Quarterly report pursuant to Section 13 or 15(d)

Class A Common Stock Subject to Possible Redemption

v3.23.2
Class A Common Stock Subject to Possible Redemption
6 Months Ended
Jun. 30, 2023
Class A Common Stock Subject to Possible Redemption [Abstract]  
Class A Common Stock Subject to Possible Redemption

Note 7 - Class A Common Stock Subject to Possible Redemption

 

The Company’s Public 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 300,000,000 shares of Class A common stock with a par value of $0.0001 per share. Holders of the Company’s Class A common stock are entitled to one vote for each share.

 

In connection with the Special Meeting held on April 20, 2023, holders of 25,845,428 shares of the Company’s Class A common stock exercised their right to redeem their.

 

As of June 30, 2023 and December 31, 2022, there were 5,504,572 and 31,350,000 shares of Class A common stock outstanding, of which 4,154,572 and 30,000,000 shares were subject to possible redemption and are classified outside of permanent equity in the accompanying condensed balance sheets, respectively.

 

The Company recognizes changes in redemption value of the Class A common stock subject to possible redemption immediately as changes occur and adjusts the carrying value of the Class A common stock subject to possible redemption to equal the redemption value as if liquidation were to occur at the end of the reporting period.

 

The Class A common stock subject to possible redemption reflected on the accompanying condensed balance sheets is reconciled on the following table:

 

Class A common stock subject to possible redemption as of December 31, 2021   $ 306,000,000  
Increase in redemption value of Class A common stock subject to possible redemption     3,130,532  
Class A common stock subject to possible redemption as of December 31, 2022     309,130,532  
Increase in redemption value of Class A common stock subject to possible redemption     2,556,256  
Class A common stock subject to possible redemption as of March 31, 2023     311,686,788  
Redemptions     (269,597,445 )
Increase in redemption value of Class A common stock subject to possible redemption     1,157,213  
Class A common stock subject to possible redemption as of June 30, 2023   $ 43,246,556