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CONDENSED STATEMENT OF CASH FLOWS | 6 Months Ended
--- | ---
Jun. 30, 2021 USD ($)
Cash Flows from Operating Activities: |
Net income | $ 2,294,016
Adjustments to reconcile net income to net cash used in operating activities: |
Interest earned on investments held in Trust Account | (37,035)
Unrealized gain on change in fair value of warrants | (3,511,333)
Offering costs | 655,046
Changes in operating assets and liabilities |
Prepaid assets | (589,484)
Franchise tax payable | 100,000
Accounts payable and accrued expenses | 81,950
Net cash used in operating activities | (1,006,840)
Cash flows from investing activities: |
Principal invested into Trust account | (276,000,000)
Net cash used in investing activities | (276,000,000)
Cash flows from financing activities: |
Due to related party | 3,495
Proceeds from sale of Units, net of underwriter fee | 270,480,000
Offering costs | (369,212)
Proceeds from issuance of Private Placement Warrants | 7,920,000
Borrowing from promissory note | 35,192
Repayment of promissory note | (73,780)
Net cash provided by financing activities | 277,995,695
Net Change in Cash | 988,855
Cash, beginning of the period |
Cash, end of period | 988,855
Supplemental Disclosure of Non-cash Financing Activities: |
Initial classification of Class A common stock subject to possible redemption | 276,000,000
Deferred underwriters' discount payable charged to additional paid in capital | 9,660,000
Conversion of Working Capital Loans to Private Placement Warrants | $ 100,000

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