SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2024


Gross proceeds	$	1,380,000,000
Less:
Proceeds allocated to Public Warrants		(27,048,000)
Class A common stock issuance costs		(72,128,480)
Plus:
Remeasurement of carrying value to redemption value		99,176,480
Class A common stock subject to possible redemption as of December 31, 2021		1,380,000,000
Plus:
Remeasurement of carrying value to redemption value		14,751,969
Class A common stock subject to possible redemption as of December 31, 2022		1,394,751,969
Less:
Redemptions		(816,281,045)
Plus:
Remeasurement of carrying value to redemption value		33,681,683
Class A common stock subject to possible redemption as of December 31, 2023		612,152,607
Less:
Redemptions		(10,094,430)
Plus:
Remeasurement of carrying value to redemption value		6,999,718
Class A common stock subject to possible redemption as of March 31, 2024	$	609,057,895

The following table reflects the calculation of basic and diluted net (loss) income per share of common stock (in dollars, except per share amounts):


	For the Three Months Ended March 31,
	2024				2023
	Class A		Class B		Class A		Class B
Basic and diluted net (loss) income per share of common stock
Numerator:
Allocation of net (loss) income	$	(5,008,774)	$	(3,004,823)	$	3,468,394	$	867,099
Denominator:
Basic and diluted weighted average shares outstanding		57,508,439		34,500,000		138,000,000		34,500,000
Basic and diluted net (loss) income per share of common stock	$	(0.09)	$	(0.09)	$	0.03	$	0.03

Churchill Capital Corp VII 10-Q