Annual report pursuant to Section 13 and 15(d)

ClassA Ordinary Shares Subject to Possible Redemption

v3.22.1
ClassA Ordinary Shares Subject to Possible Redemption
12 Months Ended
Dec. 31, 2021
Shares Subject To Mandatory Redemption Table [Abstract]  
Class A Ordinary Shares Subject to Possible Redemption
NOTE 7. 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 500,000,000 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 December 31, 2021, there were 49,590,908 Class A ordinary shares outstanding, all of which were subject to possible redemption and are classified outside of permanent equity in the balance sheet.
Class A ordinary shares subject to possible redemption reflected on the balance sheet is reconciled on the following table:
 
Gross proceeds
   $ 495,909,080  
Less:
        
Proceeds allocated to public warrants
     (11,009,180
Class A ordinary share issuance costs
     (27,340,317
Plus:
        
Accretion of carrying value to redemption value
     38,349,497  
    
 
 
 
Class A ordinary share subject to possible redemption
   $ 495,909,080