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Commitments And Contingencies
7 Months Ended
Dec. 31, 2021
Commitments And Contingencies [Abstract]  
Commitments And Contingencies

MELI KASZEK PIONEER CORP
NOTES TO FINANCIAL STATEMENTS

Note 8 — Commitments and Contingencies

Registration and Shareholder Rights

The holders of the founder shares and Private Placement Shares that may be issued upon conversion of working capital loans have registration rights that require us to register a sale of any of the Company’s securities held by them (in the case of the Founder Shares, only after conversion to the Class A ordinary shares) pursuant to a registration rights agreement signed at the closing of the IPO (the “Registration Rights Agreement”). These holders are entitled to make up to three demands, excluding short form registration demands, that we register such securities for sale under the Securities Act. In addition, these holders have certain “piggy-back” registration rights to include such securities in other registration statements filed by us and rights to require us to register for resale such securities pursuant to Rule 415 under the Securities Act.

Underwriting Agreement

The Company granted the underwriters a 45-day option to purchase up to 3,750,000 additional ordinary shares to cover any over-allotments, if any, at the IPO price less the underwriting discounts and commissions. On September 29, 2021, the underwriters exercised their over-allotment option in full.

On October 1, 2021, the Company paid underwriting discounts and commissions of $5,750,000 in the aggregate. Additionally, deferred underwriting discounts and commissions of $10,062,500, will be payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes an initial Business Combination, subject to the terms of the underwriting agreement.

Investment Management Trust Agreement

In connection with the IPO, the Company entered into an investment management trust agreement pursuant to which a portion of the proceeds of the IPO and the sale of the Private Placement Shares were delivered and are to be held in the Trust Account for the benefit of the Company and the holders of the shares issued in connection with the IPO.