Ordinary Shares Subject to Possible Redemption

6 Months Ended

Jun. 30, 2022

Ordinary Shares Subject to Possible Redemption [Abstract]

Ordinary Shares Subject to Possible Redemption

Note 7-Ordinary Shares Subject to Possible Redemption

The Company’s Public Shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of future events. The Company is authorized to issue 100,000,000 ordinary shares with a par value of $0.0001 per share. Holders of the Company’s ordinary shares are entitled to one vote for each share. As of June 30, 2022 and December 31, 2021, there were 20,450,000 ordinary shares outstanding, 16,000,000 of which were subject to possible redemption and are classified outside of permanent equity in the condensed consolidated balance sheets.

The ordinary shares subject to possible redemption reflected on the condensed consolidated balance sheets are reconciled on the following table:

Gross proceeds received from Initial Public Offering	$	160,000,000
Less:
Offering costs allocated to Public Shares		(9,418,420	)
Plus:
Accretion on ordinary shares to redemption value		9,418,420
Ordinary shares subject to possible redemption as of December 31, 2021		160,000,000
Increase in redemption value of ordinary shares subject to possible redemption		139,964
Ordinary shares subject to possible redemption as of June 30, 2022	$	160,139,964