Class A Ordinary Shares Subject to Possible Redemption

12 Months Ended

Dec. 31, 2021

Temporary Equity Disclosure [Abstract]

Class A Ordinary Shares Subject to Possible Redemption

Note 8 — Class A Ordinary Shares Subject to Possible Redemption

The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic

480-10-S99

“Classification and Measurement of Redeemable Securities.” Conditionally redeemable ordinary shares (including ordinary shares that features redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ deficit. 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 occurrence of uncertain future events. Accordingly, at December 31, 2021, Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ deficit section of the Company’s balance sheet.

As of December 31, 2021, the Class A ordinary shares reflected on the balance sheet are reconciled in the following table:


Gross proceeds from IPO	$	230,000,000
Less:
Proceeds allocated to Public Warrants		(9,958,716	)
Class A ordinary shares issuance costs		(12,563,732	)

Plus:
Accretion of carrying value to redemption value		22,522,448

Class A ordinary shares subject to possible redemption	$	230,000,000

Alpha Capital Acquisition Co 10-K