Class A Ordinary Shares Subject to Possible Redemption

3 Months Ended

Mar. 31, 2022

Class A Ordinary Shares Subject To Possible Redemption [Abstract]

Class A Ordinary Shares Subject to Possible Redemption

Note 8 - 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 200,000,000 Class A ordinary shares with a par value of $0.001 per share. Holders of the Company’s Class A ordinary shares are entitled to one vote for each share. As of March 31, 2022 and December 31, 2021, there were 28,750,000 Class A ordinary shares outstanding, which were all subject to possible redemption and are classified outside of permanent equity in the condensed balance sheets. There has been no change in the redemption value of Class A ordinary shares since the date of the Company’s Initial Public Offering.

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

Gross proceeds received from Initial Public Offering	$	287,500,000
Less:
Fair value of Public Warrants at issuance		(8,625,000	)
Offering costs allocated to Class A ordinary shares		(15,760,516	)
Plus:
Accretion on Class A ordinary shares to redemption value		24,385,516
Class A ordinary shares subject to possible redemption	$	287,500,000

Kismet Acquisition Three Corp. 10-Q