SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2022

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Reconciled Class A Ordinary Shares Subject to Possible Redemption

At June 30, 2022 and December 31, 2021, the Class A ordinary shares reflected in the condensed consolidated balance sheets are reconciled in the following table:

Gross proceeds	$	278,760,000
Less:
Proceeds allocated to Public Warrants		(15,897,248	)
Class A ordinary shares issuance costs		(17,568,199	)
Add:
Accretion of carrying value to redemption value		33,465,447
Class A ordinary shares subject to possible redemption at December 31, 2020		278,760,000
Plus:
Accretion of carrying value to redemption value		5,520,000
Class A ordinary shares subject to possible redemption at December 31, 2021		284,280,000
Plus:
Accretion of carrying value to redemption value		3,262,770
Class A ordinary shares subject to possible redemption at June 30, 2022	$	287,542,770

Basic and Diluted Net Income (Loss) Per Ordinary Share

The calculation of diluted income per share does not consider the effect of the warrants issued in connection with the (i) Initial Public Offering, and (ii) the private placement since the exercise of the warrants is contingent upon the occurrence of future events. The warrants are exercisable to purchase 32,360,000 Class A ordinary shares in the aggregate. As of June 30, 2022 and 2021, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted net loss per ordinary share is the same as basic net loss per ordinary share for the periods presented. The following table reflects the calculation of basic and diluted net income per ordinary share:

	Three Months Ended June 30,										Six Months Ended June 30,
	2022			2022			2021		2021		2022				2021
	Class A			Class B			Class A		Class B		Class A		Class B		Class A		Class B
Basic and diluted net (loss) income per ordinary share
Numerator:
Allocation of net (loss) income	$	(6,014,466	)	$	(1,503,616	)	$	4,340,706	$	1,085,177	$	393,001	$	98,250	$	8,798,407	$	2,119,602
Denominator:
Basic and diluted weighted average shares outstanding		27,600,000			6,900,000			27,600,000		6,900,000		27,600,000		6,900,000		27,600,000		6,900,000
Basic and diluted net (loss) income per ordinary share	$	(0.22	)	$	(0.22	)	$	0.16	$	0.16	$	0.01	$	0.01	$	0.32	$	0.32