CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION

12 Months Ended

Dec. 31, 2022

CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION [Abstract]

CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION

NOTE 6. 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 380,000,000 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 share. As of December 31, 2022 and 2021, there were 28,090,000 Class A ordinary shares outstanding subject to possible redemption.

The Class A ordinary shares subject to possible redemption reflected on the balance sheets are reconciled on the following table:

Gross proceeds	$	280,900,000
Less:
Fair value of Public Warrants at issuance		(9,082,433	)
Offering costs allocated to Class A ordinary shares subject to possible redemption		(15,555,759	)
Plus:
Accretion on Class A ordinary shares subject to possible redemption amount		24,638,192
Class A ordinary shares subject to possible redemption at December 31, 2021		280,900,000
Increase in redemption value of Class A ordinary shares subject to possible redemption		4,226,827
Class A ordinary shares subject to possible redemption at December 31, 2022	$	285,126,827

Corsair Partnering Corp 10-K/A