended and Restated Memorandum and Articles of Association provides that currently, the Company will not redeem its Public Shares in an amount that would cause its net tangible assets to be less than $5,000,001. Previously, the Company did not consider redeemable stock classified as temporary equity as part of net tangible assets. Effective with these financial statements, the Company revised this interpretation to include temporary equity in net tangible assets. Accordingly, effective with this filing, the Company presents all redeemable Class A ordinary shares as temporary equity and recognized accretion from the initial book value to redemption value at the time of its Initial Public Offering and in accordance with ASC 480. In addition, the Company recognized the excess of fair value over price paid of the Founder Shares sold by the Sponsor to the Anchor Investors as offering costs of the Initial Public Offering resulting in additional offerings costs of approximately $472,000 allocated to the derivative warrant liabilities as expense and approximately $10.6 million allocated and charged to the carrying value of the Class A ordinary shares. The impact of the revision to the audited balance sheet as of July 22, 2021, is an increase to Class A ordinary shares subject to possible redemption of approximately $36.2 million, a decrease to additional paid-in capital of $7.1 million, an increase to the accumulated deficit of $29.1 million, and the reclassification of par value of 3,621,954 Class A ordinary shares from permanent equity to Class A ordinary shares subject to possible redemption. Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth 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 unaudited condensed 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 unaudited condensed financial statements in conformity with 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 revenues and expenses during the reporting periods. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. As of September 30, 2021, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. 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. There were no cash equivalents as of September 30, 2021. Cash Held in Trust Account As of September 30, 2021, the Company had approximately $345.0 million in cash held in the Trust Account.. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities which qualify as financial instruments under the FASB ASC Topic 820, “Fair Value Measurements,” equal or approximate the carrying amounts represented in the balance sheet, primarily due to their short-term nature. Fair Value Measurements Fair value is defined as the price that would be received for sale of an asset or paid 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 consist of: ● 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 included in Level 1 that are observable for the asset or liability, either directly or indirectly; and ● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. 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 warrants to purchase shares, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and FASB ASC Topic 815, “Derivatives and Hedging” (“ASC 815”). 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 warrants issued in connection with the Initial Public Offering (the “Public Warrants”) and the Private Placement Warrants are recognized as derivative liabilities in accordance with ASC 815. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjust the instruments to fair value at each reporting period. The liabilities will be subject to re-measurement at each balance sheet date until exercised, and any change in fair value will be recognized in the Company’s statement of operations. The fair value of the Public Warrants issued in connection with the Public Offering and Private Placement Warrants were initially measured at fair value using a Black-Scholes Option Pricing Method (the “BSM”) and Monte Carlo simulation. Subsequent to the Public Warrants being separately listed and traded from the Units, the fair value of the Public Warrants was measured based on their listed market price, and the fair value of the warrants issued in the Private Placement was estimated by reference to the listed market price of the Public Warrants. The determination of the fair value of the warrant liabilities may be subject to change as more current information becomes available and accordingly the actual results could differ significantly. Derivative warrant liabilities will be classified as non-current liabilities as their liquidation will not be reasonably expected to require the use of current assets or require the creation of current liabilities. Offering Costs Associated with Initial Public Offering Offering costs consists of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to the total proceeds received. Offering costs associated with derivative warrant liabilities are expensed as incurred, presented as non-operating expenses in the condensed statement of operations. Offering costs associated with the Class A ordinary shares issued were charged against their carrying value upon the completion of the Initial Public Offering. The Company classifies deferred underwriting commissions as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities. Class A Ordinary Shares Subject to Possible Redemption As discussed in Note 3, all of the 34,500,000 Class A ordinary shares sold as part of the Units in the Initial Public Offering (including the Over-Allotment) contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s liquidation, if there is a shareholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s Amended and Restated Memorandum and Articles of Association. In accordance with ASC 480, conditionally redeemable Class A ordinary shares (including Class A ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of ASC 480. Accordingly, as of September 30, 2021, all 34,500,000 Class A ordinary shares subject to possible redemption at the redemption amount are presented as temporary equity, outside of the shareholders’ deficit section of the Company’s balance sheet. Effective with the closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption amount, which resulted in charges against additional paid-in capital (to the extent available) and accumulated deficit. Income Taxes FASB ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 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. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman federal income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statements. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. Net Income Per Ordinary Share The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” The Company has two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro rata between the two classes of shares. Net income per ordinary share is calculated by dividing the net income by the weighted average shares of ordinary shares outstanding for the respective period. The calculation of diluted net income does not consider the effect of the warrants underlying the Units sold in the Initial Public Offering (including the consummation of the Over-Allotment) and the private placement warrants to purchase an aggregate of 15,558,333 shares of Class A ordinary shares in the calculation of diluted income per share, because their exercise is contingent upon future events. The Company has considered the effect of Class B ordinary shares that were excluded from the weighted average number of basic shares outstanding as they were contingent on the exercise of the over-allotment option by the underwriters. Since the contingency was satisfied, the Company has included these shares in the weighted average number as of the beginning of the interim period to determine the dilutive impact of these shares. Accretion associated with the redeemable Class A ordinary shares is excluded from earnings per share as the redemption value approximates fair value. The following table reflects presents a reconciliation of the numerator and denominator used to compute basic and diluted net income per share for each class of ordinary shares: For the Three Months Ended For The Period From Class A Class B Class A Class B Basic and diluted net income per ordinary share: Numerator: Allocation of net income - basic 3,335,710 1,050,398 2,471,761 1,862,987 Allocation of net income - diluted 3,305,413 1,080,695 2,366,669 1,968,079 Denominator: Basic weighted average ordinary shares outstanding 26,380,435 8,307,065 10,371,795 7,817,308 Diluted weighted average ordinary shares outstanding 26,380,435 8,625,000 10,371,795 8,625,000 Basic net income per ordinary share $ 0.13 $ 0.13 $ 0.24 $ 0.24 Diluted net income per ordinary share $ 0.13 $ 0.13 $ 0.23 $ 0.23 Excess Change in Fair Value of Private Placement Warrants The Company records a loss on issuance of Private Placement Warrants recognized as a result of the fair value of the Private Placement Warrants being in excess of the amount paid by the Sponsor, pursuant to ASC 718, “Share-based Compensation”. For the period from February 3, 2021 (inception) through September 30, 2021, the Company recorded $1.4 million. This amount is included in the change in fair value of derivative warrant liabilities on the unaudited condensed statement of operations. Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s unaudited condensed interim financial statements. |
Initial Public Offering
Initial Public Offering | 8 Months Ended |
Sep. 30, 2021 | |
Regulated Operations [Abstract] | |
INITIAL PUBLIC OFFERING | NOTE 3. INITIAL PUBLIC OFFERING On July 22, 2021, the Company consummated its Initial Public Offering of 30,000,000 Units, at $10.00 per Unit, generating gross proceeds of $300.0 million, and incurring offering costs of approximately $30.8 million, of which $10.5 million was for deferred underwriting commissions and $11.1 million was the excess of fair value over price paid of Founder Shares sold to the Anchor Investors. Approximately $1,329,000 of the offering costs were allocated to derivative warrant liabilities. On July 23, 2021, the underwriters exercised their over-allotment option in full and on July 27, 2021, they purchased 4,500,000 additional Units, generating gross proceeds of $45.0 million, and incurring offering costs of approximately $2.5 million, of which approximately $1.6 million was for deferred underwriting commissions. The Anchor Investors purchased 32,400,000 Units in the Initial Public Offering and the Over-Allotment. None of the Anchor Investors are affiliated with any member of the Company’s management. Each Unit consists of one Class A ordinary share and one-fourth of one redeemable warrant (“Public Warrant”). Each whole Public Warrant entitles the holder to purchase one Class A ordinary share at an exercise price of $11.50 per share, subject to adjustment (see Note 8). |
Related Party Transactions
Related Party Transactions | 8 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 4. RELATED PARTY TRANSACTIONS Founder Shares On February 9, 2021, the Sponsor paid $25,000 to cover certain expenses on behalf of the Company in consideration of 7,187,500 Class B ordinary shares, par value $0.0001 per share (the “Founder Shares”). On February 18, 2021, the Company issued 1,437,500 Class B ordinary shares in connection with a share capitalization, resulting in an aggregate of 8,625,000 Founder Shares outstanding. The Sponsor agreed to forfeit up to 1,125,000 Founder Shares to the extent that the over-allotment option was not exercised in full by the underwriters, so that the Founder Shares would represent 20.0% of the Company’s issued and outstanding ordinary shares after the Initial Public Offering. The underwriters purchased the Units subject to the over-allotment option in full on July 27, 2021, and as a result, 1,125,000 Founder Shares were no longer subject to possible forfeiture. In exchange for the Anchor Investors’ participation in the Initial Public Offering as described in Note 3, the Sponsor sold a total of 1,650,000 Founder Shares to the Anchor Investors. The Company determined that the fair value of these Founder Shares was approximately $11.1 million (or $6.73 per share) using a Monte Carlo simulation. The Company recognized the excess fair value of these Founder Shares, over the price paid by the Anchor Investors, as an expense of the Initial Public Offering. The holders of the Founder Shares agreed, subject to limited exceptions, not to transfer, assign or sell any of their Founder Shares until one year after the completion of the initial Business Combination or earlier if, subsequent to the Business Combination, (x) the last sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 120 days after the initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of the shareholders having the right to exchange their ordinary shares for cash, securities or other property. Private Placement Warrants Simultaneously with the closing of the Initial Public Offering, the Company completed the sale of 6,333,333 Private Placement Warrants in a Private Placement, at a price of $1.50 per Private Placement Warrant, to TortoiseEcofin Borrower, generating proceeds of $9.5 million. Concurrently with the consummation of the Over-Allotment on July 27, 2021, TortoiseEcofin Borrower purchased 600,000 additional Private Placement Warrants, generating proceeds of $900,000. Each whole Private Placement Warrant is exercisable for one whole Class A ordinary share at a price of $11.50 per share. A portion of the proceeds from the sale of the Private Placement Warrants was added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants will expire worthless. The Private Placement Warrants will be non-redeemable for cash and exercisable on a cashless basis so long as they are held by TortoiseEcofin Borrower or its permitted transferees. Tortoise, the Sponsor and the Company’s officers and directors agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Warrants until 30 days after the completion of the initial Business Combination (see Note 8). Related Party Loans On February 3, 2021, the Sponsor agreed to loan the Company an aggregate of up to $600,000 to cover expenses related to the Initial Public Offering pursuant to a promissory note (the “Note”). This loan was non-interest bearing and payable upon the consummation of the Initial Public Offering. The Company borrowed approximately $195,000 under the Note and repaid the Note in full on July 22, 2021. In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company may repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans may be repaid only out of funds held outside the Trust Account. In the event that a Business Combination is not completed within the Combination Period, the Company may use a portion of the 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. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1.5 million of such Working Capital Loans may be convertible into warrants of the post Business Combination entity at a price of $1.50 per warrant. The warrants would be identical to the Private Placement Warrants. As of September 30, 2021, the Company had no outstanding borrowings under the Working Capital Loans. Administrative Support Agreement On July 19, 2021, the Company entered into an administrative support agreement pursuant to which, commencing on the date that the Company’s securities were first listed on the New York Stock Exchange through the earlier of consummation of the initial Business Combination and the date of the Company’s liquidation, the Company agreed to pay an affiliate of the Sponsor $10,000 per month for office space, utilities and secretarial and administrative support made available to the Company. For the three months ended September 30, 2021, and for the period from February 3, 2021 (inception) through September 30, 2021, the Company incurred $24,000 for such expenses, included as general and administrative expenses – related party on the accompanying unaudited condensed interim financial statements of operations. As of September 30, 2021, no balance was due for such services. In addition, the Sponsor, the Company’s executive officers and directors, or any of their respective affiliates will be reimbursed for any out-of-pocket expenses incurred in connection with activities on the Company’s behalf such as identifying potential partner businesses and performing due diligence on suitable Business Combinations. The Company’s audit committee will review on a quarterly basis all payments that were made by the Company to the Sponsor, the Company’s executive officers or directors, or the Company’s or their affiliates. Any such payments prior to an initial Business Combination will be made using funds held outside the Trust Account. |
Commitments and Contingencies
Commitments and Contingencies | 8 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 5. 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 ordinary shares issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of the Working Capital Loans and upon conversion of the Founder Shares), and any Class A ordinary shares held by the Company’s initial shareholders and Tortoise at the completion of the Initial Public Offering or acquired prior to or in connection with the initial Business Combination, are entitled to registration rights pursuant to a registration rights agreement entered into on the effective date of the Initial Public Offering. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company registers such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the Company’s completion of its Business Combination. 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 lock-up period, which occurs (i) in the case of the Founder Shares held by the initial shareholders, in accordance with the letter agreement the Company’s initial shareholders entered into, (ii) in the case of the Founder Shares held by the Anchor Investors, in accordance with the investment agreements entered into by and among the Company, the Sponsor and the Anchor Investors and (iii) in the case of the Private Placement Warrants, 30 days after the completion of the Company’s Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The Company granted the underwriters a 45-day option from the date of the final prospectus relating to the Initial Public Offering to purchase up to 4,500,000 additional Units to cover over-allotments, if any, at the Initial Public Offering price less the underwriting discounts and commissions. The underwriters purchased the Units subject to the over-allotment option in full on July 27, 2021. The underwriters were entitled to underwriting commissions of $0.20 per Unit, or $6.0 million in the aggregate, paid upon the closing of the Initial Public Offering. In addition, $0.35 per Unit, or $10.5 million in the aggregate, will be payable to the underwriters for deferred underwriting commissions. The deferred commissions will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. In connection with the consummation of the Over-Allotment on July 27, 2021, the underwriters were paid an additional fee of $900,000, and approximately $1.6 million in additional deferred underwriting commissions will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. Deferred Legal Fees Associated with The Initial Public Offering The Company entered into an engagement letter to obtain legal advisory services, pursuant to which the Company’s legal counsel agreed to defer half of their fees until the closing of the Initial Business Combination. As of September 30, 2021, the Company recorded an aggregate of $150,000 in connection with such arrangement as deferred legal fees in the accompanying balance sheet. Risks and Uncertainties Management continues to evaluate the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of these unaudited condensed financial statements. These condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty . |
Class A Ordinary Shares Subject
Class A Ordinary Shares Subject to Possible Redemption | 8 Months Ended |
Sep. 30, 2021 | |
Ordinary Shares Subject To Possible Redemption [Abstract] | |
CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION | NOTE 6. CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of future events. The Company is authorized to issue 200,000,000 ordinary shares with a par value of $0.0001 per share. Holders of the Company’s Class A ordinary shares are entitled to one vote for each share. As of September 30, 2021, there were 34,500,000 Class A ordinary shares outstanding, all of which were subject to possible redemption. Class A ordinary shares subject to possible redemption reflected on the unaudited condensed balance sheet is reconciled on the following table: Gross proceeds $ 345,000,000 Less: Proceeds allocated to public warrants (14,662,500) Class A ordinary shares issuance costs (29,430,786) Plus: Accretion of carrying value to redemption value 44,093,286 Class A ordinary shares subject to possible redemption $ 345,000,000 |
Shareholder's Deficit
Shareholder's Deficit | 8 Months Ended |
Sep. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
SHAREHOLDER’S DEFICIT | NOTE 7. SHAREHOLDER’S DEFICIT Preference Shares Class A Ordinary Shares Class B Ordinary Shares Holders of the Class A ordinary shares and holders of the Class B ordinary shares will vote together as a single class on all matters submitted to a vote of the shareholders, except that in respect of any vote or votes to continue the Company in a jurisdiction outside the Cayman Islands (including, but not limited to, the approval of the organizational documents of the Company in such other jurisdiction), holders of Class B ordinary shares will have ten votes per share and holders of Class A ordinary shares will have one vote per share, and except as required by law or stock exchange rule; provided that only holders of the Class B ordinary shares have the right to vote on the election of the Company’s directors (and may also remove a member of the board of directors for any reason) prior to the initial Business Combination. The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the initial Business Combination on a one-for-one basis, subject to adjustment for share sub-divisions, share dividends, reorganizations, recapitalizations and the like and subject to further adjustment as provided herein. In the case that additional Class A ordinary shares, or equity-linked securities, are issued or deemed issued in excess of the amounts sold in the Initial Public Offering and related to the closing of the initial Business Combination, the ratio at which Class B ordinary shares shall convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the outstanding Class B ordinary shares agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all ordinary shares outstanding upon the completion of the Initial Public Offering plus all Class A ordinary shares and equity-linked securities issued or deemed issued in connection with the Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the Business Combination). In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one-to-one. |
Derivative Warrant Liabilities
Derivative Warrant Liabilities | 8 Months Ended |
Sep. 30, 2021 | |
Other Liabilities Disclosure Abstract | |
DERIVATIVE WARRANT LIABILITIES | NOTE 8. DERIVATIVE WARRANT LIABILITIES As of September 30, 2021, 8,625,000 Public Warrants and 6,933,333 Private Placement Warrants were outstanding. The Public Warrants may only be exercised for a whole number of shares. No fractional Public Warrants will be issued upon separation of the Units and only whole Public Warrants will trade. The Public Warrants will become exercisable 30 days after the completion of a Business Combination; provided that the Company has an effective registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the Public Warrants and a current prospectus relating to them is available and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder (or the Company permit holders to exercise their warrants on a cashless basis under certain circumstances). The Company agreed that as soon as practicable, but in no event later than 20 business days after the closing of the initial Business Combination, the Company will use commercially reasonable efforts to file with the SEC a post-effective amendment to the Company’s registration statement for its Initial Public Offering or a new registration statement and have an effective registration statement covering the Class A ordinary shares issuable upon exercise of the warrants and to maintain a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed, as specified in the warrant agreement. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60 th The warrants have an exercise price of $11.50 per share, subject to adjustments, and will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. In addition, if the Company issues additional Class A ordinary shares 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 ordinary shares (with such issue price or effective issue price to be determined in good faith by the board and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the Newly Issued Price. The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants and the Class A ordinary shares issuable upon exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be non-redeemable so long as they are held by the initial purchasers or such purchasers’ permitted transferees. If the Private Placement Warrants are held by someone other than the initial shareholders or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. Once the warrants become exercisable, the Company may redeem the outstanding warrants for cash (except as described herein with respect to the Private Placement Warrants): ● 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; and ● if, and only if, the last sale price of Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share sub-divisions, share 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. The Company will not redeem the warrants for cash unless a registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the warrants is effective and a current prospectus relating to those Class A ordinary shares is available throughout the 30-day redemption period, except if the warrants may be exercised on a cashless basis and such cashless exercise is exempt from registration under the Securities Act. Commencing 90 days after the warrants become exercisable, the Company may redeem the outstanding warrants for Class A ordinary shares: ● in whole and not in part; ● at a price equal to a number of Class A ordinary shares to be determined by reference to an agreed table based on the redemption date and the “fair market value” of Class A ordinary shares; ● upon a minimum of 30 days’ prior written notice of redemption; and ● if, and only if, the last sale price of Class A ordinary shares equals or exceeds $10.00 per share (as adjusted per share sub-divisions, share dividends, reorganizations, recapitalizations and the like) on the trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. The “fair market value” of Class A ordinary shares shall mean the average reported last sale price of Class A ordinary shares for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants. In no event will the Company be required to net cash settle any warrant. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless. |
Fair Value Measurements
Fair Value Measurements | 8 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 9. FAIR VALUE MEASUREMENTS The following table presents information about the Company’s liabilities as of September 30, 2021, that are measured at fair value on a recurring basis, by level within the fair value hierarchy: Quoted Prices in Significant Other Significant Other Active Markets Observable Inputs Unobservable Inputs Description (Level 1) (Level 2) (Level 3) Liabilities: Derivative warrant liabilities - Public Warrants $ 10,522,500 $ - $ - Derivative warrant liabilities - Private Warrants $ - $ 8,458,666 $ - Transfers to/from Levels 1, 2 and 3 are recognized at the beginning of the reporting period. The estimated fair value of Public Warrants was transferred from a Level 3 fair value measurement to a Level 1 measurement, and the estimated fair value of the Private Warrants transferred from a Level 3 measurement to a Level 2 measurement as a result of the Public Warrants being separately listed and traded in September 2021. The Public Warrants issued in connection with the Initial Public Offering (including the Over-Allotment) and the Private Placement Warrants sold in the Private Placement and the Second Private Placement, were initially measured at fair value using a Black-Scholes option pricing model and a Monte Carlo simulation. For periods subsequent to the detachment of the Public Warrants from the Units, the fair value of the Public Warrants is based on the observable listed price for such warrants, and the fair value of the warrants issued in the Private Placement was estimated by reference to the listed market price of the Public Warrants. The estimated fair value of the Public and Private Placement Warrants, prior to the Public Warrants being traded in an active market, was determined using Level 3 inputs. Inherent in a Black-Scholes option pricing model and a Monte Carlo simulation are assumptions related to expected share-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its warrants based on implied volatility from the Company’s traded warrants and from historical volatility of select peer companies’ ordinary shares that matches the expected remaining life of the 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 remaining at zero. The change in the fair value of the derivative warrant liabilities, measured using Level 3 inputs, for the three months ended September 30, 2021, and the period from February 3, 2021 (inception) through September 30, 2021, is summarized as follows: Derivative warrant liabilities at February 3, 2021 (inception) $ - Issuance of Public and Private Warrants - Level 3 26,449,166 Transfer of Public Warrants to Level 1 (14,662,500 ) Transfer of Private Warrants to Level 2 (11,786,666 ) Derivative warrant liabilities at September 30, 2021 (unaudited) $ - |
Subsequent Events
Subsequent Events | 8 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 10. SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions that occurred up to the date the unaudited condensed financial statements were issued. Based on this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the unaudited condensed financial statements. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 8 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of Presentation The accompanying unaudited condensed financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, all adjustments (consisting of normal accruals) considered for a fair presentation have been included. Operating results for the three months ended September 30, 2021, and for the period from February 3, 2021 (inception) through September 30, 2021, are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Form 8-K and the final prospectus filed by the Company with the SEC on July 28, 2021, and July 21, 2021, respectively. |
Revision to Previously Reported Financial Statements | Revision to Previously Reported Financial Statements In preparation of the Company’s unaudited condensed financial statements as of and for the quarterly period ended September 30, 2021, the Company concluded it should revise its financial statements to classify all Class A ordinary shares subject to possible redemption in temporary equity. In accordance with the SEC and its staff’s guidance on redeemable equity instruments, ASC Topic 480, “Distinguishing Liabilities from Equity” (ASC 480), paragraph 10-S99, redemption provisions not solely within the control of the Company require ordinary shares subject to redemption to be classified outside of permanent equity. The Company had previously classified a portion of its Class A ordinary shares in permanent equity. Although the Company did not specify a maximum redemption threshold, its Amended and Restated Memorandum and Articles of Association provides that currently, the Company will not redeem its Public Shares in an amount that would cause its net tangible assets to be less than $5,000,001. Previously, the Company did not consider redeemable stock classified as temporary equity as part of net tangible assets. Effective with these financial statements, the Company revised this interpretation to include temporary equity in net tangible assets. Accordingly, effective with this filing, the Company presents all redeemable Class A ordinary shares as temporary equity and recognized accretion from the initial book value to redemption value at the time of its Initial Public Offering and in accordance with ASC 480. In addition, the Company recognized the excess of fair value over price paid of the Founder Shares sold by the Sponsor to the Anchor Investors as offering costs of the Initial Public Offering resulting in additional offerings costs of approximately $472,000 allocated to the derivative warrant liabilities as expense and approximately $10.6 million allocated and charged to the carrying value of the Class A ordinary shares. The impact of the revision to the audited balance sheet as of July 22, 2021, is an increase to Class A ordinary shares subject to possible redemption of approximately $36.2 million, a decrease to additional paid-in capital of $7.1 million, an increase to the accumulated deficit of $29.1 million, and the reclassification of par value of 3,621,954 Class A ordinary shares from permanent equity to Class A ordinary shares subject to possible redemption. |
Emerging growth company | Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth 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 unaudited condensed 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 unaudited condensed financial statements in conformity with 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 revenues and expenses during the reporting periods. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. As of September 30, 2021, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. |
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. There were no cash equivalents as of September 30, 2021. |
Cash Held in Trust Account | Cash Held in Trust Account As of September 30, 2021, the Company had approximately $345.0 million in cash held in the Trust Account.. |
Fair value of financial instruments | Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities which qualify as financial instruments under the FASB ASC Topic 820, “Fair Value Measurements,” equal or approximate the carrying amounts represented in the balance sheet, primarily due to their short-term nature. |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received for sale of an asset or paid 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 consist of: ● 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 included in Level 1 that are observable for the asset or liability, either directly or indirectly; and ● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. |
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 warrants to purchase shares, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and FASB ASC Topic 815, “Derivatives and Hedging” (“ASC 815”). 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 warrants issued in connection with the Initial Public Offering (the “Public Warrants”) and the Private Placement Warrants are recognized as derivative liabilities in accordance with ASC 815. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjust the instruments to fair value at each reporting period. The liabilities will be subject to re-measurement at each balance sheet date until exercised, and any change in fair value will be recognized in the Company’s statement of operations. The fair value of the Public Warrants issued in connection with the Public Offering and Private Placement Warrants were initially measured at fair value using a Black-Scholes Option Pricing Method (the “BSM”) and Monte Carlo simulation. Subsequent to the Public Warrants being separately listed and traded from the Units, the fair value of the Public Warrants was measured based on their listed market price, and the fair value of the warrants issued in the Private Placement was estimated by reference to the listed market price of the Public Warrants. The determination of the fair value of the warrant liabilities may be subject to change as more current information becomes available and accordingly the actual results could differ significantly. Derivative warrant liabilities will be classified as non-current liabilities as their liquidation will not be reasonably expected to require the use of current assets or require the creation of current liabilities. |
Offering Costs Associated with Initial Public Offering | Offering Costs Associated with Initial Public Offering Offering costs consists of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to the total proceeds received. Offering costs associated with derivative warrant liabilities are expensed as incurred, presented as non-operating expenses in the condensed statement of operations. Offering costs associated with the Class A ordinary shares issued were charged against their carrying value upon the completion of the Initial Public Offering. The Company classifies deferred underwriting commissions as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities. |
Class A Ordinary Shares Subject to Possible Redemption | Class A Ordinary Shares Subject to Possible Redemption As discussed in Note 3, all of the 34,500,000 Class A ordinary shares sold as part of the Units in the Initial Public Offering (including the Over-Allotment) contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s liquidation, if there is a shareholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s Amended and Restated Memorandum and Articles of Association. In accordance with ASC 480, conditionally redeemable Class A ordinary shares (including Class A ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of ASC 480. Accordingly, as of September 30, 2021, all 34,500,000 Class A ordinary shares subject to possible redemption at the redemption amount are presented as temporary equity, outside of the shareholders’ deficit section of the Company’s balance sheet. Effective with the closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption amount, which resulted in charges against additional paid-in capital (to the extent available) and accumulated deficit. |
Income taxes | Income Taxes FASB ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 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. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman federal income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statements. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. |
Net Income Per Ordinary Share | Net Income Per Ordinary Share The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” The Company has two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro rata between the two classes of shares. Net income per ordinary share is calculated by dividing the net income by the weighted average shares of ordinary shares outstanding for the respective period. The calculation of diluted net income does not consider the effect of the warrants underlying the Units sold in the Initial Public Offering (including the consummation of the Over-Allotment) and the private placement warrants to purchase an aggregate of 15,558,333 shares of Class A ordinary shares in the calculation of diluted income per share, because their exercise is contingent upon future events. The Company has considered the effect of Class B ordinary shares that were excluded from the weighted average number of basic shares outstanding as they were contingent on the exercise of the over-allotment option by the underwriters. Since the contingency was satisfied, the Company has included these shares in the weighted average number as of the beginning of the interim period to determine the dilutive impact of these shares. Accretion associated with the redeemable Class A ordinary shares is excluded from earnings per share as the redemption value approximates fair value. The following table reflects presents a reconciliation of the numerator and denominator used to compute basic and diluted net income per share for each class of ordinary shares: For the Three Months Ended For The Period From Class A Class B Class A Class B Basic and diluted net income per ordinary share: Numerator: Allocation of net income - basic 3,335,710 1,050,398 2,471,761 1,862,987 Allocation of net income - diluted 3,305,413 1,080,695 2,366,669 1,968,079 Denominator: Basic weighted average ordinary shares outstanding 26,380,435 8,307,065 10,371,795 7,817,308 Diluted weighted average ordinary shares outstanding 26,380,435 8,625,000 10,371,795 8,625,000 Basic net income per ordinary share $ 0.13 $ 0.13 $ 0.24 $ 0.24 Diluted net income per ordinary share $ 0.13 $ 0.13 $ 0.23 $ 0.23 |
Excess Change in Fair Value of Private Placement Warrants | Excess Change in Fair Value of Private Placement Warrants The Company records a loss on issuance of Private Placement Warrants recognized as a result of the fair value of the Private Placement Warrants being in excess of the amount paid by the Sponsor, pursuant to ASC 718, “Share-based Compensation”. For the period from February 3, 2021 (inception) through September 30, 2021, the Company recorded $1.4 million. This amount is included in the change in fair value of derivative warrant liabilities on the unaudited condensed statement of operations. |
Recent accounting pronouncements | Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s unaudited condensed interim financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 8 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of basic and diluted net income per share | For the Three Months Ended For The Period From Class A Class B Class A Class B Basic and diluted net income per ordinary share: Numerator: Allocation of net income - basic 3,335,710 1,050,398 2,471,761 1,862,987 Allocation of net income - diluted 3,305,413 1,080,695 2,366,669 1,968,079 Denominator: Basic weighted average ordinary shares outstanding 26,380,435 8,307,065 10,371,795 7,817,308 Diluted weighted average ordinary shares outstanding 26,380,435 8,625,000 10,371,795 8,625,000 Basic net income per ordinary share $ 0.13 $ 0.13 $ 0.24 $ 0.24 Diluted net income per ordinary share $ 0.13 $ 0.13 $ 0.23 $ 0.23 |
Class A Ordinary Shares Subje_2
Class A Ordinary Shares Subject to Possible Redemption (Tables) | 8 Months Ended |
Sep. 30, 2021 | |
Ordinary Shares Subject To Possible Redemption [Abstract] | |
Schedule of ordinary shares subject to possible redemption | Gross proceeds $ 345,000,000 Less: Proceeds allocated to public warrants (14,662,500) Class A ordinary shares issuance costs (29,430,786) Plus: Accretion of carrying value to redemption value 44,093,286 Class A ordinary shares subject to possible redemption $ 345,000,000 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 8 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of measured at fair value on a recurring basis | Quoted Prices in Significant Other Significant Other Active Markets Observable Inputs Unobservable Inputs Description (Level 1) (Level 2) (Level 3) Liabilities: Derivative warrant liabilities - Public Warrants $ 10,522,500 $ - $ - Derivative warrant liabilities - Private Warrants $ - $ 8,458,666 $ - |
Schedule of fair value of the derivative warrant liabilities | Derivative warrant liabilities at February 3, 2021 (inception) $ - Issuance of Public and Private Warrants - Level 3 26,449,166 Transfer of Public Warrants to Level 1 (14,662,500 ) Transfer of Private Warrants to Level 2 (11,786,666 ) Derivative warrant liabilities at September 30, 2021 (unaudited) $ - |
Description of Organization, _2
Description of Organization, Business Operations and Basis of Presentation (Details) - USD ($) | 1 Months Ended | 5 Months Ended | 8 Months Ended | ||
Jul. 27, 2021 | Jul. 23, 2021 | Jul. 22, 2021 | Jun. 30, 2021 | Sep. 30, 2021 | |
Description of Organization, Business Operations and Basis of Presentation (Details) [Line Items] | |||||
Shares units (in Shares) | 4,500,000 | ||||
Share price per share (in Dollars per share) | $ 10 | ||||
Deferred underwriting commission | $ 1,600,000 | ||||
Excess of fair value over price paid | $ 11.1 | ||||
Offering costs were allocated to derivative warrant liabilities | $ 1,329,000 | ||||
Underwriters exercised, description | the underwriters exercised their over-allotment option in full and on July 27, 2021, they purchased 4,500,000 additional Units, generating gross proceeds of $45.0 million (the “Over-Allotment”), and incurring offering costs of approximately $2.5 million, of which approximately $1.6 million was for deferred underwriting commissions. | ||||
Investors purchased share units (in Shares) | 32,400,000 | ||||
Gross proceeds | 45,000,000 | ||||
Net proceeds | $ 345,000,000 | ||||
Percentage of fair market value | 80.00% | ||||
Public per share (in Shares) | 10 | ||||
Net tangible assets | $ 5,000,001 | ||||
Business combination percentage | 100.00% | ||||
Public shares redeem percentage | 100.00% | ||||
Operating cash | $ 1.3 | ||||
Working capital | 2,600,000 | ||||
Payment to offering cost | 472,000 | ||||
Loan proceeds | $ 195,000 | ||||
Business Combination [Member] | |||||
Description of Organization, Business Operations and Basis of Presentation (Details) [Line Items] | |||||
Business combination post transaction own percentage | 50.00% | ||||
Business combination, description | If the Company has not completed a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes (less up to $100,000 of interest to pay dissolution expenses and net of taxes payable), divided by the number of then outstanding Public Shares, which redemption will completely extinguish the Public Shareholders’ rights as shareholders (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 remaining shareholders and the board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii), to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. | ||||
Business Combination [Member] | Founder Share [Member] | |||||
Description of Organization, Business Operations and Basis of Presentation (Details) [Line Items] | |||||
Business combination, description | In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution (including Trust Account assets) will be only $10.00 per share initially held in the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor agreed to be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below 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 Public Share due to reductions in the value of the trust assets. | ||||
Initial Public Offering [Member] | |||||
Description of Organization, Business Operations and Basis of Presentation (Details) [Line Items] | |||||
Shares units (in Shares) | 30,000,000 | ||||
Share price per share (in Dollars per share) | $ 10 | ||||
Gross proceeds | $ 300,000,000 | ||||
Offering costs | 30,800,000 | ||||
Deferred underwriting commission | 10,500,000 | ||||
Gross proceeds | $ 300,000,000 | ||||
Net proceeds | $ 3,500,000 | ||||
Payment to offering cost | 25,000 | ||||
Private Placement Warrant [Member] | |||||
Description of Organization, Business Operations and Basis of Presentation (Details) [Line Items] | |||||
Gross proceeds | $ 9,500,000 | ||||
Private Placement Warrant [Member] | Warrant [Member] | |||||
Description of Organization, Business Operations and Basis of Presentation (Details) [Line Items] | |||||
Share price per share (in Dollars per share) | $ 1.5 | ||||
Sale of warrants units (in Shares) | 6,333,333 | ||||
Borrower purchased share (in Shares) | 600,000 | ||||
Second Private Placement [Member] | Warrant [Member] | |||||
Description of Organization, Business Operations and Basis of Presentation (Details) [Line Items] | |||||
Gross proceeds | $ 900,000 | ||||
Class A Ordinary Shares [Member] | |||||
Description of Organization, Business Operations and Basis of Presentation (Details) [Line Items] | |||||
Shares units (in Shares) | 34,500,000 | ||||
Public share percentage | 20.00% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | 8 Months Ended | |
Sep. 30, 2021 | Jun. 22, 2021 | |
Accounting Policies [Abstract] | ||
Net tangible assets | $ 5,000,001 | |
Additional offerings costs | 472,000 | |
Derivative warrant liabilities | 10,600,000 | |
Ordinary shares subject to possible redemption | $ 36,200,000 | |
Additional Paid in Capital | 7,100,000 | |
Accumulated deficit | $ 29,100,000 | |
Reclassification of share par value (in Shares) | 3,621,954 | |
Federal deposit insurance | 250,000 | |
Cash held in trust account | $ 345,000,000 | |
Initial public offering (in Shares) | 34,500,000 | |
Shares subject to possible redemption (in Shares) | 34,500,000 | |
Purchase warrants (in Shares) | 15,558,333 | |
Fair value of derivative warrant liabilities | $ 1,400,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Schedule of basic and diluted net income per share - USD ($) | 3 Months Ended | 8 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Class A Ordinary Shares [Member] | ||
Numerator: | ||
Allocation of net income - basic | $ 3,335,710 | $ 2,471,761 |
Allocation of net income - diluted | $ 3,305,413 | $ 2,366,669 |
Denominator: | ||
Basic weighted average ordinary shares outstanding | 26,380,435 | 10,371,795 |
Diluted weighted average ordinary shares outstanding | 26,380,435 | 10,371,795 |
Basic net income per ordinary share | $ 0.13 | $ 0.24 |
Diluted net income per ordinary share | $ 0.13 | $ 0.23 |
Class B Ordinary Shares [Member] | ||
Numerator: | ||
Allocation of net income - basic | $ 1,050,398 | $ 1,862,987 |
Allocation of net income - diluted | $ 1,080,695 | $ 1,968,079 |
Denominator: | ||
Basic weighted average ordinary shares outstanding | 8,307,065 | 7,817,308 |
Diluted weighted average ordinary shares outstanding | 8,625,000 | 8,625,000 |
Basic net income per ordinary share | $ 0.13 | $ 0.24 |
Diluted net income per ordinary share | $ 0.13 | $ 0.23 |
Initial Public Offering (Detail
Initial Public Offering (Details) - USD ($) | 1 Months Ended | |
Jul. 27, 2021 | Jul. 22, 2021 | |
Initial Public Offering (Details) [Line Items] | ||
Number of shares issued (in Shares) | 4,500,000 | |
Share price per share (in Dollars per share) | $ 10 | |
Gross proceeds | $ 45,000,000 | |
Offering costs | 2,500,000 | |
Deferred underwriting commissions | $ 1,600,000 | |
Sale of units (in Shares) | 32,400,000 | |
Warrants exercise price per share (in Dollars per share) | $ 11.5 | |
IPO [Member] | ||
Initial Public Offering (Details) [Line Items] | ||
Number of shares issued (in Shares) | 30,000,000 | |
Share price per share (in Dollars per share) | $ 10 | |
Gross proceeds | $ 300,000,000 | |
Offering costs | 30,800,000 | |
Deferred underwriting commissions | 10,500,000 | |
Underwriting commission | 11.1 | |
Offering costs allocated to derivate warrant liabilities | $ 1,329,000 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | Feb. 09, 2021 | Jul. 27, 2021 | Jul. 27, 2021 | Jul. 19, 2021 | Feb. 18, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | Jul. 22, 2021 | Feb. 03, 2021 |
Related Party Transactions (Details) [Line Items] | |||||||||
Founder Shares (in Shares) | 1,125,000 | ||||||||
Issued and outstanding ordinary shares percentage | 20.00% | ||||||||
Sponsor transferred founder shares (in Shares) | 1,650,000 | ||||||||
Generating proceeds amount | $ 900,000 | ||||||||
Purchased additional Private Placement Warrants (in Shares) | 600,000 | ||||||||
Borrowed amount | $ 195,000 | ||||||||
Warrant entity price (in Dollars per share) | $ 11.5 | $ 11.5 | |||||||
Office space per month rent amount | $ 10,000 | ||||||||
General and administrative expenses | $ 24,000 | $ 24,000 | |||||||
Business Combination [Member] | |||||||||
Related Party Transactions (Details) [Line Items] | |||||||||
Business acquisition, description | The holders of the Founder Shares agreed, subject to limited exceptions, not to transfer, assign or sell any of their Founder Shares until one year after the completion of the initial Business Combination or earlier if, subsequent to the Business Combination, (x) the last sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 120 days after the initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of the shareholders having the right to exchange their ordinary shares for cash, securities or other property. | ||||||||
Working capital loans | $ 1,500,000 | ||||||||
Warrant entity price (in Dollars per share) | $ 1.5 | $ 1.5 | |||||||
Monte Carlo [Member] | |||||||||
Related Party Transactions (Details) [Line Items] | |||||||||
Fair value of founder shares (in Dollars per share) | 11,100,000 | ||||||||
Fair value of founder shares per share (in Dollars per share) | $ 6.73 | ||||||||
Founder Shares [Member] | |||||||||
Related Party Transactions (Details) [Line Items] | |||||||||
Sponsor paid | $ 25,000 | ||||||||
Ordinary shares stock par value (in Dollars per share) | $ 0.0001 | ||||||||
Over-Allotment Option [Member] | |||||||||
Related Party Transactions (Details) [Line Items] | |||||||||
Founder Shares (in Shares) | 1,125,000 | ||||||||
Generating proceeds amount | $ 9,500,000 | ||||||||
Private Placement Warrants [Member] | |||||||||
Related Party Transactions (Details) [Line Items] | |||||||||
Sale of private placement warrants (in Shares) | 6,333,333 | ||||||||
Share price per share (in Dollars per share) | $ 1.5 | ||||||||
Initial Public Offering [Member] | |||||||||
Related Party Transactions (Details) [Line Items] | |||||||||
Cover expenses | $ 600,000 | ||||||||
Class A Ordinary Shares [Member] | |||||||||
Related Party Transactions (Details) [Line Items] | |||||||||
Ordinary price per share (in Dollars per share) | $ 11.5 | ||||||||
Class A Ordinary Shares [Member] | Founder Shares [Member] | |||||||||
Related Party Transactions (Details) [Line Items] | |||||||||
Issuance of ordinary shares (in Shares) | 7,187,500 | ||||||||
Class B Ordinary Shares [Member] | |||||||||
Related Party Transactions (Details) [Line Items] | |||||||||
Company issued shares (in Shares) | 1,437,500 | ||||||||
Aggregate of founder shares outstanding (in Shares) | 8,625,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | 1 Months Ended | 8 Months Ended |
Jul. 27, 2021 | Sep. 30, 2021 | |
Commitments and Contingencies (Details) [Line Items] | ||
Shares issued additional Units (in Shares) | 32,400,000 | |
Deferred legal fees | $ 150,000 | |
Over-Allotment Option [Member] | ||
Commitments and Contingencies (Details) [Line Items] | ||
Shares issued additional Units (in Shares) | 4,500,000 | |
Share price per unit (in Dollars per share) | $ 0.35 | |
Underwriters additional fee | $ 900,000 | |
Aggregate amount | $ 10,500,000 | |
Additional deferred underwriting commissions | $ 1,600,000 | |
IPO [Member] | ||
Commitments and Contingencies (Details) [Line Items] | ||
Share price per unit (in Dollars per share) | $ 0.2 | |
Underwriters additional fee | $ 6,000,000 |
Class A Ordinary Shares Subje_3
Class A Ordinary Shares Subject to Possible Redemption (Details) - Class A Ordinary Shares [Member] | 8 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Class A Ordinary Shares Subject to Possible Redemption (Details) [Line Items] | |
Ordinary shares authorized | 200,000,000 |
Ordinary shares, par vlaue (in Dollars per share) | $ / shares | $ 0.0001 |
Common stock voting | one |
Ordinary shares, shares outstanding | 34,500,000 |
Class A Ordinary Shares Subje_4
Class A Ordinary Shares Subject to Possible Redemption (Details) - Schedule of ordinary shares subject to possible redemption | 8 Months Ended |
Sep. 30, 2021USD ($) | |
Schedule of ordinary shares subject to possible redemption [Abstract] | |
Gross proceeds | $ 345,000,000 |
Less: | |
Proceeds allocated to public warrants | (14,662,500) |
Class A ordinary shares issuance costs | (29,430,786) |
Plus: | |
Accretion of carrying value to redemption value | 44,093,286 |
Class A ordinary shares subject to possible redemption | $ 345,000,000 |
Shareholder's Deficit (Details)
Shareholder's Deficit (Details) - USD ($) | 8 Months Ended | |
Sep. 30, 2021 | Jul. 27, 2021 | |
Shareholder's Deficit (Details) [Line Items] | ||
Preference shares authorized | 1,000,000 | |
Shares issued | 4,500,000 | |
Converted basis percentage | 20.00% | |
shares outstanding | 34,500,000 | |
Class A Ordinary Shares [Member] | ||
Shareholder's Deficit (Details) [Line Items] | ||
Common stock, shares authorized | 200,000,000 | |
Common stock, par value (in Dollars per share) | $ 0.0001 | |
Shares issued | 34,500,000 | |
Issued and outstanding ordinary shares | 20.00% | |
Class B Ordinary Shares [Member] | ||
Shareholder's Deficit (Details) [Line Items] | ||
Common stock, shares authorized | 20,000,000 | |
Common stock, per share (in Dollars per share) | $ 0.0001 | |
Common stock shares outstanding | 7,187,500 | |
Common stock, shares issued (in Dollars) | $ 25,000 | |
Per share | 0.003 | |
Share capitalization | 1,437,500 | |
Aggregate of founder shares | 8,625,000 | |
Aggregate of shares | 8,625,000 | |
Aggregate of shares were subject to forfeiture | 1,125,000 | |
No longer subject to possible forfeiture | 1,125,000 | |
Shares outstanding and none subject to forfeiture | 8,625,000 |
Derivative Warrant Liabilities
Derivative Warrant Liabilities (Details) | 8 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Derivative Warrant Liabilities (Details) [Line Items] | |
Warrant outstanding | 15,558,333 |
Effective price per share | $ / shares | $ 9.2 |
Newly issued price, percentage | 115.00% |
Warrant [Member] | |
Derivative Warrant Liabilities (Details) [Line Items] | |
Exercise price per share | $ / shares | $ 11.5 |
Public Warrants [Member] | |
Derivative Warrant Liabilities (Details) [Line Items] | |
Warrant outstanding | 8,625,000 |
Private Placement Warrants [Member] | |
Derivative Warrant Liabilities (Details) [Line Items] | |
Warrant outstanding | 6,933,333 |
Private Placement [Member] | |
Derivative Warrant Liabilities (Details) [Line Items] | |
Warrants become exercisable, description | Once the warrants become exercisable, the Company may redeem the outstanding warrants for cash (except as described herein with respect to the Private Placement Warrants): ●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; and ●if, and only if, the last sale price of Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share sub-divisions, share 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. |
Class A Ordinary Shares [Member] | |
Derivative Warrant Liabilities (Details) [Line Items] | |
Warrants become exercisable, description | Commencing 90 days after the warrants become exercisable, the Company may redeem the outstanding warrants for Class A ordinary shares: ●in whole and not in part; ●at a price equal to a number of Class A ordinary shares to be determined by reference to an agreed table based on the redemption date and the “fair market value” of Class A ordinary shares; ●upon a minimum of 30 days’ prior written notice of redemption; and ●if, and only if, the last sale price of Class A ordinary shares equals or exceeds $10.00 per share (as adjusted per share sub-divisions, share dividends, reorganizations, recapitalizations and the like) on the trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. The “fair market value” of Class A ordinary shares shall mean the average reported last sale price of Class A ordinary shares for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants.In no event will the Company be required to net cash settle any warrant. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless. |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Schedule of measured at fair value on a recurring basis | Sep. 30, 2021USD ($) |
Quoted Prices in Active Markets (Level 1) [Member] | Public Warrant [Member] | |
Fair Value Measurements (Details) - Schedule of measured at fair value on a recurring basis [Line Items] | |
Derivative warrant liabilities | $ 10,522,500 |
Quoted Prices in Active Markets (Level 1) [Member] | Private Warrant [Member] | |
Fair Value Measurements (Details) - Schedule of measured at fair value on a recurring basis [Line Items] | |
Derivative warrant liabilities | |
Significant Other Observable Inputs (Level 2) [Member] | Public Warrant [Member] | |
Fair Value Measurements (Details) - Schedule of measured at fair value on a recurring basis [Line Items] | |
Derivative warrant liabilities | |
Significant Other Observable Inputs (Level 2) [Member] | Private Warrant [Member] | |
Fair Value Measurements (Details) - Schedule of measured at fair value on a recurring basis [Line Items] | |
Derivative warrant liabilities | 8,458,666 |
Significant Other Unobservable Inputs (Level 3) [Member] | Public Warrant [Member] | |
Fair Value Measurements (Details) - Schedule of measured at fair value on a recurring basis [Line Items] | |
Derivative warrant liabilities | |
Significant Other Unobservable Inputs (Level 3) [Member] | Private Warrant [Member] | |
Fair Value Measurements (Details) - Schedule of measured at fair value on a recurring basis [Line Items] | |
Derivative warrant liabilities |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details) - Schedule of fair value of the derivative warrant liabilities | 8 Months Ended |
Sep. 30, 2021USD ($) | |
Schedule of fair value of the derivative warrant liabilities [Abstract] | |
Derivative warrant liabilities at February 3, 2021 (inception) | |
Derivative warrant liabilities at September 30, 2021 (unaudited) | |
Issuance of Public and Private Warrants - Level 3 | 26,449,166 |
Transfer of Public Warrants to Level 1 | (14,662,500) |
Transfer of Private Warrants to Level 2 | $ (11,786,666) |