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Subsequent Events
1 Months Ended
Mar. 31, 2023
Subsequent Events [Abstract]  
Subsequent Events

Note 8 — Subsequent Events

 

The Company evaluated subsequent events and transactions that occurred after the balance sheet date through the date that the financial statements were issued. Based upon this review, other than as disclosed below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.

 

On May 24, 2023, the Company effected a share capitalization of 575,000, resulting in the Sponsor holding 6,325,000 founder shares. All share and per-share data has been retroactively restated to reflect the share capitalization.

 

As disclosed within the notes, on May 30, 3023, the Company consummated the Initial Public Offering of 25,000,000 units, which includes the partial exercise by the underwriters of their over-allotment option in the amount of 3,000,000 Units, at $10.00 per Unit, generating gross proceeds of $250,000,000. Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 7,650,000 Private Placement Warrants to the Sponsor and Cantor Fitzgerald & Co., the representative of the underwriters of the initial Public Offering, at a price of $1.00 per Private Placement Warrant, generating gross proceeds of $7,650,000.

 

As a result of the underwriters’ election to partially exercise their over-allotment option on May 30, 2023, 75,000 founder shares were forfeited resulting in the Sponsor holding 6,250,000 founder shares.

 

As of May 30, 2023, a total of $251,250,000 of the net proceeds from the Initial Public Offering was deposited in a trust account.

 

During May 2023, the Sponsor paid offering costs totaling $108,213 on behalf of the Company. The payment by the Sponsor was considered as drawdown of the promissory note. The Company repaid the promissory notes outstanding balance of $179,665 at the closing of the Initial Public Offering on May 30, 2023.

 

On May 31, 2023, the Sponsor deposited into the Company’s account the $1,342,838, representing the net cash proceeds from Initial Public Offering not held in Trust account.