Subsequent Events

6 Months Ended

Jun. 30, 2022

Subsequent Events [Abstract]

Subsequent Events

NOTE 10. SUBSEQUENT EVENTS

The Company evaluated subsequent events and transactions that occurred after the unaudited condensed balance sheet date up to the date the unaudited condensed financial statements were issued. The Company did not identify any other subsequent events that would have required adjustment or disclosure in the unaudited condensed financial statements, except as noted below.

Expiration of Combination Period without Consummation of an Initial Business Combination

The Amended and Restated Memorandum and Articles of Association and the prospectus that the Company filed in connection with its Initial Public Offering provided that the Company had 24 months after the closing of its Initial Public Offering, or until August 17, 2022, to complete an initial business combination. The Company will not consummate an initial business combination by the August 17, 2022 deadline and as a result, the Company will redeem 100% of the Company’s Public Shares included in the Units sold in its Initial Public Offering in accordance with the Amended and Restated Memorandum and Articles of Association, which will completely extinguish Public Shareholders’ rights in the Company.

There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless.

Deferred Underwriting Commission

In accordance with the terms of the Underwriting Agreement entered into in connection with the Initial Public Offering, because the Company will not consummate an initial business combination within twenty-four months from the closing of the Initial Public Offering, the deferred underwriting commission will be included in the distribution of the proceeds held in the Trust Account made to the Public Shareholders upon liquidation. In connection with such liquidation, the Underwriters forfeit any rights or claims to the deferred underwriting commission.

Promissory Note

In addition, in accordance with the terms of the Second Note, the unpaid principal is due upon the earlier of (i) the date on which the Company consummates its initial business combination and (ii) August 17, 2022. The Company and the Sponsor are currently evaluating the treatment of the Second Note.