Temporary Equity – Class A Common Stock Subject to Possible Redemption

3 Months Ended

Sep. 30, 2021

Temporary Equity Class A Common Stock Subject To Possible Redemption [Abstract]

Temporary Equity – Class A Common Stock Subject to Possible Redemption

Note 8 — Temporary Equity - Class A Common Stock Subject to Possible Redemption

The Company’s Class A common stock features 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 50,000,000 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 and June 30, 2021, there were 11,500,000 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 sheets.

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

Gross proceeds	$	115,000,000
Less:
Proceeds allocated to public warrants		(5,186,500	)
Class A common stock issuance costs		(6,471,798	)
Plus:
Accretion of carrying value to redemption value		13,383,298
Class A common stock subject to possible redemption	$	116,725,000