Quarterly report pursuant to Section 13 or 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.22.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
3 Months Ended
Mar. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
Summary of reconciliation of common stock subject to possible redemption

At March 31, 2022 and December 31, 2021, the Class A Common stock subject to possible redemption reflected in the condensed balance sheets are reconciled in the following table:

Gross proceeds

    

$

172,500,000

Less:

 

  

Proceeds allocated to Public Warrants

$

(5,462,500)

Class A common stock issuance costs

 

(9,447,180)

Plus:

 

  

Accretion of carrying value to redemption value

$

14,909,680

Class A common stock subject to possible redemption

$

172,500,000

Schedule of basic and diluted net income per common share

The following table reflects the calculation of basic and diluted net income (loss) per common share (in dollars, except per share amounts):

For the period from February 12, 2021

Three Months Ended

(inception) Through

March 31, 2022

March 31, 2021

    

Class A

    

Class B

    

Class A

    

Class B

Basic and diluted net income (loss) per common share

Numerator:

Allocation of net income (loss), as adjusted

 

$

2,068,022

$

517,005

 

$

$

(1,000)

Denominator:

Basic and diluted weighted average shares outstanding

17,250,000

4,312,500

3,750,000

Basic and diluted net income (loss) per common share

 

$

0.12

$

0.12

 

$

$

(0.00)