CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION

12 Months Ended

Dec. 31, 2022

CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION [Abstract]

CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION

NOTE 7. - CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION

The Company’s Class A ordinary shares contain 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 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, 2022 and 2021, there were 27,600,000 Class A ordinary shares outstanding which were subject to possible redemption.

The Class A ordinary shares subject to possible redemption are reflected in the following table:

Gross proceeds	$	276,000,000
Less:
Proceeds allocated to Public Warrants and Rights		(7,624,500	)
Class A ordinary shares issuance costs		(15,877,541	)
Plus:
Adjust carrying value to initial redemption value		23,502,041
Class A ordinary shares subject to possible redemption, December 31, 2021		276,000,000
Remeasurement on Class A ordinary shares subject to possible redemption		3,259,521
Class A ordinary shares subject to possible redemption, December 31, 2022	$	279,259,521