XML 23 R13.htm IDEA: XBRL DOCUMENT v3.22.2.2
Subsequent Events
9 Months Ended
Sep. 30, 2022
Subsequent Events  
Subsequent Events

Note 7 — Subsequent Events

Management has evaluated the impact of subsequent events that occurred after the balance sheet date up to the date the unaudited financial statements were issued and, except as disclosed below, has not identified any subsequent events that would have required adjustment or disclosure in the unaudited financial statements.

On October 18, 2022, the Company withdrew $505,813 from the trust account in order to pay taxes, as permitted by the Trust Agreement. The remaining balance held in the trust as of October 31, 2022 was $202,054,188.

As previously reported in Forms 8-K filed with the SEC on October 12, 2022 and November 1, 2022, respectively, the Subscription Agreement discussed in Note 6, and the Excelera Business Combination Agreements dated June 13, 2022 have been terminated.

On November 9, 2022, the company filed a preliminary proxy statement with the SEC on Schedule 14A providing notice of a special meeting during which stockholders will vote on a proposal to extend the date by which the Company must consummate a business combination until December 31, 2023. The proposal would also permit the existing public stockholders to submit their shares for redemption up through the date of the vote. It is uncertain whether the Company's stockholders will approve the extension and how many shares will be tendered for redemption.