Class A Ordinary Share Subject To Possible Redemption

6 Months Ended

Jun. 30, 2022

Temporary Equity Disclosure [Abstract]

Class A Ordinary Share 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 400,000,000 shares of Class A ordinary shares with a par value of $0.0001 per share. Holders of the Company’s Class A ordinary shares are entitled to one vote for each share. As of June 30, 2022 and December 31, 2021, there were 57,500,000 shares of Class A ordinary shares outstanding, which were all subject to possible redemption and classified outside of permanent equity in the condensed balance sheets.

The Class A ordinary shares subject to possible redemption reflected on the balance sheet is reconciled on the following table:

Gross proceeds	$	575,000,000
Less:
Fair value of Public Warrants at issuance		(28,750,000	)
Offering costs allocated to Class A ordinary shares subject to possible redemption		(30,740,575	)
Plus:
Accretion of carrying value to redemption value		59,490,575
Class A ordinary shares subject to possible redemption—December 31, 2021		575,000,000
Increase in redemption value of Class A ordinary shares subject to redemption		1,062,659
Class A ordinary shares subject to possible redemption—June 30, 2022	$	576,062,659