UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~December~~June 3130, ~~2021~~ 2022

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-40198

Tech and Energy Transition Corporation

(Exact name of registrant as specified in its charter)

Delaware		83-0781939
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification Number)
125 W 55th St New York, New York		10019
(Address of principal executive offices)		(Zip Code)

125 W 55th St New York, New York		10019
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (212) 231-1000

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No ☐

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class:	Trading Symbol(s)	Name of Each Exchange on Which Registered:
Units, each consisting of one share of Class A common stock, $0.0001 par value, and one-third of one redeemable warrant	TETCU	The Nasdaq Stock Market LLC
Shares of Class A common stock included as part of the units	TETC	The Nasdaq Stock Market LLC
Shares of Class A common stock included as part of the Units	TETC	The Nasdaq Stock Market LLC
Redeemable warrants included as part of the units, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50	TETCWS	The Nasdaq Stock Market LLC
Redeemable warrants included as part of the Units, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50	TETCWS	The Nasdaq Stock Market LLC

Securities registered pursuant to Section 12(g) of the Act: None

As of ~~February~~August 1122, 2022, there were 38,500,000 ~~units~~ shares of the Registrant’s Class A common stock and 9,625,000 ~~units~~shares of the Registrant’s Class B common stock, par value $0.0001 per share, issued and outstanding.

TECH AND ENERGY TRANSITION CORPORATION

Quarterly Report on Form 10-Q

Table of Contents

		~~Page No.~~	Page No.
PART I. FINANCIAL INFORMATION		1
PART I-FINANCIAL INFORMATION			1
Item 1.	Financial Statements	1	1
	Condensed Balance Sheet as of December 31, 2021 (Unaudited) and March 31, 2021	1
	Condensed Balance Sheets as of June 30, 2022 (Unaudited) and March 31, 2022		1
	Condensed Statements of Operations for the three and nine months ended December 31, 2021 and December 31, 2020 (Unaudited)	2
	Condensed Statements of Operations for the three months ended June 30, 2022 and June 30, 2021 (Unaudited)		2
	Condensed Statements of Changes in Stockholders’ Equity for the three and nine months ended December 31, 2021 and December 31, 2020 (Unaudited)	3
	Condensed Statements of Changes in Stockholders’ Deficit for the three months ended June 30, 2022 and June 30, 2021 (Unaudited)		3
	Condensed Statement of Cash Flows for the three and nine months ended December 31, 2021 and December 31, 2020 (Unaudited)	4
	Condensed Statements of Cash Flows for the three months ended June 30, 2022 and June 30, 2021 (Unaudited)		4
	Notes to Condensed Financial Statements (Unaudited)	5	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	17	20
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	21	25
Item 4.	Controls and Procedures	22	25
PART II. OTHER INFORMATION		23
PART II-OTHER INFORMATION			27
Item 1.	Legal Proceedings	23	27
Item 1A.	Risk Factors	23	27
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities	23	28
Item 3.	Defaults Upon Senior Securities	23	29
Item 4.	Mine Safety Disclosures	23	29
Item 5.	Other Information	23	29
Item 6.	Exhibits.	24	29

PART I—-FINANCIAL INFORMATION

Item 1. Financial Statements

TECH AND ENERGY TRANSITION CORPORATION

CONDENSED BALANCE SHEETS

	December 31, 2021			March 31, 2021
	June 30, 2022			March 31, 2022
	(Unaudited)
Assets
Current assets:
Cash	$	~~579~~870,~~409~~232		$	3239,~~149,760~~492
Prepaid expense		587,193			579,974
Prepaid expenses		463,201			544,095
Total current assets		1,~~166~~333,~~602~~433			3783,~~729,734~~587
Investments held in Trust Account		385,019,933			385,000,632
Investments held in trust account		385,549,568			385,045,219
Prepaid expenses - non-current		119,652			554,647
Total assets	$	386,883,001		$	385,828,806
Total assets	$	386,306,187		$	389,285,012
Liabilities, Redeemable Shares and Stockholders’ Deficit
Liabilities, Redeemable Shares and Stockholder’s Equity
Current liabilities:
Accrued offering costs and expenses	$	1,~~084~~199,~~022~~460		$	21,~~196~~552,~~900~~388
Due to related party		2,299			2,299
Total current liabilities		1,086,321			2,199,199
Accrued income taxes		73,855			-
Derivative warrant liabilities		14,140,000			17,978,000
Promissory Note – related party		751,580			-
Total current liabilities		2,027,194			1,554,687
Derivative warrant liabilities		3,030,000			5,656,000
Deferred Underwriters' Discount		13,475,000			13,475,000
Total liabilities	$	2818,~~701~~532,~~321~~194		$	3320,~~652~~685,~~199~~687
Commitments and Contingencies
Commitments and Contingencies (Note 6)
Class A Common Stock subject to possible redemption, 38,500,000 shares and 38,500,000 shares at redemption value, respectively		385,000,000			385,000,000
Class A Common Stock subject to possible redemption, 38,500,000 shares at redemption value	$	385,425,713		$	385,000,000
Stockholders’ Equity
Stockholders’ Deficit
Common stock, Class B $0.0001 par value; 50,000,000 shares authorized, 9,625,000 and 11,068,750 shares issued and outstanding at December 31, 2021 and March 31, 2021, respectively.		963			1,107
Common stock, Class B $0.0001 par value; 50,000,000 shares authorized, 9,625,000 shares issued and outstanding at June 30, 2022 and March 31, 2022		963			963
Additional paid-in-capital		—-			—-
Accumulated Deficit		(2717,~~396~~075,~~097~~869	)		(2919,~~368~~857,~~294~~844	)
Total stockholders’ deficit	$	(2717,~~395~~074,~~134~~906	)	$	(2919,~~367~~856,~~187~~881	)
Total Liabilities, Redeemable Shares, and Stockholders’ Equity	$	386,306,187		$	389,285,012
Total liabilities and stockholders’ deficit	$	386,883,001		$	385,828,806

The accompanying notes are an integral part of these unaudited condensed financial statements.

TECH AND ENERGY TRANSITION CORPORATION

UNAUDITED CONDENSED STATEMENTS OF OPERATIONS

	For the three months ended December 31,						For the nine months ended December 31,
	For the three months ended June 30
	2021			2020			2021			2020
	2022			2021
Income/(Expense)
Formation and operating expenses	$	1397,~~140,290~~226		$	~~596~~419,318		$	~~1,885,248~~		$	~~596~~
Loss from operations before income tax benefit		(1397,~~140,290~~226	)		(~~596~~419,318	)		~~(1,885,248~~	)		~~(596~~	)
Change in fair value of warrant liabilities		~~(606~~2,626,000	)		—(2,295,667	)		~~3,838,000~~			—
Gain on expiration of over-allotment option		—-			—1,097,250			~~1,097,250~~			—
Interest Income		7,736			—			19,301			—
Change in fair value of Promissory Note		548,420			-
Total other income/(expenses)		(598,264	)		—			4,954,551			—
Interest Income		504,349			5,751
Net Income/(Loss)	$	(1,738,554	)	$	(596	)	$	3,069,303		$	(596	)
Total other income/(expenses)		3,678,769			(1,192,666	)
Weighted average shares outstanding of Class A common stock		38,500,000			—			38,500,000			—
Income before provision for income taxes		3,281,543			(1,611,984	)
Basic and diluted net income/(loss) per share, Class A common stock	$	(0.04	)		—		$	0.06			—
Provision for income taxes		(73,855	)		-
Weighted average shares outstanding of Class B common stock		9,625,000			9,625,000			9,787,750			9,625,000
Net Income/(Loss)	$	3,207,688		$	(1,611,984	)
Basic and diluted net income/(loss) per share, Class B common stock	$	(0.04	)	$	—		$	0.06		$	—
Weighted average shares outstanding of Class A common stock		38,500,000			38,500,000
Basic and diluted net income/(loss) per share, Class A common stock	$	0.07		$	(0.04	)
Weighted average shares outstanding of Class B common stock		9,625,000			10,116,827
Basic and diluted net income/(loss) per share, Class B common stock	$	0.07		$	(0.04	)

The accompanying notes are an integral part of these unaudited condensed financial statements.

TECH AND ENERGY TRANSITION CORPORATION

UNAUDITED CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS’ ~~EQUITY~~ DEFICIT

	Class A Common Stock				Class B Common Stock						Additional Paid-In-		Accumulated			Total Stockholders’
	Shares		Amount		Shares			Amount			Capital		Deficit			Equity
Balances, March 31, 2021		—	$	—		11,068,750		$	1,107		$	—	$	(29,368,294	)	$	(29,367,187	)
Class B Common Stock forfeiture		—	$	—		(1,443,750	)	$	(144	)		—	$	144			—
Accretion of shares subject to redemptions		—		—		—			—			—		(1,097,250	)		(1,097,250	)
Net Loss		—	$	—		—		$	—			—	$	(1,611,984	)	$	(1,611,984	)
Balances, June 30, 2021		—	$	—		9,625,000		$	963			—	$	(32,077,384	)	$	(32,076,421	)
Net Income		—	$	—		—		$	—		$	—	$	6,419,841		$	6,419,841
Balances, September 30, 2021		—	$	—		9,625,000		$	963		$	—	$	(25,657,543	)	$	(25,656,580	)
Class B Common Stock forfeiture		—	$	—		—		$	—		$	—	$	—			—
Net Loss		—	$	—		—		$	—		$	—	$	(1,738,554	)	$	(1,738,554	)
Balances, December 31, 2021		—	$	—		9,625,000		$	963		$	—	$	(27,396,097	)	$	(27,395,134	)

FOR THE THREE MONTHS ENDED JUNE 30, 2022

TECH AND ENERGY TRANSITION CORPORATION

	Class A Common Stock				Class B Common Stock				Additional Paid-In-		Accumulated			Total Stockholders’
	Shares		Amount		Shares		Amount		Capital		Deficit			Deficit
Balances, March 31, 2022		-	$	-		9,625,000	$	963	$	-	$	(19,857,844	)	$	(19,856,881	)
Net Income		-		-		-		-		-		3,207,688			3,207,688
Accretion on redeemable Class A common stock		-		-		-		-		-		(425,713	)		(425,713	)
Balances, June 30, 2022		-	$	-		9,625,000	$	963		-	$	(17,075,869	)	$	(17,074,906	)

~~UNAUDITED~~FOR ~~CONDENSED~~THE ~~STATEMENTS~~THREE OFMONTHS ~~CHANGES~~ENDED ~~IN STOCKHOLDERS’~~JUNE ~~EQUITY~~30, 2021

	Class A Common Stock				Class B Common Stock						Additional Paid-In-		Accumulated			Total Stockholders’
	Shares		Amount		Shares			Amount			Capital		Deficit			~~Equity~~Deficit
Balances, March 31, 2020		—		—		11,068,750		$	1,107		$	26,360	$	(2,198	)	$	25,269
Balances, March 31, 2021		-	$	-		11,068,750		$	1,107		$	-	$	(29,368,294	)	$	(29,367,187	)
Net loss		—		—		—			—			—		—			—
Class B Common Stock forfeiture		-	$	-		(1,443,750	)	$	(144	)		-	$	144			-
Balances, June 30, 2020		—		—		11,068,750		$	1,107		$	26,360	$	(2,198	)	$	25,269
Accretion on redeemable Class A common stock		-		-		-			-			-		(1,097,250	)		(1,097,250	)
Net loss		—		—		—			—			—		—			—
Net Loss		-	$	-		-		$	-			-	$	(1,611,984	)	$	(1,611,984	)
Balances, September 30, 2020		—		—		11,068,750		$	1,107		$	26,360	$	(2,198	)	$	25,269
Balances, June 30, 2021		-	$	-		9,625,000		$	963		$	-	$	(32,077,384	)	$	(32,076,421	)
Net loss		—		—		—			—			—		(596	)		(596	)
Balances, December 31, 2020		—		—		11,068,750			1,107			26,360		(2,794	)		24,673

The accompanying notes are an integral part of these unaudited condensed financial statements.

TECH AND ENERGY TRANSITION CORPORATION

UNAUDITED CONDENSED ~~STATEMENT~~STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED DECEMBER 31, 2021

	For the three months ended June 30
	2022			2021
Cash flows from operating activities:
Net Income (loss)	$	3,207,688		$	(1,611,984	)
Adjustments to reconcile net loss to net cash used in operating activities
Change in fair value of warrant liabilities		(2,626,000	)		2,295,667
Gain on expiration of over-allotment option		-			(1,097,250	)
Change in fair value of Promissory Note		(548,420	)		-
Interest earned from investments held in Trust Account		(504,349	)		(5,751	)
Change in operating assets and liabilities
Prepaid expense		80,894			98,703
Accrued offering costs and accounts payable		(352,928	)		(1,773,269	)
Accrued income taxes		73,855			-
Net cash used in operating activities	$	(669,260	)	$	(2,093,884	)

Cash flows from financing activities:
Proceeds from issuance of promissory note to related party		1,300,000			-
Net cash provided by financing activities	$	1,300,000		$	-

Net change in cash		630,740			(2,093,884	)
Cash at beginning of period		239,492			3,149,760
Cash at end of period	$	870,232		$	1,055,876

Supplemental disclosure of noncash financing activities:
Remeasurement of Class A Common Stock subject to possible redemption – Accretion		425,713			-
Remeasurement of Class A Common Stock subject to possible redemption - Expiration of overallotment option		-			1,097,250

	For the nine months ended December 31,
	2021			2020
Cash flows from operating activities:
Net Income	$	3,069,303		$	(596	)
Change in fair value of warrant liabilities		(3,838,000	)		—
Gain on expiration of over-allotment option		(1,097,250	)		—
Interest earned from investments held in Trust Account		(19,301	)		—
Change in operating assets and liabilities
Current tax assets		—			60
Due to related party		—			536
Prepaid expense - current and non-current		427,775			—
Accrued offering costs and accounts payable		(1,112,878	)		—
Net cash provided by operating activities	$	(2,570,351	)	$	—
Net change in cash		(2,570,351	)		—
Cash at beginning of period		3,149,760			—
Cash at end of period	$	579,409		$	—

The accompanying notes are an integral part of these unaudited condensed financial statements.

TECH AND ENERGY TRANSITION CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

Note 1 — - Description of Organization, Business Operations and ~~Basis of Presentation~~ Liquidity

Tech and Energy Transition Corporation (formerly known as M Acquisition Company IV Corporation) (the “Company”) was incorporated in Delaware on December 4, 2017. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”).

Although the Company is not limited to a particular industry or sector for the purpose of consummating a Business Combination, the Company intends to focus its search on companies in end markets –- communications, internetworking, clean energy, digital technology and services and software applications that enable or ~~support~~ support digital transformation. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.

As of ~~December~~June 3130, ~~2021~~2022, the Company had not yet ~~commenced~~ commenced operations. All activity through ~~December~~June 3130, ~~2021~~2022 relates to the Company’s formation and initial public offering (“IPO”), and since the closing of the Initial Public Offering, the search for a prospective initial Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the IPO. The Company has selected March 31st as its fiscal year end.

The Company’s sponsor is Tech and Energy Transition Sponsor LLC (the “Sponsor”), a Delaware limited liability company.

The registration statement for the Company’s IPO was declared effective on March 16, 2021 (the “Effective Date”). On March 19, 2021, the Company consummated the IPO of 38,500,000 units (the “Units” and, with respect to the Class A common stock included in the Units being offered, the “Public Shares”), at $10.00 per Unit, generating gross proceeds of $385.00 million, which is discussed in Note 43. Transaction costs of the IPO amounted to $22.23 million consisting of $7.70 million of underwriting commission, $13.47 million of deferred underwriting commission, and $1.06 million of other offering costs, which is discussed in Note 76.

The underwriters had a 45-day option from the date of the IPO to purchase up to an additional 5,775,000 units to cover over-allotments, if any. On April 30, 2021, the over-allotment option expired unexercised.

Simultaneously with the closing of the IPO, the Company consummated the sale of 7,366,667 Private Placement Warrants to the Sponsor at a price of $1.50 per Private Placement Warrant, generating total gross proceeds of $11.05 million, which is discussed in Note 54.

Following the closing of the IPO on March 19, 2021, $385.00 million ($10.00 per Unit) from the net proceeds of the IPO and the sale of the Private Placement Warrants was placed in a Trust Account with Continental Stock Transfer & Trust Company acting as trustee, and invested only in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less or in money market funds investing solely in U.S. Treasuries selected by the Company meeting the conditions of paragraphs (d)(2), (d)(3) and (d)(4) of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below. Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its franchise and income tax obligations (less up to $100,000 of interest to pay dissolution expenses), the proceeds from the IPO and the sale of the Private Placement Warrants will not be released from the Trust Account until the earlier of (i) the completion of the Company’s initial Business Combination and (ii) the redemption of 100% of the Company’s public shares if the Company is unable to complete the Company’s initial Business Combination within 24 months from the closing of the IPO (the “Combination Period”). The proceeds deposited in the Trust Account could become subject to the claims of our creditors, if any, which could have priority over the claims of our public stockholders.

The Company’s management has broad discretion with respect to the specific application of the net proceeds of the IPO and the sale of Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the assets held in the Trust Account (excluding taxes payable on income earned on the Trust Account) at the time of the agreement to enter into the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act.

The Company will provide its holders of the Public Shares, (the “public stockholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The public stockholders will be entitled to redeem their Public Shares (as defined below in Note 43) for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.00 per Public Share).

These Public Shares are recorded at a redemption value and classified as temporary equity in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and a majority of the shares voted are voted in favor of the Business Combination.

If the Company is unable to complete a Business Combination within the Combination Period ending March 19, 2023, the Company will (i) cease all operations except for the purpose of winding up, (ii) as ~~promptly~~ promptly as reasonably possible but not more than ten (10) business days thereafter, redeem the Public Shares, at a per-share price, payable in in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to the Company to pay franchise and income taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.

The initial stockholders have agreed to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the initial stockholders acquire Public Shares in or after the IPO, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be only $10.00 per share initially held in the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account. This liability will not apply with respect to any claims by a third party who executed a waiver of any right, title, interest or claim of any kind in or to any monies held in the Trust Account or to any claims under the Company’s indemnity of the underwriter of the IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers, except for the Company’s independent registered public accounting firm, prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.

Liquidity and Capital Resources

The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. As of ~~December~~June 3130, ~~2021~~2022, the Company had approximately $0.5887 million in ~~its~~ its operating bank account and ~~had~~ working capital deficit of approximately $0.0860 million.

The Company’s liquidity needs prior to the completion of the Initial Public Offering were satisfied through a payment from the Sponsor of $27,467 (see Note 6) for the Founder Shares, borrowings under the Promissory Note totaled $275,000 (see Note 6), and the net proceeds from the consummation of the Private Placement not held in the Trust Account. Borrowing from Promissory Note was fully repaid upon the consummation of the IPO on March 19, 2021, has expired and no further borrowing are allowed. Subsequent to the consummation of the Initial Public Offering and Private Placement, the Company’s liquidity needs have been satisfied from the proceeds from the consummation of the Initial Public Offering and the Private Placement not held in the Trust Account.

In order to finance transaction costs in connection with a Business Combination, the Company’s Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, provide the Company Working Capital Loans (see Note 6). As of December 31, 2021, there were no amounts outstanding under any Working Capital Loans. However, on January 31, 2022 the Sponsor committed to make available to the Company, under a promissory note, up to $1,600,000 to finance transaction costs in connection with a Business Combination (the “Promissory Note”). The promissory note is non-interest bearing and due on the earlier of (i) the date of the Business Combination or (ii) the second anniversary of the completion of the IPO. Up to $1,500,000 of the Promissory Note may be converted into warrants to purchase shares of Class A common stock at a conversion price of $1.50 per warrant at the option of Sponsor. If Sponsor elects such conversion, the terms of the warrants issued in connection with such conversion would be identical to the Private Placement Warrants. If the Company fails to consummate a business combination, then the outstanding debt under the Promissory Note will be forgiven by Sponsor (pursuant to an arrangement to be agreed to by the parties), except to the extent of any funds held outside of the Company’s Trust Account (as defined below) after paying all other fees and expenses of the Company.

Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity to meet its needs through the earlier of the consummation of a Business Combination or one year from this filing. Over this time period, the Company will be using these funds for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination.

The Company’s liquidity needs prior to the completion of the Initial Public Offering were satisfied through a payment from the Sponsor of $27,467 (see Note 25) —for ~~Revision~~the Founder Shares, borrowings under the Promissory Note totaled $275,000 (see Note 5), and the net proceeds from the consummation of ~~Previously~~the ~~Issued~~Private ~~Financial~~Placement not ~~Statements~~held in the Trust Account. Borrowing from Promissory Note was fully repaid upon the consummation of the IPO on March 19, 2021, has expired and no further borrowing are allowed. Subsequent to the consummation of the Initial Public Offering and Private Placement, the Company’s liquidity needs have been satisfied from the proceeds from the consummation of the Initial Public Offering and the Private Placement not held in the Trust Account.

In order to finance transaction costs in connection with a Business Combination, the ~~preparation~~Company’s Sponsor or an affiliate of the Sponsor or certain of the Company’s ~~financial~~officers and directors may, ~~statements~~but asare ofnot ~~December~~obligated to, provide the Company Working Capital Loans (see Note 5). On January 31, ~~2021~~2022 the Sponsor committed to make available to the Company, ~~management~~under ~~identified~~a anpromissory ~~error~~note, ~~related~~up to ~~accounting~~$1,600,000 ~~for~~to ~~over~~finance transaction costs in connection with a Business Combination (the “Promissory Note”). The promissory note is non-~~allotment~~interest ~~options~~bearing ~~that~~and ~~were~~due ~~issued~~on tothe earlier of (i) the date of the Business Combination ~~underwriters~~or ~~upon~~(ii) ~~IPO.~~the ~~Management~~second ~~noted~~anniversary ~~that~~of asthe ~~freestanding~~completion ~~financial~~of ~~instruments~~the IPO. Up to $1,500,000 of the ~~over-allotment~~Promissory ~~options~~Note ~~should~~may be ~~accounted~~converted ~~for~~into warrants to aspurchase ~~liability~~shares ~~under~~of ~~ASC~~Class ~~480-10-25-8.~~A ~~The~~common ~~over-allotment~~stock ~~options~~at ~~are~~a ~~required~~conversion toprice beof ~~the~~$1.50 ~~fair~~per ~~value~~warrant at the ~~initial~~option ~~issuance~~of ~~date~~Sponsor. ~~and~~If ~~subsequent~~Sponsor elects such conversion, ~~measurement~~the ~~dates~~terms ~~through~~of ~~their~~the ~~ultimate~~warrants ~~forfeiture~~issued onin ~~April~~connection ~~30,~~with ~~2021.~~such ~~Management~~conversion ~~determined~~would be identical to the ~~impact~~Private ofPlacement ~~this~~Warrants. ~~error~~If the Company fails to consummate a business combination, then the outstanding debt under the Promissory Note will be ~~immaterial~~forgiven by Sponsor (pursuant to ~~March~~an ~~19,~~arrangement ~~2021~~to ~~and~~be ~~March~~agreed 31to by the parties), ~~2021~~except ~~issued~~to ~~financial~~the ~~statements~~extent ~~and~~of ~~has~~any ~~presented~~funds ~~the~~held ~~impact~~outside of ~~this~~the ~~error~~Company’s Trust Account (as adefined ~~revision~~below) onafter apaying ~~cumulative catch~~all upother ~~basis~~fees ~~for~~and expenses of the ~~nine~~Company. ~~months~~The ~~ended~~Company ~~December~~has 31drawn $500,000 ~~2021~~on April 11, 2022 and $800,000 on June 30, 2022 on the Promissory Note. (See Note 5)

~~The~~Based ~~impact~~on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity to meet its needs through the earlier of the consummation of a Business Combination or one year from this ~~revision~~filing. toOver this time period, the Company’s ~~historical~~will ~~financial statements~~be using these funds for ~~three~~paying existing accounts payable, identifying and ~~six~~evaluating ~~months~~prospective ~~ended~~initial ~~June~~Business 30Combination candidates, ~~2021~~performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and ~~September~~structuring, 30negotiating and consummating the Business Combination. Our cash on hand along with our ability to draw additional $300,000 ~~2021~~on ~~respectively~~our isPromissory ~~reflected~~Note couple with refund of approximately $350,000 of franchise tax received in August 2022 will provide us sufficient liquidity to address our working capital needs. Further any future tax obligations will be covered by the ~~following~~interest ~~table:~~earned on the funds held in Trust account.

	As Previously Reported			Adjustment			As Restated
Statement of Operations for the three months ended June 30, 2021
Net Income/(Loss)	$	(2,709,234	)	$	1,097,250		$	(1,611,984	)
Basic and diluted net income per share, Class A common stock subject to possible redemption	$	(0.06	)	$	0.02		$	(0.04	)
Basic and diluted net income per share, Class B common stock	$	(0.06	)	$	0.02		$	(0.04	)
Statement of Operations for the six months ended September 30, 2021
Net Income/(Loss)	$	3,710,607		$	1,097,250		$	4,807,857
Basic and diluted net income per share, Class A common stock subject to possible redemption	$	0.08		$	0.02		$	0.10
Basic and diluted net income per share, Class B common stock	$	0.08		$	0.02		$	0.10
Statements of Changes in Stockholder’s Equity for the three months ended June 30, 2021
Fair value of over-allotment option	$	—		$	(1,097,250	)	$	(1,097,250	)

Going Concern

Until consummation of the Business Combination, the Company will be using the funds not held in the Trust Account, and the Working Capital Loans (as described in Note 3 ~~— Summary~~5), for identifying and evaluating prospective acquisition candidates, performing business due diligence on prospective target businesses, traveling to and from the offices, plants or similar locations of ~~Significant~~prospective ~~Accounting~~target ~~Policies~~businesses, reviewing corporate documents and material agreements of prospective target businesses, selecting the target business to acquire and structuring, negotiating and consummating the Business Combination.

The Company does not believe it will need to raise additional funds in order to meet the expenditures required for operating its business. However, if the Company’s estimates of the costs of undertaking in-depth due diligence and negotiating a business combination is less than the actual amount necessary to do so, the Company may have insufficient funds available to operate its business prior to the business combination. Moreover, the Company will need to raise additional capital through loans from its Sponsor, affiliates, officers, directors, or third parties. Except as contemplated by the terms of the Promissory Note (see Note 5), the Company’s Sponsor, affiliates, officers or directors are not under any obligation to advance funds to, or to invest in, the Company. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of its business plan, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all. We are also subject to a mandatory liquidation and subsequent dissolution requirement if we do not complete our initial business combination by March 19, 2023. We cannot assure you that our plans to raise capital or to consummate an initial business combination before March 19, 2023 will be successful. These factors, among others, raise substantial doubt about our ability to continue as a going concern one year from the date these financial statements are issued. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.

Note 2 - Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed ~~interim~~ financial statements ~~are~~have ~~presented~~been prepared in ~~U.S.~~accordance ~~dollars in conformity~~ with accounting principles generally accepted in the United States of America (“~~U.S.~~ GAAP”) ~~and~~for ~~pursuant~~interim financial toinformation ~~the rules~~ and ~~regulations~~in ofaccordance with the ~~SEC.~~instructions ~~Accordingly,~~to ~~they~~Form do10-Q ~~not~~and ~~include~~Article ~~all~~8 of ~~the~~Regulation ~~information and footnotes required by U.~~S.-X ~~GAAP.~~of In the ~~opinion~~SEC. ofCertain ~~management,~~information or ~~the~~footnote ~~unaudited~~disclosures ~~condensed~~normally ~~interim~~included in financial statements ~~reflect~~prepared ~~all~~in ~~adjustments,~~accordance ~~which include~~with ~~only~~GAAP ~~normal~~have ~~recurring~~been ~~adjustments~~condensed ~~necessary~~or ~~for~~omitted, pursuant to the ~~fair~~rules ~~statement~~and regulations of the ~~balances~~SEC ~~and results~~ for ~~the~~interim ~~periods~~financial ~~presented~~reporting. ~~Operating results~~Accordingly, ~~for~~they ~~the~~do ~~three~~not ~~and~~include ~~nine~~all ~~months~~the ~~ended~~information ~~December~~and ~~31,~~footnotes necessary ~~2021~~for ~~are~~a ~~not~~complete ~~necessarily~~presentation ~~indicative~~ of ~~the~~financial position, results ~~that~~of ~~may~~operations, beor ~~expected~~cash ~~for~~flows. In the ~~year~~ ~~ended~~opinion ~~March~~of 31management, ~~2022,~~the ~~or any future period. These~~ accompanying unaudited condensed financial statements ~~should~~include beall ~~read~~adjustments, inconsisting ~~conjunction~~of ~~with~~a ~~the audited~~normal ~~financial~~recurring ~~statements~~nature, ~~and~~which ~~notes~~are ~~thereto~~necessary ~~included~~for ina ~~the~~fair presentation ~~Form~~of ~~10-K/A filed by~~ the ~~Company~~financial ~~with~~position, ~~the~~operating ~~Securities~~results and ~~Exchange~~cash ~~Commission (“SEC”)~~flows onfor ~~January~~the 5,periods ~~2022~~presented.

Emerging Growth Company

The Company is an “emerging growth company”, as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company, which is neither an emerging growth company nor an emerging growth company, which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the balance sheet, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of ~~December~~June 3130, ~~2021~~2022 and March 31, ~~2021~~2022.

Investments Held in Trust Account

The Company’s portfolio of investments is comprised solely of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities, or a combination thereof. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end of each reporting period. Realized and unrealized gains and losses resulting from the change in fair value of these securities is included in investment income on Trust Account in the accompanying statement of operations. The estimated fair values of investments held in the Trust Account are determined using available market information.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution, which, at times may exceed the Federal depository insurance coverage of $250,000. At ~~December~~June 3130, ~~2021~~2022 and ~~March 31,~~ 2021, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.

Fair Value of Financial Instruments

Fair value measurements are based on the premise that fair value is an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the following three-tier fair value hierarchy has been used in determining the inputs used in measuring fair value (see Note 910):

● Level 1 –- Quoted prices in active markets for identical assets or liabilities on the reporting date.

● Level 2 –- Pricing inputs are based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

● Level 3 –- Pricing inputs are generally unobservable and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require management’s judgment or estimation of assumptions that market participants would use in pricing the assets or liabilities. The fair values are therefore determined using factors that involve considerable judgment and interpretations, including but not limited to private and public comparables, third-party appraisals, discounted cash flow models, and fund manager estimates.

As of ~~December~~June 3130, ~~2021~~2022 and March 31, ~~2021~~2022, ~~the~~ the recorded values of ~~cash and~~ investments held in the Trust Account, prepaid expenses, accounts payable, accrued expenses and expenses due –to a related party approximate the fair values, due to the short-term nature of the instruments. The Company’s portfolio of investments held in the Trust Account is comprised of investments in U.S. Treasury securities with an original maturity of 185 days or less or investments in money market funds that invest in U.S. government securities, or a combination thereof. The fair value for trading securities is determined using quoted market prices in active market, other than for investments in open-ended money market funds with published daily net asset values (“NAV”), in which case the Company uses NAV as a practical expedient to fair value.

Derivative warrant liabilities

The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC Topic 480 “Distinguishing Liabilities from Equity” 480 and ASC Subtopic 815-15 “Derivatives and Hedging —- Embedded Derivatives.” The classification of derivative instruments, including whether such instruments should be recorded as as liabilities or as equity, is re-assessed at the end of each reporting period as presented (see ~~note~~Note 109).

The 12,833,333 warrants issued in connection with the IPO (the “Public Warrants”) and the 7,366,667 Private Placement Warrants are recognized as derivative liabilities in accordance with ASC Subtopic 815-40 “Derivatives and Hedging —- Contracts in Entity’s Own Equity.” Accordingly, the Company ~~recognizes~~ recognizes the warrant instruments as liabilities at fair value and adjusts the instruments to fair value at each reporting period. The ~~liabilities~~ liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s statement of operations. The Public Warrants and the Private Placement Warrants for periods where no observable traded price was available are valued using a binomial lattice model, which is considered to be a Level 3 fair value measurement. The binomial lattice model’s primary unobservable input utilized in determining the fair value of the Private Warrants is the expected volatility of the common stock. The expected volatility as of the IPO date was derived from observable public warrant pricing on comparable blank-check companies without an identified target.

Offering Costs Associated with the Initial Public Offering

The Company complies with the requirements of the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A - “Expenses of Offering.” Offering costs consist principally of professional and registration fees incurred through the balance sheet date that are related to the IPO. Offering costs are allocated to the separable financial instruments issued in the IPO based on a relative fair value basis, compared to total proceeds received. Offering costs associated with warrant liabilities are expensed as incurred, presented as non-operating expenses in the statement of operations. Offering costs associated with the Public Shares were charged to stockholders’ equity upon the completion of the Initial Public Offering. Of the total offering costs of the IPO, approximately $819,000 was included in transaction costs attributable to warrant liabilities in the statement of operations and $21,421,801 was included in stockholders’ equity. The Company will keep deferred underwriting commissions classified as a long-term liability due to the uncertain nature of the closing of a Business Combination and its encumbrance to the Trust Account.

Class A Common Stock Subject to Possible Redemption

The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in ASC Topic 480.

Conditionally redeemable common stock (including common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s Class A common stock feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, Class A common stock subject to possible redemption are classified as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheet. Accordingly, as of ~~December~~June 30, 2022 and March 31, ~~2021~~2022, ~~385~~38,~~000~~500,000 shares of Class A common stock subject to possible redemption is presented at redemption value as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheet.

The Class A common stock subject to possible redemption are subject to the subsequent measurement guidance in ASC Topic 480-10-S99. Under such guidance, the Company must subsequently measure the shares to their redemption amount because, as a result of the allocation of net proceeds to transaction costs, the initial carrying amount of the common stock is less than $10.00 per share. In accordance with the guidance, the Company has measured the common stock subject to possible redemption to their redemption amount (i.e., $10.00 per share).

Effective with the closing of the Initial Public Offering, the Company recognized approximately $35 million of accretion from initial book value to redemption amount, which resulted in charges against additional paid-in capital (to the extent available) and accumulated deficit. Further the Company recognized approximately $0.4 million in additional accretion during the period ended June 30, 2022 reflecting the interest earned from the funds from the Class A common stock as the interest earned is subject to redemption except for the amounts used for paying off franchise and income taxes. As a result, the Class A common stock subject to redemption balance is $385,425,713 at June 30, 2022 from $385,000,000 at March 31, 2022.

Income Taxes

The Company accounts for income taxes under ASC 740 Income Taxes (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized.

ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statement and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of ~~December~~June 3130, ~~2021~~2022 and March 31, ~~2021~~2022. The Company is currently not aware of any ~~issues~~ issues under review that could result in significant payments, accruals or material deviation from its position.

The Company has identified the United States as its only “major” tax jurisdiction.

The Company may be subject to potential examination by federal and state taxing authorities in the areas of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal and state tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.

9The Company’s effective tax rate was 2.25% and 0.00% for the three months ended June 30, 2022 and March 31, 2022, respectively. The effective tax rate differs from the statutory tax rate of 21% for the three months ended June 30, 2022 and March 31, 2022, due to changes in fair value of warrant liability, change in fair value of promissory note and the valuation allowance on the deferred tax assets.

Net Income (Loss) per Common Share

~~The~~For ~~Company’s~~purposes of calculating net income is(loss) ~~adjusted for~~per share, the ~~portion~~Company ofallocated ~~loss~~the ~~income~~amount ~~that~~using isa ~~attributable~~ratio toreflective ~~common stock subject to redemption, as these shares only participate in the earnings~~ of the ~~Trust~~respective ~~Account~~participation right and ~~not~~ the ~~income~~weighted oraverage ~~losses~~of each class of ~~the~~common ~~Company~~stock. Accordingly, basic and diluted income per share of common stock is calculated as follows:

	For the three months ended December 31, 2021			For the nine months ended December 31, 2021
	For the three months ended June 30, 2022			For the three months ended June 30, 2021
Common stock subject to possible redemption
Numerator:
Allocation of net income/(loss), as adjusted	$	(1,738,554	)	$	3,069,303
Net income/(loss)	$	3,207,688		$	(1,611,984	)
Denominator:
Weighted average shares outstanding of Class A common stock		38,500,000			38,500,000
Basic and diluted net income/(loss) per share, Class A common stock	$	(0.0407	)	$	(0.0604	)
Basic and diluted weighted average shares outstanding, Class B common stock		9,625,000			910,~~787~~116,~~750~~827
Basic and diluted net income/(loss) per share, Class B common stock	$	(0.0407	)	$	(0.0604	)
Proportionate class shares outstanding
Class A		38,500,000			38,500,000
Class B		9,625,000			910,~~787~~116,~~750~~827
		48,125,000			48,~~287~~616,~~750~~827
Weight by class of share
Class A		80	%		80	%
Class B		20	%		20	%
		100	%		100	%

Recent Accounting Pronouncements

In August 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-06, Debt —-debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — -Contracts in Entity'’ Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity'’ Own Equity (“ASU 2020-06”), which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. The ASU also removes certain settlement conditions that are required for equity-linked contracts to qualify for the derivative scope exception, and it simplifies the diluted earnings per share calculation in certain areas. The Company adopted ASU 2020-06 on January 1, 2021. Adoption of the ASU did not impact the Company'’s financial position, results of operations or cash flows.

The Company'’s management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements.

Note ~~4 —~~ 3 - Initial Public Offering

On March 19, 2021, the Company consummated the IPO of 38,500,000 Units, at a price of $10.00 per Unit. Each Unit consists of one share of Class A common stock of the Company, par value $0.0001 per share, and one-third of one redeemable warrant of the Company. Each whole warrant entitles the holder thereof to purchase one share of Class A Common Stock for $11.50 per share, subject to adjustment. The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $385.00 million, and incurring offering costs of approximately $22.23 million, including approximately $7.70 million of underwriting commission, $13.47 million of deferred underwriting commission and $1.06 million of other offering costs.

The Company also granted the IPO underwriters a 45-day option to purchase up to an additional 5,775,000 units to cover over-allotments, if any. On April 30, 2021, the over-allotment option expired unexercised.

1012

Note ~~5 —~~ 4 - Private Placement

Concurrent with the closing of the IPO, the Company consummated the Private Placement of 7,366,667 Private Placement Warrants at a price of $1.50 per Private Placement Warrant to the Sponsor, generating proceeds of approximately $11.05 million.

Each whole Private Placement Warrant is exercisable to purchase one share of Class A common stock at $11.50 per share, subject to adjustment. A portion of the proceeds from the sale of the Private Placement Warrants to the Sponsor was added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the Private Placement Warrants will expire worthless. The Private Placement Warrants will be non-redeemable for cash and exercisable on a cashless basis so long as they are held by the Sponsor or its permitted transferees.

The Sponsor and the Company’s officers and directors agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Warrants until 30 days after the completion of the initial Business Combination.

Note 5 6- — Related Party Transactions

Founder Shares

On December 4, 2017, the Company issued 100 shares of common stock, par value $0.01 per share, for an aggregate consideration of $25,000. As of December 31, 2020, March 31, 2020 and March 31, 2019, the Company recorded a stock subscription receivable of $25,000. The proceeds were received on January 11, 2021.

On January 22, 2021, the Company effectuated a recapitalization in the form of a 90,562.5 for 1 stock split, and as a result, the Sponsor held 9,056,250 shares of our Class B common stock (up to 1,181,250 of which were subject to forfeiture depending on the extent to which the underwriters’ option to purchase additional units was exercised, if at all).

On January 22, 2021, the Company issued to Dan Hesse, Executive Chairman, 1,006,250 shares of our Class B common stock (up to 131,250 of which were subject to forfeiture depending on the extent to which the underwriters’ option to purchase additional units was exercised, if at all) in exchange for an initial investment of $2,467. As of January 22, 2021, the Founder Shares outstanding were 10,062,500, of which the Sponsor held 9,056,250 and Dan Hesse held 1,006,250.

On January 22, 2021, the Company filed an amended and restated certificate of incorporation to change its par value of its Class A and B common stock from $0.01 to $0.0001. Information contained in the financial statements has been adjusted for this split.

On March 16, 2021, the Company effectuated an 11-for-10 stock split of the Class B common stock, resulting in an aggregate outstanding amount of 11,068,750 shares of the Class B common stock (up to 1,443,750 shares of which are subject to forfeiture depending on the extent to which the underwriters’ option to purchase additional units is exercised, if at all), of which the Sponsor holds 9,961,875 shares and Dan Hesse holds 1,106,875 shares. All shares and associated amounts have been retroactively restated to reflect the split (see Note 8 7).

The Founder Shares will automatically convert into shares of Class A common stock on a one-for-one basis, subject to adjustment, at the time of the Company’s initial Business Combination and are subject to certain transfer restrictions (see Note 87).

Holders of Founder Shares may also elect to convert their shares of Class B common stock into an equal number of shares of Class A common stock, subject to adjustment, at any time. The initial stockholders agreed to forfeit up to 1,443,750 Founder Shares to the extent that the over-allotment option was not exercised in full by the underwriter. On April 30, 2021, upon the expiration of the 45-day period and the underwriters not exercising the over-allotment option, 1,443,750 shares of Class B Common Stock were forfeited by the Sponsor and Mr. Hesse in order for the Sponsor, Mr. Hesse and the Independent Directors to maintain ownership of 20.0% of the issued and outstanding shares of common stock of the Company (excluding private units held by the Sponsor). Such forfeited shares were cancelled by the Company.

The initial stockholders have agreed, subject to limited exceptions, not to transfer, assign or sell any of their Founder Shares until the earlier to occur of: (A) one year after the completion of the initial Business Combination or (B) subsequent to the initial Business Combination, (x) if the last reported sale price of the Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20-trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property.

1113

Related Party Loans

In order to finance transaction costs in ~~connection~~ connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, lend the Company Working Capital Loans. If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination without interest, or, at the lender’s discretion, up to $1,500,000 of such Working Capital Loans may be convertible into warrants of the post Business Combination entity at a price of $1.50 per warrant. The warrants would be identical to the warrants included in the Private Placement Warrants. As of ~~December~~ ~~31,~~June ~~2021 and March 31~~30, ~~2021~~2022, there ~~were~~have been no amounts ~~outstanding~~drawn ~~under~~that ~~any~~remain ~~Working Capital Loans~~outstanding.

Promissory Note - Related Party

On December 16, 2020, the Sponsor made available to the Company, under a promissory note, up to $950,000 to be used for a portion of the expenses of the IPO (the “Note”). The Note was non-interest bearing and due on the earlier of September 30, 2021 or the completion of the IPO. The Note funds borrowed of $275,000 were repaid upon the consummation of the IPO on March 19, 2021.

Furthermore, on January 31, 2022 the Sponsor committed to make available to the Company, under a promissory note, up to $1,600,000 to finance transaction costs in connection with a Business Combination (the “Promissory Note”). The promissory note ~~was~~is non-interest bearing and due on the earlier of (i) the date of the Business Combination or (ii) the second anniversary of the completion of the IPO. Up to $1,500,000 of the Promissory Note may be converted into warrants to purchase shares of Class A common stock at a conversion price of $1.50 per warrant at the option of Sponsor. If Sponsor elects such conversion, the terms of the warrants issued in connection with such conversion would be identical to the Private Placement Warrants. Pursuant to the terms of an agreement between the Company and Sponsor dated February 14, 2022, if the Company fails to consummate a business combination, the outstanding debt under the Promissory Note will be forgiven by Sponsor (pursuant to an arrangement to be agreed to by the parties), except to the extent of any funds held outside of the Company’s trust account after paying all other fees and expenses of the Company. The Company has drawn $500,000 on April 11, 2022, and $800,000 on June 30, 2022 on the Promissory Note.

The Company accounted for the borrowed proceeds under the promissory note under ASC 480 as a liability classified financial instrument and recorded the liability at fair value initially at issuance and for the period ended June 30, 2022. The Company recorded change in fair value of $528,800 as expense during the period ended June 30, 2022. If the Sponsor converted this promissory note into warrants at period end, it would receive 866,667 warrants to purchase Class A common stock at $11.50 per share and a total fair value of $8,467,333 calculated using closing price of Class A common stock on June 30, 2022.

Cost Sharing Arrangement - Related Party

The Company has entered into a cost sharing arrangement with Macquarie CAF LLC, which is a related party to the Company and its sponsor. The cost sharing arrangement was put in place whereby the parties agreed to use certain common service providers for performing due diligence on a potential target company. Under this arrangement, both parties agreed to share 50% of costs incurred during due diligence of the specific target company. Both parties are responsible for remitting their share of payments directly to the service providers. The arrangement does not represent amounts payable by the related party on behalf of the Company, for which the Company is responsible party for paying the full amount. As of ~~December~~June 3130, ~~2021~~2022, both parties have shared in due diligence expenses of $1,~~165~~064,~~206~~718, of which the Company’s share was $~~582~~532,~~603~~359 at 50%.

~~Note 7 — Commitments & Contingencies~~ 14

~~Registration~~Note 6 ~~and~~- ~~Shareholder~~Commitments ~~Rights~~& Contingencies

Registration and Stockholder Rights

The holders of Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans, if any, will be entitled to registration rights (in the case of the Founder Shares, only after conversion of such shares to shares of Class A common stock) pursuant to a registration rights agreement to be signed on or before the date of the prospectus for the IPO. These holders will be entitled to certain demand and “piggyback” registration rights. However, the registration rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until the termination of the applicable lock-up period for the securities to be registered. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting Agreement

The Company granted the underwriter a 45-day option to purchase up to 5,775,000 additional Units to cover over-allotments, if any, at the IPO price less the underwriting discounts and commission. On April 30, 2021, the over-allotment option expired unexercised.

On March 19, 2021, the Company paid an underwriting commission of $7.70 million.

The underwriters are entitled to a deferred fee of $0.35 per Unit, or $13,475,000 in the aggregate, excluding any amounts raised pursuant to the option to purchase additional units. The deferred fee will be paid in cash from the amounts held in the Trust Account solely in the event the Company completes a Business Combination, subject to the terms of the underwriting agreement.

Risks and Uncertainties

Management continues to evaluate the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations, cash flows and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Additionally, in February 2022, the Russian Federation and Belarus commenced a military action with the country of Ukraine. As a result of this action, various nations, including the United States, have instituted economic sanctions against the Russian Federation and Belarus. Further, the impact of this action and related sanctions on the world economy are not determinable as of the date of these unaudited condensed financial statements and the specific impact on the Company’s financial condition, results of operations and cash flows is also not determinable as of the date of these unaudited condensed financial statements.

1215

Note ~~8 —~~ 7 - Stockholders’ ~~Equity~~Deficit

Class B common stock —- The Company is authorized to issue 50,000,000 shares of Class B common stock with a par value of $0.0001 per share. Holders of Class B common stock are entitled to one vote for each share. As of ~~December~~June 3130, ~~2021~~2022 and March 31, ~~2021~~2022, there were 9,625,000 ~~and 11,068,750~~ shares of Class B common stock outstanding.

Prior to the initial Business Combination, holders of Class B common stock have the exclusive right to elect, remove and replace any director, and the holders of Class A Common Stock have no right to vote on the election, removal or replacement of any director. This provisions of the certificate of incorporation may only be amended by a resolution passed by a majority of holders of at least 90% of the outstanding Common Stock entitled to vote thereon. With respect to any other matter submitted to a vote of the stockholders, including any vote in connection with the initial Business Combination, except as required by applicable law or stock exchange rule, holders of the Class A common stock and holders of the Class B common stock will vote together as a single class, with each share entitling the holder to one vote.

The shares of Class B common stock will automatically convert into shares of Class A common stock at the time of the initial Business Combination on a one-for-one basis, subject to adjustment. In the case that additional shares of Class A common stock, or equity-linked securities, are issued or deemed issued in excess of the amounts sold in the IPO and related to the closing of the initial Business Combination, the ratio at which shares of Class B common stock shall convert into shares of Class A common stock will be adjusted (unless the holders of a majority of the outstanding shares of Class B common stock agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of shares of Class A common stock issuable upon conversion of all shares of Class B common stock will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all shares of common stock outstanding upon the completion of the IPO plus all shares of Class A common stock and equity-linked securities issued or deemed issued in connection with the initial Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial Business Combination and any private placement-equivalent warrants issued to the Sponsor or its affiliates upon conversion of loans made to the Company). Holders of Founder Shares may also elect to convert their shares of Class B common stock into an equal number of shares of Class A common stock, subject to adjustment as provided above, at any time.

Note ~~9 —~~ 8 - Derivative Warrant Liabilities

As of ~~December~~June 30, 2022, and March 31, ~~2021~~2022, the Company has 12,833,333 Public Warrants and 7,366,667 Private Placement Warrants outstanding.

Public Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination or (b) 12 months from the closing of the IPO; provided in each case that the Company has an effective registration statement under the Securities Act covering the shares of common stock issuable upon exercise of the Public Warrants and a current prospectus relating to them is available.

The Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of a Business Combination, the Company will use its best efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the shares of Class A common stock issuable upon exercise of the Public Warrants. The Company will use its best efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the Public Warrants in accordance with the provisions of the warrant agreement. Notwithstanding the foregoing, if a registration statement covering the shares of Class A common stock issuable upon exercise of the Public Warrants is not effective within a specified period following the consummation of Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act, provided that such exemption is available. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis. The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation.

The Private Placement Warrants are identical to the Public Warrants underlying the Units being sold in the IPO, except that the Private Placement Warrants and the Class A common stock issuable upon the exercise of the warrants included in the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions.

Additionally, the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. The Private Placement Warrants are not subject to redemption.

1316

Redemption of warrants for cash when the price per share of Class A common stock equals or exceeds $18.00:

Once the warrants become exercisable, the Company may redeem the outstanding Public Warrants:

●

in whole and not in part;

●

at a price of $0.01 per warrant;

●

upon not less than 30 days’ prior written notice of redemption to each warrant holder; and

●

if, and only if, the last reported sale price of Class A common stock for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders (the “Reference Value”) equals or exceeds $18.00 per share (as adjusted for share sub-divisions, share dividends, rights issuances, consolidations, reorganizations, recapitalizations and the like).

If and when the warrants become redeemable by the Company, it may exercise its redemption right even if the Company is unable to register or qualify the underlying securities for sale under all applicable state securities laws.

Redemption of warrants for Class A common stock when the price per share of Class A common stock equals or exceeds $10.00:

Once the warrants become exercisable, the Company may redeem the outstanding warrants:

●

in whole and not in part;

●

at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption, provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares;

●

if, and only if, Reference Value exceeds $10.00 per share (as adjusted); and

●

if the Reference Value is less than $18.00 per share (as adjusted), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above.

The “fair market value” of our Class A common stock for the above purpose shall mean the volume-weighted average price of the Class A common stock as reported during the ten trading days immediately following the date on which the notice of redemption is sent to the holders of warrants. The Company will provide our warrant holders with the final fair market value no later than one business day after the ten-trading day period described above ends. In no event will the warrants be exercisable in connection with this redemption feature for more than 0.365 shares of Class A common stock per whole warrant (subject to adjustment).

In addition, if (x) the Company issue additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing of an initial Business Combination at an issue price or effective issue price of less than $9.20 per share (with such issue price or effective issue price to be determined in good faith by the board of directors and, (i) in the case of any such issuance to the Sponsor or any of its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance, and (ii) to the extent that such issuance is made to the Sponsor or any of its affiliates, without taking into account the transfer of Founder Shares or private placement warrants (including if such transfer is effectuated as a surrender to us and subsequent reissuance by the Company) by the Sponsor in connection with such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of an initial Business Combination on the date of the consummation of an initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates an initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price.

If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement.

1417

The exercise price and number of shares of Class A common stock issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, or recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuance of Class A common stock at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless.

Note 9 10- — Over-allotment Option

The Company issued a 45-day over-allotment option to underwriters to purchase up to an additional 5,775,000 units to cover over-allotments, if any, from the date of the IPO. On April 30, 2021, the over-allotment option expired unexercised. Over-allotment options represents freestanding equity-linked financial instruments that is determined to be liability under ASC 480-10-25-8.

Note 10 11- — Fair Value Measurements

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of ~~December~~June 3130, ~~2021~~2022 and March 31, ~~2021~~ 2022 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value:

~~December 31~~June 30, ~~2021~~2022:

Description	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
Investments held in Trust Account	$	385,~~019~~549,~~933~~568	$	—-	$	—-
Liabilities:
Derivative warrant liabilities – Public Warrants	$	8,983,333	$	—	$	—
Derivative warrant liabilities - Public Warrants	$	1,925,000	$	-	$	-
Derivative warrant liabilities – Private Placement Warrants	$	—	$	—	$	5,156,667
Derivative warrant liabilities - Private Placement Warrants	$	-	$	-	$	1,105,000
Promissory Note	$	-	$	-	$	751,580

March 31, ~~2021~~2022:

Description	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
Investments held in Trust Account	$	385,~~000~~045,~~632~~219	$	—-	$	—-
Liabilities:
Derivative warrant liabilities – Public Warrants	$	—	$	—	$	11,421,666
Derivative warrant liabilities - Public Warrants	$	3,593,333	$	-	$	-
Derivative warrant liabilities – Private Placement Warrants	$	—	$	—	$	6,556,334
Derivative warrant liabilities - Private Placement Warrants	$	-	$	-	$	2,062,667
Promissory Note	$	-	$	-	$	-

Transfers to/from Levels 1, 2, and 3 are recognized at the end of the reporting period. ~~The estimated fair value of the Public Warrants transferred from a Level 3 measurement to a Level 1 fair value measurement in May 2021, when the Public Warrants were separately listed and traded.~~

The fair value of the Warrants issued in connection with the Public Offering and Private Placement Warrants were initially measured at fair value using a binomial lattice model, which is considered to be a Level 3 fair value measurement. Subsequently, the fair value of the Public Warrants has been based on public market quoted prices, a Level 1 measurement, which was $81,~~983~~925,~~333~~000 at ~~December~~June 3130, ~~2021~~2022. The Company recognized an ~~expense~~income to the statement of ~~operations~~ operations resulting from the decrease in the fair value of the derivative warrant liabilities of $32,~~838~~626,000 in the ~~nine~~three months to ~~December 31,~~June ~~2021~~30, 2022, which is presented as change in fair value of derivative warrant liabilities on the accompanying statement of operations.

The estimated fair value of the Private Placement Warrants, and the Public Warrants prior to being separately listed and traded, is determined using Level 3 inputs. Inherent in a binomial lattice model are assumptions related to expected stock-price volatility. The Company estimates the volatility of its common stock warrants based on implied volatility from the Company’s traded warrants and from historical volatility of select peer company’s common stock that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero.

1518

Following significant inputs to value the Private Placement Warrants:

	As of December 31, 2021
	As of June 30, 2022			As of March 31, 2022
Risk-free interest rate		12.2097	%		2.42	%
Trading days per year
Expected volatility		4.60	%		6.20	%
Expected volatility		13.7	%
Exercise price	$	11.50		$	11.50
Exercise price	$	11.50
Stock Price	$	9.77		$	9.77
Stock Price	$	9.72

The change in the fair value of the level 3 derivative warrant liabilities for the ~~nine~~three months ended ~~December~~June 30, 2022 and year ended March 31, ~~2021~~2022 is summarized as follows:

Level 3 derivative warrant liabilities at March 31, 2021	$	17,978,000
Level 3 derivative warrant liabilities at March 31, 2022	$	2,062,667
Transfer of Public Warrants to Level 1		(8,983,333	)
Change in fair value of derivative warrant liabilities		(957,667	)
Change in fair value of derivative warrant liabilities		(3,838,000	)
Level 3 derivative warrant liabilities at June 30, 2022	$	1,105,000
Level 3 derivative warrant liabilities at December 31, 2021	$	5,156,667

InThe ~~conjunction~~fair ~~with~~value ~~our~~of ~~public~~the ~~offering,~~promissory wenote ~~granted~~is determined by using a Discounted Cash Flow method to value the ~~underwriters~~debt ancomponent ~~over~~and a Black-~~allotment~~Scholes ~~option~~model to ~~purchase~~value anthe ~~additional~~debt ~~5.7~~conversion ~~million~~option ~~units~~into ~~within~~warrants 45using ~~days~~Level of3 inputs. ~~the~~Inherent ~~IPO.~~in WeBlack-Scholes ~~determined~~model ~~the~~are ~~fair value~~assumptions ofrelated ~~this~~to ~~liability~~expected atstock ~~inception~~price ~~utilizing~~volatility. aThe ~~Black-Scholes~~Company ~~option-pricing~~estimates ~~model~~the ~~utilizing~~volatility of aits common stock from the volatility of 18the publicly traded warrants.0% The risk-free interest rate ~~of 1~~is based on the U.~~0%,~~S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected ~~term~~remaining life of 45the ~~days~~convertible ~~and~~note. ~~exercise~~The ~~price~~expected life of ~~$10.00~~the convertible ~~per~~debt ~~unit~~is assumed to be equivalent to its remaining contractual term. The ~~option~~interest ~~expired~~rate ~~unexercised~~is based on ~~April~~the ~~30,~~historical ~~2021~~rate, which the Company anticipates remaining at ~~which~~zero. ~~point~~Significant inputs used in the Black-Scholes model are same as those listed above for valuation weof ~~recorded~~Private Placement warrants. The promissory note had a ~~gain~~fair onvalue ~~expiration~~market change of $548,420 for the ~~over-allotment~~three ~~option~~months ended June 30, 2022 with an ending balance of $751,580 as stated on the balance sheet.

~~The~~Significant ~~change~~inputs used in valuing the fair value of the ~~level~~debt ~~3 over-allotment~~component ~~option~~include ~~liability~~5.3% ~~for~~cost ~~the~~of ~~nine~~capital ~~months~~and ~~ended~~0.7 ~~December~~years ~~31,~~to ~~2021~~de-SPAC ~~is summarized as follows:~~event.

Level 3 over-allotment option at March 31, 2021	$	—
Fair value of over-allotment option		1,097,250
Expiration of over-allotment option		(1,097,250	)
Level 3 over-allotment option at December 31, 2021	$	—

Note 11 - Subsequent Events

~~Note 12 — Subsequent~~The Company ~~Events~~evaluated subsequent events and transactions that occurred after the balance sheet date through, the date that the unaudited condensed financial statements were issued. Based on this review, the Company did not identify any subsequent events that would require adjustment or disclosure in the financial statements.

The Company evaluated subsequent events and transactions that occurred after the balance sheet date through, the date that the unaudited condensed financial statements were issued. Based on this review, the Company and its sponsors entered in to a promissory note on January 31, 2022 for up to $1,600,000 due on the earlier of (i) the date of the Business Combination or (ii) the second anniversary of the completion of the IPO. Up to $1,600,000 of the Promissory Note may be converted into warrants to purchase shares of Class A common stock at a conversion price of $1.50 per warrant at the option of Sponsor. If Sponsor elects such conversion, the terms of the warrants issued in connection with such conversion would be identical to the Private Placement Warrants.19

16Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

~~Item~~References to 2.“we”, ~~Management’s~~“us”, ~~Discussion~~“our” or the “Company” are to Tech and ~~Analysis~~Energy ofTransition ~~Financial~~Corporation, except ~~Condition~~where the context requires otherwise. The following discussion should be read in conjunction with our condensed financial statements and ~~Results~~related ofnotes ~~Operations~~thereto included elsewhere in this Quarterly Report.

~~References to “we”, “us”,~~Cautionary ~~“our”~~Note orRegarding ~~the~~Forward-Looking “Company” are to Tech and Energy Transition Corporation, except where the context requires otherwise. The following discussion should be read in conjunction with our condensed financial statements and related notes thereto included elsewhere in this report.Statements

~~Cautionary~~This Quarterly ~~Note~~Report ~~Regarding~~includes ~~Forward~~“forward-~~Looking~~looking ~~Statements~~statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) that are not historical facts, and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements, other than statements of historical fact included in this Form 10-Q, including, without limitation, statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding the Company’s financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements. Words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and variations thereof and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect management’s current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section of the Company’s Annual Report on Form 10-K for the year ended March 31, 2022 filed with the SEC on June 29, 2022. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

This Quarterly Report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act that are not historical facts, and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements, other than statements of historical fact included in this Form 10-Q including, without limitation, statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding the Company’s financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements. Words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and variations thereof and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect management’s current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section of the Company’s Annual Report on Form 10-K/A for the year ended March 31, 2021 filed with the SEC on January 5, 2022. The Company’s securities filings can be accessed on the EDGAR section of the SEC’s website at www.sec.gov. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.Overview

~~Overview~~We are a blank check company incorporated in Delaware on December 4, 2017 for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). While we may pursue an initial Business Combination target in any industry or geographic location, we intend to focus our search for a target business operating in certain end markets that are facilitating digital disruptions – such as communications, energy and industrial software and services – where technology may be used to unlock a capacity constrained business problem. Our sponsor is Tech and Energy Transition Sponsor LLC (the “Sponsor”), a Delaware limited liability company.

WeOur registration ~~are~~statement afor ~~blank~~our ~~check~~initial ~~company~~public ~~incorporated~~offering in(the ~~Delaware on~~“Initial ~~December~~Public 4,Offering”) ~~2017~~was ~~for~~declared ~~the~~effective ~~purpose~~on ofMarch ~~effecting a merger~~16, 2021. ~~share~~On ~~exchange,~~March ~~asset acquisition~~19, ~~share purchase~~2021, ~~reorganization~~we orconsummated ~~similar business~~our ~~combination~~Initial ~~with~~Public ~~one~~Offering orof ~~more~~38,500,000 ~~businesses~~units (the “~~Business Combination~~Units”). ~~While~~and, wewith ~~may~~respect ~~pursue~~to the anClass ~~initial~~A ~~Business~~common ~~Combination target~~stock included in ~~any~~the ~~industry~~Units oroffered, ~~geographic~~the ~~location,~~“Public weShares”) ~~intend~~at to$10.00 ~~focus~~per ~~our~~Unit, ~~search~~generating ~~for~~gross aproceeds of ~~target~~$385 ~~business~~million ~~operating~~and inincurring ~~end~~offering ~~markets~~costs –of ~~communications, internetworking,~~approximately ~~clean~~$22.2 ~~energy~~million, ~~digital~~consisting ~~technology~~of ~~and~~$7,700,000 ~~services~~of ~~and~~underwriting ~~software~~commission, ~~applications that enable or support digital transformation.~~$13,475,000 ~~Our~~of ~~sponsor~~deferred isunderwriting ~~Tech~~commission, and ~~Energy Transition Sponsor LLC (the “Sponsor”)~~$1,066,089 aof ~~Delaware~~other ~~limited~~offering ~~liability company~~costs.

~~Our~~Substantially concurrently ~~registration~~with ~~statement~~the ~~for~~closing ~~our~~of ~~initial public offering (~~the “Initial Public Offering~~”) was declared effective on March 16~~, ~~2021.~~we Onconsummated ~~March~~the ~~19,~~private ~~2021,~~placement we(the ~~consummated~~“Private ~~our Initial~~Placement”) ~~Public Offering~~ of 387,~~500~~366,~~000~~667 ~~units~~warrants (~~the “Units” and~~each, ~~with~~a ~~respect~~“Private toPlacement ~~the~~Warrant” ~~Class~~and Acollectively, ~~common stock included in~~ the ~~Units offered, the~~ “~~Public~~Private ~~Shares~~Placement Warrants”) , at ~~$10.00~~a ~~per~~price ~~Unit, generating gross proceeds~~ of $~~385~~1.0050 ~~million~~per ~~and~~Private ~~incurring~~Placement ~~offering~~Warrant ~~costs~~to ofour ~~approximately $22.23 million~~Sponsor, ~~consisting~~generating ofgross ~~$7.70~~proceeds ~~million~~ of ~~underwriting~~approximately ~~commission,~~ $1311.4705 million ~~of deferred underwriting commission, and $1~~.06 million of other offering costs. The Company also granted the underwriters in the IPO a 45-day option to purchase up to an additional 5,775,000 units to cover over-allotments, if any. On April 30, 2021, the over-allotment option expired unexercised.

~~Simultaneously with~~ Upon the closing of the Initial Public Offering and the Private Placement, wean ~~consummated~~aggregate ~~the~~of ~~private~~$385 ~~placement~~million ($10.00 per Unit) of the “net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement was placed in a trust account (“Trust Account”) with Continental Stock Transfer & Trust Company acting as trustee and invested in United States government treasury bills with a maturity of 185 days or less or in money market funds investing solely in U.S. Treasuries and meeting certain conditions under Rule 2a-7 under the Investment Company Act,~~366~~ as determined by the Company,~~667~~ ~~warrants~~until the earlier of: (~~each,~~i) the completion of a ~~“Private~~Business Combination and ~~Placement~~(ii) ~~Warrant”~~the distribution of the Trust Account as described below. Except with respect to interest earned on the funds held in the Trust Account that may be released to us to pay franchise and ~~collectively~~income tax obligations (less up to $100,000 of interest to pay dissolution expenses), the “proceeds from the Initial Public Offering and the sale of the Private Placement Warrants” will not be released from the Trust Account until the earlier of (i), atthe acompletion ~~price~~of the Company’s initial Business Combination or (ii) the redemption of $1100% of the Company’s Public Shares if the Company is unable to complete the Company’s initial Business Combination within 24 months from the closing of the Initial Public Offering (the “Combination Period”), without extension.50 ~~per~~The ~~Private~~proceeds ~~Placement~~deposited ~~Warrant~~in the Trust Account could become subject to the claims of our ~~Sponsor~~creditors, ~~generating~~if ~~gross~~any, ~~proceeds~~which could have priority over the claims of ~~$11.05~~our ~~million~~public stockholders.

Upon the closing of the Initial Public Offering and the Private Placement, an aggregate of $385.00 million ($10.00 per Unit) of the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement was placed in a trust account (“Trust Account”) with Continental Stock Transfer & Trust Company acting as trustee and invested in United States government treasury bills with a maturity of 185 days or less or in money market funds investing solely in U.S. Treasuries and meeting certain conditions under Rule 2a-7 under the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below. Except with respect to interest earned on the funds held in the Trust Account that may be released to us to pay franchise and income tax obligations (less up to $100,000 of interest to pay dissolution expenses), the proceeds from the Initial Public Offering and the sale of the Private Placement Warrants will not be released from the Trust Account until the earlier of (i) the completion of the Company’s initial Business Combination or (ii) the redemption of 100% of the Company’s public shares if the Company is unable to complete the Company’s initial Business Combination within 24 months from the closing of the Initial Public Offering (the “Combination Period”). The proceeds deposited in the Trust Account could become subject to the claims of our creditors, if any, which could have priority over the claims of our public stockholders.20

17If we are unable to complete a Business Combination within the Combination Period, as such period may be extended, we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten (10) business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to the Company to pay franchise and income taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.

~~If we are unable to complete a Business Combination~~Results ~~within the Combination Period, as such period may be extended, we will (i) cease all operations except for the purpose~~ of winding up, (ii) as promptly as reasonably possible but not more than ten (10) business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to the Company to pay franchise and income taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.Operations

~~Results~~Our entire activity from inception through June 30, 2022 related to our formation and the preparation for the Initial Public Offering, and, since the closing of ~~Operations~~the Initial Public Offering, the search for a prospective initial Business Combination. We have neither engaged in any operations nor generated any operating revenues to date. We will not generate any operating revenues until after completion of our initial Business Combination, at the earliest. We generated non-operating income in the form of interest and investment income on cash and cash equivalents and investments. We incurred increased expenses as a result of being a public company (including for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses. Additionally, we recognize non-cash gains and losses within other income (expense) related to changes in recurring fair value measurement of our warrant liabilities at each reporting period.

~~Our~~For ~~only~~the ~~activities~~three ~~from~~months ~~inception~~ended ~~through~~June ~~December 31~~30, ~~2021 were those related to our formation~~2022, ~~the~~we ~~preparation~~had ~~for~~a ~~our~~net ~~Initial~~income ~~Public~~of ~~Offering and~~$3,207,688 comprised ~~since the closing~~ of ~~the~~a ~~Initial Public Offering~~$2,626,000 ~~the~~income ~~search~~from ~~for~~changes ~~a prospective initial Business Combination. We have neither engaged~~ in ~~any~~fair ~~operations~~value ~~nor~~of ~~generated~~warrant ~~any~~liabilities, ~~operating revenues~~$548,420 toincome ~~date.~~from Wechanges ~~will~~in ~~not~~fair ~~generate~~value ~~any operating revenues until after completion~~ of ~~our~~promissory note, ~~initial Business Combination~~$73,855 atincome ~~the~~tax ~~earliest. We~~provision, ~~incurred~~and ~~expenses~~$397,226 ~~as a result~~ of ~~being~~general aand ~~public~~administrative ~~company~~expenses ~~(including~~partially ~~for~~offset ~~legal,~~by ~~financial~~approximately ~~reporting~~$504,349 ~~accounting and auditing compliance),~~of asincome ~~well~~on asthe ~~for~~investments ~~expenses~~held in ~~connection~~the ~~with~~Trust ~~searching for a prospective initial Business Combination~~Account.

~~For the three months ended December 31, 2021,~~Liquidity ~~we had a net loss of approximately $1.74 million, which consists of changes in the derivative warrant liabilities of approximately $.60 million~~ and ~~unrealized~~Capital ~~gain on investments held in the Trust Account of $7,736, partially offset by $1.14 million in general and administrative costs.~~Resources

~~For~~As of ~~the~~June ~~nine months ended December 31~~30, ~~2021~~2022, we had ~~a net income of~~ approximately $30.0787 million, ~~which~~in ~~consists~~our ofoperating ~~changes~~bank inaccount ~~the~~and ~~derivative~~working ~~warrant~~capital ~~liabilities~~deficit of approximately $30.8460 million~~, over-allotment liability of $1~~.~~10 million and unrealized gain on investments held in the Trust Account of $19,301, partially offset by $1.89 million in general and administrative costs.~~

~~Liquidity~~Our liquidity needs have been satisfied prior to the completion of the Initial Public Offering through a payment from the Sponsor of $27,467 (see Note 5) for the Founder Shares, borrowings under a promissory note of $275,000 (see Note 5), and the net proceeds from the consummation of the Private Placement not held in the Trust Account. The promissory note was fully repaid upon the consummation of the Initial Public Offering on March 19, 2021, has expired and no further borrowing are allowed. Subsequent to the consummation of the Initial Public Offering and Private Placement, our liquidity needs have been satisfied from the proceeds from the consummation of the Initial Public Offering and Private Placement not held in the Trust Account. In addition, in order to finance transaction costs in connection with a Business Combination, our Sponsor or an affiliate of our Sponsor, or our officers and directors may, but are not obligated to, provide us working capital loans (“Working Capital Loans”). ~~Resources~~On January 31, 2022, the Sponsor committed to make available to the Company, under a promissory note, up to $1,600,000 to finance transaction costs in connection with a Business Combination (the “Promissory Note”). The Promissory Note is non-interest bearing and due on the earlier of (i) the date of the Business Combination or (ii) the second anniversary of the completion of the Initial Public Offering. Up to $1,500,000 of the Promissory Note may be converted into warrants to purchase shares of Class A common stock at a conversion price of $1.50 per warrant at the option of the Sponsor. If the Sponsor elects such conversion, the terms of the warrants issued in connection with such conversion would be identical to the Private Placement Warrants. If the Company fails to consummate a Business Combination, then the outstanding debt under the Promissory Note will be forgiven by the Sponsor (pursuant to an arrangement to be agreed to by the parties), except to the extent of any funds held outside of the Company’s Trust Account after paying all other fees and expenses of the Company. The Company has drawn $500,000 on April 11, 2022 and $800,000 on June 30, 2022 on the Promissory Note.

AsBased ofon ~~December~~the 31foregoing, ~~2021~~management believes that we will have sufficient working capital and borrowing capacity to meet our needs through the earlier of the consummation of a Business Combination or one year from this filing. Over this time period, we ~~had~~will ~~approximately~~be using these funds for paying existing accounts payable, identifying and evaluating $0prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination.~~579~~ ~~million~~Our incash on hand along with our ~~operating~~ability ~~bank~~to ~~account~~draw ~~and~~additional ~~working~~$300,000 ~~capital~~on our Promissory Note couple with refund of approximately $350,000 of franchise tax received in August 2022 will provide us sufficient liquidity to address our working capital needs.08 ~~million~~Further any future tax obligations will be covered by the interest earned on the funds held in Trust account.

Prior to the completion of the Initial Public Offering, our liquidity needs were satisfied through a payment from the Sponsor of $27,467 (see Note 6) for the Founder Shares, borrowings under the Note of $275,000 (see Note 6), and the net proceeds from the consummation of the Private Placement not held in the Trust Account. The Promissory Note was fully repaid upon the consummation of the IPO on March 19, 2021, has expired and no further borrowing are allowed. Subsequent to the consummation of the Initial Public Offering and Private Placement, our liquidity needs have been satisfied from the proceeds from the Initial Public Offering and Private Placement not held in the Trust Account. In addition, in order to finance transaction costs in connection with a Business Combination, our Sponsor or an affiliate of our Sponsor, or our officers and directors may, but are not obligated to, provide us working capital loans (“Working Capital Loans”). As of December 31, 2021, there were no amounts outstanding under any Working Capital Loan.21

~~Based on the foregoing, management believes that~~Going we will have sufficient working capital and borrowing capacity to meet its needs through the earlier of the consummation of a Business Combination or one year from this filing. Over this time period, we will be using the funds held outside of the Trust Account for paying existing accounts payable, identifying and evaluating prospective Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination.Concern

~~Related~~As ~~Party~~of ~~Transactions~~June 30, 2022, we had $0.87 million in cash and working capital deficit of approximately $0.60 million. We are also subject to a mandatory liquidation and subsequent dissolution requirement if we do not complete our initial Business Combination by March 19, 2023. Further, we expect to incur significant costs in pursuit of our acquisition plans. Management’s plans to address this need for capital are discussed in Note 1 to our financial statements included elsewhere in this Quarterly Report on Form 10-Q. Our plans to raise capital and to consummate our initial Business Combination by March 19, 2023 may not be successful. In addition, management is currently evaluating the continuing impact of the COVID-19 pandemic on the industry and its effect on our financial position, results of our operations and/or search for a target company. These factors, among others, raise substantial doubt about our ability to continue as a going concern. The financial statements contained elsewhere in this Quarterly Report on Form 10-Q do not include any adjustments that might result from our inability to continue as a going concern.

~~Founder~~Related Party ~~Shares~~Transactions

~~On December 4, 2017, the Company issued 100 shares~~Founder of common stock, par value $0.01 per share, for an aggregate consideration of $25,000. As of December 31, 2020, March 31, 2020 and March 31, 2019, the Company recorded a stock subscription receivable of $25,000. The proceeds were received on January 11, 2021.Shares

On December ~~January 22~~4, ~~2021~~2017, the Company ~~effectuated~~issued 100 shares ~~a recapitalization in the form~~ of acommon ~~90,562.5 for 1~~ stock ~~split~~, ~~and~~par asvalue a$0.01 per ~~result~~share, ~~the~~for ~~Sponsor~~an ~~held~~aggregate 9consideration of $25,~~056,250~~000. ~~shares~~As of ~~our~~December ~~Class~~31, B2020, ~~common stock~~March ~~(up to 1~~31,~~181,250~~ of2020 ~~which~~and ~~were~~March ~~subject~~31, to2019, ~~forfeiture depending on~~ the ~~extent~~Company torecorded ~~which~~a ~~the~~stock ~~underwriters’~~subscription ~~option~~receivable toof ~~purchase~~$25,000. ~~additional~~The ~~units~~proceeds ~~was~~were ~~exercised,~~received ifon atJanuary ~~all)~~11, 2021.

On January 22, 2021, the Company ~~issued~~effectuated toa ~~Dan Hesse~~recapitalization in the form of a 90,562.5 for 1 stock split,~~006~~ and as a result,~~250~~ the Sponsor held 9,056,250 shares of our Class B common stock (up to ~~131~~ 1,181,250 of which were subject to forfeiture depending on the extent to which the underwriters’ option to purchase additional units was exercised, if at all) ~~in exchange for an initial investment of $2,467~~. ~~As of January 22, 2021, the Founder Shares outstanding were 10,062,500, of which the Sponsor held 9,056,250 and Dan Hesse held 1,006,250.~~

18On January 22, 2021, the Company issued to Dan Hesse 1,006,250 shares of our Class B common stock (up to 131,250 of which were subject to forfeiture depending on the extent to which the underwriters’ option to purchase additional units was exercised, if at all) in exchange for an initial investment of $2,467. As of January 22, 2021, the Founder Shares outstanding were 10,062,500, of which the Sponsor held 9,056,250 and Dan Hesse held 1,006,250.

On March 16, 2021, the Company effectuated an an 11-for-10 stock split of the Class B common stock, resulting in an aggregate outstanding amount of 11,068,750 shares of the Class B ~~common~~ common stock (up to 1,443,750 shares of which are subject to forfeiture depending on the extent to which the underwriters’ option to purchase additional units is exercised, if at all), of which the Sponsor holds 9,961,875 shares and Dan Hesse holds 1,106,875 shares. All shares and associated amounts have been retroactively restated to reflect the split (see Note 87).

Holders of Founder Shares may also elect to convert their shares of Class B common stock into an equal number of shares of Class A common stock, subject to adjustment, at any time. The initial stockholders ~~have~~ agreed to forfeit up to 1,443,750 Founder Shares to the extent that the over-allotment option iswas not exercised in full by the underwriter. ~~The~~On ~~forfeiture~~April ~~will~~30, be2021, ~~adjusted~~upon tothe expiration of the ~~extent~~45-day ~~that~~period and the underwriters not exercising the over-allotment option, 1,443,750 shares isof ~~not~~Class ~~exercised~~B inCommon ~~full~~Stock were forfeited by the ~~underwriter~~ soSponsor ~~that~~and Mr. Hesse in order for the ~~Founder~~Sponsor, ~~Shares~~Mr. ~~will~~Hesse ~~represent~~and the Independent Directors to maintain ownership of 20.0% of the ~~Company’s~~ issued and outstanding shares ~~after~~of common stock of the ~~IPO~~Company (~~not~~excluding ~~including~~private units held by the ~~placement shares~~Sponsor). Such forfeited shares were cancelled by the Company.

~~Related~~The initial ~~Party~~stockholders ~~Loans~~have agreed, subject to limited exceptions, not to transfer, assign or sell any of their Founder Shares until the earlier to occur of: (A) one year after the completion of the initial Business Combination or (B) subsequent to the initial Business Combination, (x) if the last reported sale price of the Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20-trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property.

~~In order to finance transaction costs in connection~~Related ~~with~~Party a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, lend the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of such Working Capital Loans may be convertible into warrants of the post Business Combination entity at a price of $1.50 per warrant. The warrants would be identical to the warrants included in the Private Placement Warrants. As of December 31, 2021, there were no amounts outstanding under any Working Capital Loans.

~~Off-Balance~~In order ~~Sheet~~to ~~Arrangements;~~finance ~~Commitments~~transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and ~~Contractual~~directors ~~Obligations;~~may, ~~Quarterly~~but ~~Results~~are not obligated to, lend the Company Working Capital Loans. If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination without interest, or, at the lender’s discretion, up to $1,500,000 of such Working Capital Loans may be convertible into warrants of the post Business Combination entity at a price of $1.50 per warrant. The warrants would be identical to the warrants included in the Private Placement Warrants.

AsPromissory ofNote ~~December~~– ~~31,~~Related 2021, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K and did not have any commitments or contractual obligations other than obligations disclosed herein.Party

~~Contractual~~On ~~Obligations~~December 16, 2020, the Sponsor made available to the Company, under a promissory note, up to $950,000 to be used for a portion of the expenses of the IPO (the “Note”). The Note was non-interest bearing and due on the earlier of September 30, 2021 or the completion of the IPO. The Note funds borrowed of $275,000 were repaid upon the consummation of the IPO on March 19, 2021.

~~Underwriting~~Furthermore, ~~Agreement~~on January 31, 2022 the Sponsor committed to make available to the Company, under a promissory note, up to $1,600,000 to finance transaction costs in connection with a Business Combination (the “Promissory Note”). The promissory note is non-interest bearing and due on the earlier of (i) the date of the Business Combination or (ii) the second anniversary of the completion of the IPO. Up to $1,500,000 of the Promissory Note may be converted into warrants to purchase shares of Class A common stock at a conversion price of $1.50 per warrant at the option of Sponsor. If Sponsor elects such conversion, the terms of the warrants issued in connection with such conversion would be identical to the Private Placement Warrants. Pursuant to the terms of an agreement between the Company and Sponsor dated February 14, 2022, if the Company fails to consummate a business combination, the outstanding debt under the Promissory Note will be forgiven by Sponsor (pursuant to an arrangement to be agreed to by the parties), except to the extent of any funds held outside of the Company’s trust account after paying all other fees and expenses of the Company. The Company has drawn $500,000 on April 11, 2022, and $800,000 on June 30, 2022 on the Promissory Note. As of June 30, 2022, there were $1,300,000 outstanding under the Working Capital Loans. The Company reports the Promissory Note at fair value of $751,580 at June 30, 2022.

~~We granted the underwriters a 45~~Off-~~day option from~~Balance ~~the~~Sheet ~~date~~Arrangements; ofCommitments ~~the~~and ~~Initial~~Contractual ~~Public~~Obligations; ~~Offering~~Quarterly ~~to purchase up to 5,775,000 additional Units at a purchase price of $9.80 per Unit. The over-allotment option expired unexercised on April 30, 2021.~~Results

~~The underwriters were entitled to an underwriting~~As ~~discount~~ of ~~$0.20~~June ~~per unit~~30, ~~or $7~~2022,~~700,000~~ inwe ~~the~~did ~~aggregate,~~not ~~paid~~have ~~upon~~any ~~the~~off-balance ~~closing~~sheet ofarrangements ~~our~~as ~~Initial~~defined ~~Public Offering. In addition, $0.35 per unit, or approximately $13,475,000~~ in ~~the~~Item ~~aggregate~~303(a)(4)(ii) ~~will~~of beRegulation ~~payable~~S-K toand ~~the~~did ~~underwriters~~not ~~for deferred underwriting commissions. The deferred~~have ~~fee~~any ~~will~~commitments ~~become~~or ~~payable~~contractual toobligations ~~the~~other ~~underwriters~~than ~~from~~obligations ~~the~~disclosed ~~amounts held in the Trust Account solely in the event that we complete a Business Combination, subject to the terms of the underwriting agreement~~herein.

19Commitments and Contingencies

~~Critical Accounting Policies and Estimates~~Registration Rights

~~This~~The holders ~~management’s~~of ~~discussion~~Founder ~~and~~Shares, ~~analysis of~~Private ~~our~~Placement ~~financial~~Warrants ~~condition~~ and ~~results~~warrants ofthat ~~operations~~may isbe ~~based~~issued onupon ~~our~~conversion ~~financial~~of ~~statements,~~Working ~~which~~Capital ~~have~~Loans, ~~been~~if ~~prepared~~any, will inbe ~~accordance~~entitled ~~with GAAP.~~to ~~The~~registration ~~preparation~~rights of(in ~~our~~the ~~financial~~case ~~statements~~of ~~requires~~the usFounder toShares, ~~make~~only ~~estimates~~after ~~and~~conversion ~~judgments~~of ~~that~~such ~~affect~~shares ~~the~~to ~~reported~~shares ~~amounts~~ of ~~assets,~~Class A ~~liabilities,~~common ~~revenues~~stock) ~~and~~pursuant ~~expenses~~to ~~and~~a ~~the~~registration ~~disclosure~~rights ofagreement ~~contingent~~to ~~assets~~be ~~and~~signed ~~liabilities~~on inor ~~our~~before ~~financial~~the ~~statements.~~date Onof anthe ~~ongoing basis,~~prospectus wefor ~~evaluate~~the ~~our~~Initial ~~estimates~~Public Offering. ~~and~~These ~~judgments,~~holders ~~including~~will ~~those~~be ~~related~~entitled to ~~fair~~certain ~~value~~demand ofand ~~financial~~“piggyback” ~~instruments~~registration ~~and~~rights. ~~accrued~~However, ~~expenses.~~the Weregistration ~~base~~rights ~~our~~agreement ~~estimates~~provides onthat ~~historical~~the ~~experience,~~Company ~~known~~will ~~trends~~not ~~and~~permit ~~events~~any ~~and~~registration ~~various~~statement ~~other~~filed ~~factors~~under ~~that~~the weSecurities ~~believe~~Act to bebecome ~~reasonable under~~effective ~~the~~until ~~circumstances,~~ the ~~results~~termination of ~~which~~the ~~form~~applicable ~~the~~lock-up ~~basis~~period for ~~making judgments about~~ the ~~carrying~~securities ~~values~~to ofbe ~~assets and liabilities that are not readily apparent from other sources~~registered. ~~Actual~~The ~~results~~Company ~~may~~will ~~differ~~bear ~~from~~the ~~these~~expenses ~~estimates under different assumptions or conditions. The~~incurred ~~company~~in ~~has~~connection ~~identified~~with the ~~following~~filing asof ~~its~~any ~~critical~~such ~~accounting~~registration ~~policies:~~statements.

~~Warrant Liabilities~~ Underwriters Agreement

WeThe Company dogranted ~~not~~the ~~use~~underwriters ~~derivative~~a ~~instruments~~45-day tooption ~~hedge exposures~~ to ~~cash~~purchase ~~flow,~~up ~~market or foreign currency risks. We evaluate all of our financial instruments~~to 5, ~~including issued stock purchase warrants~~775,000 additional toUnits ~~determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant~~ to ~~ASC~~cover ~~480 and ASC 815~~over-~~15.~~allotments, ~~The classification of derivative instruments~~if any, ~~including~~at ~~whether~~the ~~such~~Initial ~~instruments~~Public ~~should~~Offering beprice ~~recorded~~less ~~as liabilities or as equity, is re-assessed at~~ the ~~end~~underwriting ofdiscounts ~~each~~and ~~reporting period~~commission.

~~We issued an aggregate of 12,833,333 common stock~~On ~~warrants~~March ~~associated with Units issued to investors in our Initial Public Offering and the underwriters’ exercise of their over-allotment option and we issued 7~~19,~~366,667~~ ~~Private Placement Warrants. All of our outstanding warrants are recognized as derivative liabilities in accordance with ASC 815-40. Accordingly~~2021, ~~we recognize~~ the warrant instruments as liabilities at fair value and adjust the instruments to fair value at each reporting period. The liabilities are subject to remeasurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s ~~statement~~paid ofan ~~operations.~~underwriting ~~The~~commission ~~fair value~~ of warrants issued in connection with the Initial Public Offering and Private Placement were initially measured at fair value using a binomial lattice model. The fair value of Warrants issued in connection with our Initial Public Offering have subsequently been measured based on the listed market price of such warrants$7, ~~and the fair value of the Private Placement Warrants have been estimated using a binomial lattice model each measurement date~~700,000.

~~Investments~~The underwriters ~~Held~~are entitled to a deferred fee of (i) $0.35 Unit, or $13,475,000 in the aggregate, excluding any amounts raised pursuant to the option to purchase additional units, and (ii) $0.35 per Unit, or $15,496,250 in the aggregate pursuant to the option to purchase additional units. The deferred fee will be paid in cash from the amounts held in the Trust Account solely in the event the Company completes a Business Combination, subject to the terms of the underwriting agreement.

The Company’s portfolio of investments is comprised solely of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities, or a combination thereof. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities is included in net gain on investments held in Trust Account in the accompanying statement of operations. The estimated fair values of investments held in the Trust Account are determined using available market information, other than for investments in open-ended money market funds with published daily net asset values (“NAV”), in which case the Company uses NAV as a practical expedient to fair value. The NAV on these investments is typically held constant at $1.00 per unit.23

~~Fair~~Critical Accounting ~~Value~~Policies ofand ~~Financial Instruments~~ Estimates

~~Fair~~This management’s ~~value~~discussion ~~measurements~~and ~~are~~analysis of our financial condition and results of operations is based on ~~the~~our ~~premise~~financial statements, ~~that~~which ~~fair~~have ~~value~~been isprepared anin ~~exit~~accordance ~~price~~with ~~representing~~accounting principles generally accepted in the ~~amount~~United ~~that~~States ~~would~~of beAmerica. ~~received~~The topreparation of ~~sell~~our anfinancial ~~asset~~statements orrequires ~~paid~~us to ~~transfer~~make aestimates ~~liability~~and injudgments anthat affect the reported amounts of assets, liabilities, revenues ~~orderly~~and ~~transaction~~expenses ~~between~~and ~~market~~the ~~participants~~disclosure of contingent assets and liabilities in our financial statements. AsOn ~~such~~an ongoing basis, we evaluate our estimates and judgments, including those related to fair value isof afinancial ~~market-based~~instruments ~~measurement~~and ~~that~~accrued ~~should~~expenses. beWe ~~determined~~base ~~based~~our estimates on ~~assumptions~~historical experience, known trends and events and various other factors that ~~market~~we ~~participants~~believe ~~would~~to ~~use~~be inreasonable ~~pricing~~under anthe ~~asset~~circumstances, orthe results ~~liability.~~of Aswhich aform the basis for ~~considering~~making ~~such~~judgments ~~assumptions,~~about the ~~following~~carrying values of assets and liabilities that are not readily apparent ~~three-tier~~from ~~fair~~other ~~value~~sources. ~~hierarchy~~Actual ~~has~~results ~~been~~may ~~used~~differ infrom ~~determining~~these estimates under different assumptions or conditions. The Company has identified the ~~inputs~~following ~~used~~as inits ~~measuring~~critical ~~fair~~accounting ~~value~~policies:

Level 1	–	Quoted prices in active markets for identical assets or liabilities on the reporting date.
Level 2	–	Pricing inputs are based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3	–	Pricing inputs are generally unobservable and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require management’s judgment or estimation of assumptions that market participants would use in pricing the assets or liabilities. The fair values are therefore determined using factors that involve considerable judgment and interpretations, including, but not limited to, private and public comparable, third-party appraisals, discounted cash flow models, and fund manager estimates.

Derivative Warrant Liabilities

20We do not use derivative instruments to hedge exposures to cash flow, market or foreign currency risks. We evaluate all of our financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815-15. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period.

AsWe ofissued ~~December~~an ~~31,~~aggregate ~~2021~~of 12,833,333 ~~the~~warrants ~~recorded~~as ~~values~~part of the Units ~~cash~~offered in the Initial Public Offering and ~~investments~~an ~~held~~aggregate inof 7,366,667 Private Placement Warrants concurrently with the ~~Trust~~closing ~~Account,~~of ~~prepaid~~the ~~expenses,~~Initial Public ~~accounts~~Offering. ~~payable~~All 20,200,000 ~~accrued~~outstanding ~~expenses~~warrants ~~and~~are ~~accrued~~recognized ~~expenses~~as –derivative ~~related~~liabilities in accordance with ASC 815-40. Accordingly, ~~party~~we ~~approximate~~recognize the warrant instruments as liabilities at fair ~~values~~value ~~due~~and toadjust the ~~short-term~~instruments ~~nature~~to fair value at each reporting period. The liabilities are subject to remeasurement at each balance sheet date until exercised, and any change in fair value is recognized in our statement of operations. The fair value of warrants issues in connection with the ~~instruments~~initial public offering were fair valued using quoted market prices and the private placement warrants were measured at fair value using a binomial lattice model.

Class A Common Stock Subject to Possible ~~Redemption~~ Redemption

Class A common stock subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class A common stock (including Class A common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within ~~the~~our ~~Company’s~~ control) are classified as temporary equity. At all other times, Class A common stock is classified as stockholders’ equity. Our Class A common stock features certain redemption rights that are considered to be outside of our control and subject to the occurrence of uncertain future events. Accordingly, atas ~~December~~of ~~31,~~June ~~2021 and March 31~~30, ~~2021~~2022, 38,500,000 shares of Class A common stock subject to possible redemption are presented as temporary equity, outside of the stockholders’ equity section of ~~the~~our ~~Company’s~~ balance sheet.

Net Income ~~Earnings~~ (Loss) Per ~~Share~~Common Stock

~~Our statement of operations includes a presentation~~Net ofincome ~~earnings~~ (loss) per ~~share for Class A~~ common stock ~~subject~~is tocomputed ~~redemption~~by individing anet ~~manner~~income ~~similar~~(loss) toby the ~~two~~weighted-~~class~~average ~~method~~number of ~~earnings~~ordinary ~~(loss)~~shares outstanding ~~per~~during ~~share~~the period. ~~Net~~We ~~income~~have ~~(loss)~~not ~~per~~considered ~~common~~the ~~stock~~effect isof ~~computed~~the bywarrants ~~dividing~~sold ~~net~~in ~~income~~the ~~(loss)~~Initial byPublic Offering and the ~~weighted~~Private ~~average~~Placement ~~number~~to purchase an aggregate of ~~common~~20,200,000 ~~stocks outstanding~~shares ~~for~~of the ~~period.~~Company’s ~~The~~Class ~~Company~~A ~~applies~~common stock in the ~~two-class~~calculation ~~method~~of indiluted ~~calculating~~income ~~earnings~~(loss) per share, since their inclusion would be anti-dilutive under the treasury stock method.

~~JOBS~~Our statement ~~Act~~of operations includes a presentation of income (loss) per share for common stock subject to redemption in a manner similar to the two-class method of income (loss) per share. Net income (loss) per common stock, basic and diluted for common stock subject to possible redemption is calculated by dividing the interest income (loss) earned on investments held in the Trust Account, by the weighted average number of common stock subject to possible redemption outstanding for the period.

~~On April 5, 2012, the JOBS Act was signed into~~Net ~~law.~~income ~~The~~(loss) ~~JOBS~~per ~~Act contains provisions that~~share, ~~among~~basic ~~other~~and ~~things~~diluted, ~~relax~~for ~~certain~~non-redeemable ~~reporting~~common ~~requirements~~stock ~~for~~is ~~qualifying~~calculated ~~public~~by ~~companies. Section~~dividing ~~102(b)(1) of~~ the ~~JOBS~~net ~~Act~~income ~~exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies~~ (~~that is~~loss), ~~those~~adjusted for ~~that~~income ~~have not had a Securities Act registration statement declared effective~~ or doloss ~~not have~~on amarketable ~~class of~~ securities ~~registered~~attributable ~~under the Exchange Act) are required~~ to ~~comply~~Common ~~with~~stock ~~the~~subject ~~new or revised financial accounting standards. The JOBS Act provides that a company can elect~~ to ~~opt~~possible ~~out~~redemption, ofby the ~~extended~~weighted ~~transition~~average ~~period and comply with the requirements that apply~~number toof non-~~emerging~~redeemable ~~growth~~common ~~companies~~stock ~~but~~outstanding any such an election to opt out is irrevocable. We have elected to irrevocably opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for ~~public or private companies, we will adopt~~ the new or revised standard at the time public companies adopt the new or revised standard. This may make comparison of our financial statements with another emerging growth company that has not opted out of using the extended transition period ~~difficult or impossible because of the potential differences in accountant standards used~~.

~~Additionally, we are in the process of evaluating the benefits of relying on the other reduced reporting requirements provided by the~~ JOBS ~~Act. Subject to certain conditions set forth~~ ~~in the JOBS~~ Act, if, as an “emerging growth company”, we choose to rely on such exemptions we may not be required to, among other things, (i) provide an auditor’s attestation report on our system of internal controls over financial reporting pursuant to Section 404, (ii) provide all of the compensation disclosure that may be required of non-emerging growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act, (iii) comply with any requirement that may be adopted by the PCAOB regarding mandatory audit firm rotation or a supplement to the auditor’s report providing additional information about the audit and the financial statements (auditor discussion and analysis), and (iv) disclose certain executive compensation related items such as the correlation between executive compensation and performance and comparisons of the CEO’s compensation to median employee compensation. These exemptions will apply for a period of five years following the completion of our initial public offering or until we are no longer an “emerging growth company,” whichever is earlier.

~~Item~~The Jumpstart 3Our Business Startups Act of 2012 (the “JOBS Act”) contains provisions that, among other things, relax certain reporting requirements for qualifying public companies. ~~Quantitative~~We qualify as an “emerging growth company” and ~~Qualitative~~under ~~Disclosures~~the ~~About~~JOBS ~~Market~~Act are ~~Risk~~allowed to comply with new or revised accounting pronouncements based on the effective date for private (not publicly traded) companies. We are electing to delay the adoption of new or revised accounting standards, and as a result, we may not comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. As a result, the financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates.

~~We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information otherwise required under this item.~~24

21Additionally, we are in the process of evaluating the benefits of relying on the other reduced reporting requirements provided by the JOBS Act. Subject to certain conditions set forth in the JOBS Act, if, as an “emerging growth company,” we choose to rely on such exemptions we may not be required to, among other things, (i) provide an auditor’s attestation report on our system of internal controls over financial reporting pursuant to Section 404, (ii) provide all of the compensation disclosure that may be required of non-emerging growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act, (iii) comply with any requirement that may be adopted by the PCAOB regarding mandatory audit firm rotation or a supplement to the auditor’s report providing additional information about the audit and the financial statements (auditor discussion and analysis) and (iv) disclose certain executive compensation related items such as the correlation between executive compensation and performance and comparisons of the CEO’s compensation to median employee compensation. These exemptions will apply for a period of five years following the completion of our Initial Public Offering or until we are no longer an “emerging growth company,” whichever is earlier.

~~Item~~This may 4.make ~~Controls~~comparison ~~and~~of ~~Procedures~~the Company’s financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

~~Evaluation~~Item 3. ofQuantitative ~~Disclosure~~and ~~Controls~~Qualitative ~~and~~Disclosures ~~Procedures~~ About Market Risk

~~Under the supervision and with the participation~~We ofare ~~our~~a ~~management,~~smaller ~~including~~reporting ~~our~~company ~~principal executive officer and principal financial and accounting officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures~~ as ~~of the end of the fiscal quarter ended December 31, 2021, as such term is~~ defined inby ~~Rules~~Rule ~~13a~~12b-~~15(e)~~2 ~~and~~of ~~15d-15(e) under~~ the Exchange Act. ~~Based on this evaluation, our chief executive officer~~ and ~~chief~~are ~~financial officer have concluded that during the period covered by this report, our disclosure controls and procedures were~~ not ~~effective,~~required ~~due solely~~ to ~~the~~provide ~~material weaknesses in our internal control over financial reporting relating to~~ the ~~accounting~~information ofotherwise required ~~complex~~under ~~financial~~this ~~instruments~~item.

~~Reclassification~~Item 4. ofControls ~~Class~~and ~~A Common Stock~~ Procedures

~~Recently, the Staff of the Division of Corporation~~Evaluation ~~Finance~~ of ~~the~~Disclosure ~~SEC~~Controls ~~issued comment letters to several special purpose acquisition companies addressing certain accounting~~ and reporting considerations related to redeemable equity instruments of a kind similar to those issued by the Company under ASC 480-10-99. In light of these recent comment letters, the Company’s management, re-evaluated the Company’s application of ASC 480-10-99 to its accounting classification of the Public Shares. Upon re-evaluation, the Company’s management determined that the Public Shares can be redeemed or become redeemable subject to the occurrence of future events considered outside the Company’s control under ASC 480-10-S99. Therefore, the Company’s management concluded that all of the Public Shares should be classified as temporary equity in their entirety.Procedures

~~This resulted in the restatement of the Company's~~Disclosure ~~balance~~controls ~~sheet~~and asprocedures ofare ~~March~~controls ~~19, 2021, its annual financial statements for period ended March 31, 2021~~ and ~~its~~other ~~interim~~procedures ~~financial~~that ~~statements for~~are ~~the~~designed ~~quarter ended June 30, 2021 which led~~ to aensure ~~material~~that ~~weakness~~information ~~for~~required ~~all periods subsequent~~ to ~~March~~be ~~19,~~disclosed ~~2021.~~in ~~Additionally, this~~our ~~material~~reports ~~weakness~~filed ~~could~~or ~~result~~submitted inunder ~~a misstatement of~~ the ~~warrant~~Exchange ~~liability~~Act, ~~Class~~is Arecorded, ~~common stock~~processed, ~~other~~summarized ~~complex financial instruments~~ and ~~related~~ ~~accounts~~reported ~~and~~within ~~disclosures~~the ~~that~~time ~~would~~periods ~~result~~ specified in ~~a material misstatement of~~ the ~~financial~~SEC’s ~~statements~~rules ~~that~~and ~~would not be prevented or detected on a timely basis~~forms. InDisclosure ~~light~~controls ofand ~~this~~procedures ~~material weakness~~include, wewithout ~~performed~~limitation, ~~additional~~controls ~~analysis~~and asprocedures ~~deemed necessary~~ designed to ensure that ~~our~~ ~~financial~~information ~~statements~~required ~~were~~to ~~prepared~~be disclosed in ~~accordance~~company ~~with~~reports ~~U.S.~~filed ~~generally~~or ~~accepted~~submitted ~~accounting~~under ~~principles. Accordingly, management believes that~~ the ~~financial~~Exchange ~~statements~~Act ~~included~~is inaccumulated ~~this~~and ~~Quarterly~~communicated to ~~Report~~management, onincluding ~~Form~~our ~~10-Q~~Chief ~~present~~Executive ~~fairly~~Officer inand ~~all~~Chief ~~material~~Financial ~~respects our financial position~~Officer, ~~results~~ ofto ~~operations~~allow ~~and~~timely ~~cash~~decisions ~~flows~~regarding ~~for~~required ~~the period presented~~disclosure.

~~Disclosure~~As required ~~controls~~by Rules 13a-15 and ~~procedures~~15d-15 ~~are~~under ~~designed to~~the ~~ensure~~Exchange ~~that~~Act, ~~information~~our ~~required~~Chief toExecutive beOfficer ~~disclosed~~and byChief usFinancial inOfficer ~~our~~carried ~~Exchange~~out ~~Act~~an ~~reports~~evaluation of isthe ~~recorded,~~effectiveness ~~processed,~~of ~~summarized,~~the design and ~~reported within~~operation ~~the~~of ~~time~~our ~~periods~~disclosure ~~specified~~controls inand ~~the~~procedures ~~SEC’s~~as ~~rules~~of ~~and~~June ~~forms~~30, ~~and~~2022. Based upon that ~~such~~evaluation, our ~~information~~Chief isExecutive ~~accumulated~~Officer and ~~communicated~~Chief toFinancial ~~our management~~Officer concluded that, ~~including~~solely ~~our~~due ~~principal~~to ~~executive~~the ~~officer~~material ~~and~~weaknesses ~~principal~~in our internal control over financial ~~officer~~reporting orrelating ~~persons~~to ~~performing~~the ~~similar~~accounting ~~functions~~of complex financial instruments, asour ~~appropriate to~~disclosure ~~allow~~controls ~~timely~~and ~~decisions~~procedures ~~regarding~~were ~~required~~not effective ~~disclosure~~as June 30, 2022.

~~Reclassification~~Management’s Report ofon ~~Warrants~~Internal Controls over Financial Reporting

As required ~~previously~~by ~~reported~~SEC inrules ~~Part~~and I,regulations ~~Item~~implementing 4Section 404 of ~~our Quarterly~~the ~~Report on Form 10~~Sarbanes-QOxley ~~for the period ended June 30~~Act, ~~2021,~~our management ~~identified~~is aresponsible ~~material~~for ~~weakness~~establishing and inmaintaining ~~our~~adequate internal ~~controls~~control ~~related to~~over ~~the~~financial ~~accounting~~reporting. ~~for~~Our ~~warrants~~internal ~~issued~~control inover ~~connection~~financial ~~with~~reporting ~~our~~is ~~Initial~~designed ~~Public~~to ~~Offering.~~provide reasonable Onassurance ~~April~~regarding ~~12, 2021,~~ the ~~staff~~reliability atof ~~the~~financial ~~Securities~~reporting and ~~Exchange~~ ~~Commission (~~the ~~“SEC”)~~preparation ~~issued~~of aour ~~statement~~consolidated onfinancial ~~Accounting~~statements ~~and Reporting Considerations~~ for ~~Warrants Issued by Special~~ ~~Purpose~~external ~~Acquisition~~reporting ~~Companies~~purposes ~~(“SPACs”) (the “SEC Statement”). In the SEC Statement, the SEC staff noted that certain provisions~~ in ~~the~~accordance ~~typical SPAC warrant agreement may require that the warrants be classified as a liability measured at fair value,~~ with ~~changes in fair value reported each period in earnings~~U.S. AsGenerally aAccepted ~~result~~Accounting ofPrinciples ~~the Staff Statement, the Company re-evaluated the accounting for the Public Warrants and the Private Placement Warrants~~ (~~collectively, “Warrants”~~"GAAP") ~~under ASC 815-40, Derivatives and Hedging-Contracts in Entity’s Own Equity, and concluded that they do not meet the criteria to be classified as equity~~. ~~Since~~Our ~~the~~internal ~~Warrants meet the~~control ~~definition~~over offinancial areporting ~~derivative~~includes ~~under~~those ~~ASC~~policies ~~815-40,~~and ~~the~~procedures Company has reclassified the Warrants as liabilities on the balance sheet at fair value, with subsequent changes in their respective fair values recognized in the statement of operations at each reporting date.that:

~~Over-allotment~~(1) ~~Option~~pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of our company,

In(2) ~~connection~~provide ~~with~~reasonable ~~the~~assurance ~~preparation~~that oftransactions ~~the~~are ~~Company’s financial~~recorded ~~statements~~ as ofnecessary ~~December 31, 2021, management identified an error related~~ to ~~accounting~~permit ~~for~~preparation ~~over-allotment~~of ~~options~~financial ~~that~~statements ~~were issued~~in toaccordance ~~underwriters~~with ~~upon~~GAAP, ~~IPO.~~and ~~Management noted~~ that asour ~~freestanding~~receipts ~~financial~~and ~~instruments,~~expenditures ~~the over-allotment options should be accounted for as liability under ASC 480-10-25-8. The over-allotment options~~ are ~~required~~being tomade beonly ~~the~~in ~~fair~~accordance ~~value~~with atauthorizations ~~the~~of ~~initial~~our ~~issuance~~management ~~date~~ and ~~subsequent~~ ~~measurement dates through their ultimate forfeiture on April 30~~directors, ~~2021.~~and

~~Changes in Internal Control Over Financial Reporting~~ 25

~~Other~~(3) ~~than~~provide asreasonable ~~noted~~assurance ~~above,~~regarding ~~there~~prevention ~~was~~or notimely ~~change in~~detection ~~our~~of ~~internal~~unauthorized ~~control over financial reporting that occurred during the quarterly period ended December 31~~acquisition, ~~2021~~use ~~covered~~or bydisposition ~~this~~of ~~Quarterly Report~~our onassets ~~Form 10-Q~~ that ~~has~~could ~~materially~~have ~~affected,~~a ormaterial iseffect ~~reasonably~~on ~~likely~~the ~~to materially affect, our internal control over~~ financial ~~reporting~~statements.

~~Remediation~~Because of ~~Plan~~its inherent limitations, internal control over financial reporting may not prevent or detect errors or misstatements in our financial statements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree or compliance with the policies or procedures may deteriorate. Management assessed the effectiveness of our internal control over financial reporting at June 30, 2022. In making these assessments, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control — Integrated Framework (2013). Based on our assessments and those criteria, management determined that we did not maintain effective internal control over financial reporting as of June 30, 2022.

~~Management has implemented remediation steps to address the material~~Changes ~~weaknesses~~in ~~and~~Internal toControl ~~improve~~Over ~~our~~Financial internal control over financial reporting. Specifically, we expanded and improved our review process for complex securities and related accounting standards. We plan to further improve this process by enhancing access to accounting literature, research materials and documents and increased communication among our personnel and third-party professionals with whom we consult regarding complex accounting applications.Reporting

22There were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the most recent fiscal year that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. However, as described above, management did implement changes in internal controls over financial reporting during the first quarter of fiscal year 2022 designed to remediate material weaknesses related to the accounting of complex financial instruments. We plan to enhance our processes to identify and appropriately apply applicable accounting requirements to better evaluate and understand the nuances of the complex accounting standards that apply to our financial statements. Our plans at this time include providing enhanced access to accounting literature, research materials and documents and increased communication among our personnel and third-party professionals with whom we consult regarding complex accounting applications. The elements of our remediation plan can only be accomplished over time, and we can offer no assurance that these initiatives will ultimately have the intended effects.

~~PART II—OTHER INFORMATION~~ Remediation Plan

~~Item~~Management has 1implemented remediation steps to address the material weaknesses and to improve our internal control over financial reporting. ~~Legal~~Specifically, we ~~Proceedings~~expanded and improved our review process for complex securities and related accounting standards. We plan to further improve this process by enhancing access to accounting literature, research materials and documents and increased communication among our personnel and third-party professionals with whom we consult regarding complex accounting applications.

~~None.~~26

~~Item~~PART II-OTHER ~~1A. Risk Factors~~INFORMATION

~~Factors that could cause our actual results to differ materially from~~Item ~~those in this report include the risk factors described in our Annual Report on Form 10-K/A filed with the SEC~~1. AsLegal ~~of the date of this Report, there have been no material changes to the risk factors disclosed in our Annual Report on Form 10-K/A filed with the SEC.~~Proceedings

~~Item 2~~None. ~~Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities~~

~~On December 4, 2017, the Company issued 100 shares~~Item ~~of common stock, par value $0~~1A.01 ~~per~~Risk ~~share, for an aggregate consideration of $25,000. As of March 31, 2021, the Company recorded a stock subscription receivable of $25,000. The proceeds were received on January 11, 2021.~~Factors

OnFactors that ~~January~~could ~~22,~~cause ~~2021,~~our ~~the~~actual ~~Company~~results ~~(i)~~to ~~effectuated a~~differ ~~recapitalization,~~materially ~~and~~from asthose ain ~~result,~~this ~~the~~Quarterly ~~Sponsor~~Report ~~held~~include ~~9,056,250~~the ~~shares~~risk offactors described in our Annual ~~Class~~Report Bon ~~common~~Form ~~stock,~~10-K ~~(ii)~~filed ~~issued~~with tothe ~~Dan~~SEC ~~Hesse~~on 1June 29,~~006,250 shares~~ 2022. Any of ~~our~~these ~~Class~~those Bfactors ~~common~~could ~~stock~~result in ~~exchange~~a ~~for~~significant anor ~~initial~~material adverse ~~investment~~effect on our results of ~~$2,467~~operations ~~and~~or ~~(iii)~~financial ~~filed~~condition. anAdditional ~~amended~~risk ~~and~~factors ~~restated~~not ~~certificate of~~presently ~~incorporation~~known to ~~change~~us ~~its~~or ~~par~~that ~~value~~we ofcurrently deem ~~its~~immaterial ~~Class~~may Aalso ~~and~~impair Bour ~~common~~business ~~stock~~or ~~from~~results ~~$0.01~~of ~~to $0~~operations.~~0001.~~ As of ~~January~~the ~~22,~~date ~~2021~~of this Quarterly Report, there ~~were~~have been no material changes to the risk factors disclosed in our Annual Report on Form 10-K filed with the SEC on June 29,~~062~~ 2022,~~500~~ except as disclosed below. ~~Founder~~We ~~Shares~~may ~~outstanding~~also disclose changes to such factors or disclose additional factors from time to time in our future filings with the SEC.

~~On March 16, 2021, the Company effectuated an~~Changes ~~11-for-10~~in ~~stock~~laws ~~split~~or ofregulations ~~the~~or ~~Class~~how Bsuch ~~common~~laws ~~stock,~~or ~~resulting~~regulations inare aninterpreted ~~aggregate~~or ~~outstanding amount of 11~~applied,~~068,750~~ ~~shares~~or ofa ~~the~~failure ~~Class~~to Bcomply ~~common stock,~~with ofany ~~which~~laws ~~the~~or ~~Sponsor holds 9~~regulations,~~961,875~~ may ~~shares~~adversely ~~and~~affect ~~Dan~~our ~~Hesse holds 1~~business,~~106,875~~ ~~shares.~~including Ofour ~~these~~ability ~~Founder Shares, 1,443,750 shares were subject~~ to ~~forfeiture~~negotiate ~~by the Sponsor~~ and ~~Mr.~~complete ~~Hesse~~our ~~depending~~initial onBusiness ~~the extent to which the underwriter’s over-allotment option is exercised. On April 30~~Combination, ~~2021, upon the expiration of the 45-day period~~ and ~~underwriters~~results ~~not exercising the over-allotment option, 1,443,750 shares~~ of ~~Class B common stock were forfeited by the Sponsor and Mr~~operations. ~~Hesse, in the aggregate.~~

~~The~~We are ~~Founder~~subject ~~Shares~~to ~~will~~laws ~~automatically~~and ~~convert~~regulations enacted by national, regional and local governments. In particular, we are required to comply with ~~into~~certain ~~shares~~SEC ofand ~~Class~~other Alegal ~~common~~requirements, ~~stock~~our Business Combination may be contingent on aour ~~one~~ability to comply with certain laws and regulations and any post-~~for-one~~Business ~~basis,~~Combination company may be subject to ~~adjustment~~additional laws and regulations. Compliance with, atand ~~the~~monitoring of, applicable laws and regulations may be difficult, time ofconsuming ~~the~~and ~~Company’s~~costly. A failure to comply with applicable laws or regulations, as interpreted and applied, could have a material adverse effect on our business, including our ability to negotiate and complete our initial Business Combination, and ~~are~~results ~~subject~~of operations. In addition, those laws and regulations and their interpretation and application may change from time to ~~certain~~time, ~~transfer~~including ~~restrictions~~as a result of changes in economic, political, social and government policies, and those changes could have a material adverse effect on our business, including our ability to negotiate and complete our initial Business Combination, and results of operations.

~~Holders of Founder Shares may also elect to convert~~On ~~their~~March ~~shares~~30, of2022, ~~Class~~the BSEC ~~common~~issued ~~stock~~proposed ~~into~~rules anthat ~~equal~~would, ~~number~~among ofother ~~shares~~items, ofimpose ~~Class~~additional Adisclosure ~~common~~requirements ~~stock,~~in ~~subject~~business tocombination transactions ~~adjustment,~~involving atSPACs ~~any~~and ~~time.~~private ~~The~~operating ~~initial stockholders~~companies; ~~have~~amend ~~agreed,~~the ~~subject~~financial tostatement ~~limited~~requirements ~~exceptions,~~applicable ~~not~~ to ~~transfer,~~business ~~assign~~combination transactions orinvolving ~~sell~~such ~~any~~companies; ofupdate ~~their~~and ~~Founder~~expand ~~Shares~~guidance ~~until~~regarding the ~~earlier to~~general ~~occur~~use of: ~~(A)~~projections ~~one~~in ~~year~~SEC ~~after~~filings, ~~the~~as ~~completion~~well ofas when ~~the~~projections ~~initial~~are ~~Business~~disclosed ~~Combination~~in orconnection ~~(B)~~with ~~subsequent~~proposed tobusiness combination transactions; increase the ~~initial~~potential ~~Business~~liability ~~Combination,~~of certain ~~(x)~~participants ifin ~~the~~proposed ~~last~~business ~~reported~~combination ~~sale~~transactions; ~~price~~and ofimpact the ~~Class~~extent Ato ~~common~~which ~~stock~~SPACs ~~equals~~could orbecome ~~exceeds~~subject ~~$12.00~~to ~~per~~regulation ~~share~~under the ~~(as~~Investment ~~adjusted~~Company ~~for~~Act. ~~stock~~These ~~splits~~rules, ~~stock dividends,~~if ~~reorganizations~~adopted, ~~recapitalizations~~whether ~~and~~in the ~~like)~~form ~~for~~proposed ~~any~~or ~~20-trading~~in ~~days~~revised ~~within~~form, ~~any~~may ~~30-trading~~impact ~~day~~the ~~period~~involvement ~~commencing~~of ~~at least~~target ~~150~~companies ~~days~~and ~~after~~other ~~the~~market ~~initial Business Combination~~participants, orincluding ~~(y)~~investment ~~the~~banks, ~~date~~may onmaterially ~~which~~adversely ~~the~~affect ~~Company~~our ~~completes a liquidation~~business, ~~merger,~~including ~~capital~~our ~~stock exchange~~ability orto ~~other~~negotiate ~~similar~~and ~~transaction~~complete ~~that~~our ~~results~~initial inBusiness ~~all~~Combination ofand ~~the~~may ~~Company’s~~increase ~~stockholders having~~ the ~~right~~costs toand ~~exchange~~time ~~their~~related ~~shares of common stock for cash, securities or other property~~thereto.

Our search ~~Sponsor~~for ~~purchased~~a 7Business Combination,~~366,667~~ ~~Private~~and ~~Placement Warrants,~~any ~~each~~target ~~exercisable~~business towith ~~purchase~~which ~~one~~we ~~share~~may ofultimately ~~Class~~consummate Aa ~~Common~~Business ~~Stock~~Combination, atmay ~~$11.50~~be ~~per~~materially adversely ~~share,~~affected atby athe ~~price~~geopolitical ofconditions ~~$1.50~~resulting ~~per~~from ~~warrant~~the ~~($11.05 million~~recent ininvasion ~~the~~of ~~aggregate),~~Ukraine inby aRussia ~~private~~and ~~placement~~subsequent ~~that~~sanctions ~~closed~~against Russia, ~~substantially~~Belarus ~~concurrently~~and ~~with~~related individuals and entities and the ~~closing~~status of ~~the~~debt ~~Initial~~and ~~Public~~equity ~~Offering~~markets, as well as protectionist legislation in our target markets.

~~This~~The United ~~issuance~~States ~~was~~and ~~made~~global ~~pursuant~~markets toare experiencing volatility and disruption following the ~~exemption~~escalation of geopolitical tensions and the ~~from~~recent ~~registration~~invasion ~~contained~~of Ukraine by Russia in ~~Section~~February 42022. In response to such invasion, the North Atlantic Treaty Organization (a“NATO”)~~(2)~~ deployed additional military forces to eastern Europe, and the United States, the United Kingdom, the European Union and other countries have announced various sanctions and restrictive actions against Russia, Belarus and related individuals and entities, including the removal of certain financial institutions from the ~~Securities~~Society ~~Act~~for Worldwide Interbank Financial Telecommunication (SWIFT) payment system. Certain Nocountries, ~~underwriting~~including ~~discounts~~the United States, have also provided and may continue to provide military aid or ~~commissions~~other ~~were~~assistance ~~paid~~to Ukraine during the ongoing military conflict, increasing geopolitical tensions with ~~respect~~Russia. The invasion of Ukraine by Russia and the resulting measures that have been taken, and could be taken in the future, by NATO, the United States, the United Kingdom, the European Union and other countries have created global security concerns that could have a lasting impact on regional and global economies. Although the length and impact of the ongoing military conflict in Ukraine is highly unpredictable, the conflict could lead to ~~such~~market ~~sales~~disruptions, including significant volatility in commodity prices, credit and capital markets, as well as supply chain interruptions. Additionally, Russian military actions and the resulting sanctions could adversely affect the global economy and financial markets and lead to instability and lack of liquidity in capital markets.

~~Item 3. Defaults Upon Senior Securities~~27

~~None~~Any of the abovementioned factors, or any other negative impact on the global economy, capital markets or other geopolitical conditions resulting from the Russian invasion of Ukraine and subsequent sanctions, could adversely affect our search for a Business Combination and any target business with which we may ultimately consummate a Business Combination. The extent and duration of the Russian invasion of Ukraine, resulting sanctions and any related market disruptions are impossible to predict, but could be substantial, particularly if current or new sanctions continue for an extended period of time or if geopolitical tensions result in expanded military operations on a global scale. Any such disruptions may also have the effect of heightening many of the other risks described in the “Risk Factors” section of our Annual Report on Form 10-K filed with the SEC on June 29, 2022. If these disruptions or other matters of global concern continue for an extensive period of time, our ability to consummate a Business Combination, or the operations of a target business with which we may ultimately consummate a Business Combination, may be materially adversely affected.

~~Item~~In addition, 4.the ~~Mine~~invasion ~~Safety~~of ~~Disclosures~~Ukraine by Russia, and the impact of sanctions against Russia and the potential for retaliatory acts from Russia, could result in increased cyber-attacks against U.S. companies.

~~Not applicable~~Item 2. Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities

~~Item 5. Other Information~~Unregistered Sales

~~None~~On December 4, 2017, the Company issued 100 shares of common stock, par value $0.01 per share, for an aggregate consideration of $25,000. As of June 30, 2022, the Company recorded a stock subscription receivable of $25,000. The proceeds were received on January 11, 2021.

23On January 22, 2021, the Company (i) effectuated a recapitalization, and as a result, the Sponsor held 9,056,250 shares of our Class B common stock, (ii) issued to Dan Hesse 1,006,250 shares of the Class B common stock in exchange for an initial investment of $2,467 and (iii) filed an amended and restated certificate of incorporation to change its par value of its Class A and B common stock from $0.01 to $0.0001. As of January 22, 2021, there were 10,062,500 Founder Shares outstanding.

~~Item~~On March 616, 2021, the Company effectuated an 11-for-10 stock split of the Class B common stock, resulting in an aggregate outstanding amount of 11,068,750 shares of the Class B common stock, of which the Sponsor holds 9,961,875 shares and Dan Hesse holds 1,106,875 shares. ~~Exhibits~~Of these Founder Shares, 1,443,750 shares were subject to forfeiture by the Sponsor and Mr. Hesse depending on the extent to which the underwriter’s over-allotment option is exercised. On April 30, 2021, upon the expiration of the 45-day period and underwriters not exercising the over-allotment option, 1,443,750 shares of Class B common stock were forfeited by the Sponsor and Mr. Hesse, in the aggregate.

The Founder ~~following~~Shares ~~exhibits~~will ~~are~~automatically ~~filed~~convert asinto ~~part~~shares of Class A common stock on a one-for-one basis, orsubject to adjustment, at the time ~~incorporated~~of bythe ~~reference~~Company’s ~~into,~~initial ~~this~~Business ~~Quarterly~~Combination ~~Report~~and onare ~~Form 10-Q~~subject to certain transfer restrictions.

No.		Description of Exhibit
31.1*		Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*		Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1**		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2**		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*		Inline XBRL Instance Document.
101.SCH*		Inline XBRL Taxonomy Extension Schema Document.
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104*		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

Holders of Founder Shares may also elect to convert their shares of Class B common stock into an equal number of shares of Class A common stock, subject to adjustment, at any time. The initial stockholders have agreed, subject to limited exceptions, not to transfer, assign or sell any of their Founder Shares until the earlier to occur of: (A) one year after the completion of the initial Business Combination or (B) subsequent to the initial Business Combination, (x) if the last reported sale price of the Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20-trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property.

*Our Sponsor ~~Filed~~purchased ~~herewith~~7,366,667 Private Placement Warrants, each exercisable to purchase one share of Class A Common Stock at $11.50 per share, at a price of $1.50 per warrant ($11.05 million in the aggregate), in a private placement that closed substantially concurrently with the closing of the Initial Public Offering.

**This issuance ~~Furnished~~was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act. No underwriting discounts or commissions were paid with respect to such sales.

24Use of Proceeds

~~SIGNATURES~~On March 19, 2021, the Company consummated the Initial Public Offering of 38,500,000 Units, generating gross proceeds of $385 million. The securities in the offering were registered under the Securities Act on registration statement on Form S-1/A (No. 333-253444). The SEC declared the registration statements effective on March 16, 2021.

~~Pursuant to the requirements of Section 13 or 15(d) of the Securities Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.~~28

	Tech and Energy Transition Corporation
Date: February 16, 2022		/s/ John Spirtos
	Name:	John Spirtos
	Title:	Chief Executive Officer and President
		(Principal Executive Officer)
Date: February 16, 2022		/s/ Andrew Ancone
	Name:	Andrew Ancone
	Title:	Chief Financial Officer
		(Principal Financial and Accounting Officer)

Concurrent with the closing of the Initial Public Offering, the Company consummated the Private Placement of 7,366,667 Private Placement Warrants at a price of $1.50 per Private Placement Warrant to the Sponsor, generating proceeds of approximately $11.05 million.

25Each whole Private Placement Warrant is exercisable to purchase one share of Class A common stock at $11.50 per share, subject to adjustment.

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The net proceeds of the Initial Public Offering and certain proceeds from the sale of the Private Placement Warrants are held in the Trust Account and invested as described elsewhere in this Quarterly Report on Form 10-Q.

There has been no material change in the planned use of the proceeds from the Initial Public Offering and Private Placement as is described in the prospectus related to the Initial Public Offering.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits.

The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.

No.		Description of Exhibit

3.1(1)		Amended and Restated Certificate of Incorporation of the Company.

31.1*		Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2*		Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1**		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2**		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS*		Inline XBRL Instance Document.

101.SCH*		Inline XBRL Taxonomy Extension Schema Document.

101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document.

101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document.

104*		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

*	Filed herewith.

**	Furnished.

(1)	Incorporated by reference to the Company’s Current Report on Form 8-K filed on March 19, 2021.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Tech and Energy Transition Corporation
Date: August 22, 2022
	/s/ John Spirtos
	Name:	John Spirtos
	Title:	Chief Executive Officer and President
		(Principal Executive Officer)
Date: August 22, 2022
	/s/ Andrew Ancone
	Name:	Andrew Ancone
	Title:	Chief Financial Officer
		(Principal Financial and Accounting Officer)

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