Class A Ordinary Shares Subject to Possible Redemption

6 Months Ended

Jun. 30, 2022

Temporary Equity Disclosure [Abstract]

Class A Ordinary Shares Subject to Possible Redemption

Note 7 - 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 500,000,000 shares of 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 ordinary share. As of June 30, 2022 and December 31, 2021, there were 31,625,000 shares of Class A ordinary shares outstanding, which were all subject to possible redemption and are classified outside of permanent equity in the condensed balance sheets.

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


Gross proceeds from Initial Public Offering	$	316,250,000
Less:
Fair value of Public Warrants at issuance		(15,021,880	)
Offering costs allocated at Class A ordinary shares subject to possible redemption		(17,153,967	)
Plus:
Accretion on Class A ordinary shares subject to possible redemption		32,175,847

Class A ordinary shares subject to possible redemption as of December 31, 2021		316,250,000
Increase in redemption value of Class A ordinary shares subject to possible redemption		392,456

Class A ordinary shares subject to possible redemption as of June 30, 2022	$	316,642,456

ARCTOS NORTHSTAR ACQUISITION CORP. 10-Q