Quarterly report pursuant to Section 13 or 15(d)

Class A Ordinary Shares Subject to Possible Redemption

v3.23.3
Class A Ordinary Shares Subject to Possible Redemption
9 Months Ended
Sep. 30, 2023
Class A Ordinary Shares Subject to Possible Redemption [Abstract]  
Class A Ordinary Shares Subject to Possible Redemption

Note 7 — 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 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 ordinary share. As of September 30, 2023 and December 31, 2022, there were 2,811,744 and 29,550,000 shares of Class A ordinary shares outstanding, of which 1,872,928 and 28,750,000 shares were 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 condensed consolidated balance sheets is reconciled on the following table:

 

Gross Proceeds   $ 287,500,000  
Less:        
Proceeds allocated to Public Warrants     (10,350,000 )
Class A ordinary shares issuance costs     (15,806,778 )
Plus:        
Accretion of carrying value to redemption value     26,156,778  
Class A ordinary shares subject to possible redemption at December 31, 2021     287,500,000  
Increase in Class A ordinary shares subject to possible redemption     3,925,100  
Class A ordinary shares subject to possible redemption at December 31, 2022     291,425,100  
Less:        
Redemption of Class A ordinary shares subject to possible redemption     (271,939,156 )
Plus:        
Increase in Class A ordinary shares subject to possible redemption     1,406,202  
Class A ordinary shares subject to possible redemption at March 31, 2023     20,892,146  
Plus:        
  Increase in Class A ordinary shares subject to possible redemption     179,734  
Class A ordinary shares subject to possible redemption at June 30, 2023     21,071,880  
Less:        
Redemption of Class A ordinary shares subject to possible redemption     (1,471,204 )
Decrease in Class A ordinary shares subject to possible redemption     (9,456,591 )
Plus:        
Waiver of Class A shares issuance costs     9,700,250  
Class A ordinary shares subject to possible redemption at September 30, 2023   $ 19,844,335