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

The activity in Class A ordinary shares subject to possible redemption for the period from May 6, 2021 (inception) through December 31, 2021 and the six months ended June 30, 2022 is as follows:

Class A ordinary shares subject to possible redemption at May 6, 2021 (inception)	$	—
Gross proceeds from the sale of Class A ordinary shares in IPO		287,500,000
Less:
Fair value of Public Warrants at issuance		(17,968,750	)
Issuance costs on Class A ordinary shares		(15,591,299	)
Plus:
Remeasurement adjustment on Class A ordinary shares subject to possible redemption to redemption value		39,311,420
Class A ordinary shares subject to possible redemption at December 31, 2021		293,251,371
Remeasurement adjustment on Class A ordinary shares subject to possible redemption to redemption value		432,913
Class A ordinary shares subject to possible redemption at June 30, 2022	$	293,684,284

Basic and Diluted Income (Loss) Per Common Share

The following table reflects the calculation of basic and diluted income (loss) per common share for the three and six months ended June 30, 2022 and the period from May 6, 2021 (inception) through June 30, 2021:

	Three Months ended June 30, 2022			Six Months ended June 30, 2022			Period from May 6, 2021 (inception) through June 30, 2021
Common shares subject to possible redemption
Numerator: Net income allocable to common shares subject to possible redemption	$	749,649		$	8,395,875		$	—
Denominator: Weighted average Class A redeemable common shares
Weighted average Class A redeemable common shares outstanding, basic and diluted		28,750,000			28,750,000			—
Basic and diluted net income per share, Class A redeemable common stock	$	0.03		$	0.29		$	—
Non-redeemable common stock
Numerator: Net income (loss) minus redeemable net income
Net income (loss)	$	937,061		$	10,494,844		$	(3,471	)
Less: redeemable net income		(749,649	)		(8,395,875	)		—
Non-redeemable net income (loss)	$	187,412		$	2,098,969		$	(3,471	)
Denominator: Weighted average Class B non-redeemable common shares
Weighted average Class B non-redeemable common shares outstanding, basic		7,187,500			7,187,500			6,250,000
Basic and diluted net income (loss) per share, Class B non-redeemable common stock	$	0.03		$	0.29		$	(0.00	)