Class A common stock subject to possible redemption

12 Months Ended

Dec. 31, 2021

Class A Common 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 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 60,000,000 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, there were 25,690,000 shares of Class A common stock outstanding, of which 25,000,000 were subject to possible redemption and are classified outside of permanent equity in the balance sheets. There were no shares of Class A common stock issued or outstanding as of December 31, 2020.

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	$	250,000,000
Less:
Fair value of Public Warrants at issuance		(8,625,000	)
Offering costs allocated to Class A common stock subject to possible redemption		(15,005,066	)
Plus:
Accretion on Class A common stock subject to possible redemption amount		23,630,066
Class A common stock subject to possible redemption	$	250,000,000