CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION

12 Months Ended

Dec. 31, 2021

CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION [Abstract]

CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION

NOTE 7 - CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION

The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480, “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption are classified as liability instruments and are measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A ordinary shares that feature 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) are classified as temporary equity. At all other times, Class A ordinary shares are classified as shareholders’ equity. 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 uncertain future events. Accordingly, such shares of the Company are classified as temporary equity.

At December 31, 2021, the Class A ordinary shares reflected in the balance sheet are reconciled as follows:

Gross proceeds	$	230,000,000
Less:
Class A ordinary shares issuance costs		(12,739,237	)
Fair value of Public Warrants at issuance		(6,900,000	)
Plus:
Accretion of carrying value to redemption value		24,239,237
Class A ordinary shares subject to possible redemption	$	234,600,000