Quarterly report pursuant to Section 13 or 15(d)

Condensed Balance Sheets

v3.22.1
Condensed Balance Sheets - USD ($)
Mar. 31, 2022
Dec. 31, 2021
Current Assets:    
Cash $ 79,823 $ 507,233
Prepaid expenses 615,316 629,106
Total current assets 695,139 1,136,339
Prepaid expenses – non-current portion 0 141,333
Investments held in trust account 402,566,409 402,530,526
TOTAL ASSETS 403,261,548 403,808,198
Current Liabilities:    
Accrued costs and expenses 2,814,837 2,419,324
Due to related party 31,667 1,667
Promissory note – related party 1,000,000 1,000,000
Total current liabilities 3,846,504 3,420,991
Derivative warrant liabilities 5,685,730 13,340,010
Backstop derivative liability 30,234,314  
Deferred underwriter's discount 14,087,500 14,087,500
Total liabilities 53,854,048 30,848,501
Commitments and Contingencies (Note 7)
Class A ordinary shares, $0.001 par value; 200,000,000 shares authorized; 40,250,000 shares subject to possible redemption at a redemption value of $10.00 per share at March 31, 2022 and December 31, 2021, respectively 402,500,000 402,500,000
Shareholders' Deficit:    
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding 0 0
Additional paid-in capital 0 0
Accumulated deficit (53,093,506) (29,541,309)
Total Shareholders' deficit (53,092,500) (29,540,303)
TOTAL LIABILITIES, REDEEMABLE ORDINARY SHARES AND SHAREHOLDERS' DEFICIT 403,261,548 403,808,198
Common Class B    
Shareholders' Deficit:    
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 10,062,500 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively $ 1,006 $ 1,006