Class A Ordinary Shares Subject to Possible Redemption

3 Months Ended

Mar. 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 future events. The Company is authorized to issue 400,000,000 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 March 31, 2022 and December 31, 2021, there were 25,875,000 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 condensed balance sheets are reconciled on the following table:

Gross proceeds	$	258,750,000
Less:
Proceeds allocated to Public Warrants		(12,937,500	)
Class A ordinary shares issuance costs		(14,077,995	)
Plus:
Accretion of carrying value to redemption value		27,015,495
Class A ordinary shares subject to possible redemption	$	258,750,000

Global Synergy Acquisition Corp. 10-Q