Pursuant to the Initial Public Offering on May 1, 2021, Galaxy sold 10,000,000 Public Units at a purchase price of $10.00 per Unit. Each Unit consisting of one ordinary share, par value $0.01 per share (Ordinary Share), one right to receive one-tenth (1/10) of one Ordinary Shares (Right), and one-half of a redeemable warrant (Public Warrant). Each whole redeemable Public Warrant entitling its holder to purchase one Ordinary Share.

Simultaneously with the Initial Public Offering, the Sponsor purchased an aggregate of 500,000 Private Units at $10.00 per Unit. Each Unit consisting of one Ordinary Share, par value $0.01 per share, one Right to receive one-tenth (1/10) of one Ordinary Shares, and one-half of a redeemable warrant (Private Warrant). Each whole redeemable Private Warrant entitling its holder to purchase one Ordinary Share.

The public warrants are recorded as permanent equity at issuance on May 1, 2021 in Galaxys financial statements on the issuance date and do not need any subsequent adjustment. 5,000,000 warrants at $0.95 and $0.06 per warrant on May 1 and December 31, 2021.

Record Journal entries for the initial recognition of Public Warrants as equity at fair value on May 1, 2021 and no need to make subsequent adjustment for change in fair value of warrants.