Class A Common Stock Subject to Possible Redemption

9 Months Ended

Sep. 30, 2022

Temporary Equity Disclosure [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 80,000,000 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 55,000,000 shares of Class A common stock outstanding, which were all subject to possible redemption and are classified outside of permanent equity in the condensed balance sheets.

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

Gross Proceeds	$	550,000,000
Less:
Proceeds allocated to Public Warrants		(24,310,000	)
Class A common stock issuance costs		(29,600,021	)
Plus:
Accretion of carrying value to redemption value		53,910,021
Class A common stock subject to possible redemption at December 31, 2021	$	550,000,000
Increase in redemption value of Class A ordinary shares subject to redemption		2,165,853
Class A common stock subject to possible redemption at September 30, 2022	$	552,165,853