Registration of securities issued in business combination transactions

Condensed Balance Sheets

v3.22.0.1
Condensed Balance Sheets - USD ($)
Sep. 30, 2021
Mar. 31, 2021
Dec. 31, 2020
ASSETS      
Cash $ 789,012 $ 25,000 $ 25,000
Prepaid expenses 583,799  
Deferred offering costs   128,165
Total current assets 1,372,811   25,000
Investments held in Trust Account 174,226,747  
Total Assets 175,599,558 153,165 25,000
Current liabilities:      
Accounts payable 74,593  
Accrued expenses 103,370 1,000 1,000
Accrued expenses – related party 20,000  
Franchise tax payable 24,034  
Accrued offering costs 33,960 128,165
Total current liabilities 255,957   1,000
Warrant liability 12,670,500  
Total Liabilities 12,926,457 129,165 1,000
Commitments and Contingencies    
Common stock, $0.0001 par value; 17,250,000 and 0 shares at redemption value at September 30, 2021 and December 31, 2020, respectively 174,225,000  
Stockholder’s Equity      
Common stock value 431 431 [1],[2] 431 [1]
Additional paid-in capital 24,569 24,569
Accumulated deficit (11,552,330) (1,000) (1,000)
Total Stockholders’ (Deficit) Equity (11,551,899) 24,000 24,000
TOTAL LIABILITIES, COMMON STOCK SUBJECT TO REDEMPTION AND STOCKHOLDERS’ (DEFICIT) EQUITY $ 175,599,558 $ 153,165 $ 25,000
[1] In February 2021, the Company effected a 1.4375-for-1 stock split, resulting in 7,187,500 shares of common stock outstanding. In June 2021, our Sponsor forfeited 2,875,000 founder shares for no consideration resulting in 4,312,500 shares of common stock outstanding (see Notes 5 and 9). All share and per-share amounts have been retroactively restated to reflect the share forfeiture.
[2] Includes up to 562,500 common stock subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriter (see Note 5).