QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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(State or other jurisdiction of incorporation or organization)
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(Commission File Number)
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(I.R.S. Employer Identification Number)
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(Address of principal executive offices)
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(Zip Code)
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Title of each class
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Trading
Symbol(s)
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Name of each
exchange on which
registered
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Large accelerated filer
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☐
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Accelerated filer
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☐
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☒
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Smaller reporting company
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Emerging growth company
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Page
No.
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1
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Item 1.
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1
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1
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2
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3
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4
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5
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Item 2.
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20 | |
Item 3.
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25 | |
Item 4.
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25 | |
26 | ||
Item 1.
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26 |
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Item 1A.
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26 | |
Item 2.
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26 | |
Item 3.
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27 | |
Item 4.
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27 | |
Item 5.
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27
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Item 6.
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27 | |
28 |
Item 1. |
Condensed Interim Financial Statements
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September 30,
2022
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December 31,
2021
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(unaudited)
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Assets:
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||||||||
Current assets:
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Cash
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$
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$
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Prepaid expenses
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Total current assets
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Investments held in Trust Account
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Total Assets
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$
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$
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Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Deficit:
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Current liabilities:
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Accounts payable
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$
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$
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Accrued expenses
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Due to related party |
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Accrued income tax
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Franchise tax payable
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Total current liabilities
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Deferred underwriting commissions
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Accrued liabilities | ||||||||
Note payable | ||||||||
Derivative warrant liabilities
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Total Liabilities
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Commitments and Contingencies
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Class A common stock subject to possible redemption, $
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Stockholders’ Deficit:
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Preferred stock, $
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Class A common stock, $
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Class B common stock, $
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Additional paid-in capital
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Accumulated deficit
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(
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)
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(
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)
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Total stockholders’ deficit
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(
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)
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(
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)
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Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Deficit
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$
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$
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For the Three Months Ended
September 30,
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For the Nine Months Ended
September 30,
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2022
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2021
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2022 | 2021 |
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General and administrative expenses
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$
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$
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$ | $ | ||||||||||
General and administrative expenses - related party
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Franchise tax expense
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Total operating expenses
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(
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)
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(
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)
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( |
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) | ||||||||
Other income:
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Change in fair value of derivative warrant liabilities
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Investment income on Trust Account
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Income before income tax expense
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Income tax expense
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Net income
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$
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$
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$ | $ | ||||||||||
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Weighted average shares outstanding of Class A common stock
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Basic and diluted net income per share, Class A common stock
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$ |
$
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$ | $ | |||||||||||
Weighted average shares outstanding of Class B common stock
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Basic and diluted net income per share, Class B common stock
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$
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$
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$ | $ |
Common Stock
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Additional
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Total
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Class A
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Class B
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Paid-In
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Accumulated
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Stockholders’
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||||||||||||||||||||||||
Shares
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Amount
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Shares
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Amount
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Capital
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Deficit
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Deficit
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Balance - December 31, 2021
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$
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$
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$
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$
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(
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)
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$
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(
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)
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Net income
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-
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-
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Balance - March 31, 2022 (unaudited)
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(
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)
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(
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)
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Increase in redemption value of Class A common stock subject to possible redemption
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-
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-
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(
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(
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Net income
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-
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-
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Balance - June 30, 2022 (unaudited)
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(
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)
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(
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)
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Increase in redemption value of Class A common stock subject to possible redemption
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-
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-
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(
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)
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(
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)
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Net income
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-
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-
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Balance - September 30, 2022 (unaudited)
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$
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$
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$
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$
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(
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)
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$
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(
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)
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Common Stock
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Additional
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Total
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Class A
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Class B
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Paid-In
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Accumulated
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Stockholders’
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|||||||||||||||||||||||
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Shares
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Amount
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Shares
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Amount
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Capital
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Deficit
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Deficit
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Balance - December 31, 2020
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$
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$
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$
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$
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(
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)
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$
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(
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)
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Net income
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-
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-
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Balance - March 31, 2021 (unaudited)
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(
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)
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(
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Net loss
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-
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-
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(
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(
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Balance - June 30, 2021 (unaudited)
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(
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(
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Net income
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-
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-
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Balance - September 30, 2021 (unaudited)
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$
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$
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$
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$
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(
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)
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$
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(
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)
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For the Nine
Months Ended
September 30,
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2022
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2021
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Cash Flows from Operating Activities:
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Net income
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$
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$
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Adjustments to reconcile net income to net cash used in operating activities:
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Income from investments held in Trust Account
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(
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(
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Change in fair value of derivative warrant liabilities
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(
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)
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(
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)
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Changes in operating assets and liabilities:
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Prepaid expenses
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Accounts payable
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(
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)
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Accrued expenses
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(
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)
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(
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)
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Due to related party
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(
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)
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Franchise tax payable
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(
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)
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Accrued income tax
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Accrued liabilities
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Net cash used in operating activities
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(
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)
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(
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)
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Cash Flows from Investing Activities
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Investment income released from Trust Account to pay franchise taxes
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Net cash provided by investing activities
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Net change in cash
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(
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)
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(
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Cash - beginning of the period
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Cash - end of the period
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$
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$
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• |
Level 1, defined as observable inputs such as quoted prices for identical instruments in
active markets;
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• |
Level 2, defined as inputs other than quoted prices in active markets that are either
directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and
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Level 3, defined as unobservable inputs in which little or no market data exists,
therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
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For The Three Months Ended
September 30, 2022
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For The Nine Months Ended
September 30, 2022
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Class A
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Class B
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Class A
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Class B
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Basic and diluted net income per common stock:
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Numerator:
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Allocation of net income
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$
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$
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$
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$
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Denominator:
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Basic and diluted weighted average common stock outstanding
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Basic and diluted net income per common stock
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$
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$
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$
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$
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For The Three Months Ended
September 30, 2021
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For The Nine Months Ended
September 30, 2021
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Class A
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Class B
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Class A
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Class B
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Basic and diluted net income per common stock:
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Numerator:
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Allocation of net income
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$
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$
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$
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$
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Denominator:
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Basic and diluted weighted average common stock outstanding
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Basic and diluted net income per common stock
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$
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$
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$
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$
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• |
in whole and not in part;
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• |
at a price of
$
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• |
upon a
minimum of
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• |
if, and only
if, the last reported sale price of Class A common stock for any
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• |
in whole and
not in part;
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at
$
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• |
if, and only
if, the Reference Value equals or exceeds $
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• |
if and only if, the Reference Value is less than $
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Gross proceeds
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$
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Less:
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Fair value of Public Warrants at issuance
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(
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)
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Offering costs allocated to Class A common stock subject to redemption amount
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(
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)
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Plus:
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Accretion on Class A common stock subject to possible redemption amount
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Class A common stock subject to possible redemption as of December 31, 2021
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Increase in redemption value of Class A common stock subject to redemption
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Class A common stock subject to possible redemption as of June 30, 2022
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Increase in redemption value of Class A common stock subject to redemption
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Class A common stock subject to possible redemption as of September 30, 2022
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$
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Fair Value Measured as of September 30, 2022
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Level 1
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Level 2
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Level 3
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Total
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Assets:
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Investments held in Trust Account - US Treasury Securities
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$
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$
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$
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$
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Liabilities:
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Derivative warrant liabilities - Public Warrants
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$
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$
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$
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$
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||||||||
Derivative warrant liabilities - Private Placement Warrants
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$
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$
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$
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$
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Fair Value Measured as of December 31, 2021
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Level 1
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Level 2
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Level 3
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Total
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Assets:
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Investments held in Trust Account - US Treasury Securities
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$
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$
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$
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$
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Liabilities:
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Derivative warrant liabilities - Public Warrants
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$
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$
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$
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$
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Derivative warrant liabilities - Private Placement Warrants
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$
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$
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$
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$
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Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
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Item 3. |
Quantitative and Qualitative Disclosures About Market Risk
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Item 4. |
Controls and Procedures
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Item 1. |
Legal Proceedings
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Item 1A. |
Risk Factors.
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Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities
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Item 3. |
Defaults Upon Senior Securities
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Item 4. |
Mine Safety Disclosures
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Item 5. |
Other Information
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Item 6. |
Exhibits.
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Exhibit
Number
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Description
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Certification of Chief Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act
of 2002.
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Certification of Chief Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
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Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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101.INS
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Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).
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101.SCH
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Inline XBRL Taxonomy Extension Schema Document.
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101.CAL
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Inline XBRL Taxonomy Extension Calculation Linkbase Document.
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101.DEF
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Inline XBRL Taxonomy Extension Definition Linkbase Document.
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101.LAB
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Inline XBRL Taxonomy Extension Label Linkbase Document.
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101.PRE
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Inline XBRL Taxonomy Extension Presentation Linkbase Document.
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104
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Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).
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* |
These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended,
nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
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Healthcare Services Acquisition Corporation
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Date: November 10, 2022
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By:/s/ Joshua B. Lynn
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Name: Joshua B. Lynn
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Title: Chief Executive Officer
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