Class A Common Stock Subject to Possible Redemption

6 Months Ended

Jun. 30, 2022

Temporary Equity Disclosure [Abstract]

Class A Common Stock Subject to Possible Redemption

Note

7-Class

A Common Stock Subject to Possible Redemption

The Company’s Class A common stock 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 common stock with a par value of $0.0001 per share. Holders 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 41,400,000 Class A common stock outstanding, which were all subject to possible redemption and are classified outside of permanent equity in the condensed balance sheets.

The Class A common stock subject to possible redemption reflected on the condensed balance sheets is reconciled on the following table:


Gross proceeds from Initial Public Offering	$	414,000,000
Less:
Fair value of Public Warrants at issuance		(13,558,500	)
Offering costs allocated to Class A common stock subject to possible redemption		(4,588,064	)
Plus:
Accretion on Class A common stock subject to possible redemption value		18,146,564

Class A common stock subject to possible redemption as of December 31, 2021		414,000,000
Increase in redemption value of Class A common stock subject to redemption		70,397

Class A common stock subject to possible redemption as of June 30, 2022	$	414,070,397

Executive Network Partnering Corp 10-Q