discussions concerning a business combination with any entity or entities. Although we are not be specifically focusing on, or targeting, any transaction with any affiliated entities, we would pursue such a transaction if we determined that such affiliated entity met our criteria for our initial business combination as set forth in “Proposed Business - Acquisition Criteria” and such transaction was approved by a majority of our disinterested directors and our co-sponsors. Despite our agreement to obtain an opinion in connection with such transaction from an independent investment banking firm, or another independent entity that commonly renders valuation opinions on the type of target business we seek to acquire, regarding the fairness to our stockholders from a financial point of view of a business combination with one or more domestic or international businesses affiliated with our executive officers, directors or existing holders, potential conflicts of interest still may exist and, as a result, the terms of the business combination may not be as advantageous to our public stockholders as they would be absent any conflicts of interest. Our directors have a fiduciary duty to act in the best interests of our stockholders, whether or not a conflict of interest may exist.
Because our co-sponsors will lose their entire initial investment in us if our initial business combination is not consummated and our officers and directors have significant financial interests in us, a conflict of interest may arise in determining whether a particular acquisition target is appropriate for our initial business combination.
On March 25, 2021, Gardiner Holdings purchased 2,156,250 founder shares from us for $25,000, or approximately $0.012 per share. On April 9, 2021, Gardiner Holdings sold (i) 388,125 founder shares to Chardan Gardiner and (ii) 366,562 founder shares to CCMAUS, in each case, for approximately $0.012 per share, resulting in Gardiner Holdings holding a balance of 1,401,563 founder shares.
On October 15, 2021, Gardiner Holdings, Chardan Gardiner and CCMAUS collectively granted 50,000 founder shares to our independent directors, Dr. Linton and Dr. Sciavolino, with each independent director receiving 25,000 founder shares. On October 15, 2021, Gardiner Holdings, Chardan Gardiner and CCMAUS collectively granted 25,000 founder shares to our independent director, Mr. Ryan. On October 15, 2021, Gardiner Holdings, Chardan Gardiner and CCMAUS collectively granted 25,000 founder shares to our independent director, Mr. Rossen.
Of the 100,000 founder shares granted to our independent directors, Gardiner Holdings granted 65,000 founder shares, Chardan Gardiner granted 18,000 founder shares, and CCMAUS granted 17,000 founder shares, leaving Gardiner Holdings, Chardan Gardiner and CCMAUS, respectively, with 1,336,563 founder shares, 370,125 founder shares, and 349,562 founder shares.
The founder shares will be worthless if we do not consummate an initial business combination. In addition, Gardiner Holdings has purchased from us 3,632,813 Private Placement Warrants, Chardan Gardiner purchased from us 622,767 Private Placement Warrants, and CCMAUS purchased from us 588,170 Private Placement Warrants, in each case, at a price of $1.00 per warrant, for an aggregate purchase price of $4,843,750. The founder shares and Private Placement Warrants will be worthless if we do not consummate an initial business combination.
RISKS RELATING TO OUR SECURITIES
The securities in which we invest the funds held in the trust account could bear a negative rate of interest, which could reduce the value of the assets held in trust such that the per-share redemption amount received by public shareholders may be less than $10.10 per share.
The net proceeds of the December 27, 2021 closing of the IPO, the December 29, 2021 Over-allotment Closing, and certain proceeds from the sale of the Private Placement Warrants, in the amount of $87,112,500, are being held in an interest-bearing trust account. The proceeds held in the trust account may only be invested only in U.S. government treasury bills 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. While short-term U.S. treasury obligations currently yield a positive rate of interest, they have briefly yielded negative interest rates in recent years. Central banks in Europe and Japan pursued interest rates below zero in recent years, and the Open Market Committee of the Federal Reserve has not ruled out the possibility that it may in the future adopt similar policies in the United States. In the event of very low or negative yields, the amount of interest income (which we may use to pay our taxes, if any) would be reduced. In the event that we are unable to complete our initial business combination, our public stockholders are entitled to receive their pro-rata share of the proceeds then held in the trust account, plus any interest income, net of taxes paid or payable (less up to $100,000 of interest to pay dissolution expenses). If the balance of the trust account is reduced below $87,112,500 as a result of negative interest rates, the amount of funds in the trust account available for distribution to our public stockholders may be reduced below $10.10 per share. On February 28, 2022, the balance of the trust account was $87,097,289.