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Subsequent Events
4 Months Ended
Jun. 30, 2021
Subsequent Events [Abstract]  
Subsequent Events

Note 9 — Subsequent Events

 

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Based upon this review, other than as described below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.

 

On August 26, 2021, the Company effected a stock dividend of 1/10th of a share per outstanding share, and all shares have been retroactively restated.

 

On August 30, 2021, the Company consummated the IPO of 12,650,000 units (the “Units”), which includes the full exercise by the underwriters of the over-allotment option to purchase an additional 1,650,000 Units, at $10.00 per unit, generating gross proceeds of $126,500,000. Simultaneously with the closing of the IPO, the Company consummated the sale of 6,027,500 warrants to the Sponsor and Maxim Partners LLC, at a price of $1.00 per Private Placement Warrant, generating gross proceeds of $6,027,500. Transaction costs of the IPO amounted to $8,998,713, consisting of $2,403,500 of underwriting fees, $4,554,000 of deferred underwriting fees (see Note 6), $586,779 of other offering costs, and $1,454,434 of the fair value of the representative’s common stock. Of the $8,998,713 aggregate transaction costs, $741,209 was allocated to expense associated with the warrant liability.

 

Subsequent to June 30, 2021, through the closing of the IPO on August 30, 2021, the Company had borrowed an additional $251,334 under the promissory note and on September 3, 2021, the Company repaid the promissory note balance of $285,778 in full.

 

On September 3, 2021, the Sponsor agreed to provide the Company with loans in such amounts as may be required by the Company to fund the Company’s working capital requirements up to an aggregate of $500,000.