CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION

9 Months Ended

Sep. 30, 2022

CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION

CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION

NOTE 7 - CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION

The Company’s Public 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 ordinary share. As of September 30, 2022, and December 31, 2021, there were 23,000,000 shares of Class A ordinary shares outstanding that were subject to possible redemption and are classified outside of the shareholders’ deficit section in the condensed balance sheets.

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

Gross proceeds	$	230,000,000
Less:
Proceeds allocated to public warrants		(8,050,000)
Class A ordinary shares issuance costs		(12,696,687)
Plus:
Accretion of carrying value to redemption value		20,746,687
Class A ordinary shares subject to possible redemption at December 31, 2021	$	230,000,000
Increase in redemption value of Class A ordinary shares subject to possible redemption		226,779
Class A ordinary shares subject to possible redemption at June 30, 2022	$	230,226,779
Increase in redemption value of Class A ordinary shares subject to possible redemption		969,796
Class A ordinary shares subject to possible redemption at September 30, 2022	$	231,196,575