Quarterly report pursuant to Section 13 or 15(d)

Class A Ordinary Shares Subject to Possible Redemption

v3.22.2.2
Class A Ordinary Shares Subject to Possible Redemption
9 Months Ended
Sep. 30, 2022
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 September 30, 2022 and 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 condensed balance sheets.
Class A ordinary shares subject to possible redemption reflected on the condensed balance sheets 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:
        
Remeasurement of carrying value to redemption value
     38,349,497  
    
 
 
 
Class A ordinary share subject to possible redemption, December 31, 2021
  
$
495,909,080  
Remeasurement of Class A ordinary shares subject to possible redemption
     2,897,690  
    
 
 
 
Class A ordinary share subject to possible redemption, September 30, 2022
   $ 498,806,770