Cover Page
Cover Page - USD ($) | 7 Months Ended | ||
Dec. 31, 2021 | Mar. 24, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Fiscal Period Focus | FY | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Registrant Name | PHOENIX BIOTECH ACQUISITION CORP. | ||
Entity Central Index Key | 0001870404 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
City Area Code | 215 | ||
Local Phone Number | 731-9450 | ||
Entity File Number | 001-40877 | ||
Entity Tax Identification Number | 87-1088814 | ||
Entity Address, Address Line One | 2201 Broadway, Suite 705 | ||
Entity Address, Postal Zip Code | 94612 | ||
Entity Address, City or Town | Oakland | ||
Entity Address, State or Province | CA | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
Entity Shell Company | true | ||
ICFR Auditor Attestation Flag | false | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Auditor Name | Citrin Cooperman & Company, LLP | ||
Auditor Firm ID | 2468 | ||
Auditor Location | New York, NY | ||
Entity Public Float | $ 0 | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Class A Common Stock, par value $0.0001 per share | ||
Trading Symbol | PBAX | ||
Security Exchange Name | NASDAQ | ||
Entity Common Stock, Shares Outstanding | 18,385,000 | ||
Warrant [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Warrants to purchase one share of Class A Common Stock | ||
Trading Symbol | PBAXW | ||
Security Exchange Name | NASDAQ | ||
Capital Units [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Units, each consisting of one share of Class A Common Stock and one-half of one Warrant | ||
Trading Symbol | PBAXU | ||
Security Exchange Name | NASDAQ | ||
Common Class B [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 4,596,250 |
Balance Sheet
Balance Sheet | Dec. 31, 2021USD ($) |
CURRENT ASSETS | |
Cash | $ 1,098,573 |
Prepaid expenses and other assets | 262,500 |
Total current assets | 1,361,073 |
OTHER ASSETS | |
Prepaid expenses-noncurrent | 200,651 |
Deferred Tax Asset | 16,868 |
Investments held in Trust Account | 178,499,615 |
TOTAL ASSETS | 180,078,207 |
CURRENT LIABILITIES | |
Accounts payable and accrued expenses | 14,433 |
Franchise tax Payable | 80,324 |
Due to Affiliate | 3,315 |
Total current liabilities | 98,072 |
LONG TERM LIABILITIES | |
Deferred underwriting fee payable | 9,150,000 |
TOTAL LIABILITIES | 9,248,072 |
COMMITMENTS AND CONTINGENCIES | |
REDEEMABLE COMMON STOCK | |
Class A Common stock subject to possible redemption, $0.0001 par value, 17,500,000 shares at redemption value of $10.20 per share. | 178,500,000 |
STOCKHOLDER'S EQUITY | |
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding | 0 |
Additional paid-in capital | 0 |
Accumulated deficit | (7,670,412) |
Total stockholders' deficit | (7,669,865) |
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | 180,078,207 |
Common Class A [Member] | |
REDEEMABLE COMMON STOCK | |
Class A Common stock subject to possible redemption, $0.0001 par value, 17,500,000 shares at redemption value of $10.20 per share. | 178,500,000 |
STOCKHOLDER'S EQUITY | |
Common stock, value | 88 |
Common Class B [Member] | |
STOCKHOLDER'S EQUITY | |
Common stock, value | $ 459 |
Balance Sheet (Parenthetical)
Balance Sheet (Parenthetical) | Dec. 31, 2021$ / sharesshares |
Temproary equity par or stated value per share | $ / shares | $ 0.0001 |
Temproary equity share authorized | 17,500,000 |
Temproary equity redemption price per share | $ / shares | $ 10.20 |
Preferred stock par or stated value per share | $ / shares | $ 0.0001 |
Preferred stock shares authorized | 1,000,000 |
Preferred stock shares issued | 0 |
Preferred stock shares outstanding | 0 |
Common Class A [Member] | |
Common stock par or stated value per share | $ / shares | $ 0.0001 |
Common stock shares authorized | 60,000,000 |
Common stock shares issued | 885,000 |
Common stock shares outstanding | 885,000 |
Common Class B [Member] | |
Common stock par or stated value per share | $ / shares | $ 0.0001 |
Common stock shares authorized | 10,000,000 |
Common stock shares issued | 4,596,250 |
Common stock shares outstanding | 4,596,250 |
Statement of Operations
Statement of Operations | 7 Months Ended |
Dec. 31, 2021USD ($)$ / sharesshares | |
OPERATING EXPENSES | |
General and administrative | $ 251,706 |
Franchise tax | 80,324 |
Total operating expenses | 332,030 |
OTHER INCOME (EXPENSE) | |
Unrealized loss on marketable securities held in Trust Account | (385) |
LOSS BEFORE PROVISION FOR INCOME TAXES | (332,415) |
Income tax expense (benefit) | (16,868) |
NET LOSS | (315,547) |
Common Class A [Member] | |
OTHER INCOME (EXPENSE) | |
NET LOSS | $ (164,860) |
WEIGHTED AVERAGE SHARES OUTSTANDING, BASIC AND DILUTED | shares | 5,041,048 |
BASIC AND DILUTED NET LOSS PER SHARE | $ / shares | $ 4.15 |
Common Class B [Member] | |
OTHER INCOME (EXPENSE) | |
NET LOSS | $ (150,687) |
WEIGHTED AVERAGE SHARES OUTSTANDING, BASIC AND DILUTED | shares | 4,607,658 |
BASIC AND DILUTED NET LOSS PER SHARE | $ / shares | $ (0.03) |
Statement of Changes In Stockho
Statement of Changes In Stockholders' Deficit - 7 months ended Dec. 31, 2021 - USD ($) | Total | Class A Common Stock [Member] | Class B Common Stock [Member] | Common Stock [Member]Class A Common Stock [Member] | Common Stock [Member]Class B Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] |
Beginning Balance at Jun. 07, 2021 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||
Beginning Balance, Shares at Jun. 07, 2021 | 0 | 0 | |||||
Issuance of Common Stock to initial stockholder | 25,000 | $ 467 | 24,533 | ||||
Issuance of Common Stock to initial stockholder, Shares | 4,679,125 | ||||||
Proceeds from Initial Public Offering Costs allocated to Public Warrants (net of offering costs) | 4,866,687 | 4,866,687 | |||||
Sale of private placement units | 8,850,000 | $ 88 | 8,849,912 | ||||
Sale of private placement units, Shares | 885,000 | ||||||
Forfeiture of shares | $ (8) | 8 | |||||
Forfeiture of shares, Shares | (82,875) | ||||||
Accretion for Class A Common Stock to redemption value | (21,096,005) | (13,741,140) | (7,354,865) | ||||
Net loss | (315,547) | $ (164,860) | $ (150,687) | (315,547) | |||
Ending Balance, Shares at Dec. 31, 2021 | 885,000 | 4,596,250 | |||||
Ending Balance at Dec. 31, 2021 | $ (7,669,865) | $ 88 | $ 459 | $ 0 | $ (7,670,412) |
Statement of Cash Flows
Statement of Cash Flows | 7 Months Ended |
Dec. 31, 2021USD ($) | |
CASH FLOWS FROM OPERATING ACTIVITIES | |
Net loss | $ (315,547) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
Unrealized loss on marketable securities held in Trust Account | 385 |
Income tax expense (benefit) | (16,868) |
Changes in operating assets and liabilities: | |
Prepaid expenses and other assets | (463,151) |
Due to Affiliates | 3,315 |
Accounts payable and accrued expenses | 14,433 |
Franchise tax Payable | 80,324 |
Net cash flows used in operating activities | (697,109) |
CASH FLOWS FROM INVESTING ACTIVITIES | |
Cash deposited to Trust Account | (178,500,000) |
Net cash flows used in investing activities | (178,500,000) |
CASH FLOWS FROM FINANCING ACTIVITIES | |
Proceeds from initial public offering | 172,365,000 |
Proceeds from notes payable—related party | 55,000 |
Payments from notes payable—related party | (55,000) |
Proceeds from private placement units | 8,850,000 |
Proceeds from the issuance of class B stock to sponsor | 25,000 |
Payment of offering costs | (944,318) |
Net cash flows provided by financing activities | 180,295,682 |
NET CHANGE IN CASH | 1,098,573 |
CASH, BEGINNING OF PERIOD | 0 |
CASH, END OF PERIOD | 1,098,573 |
Supplemental disclosure of noncash activities: | |
Deferred underwriting commissions payable charged to additional paid in capital | 9,150,000 |
Accretion for Class A common stock to redemption value | $ 21,096,005 |
Description of Organization and
Description of Organization and Business Operations and Liquidity | 7 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Organization and Business Operations and Liquidity | Note 1 — Description of Organization and Business Operations and Liquidity Phoenix Biotech Acquisition Corp. the (“ Company”) was incorporated in Delaware on June 8, 2021. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. As of December 31, 2021 the Company had not commenced any operations. All activity through December 31, 2021 relates to the Company’s formation and Initial Public Offering (“IPO”), which is described below and, since the offering, the search for a prospective 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 will generate non-operating income in the form of interest income earned on investments from the proceeds derived from the IPO. The registration statement for the Company’s IPO was declared effective on October 5, 2021. On October 8, 2021, the Company consummated the IPO of units (“Units”) with respect to the Class A common stock included in the Units being offered (the “Public Shares”) at $ per Unit generating gross proceeds of $ , which is discussed in Note 3. The company has selected December 31 as its fiscal year end. Simultaneously with the closing of the IPO, the Company consummated the sale of units (“Private Placement Units”) at a price of $ per Private Placement Unit in a private placement to the Company’s sponsor, Phoenix Biotech Sponsor, LLC (the “Sponsor”), Cantor Fitzgerald & Co. (“ Cantor”) and Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC (“CCM”), generating gross proceeds of $ , which is described in Note 4. Simultaneously with the closing of the IPO, the Company consummated the closing of the sale of additional Units upon receiving notice of the underwriter’s election to partially exercise its overallotment option (“Overallotment Units”), generating additional gross proceeds of $ and incurring additional offering costs of $ in underwriting fees, all of which is deferred until the completion of the Company’s initial business combination. Simultaneously with the exercise of the overallotment, the Company consummated the Private Placement of an additional Private Placement Units to the Sponsor and CCM, generating gross proceeds of $ . Offering costs for the IPO and overallotment option amounted to $ , consisting of $ of underwriting fees, $ of deferred underwriting fees payable (which are held in the Trust Account (defined below)) and $ of other costs. As described in Note 6, the $ of deferred underwriting fee payable is contingent upon the consummation of a Business Combination by January 8, 2023, subject to the terms of the underwriting agreement. Following the closing of the IPO, $ ($ per Unit) from the net proceeds of the sale of the Units in the IPO, the Overallotment Units and the Private Placement Units was placed in a trust account (“Trust Account”) and will be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of days or less or in money market funds meeting the conditions 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 has broad discretion with respect to the specific application of the net proceeds of the IPO and the sale of the Private Placement Units, 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 assets held in the Trust Account (excluding the deferred underwriting commissions and taxes payable on income earned on the Trust Account) at the time of the agreement to enter into the 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. There is no assurance the Company will be able to successfully effect a Business Combination. The Company will provide the holders of the outstanding Public Shares (the “Public Stockholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company. The Public Stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $ per Public Share, plus any pro rata interest then in the Trust Account, net of taxes payable). There will be no redemption rights with respect to the Company’s warrants. All of the Public Shares contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s liquidation, if there is a stockholder vote or tender offer in connection with the Company’s Business Combination and in connection with certain amendments to the Company’s amended and restated certificate of incorporation (the “Certificate of Incorporation”). In accordance with the rules of the U.S. Securities and Exchange Commission (the “SEC”) and its guidance on redeemable equity instruments, which has been codified in Accounting Standards Codification (“ASC”) 480-10-S99, redemption provisions not solely within the control of a company require common stock subject to redemption to be classified outside of permanent equity. Given that the Public Shares were issued with other freestanding instruments (i.e., public warrants), the initial carrying value of Class A common stock classified as temporary equity will be the allocated proceeds determined in accordance with ASC 470-20. The Class A common stock is subject to ASC 480-10-S99. If it is probable that the equity instrument will become redeemable, the Company has the option to either (i) accrete changes in the redemption value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable, if later) to the earliest redemption date of the instrument or (ii) recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Company has elected to recognize the changes immediately. The accretion or remeasurement will be treated as a deemed dividend (i.e., a reduction to retained earnings, or in absence of retained earnings, additional paid-in capital). While redemptions cannot cause the Company’s net tangible assets to fall below $ , the Public Shares are redeemable and are classified as such on the balance sheet until such date that a redemption event takes place. Redemptions of the Company’s Public Shares may be subject to the satisfaction of conditions, including minimum cash conditions, pursuant to an agreement relating to the Company’s Business Combination. If the Company seeks stockholder approval of the Business Combination, the Company will proceed with a Business Combination if a majority of the shares voted are voted in favor of the Business Combination, or such other vote as required by law or stock exchange rule. If a stockholder vote is not required by applicable law or stock exchange listing requirements and the Company does not decide to hold a stockholder vote for business or other reasons, the Company will, pursuant to its Certificate of Incorporation, conduct the redemptions pursuant to the tender offer rules of the SEC and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the transaction is required by applicable law or stock exchange listing requirements, or the Company decides to obtain stockholder approval for business or other reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks stockholder approval in connection with a Business Combination, the Sponsor has agreed to vote its Founder Shares (as defined in Note 5) and any Public Shares purchased during or after the IPO in favor of approving a Business Combination. Additionally, each Public Stockholder may elect to redeem their Public Shares without voting, and if they do vote, irrespective of whether they vote for or against the proposed transaction. Notwithstanding the foregoing, the Certificate of Incorporation provides that a Public Stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 20% or more of the Class A common stock sold in the IPO, without the prior consent of the Company. The Company’s Sponsor, officers and directors (the “Initial Stockholders”) have agreed not to propose an amendment to the Certificate of Incorporation that would affect the substance or timing of the Company’s obligation to redeem % of its Public Shares if the Company does not complete a Business Combination within the Combination Period (defined below), unless the Company provides the Public Stockholders with the opportunity to redeem their shares of Class A common stock in conjunction with any such amendment. If the Company is unable to complete a Business Combination by , months from the closing of the IPO (“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 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 us to pay the Company’s franchise and income taxes (less up to $ of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. The Initial Stockholders have agreed to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Initial Stockholders should acquire Public Shares in or after the IPO, 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 have agreed to waive their rights to the deferred underwriting commission (see Note 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 residual assets remaining available for distribution (including Trust Account assets) will be only $ per share held in the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a vendor 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. 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 IPO against certain liabilities, including liabilities under the Securities Act of , as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. Risks and Uncertainties In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (“COVID-19”) COVID-19 COVID-19 Liquidity and Capital Resources As of December 31, 2021, the Company had $1,098,573 in its operating bank accounts, $178,499,615 in Cash and marketable securities held in Trust Account to be used for a Business Combination or to repurchase or redeem its Common Stock in connection therewith and working capital of $1,263,001. Prior to the completion of the IPO, the Company lacked the liquidity it needed to sustain operations for a reasonable period of time, which is considered to be one year from the issuance date of the financial statement. The Company has since completed its IPO at which time capital in excess of the funds deposited in the Trust Account and/or used to fund offering expenses was released to the Company for general working capital purposes. Additionally, 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”). The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion. Up to million of such Working Capital Loans may be convertible into units of the post Business Combination company. Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity to meet its needs through the earlier of the consummation of a B |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 7 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 — Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC. Emerging Growth Company The Company is an emerging growth company as defined in Section 102(b)(1) of the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), which 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 an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised, and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those estimates. 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. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did t have any cash equivalents as of December , . Investments Held in Trust Account At December 31, 2021, substantially all of the assets held in the Trust Account were held in U.S. Treasury securities. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held in Trust Account are included in interest earned on marketable securities held in Trust Account in the accompanying Offering Costs associated with the Initial Public Offering Offering costs, including additional underwriting fees associated with the underwriters’ exercise of the over-allotment option, consist principally of legal, accounting, underwriting fees and other costs directly related to the IPO. Offering costs, including those attributable to the underwriters’ partial exercise of the over-allotment option, amounted to $ . This amount was charged to stockholders’ deficit upon the completion of the IPO. 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 $ . At December 31, 2021, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such account. Fair Value of Financial Instruments The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. Income Taxes The Company complies with the accounting and reporting requirements of ASC 740, “Income Taxes” (“ASC 740”), which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC 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. There were unrecognized tax benefits as of December , . The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties for December , . The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. Deferred tax liabilities and assets are determined based on the difference between the financial statement and tax basis of assets and liabilities, using enacted tax rates in effect for the year in which the differences are expected to reverse. Current income taxes are based on the year’s income taxable for federal and state income tax reporting purposes. Total tax provision may differ from the statutory tax rates applied to income before provision for income taxes due principally to expenses charged which are not tax deductible. The total provision benefit for income taxes is comprised of the following: December 31, Current expense $ — Deferred tax benefit 69,807 Change in valuation allowance (52,939 ) Total income tax benefit $ 16,868 The net deferred tax assets and liabilities in the accompanying balance sheets included the following components: December 31, Deferred tax assets $ 69,807 Deferred tax liabilities — Valuation allowance for deferred tax assets (52,939 ) Net deferred tax assets $ 16,868 The deferred tax assets as of December 31, 2021 were comprised of the tax effect of cumulative temporary differences as follows: December 31, General and administration expenses before business combination $ 69,807 Valuation allowance for deferred tax assets (52,939 ) Total $ 16,868 In assessing the realization $ . A reconciliation of the statutory federal income tax rate (benefit) to the Company’s effective tax rate is as follows: December 31, Statutory federal income tax rate 21.0 % State taxes, net of federal tax benefit 0.0 % Valuation allowance (26.1 )% Income tax provision (benefit) (5.1 ) % Class A Common Stock Subject to Possible Redemption The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in ASC 480. Shares of Class A common stock subject to mandatory redemption (if any) are classified as a liability instrument and is measured at fair value. Conditionally redeemable Class A common stock (including Class A common stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, Class A common stock is classified as stockholders’ equity. The Company’s Class A common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, at December 31, 2021, 17,500,000 shares of Class A common stock subject to possible redemption is presented as temporary equity, outside of the stockholders’ deficit section of the Company’s balance sheet. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable Class A common stock to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable common stock are affected by charges against additional paid in capital and accumulated deficit. At December 31, 2021, the Class A common stock subject to possible redemption reflected in the balance sheet is reconciled in the following table: Gross proceeds $ 175,000,000 Less: Fair value of Public Warrants at issuance (net of offering costs) (5,250,000 ) Class A common stock issuance costs (12,346,005 ) Plus: Accretion of carrying value to redemption value 21,096,005 Class A common stock subject to possible redemption $ 178,500,000 Net Income (loss) The Company has classes of shares, which are referred to as Class A common stock and Class B Common Stock (the “Founder Shares”). Earnings and losses are shared pro rata between the classes of shares. Public Warrants (see Note and Private Placement Warrants (see Note to purchase per share were issued on October , . At December , , Public Warrants or Private Placement Warrants have been exercised. The potential shares of Class A common stock for outstanding Public Warrants and Private Placement Warrants to purchase the Company’s stock were excluded from diluted earnings per share for the period ended December , because they are contingently exercisable, and the contingencies have not yet been met. As a result, diluted net income per common stock is the same as basic net income per common stock for the period. For the period June 8, 2021 Net Income (loss) $ (315,547 ) Accretion for Class A Common Stock to redemption value (21,096,005 ) Net loss including accretion of temporary equity to redemption value $ (21,411,552 ) Class A Class B NUMERATOR Allocation of net loss before accretion income $ (164,860 ) $ (150,687 ) Accretion for Class A Common Stock to redemption value 21,096,005 — Net loss including accretion of temporary equity to redemption value $ 20,931,145 $ (150,687 ) DENOMINATOR Weighted Average Shares Outstanding including common stock subject to redemption 5,041,048 4,607,658 Basic and dilution net income (loss) per share $ 4.15 $ (0.03 ) Accounting for Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the instruments’ specific terms and applicable authoritative guidance in ASC 480 and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the instruments are free standing financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the instruments meet all of the requirements for equity classification under ASC 815, including whether the instruments are indexed to the Company’s own common stock and whether the instrument holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, was conducted at the time of warrant issuance and as of each subsequent period end date while the instruments are outstanding. Management has concluded that the Public Warrants and Private Placement Warrants issued pursuant to the warrant agreement qualify for equity accounting treatment. Recent Accounting Pronouncements In August 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-06, 470-20) 815-40): 2020-06 The Company’s 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 financial statement |
Initial Public Offering and Ove
Initial Public Offering and Over-Allotment | 7 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Initial Public Offering [Abstract] | |
Initial Public Offering and Over-Allotment | Note 3 — Initial Public Offering and Over-Allotment Pursuant to the IPO, the Company sold 17,500,000 units (including 2,000,000 units as part of the underwriters’ partial exercise of the over-allotment option) at a price of $10.00 per Unit. Each Unit consists of one share of Class A common stock (such shares of Class A common stock included in the Units being offered, the “Public Shares”), and one |
Private Placement Warrants
Private Placement Warrants | 12 Months Ended |
Dec. 31, 2021 | |
Private Placement [Abstract] | |
Private Placement Warrants | Note 4 — Private Placement Warrants On October 8, 2021, simultaneously with the consummation of the IPO, the Company consummated the issuance and sale (“Private Placement”) of 885,000 Units (the “Placement Units”) in a private placement transaction at a price of $10.00 per Placement Unit, generating gross proceeds of $8,850,000. The Placement Units were purchased by Cantor (155,000 Units), CCM (30,004 Units) and Sponsor (699,996 Units). Each whole Placement Unit consists of one placement share and one |
Related Party Transactions
Related Party Transactions | 7 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure | Note 5 — Related Party Transactions Founder Shares On June 18, 2021, the Sponsor provided funds to pay for certain costs totaling $25,000 on behalf of the Company as consideration for 4,598,750 shares of Class B common stock (the “Founder Shares”). In September 2021, the Company effected a 0.017 for 1 stock dividend for each share of Class B common stock outstanding, and, as a result, the Sponsor holds 4,679,125 Founder Shares. As a result, the Company’s shares have been retroactively adjusted for this stock dividend; however, due to the shares being closely held the corresponding earnings have not been capitalized from retained earnings. The Sponsor agreed to forfeit up to 592,875 Founder Shares to the extent that the 45-day The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earliest of: (a) one year after the completion of a Business Combination and (b) subsequent to a Business Combination, (x) if the closing price of the shares of Class A common stock equals or exceeds $12.00 per share (as adjusted) for any 20 trading days within any 30-trading Related Party Loans On June 18, 2021, the Sponsor agreed to loan the Company an aggregate of up to to cover expenses related to the Proposed Public Offering pursuant to a promissory note which was amended on September 10, 2021 (as amended, the “Note”). This loan is non-interest. The Company had $55,000 in borrowings under the Note, which was repaid in full on October 12, 2021. Accordingly, as of December 31, 2021, the Company had no borrowings under the Note. 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 would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. 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 units of the post Business Combination entity at a price of per unit. The warrants would be identical to the Private Placement Units. Consulting Services The Company entered into an agreement, commencing on the date of its listing on NASDAQ Support Services The Company entered into an agreement, commencing on the date of its listing on NASDAQ |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 6 — Commitments and Contingencies Registration Rights The holders of Founder Shares, Placement Units (including securities contained therein) and units that may be issued upon conversion of working capital loans, if any, are entitled to registration rights (in the case of the Founder Shares, only after conversion of such shares to shares of Class A common stock) pursuant to a registration rights agreement dated October 5, 2021. These holders are entitled to certain demand and “piggyback” registration rights. However, the registration rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to lock-up Underwriting Agreement The Company granted the underwriters a 45-day The underwriters were paid a cash underwriting discount of $0.20 per unit, or $3,100,000 in the aggregate at the closing of the IPO, of which $465,000 was reimbursed to the Company to pay for additional advisors. The underwriters’ agreed to defer any additional fees related to the exercise of the over-allotment option until the Company completes a Business Combination. As such, $400,000 of additional underwriting fees related to the over-allotment have been deferred. In addition, the underwriters are entitled to a deferred underwriting commissions of $0.50 per unit, or $8,750,000 ($9,150,000 in the aggregate when including the $400,000 noted above) from the closing of the IPO. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. |
Stockholder's Equity
Stockholder's Equity | 7 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Stockholders Equity | Note 7 — Stockholders’ Equity Common Stock Class A common stock — The Company is authorized to issue 60,000,000 shares of Class A common stock with a par value of $0.0001 per share. As of December 31, 2021, there were 17,500,000 shares subject to redemption which are presented as temporary equity. As of December 31, 2021, there were 885,000 Class B common stock — The Company is authorized to issue 10,000,000 shares of Class B common stock with a par value of $0.0001 per share. Holders of Class B common stock are entitled to one vote for each share. As of December 31, 2021, there 45-day Prior to the consummation of an initial Business Combination, only holders of shares of Class B common stock will have the right to vote on the election of directors. Holders of shares of Class A common stock and shares of Class B common stock will vote together as a single class on all other matters submitted to a vote of stockholders. The shares of Class B common stock will automatically convert into shares of Class A common stock at the time of a Business Combination at a ratio such that the number of shares of Class A common stock issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of (i) the total number of common stock issued and outstanding upon completion of the IPO, plus (ii) the total number of shares of Class A common stock issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of a Business Combination, excluding any shares of Class A common stock or equity-linked securities exercisable for or convertible into shares of Class A common stock issued, deemed issued, or to be issued, to any seller in a Business Combination and any Placement Warrants issued to the Sponsor, its affiliates or any member of the management team upon conversion of Working Capital Loans. In no event will the shares of Class B common stock convert into shares of Class A common stock at a rate of less than one-to-one. Preferred stock Warrants — In order to account for the fair value of the warrants on IPO, the Company used Monte Carlo Model Simulation. The key assumptions in the option pricing model utilized are assumptions related to expected share-price volatility, expected term, risk-free interest rate and dividend yield. The expected volatility as of the IPO Closing Date was derived from observable public warrant pricing on comparable ‘blank check’ companies that recently went public in 2020 and 2021. The risk-free interest rate is based on the interpolated U.S. Constant Maturity Treasury yield. The expected term of the warrants is assumed to be six months until the close of a Business Combination, and the contractual five-year term subsequently. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero. The fair value of the Public Warrants and Private Placement Warrants as on October 6, 2021, was $ and $ respectively. At December 31, 2021, there were 8,750,000 Public Warrants and 442,500 Private Placement Warrants outstanding. The Public Warrants will become exercisable on the later of (a) days after the completion of a Business Combination or (b) months from the closing of the IPO. No warrants will be exercisable for cash unless the Company has an effective and current registration statement covering the common stock issuable upon exercise of the warrants and a current prospectus relating to such common stock. Notwithstanding the foregoing, if a registration statement covering the common stock issuable upon exercise of the Public Warrants is not effective within a specified period following the consummation of a Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act, provided that such exemption is available. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis. The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. Once the warrants become exercisable, the Company may redeem the Public Warrants: • in whole and not in part; • at a price of $0.01 per warrant; • upon not less than 30 days’ prior written notice of redemption; • if, and only if, the reported last sale price of Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations), for any 20 trading days within a 30-trading-day • if, and only if, there is a current registration statement in effect with respect to the shares of Class A common stock underlying the warrants. If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The Placement Warrants are identical to the Public Warrants underlying the Units sold in the IPO, except that the Placement Warrants and the common stock issuable upon the exercise of the Placement Warrants will not be transferable, assignable or salable until after the completion of a Business Combination, subject to certain limited exceptions. The Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. The exercise price and number of shares of common stock issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuances of common stock at a price below their respective exercise prices. Additionally, in no event will the Company be required to net cash settle the warrants. If the Company is unable to complete a Business Combination 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. In addition, if the Company issues additional common stock or equity-linked securities for capital raising purposes in connection with the closing of a Business Combination at an issue price or effective issue price of less than $9.20 per share of common stock (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors, and in the case of any such issuance to the Initial Stockholders or their affiliates, without taking into account any Founder Shares held by them prior to such issuance), and (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of a Business Combination on the date of the consummation of a Business Combination (net of redemptions), and (z) the volume weighted-average trading price of the Company’s common stock during the 20-trading-day |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Note 8 — Fair Value Measurements The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. At December 31, 2021, the assets held in the Trust Account were held in U.S Treasury Securities. All of the Company’s investments held in the Trust Account are classified as trading securities The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis at December 31, 2021 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value. Level Quoted Prices in Significant Other Significant Other Assets: U.S. Treasury Securities 1 $ 178,499,615 — — |
Subsequent Events
Subsequent Events | 7 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 9 — Subsequent Events The Company has evaluated subsequent events through the date these financial statements were issued and determined that there were no subsequent events that would require adjustment or disclosure. The following exhibits are filed as part of, or incorporated by reference into, this Annual Report on Form 10-K. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 7 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC. |
Emerging Growth Company | Emerging Growth Company The Company is an emerging growth company as defined in Section 102(b)(1) of the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), which 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 an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised, and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those estimates. 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. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did t have any cash equivalents as of December , . |
Investments Held in Trust Account | Investments Held in Trust Account At December 31, 2021, substantially all of the assets held in the Trust Account were held in U.S. Treasury securities. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held in Trust Account are included in interest earned on marketable securities held in Trust Account in the accompanying |
Offering Costs associated with the Initial Public Offering | Offering Costs associated with the Initial Public Offering Offering costs, including additional underwriting fees associated with the underwriters’ exercise of the over-allotment option, consist principally of legal, accounting, underwriting fees and other costs directly related to the IPO. Offering costs, including those attributable to the underwriters’ partial exercise of the over-allotment option, amounted to $ . This amount was charged to stockholders’ deficit upon the completion of the IPO. |
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 $ . At December 31, 2021, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such account. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. |
Income Taxes | Income Taxes The Company complies with the accounting and reporting requirements of ASC 740, “Income Taxes” (“ASC 740”), which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC 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. There were unrecognized tax benefits as of December , . The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties for December , . The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. Deferred tax liabilities and assets are determined based on the difference between the financial statement and tax basis of assets and liabilities, using enacted tax rates in effect for the year in which the differences are expected to reverse. Current income taxes are based on the year’s income taxable for federal and state income tax reporting purposes. Total tax provision may differ from the statutory tax rates applied to income before provision for income taxes due principally to expenses charged which are not tax deductible. The total provision benefit for income taxes is comprised of the following: December 31, Current expense $ — Deferred tax benefit 69,807 Change in valuation allowance (52,939 ) Total income tax benefit $ 16,868 The net deferred tax assets and liabilities in the accompanying balance sheets included the following components: December 31, Deferred tax assets $ 69,807 Deferred tax liabilities — Valuation allowance for deferred tax assets (52,939 ) Net deferred tax assets $ 16,868 The deferred tax assets as of December 31, 2021 were comprised of the tax effect of cumulative temporary differences as follows: December 31, General and administration expenses before business combination $ 69,807 Valuation allowance for deferred tax assets (52,939 ) Total $ 16,868 In assessing the realization $ . A reconciliation of the statutory federal income tax rate (benefit) to the Company’s effective tax rate is as follows: December 31, Statutory federal income tax rate 21.0 % State taxes, net of federal tax benefit 0.0 % Valuation allowance (26.1 )% Income tax provision (benefit) (5.1 ) % |
Class A Common Stock Subject to Possible Redemption | Class A Common Stock Subject to Possible Redemption The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in ASC 480. Shares of Class A common stock subject to mandatory redemption (if any) are classified as a liability instrument and is measured at fair value. Conditionally redeemable Class A common stock (including Class A common stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, Class A common stock is classified as stockholders’ equity. The Company’s Class A common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, at December 31, 2021, 17,500,000 shares of Class A common stock subject to possible redemption is presented as temporary equity, outside of the stockholders’ deficit section of the Company’s balance sheet. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable Class A common stock to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable common stock are affected by charges against additional paid in capital and accumulated deficit. At December 31, 2021, the Class A common stock subject to possible redemption reflected in the balance sheet is reconciled in the following table: Gross proceeds $ 175,000,000 Less: Fair value of Public Warrants at issuance (net of offering costs) (5,250,000 ) Class A common stock issuance costs (12,346,005 ) Plus: Accretion of carrying value to redemption value 21,096,005 Class A common stock subject to possible redemption $ 178,500,000 |
Net Income (loss) per Common Stock | Net Income (loss) The Company has classes of shares, which are referred to as Class A common stock and Class B Common Stock (the “Founder Shares”). Earnings and losses are shared pro rata between the classes of shares. Public Warrants (see Note and Private Placement Warrants (see Note to purchase per share were issued on October , . At December , , Public Warrants or Private Placement Warrants have been exercised. The potential shares of Class A common stock for outstanding Public Warrants and Private Placement Warrants to purchase the Company’s stock were excluded from diluted earnings per share for the period ended December , because they are contingently exercisable, and the contingencies have not yet been met. As a result, diluted net income per common stock is the same as basic net income per common stock for the period. For the period June 8, 2021 Net Income (loss) $ (315,547 ) Accretion for Class A Common Stock to redemption value (21,096,005 ) Net loss including accretion of temporary equity to redemption value $ (21,411,552 ) Class A Class B NUMERATOR Allocation of net loss before accretion income $ (164,860 ) $ (150,687 ) Accretion for Class A Common Stock to redemption value 21,096,005 — Net loss including accretion of temporary equity to redemption value $ 20,931,145 $ (150,687 ) DENOMINATOR Weighted Average Shares Outstanding including common stock subject to redemption 5,041,048 4,607,658 Basic and dilution net income (loss) per share $ 4.15 $ (0.03 ) |
Accounting for Warrants | Accounting for Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the instruments’ specific terms and applicable authoritative guidance in ASC 480 and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the instruments are free standing financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the instruments meet all of the requirements for equity classification under ASC 815, including whether the instruments are indexed to the Company’s own common stock and whether the instrument holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, was conducted at the time of warrant issuance and as of each subsequent period end date while the instruments are outstanding. Management has concluded that the Public Warrants and Private Placement Warrants issued pursuant to the warrant agreement qualify for equity accounting treatment. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-06, 470-20) 815-40): 2020-06 The Company’s 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 financial statement |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 7 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of total provision (benefit) for income taxes | The total provision benefit for income taxes is comprised of the following: December 31, Current expense $ — Deferred tax benefit 69,807 Change in valuation allowance (52,939 ) Total income tax benefit $ 16,868 |
Summary of net deferred tax assets and liabilities in the accompanying balance sheets | The net deferred tax assets and liabilities in the accompanying balance sheets included the following components: December 31, Deferred tax assets $ 69,807 Deferred tax liabilities — Valuation allowance for deferred tax assets (52,939 ) Net deferred tax assets $ 16,868 |
Summary Disclosure of reconciliation of deferred tax assets | The deferred tax assets as of December 31, 2021 were comprised of the tax effect of cumulative temporary differences as follows: December 31, General and administration expenses before business combination $ 69,807 Valuation allowance for deferred tax assets (52,939 ) Total $ 16,868 |
Summary of reconciliation of the statutory federal income tax rate (benefit) to the Company's effective tax rate | A reconciliation of the statutory federal income tax rate (benefit) to the Company’s effective tax rate is as follows: December 31, Statutory federal income tax rate 21.0 % State taxes, net of federal tax benefit 0.0 % Valuation allowance (26.1 )% Income tax provision (benefit) (5.1 ) % |
Summary of Reconciliation of cash flow from common stock subject to possible redemption to redemption value | At December 31, 2021, the Class A common stock subject to possible redemption reflected in the balance sheet is reconciled in the following table: Gross proceeds $ 175,000,000 Less: Fair value of Public Warrants at issuance (net of offering costs) (5,250,000 ) Class A common stock issuance costs (12,346,005 ) Plus: Accretion of carrying value to redemption value 21,096,005 Class A common stock subject to possible redemption $ 178,500,000 |
Summary of basic and diluted net income (loss) per common share | The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net loss per share for each class of stock. For the period June 8, 2021 Net Income (loss) $ (315,547 ) Accretion for Class A Common Stock to redemption value (21,096,005 ) Net loss including accretion of temporary equity to redemption value $ (21,411,552 ) Class A Class B NUMERATOR Allocation of net loss before accretion income $ (164,860 ) $ (150,687 ) Accretion for Class A Common Stock to redemption value 21,096,005 — Net loss including accretion of temporary equity to redemption value $ 20,931,145 $ (150,687 ) DENOMINATOR Weighted Average Shares Outstanding including common stock subject to redemption 5,041,048 4,607,658 Basic and dilution net income (loss) per share $ 4.15 $ (0.03 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 7 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis at December 31, 2021 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value. Level Quoted Prices in Significant Other Significant Other Assets: U.S. Treasury Securities 1 $ 178,499,615 — — |
Description of Organization a_2
Description of Organization and Business Operations and Liquidity - Additional Information (Detail) - USD ($) | Oct. 08, 2021 | Dec. 31, 2021 |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Proceeds from initial public offering gross | $ 172,365,000 | |
Investment of cash in trust account | $ 178,500,000 | |
Cash deposited in trust account per unit | $ 10.20 | |
Term of restricted investments | 185 days | |
Redemption value per share | $ 10.20 | |
Minimum net worth to consummate business combination | $ 5,000,001 | |
Period To complete business combination from closing of the Initial Public Offering | 15 months | |
Expenses payable on dissolution | $ 100,000 | |
Assets held in trust non current | 178,499,615 | |
Cash | 1,098,573 | |
Net working capital | $ 1,263,001 | |
Business Combination [Member] | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Business acquisition, effective date of acquisition | Jan. 8, 2023 | |
Minimum [Member] | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Fair market value as percentage of net assets held in trust account included in initial business combination | 80.00% | |
Post-transaction ownership percentage of the target entity | 50.00% | |
Value per share to be maintained in the trust account | $ 10.20 | |
Initial Stockholders [Member] | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Percentage of Public Shares that would not be redeemed if Business Combination is not completed within Initial Combination Period | 100.00% | |
Sponsor [Member] | Working Capital Loans [Member] | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Debt instrument face value | $ 1,500,000 | |
IPO [Member] | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Units issued during the period shares | 15,500,000 | |
Unit price per share | $ 10 | |
Proceeds from initial public offering gross | $ 155,000,000 | |
Offering costs | 12,729,318 | |
Underwriting fees | 2,635,000 | |
Deferred underwriting fees payable | 9,150,000 | |
Other offering costs | $ 944,318 | |
Private Placement [Member] | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Units issued during the period shares | 885,000 | |
Unit price per share | $ 10 | |
Proceeds from issuance of private placement | $ 8,850,000 | |
Private Placement [Member] | Sponsor and Cohen and Company Capital Markets [Member] | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Units issued during the period shares | (699,996) | |
Additional units issued during the period shares | 40,000 | |
Proceeds from issuance of additional private placement units | $ 400,000 | |
Private Placement [Member] | Sponsor [Member] | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Units issued during the period shares | 845,000 | |
Unit price per share | $ 10 | |
Proceeds from issuance of private placement | $ 8,450,000 | |
Over-Allotment Option [Member] | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Units issued during the period shares | 2,000,000 | |
Unit price per share | $ 10 | |
Deferred underwriting fees payable | $ 1,400,000 | |
Units issued during the period value | $ 20,000,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies -Additional Information (Details) - USD ($) | Oct. 08, 2021 | Dec. 31, 2021 |
Accounting Policies [Line Items] | ||
Cash Equivalents | $ 0 | |
Cash, FDIC Insured amount | 250,000 | |
Unrecognized tax benefits | 0 | |
Unrecognized tax benefits income tax penalties and interest accrued | 0 | |
Valuation allowance | $ 52,939 | |
Temporary equity shares outstanding | 17,500,000 | |
Public Warrants And Private Placement Warrants To Purchase Common Stock [Member] | ||
Accounting Policies [Line Items] | ||
Class of warrants or rights number of securities called for by the warrants or rights | 9,192,500 | |
Class of warrants or rights exercise price per unit | $ 11.50 | |
Antidilutive securities excluded from the computation of earnings per share | 9,192,500 | |
Initial Public Offer And Overallotement [Member] | ||
Accounting Policies [Line Items] | ||
Offering Costs | $ 12,729,318 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Total Provision (Benefit) For Income Taxes (Detail) | 7 Months Ended |
Dec. 31, 2021USD ($) | |
Income Tax Disclosure [Abstract] | |
Current expense | $ 0 |
Deferred tax benefit | 69,807 |
Change in valuation allowance | (52,939) |
Total income tax benefit | $ 16,868 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Net Deferred Tax Assets And Liabilities In The Accompanying Balance Sheets (Detail) | Dec. 31, 2021USD ($) |
Income Tax Disclosure [Abstract] | |
Deferred tax assets | $ 69,807 |
Deferred tax liabilities | 0 |
Valuation allowance for deferred tax assets | (52,939) |
Net deferred tax assets | $ 16,868 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Summary Disclosure of Reconciliation Of Deferred Tax Assets (Detail) | Dec. 31, 2021USD ($) |
Income Tax Disclosure [Abstract] | |
General and administration expenses before business combination | $ 69,807 |
Valuation allowance for deferred tax assets | (52,939) |
Total | $ 16,868 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Summary Of Reconciliation Of The Statutory Federal Income Tax Rate (Benefit) To The Company's Effective Tax Rate (Detail) | 7 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Statutory federal income tax rate | 21.00% |
State taxes, net of federal tax benefit | 0.00% |
Valuation allowance | (26.10%) |
Income tax provision (benefit) | (5.10%) |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Summary of Reconciliation of Cash Flow from Common Stock Subject to Possible Redemption to Redemption Value (Detail) | Dec. 31, 2021USD ($) |
Reconciliation of cash flow from common stock subject to possible redemption to redemption value | |
Class A ordinary shares subject to possible redemption | $ 178,500,000 |
Common Class A [Member] | |
Reconciliation of cash flow from common stock subject to possible redemption to redemption value | |
Gross proceeds | 175,000,000 |
Fair value of Public Warrants at issuance (net of offering costs) | (5,250,000) |
Class A ordinary shares issuance costs | (12,346,005) |
Accretion of carrying value to redemption value | 21,096,005 |
Class A ordinary shares subject to possible redemption | $ 178,500,000 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Summary of Basic and Diluted Net Income (Loss) Per Common Share) (Detail) | 7 Months Ended |
Dec. 31, 2021USD ($)$ / sharesshares | |
Earnings Per Share Basic And Diluted [Line Items] | |
Net Income (loss) | $ (315,547) |
Accretion for Class A Common Stock to redemption value | (21,096,005) |
Net loss including accretion of temporary equity to redemption value | (21,411,552) |
NUMERATOR | |
Allocation of net loss before accretion income | (315,547) |
Accretion for Class A Common Stock to redemption value | (21,096,005) |
Net loss including accretion of temporary equity to redemption value | (21,411,552) |
Common Class A [Member] | |
Earnings Per Share Basic And Diluted [Line Items] | |
Net Income (loss) | (164,860) |
Accretion for Class A Common Stock to redemption value | 21,096,005 |
Net loss including accretion of temporary equity to redemption value | 20,931,145 |
NUMERATOR | |
Allocation of net loss before accretion income | (164,860) |
Accretion for Class A Common Stock to redemption value | 21,096,005 |
Net loss including accretion of temporary equity to redemption value | $ 20,931,145 |
DENOMINATOR | |
Weighted Average Shares Outstanding including common stock subject to redemption | shares | 5,041,048 |
Basic and dilution net income (loss) per share | $ / shares | $ 4.15 |
Common Class B [Member] | |
Earnings Per Share Basic And Diluted [Line Items] | |
Net Income (loss) | $ (150,687) |
Accretion for Class A Common Stock to redemption value | 0 |
Net loss including accretion of temporary equity to redemption value | (150,687) |
NUMERATOR | |
Allocation of net loss before accretion income | (150,687) |
Accretion for Class A Common Stock to redemption value | 0 |
Net loss including accretion of temporary equity to redemption value | $ (150,687) |
DENOMINATOR | |
Weighted Average Shares Outstanding including common stock subject to redemption | shares | 4,607,658 |
Basic and dilution net income (loss) per share | $ / shares | $ (0.03) |
Initial Public Offering and O_2
Initial Public Offering and Over-Allotment - Additional Information (Details) - $ / shares | Oct. 08, 2021 | Dec. 31, 2021 |
Public Warrants [Member] | ||
Class of Stock [Line Items] | ||
Number of warrants included in Unit | 0.5 | |
IPO [Member] | ||
Class of Stock [Line Items] | ||
Units Issued During Period Shares New Issues | 15,500,000 | |
Shares Issued, Price Per Share | $ 10 | |
Over-allotment option[Member] | ||
Class of Stock [Line Items] | ||
Units Issued During Period Shares New Issues | 2,000,000 | |
Shares Issued, Price Per Share | $ 10 | |
Common Class A [Member] | ||
Class of Stock [Line Items] | ||
Number Of Shares Included In Unit | 1 | |
Common Class A [Member] | Public Warrants [Member] | ||
Class of Stock [Line Items] | ||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 1 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 11.50 | |
Common Class A [Member] | IPO [Member] | ||
Class of Stock [Line Items] | ||
Units Issued During Period Shares New Issues | 17,500,000 | |
Shares Issued, Price Per Share | $ 10 | |
Common Class A [Member] | Over-allotment option[Member] | ||
Class of Stock [Line Items] | ||
Units Issued During Period Shares New Issues | 2,000,000 |
Private Placement Warrants - Ad
Private Placement Warrants - Additional Information (Details) - USD ($) | Oct. 08, 2021 | Dec. 31, 2021 |
Common Class A [Member] | ||
Class of Stock [Line Items] | ||
Number Of Shares Included In Unit | 1 | |
Private Placement Warrants [Member] | Common Class A [Member] | ||
Class of Stock [Line Items] | ||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 1 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 11.50 | |
Public Warrants [Member] | ||
Class of Stock [Line Items] | ||
Number of warrants included in Unit | 0.5 | |
Public Warrants [Member] | Common Class A [Member] | ||
Class of Stock [Line Items] | ||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 1 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 11.50 | |
Private Placement [Member] | ||
Class of Stock [Line Items] | ||
Units Issued During Period Shares New Issues | 885,000 | |
Shares Issued, Price Per Share | $ 10 | |
Proceeds from Issuance of Private Placement | $ 8,850,000 | |
Private Placement [Member] | Cantor Fitzgerald and Co [Member] | ||
Class of Stock [Line Items] | ||
Units Issued During Period Shares New Issues | (155,000) | |
Private Placement [Member] | Cohen and Company Capital Markets [Member] | ||
Class of Stock [Line Items] | ||
Units Issued During Period Shares New Issues | (30,004) | |
Private Placement [Member] | Sponsor and Cohen and Company Capital Markets [Member] | ||
Class of Stock [Line Items] | ||
Units Issued During Period Shares New Issues | (699,996) |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | Oct. 08, 2021 | Sep. 30, 2021 | Jun. 18, 2021 | Dec. 31, 2021 | Dec. 31, 2021 |
Related Party Transaction [Line Items] | |||||
Stock issued during the period for services value | $ 25,000 | ||||
Underwriter Agreement [Member] | |||||
Related Party Transaction [Line Items] | |||||
Option for underwriters to purchase additional units term | 45 days | ||||
Sponsor [Member] | |||||
Related Party Transaction [Line Items] | |||||
Monthly consulting fees | $ 15,000 | ||||
Consulting fee incurred under this agreement | 41,613 | ||||
Sponsor [Member] | Working Capital Loans [Member] | |||||
Related Party Transaction [Line Items] | |||||
Debt instrument face value | $ 1,500,000 | $ 1,500,000 | |||
Debt instrument conversion price per share | $ 10 | $ 10 | |||
Related party transaction fees payable per month | $ 20,000 | ||||
Bank overdraft | 0 | $ 0 | |||
Sponsor [Member] | Administration And Support Services [Member] | |||||
Related Party Transaction [Line Items] | |||||
Cumulative Expenses Incurred | $ 60,000 | $ 60,000 | |||
Sponsor [Member] | Promissory Note [Member] | |||||
Related Party Transaction [Line Items] | |||||
Debt instrument face value | $ 300,000 | ||||
Related Party Loans [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to Related Parties | 55,000 | ||||
Common Class B [Member] | |||||
Related Party Transaction [Line Items] | |||||
Common stock shares outstanding | 4,596,250 | 4,596,250 | 4,596,250 | ||
Common stock subject to forfeiture | 592,875 | 592,875 | |||
Common Class B [Member] | Underwriter Agreement [Member] | |||||
Related Party Transaction [Line Items] | |||||
Option for underwriters to purchase additional units term | 45 days | 45 days | |||
Common Class B [Member] | Sponsor [Member] | |||||
Related Party Transaction [Line Items] | |||||
Stock issued during the period for services value | $ 25,000 | ||||
Stock issued during the period shares issued for services | 4,598,750 | ||||
Common stock shares outstanding | 4,679,125 | 4,679,125 | |||
Common stock subject to forfeiture | 592,875 | 592,875 | |||
Founder shares forfeited during the period | 82,875 | ||||
Common Class B [Member] | Sponsor [Member] | Recapitalization [Member] | |||||
Related Party Transaction [Line Items] | |||||
Common stock dividends per share | $ 0.017 | ||||
Common Class A [Member] | |||||
Related Party Transaction [Line Items] | |||||
Common stock shares outstanding | 885,000 | 885,000 | |||
Common Class A [Member] | Sponsor [Member] | |||||
Related Party Transaction [Line Items] | |||||
Share price | $ 12 | $ 12 | |||
Threshold trading days | 20 days | ||||
Threshold consecutive trading days | 30 days | ||||
Period after Initial Business Combination | 150 days |
Commitments and Contingencies -
Commitments and Contingencies - Additional information (Details) - USD ($) | Oct. 08, 2021 | Dec. 31, 2021 |
Over-Allotment Option [Member] | ||
Commitments And Contingencies Disclosure [Line Items] | ||
Shares Issued, Price Per Share | $ 10 | |
Deferred Underwriting Fees Payable | $ 1,400,000 | |
Units Issued During Period Shares New Issues | 2,000,000 | |
IPO [Member] | ||
Commitments And Contingencies Disclosure [Line Items] | ||
Shares Issued, Price Per Share | $ 10 | |
Deferred Underwriting Fees Payable | $ 9,150,000 | |
Units Issued During Period Shares New Issues | 15,500,000 | |
Underwriter Agreement [Member] | ||
Commitments And Contingencies Disclosure [Line Items] | ||
Option for underwriters to purchase additional units term | 45 days | |
Additional Units That Can Be Purchased To Cover Over Allotments | 2,325,000 | |
Underwriter Agreement [Member] | Over-Allotment Option [Member] | ||
Commitments And Contingencies Disclosure [Line Items] | ||
Deferred Underwriting Fees Payable | $ 400,000 | |
Underwriter Agreement [Member] | IPO [Member] | ||
Commitments And Contingencies Disclosure [Line Items] | ||
Underwriting Discount Per Unit | $ 0.20 | |
Cash Underwriting Discount | $ 3,100,000 | |
Reimbursement from Underwriters for Payment to Additional Parties | 465,000 | |
Deferred Underwriting Fees Payable | $ 8,750,000 | |
Deferred Underwriting Commissions Per Unit | $ 0.50 | |
Underwriter Agreement [Member] | Initial Public Offer And Overallotement [Member] | ||
Commitments And Contingencies Disclosure [Line Items] | ||
Deferred Underwriting Fees Payable | $ 9,150,000 |
Stockholder's Equity - Addition
Stockholder's Equity - Additional Information (Details) | Oct. 08, 2021shares | Dec. 31, 2021$ / sharesshares | Dec. 31, 2021$ / sharesshares | Oct. 06, 2021 | Sep. 30, 2021shares |
Preferred Stock Shares Authorized | 1,000,000 | 1,000,000 | |||
Period to exercise warrants after business combination | 30 days | ||||
Period to exercise warrants after closing of proposed public offering | 12 months | ||||
Notice period to redeem warrants | 30 days | ||||
Temporary Equity, Shares Authorized | 17,500,000 | 17,500,000 | |||
Public Warrants [Member] | |||||
Warrants measurement input | 0.60 | ||||
Class of Warrant or Right, Outstanding | 8,750,000 | 8,750,000 | |||
Private Placement Warrants [Member] | |||||
Warrants measurement input | 0.60 | ||||
Class of Warrant or Right, Outstanding | 442,500 | 442,500 | |||
Warrants And Rights Subject To Mandatory Redemption Trigger Price Exceeds Or Equals To Eighteen Dollars Per Share [Member] | Public Warrants [Member] | |||||
Class of warrant redemption price | $ / shares | $ 0.01 | $ 0.01 | |||
Threshold trading days | 20 days | ||||
Threshold consecutive trading days | 30 days | ||||
Underwriter Agreement [Member] | |||||
Option for underwriters to purchase additional units term | 45 days | ||||
Common Class A [Member] | |||||
Common Stock Shares Authorized | 60,000,000 | 60,000,000 | |||
Common stock par or stated value per share | $ / shares | $ 0.0001 | $ 0.0001 | |||
Common stock shares issued | 885,000 | 885,000 | |||
Common Stock Shares Outstanding | 885,000 | 885,000 | |||
Common Class A [Member] | Public Warrants [Member] | Event Triggering Adjustment To Exercise Price Of Warrants [Member] | |||||
Threshold trading days | 20 days | ||||
Shares Issued Price Per Share | $ / shares | $ 9.20 | $ 9.20 | |||
Proceeds to be used for effecting business combination as a percentage of total proceeds | 60.00% | ||||
Volume weighted average price per share | $ / shares | $ 9.20 | $ 9.20 | |||
Adjusted Exercise Price of Warrants Percentage | 115.00% | 115.00% | |||
Common Class A [Member] | Warrants And Rights Subject To Mandatory Redemption Trigger Price Exceeds Or Equals To Eighteen Dollars Per Share [Member] | Public Warrants [Member] | |||||
Share Price | $ / shares | $ 18 | $ 18 | |||
Common Class A [Member] | Sponsor [Member] | |||||
Share Price | $ / shares | $ 12 | $ 12 | |||
Threshold trading days | 20 days | ||||
Threshold consecutive trading days | 30 days | ||||
Common Class B [Member] | |||||
Common Stock Shares Authorized | 10,000,000 | 10,000,000 | |||
Common stock par or stated value per share | $ / shares | $ 0.0001 | $ 0.0001 | |||
Common stock shares issued | 4,596,250 | 4,596,250 | 4,596,250 | ||
Common Stock Shares Outstanding | 4,596,250 | 4,596,250 | 4,596,250 | ||
Common stock subject to forfeiture | 592,875 | 592,875 | |||
Common Class B [Member] | Underwriter Agreement [Member] | |||||
Option for underwriters to purchase additional units term | 45 days | 45 days | |||
Common Class B [Member] | Sponsor [Member] | |||||
Common Stock Voting Rights | one vote | ||||
Common Stock Shares Outstanding | 4,679,125 | 4,679,125 | |||
Founder shares forfeited during the period | 82,875 | ||||
Percentage of common stock issued and outstanding | 20.00% | 20.00% | |||
Common stock subject to forfeiture | 592,875 | 592,875 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Company's Liabilities That are Measured at Fair Value on a Recurring Basis (Detail) | Dec. 31, 2021USD ($) |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
U.S. Treasury Securities | $ 178,499,615 |