Class A Common Stock Subject to Possible Redemption

6 Months Ended

Jun. 30, 2022

Class A Common Stock Subject To Possible Redemption [Abstract]

Class A Common Stock Subject to Possible Redemption

Note 6-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 200,000,000 shares of Class A common stock with a par value of $0.0001 per share. Holder of the Company’s Class A common stock are entitled to one vote for each share. Accordingly, there were 27,254,262 shares of Class A common stock subject to possible redemption.

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

Gross proceeds from Initial Public Offering	$	272,542,620
Less:
Fair value of Public Warrants at issuance		(13,431,090	)
Offering costs allocated to Class A common stock subject to possible redemption		(14,797,433	)
Plus:
Accretion on Class A common stock subject to possible redemption amount		28,228,523
Class A common stock subject to possible redemption	$	272,542,620

Glenfarne Merger Corp. 10-Q