CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION

3 Months Ended

Mar. 31, 2023

Temporary Equity Disclosure [Abstract]

CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION

NOTE 6. CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION

Some of the Company’s Class A ordinary shares feature 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 ordinary shares with a par value of $0.0001 per share. Holders of the Company’s Class A ordinary shares are entitled to one vote for each share. As of March 31, 2023 and December 31, 2022, there were 28,407,000 shares of Class A ordinary shares outstanding, of which 27,500,000 shares were subject to possible redemption and are classified outside of permanent equity in the condensed consolidated balance sheets.

As of March 31, 2023 and December 31, 2022, the Class A ordinary shares subject to possible redemption reflected on the condensed consolidated balance sheets are reconciled on the following table:


Gross proceeds	$	275,000,000
Less:
Offering costs allocated to Class A ordinary shares subject to possible redemption		(16,046,813	)
Increase in redemption value of Class A ordinary shares subject to possible redemption		(3,166,410	)
Plus:
Accretion of carrying value to redemption value		16,046,813
Waiver of offering costs allocated to Class A ordinary shares subject to possible redemption		6,015,625

Class A ordinary shares subject to possible redemption as of December 31, 2022		277,849,215
Plus:
Accretion of carrying value to redemption value		2,797,302

Class A ordinary shares subject to possible redemption as of March 31, 2023	$	280,646,517