Class A Ordinary Shares Subject to Possible Redemption

12 Months Ended

Dec. 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 uncertain future events. The Company is authorized to issue 750,000,000 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 share. As of December 31, 2022 and 2021, there were 69,000,000 Class A ordinary shares outstanding, all of which were subject to possible redemption.

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

Gross proceeds from Initial Public Offering	$	690,000,000
Less:
Proceeds allocated to public warrants		(31,280,000	)
Class A ordinary shares issuance costs		(37,169,587	)
Plus:
Remeasurement of redemption value of Class A ordinary shares subject to possible redemption		68,449,587
Class A ordinary shares subject to possible redemption, December 31, 2021	$	690,000,000
Remeasurement of redemption value of Class A ordinary shares subject to possible redemption		9,929,520
Class A ordinary shares subject to possible redemption, December 31, 2022	$	699,929,520

Pontem Corp 10-K