Class A Shares of Common Stock Subject to Possible Redemption

3 Months Ended

Mar. 31, 2023

Temporary Equity Disclosure [Abstract]

Class A Shares of Common Stock Subject to Possible Redemption

Note 6 - Class A Shares of 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 200,000,000 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. In connection with the Extension, the holders of 21,151,393 Class A common shares, representing approximately 88.1% of the Company’s issued and outstanding Class A common shares, elected to redeem their shares. Following such redemptions, approximately $28,744,831 will remain in the trust account and 2,848,607 shares of Class A Common Stock subject to possible redemption will remain issued and outstanding. As of March 31, 2023 and December 31, 2022, there were 2,848,607 and 24,000,000 shares of Class A common stock subject to possible redemption outstanding at $10.25 and $10.15 redemption value, respectively, all of which were subject to possible redemption.

The shares of Class A common stock issued in the Initial Public Offering were recognized in Class A common stock subject to possible redemption as follows:

Gross proceeds from Initial Public Offering	$	240,000,000
Less:
Fair value of Public Warrants at issuance		(7,582,627	)
Offering costs allocated to Class A common stock subject to possible redemption		(20,050,096	)
Plus:
Accretion on Class A common stock subject to possible redemption amount		31,230,313
Class A common stock subject to possible redemption at December 31, 2022		243,597,590
Less:
Redemptions		(215,621,388	)
Accretion of carrying value to redemption value		(3,628,151	)
Plus:
Waiver of underwriting fee allocated to Class A Common Stock		5,126,890
Class A common stock subject to possible redemption at March 31, 2023	$	29,474,941