SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2022

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Class A Ordinary Shares subject to Possible Redemption

At June 30, 2022 and December 31, 2021, the Class A ordinary shares reflected in the condensed balance sheets is reconciled in the following table:

Gross proceeds	$	345,000,000
Less:
Issuance costs allocated to Class A ordinary shares		(32,658,945	)
Proceeds allocated to Public Warrants		(11,212,500	)
		(43,871,445	)
Plus:
Remeasurement adjustment of carrying value to redemption value		43,902,292
Balance, December 31, 2021	$	345,030,847
Remeasurement adjustment of carrying value to redemption value		445,270
Balance, June 30, 2022	$	345,476,117

Basic and Diluted Net Income (Loss) Per Ordinary Share

The following table reflects the calculation of basic and diluted net income per ordinary share (in dollars, except per share amounts) for the three months ended June 30, 2022:

	For the Three Months Ended
	June 30, 2022
Net income	$	1,218,156
Accretion of temporary equity to redemption value		(386,214	)
Net income excluding accretion of temporary equity to redemption value	$	831,942

	For the Three Months Ended
	June 30, 2022
	Redeemable		Non-Redeemable
Basic and diluted net income per share:
Numerator:
Allocation of net income including accretion of temporary equity	$	665,554	$	166,388
Deemed dividend for accretion of temporary equity to redemption value		386,214		—
Allocation of net income	$	1,051,768	$	166,388
Denominator:
Weighted-average shares outstanding		34,500,000		8,625,000
Basic and diluted net income per ordinary share	$	0.03	$	0.02

The following table reflects the calculation of basic and diluted net income per ordinary share (in dollars, except per share amounts) for the three months ended June 30, 2021:

	For the Three Months Ended June 30, 2021
Numerator: Loss allocable to Class B ordinary shares	$	(2,513	)
Denominator: Basic and diluted weighted average shares outstanding		7,500,000
Basic and diluted net loss per share, Class B ordinary shares		(0.00	)

The following table reflects the calculation of basic and diluted net income per ordinary share (in dollars, except per share amounts) for the six months ended June 30, 2022:

	For the Six Months Ended June 30, 2022
Net income	$	6,875,640
Accretion of temporary equity to redemption value		(445,270	)
Net income excluding accretion of temporary equity to redemption value	$	6,430,370

	For the Six Months Ended
	June 30, 2022
	Redeemable		Non-Redeemable
Basic and diluted net income per share:
Numerator:
Allocation of net income including accretion of temporary equity	$	5,144,296	$	1,286,074
Deemed dividend for accretion of temporary equity to redemption value		445,270		-
Allocation of net income	$	5,589,566	$	1,286,074
Denominator:
Weighted-average shares outstanding		34,500,000		8,625,000
Basic and diluted net income per ordinary share	$	0.16	$	0.15

The following table reflects the calculation of basic and diluted net income per ordinary share (in dollars, except per share amounts) for the period from March 3, 2021 (inception) through June 30, 2021:

	For the Period From March 3, 2021 (inception) Through June 30, 2021
Numerator: Loss allocable to Class B ordinary shares		(11,043	)
Denominator: Basic and diluted weighted average shares outstanding		7,500,000
Basic and diluted net loss per share, Class B ordinary shares		(0.00	)