Class A Common Stock Subject to Possible Redemption

9 Months Ended

Sep. 30, 2022

Class ACommon Stock Subject To Possible Redemption Abstract

Class A Common Stock Subject to Possible Redemption

Note 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 380,000,000 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, 2022 and December 31, 2021, there were 1,182,054 and 17,250,000 shares, respectively, of Class A common stock outstanding, which were all subject to possible redemption and classified outside of permanent equity in the condensed consolidated balance sheets.

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

Gross proceeds	$	172,500,000
Less:
Fair value of Public Warrants at issuance		(8,226,780	)
Offering costs allocated to Class A common stock subject to possible redemption		(9,544,063	)
Plus:
Accretion on Class A common stock subject to possible redemption amount		17,770,843
Class A common stock subject to possible redemption, December 31, 2021		172,500,000
Redemption of Class A common stock subject to possible redemption		(160,679,460	)
Class A common stock subject to possible redemption, September 30, 2022	$	11,820,540