Subsequent Events |
3 Months Ended |
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Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 8. SUBSEQUENT EVENTS
The Company evaluated subsequent events and transactions that occurred after the balance sheet date, up to June 10, 2022, the date that the financial statements were issued. Other than described below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.
The registration statement for the Company’s Initial Public Offering was declared effective on April 27, 2022. On May 2, 2022, the Company consummated its Initial Public Offering of 7,875,000 Units at $10.00 per Unit, including 375,000 Units that were issued pursuant to the underwriters’ partial exercise of their over-allotment option, generating gross proceeds of $78,750,000 (see Note 1 and Note 3).
Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement of 3,762,500 Private Placement Warrants at a price of $1.00 per warrant to the Sponsor, generating gross proceeds of $3,762,500 (see Note 4).
Offering costs amounted to $5,093,930 consisting of $1,181,250 of underwriting fees, $2,362,500 of deferred underwriting commissions payable, $946,169 of representative shares (see Note 6), and $604,011 of other offering costs.
At May 2, 2022, the total outstanding balance of the loan payable to Eternal B.V., an affiliate of the Company through common ownership, was $217,641. The loan was fully repaid to the affiliate in June 2022 (see Note 5).
On May 5, 2022, the underwriters waived their right to further exercise the over-allotment option on the Company’s remaining Units. Accordingly, 187,500 of the Founder Shares were forfeited (see Note 5).
On June 2, 2022, the Public Shares, Warrants and Rights commenced trading separately on the Nasdaq Global Market under the symbols “CLRC,” “CLRCW” and “CLRCR,” respectively. No fractional Warrants or Rights will be issued upon separation of the Units and only whole Warrants or Rights can trade. The Units not separated will continue to trade on the Nasdaq Global Market under the symbol “CLRCU.” |