Class A Common Stock Subject to Possible Redemption

9 Months Ended

Sep. 30, 2021

Class A Common Stock Subject to Possible Redemption

Class A Common Stock Subject to Possible Redemption

7. Class A Common Stock Subject to Possible Redemption.

The Company’s Class A common stock 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 100,000,000 shares of Class A common stock with a par value of $0.0001 per share. Holders of the Company’s Class A common stock are entitled to one vote for each share. As of September 30, 2021, there were 23,000,000 shares of Class A common stock outstanding, which were all subject to possible redemption and are classified outside of permanent equity in the condensed balance sheet.

The Class A common stock subject to possible redemption reflected on the condensed balance sheet is reconciled on the following table:

Gross proceeds	$	230,000,000
Less:
Amount allocated to Public Warrants		(6,727,500)
Class A common stock issuance costs		(10,110,406)
Plus:
Accretion of carrying value to redemption value		16,837,906
Class A common stock subject to possible redemption	$	230,000,000