Common Stock Subject to Possible Redemption

6 Months Ended

Jun. 30, 2022

Common Stock Subject to Possible Redemption

Common Stock Subject to Possible Redemption

Note 7-Common Stock Subject to Possible Redemption

The Company’s Class A common stock features 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 700,000,000 shares of Class A common stock with a par value of $0.0001 per share. Holder of the Company’s Class A common stock are entitled to one vote for each share. As of June 30, 2022 and December 31, 2021, there were 52,500,000 shares of Class A common stock outstanding, all of which were subject to redemption.

As of June 30, 2022 and December 31, 2021, Class A common stock reflected on the condensed balance sheets is reconciled on the following table:


Gross Proceeds	$	525,000,000
Less:
Proceeds allocated to Public Warrants		(29,400,000)
Class A common stock issuance costs		(28,061,260)
Plus:
Accretion of carrying value to redemption value		57,461,260
Class A common stock subject to possible redemption, December 31, 2021	$	525,000,000
Increase in redemption value of Class A common stock subject to possible redemption		211,026
Class A common stock subject to possible redemption, June 30, 2022	$	525,211,026

Health Assurance Acquisition Corp. 10-Q