CLASS A COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION

6 Months Ended

Jun. 30, 2023

CLASS A COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION [Abstract]

CLASS A COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION

NOTE 8 - 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 70,000,000 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 June 30, 2023 and December 31, 2022, there were 6,443,098 and 27,600,000 shares, respectively, of Class A common stock outstanding, all of which were subject to possible redemption.

As of June 30, 2023, Class A common stock subject to possible redemption reflected on the balance sheet is reconciled on the following table:

Class A common stock subject to possible redemption at December 31, 2022	$	284,449,019
Re-measurement of carrying value to redemption value		2,353,363
Class A common stock subject to possible redemption at March 31, 2023		286,802,382
Re-measurement of carrying value to redemption value		2,410,447
Extension deposit		480,000
Redemption		(220,995,813	)
Class A common stock subject to possible redemption at June 30, 2023	$	68,217,016