Quarterly report pursuant to Section 13 or 15(d)

Class A Ordinary Shares Subject to Possible Redemption

v3.23.1
Class A Ordinary Shares Subject to Possible Redemption
3 Months Ended
Mar. 31, 2023
Class A Ordinary Shares Subject to Possible Redemption [Abstract]  
Class A Ordinary Shares Subject to Possible Redemption
Note 6 - Class A Ordinary Shares Subject to Possible Redemption

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 100,000,000 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. In connection with the vote to approve the Extension Amendment Proposal, the holders of 28,119,098 Class A ordinary shares of the Company properly exercised their right to redeem their shares for cash at a redemption price of approximately $10.23 per share, for an aggregate redemption amount of approximately $287.7 million. As of March 31, 2023 and December 31, 2022, there were 6,380,902 and 34,500,000 Class A ordinary shares outstanding, which were all subject to possible redemption and are classified outside of permanent equity in the condensed consolidated balance sheets, respectively.

The Class A ordinary shares subject to possible redemption reflected on the balance sheet is reconciled on the following table:

Class A ordinary shares subject to possible redemption as of December 31, 2022
 

350,232,362
 
 Less:
       
Redemptions
    (287,733,456 )
 Plus:
       
Increase in redemption value of Class A ordinary shares subject to possible redemption     3,767,105  
Class A ordinary shares subject to possible redemption as of March 31, 2023   $ 66,266,011