Quarterly report pursuant to Section 13 or 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.22.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
6 Months Ended
Jun. 30, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
Summary of reconciliation of Class A common stock subject to possible redemption

At June 30, 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:

 

  

Re-measurement 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 (loss) 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

Three Months Ended

Six Months Ended

(Inception) through

June 30, 2022

June 30, 2021

June 30, 2022

June 30, 2021

    

Class A

    

Class B

Class A

    

Class B

Class A

    

Class B

    

Class A

    

Class B

Basic and diluted net income (loss) per common share

Numerator:

Allocation of net income (loss)

 

$

1,555,621

$

388,905

$

(355,908)

(632,205)

$

3,623,642

$

905,911

 

$

(356,268)

(632,845)

Denominator:

Basic and diluted weighted average shares outstanding

17,250,000

4,312,500

2,111,111

3,750,000

17,250,000

4,312,500

2,111,111

3,750,000

Basic and diluted net income (loss) per common share

 

$

0.09

$

0.09

$

(0.17)

(0.17)

$

0.21

$

0.21

 

$

(0.17)

(0.17)