Class A Common Stock Subject to Possible Redemption

12 Months Ended

Dec. 31, 2021

Class A Common Stock Subject to Possible Redemption

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 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 200,000,000 shares of Class A common stock with a par value of $0.0001 per share. Holder of the Company’s Class A common stock are entitled to one vote for each share. As of December 31, 2021 and 2020, there were 21,838,800 shares of Class A common stock outstanding, all of which were subject to redemption.

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

Gross proceeds from Initial Public Offering	$	218,388,000
Less:
Fair value of Public Warrants at issuance		(12,520,912)
Offering costs allocated to Class A common stock subject to possible redemption		(11,999,836)
Plus:
Accretion on Class A common stock subject to possible redemption amount		24,520,748
Class A common stock subject to possible redemption	$	218,388,000