Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 06, 2023 | Jun. 30, 2022 | |
Class of Stock [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 001-40847 | ||
Entity Registrant Name | MELI Kaszek Pioneer Corp | ||
Entity Incorporation, State or Country Code | E9 | ||
Entity Tax Identification Number | 98-1607040 | ||
Entity Address, Address Line One | 78 SW 7th Street | ||
Entity Address, Address Line Two | Individual Office No. 07-156 | ||
Entity Address, City or Town | Miami | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 33130 | ||
City Area Code | +598 | ||
Local Phone Number | 2-927-2770 | ||
Title of 12(b) Security | Class A ordinary shares, $0.0001 par value | ||
Trading Symbol | MEKA | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
Entity Shell Company | true | ||
Entity Public Float | $ 284,625,000 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
ICFR Auditor Attestation Flag | false | ||
Entity Central Index Key | 0001870258 | ||
Amendment Flag | false | ||
Auditor Firm ID | 243 | ||
Auditor Location | New York, New York | ||
Auditor Name | BDO USA, LLP | ||
Class A Ordinary Share [Member] | |||
Class of Stock [Line Items] | |||
Entity Common Stock, Shares Outstanding | 29,725,000 | ||
Class L Ordinary Shares [Member] | |||
Class of Stock [Line Items] | |||
Entity Common Stock, Shares Outstanding | 12,739,286 |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Cash | $ 669,889 | $ 1,259,439 |
Prepaid expenses | 679,678 | 858,375 |
Marketable securities held in Trust Account | 291,652,889 | |
Total current assets | 293,002,456 | 2,117,814 |
Marketable securities held in Trust Account | 287,505,954 | |
Prepaid expenses - non-current | 643,781 | |
Total assets | 293,002,456 | 290,267,549 |
Liabilities, Ordinary Shares Subject to Possible Redemption, and Shareholders’ Deficit | ||
Accounts payable and accrued expenses | 88,297 | 32,419 |
Class L ordinary shares derivative liability | 3,421,120 | |
Total current liabilities | 3,509,417 | 32,419 |
Class L ordinary shares derivative liability | 84,257,215 | |
Deferred underwriting discounts and commissions | 10,062,500 | |
Total noncurrent liabilities | 94,319,715 | |
Total liabilities | 3,509,417 | 94,352,134 |
Commitments and Contingencies | ||
Redeemable Class A ordinary shares subject to possible redemption, 28,750,000 shares at $10.00 redemption value | 291,652,889 | 287,505,954 |
Shareholders' Deficit | ||
Class A ordinary shares, $0.0001 par value; 464,000,000 shares authorized; 975,000 issued and outstanding (excluding 28,750,000 shares subject to possible redemption) | 98 | 98 |
Accumulated deficit | (2,159,948) | (91,590,637) |
Total Shareholders' Deficit | (2,159,850) | (91,590,539) |
Total Liabilities, Ordinary Shares Subject to Possible Redemption, and Shareholders’ Deficit | $ 293,002,456 | $ 290,267,549 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | May 31, 2021 |
Redeemable convertible preferred stock, Par Value | $ 10 | $ 10 | $ 10 | $ 10 |
Redeemable convertible preferred stock, Shares Authorized | 28,750,000 | 28,750,000 | 28,750,000 | 28,750,000 |
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 464,000,000 | 464,000,000 | 464,000,000 | 464,000,000 |
Common stock, shares issued | 29,725,000 | 29,725,000 | ||
Common stock, shares outstanding | 29,725,000 | 29,725,000 | ||
Class A Ordinary Shares Subject To Possible Redemption [Member] | ||||
Common stock, shares issued | 28,750,000 | 28,750,000 | ||
Common stock, shares outstanding | 28,750,000 | 28,750,000 | 28,750,000 | 28,750,000 |
Class A Ordinary Shares [Member] | ||||
Common stock, shares issued | 975,000 | 975,000 | 975,000 | 975,000 |
Common stock, shares outstanding | 975,000 | 975,000 | 975,000 | 975,000 |
Statements Of Operations
Statements Of Operations - USD ($) | 7 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Dec. 31, 2022 | |
General and administrative expenses | $ (398,463) | $ (1,467,906) |
Loss from operations | (398,463) | (1,467,906) |
Change in fair value of derivative liability | (29,275,740) | 80,836,095 |
Financing expense on derivative liability | (54,956,475) | |
Investment income on marketable securities held in Trust Account | 5,954 | 4,146,935 |
Net income (loss) | (84,624,724) | 83,515,124 |
Class A Ordinary Shares Subject To Possible Redemption [Member] | ||
Net income (loss) | $ (27,272,028) | $ 80,911,794 |
Weighted average shares outstanding, Basic | 28,750,000 | 28,750,000 |
Weighted average shares outstanding, Diluted | 28,750,000 | 28,750,000 |
Net income (loss) per share, Basic | $ (0.95) | $ 2.81 |
Net income (loss) per share, diluted | $ (0.95) | $ 2.81 |
Class A Ordinary Shares [Member] | ||
Net income (loss) | $ (1,491,762) | $ 2,603,330 |
Weighted average shares outstanding, Basic | 975,000 | 975,000 |
Weighted average shares outstanding, Diluted | 975,000 | 975,000 |
Net income (loss) per share, Basic | $ (1.53) | $ 2.67 |
Net income (loss) per share, diluted | $ (1.53) | $ 2.67 |
Class L Ordinary Shares [Member] | ||
Net income (loss) | $ (55,860,934) | |
Weighted average shares outstanding, Basic | 12,739,286 | |
Weighted average shares outstanding, Diluted | 12,739,286 | |
Net income (loss) per share, Basic | $ (4.38) | |
Net income (loss) per share, diluted | $ (4.38) |
Statements Of Changes In Class
Statements Of Changes In Class A Ordinary Shares Subject To Possible Redemption And Shareholders’ Deficit - USD ($) | Class A Ordinary Shares Subject To Possible Redemption [Member] | Class A Ordinary Shares [Member] | Class L Ordinary Shares [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Total |
Beginning Balance at May. 26, 2021 | ||||||
Beginning Balance (in shares) at May. 26, 2021 | ||||||
Issuance of Class L ordinary shares to the Sponsor | $ 1,274 | 23,726 | 25,000 | |||
Issuance of Class L ordinary shares to the Sponsor, Shares | 12,739,286 | |||||
Reclassification of Class L shares to derivative liability (Note 6) | $ (1,274) | (23,726) | (25,000) | |||
Reclassification of Class L shares to derivative liability (Note 6), Shares | (12,739,286) | |||||
Sale of Public Shares, net of $16,709,861 issuance costs | $ 270,790,139 | |||||
Sale of Public Shares, net of $16,709,861 issuance costs, Shares | 28,750,000 | |||||
Sale of Private Placement Shares | $ 98 | 9,749,902 | 9,750,000 | |||
Sale of Private Placement Shares, shares | 975,000 | |||||
Accretion of Class A ordinary shares redemption value | $ 16,715,815 | (9,749,902) | (6,965,913) | (16,715,815) | ||
Net income (loss) | (84,624,724) | (84,624,724) | ||||
Ending Balance at Dec. 31, 2021 | $ 287,505,954 | $ 98 | (91,590,637) | (91,590,539) | ||
Ending Balance (in shares) at Dec. 31, 2021 | 28,750,000 | 975,000 | ||||
Accretion of Class A ordinary shares redemption value | $ 4,146,935 | (4,146,935) | (4,146,935) | |||
Waiver of deferred underwriting discounts and commissions | 10,062,500 | 10,062,500 | ||||
Net income (loss) | 83,515,124 | 83,515,124 | ||||
Ending Balance at Dec. 31, 2022 | $ 291,652,889 | $ 98 | $ (2,159,948) | $ (2,159,850) | ||
Ending Balance (in shares) at Dec. 31, 2022 | 28,750,000 | 975,000 |
Statements Of Changes In Clas_2
Statements Of Changes In Class A Ordinary Shares Subject To Possible Redemption And Shareholders’ Deficit (Parenthetical) | 7 Months Ended |
Dec. 31, 2021 USD ($) | |
Statements Of Changes In Class A Ordinary Shares Subject To Possible Redemption And Shareholders’ Deficit [Abstract] | |
Stock issuance costs | $ 16,709,861 |
Statement Of Cash Flows
Statement Of Cash Flows - USD ($) | 7 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Dec. 31, 2022 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (84,624,724) | $ 83,515,124 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Change in fair value of derivative liability | 29,275,740 | (80,836,095) |
Financing expense on derivative liability | 54,956,475 | |
Investment income on marketable securities held in Trust Account | (5,954) | (4,146,935) |
Changes in operating assets and liabilities: | ||
Accounts payable and accrued expenses | 32,419 | 55,878 |
Prepaid expenses | (1,502,156) | 822,478 |
Net cash used in operating activities | (1,868,200) | (589,550) |
Cash flows from investing activities: | ||
Investment of cash into Trust Account | (287,500,000) | |
Net cash used in investing activities | (287,500,000) | |
Cash flows from financing activities: | ||
Proceeds from initial public offering, net of costs | 281,750,000 | |
Proceeds from Private Placement Shares | 9,750,000 | |
Proceeds from issuance of promissory payable - related party | 226,376 | |
Payment of promissory note payable - related party | (300,000) | |
Payments of deferred offering costs included in accrued expenses | (798,737) | |
Net cash provided by financing activities | 290,627,639 | |
Net change in cash | 1,259,439 | (589,550) |
Cash, beginning of the period | 1,259,439 | |
Cash, end of the period | 1,259,439 | 669,889 |
Supplemental disclosure of noncash financing activities: | ||
Deferred underwriting discounts and commissions | 10,062,500 | |
Accretion of Class A ordinary shares redemption value | $ 16,715,815 | 4,146,935 |
Waiver of deferred underwriting discounts and commissions | $ 10,062,500 |
Organization And Business Opera
Organization And Business Operations | 12 Months Ended |
Dec. 31, 2022 | |
Organization And Business Operations [Abstract] | |
Organization And Business Operations | MELI KASZEK PIONEER CORP NOTES TO FINANCIAL STATEMENTS Note 1 — Organization and Business Operations MELI Kaszek Pioneer Corp (the “Company”) is a Cayman Islands exempted company structured as a blank check company incorporated in the Cayman Islands on May 27, 2021. 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”). The Company is not limited to a particular industry or sector for purposes of consummating a Business Combination. 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 31 , 2022, the Company had not commenced any operations. All activity for the year ended December 31, 2022, relates to our search for a target to consummate an 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 investment income on cash and cash equivalents from the proceeds derived from the Company’s initial public offering (“IPO”). The Company’s sponsor is MELI Kaszek Pioneer Sponsor LLC (the “Sponsor”), a Cayman Islands limited liability company. The registration statement for the Company’s IPO was declared effective on September 28, 2021. On October 1, 2021, the Company consummated the IPO of 28,750,000 shares (the “Class A ordinary shares”), which includes the exercise in full of the underwriters’ option to purchase an additional 3,750,000 shares, at $ 10.00 per share, generating gross proceeds of $ 287,500,000 . Simultaneously with the closing of the IPO, the Company consummated the sale of 975,000 shares (the “Private Placement Shares”), at a price of $ 10.00 per share, generating aggregate gross proceeds to the Company of $ 9,750,000 which was received prior to the consummation of the IPO. Transaction costs of the IPO amounted to $ 16,709,861 consisting of $ 5,750,000 of underwriting discounts and commissions, $ 10,062,500 of deferred underwriting discounts and commissions, and $ 897,361 of other offering costs. As of December 31, 2022 all four underwriters of the IPO waived their entitlement to the deferred underwriting discounts and commissions. The $ 10,062,500 waiver was recognized in accumulated deficit. Following the closing of the IPO on October 1, 2021, $ 287,500,000 ($ 10.00 per share) from the net offering proceeds of the sale of the Shares in the IPO and the sale of the Private Placement Shares was placed in a trust account (“Trust Account”) and are invested only in U.S. government securities with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations. The Trust Account is intended as a holding place for funds pending the earliest to occur of: (i) the completion of the initial Business Combination; (ii) the redemption of any public shares properly submitted in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association (as defined below) (A) to modify the substance or timing of the Company’s obligation to redeem 100 % of the public shares if the Company does not complete the initial Business Combination within 24 months from the closing of the IPO or (B) with respect to any other provision relating to shareholders’ rights or pre-initial Business Combination activity; or (iii) absent an initial Business Combination within 24 months from the closing of the IPO, the return of the funds held in the Trust Account to the public shareholders as part of redemption of the public shares. The Company will provide its public shareholders with the opportunity to redeem all or a portion of their shares of Class A ordinary shares upon the completion of the initial Business Combination either (i) in connection with a shareholder meeting called to approve the initial Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a proposed initial Business Combination or conduct a tender offer will be made by the Company, solely in the Company’s discretion. The public shareholders will be entitled to redeem their shares at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account as of two business days prior to the consummation of the initial Business Combination including investment income on the funds held in the Trust Account and not previously released to the Company to pay its franchise and income taxes, divided by the number of then outstanding public shares, subject to the limitations. The amount in the Trust Account is initially anticipated to be approximately $ 10.00 per public share. The ordinary shares subject to redemption will be recorded at a redemption value and classified as temporary equity upon the completion of the IPO and subsequently accreted to redemption value, in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) 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, if the Company seeks shareholder approval, a majority of the issued and outstanding shares voted are voted in favor of the Business Combination. MELI KASZEK PIONEER CORP NOTES TO FINANCIAL STATEMENTS The Company will have only 24 months from the closing of the IPO on October 1, 2021 (the “Combination Period”) to complete the initial Business Combination. If the Company is unable to complete its initial Business Combination within such 24 -month period from the closing of the IPO or during any Extension Period, the Company will: (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten 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 investment income on the funds held in the Trust Account and not previously released to the Company to pay taxes (less up to $ 100,000 of investment income to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the Company’s board of directors, liquidate and dissolve, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. The Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or other similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $ 10.00 per public share and (ii) the actual amount per public share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $ 10.00 per public share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). However, the Company has not asked the Sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and the Company believes that the Sponsor’s only assets are securities of the Company. Therefore, there is no assurance that the Sponsor would be able to satisfy those obligations. As a result, if any such claims were successfully made against the Trust Account, the funds available for the Company’s initial Business Combination and redemptions could be reduced to less than $ 10.00 per public share. In such event, the Company may not be able to complete the initial Business Combination, and a public shareholder would receive such lesser amount per share in connection with any redemption of the public shares. None of the Company’s officers or directors will indemnify the Company for claims by third parties including, without limitation, claims by vendors and prospective target businesses. Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012, as amended (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 independent registered public accounting firm 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 shareholder 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 a 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. MELI KASZEK PIONEER CORP NOTES TO FINANCIAL STATEMENTS Risks and Uncertainties The COVID-19 pandemic, as classified by the World Health Organization ("WHO"), and global responses to it have had dramatic adverse consequences for the global economy, and have significantly contributed to deteriorating macroeconomic conditions. The full extent of the nature and scope of the consequences are still difficult to evaluate, and their future course is impossible to predict with confidence. Management continues to evaluate the impact of the COVID-19 outbreak on the industry 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, and 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 or its inability to continue as a going concern. United States and global markets are experiencing volatility and disruption following the escalation of geopolitical tensions that began in February 2022 from the conflict between Russia and Ukraine that have resulted in the deployment of military forces to eastern Europe, sanctions and other restrictive actions against Russia, Belarus and related individuals and entities. Although the length and impact of the ongoing military conflict in Ukraine is highly unpredictable, the conflict has and could continue to lead to market disruptions, including significant volatility in commodity prices, credit and capital markets, as well as supply chain disruptions. 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. Any of the abovementioned factors, could adversely affect the search for any target business with which the Company ultimately consummate the initial Business Combination. The extent and duration of conflict, 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 affect Company’s ability to raise equity or debt financing in connection with any particular Business Combination. Liquidity and Capital Resources As of December 31, 2022 and 2021, the Company had $ 669,889 and $ 1,259,439 in cash held outside of the Trust Account. As of December 31, 2022 and 2021, the Company had working capital of $ 289,493,039 and $ 2,085,395 , respectively. As of December 31, 2022, the working capital calculation includes the investments held in the Trust Account as part of current assets and the Class L ordinary shares derivative liability (see Note 6) as part of the current liabilities. The Company classified the investments held in the Trust Accounts as a current asset as the Company has less than 12 months from the balance sheet date to consummate an initial Business Combination, at which point, if the Company did not find a target, the Company would cease to exist, and the funds would be liquidated from the Trust Account. The Company classified the Class L ordinary shares derivative liability as current liabilities as the Company has less than 12 months from the balance sheet date to consummate an initial Business Combination, at which point, if the Company did not find a target, the Company would cease to exist, and the Class L ordinary shares derivative liability would not be converted. In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor, 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. As of December 31, 2022 and 2021, there were no amounts outstanding under any Working Capital Loans. In order to fund working capital deficiencies or finance transaction costs in connection with a Business Combination, on February 9, 2023, the Sponsor provided a firm commitment to the Company of up to $ 800,000 to be drawn, as needed, over the course of 13 months from the date of the commitment . Based on the foregoing, management believes that the Company will have sufficient working capital and funding to meet its needs through the earlier of (i) the consummation of a Business Combination or (ii) the liquidation date of October 1, 2023, but if the liquidation date is extended as described in the Articles of Association, the earlier of the new liquidation date or one year from this filing. Over this time period, the Company will be using the funds held outside of the Trust Account to pay existing accounts payable, identify and evaluate prospective initial Business Combination candidates, perform due diligence on prospective target businesses, pay for travel expenditures, select the target business to merge with or acquire, and structure, negotiate and consummate the Business Combination. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | MELI KASZEK PIONEER CORP NOTES TO FINANCIAL STATEMENTS Note 2 — Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). Use of Estimates The preparation of financial statements in conformity with US GAAP requires 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 financial statements and the reported amounts of expenses during the reporting period. Actual results could differ 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 and cash equivalents. As of December 31, 2022 and 2021, there were no cash equivalents. Marketable Securities Held in Trust Account As of December 31, 2022 and 2021 the Company’s portfolio of investments held in the Trust Account are comprised solely of U.S. government securities with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations. Marketable securities are presented on the balance sheet at fair value at the end of the period. Gains and losses resulting from the change in fair value of these investments are included in investment income on marketable securities held in the Trust Account in the accompanying statements of operations. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage. The Company has not experienced losses on these accounts. Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC 480. Class A ordinary shares subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable Class A ordinary shares (including ordinary shares that features 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, Class A ordinary shares are classified as shareholders' equity. The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. Such changes are reflected in additional paid-in capital, or in the absence of additional capital, in accumulated deficit. As of December 31, 2022, the Company recorded an accretion of $ 4,146,935 , which was recorded in accumulated deficit. As of December 31, 2021, the Company recorded an accretion of $ 16,715,815 , $ 9,749,902 of which was recorded in additional paid-in capital and $ 6,965,913 was recorded in accumulated deficit. MELI KASZEK PIONEER CORP NOTES TO FINANCIAL STATEMENTS Offering Costs The Company complies with the requirements of the ASC 340-10-S99-1, “Other Assets and Deferred Costs”, 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 charged against the carrying value of Class A ordinary shares or the statement of operations based on the relative value of the Class A ordinary shares to the proceeds received from the shares sold upon the completion of the IPO. Accordingly, as of December 31, 2021, offering costs in the aggregate of $ 16,709,861 were recognized all of which was allocated to Class A ordinary shares, reducing the carrying amount of such shares. Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the ASC 820, “Fair Value Measurement,” approximates the carrying amounts represented on the balance sheets, primarily due to their short-term nature. Derivative Financial Instruments The Company accounts for derivative financial instruments in accordance with ASC 815, “Derivatives and Hedging.” For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value upon issuance and remeasured at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative financial instruments is evaluated at the end of each reporting period. Fair Value Measurements The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the ASC 820 approximates the carrying amounts represented on the balance sheets. The fair value hierarchy is categorized into three levels based on the inputs as follows: Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Example of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on the Company’s assessment of the assumptions that market participants would use in pricing the asset or liability. Income Taxes The Company accounts for income taxes under ASC 740, “Income Taxes”. 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 statements 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. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. U.S. taxation could be imposed if the Company is engaged in a U.S. trade or business. The Company is not expected to be treated as engaged in a U.S. trade or business at this time. Additionally, given the nature of the investment income generated from the funds held in the trust account, it is not subject to tax withholdings in the U.S. Moreover, the Company determined that no income tax liability would arise from any other jurisdictions outside of the Cayman Islands. Consequently, income taxes are not reflected in the Company’s financial statements. MELI KASZEK PIONEER CORP NOTES TO FINANCIAL STATEMENTS Net Income (Loss) Per Share The Company complies with accounting and disclosure requirements of ASC 260, “Earnings per Share”. Net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of ordinary shares outstanding during the period. The statements of operations include a presentation of income (loss) per Class A ordinary shares subject to possible redemption, Class A non-redeemable ordinary shares and Class L ordinary shares following the two-class method of income (loss) per share. In order to determine the net income (loss) attributable to Class A ordinary shares subject to possible redemption, Class A non-redeemable ordinary shares and Class L ordinary shares, the Company first considered the total income (loss) allocable to the different classes of shares. This is calculated using the total net income (loss) less any dividends paid and deemed dividends. For purposes of calculating net income (loss) per share, any remeasurement of the accretion to redemption value of the Class A ordinary shares subject to possible redemption was considered to be dividends paid to the public stockholders based on ASC 480-10-S99-3A. Subsequent to calculating the total loss allocable to the different classes of shares, the Company’s net loss for the period from October 1, 2021 through December 31, 2021 was split between the Class A ordinary shares subject to possible redemption and Class A non-redeemable ordinary shares using a ratio of 97 % for the Class A ordinary shares subject to redemption and 3 % for the Class A non-redeemable ordinary shares, reflective of the respective participation rights of those shares for that period. The net loss for the period from May 27, 2021 (inception) to September 30, 2021 was allocated to the Class L ordinary shares, as that was the only class of share outstanding during that period. The Class L ordinary shares had no participation rights effective October 1, 2021. The net loss for the period from October 1, 2021 to December 31, 2021 was allocated to the Class A ordinary shares subject to possible redemption and the Class A non-redeemable ordinary shares. As of December 31, 2022 and 2021, the Company did no t have any dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted net income (loss) per share is the same as basic net income (loss) per share for the period presented. Class L ordinary shares will convert into Class A ordinary shares after the initial Business Combination only to the extent certain triggering events occur prior to the 5th anniversary of the initial Business Combination, including three equal triggering events based on the Company’s stock trading at $ 10 , $ 15 , $ 20 per share. The Company has not considered the effect of the Class L ordinary shares in the calculation of diluted loss per share since the conversion of the Class L ordinary shares is contingent upon the occurrence of future events. The earnings (loss) per share presented in the statements of operations is based on the following: For the year ended December 31, 2022 Class A ordinary shares subject to possible redemption Class A non-redeemable ordinary shares Basic and diluted net income per share: Numerator: Allocation of net income including accretion of temporary equity $ 76,764,859 $ 2,603,330 Accretion of temporary equity to redemption value 4,146,935 — Allocation of net income $ 80,911,794 $ 2,603,330 Denominator: Weighted-average shares outstanding 28,750,000 975,000 Basic and diluted net income per share $ 2.81 $ 2.67 MELI KASZEK PIONEER CORP NOTES TO FINANCIAL STATEMENTS For the period from May 27, 2021 (inception) to December 31, 2021 Class A ordinary shares subject to possible redemption Class A non-redeemable ordinary shares Class L ordinary shares Basic and diluted net loss per share : Numerator: Allocation of net loss including accretion of temporary equity $ ( 43,987,843 ) $ ( 1,491,762 ) $ ( 55,860,934 ) Accretion of temporary equity to redemption value 16,715,815 — — Allocation of net loss $ ( 27,272,028 ) $ ( 1,491,762 ) $ ( 55,860,934 ) Denominator: Weighted-average shares outstanding 28,750,000 975,000 12,739,286 Basic and diluted net loss per share $ ( 0.95 ) $ ( 1.53 ) $ ( 4.38 ) Recently Adopted Accounting Standards In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, “Debt – debt with conversion and other options (sub-topic 470-20) and derivatives and hedging – contracts in entity’s own equity (sub-topic 815-40): accounting for convertible instruments and contracts in an entity’s own equity”, which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. ASU 2020-06 is applicable for fiscal years beginning after December 31, 2021, with early adoption permitted no earlier than fiscal years beginning after December 15, 2020. ASU 2020-06 is to be applied using a full retrospective method or a modified retrospective method as outlined in the guidance. The Company early adopted ASU 2020-06 for the fiscal year ended December 31, 2021 and it did not have an impact on the Company’s financial statements. The Company has considered all other new accounting standards and has concluded that there are no other new standards that may have a material impact on the results of operations, financial condition, or cash flows, based on the current information. |
Initial Public Offering
Initial Public Offering | 12 Months Ended |
Dec. 31, 2022 | |
Initial Public Offering [Abstract] | |
Initial Public Offering | Note 3 — Initial Public Offering On October 1, 2021, the Company consummated its IPO of 28,750,000 Class A ordinary shares (including 3,750,000 Class A ordinary shares pursuant to the underwriters’ exercise in full of the over-allotment option) at a purchase price of $ 10.00 per ordinary share, generating gross proceeds of $ 287,500,000 . |
Private Placement Shares
Private Placement Shares | 12 Months Ended |
Dec. 31, 2022 | |
Private Placement Shares [Abstract] | |
Private Placement Shares | Note 4 — Private Placement Shares Following the closing of the IPO , the Company received $ 9,750,000 from the Sponsor for the issuance of the 975,000 Private Placement Shares at a price of $ 10.00 per share. The Private Placement Shares will not be transferable, assignable, or salable until 30 days after the completion of the initial Business Combination and they will not be redeemable by the Company so long as they are held by the Sponsor or its permitted transferees. If the Company does not complete a Business Combination the Private Placement Shares will expire worthless. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | MELI KASZEK PIONEER CORP NOTES TO FINANCIAL STATEMENTS Note 5 — Related Party Transactions Founder Shares On June 17, 2021, the Sponsor paid $ 25,000 on behalf of the Company to cover Company expenses in consideration for 3,194,444 shares of Class B ordinary shares and 9,126,984 shares of Class L ordinary shares. On September 10, 2021, the Company passed a special resolution to amend the authorized share capital of the Company to $ 50,000 divided into 464,000,000 Class A ordinary shares, 35,000,000 Class L ordinary shares and 1,000,000 preference shares by (i) redesignating the 6,805,556 unissued Class B ordinary shares into 6,805,556 Class L ordinary shares and (ii) converting into stock the 3,194,444 issued Class B ordinary shares and reconverting and redesignating into 3,194,444 Class L ordinary shares. On September 10, 2021, the securities subscription agreement was amended to provide for the issuance of an additional 417,858 Class L ordinary shares such that, in the aggregate, our sponsor owns 12,739,286 Class L ordinary shares. The number of Class L ordinary shares issued was determined based on the expectation that the Class L ordinary shares would represent 30 % of the ordinary shares upon completion of the IPO. The Sponsor, officers and directors of the Company have entered into a letter agreement with the Company, pursuant to which they have agreed to (i) waive their redemption rights with respect to any founder shares and public shares they hold in connection with the completion of the initial Business Combination, (ii) waive their redemption rights with respect to any founder shares and public shares they hold in connection with a shareholder vote to approve an amendment to the Company amended and restated memorandum and articles of association (as defined below) to modify the substance or timing of the Company’s obligation to redeem 100 % of the Company’s public shares if the Company has not consummated an initial Business Combination within 24 months from the closing of this offering or with respect to any other material provisions relating to shareholders’ rights or pre-initial Business Combination activity and (iii) waive their rights to liquidating distributions from the Trust Account with respect to any founder shares they hold if the Company fails to complete the initial Business Combination within 24 months from the closing of the IPO or during any Extended Period, although they will be entitled to liquidating distribution from the Trust Account with respect to any public shares they hold if the Company fails to complete an initial Business Combination within such time period. If the Company submits an initial Business Combination to the Company’s public shareholders for a vote, the Company’s initial shareholders have agreed to vote their founder shares, their Private Placement Shares and any public shares purchased during or after the IPO in favor of the initial Business Combination. On September 10, 2021, the Company also amended its memorandum and articles of association (the “Amended and Restated Memorandum and Articles of Association”). The Company’s Amended and Restated Memorandum and Articles of Association provide that the holders of the founder shares have the right to vote on the appointment of directors. Holders of the public shares are not entitled to vote on the appointment or removal of directors or continuing the Company in a jurisdiction outside the Cayman Islands prior to consummation of the initial Business Combination. The Sponsor has agreed not to transfer, assign or sell (i) any of their founder shares and any Class A ordinary shares issuable upon conversion thereof until the earlier to occur of: (A) eighteen months after the completion of the initial Business Combination, (B) subsequent to the initial Business Combination, if the last sale price of the Class A ordinary shares equals or exceeds $ 13.00 per share (as adjusted for share sub-divisions, share dividends, right issuances, subdivisions, 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 (C) the date on which the Company complete a liquidation, merger, share exchange or other similar transaction after the initial Business Combination that results in all of the shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property; provided, that any Class A ordinary shares issued upon conversion of any founder shares will not be subject to such restrictions on transfer. The Company’s Amended and Restated Memorandum and Articles of Association provide that the founder shares will convert into Class A ordinary shares after the initial Business Combination, only to the extent the trading price of the public shares exceeds certain market price thresholds after the initial Business Combination and before the fifth anniversary of the initial Business Combination, at a ratio such that the number of Class A ordinary shares issuable upon conversion of all founder shares would equal, in the aggregate on an as-converted basis, would represent 10 %, 20 % or 30 % of the sum of (i) the total number of all Class A ordinary shares issued and outstanding upon completion of this offering (including any over-allotment shares if the underwriters exercise their over-allotment and without giving effect to any redemptions of any public shares in connection with the initial Business Combination), plus (ii) the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion of the founder ordinary shares, plus (iii) unless waived by the Sponsor, the total number of Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, deemed issued, or to be issued, in connection with or in relation to the consummation of the initial Business Combination, excluding (x) any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, deemed issued, or to be issued, to any seller in the initial Business Combination, (y) any redemption of public shares in connection with the initial Business Combination or (z) Forward Purchase Shares, based on whether the Class A ordinary shares trade at or above $ 10.00 , $ 15.00 and $ 20.00 per share, respectively, for any 20 trading days within a 30 -trading day period. MELI KASZEK PIONEER CORP NOTES TO FINANCIAL STATEMENTS In addition, in the event of any liquidation, merger, share exchange, reorganization or other similar transaction is consummated after our initial Business Combination (“Strategic Transaction”) that results in all of the public shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property, then, immediately before the consummation of such Strategic Transaction, all of the then-outstanding founder shares will automatically convert into Class A ordinary shares, contemporaneously with the closing of such Strategic Transaction, at a ratio such that the aggregate number of Class A ordinary shares issuable upon conversion of all founder shares (including the funder shares) in the aggregate on an as-converted basis, would represent no more than 30 % of the sum of (i) the total number of all Class A ordinary shares issued and outstanding upon completion of this offering (including any over-allotment shares if the underwriters exercise their over-allotment option and without giving effect to any redemptions of any public shares in connection with the initial Business Combination), plus (ii) the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion of the founder shares, plus (iii) unless waived by the Sponsor, the total number of Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, deemed issued, or to be issued, in connection with or in relation to the consummation of the initial Business Combination, excluding (x) any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, deemed issued, or to be issued, to any seller in the initial Business Combination, (y) any redemption of public shares in connection with the initial Business Combination or (z) Forward Purchase Shares. All founder shares that have not been converted to Class A ordinary shares on the fifth anniversary of the initial Business Combination will be exchanged on such date, at the Company’s election, for an aggregate for all such founder s hares of either (i) 100 Class A ordinary shares or (ii) cash, in an amount equal to the value of 100 Class A ordinary shares, based on the average market price of Class A ordinary shares over the period of five trading days ending two trading days before the date of exchange. The Company accounts for the founder shares as equity linked instruments. Based on the guidance in ASC 815, certain adjustments to the settlement amount of the founder shares are based on a variable that is not an input to the fair value of a “fixed-for-fixed” option as defined under ASC 815-40. The founder shares are recorded as liabilities as these shares are not considered indexed to the Company’s own stock and not eligible for an exception from derivative accounting. Promissory Note - Related Party The Sponsor agreed to loan the Company up to $ 300,000 to be used for a portion of the expenses of the IPO. This loan is non-interest bearing, unsecured and due at the earlier of January 31, 2022, or the closing of the IPO. On October 5, 2021, the $ 300,000 outstanding on this note was repaid in full. The Company can no longer borrow under this facility. Related Party Loans In order to finance working capital deficiencies or transaction costs in 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, loan the Company funds as may be required (the “Working Capital Loans”). If the Company completes an initial Business Combination, the Company will repay such loaned amounts out of the proceeds of the Trust Account released to it. Otherwise, such loans would be repaid only out of funds held outside the Trust Account. In the event that the initial Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay such loaned amounts but no proceeds from the Trust Account would be used to repay such loaned amounts. Up to $ 2,000,000 of such loans may be convertible into shares, at a price of $ 10.00 per share at the option of the lender. Such shares would be identical to the Private Placement Shares. As of December 31, 2022 and 2021, the Company had no Working Capital Loans. Additionally, on November 14, 2022, the Sponsor provided a commitment letter for funding of up to $ 800,000 to the Company (the “2022 Commitment Letter”). On February 9, 2023, the 2022 Commitment Letter was terminated and the Sponsor provided a new commitment letter for funding of up to $ 800,000 to the Company (the “Commitment Letter”) to be drawn, as needed, over the course of 13 months from the date of the commitment letter to fund working capital deficiencies or finance transaction costs in connection with an initial Business Combination. Administrative Services Agreement On October 1, 2021, the Company entered into an agreement that provides that, subsequent to the closing of the IPO and continuing until the earlier of the Company’s consummation of an initial Business Combination or the Company’s liquidation, the Company will pay the Sponsor a total of $ 10,000 per month for office space, secretarial, due diligence and administrative services. MELI KASZEK PIONEER CORP NOTES TO FINANCIAL STATEMENTS For the year ended December 31, 2022 and for the period from May 27, 2021 (inception) through December 31, 2021 , t he Company incurred $ 120,000 and $ 30,000 , respectively, pursuant to this agreement which has been included in the general and administrative expenses in the accompanying statements of operations. As of December 31, 2022 and 2021, no liability regarding this agreement was outstanding. Forward Purchase Agreement On October 1, 2021, and in connection with the IPO, the Company entered into a Forward Purchase Agreement with the Sponsor, pursuant to which the Sponsor committed to purchase from the Company 5,000,000 Forward Purchase Shares, at a price of $ 10.00 per Forward Purchase Share, for an aggregate purchase price of $ 50,000,000 in a private placement to close substantially concurrently with the closing of an initial Business Combination. The obligations under the Forward Purchase Agreement will not depend on whether any Class A ordinary shares are redeemed by public shareholders. The Class A ordinary shares issuable pursuant to the Forward Purchase Agreement will be identical to the Class A ordinary shares sold in the IPO, except that the Sponsor will have certain registration rights, and the Class A ordinary shares will not be eligible for redemption in connection with an initial Business Combination. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Financial Instruments [Abstract] | |
Derivative Financial Instruments | Note 6 — Derivative Financial Instruments Class L ordinary shares derivative liability The Class L ordinary shares are accounted for as a liability in accordance with ASC 815 and presented as a derivative liability on the balance sheets. The derivative liability was measured at fair value as of September 10, 2021 (date on which the Company amended its memorandum and articles of association) and will be evaluated on a recurring basis, with changes in fair value presented within fair value of derivative liability in the statements of operations. The following table presents a summary of the changes in the fair value of the Class L ordinary shares derivative liability as of December 31, 2022 and 2021: Class L ordinary shares derivative liability Fair value of Class L ordinary shares, December 31, 2021 $ 84,257,215 Changes in fair value during the year ( 80,836,095 ) Fair value of Class L ordinary shares, December 31, 2022 $ 3,421,120 Class L ordinary shares derivative liability Fair value of Class L ordinary shares, September 10, 2021 $ 54,981,475 Changes in fair value during the period 29,275,740 Fair value of Class L ordinary shares, December 31, 2021 $ 84,257,215 The amounts of changes in the fair value on derivative instruments are reported in the statements of operations. The following table presents the Company's fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 and 2021: As of December 31, 2022 Level 1 Level 2 Level 3 Total Assets Marketable securities held in Trust Account $ 291,652,889 $ — $ — $ 291,652,889 Total Assets $ 291,652,889 $ — $ — $ 291,652,889 Liabilities Class L ordinary shares derivative liability $ — $ — $ 3,421,120 $ 3,421,120 Total Liabilities $ — $ — $ 3,421,120 $ 3,421,120 . MELI KASZEK PIONEER CORP NOTES TO FINANCIAL STATEMENTS As of December 31, 2021 Level 1 Level 2 Level 3 Total Assets Marketable securities held in Trust Account $ 287,505,954 $ — $ — $ 287,505,954 Total Assets $ 287,505,954 $ — $ — $ 287,505,954 Liabilities Class L ordinary shares derivative liability $ — $ — $ 84,257,215 $ 84,257,215 Total Liabilities $ — $ — $ 84,257,215 $ 84,257,215 There were no transfers to and from Levels 1, 2 and 3 during the year December 31, 2022 and the period from May 27, 2021 (inception) to December 31, 2021 . The Company measured the Class L ordinary shares derivative liability at fair value determined at Level 3. In order to capture the market conditions associated with the Class L ordinary shares derivative liability, the Company applied an approach that incorporated a Monte Carlo simulation, which involved random iterations of future stock-price paths over the contractual life of the Class L ordinary shares. Based on assumptions regarding potential changes in control of the Company, and the probability distribution of outcomes, the payoff to the holder was determined based on the achievement of the various market thresholds within each simulated path. The present value of the payoff in each simulated trial is calculated, and the fair value of the liability is determined by taking the average of all present values. The key inputs into the Monte-Carlo simulation model for Class L ordinary shares derivative liability were as follows as of December 31, 2022 and 2021: Input December 31, 2022 December 31, 2021 Risk-free interest rate 3.98 % 1.34 % Expected term 5.50 years 6.00 years Expected volatility 5.3 % 18.0 % Stock price (1) $ 9.80 $ 11.56 Dividend yield 0.0 % 0.0 % ( (1) Traded stock price adjusted to reflect market expectations of success. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | Note 7 — Commitments and Contingencies Registration and Shareholder Rights The holders of the founder shares and Private Placement Shares that may be issued upon conversion of Working Capital Loans have registration rights that require us to register a sale of any of the Company’s securities held by them (in the case of the founder shares, only after conversion to the Class A ordinary shares) pursuant to a registration rights agreement signed at the closing of the IPO (the “Registration Rights Agreement”). These holders are entitled to make up to three demands, excluding short form registration demands, that we register such securities for sale under the Securities Act. In addition, these holders have certain “piggy-back” registration rights to include such securities in other registration statements filed by us and rights to require us to register for resale such securities pursuant to Rule 415 under the Securities Act. Underwriting Agreement The Company granted the underwriters a 45 -day option to purchase up to 3,750,000 additional ordinary shares to cover any over-allotments, if any, at the IPO price less the underwriting discounts and commissions. On September 29, 2021, the underwriters exercised their over-allotment option in full. MELI KASZEK PIONEER CORP NOTES TO FINANCIAL STATEMENTS On October 1, 2021, the Company paid underwriting discounts and commissions of $ 5,750,000 in the aggregate. Additionally, a deferred underwriting discounts and commissions of $ 10,062,500 , will be payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes an initial Business Combination, subject to the terms of the underwriting agreement. As of December 31, 2022, all four underwriters of the IPO waived their entitlement to deferred underwriting discounts and commissions. The $ 10,062,500 waiver was recognized in accumulated deficit. Investment Management Trust Agreement In connection with the IPO, the Company entered into an investment management trust agreement pursuant to which a portion of the proceeds of the IPO and the sale of the Private Placement Shares were delivered and are to be held in the Trust Account for the benefit of the Company and the holders of the shares issued in connection with the IPO. |
Shareholders' Equity (Deficit)
Shareholders' Equity (Deficit) | 12 Months Ended |
Dec. 31, 2022 | |
Shareholders' Equity (Deficit) [Abstract] | |
Shareholders' Equity (Deficit) | Note 8 — Shareholders’ Equity (Deficit) Preferred Shares The Company is authorized to issue 1,000,000 shares of preferred stock with a par value of $ 0.0001 per share with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of December 31, 2022 and 2021, no preferred shares were issued or outstanding. Class A Ordinary Shares The Company is authorized to issue 464,000,000 shares of Class A ordinary shares with a par value of $ 0.0001 per share. Holders of Class A ordinary shares are entitled to one vote for each share. As of December 31, 2022 and 2021, there were 29,725,000 Class A ordinary shares issued and outstanding, 28,750,000 of which are classified as temporary equity. |
General And Administrative Expe
General And Administrative Expenses | 12 Months Ended |
Dec. 31, 2022 | |
General And Administrative Expenses [Abstract] | |
General And Administrative Expenses | Note 9 - General and administrative expenses For the year ended December 31, 2022 Inception-to-Date December 31, 2021 Insurance $ 858,375 $ 214,594 Other expenses 609,531 183,869 General and administrative expenses $ 1,467,906 $ 398,463 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). |
Use Of Estimates | Use of Estimates The preparation of financial statements in conformity with US GAAP requires 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 financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. |
Cash And Cash Equivalents | 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 and cash equivalents. As of December 31, 2022 and 2021, there were no cash equivalents. |
Marketable Securities Held In Trust Account | Marketable Securities Held in Trust Account As of December 31, 2022 and 2021 the Company’s portfolio of investments held in the Trust Account are comprised solely of U.S. government securities with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations. Marketable securities are presented on the balance sheet at fair value at the end of the period. Gains and losses resulting from the change in fair value of these investments are included in investment income on marketable securities held in the Trust Account in the accompanying statements of operations. |
Concentration Of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage. The Company has not experienced losses on these accounts. |
Class A Ordinary Shares Subject To Possible Redemption | Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC 480. Class A ordinary shares subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable Class A ordinary shares (including ordinary shares that features 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, Class A ordinary shares are classified as shareholders' equity. The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. Such changes are reflected in additional paid-in capital, or in the absence of additional capital, in accumulated deficit. As of December 31, 2022, the Company recorded an accretion of $ 4,146,935 , which was recorded in accumulated deficit. As of December 31, 2021, the Company recorded an accretion of $ 16,715,815 , $ 9,749,902 of which was recorded in additional paid-in capital and $ 6,965,913 was recorded in accumulated deficit. |
Offering Costs | Offering Costs The Company complies with the requirements of the ASC 340-10-S99-1, “Other Assets and Deferred Costs”, 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 charged against the carrying value of Class A ordinary shares or the statement of operations based on the relative value of the Class A ordinary shares to the proceeds received from the shares sold upon the completion of the IPO. Accordingly, as of December 31, 2021, offering costs in the aggregate of $ 16,709,861 were recognized all of which was allocated to Class A ordinary shares, reducing the carrying amount of such shares. |
Financial Instruments | Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the ASC 820, “Fair Value Measurement,” approximates the carrying amounts represented on the balance sheets, primarily due to their short-term nature. |
Derivative Financial Instruments | Derivative Financial Instruments The Company accounts for derivative financial instruments in accordance with ASC 815, “Derivatives and Hedging.” For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value upon issuance and remeasured at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative financial instruments is evaluated at the end of each reporting period. |
Fair Value Measurements | Fair Value Measurements The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the ASC 820 approximates the carrying amounts represented on the balance sheets. The fair value hierarchy is categorized into three levels based on the inputs as follows: Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Example of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on the Company’s assessment of the assumptions that market participants would use in pricing the asset or liability. |
Income Taxes | Income Taxes The Company accounts for income taxes under ASC 740, “Income Taxes”. 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 statements 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. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. U.S. taxation could be imposed if the Company is engaged in a U.S. trade or business. The Company is not expected to be treated as engaged in a U.S. trade or business at this time. Additionally, given the nature of the investment income generated from the funds held in the trust account, it is not subject to tax withholdings in the U.S. Moreover, the Company determined that no income tax liability would arise from any other jurisdictions outside of the Cayman Islands. Consequently, income taxes are not reflected in the Company’s financial statements. |
Net Income (Loss) Per Share Of Ordinary Shares | Net Income (Loss) Per Share The Company complies with accounting and disclosure requirements of ASC 260, “Earnings per Share”. Net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of ordinary shares outstanding during the period. The statements of operations include a presentation of income (loss) per Class A ordinary shares subject to possible redemption, Class A non-redeemable ordinary shares and Class L ordinary shares following the two-class method of income (loss) per share. In order to determine the net income (loss) attributable to Class A ordinary shares subject to possible redemption, Class A non-redeemable ordinary shares and Class L ordinary shares, the Company first considered the total income (loss) allocable to the different classes of shares. This is calculated using the total net income (loss) less any dividends paid and deemed dividends. For purposes of calculating net income (loss) per share, any remeasurement of the accretion to redemption value of the Class A ordinary shares subject to possible redemption was considered to be dividends paid to the public stockholders based on ASC 480-10-S99-3A. Subsequent to calculating the total loss allocable to the different classes of shares, the Company’s net loss for the period from October 1, 2021 through December 31, 2021 was split between the Class A ordinary shares subject to possible redemption and Class A non-redeemable ordinary shares using a ratio of 97 % for the Class A ordinary shares subject to redemption and 3 % for the Class A non-redeemable ordinary shares, reflective of the respective participation rights of those shares for that period. The net loss for the period from May 27, 2021 (inception) to September 30, 2021 was allocated to the Class L ordinary shares, as that was the only class of share outstanding during that period. The Class L ordinary shares had no participation rights effective October 1, 2021. The net loss for the period from October 1, 2021 to December 31, 2021 was allocated to the Class A ordinary shares subject to possible redemption and the Class A non-redeemable ordinary shares. As of December 31, 2022 and 2021, the Company did no t have any dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted net income (loss) per share is the same as basic net income (loss) per share for the period presented. Class L ordinary shares will convert into Class A ordinary shares after the initial Business Combination only to the extent certain triggering events occur prior to the 5th anniversary of the initial Business Combination, including three equal triggering events based on the Company’s stock trading at $ 10 , $ 15 , $ 20 per share. The Company has not considered the effect of the Class L ordinary shares in the calculation of diluted loss per share since the conversion of the Class L ordinary shares is contingent upon the occurrence of future events. The earnings (loss) per share presented in the statements of operations is based on the following: For the year ended December 31, 2022 Class A ordinary shares subject to possible redemption Class A non-redeemable ordinary shares Basic and diluted net income per share: Numerator: Allocation of net income including accretion of temporary equity $ 76,764,859 $ 2,603,330 Accretion of temporary equity to redemption value 4,146,935 — Allocation of net income $ 80,911,794 $ 2,603,330 Denominator: Weighted-average shares outstanding 28,750,000 975,000 Basic and diluted net income per share $ 2.81 $ 2.67 MELI KASZEK PIONEER CORP NOTES TO FINANCIAL STATEMENTS For the period from May 27, 2021 (inception) to December 31, 2021 Class A ordinary shares subject to possible redemption Class A non-redeemable ordinary shares Class L ordinary shares Basic and diluted net loss per share : Numerator: Allocation of net loss including accretion of temporary equity $ ( 43,987,843 ) $ ( 1,491,762 ) $ ( 55,860,934 ) Accretion of temporary equity to redemption value 16,715,815 — — Allocation of net loss $ ( 27,272,028 ) $ ( 1,491,762 ) $ ( 55,860,934 ) Denominator: Weighted-average shares outstanding 28,750,000 975,000 12,739,286 Basic and diluted net loss per share $ ( 0.95 ) $ ( 1.53 ) $ ( 4.38 ) |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, “Debt – debt with conversion and other options (sub-topic 470-20) and derivatives and hedging – contracts in entity’s own equity (sub-topic 815-40): accounting for convertible instruments and contracts in an entity’s own equity”, which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. ASU 2020-06 is applicable for fiscal years beginning after December 31, 2021, with early adoption permitted no earlier than fiscal years beginning after December 15, 2020. ASU 2020-06 is to be applied using a full retrospective method or a modified retrospective method as outlined in the guidance. The Company early adopted ASU 2020-06 for the fiscal year ended December 31, 2021 and it did not have an impact on the Company’s financial statements. The Company has considered all other new accounting standards and has concluded that there are no other new standards that may have a material impact on the results of operations, financial condition, or cash flows, based on the current information. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Significant Accounting Policies [Abstract] | |
Earnings (Loss) Per Share Presented In Statement Of Operations | For the year ended December 31, 2022 Class A ordinary shares subject to possible redemption Class A non-redeemable ordinary shares Basic and diluted net income per share: Numerator: Allocation of net income including accretion of temporary equity $ 76,764,859 $ 2,603,330 Accretion of temporary equity to redemption value 4,146,935 — Allocation of net income $ 80,911,794 $ 2,603,330 Denominator: Weighted-average shares outstanding 28,750,000 975,000 Basic and diluted net income per share $ 2.81 $ 2.67 MELI KASZEK PIONEER CORP NOTES TO FINANCIAL STATEMENTS For the period from May 27, 2021 (inception) to December 31, 2021 Class A ordinary shares subject to possible redemption Class A non-redeemable ordinary shares Class L ordinary shares Basic and diluted net loss per share : Numerator: Allocation of net loss including accretion of temporary equity $ ( 43,987,843 ) $ ( 1,491,762 ) $ ( 55,860,934 ) Accretion of temporary equity to redemption value 16,715,815 — — Allocation of net loss $ ( 27,272,028 ) $ ( 1,491,762 ) $ ( 55,860,934 ) Denominator: Weighted-average shares outstanding 28,750,000 975,000 12,739,286 Basic and diluted net loss per share $ ( 0.95 ) $ ( 1.53 ) $ ( 4.38 ) |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Financial Instruments [Abstract] | |
Summary Of Changes In The Fair Value Of The Class L Ordinary Shares Liability | Class L ordinary shares derivative liability Fair value of Class L ordinary shares, December 31, 2021 $ 84,257,215 Changes in fair value during the year ( 80,836,095 ) Fair value of Class L ordinary shares, December 31, 2022 $ 3,421,120 Class L ordinary shares derivative liability Fair value of Class L ordinary shares, September 10, 2021 $ 54,981,475 Changes in fair value during the period 29,275,740 Fair value of Class L ordinary shares, December 31, 2021 $ 84,257,215 |
Schedule Of Assets And Liabilities Measured At Fair Value On Recurring Basis | As of December 31, 2022 Level 1 Level 2 Level 3 Total Assets Marketable securities held in Trust Account $ 291,652,889 $ — $ — $ 291,652,889 Total Assets $ 291,652,889 $ — $ — $ 291,652,889 Liabilities Class L ordinary shares derivative liability $ — $ — $ 3,421,120 $ 3,421,120 Total Liabilities $ — $ — $ 3,421,120 $ 3,421,120 . MELI KASZEK PIONEER CORP NOTES TO FINANCIAL STATEMENTS As of December 31, 2021 Level 1 Level 2 Level 3 Total Assets Marketable securities held in Trust Account $ 287,505,954 $ — $ — $ 287,505,954 Total Assets $ 287,505,954 $ — $ — $ 287,505,954 Liabilities Class L ordinary shares derivative liability $ — $ — $ 84,257,215 $ 84,257,215 Total Liabilities $ — $ — $ 84,257,215 $ 84,257,215 |
Summary Of Monte-Carlo Simulation Model For Class L Ordinary Shares | Input December 31, 2022 December 31, 2021 Risk-free interest rate 3.98 % 1.34 % Expected term 5.50 years 6.00 years Expected volatility 5.3 % 18.0 % Stock price (1) $ 9.80 $ 11.56 Dividend yield 0.0 % 0.0 % ( (1) Traded stock price adjusted to reflect market expectations of success. |
General And Administrative Ex_2
General And Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
General And Administrative Expenses [Abstract] | |
Schedule Of General And Administrative Expenses | For the year ended December 31, 2022 Inception-to-Date December 31, 2021 Insurance $ 858,375 $ 214,594 Other expenses 609,531 183,869 General and administrative expenses $ 1,467,906 $ 398,463 |
Organization And Business Ope_2
Organization And Business Operations (Details) - USD ($) | 7 Months Ended | 12 Months Ended | |||
Oct. 01, 2021 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2022 | Feb. 09, 2023 | |
Subsidiary, Sale of Stock [Line Items] | |||||
Price per share issued | $ 10 | ||||
Proceeds from initial public offering, net of costs | $ 281,750,000 | ||||
Deferred underwriting discounts and commissions | 10,062,500 | ||||
Amount invested from Trust Account | $ 287,500,000 | ||||
Percent of public shares obligated to redeem if initial business combination is not complete within 24 months of closing IPO | 100% | ||||
Term of trust account conditions | 24 months | ||||
Trust account, price per public share | $ 10 | ||||
Combination period, term | 24 months | ||||
Interest to pay dissolution expenses | $ 100,000 | ||||
Cash | 1,259,439 | 669,889 | |||
Working capital | 2,085,395 | 289,493,039 | |||
Working capital loans | $ 0 | 0 | |||
Minimum net tangible assets for business combination requirements | $ 5,000,001 | ||||
Subsequent Events [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Working capital loans | $ 800,000 | ||||
Class A Ordinary Share [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Initial public offering, shares | 28,750,000 | ||||
Price per share issued | $ 10 | ||||
Proceeds from initial public offering, gross | $ 287,500,000 | ||||
Proceeds from initial public offering, net of costs | $ 287,500,000 | ||||
Underwriters' Option To Purchase [Member] | Class A Ordinary Share [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Initial public offering, shares | 3,750,000 | ||||
Private Placement [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Initial public offering, shares | 975,000 | 975,000 | |||
Price per share issued | $ 10 | $ 10 | |||
Proceeds from initial public offering, net of costs | $ 9,750,000 | $ 9,750,000 | |||
IPO [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Transaction costs of initial public offering | 16,709,861 | ||||
Underwriting discounts and commissions | 5,750,000 | ||||
Deferred underwriting discounts and commissions | 10,062,500 | ||||
Other offering costs | $ 897,361 | ||||
Maximum [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Investment maturity term | 185 days | ||||
Accumulated Deficit [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Deferred underwriting discounts and commissions | $ 10,062,500 |
Significant Accounting Polici_4
Significant Accounting Policies (Narrative) (Details) - USD ($) | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Subsidiary, Sale of Stock [Line Items] | |||
Cash equivalents | $ 0 | $ 0 | $ 0 |
Accretion Expense | 16,715,815 | ||
Stock issuance costs | 16,709,861 | ||
Dilutive securities | $ 0 | $ 0 | |
Triggering event, stock price one | $ 10 | ||
Triggering event, stock price two | 15 | ||
Triggering event, stock price three | $ 20 | ||
Additional Paid-in Capital [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Accretion Expense | 9,749,902 | ||
Accumulated Deficit [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Accretion Expense | $ 6,965,913 | $ 4,146,935 |
Significant Accounting Polici_5
Significant Accounting Policies (Earnings (Loss) Per Share Presented In Statement Of Operations) (Details) - USD ($) | 7 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Dec. 31, 2022 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Accretion of temporary equity to redemption value | $ 16,715,815 | |
Net income (loss) | (84,624,724) | $ 83,515,124 |
Class A Ordinary Shares Subject To Possible Redemption [Member] | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Allocation of net income (loss) including accretion of temporary equity | (43,987,843) | 76,764,859 |
Accretion of temporary equity to redemption value | 16,715,815 | 4,146,935 |
Net income (loss) | $ (27,272,028) | $ 80,911,794 |
Weighted average shares outstanding, Basic | 28,750,000 | 28,750,000 |
Weighted average shares outstanding, Diluted | 28,750,000 | 28,750,000 |
Net income (loss) per share, Basic | $ (0.95) | $ 2.81 |
Net income (loss) per share, diluted | $ (0.95) | $ 2.81 |
Total loss allocable, percent between each class | 97% | |
Class A Ordinary Shares [Member] | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Allocation of net income (loss) including accretion of temporary equity | $ (1,491,762) | $ 2,603,330 |
Net income (loss) | $ (1,491,762) | $ 2,603,330 |
Weighted average shares outstanding, Basic | 975,000 | 975,000 |
Weighted average shares outstanding, Diluted | 975,000 | 975,000 |
Net income (loss) per share, Basic | $ (1.53) | $ 2.67 |
Net income (loss) per share, diluted | $ (1.53) | $ 2.67 |
Total loss allocable, percent between each class | 3% | |
Class L Ordinary Shares [Member] | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Allocation of net income (loss) including accretion of temporary equity | $ (55,860,934) | |
Net income (loss) | $ (55,860,934) | |
Weighted average shares outstanding, Basic | 12,739,286 | |
Weighted average shares outstanding, Diluted | 12,739,286 | |
Net income (loss) per share, Basic | $ (4.38) | |
Net income (loss) per share, diluted | $ (4.38) |
Initial Public Offering (Detail
Initial Public Offering (Details) - USD ($) | 7 Months Ended | |
Oct. 01, 2021 | Dec. 31, 2021 | |
Subsidiary, Sale of Stock [Line Items] | ||
Price per share issued | $ 10 | |
Proceeds from initial public offering, net of costs | $ 281,750,000 | |
Class A Ordinary Share [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Initial public offering, shares | 28,750,000 | |
Price per share issued | $ 10 | |
Proceeds from initial public offering, net of costs | $ 287,500,000 | |
Underwriters' Option To Purchase [Member] | Class A Ordinary Share [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Initial public offering, shares | 3,750,000 |
Private Placement Shares (Detai
Private Placement Shares (Details) - USD ($) | 7 Months Ended | 12 Months Ended | ||
Oct. 01, 2021 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2022 | |
Subsidiary, Sale of Stock [Line Items] | ||||
Share Price | $ 10 | |||
Proceeds from initial public offering, net of costs | $ 281,750,000 | |||
Private Placement [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Initial public offering, shares | 975,000 | 975,000 | ||
Share Price | $ 10 | $ 10 | ||
Proceeds from initial public offering, net of costs | $ 9,750,000 | $ 9,750,000 | ||
Private placement shares, term after completion of initial business combination | 30 days |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 7 Months Ended | 12 Months Ended | ||||||||
Oct. 01, 2021 | Jun. 17, 2021 | Dec. 31, 2021 | Dec. 31, 2022 | Feb. 09, 2023 | Nov. 14, 2022 | Oct. 05, 2021 | Jun. 30, 2021 | May 31, 2021 | ||
Related Party Transaction [Line Items] | ||||||||||
Special resolution to amend authorized share capital, amount | $ 50,000 | |||||||||
Percent of public shares obligated to redeem if initial business combination is not complete within 24 months of closing IPO | 100% | |||||||||
Combination period, term | 24 months | |||||||||
Promissory note - related party | $ 300,000 | $ 300,000 | ||||||||
Working capital loans, maximum amount that may be convertible into shares | $ 2,000,000 | |||||||||
Working capital loans, maximum amount that may be convertible into shares, price per share | $ 10 | |||||||||
Working capital loans, amount | $ 0 | $ 0 | $ 0 | $ 0 | ||||||
Related party transaction, administrative services expenses liability | 0 | 0 | $ 0 | $ 0 | ||||||
Price per share issued | $ 10 | |||||||||
Working capital loans | 0 | $ 0 | ||||||||
Sponsor [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Commitment letter, amount | $ 800,000 | |||||||||
Related party transaction, amounts of transaction | $ 25,000 | |||||||||
Percent of public shares obligated to redeem if initial business combination is not complete within 24 months of closing IPO | 100% | |||||||||
Combination period, term | 24 months | |||||||||
Period agreed not to transfer, assign or sell shares | 18 months | |||||||||
Benchmark price per share, related party | $ 13 | |||||||||
Benchmark period, trading days | 20 days | |||||||||
Number of consecutive trading days for determining share price | 30 days | |||||||||
Threshold number of trading days for determining share price from date of business combination. | 150 days | |||||||||
Administrative Services Agreement amount | $ 10,000 | |||||||||
Recognized expenses from party | $ 30,000 | $ 120,000 | ||||||||
Sponsor [Member] | Triggering Events One [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Conversion percentage if trigger met | 10% | |||||||||
Number of consecutive trading days for determining share price | 20 days | |||||||||
Threshold number of trading days for determining share price from date of business combination. | 30 days | |||||||||
Share transfer, trigger price per share | $ 10 | |||||||||
Sponsor [Member] | Triggering Events Two [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Conversion percentage if trigger met | 20% | |||||||||
Share transfer, trigger price per share | $ 15 | |||||||||
Sponsor [Member] | Triggering Events Three [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Conversion percentage if trigger met | 30% | |||||||||
Share transfer, trigger price per share | $ 20 | |||||||||
Sponsor [Member] | After Fifth Anniversary [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Shares issued, related party | 100 | |||||||||
Number of consecutive trading days for determining share price | 2 days | |||||||||
Threshold number of trading days for determining share price from date of business combination. | 5 days | |||||||||
Class A Ordinary Share [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Initial public offering, shares | 28,750,000 | |||||||||
Special resolution to amend authorized share capital, shares | 464,000,000 | |||||||||
Price per share issued | $ 10 | |||||||||
Class B Ordinary Shares [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Number of shares, where expense for consideration was paid | 3,194,444 | |||||||||
Number of share redesignated from | 6,805,556 | |||||||||
Shares requested for conversion | 3,194,444 | |||||||||
Class L Ordinary Shares [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Number of shares, where expense for consideration was paid | 9,126,984 | |||||||||
Special resolution to amend authorized share capital, shares | 35,000,000 | |||||||||
Number of share redesignated to | 6,805,556 | |||||||||
Price per share issued | [1] | $ 11.56 | $ 9.80 | |||||||
Number of shares, securities subscription agreement amended additional amount | 417,858 | |||||||||
Shares requested for conversion | 3,194,444 | |||||||||
Class L Ordinary Shares [Member] | Sponsor [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Percent of shares owned | 30% | 30% | ||||||||
Shares owned | 12,739,286 | |||||||||
Preference Shares [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Special resolution to amend authorized share capital, shares | 1,000,000 | |||||||||
Forward Purchase Shares [Member] | Sponsor [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Number of shares committed to purchase | 5,000,000 | |||||||||
Price per share issued | $ 10 | |||||||||
Number of shares committed to purchase, value | $ 50,000,000 | |||||||||
Subsequent Events [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Working capital loans | $ 800,000 | |||||||||
Subsequent Events [Member] | Sponsor [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Commitment letter, amount | $ 800,000 | |||||||||
[1] Traded stock price adjusted to reflect market expectations of success. |
Derivative Financial Instrume_3
Derivative Financial Instruments (Narrative) (Details) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |
May 31, 2021 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2022 | |
Derivative Financial Instruments [Abstract] | ||||
Transfers between levels, net | $ 0 | $ 0 | $ 0 | $ 0 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Summary Of Changes In The Fair Value Of The Class L Ordinary Shares Liability) (Details) - USD ($) | 4 Months Ended | 7 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in fair value during the year/period | $ 29,275,740 | $ (80,836,095) | |
Class L Ordinary Shares [Member] | Fair Value, Measurements, Recurring [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Beginning Balance | $ 54,981,475 | 84,257,215 | |
Change in fair value during the year/period | 29,275,740 | (80,836,095) | |
End Balance | $ 84,257,215 | $ 84,257,215 | $ 3,421,120 |
Derivative Financial Instrume_5
Derivative Financial Instruments (Schedule Of Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities held in Trust Account | $ 291,652,889 | |
Class L ordinary shares derivative liability | 3,421,120 | |
Class L ordinary shares derivative liability | $ 84,257,215 | |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities held in Trust Account | 291,652,889 | 287,505,954 |
Total Assets | 291,652,889 | 287,505,954 |
Class L ordinary shares derivative liability | 3,421,120 | |
Class L ordinary shares derivative liability | 84,257,215 | |
Total Liabilities | 3,421,120 | 84,257,215 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities held in Trust Account | 291,652,889 | 287,505,954 |
Total Assets | 291,652,889 | 287,505,954 |
Fair Value, Measurements, Recurring [Member] | Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Class L ordinary shares derivative liability | 3,421,120 | |
Class L ordinary shares derivative liability | 84,257,215 | |
Total Liabilities | $ 3,421,120 | $ 84,257,215 |
Derivative Financial Instrume_6
Derivative Financial Instruments (Summary Of Monte-Carlo Simulation Model For Class L Ordinary Shares) (Details) - $ / shares | 4 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Oct. 01, 2021 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock price | $ 10 | |||
Class L Ordinary Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Risk-free interest rate | 1.34% | 3.98% | ||
Expected term | 6 years | 5 years 6 months | ||
Expected volatility | 18% | 5.30% | ||
Stock price | [1] | $ 11.56 | $ 9.80 | |
Dividend yield | 0% | 0% | ||
[1] Traded stock price adjusted to reflect market expectations of success. |
Commitments And Contingencies (
Commitments And Contingencies (Details) - USD ($) | 12 Months Ended | |||
Oct. 01, 2021 | Sep. 29, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Subsidiary, Sale of Stock [Line Items] | ||||
Deferred underwriting discounts and commissions | $ 10,062,500 | |||
Recognized Income from waived deferred underwriting discounts and commissions | $ 10,062,500 | |||
Over-Allotment Option [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Over-Allotment option vesting period | 45 days | |||
Option to purchase additional shares to cover any over-allotments | 3,750,000 | |||
Underwriting discounts and commissions | $ 5,750,000 | |||
Deferred underwriting discounts and commissions | 10,062,500 | |||
Accumulated Deficit [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Deferred underwriting discounts and commissions | $ 10,062,500 | |||
Recognized Income from waived deferred underwriting discounts and commissions | $ 10,062,500 |
Shareholders' Equity (Deficit)
Shareholders' Equity (Deficit) (Details) | 12 Months Ended | |||
Dec. 31, 2022 item $ / shares shares | Dec. 31, 2021 $ / shares shares | Jun. 30, 2021 $ / shares shares | May 31, 2021 $ / shares shares | |
Class of Stock [Line Items] | ||||
Redeemable convertible preferred stock, Par Value | $ / shares | $ 10 | $ 10 | $ 10 | $ 10 |
Preferred stock, shares authorized | 1,000,000 | |||
Preferred stock, par value | $ / shares | $ 0.0001 | |||
Preferred stock, shares issued | 0 | 0 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 | 0 | 0 |
Common stock, shares authorized | 464,000,000 | 464,000,000 | 464,000,000 | 464,000,000 |
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Number of votes per share | item | 1 | |||
Common stock, shares issued | 29,725,000 | 29,725,000 | ||
Common stock, shares outstanding | 29,725,000 | 29,725,000 | ||
Class A Ordinary Shares [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock, shares issued | 975,000 | 975,000 | 975,000 | 975,000 |
Common stock, shares outstanding | 975,000 | 975,000 | 975,000 | 975,000 |
Class A Ordinary Shares Subject To Possible Redemption [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock, shares issued | 28,750,000 | 28,750,000 | ||
Common stock, shares outstanding | 28,750,000 | 28,750,000 | 28,750,000 | 28,750,000 |
General And Administrative Ex_3
General And Administrative Expenses (Details) - USD ($) | 7 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Dec. 31, 2022 | |
General And Administrative Expenses [Abstract] | ||
Insurance | $ 214,594 | $ 858,375 |
Other expenses | 183,869 | 609,531 |
General and administrative expenses | $ 398,463 | $ 1,467,906 |