CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION

12 Months Ended

Dec. 31, 2021

CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION

CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION

NOTE 8. 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 500,000,000 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 December 31, 2021 and December 31, 2020, there were 57,500,000 Class A ordinary shares outstanding, which were all subject to possible redemption and are classified outside of permanent equity on the balance sheets.

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

Gross proceeds	$	575,000,000
Less:
Amount allocated to Public Warrants		(14,605,000)
Class A ordinary shares issuance costs		(31,555,484)
Plus:
Accretion of carrying value to redemption value		46,160,484
Class A ordinary shares subject to possible redemption	$	575,000,000