SHAREHOLDER’S EQUITY |
8 Months Ended |
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Sep. 30, 2021 | |
| Equity [Abstract] | |
| SHAREHOLDER’S EQUITY |
NOTE 8. SHAREHOLDER’S EQUITY
Preference shares — The Company is authorized to issue , $ par value, preference shares, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of September 30, 2021, there were preference shares issued or outstanding.
Class A ordinary shares—The Company is authorized to issue Class A ordinary shares with a par value of $per share. At September 30, 2021, there were Class A ordinary shares issued and outstanding.
Class B ordinary shares—The Company is authorized to issue Class B ordinary shares with a par value of $ per share. On February 23, 2021, the Sponsor was issued Class B ordinary shares for an aggregate of $25,000 paid to cover certain expenses on behalf of the Company. On July 14, 2021, the Company repurchased Class B ordinary shares from the Sponsor for an aggregate consideration of $ and subsequently cancelled the repurchased shares, resulting in an aggregate of 5,031,250 Class B ordinary shares outstanding. As of September 30, 2021, there were Class B ordinary shares outstanding. Following the partial exercise of the over-allotment option on November 16, 2021, an additional Founder Shares were repurchased and cancelled by the Company.
The Class B ordinary shares and will automatically convert into the Company’s Class A ordinary shares at the time of the initial Business Combination at a ratio such that the number of Class A ordinary shares issuable upon conversion of all founder shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of the Company’s Initial Public Offering, plus (ii) the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial Business Combination, excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, deemed issued, or to be issued, to any seller in the initial Business Combination and any private placement warrants issued to the Company’s Sponsor, the A Anchor Investors, the Company’s affiliates or any member of the management team upon conversion of the Working Capital Loans. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one-to-one.
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