Class A Ordinary Shares Subject to Possible Redemption

6 Months Ended

Jun. 30, 2022

Class A Ordinary Shares Subject to Possible Redemption

Class A Ordinary Shares Subject To Possible Redemption

Note 6 – Class A Ordinary Shares Subject to Possible Redemption

The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of future events. The Company is authorized to issue 200,000,000 ordinary shares with a par value of $0.0001 per share. Holder of the Company’s Class A ordinary shares are entitled to one vote for each share. As of June 30, 2022 and December 31, 2021, there were 27,600,000 Class A ordinary shares outstanding, all of which were subject to possible redemption and are classified outside of permanent equity in the condensed balance sheets.

Class A ordinary shares subject to possible redemption reflected on the condensed balance sheets is reconciled on the following table:

Gross proceeds	$	276,000,000
Less:
Proceeds allocated to public warrants		(13,800,000)
Class A ordinary share issuance costs		(14,560,175)
Plus:
Accretion of carrying value to redemption value		28,360,175
Class A ordinary share subject to possible redemption, December 31, 2021		276,000,000
Increase in redemption value of Class A ordinary shares subject to possible redemption		332,000
Class A ordinary share subject to possible redemption, June 30, 2022	$	276,332,000