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Subsequent Events
6 Months Ended
Jun. 30, 2022
Subsequent Events [Abstract]  
Subsequent Events

Note 11 — Subsequent Events 

 

The Subscription Agreements for the PIPE Investment provided the PIPE Investors with the right to terminate their subscription agreements if the proposed Blackstone Business Combination was not consummated by June 23, 2022, the date by which Company was to have originally completed its initial business combination in accordance with the Company’s Amended and Restated Certificate of Incorporation. These investors have exercised their right to terminate their Subscription Agreements. The Company is engaged in negotiations with those and other investors to modify the terms of the Subscription Agreements to eliminate the units portion of the private placement and to modify certain terms of the convertible notes.

 

On July 15, 2022, the Company has engaged I&S to provide marketing and consulting services with respect to the Blackstone Business Combination. The Company will pay I&S a flat fee of $240,000 upon satisfactory completion of the marketing and consulting services but in any event no later than September 23, 2022. The Company shall not be obligated to reimburse I&S for any out-of-pocket expenses.

 

On July 22, 2022, the Company drew down an additional $200,000 on the Second Blackstone Extension Loan, which the Company deposited into the Trust Account on July 26, 2022 to further extended the Business Combination Period by an additional month from July 23, 2022 to August 23, 2022.

 

On August 4, 2022, the Company withdrew an additional $90,380 of interest income from the Trust Account for the payment of the Company’s taxes.

 

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.