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Subsequent Events
3 Months Ended
Mar. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events

Note 11 — Subsequent Events 

 

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the unaudited condensed financial statements were issued and has concluded that all such events that would require adjustment or disclosure have been recognized or disclosed.

 

On April 6, 2022, the Company issued another unsecured promissory note in the principal amount of $115,000 to Blackstone. The proceeds of this note was used to pay outstanding Nasdaq fees owed by the Company. The note is non-interest bearing and payable in cash upon the closing of the Company’s Initial Business Combination. In the event that the Company fails to complete an Initial Business Combination prior to the deadline set forth in its governing document, no payment will be due under the note and the principal balance of the note will be forgiven.

 

On April 26, 2022, the Company engaged Telsey to provide capital markets advisory services in connection with the Company’s Business Combination with Blackstone. The Company will pay Telsey a fixed fee of $650,000, of which $50,000 is payable within thirty days of Telsey completing its capital markets advisory services and the remaining $600,000 is payable upon the consummation of the Company’s Business Combination with Blackstone.

 

On April 27, 2022, the Company issued another unsecured promissory note, the terms of which were later amended and restated on May 11, 2022, in the principal amount of $385,000 to Blackstone. The proceeds of this note will be used as working capital to fund the continued operations of the Company. The note is non-interest bearing and payable in cash upon the earlier of i) the closing of the Company’s Initial Business Combination, and ii) September 23, 2022. The $385,000 of proceeds from this promissory note was deposited into the Company’s operating bank account on May 13, 2022.

 

On April 28, 2022, pursuant to the trust agreement dated as of December 21, 2020 between the Company and CST, the Company issued a request to CST to withdraw $129,279 of interest income from the Trust Account for the payment of the Company’s taxes. The proceeds from this withdrawal were deposited into the Company’s operating bank account on May 10, 2022.

  

On May 13, 2022, the Company filed a preliminary proxy statement on Form PRE 14A (“Extension Proxy Statement”) for a special meeting of stockholders to be held for the approval of the extension of the date by which we must consummate an initial business combination from June 23, 2022 (which is 18 months from the closing of our initial public offering) to September 23, 2022 (or such earlier date as determined by the Company’s Board of Directors).