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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
(Mark
One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended June 30, 2024
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from to
Commission
File No. 001-41153
ALPHA
STAR ACQUISITION CORPORATION
(Exact
name of registrant as specified in its charter)
Cayman
Islands |
|
N/A |
(State
or other jurisdiction
of
incorporation or organization) |
|
(I.R.S.
Employer
Identification
No.) |
80
Broad Street, 5th
Floor
New
York, New York 10004
(Address
of Principal Executive Offices, including zip code)
(212)
837-7977
(Registrant’s
telephone number, including area code)
Not
Applicable
(Former
name, former address and former fiscal year, if changed since last report)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Units,
each consisting of one ordinary share, one redeemable warrant, and one right |
|
ALSAU |
|
The
Nasdaq Stock Market LLC |
Ordinary
Shares, $0.001 par value |
|
ALSA |
|
The
Nasdaq Stock Market LLC |
Redeemable
warrants entitle the holder to purchase one-half (1/2) of one ordinary share |
|
ALSAW |
|
The
Nasdaq Stock Market LLC |
Rights
entitle the holders to receive one-seventh (1/7) of one Ordinary Share |
|
ALSAR |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
☐ |
Large
accelerated filer |
☐ |
Accelerated
filer |
|
☒ |
Non-accelerated
filer |
☒ |
Smaller
reporting company |
|
|
|
☒ |
Emerging
growth company |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No ☐
Indicate
the number of shares outstanding of each of the registrant’s classes of ordinary shares, as of the latest practicable date: As
of August 12, 2024, there were 4,107,999 ordinary shares, respectively, with par value of $0.001, issued and outstanding (assuming all of
the units issued in our initial public offering completed on December 15, 2021 were split on such date).
ALPHA
STAR ACQUISITION CORPORATION
FORM
10-Q FOR THE QUARTER ENDED JUNE 30, 2024
TABLE
OF CONTENTS
PART
I. FINANCIAL INFORMATION
ITEM
1. FINANCIAL STATEMENTS
ALPHA
STAR ACQUISITION CORPORATION
BALANCE
SHEETS
(Unaudited)
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Assets | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Prepaid expense | |
$ | 48,750 | | |
$ | 12,500 | |
Total current assets | |
| 48,750 | | |
| 12,500 | |
Noncurrent assets: | |
| | | |
| | |
Marketable securities held in trust account | |
| 66,716,630 | | |
| 101,590,662 | |
Total noncurrent assets | |
| 66,716,630 | | |
| 101,590,662 | |
Total assets | |
$ | 66,765,380 | | |
$ | 101,603,162 | |
| |
| | | |
| | |
Liabilities and stockholders’ deficit | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accrued expenses | |
$ | 315,136 | | |
$ | 220,401 | |
Due to Sponsor | |
| 511,130 | | |
| 212,660 | |
Total current liabilities | |
| 7,072,227 | | |
| 6,189,022 | |
Noncurrent liabilities: | |
| | | |
| | |
Deferred underwriting commissions | |
| 2,875,000 | | |
| 2,875,000 | |
Total noncurrent liabilities | |
| 2,875,000 | | |
| 2,875,000 | |
Total liabilities | |
| 9,947,227 | | |
| 9,064,022 | |
| |
| | | |
| | |
Commitment and contingencies (Note 6) | |
| - | | |
| - | |
| |
| | | |
| | |
Ordinary shares subject to possible redemption, 5,743,580 and 9,063,503 shares at redemption value of $11.60 and $11.21 per share at June 30, 2024 and December 31, 2023, respectively | |
| 66,654,130 | | |
| 101,605,662 | |
| |
| | | |
| | |
Stockholders’ deficit: | |
| | | |
| | |
Ordinary shares, par value $0.001, authorized 50,000,000 shares; 3,205,000 and 3,205,000 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively, excluding 5,743,580 and 9,063,503 shares subject to possible redemption | |
| 3,205 | | |
| 3,205 | |
Additional paid-in capital | |
| - | | |
| - | |
Accumulated deficit | |
| (9,839,182 | ) | |
| (9,069,727 | ) |
Total stockholders’ deficit | |
| (9,835,977 | ) | |
| (9,066,522 | ) |
| |
| | | |
| | |
Total liabilities and stockholders’ deficit | |
$ | 66,765,380 | | |
$ | 101,603,162 | |
The
accompanying notes are an integral part of the unaudited financial statements.
ALPHA
STAR ACQUISITION CORPORATION
STATEMENTS
OF OPERATIONS
(Unaudited)
| |
For the
three months
ended
June 30,
2024 | | |
For the
three
months
ended
June 30,
2023 | | |
For the
six months
ended
June 30,
2024 | | |
For the
six months
ended
June 30,
2023 | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
Formation and operational costs | |
$ | 110,523 | | |
$ | 91,007 | | |
$ | 349,455 | | |
$ | 212,316 | |
Loss from operations | |
| (110,523 | ) | |
| (91,007 | ) | |
| (349,455 | ) | |
| (212,316 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income: | |
| | | |
| | | |
| | | |
| | |
Interest and dividends earned in trust account | |
| 848,628 | | |
| 1,429,552 | | |
| 1,811,605 | | |
| 2,697,945 | |
Total other income | |
| 848,628 | | |
| 1,429,552 | | |
| 1,811,605 | | |
| 2,697,945 | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Income tax expense | |
| - | | |
| - | | |
| - | | |
| - | |
Net income | |
$ | 738,105 | | |
$ | 1,338,545 | | |
$ | 1,462,150 | | |
$ | 2,485,629 | |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted weighted average shares outstanding | |
| | | |
| | | |
| | | |
| | |
Redeemable ordinary shares, basic and diluted | |
| 5,743,580 | | |
| 11,500,000 | | |
| 5,925,993 | | |
| 11,500,000 | |
Redeemable ordinary shares, basic and diluted net income per share | |
| 0.15 | | |
| 0.14 | | |
| 0.29 | | |
| 0.26 | |
| |
| | | |
| | | |
| | | |
| | |
Non-redeemable ordinary shares, basic and diluted | |
$ | 3,205,000 | | |
$ | 3,205,000 | | |
$ | 3,205,000 | | |
$ | 3,205,000 | |
Non-redeemable ordinary shares, basic and diluted net loss per share | |
$ | (0.04 | ) | |
$ | (0.08 | ) | |
$ | (0.08 | ) | |
$ | (0.17 | ) |
The
accompanying notes are an integral part of the unaudited financial statements.
ALPHA
STAR ACQUISITION CORPORATION
STATEMENTS
OF CHANGES IN STOCKHOLDERS’ DEFICIT
(Unaudited)
For
the six months ended June 30, 2024 and 2023
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | |
| |
Deficit |
|
| |
Ordinary Shares | | |
Additional Paid-In | | |
Accumulated | |
| |
Total Stockholders’ |
|
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | |
| |
Deficit |
|
Balance at December 31, 2023 | |
| 3,205,000 | | |
$ | 3,205 | | |
$ | - | | |
$ | (9,069,727 | ) |
| $ |
(9,066,522 |
) |
Subsequent measurement of ordinary shares subject to possible redemption (interest earned and unrealized gain on trust account) | |
| - | | |
| - | | |
| - | | |
| (962,977 | ) |
| |
(962,977 |
) |
Subsequent measurement of ordinary shares subject to possible redemption (additional funding for business combination extension) | |
| - | | |
| - | | |
| - | | |
| (210,000 | ) |
| |
(210,000 |
) |
Net income | |
| - | | |
| - | | |
| - | | |
| 724,045 | |
| |
724,045 |
|
Balance at March 31, 2024 | |
| 3,205,000 | | |
$ | 3,205 | | |
$ | - | | |
$ | (9,518,659 | ) |
| $ |
(9,515,454 |
) |
Subsequent measurement of ordinary shares subject to possible redemption (interest earned and unrealized gain on trust account) | |
| | | |
| | | |
| | | |
| (848,628 | ) |
| |
(848,628 |
) |
Subsequent measurement of ordinary shares subject to possible redemption (additional funding for business combination extension) | |
| | | |
| | | |
| | | |
| (210,000 | ) |
| |
(210,000 |
) |
Net income | |
| - | | |
| - | | |
| - | | |
| 738,105 | |
|
|
738,105 |
|
Balance at June 30, 2024 | |
| 3,205,000 | | |
$ | 3,205 | | |
$ | - | | |
$ | (9,839,182 | ) |
| $ |
(9,835,977 |
) |
| |
Ordinary Shares | | |
Additional Paid-In | | |
Accumulated | | |
Total Stockholders’ | |
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
Balance at December 31, 2022 | |
| 3,205,000 | | |
$ | 3,205 | | |
$ | - | | |
$ | (4,522,095 | ) | |
$ | (4,518,890 | ) |
Balance | |
| 3,205,000 | | |
$ | 3,205 | | |
$ | - | | |
$ | (4,522,095 | ) | |
$ | (4,518,890 | ) |
Subsequent measurement of ordinary shares subject to possible redemption (interest earned and unrealized gain on trust account) | |
| - | | |
| - | | |
| - | | |
| (1,268,393 | ) | |
| (1,268,393 | ) |
Subsequent measurement of ordinary shares subject to possible redemption (additional funding for business combination extension) | |
| - | | |
| - | | |
| - | | |
| (1,149,999 | ) | |
| (1,149,999 | ) |
Net income | |
| - | | |
| - | | |
| - | | |
| 1,147,084 | | |
| 1,147,084 | |
Balance at March 31, 2023 | |
| 3,205,000 | | |
$ | 3,205 | | |
$ | - | | |
$ | (5,793,403 | ) | |
$ | (5,790,198 | ) |
Subsequent measurement
of ordinary shares subject to possible redemption (interest earned and unrealized gain on trust account) | |
| - | | |
| - | | |
| - | | |
| (1,429,552 | ) | |
| (1,429,552 | ) |
Subsequent measurement of
ordinary shares subject to possible redemption (additional funding for business combination extension) | |
| - | | |
| - | | |
| - | | |
| (1,150,000 | ) | |
| (1,150,000 | ) |
Net income | |
| - | | |
| - | | |
| - | | |
| 1,338,545 | | |
| 1,338,545 | |
Balance at June 30, 2023 | |
| 3,205,000 | | |
$ | 3,205 | | |
$ | - | | |
$ | (7,034,410 | ) | |
$ | (7,031,205 | ) |
Balance | |
| 3,205,000 | | |
$ | 3,205 | | |
$ | - | | |
$ | (7,034,410 | ) | |
$ | (7,031,205 | ) |
The
accompanying notes are an integral part of the unaudited financial statements.
ALPHA
STAR ACQUISITION CORPORATION
STATEMENTS
OF CASH FLOWS
(Unaudited)
| |
For the Six Months Ended June 30, 2024 | | |
For the Six Months Ended June 30, 2023 | |
Cash flows from operating activities: | |
| | | |
| | |
Net income | |
$ | 1,462,150 | | |
$ | 2,485,629 | |
| |
| | | |
| | |
Net changes in operating assets & liabilities: | |
| | | |
| | |
Prepaid expenses | |
| (36,250 | ) | |
| (50,000 | ) |
Interest and dividends earned in trust account | |
| (1,811,605 | ) | |
| (2,697,945 | ) |
Due to Sponsor | |
| 290,970 | | |
| 212,660 | |
Accrued expenses | |
| 94,735 | | |
| (55,443 | ) |
Due to director | |
| - | | |
| (21,697 | ) |
Net cash used in operating activities | |
| - | | |
| (126,796 | ) |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Investment of cash in Trust Account | |
| (490,000 | ) | |
| (2,299,999 | ) |
Cash withdrawn from Trust Account to redeem public shares | |
| 37,183,138 | | |
| - | |
Cash withdrawn from Trust Account for account service fee | |
| - | | |
| 7,500 | |
Net cash provided by (used in) investing activities | |
| 36,693,138 | | |
| (2,292,499 | ) |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Proceeds from Sponsor loan | |
| 490,000 | | |
| 2,409,933 | |
Redemption of Public Shares | |
| (37,183,138 | ) | |
| - | |
Net cash (used in) provided by financing activities | |
| (36,693,138 | ) | |
| 2,409,933 | |
| |
| | | |
| | |
Net decrease in cash in escrow | |
| - | | |
| (9,362 | ) |
Cash in escrow at beginning of period | |
| - | | |
| 110,991 | |
Cash in escrow at end of period | |
$ | - | | |
$ | 101,629 | |
| |
| | | |
| | |
Supplemental disclosure of non-cash investing and financing activities: | |
| | | |
| | |
Subsequent measurement of ordinary shares subject to possible redemption | |
$ | 2,231,605 | | |
$ | 4,997,944 | |
The
accompanying notes are an integral part of the unaudited financial statements.
ALPHA
STAR ACQUISITION CORPORATION
NOTES
TO THE UNAUDITED FINANCIAL STATEMENTS
Note
1 – Description of Organization and Business Operations
Organization
and General
Alpha
Star Acquisition Corporation (the “Company”) is a blank check company incorporated in the Cayman Islands on March 11, 2021.
The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar
business combination with one or more businesses (“Business Combination”). The Company has selected December 31 as its fiscal
year end.
Although
the Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination, the Company
intends to focus on businesses that have a connection to the Asian market. 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.
The
Company’s sponsor is A-Star Management Corporation, a British Virgin Islands incorporated company (the “Sponsor”).
The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company
will generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering (the “IPO”).
The
Company initially had 9 months from the closing of the IPO (or up to 21 months from the closing of IPO) to consummate a Business Combination
(the “Combination Period”). If the Company fails to consummate a Business Combination within the Combination Period, it will
trigger its automatic winding up, liquidation and subsequent dissolution pursuant to the terms of the Company’s amended and restated
memorandum and articles of association. As a result, this has the same effect as if the Company had formally gone through a voluntary
liquidation procedure under the Companies Law. Accordingly, no vote would be required from the Company’s shareholders to commence
such a voluntary winding up, liquidation and subsequent dissolution.
The
Company’s IPO was declared effective on December 13, 2021. On December 15, 2021, the Company consummated the IPO of 11,500,000
units which include an additional 1,500,000 units as a result of the underwriters’ full exercise of the over-allotment, at $10.00
per Unit, generating gross proceeds of $115,000,000, which is described in Note 3.
Concurrently
with the closing of the IPO, the Company consummated the sale of 330,000 units (the “Private Placement”) at a price of $10.00
per Private Unit in a private placement to the Sponsor, generating gross proceeds of $3,300,000, which is described in Note 4.
In
connection with the stockholders’ extension vote at the Annual General Meeting held on July 13, 2023, 2,436,497 public shares were
rendered for redemption. The total redemption payment was $26,094,883 and all distributed during July and August 2023.
Entering
into Letter of Intent
The
company announced on June 24, 2024 that it had entered into a letter of intent (LOI) with XDATA GROUP OÜ (“XDATA”),
an Estonia-based financial technology solutions company on June 19, 2024.
XDATA
is an innovative software development company based in Estonia, known for its expertise in financial technology solutions. The company
provides a range of specialized products, including an Internet Banking Suite, Mobile Banking Apps for banks and EMIs, the AI-enhanced
transaction monitoring solution Comply Control, and a comprehensive CRM solution.
Extraordinary
General Meeting
On
January 10, 2024, the Company held an Extraordinary General Meeting, where shareholders approved the amendments of the Company’s
Amended and Restated Memorandum and Articles of Association to (i) extend the date by which the Company must consummate a business combination
to September 15, 2024 (33 months from the consummation of the IPO) (the “Combination Period”); (ii) allow the Company to
undertake an initial business combination with an entity or business (“Target Business”), with a physical presence, operation,
or other significant ties to China (a “China-based Target”) or which may subject the post-business combination business or
entity to the laws, regulations and policies of China (including Hong Kong and Macao), or an entity or business that conducts operations
in China through variable interest entities, or VIEs, pursuant to a series of contractual arrangements (“VIE Agreements”)
with the VIE and its shareholders on one side, and a China-based subsidiary of the China-based Target (the “WFOE”), on the
other side (the “Target Limitation Amendment Proposal”); and (iii) eliminate the limitation that the Company shall not redeem
its public shares to the extent that such redemption would result in the ordinary shares, or the securities of any entity that succeeds
the Company as a public company, becoming “penny stock” (as defined in accordance with Rule 3a51-1 of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”)), or cause the Company to not meet any greater net tangible asset or cash requirement
which may be contained in the agreement relating to a Business Combination (the “Redemption Limitation Amendment Proposal”).
In
connection with the stockholders’ extension vote on the Extraordinary General Meeting held on January 10, 2024, a total of 3,319,923
public shares were rendered for redemption. The total redemption payment was $37,183,138 and all distributed in January and February
2024.
Extension
fees
From
September 13, 2022 to June 30, 2023, the Company was requested to draw the funds of $383,333 and deposited the amount into the Trust
Account monthly to extend the period of time the Company has to consummate a business combination. The $383,333 extension fee represents
approximately $0.033 per public share. The extension funds will decrease if certain shareholders redeem the shares. In July 2023, due
to the Annual General Meeting discussed above and the redemption of public shares, the monthly extension fees were changed to $302,116,
which represents $0.033 per public share. In January 2024, after shareholders’ approval at the Extraordinary General Meeting discussed
above, the Company decreased the monthly extension fees to the lower of $70,000 for all remaining public shares and $0.033 for each remaining
public shares.
The
Trust Account
As
of December 15, 2021, a total of $115,682,250 of the net proceeds from the IPO and the Private Placement transaction completed with the
Sponsor was deposited in a trust account (the “Trust Account”) established for the benefit of the Company’s public
stockholders with Wilmington Trust, National Association acting as trustee. The amount exceeding $115,000,000, $682,250, had been transferred
to the Company’s escrow cash account as its working capital.
The
funds held in the Trust Account are invested only in United States government treasury bills, bonds or notes having a maturity of 180
days or less, or in money market funds meeting the applicable conditions under Rule 2a-7 promulgated under the Investment Company Act
of 1940 and investing solely in United States government treasuries. Except with respect to interest earned on the funds held in the
Trust Account that may be released to the Company to pay its income or other tax obligations, the proceeds will not be released from
the Trust Account until the earlier of the completion of a Business Combination or the Company’s liquidation.
Liquidity
and Going Concern
As
of June 30, 2024 and December 31, 2023, the Company had no
cash balance in the escrow account and had a working capital deficit of $7,030,977
and $6,191,522,
including the over-draft of $7,500 and $15,000
from Marketable Security held in trust, respectively.
In
order to finance 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, provide the Company related party loans up to $1,500,000.
As of June 30, 2024. The Company had no borrowings under the related party loans.
On
September 13, 2022, December 31, 2022, March 13, 2023 and September 20, 2023, the Company issued four promissory notes (collectively,
the “Notes”) in the principal amount of up to $, $, $ and $ to the Sponsor, respectively,
pursuant to which the Sponsor shall loan to the Company up to the corresponding principal to pay the extension fee and transaction cost.
See Note 5 for further information.
If
the Company underestimates the costs of identifying a target business, undertaking due diligence and negotiating a Business Combination
or the actual amount necessary is higher, the Company may have insufficient funds available to operate its business prior to the initial
Business Combination. Moreover, the Company may need to obtain additional financing either to complete its Business Combination or because
the Company has become obligated to redeem a significant number of its Public Shares upon completion of its Business Combination, in
which case the Company may issue additional securities or incur debt in connection with such Business Combination. In addition, the Company
has until December 15, 2024 (the “Liquidation Date”) to consummate a business combination.
In
connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Codification (“ASC”)
205-40, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined
that if the Company is unable to complete a Business Combination by the Liquidation Date, then the Company may cease all operations except
for the purpose of liquidating. The uncertainty surrounding the date for mandatory liquidation and subsequent dissolution raises substantial
doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments relating
to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable
to continue as a going concern.
Management
believes that, as of June 30, 2024, the Company has insufficient working capital to cover its short term operating needs. The Company
has no revenue before the Business Combination. It incurred and expects to continue to incur significant professional costs to remain
as a publicly traded company and to incur significant transaction costs in pursuit of the consummation of a Business Combination. The
Company’s cash and working capital as of June 30, 2024 are not sufficient to complete its planned activities for the upcoming year.
These factors raise substantial doubt about the Company’s ability to continue as a going concern one year from the date the financial
statement is issued.
Note
2 – Summary of Significant Accounting Policies
Basis
of Presentation
The
accompanying financial statements of the Company are presented in U.S. dollars in conformity with accounting principles generally accepted
in the United States of America (“GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission
(“SEC”).
The
accompanying unaudited financial statements as of June 30, 2024, and for the three and six months ended June 30, 2024
have been prepared in accordance with U.S. GAAP for interim financial information and Article 8 of Regulation S-X. In the opinion of
management, all adjustments (consisting of normal accruals) considered for a fair presentation have been included. Operating results
for the three and six months ended June 30, 2024 are not necessary indicative of the results that may be expected for
the period ending December 31, 2024, or any future period.
These
unaudited financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto
included in the Annual Report for the year ended December 31, 2023, which are included in Form 10-K filed on July 3, 2024.
Emerging
Growth Company
The
Company is an emerging growth company as defined by Section 2(a) of 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 no
limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced
disclosures obligations regarding executive compensation in its periodic reports and proxy statements, and exceptions from the requirements
of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payment 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 an 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 those of another public
company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition
period difficult or impossible because of the potential differences in accounting standards used.
Use
of Estimates
The
preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect
of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in
formulating its estimate, could change in the near term due to one or more future confirming events.
Cash
in Escrow
The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
The Company had no cash held in escrow and did not have any cash equivalents as of June 30, 2024 and December 31, 2023, respectively.
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution
which at times may exceed the Federal depository insurance coverage of $250,000. As of June 30, 2024 and December 31, 2023, the Company
does not have a cash account in any financial institutions, respectively.
Marketable
Securities Held in Trust Account
The
Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance
sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held
in Trust Account are included in interest earned and unrealized gain on marketable securities held in Trust Account in the accompanying
statements of operations. The estimated fair values of investments held in Trust Account are determined using available market information.
The Company had $66,716,630 and $101,590,662 of marketable securities held in the Trust Account as of June 30, 2024 and December 31,
2023, respectively.
In
January and February, 2024, the total amount of $37,183,138 was withdrawn from the Trust account for the redemption of 3,319,923 public
shares.
During the three months ended June 30, 2024 and 2023,
interest earned from the Trust Account amounted to $848,628 and $1,429,552, of which $567,140 and $929,387 were reinvested in the Trust
Account, respectively. $281,488 and $500,165 were also recognized as unrealized gain on investments held in the Trust Account during the
three months ended June 30, 2024 and 2023, respectively.
During
the six months ended June 30, 2024 and 2023, interest earned from the Trust Account amounted to $1,811,605 and $2,697,945, of which $1,530,117
and $2,197,780 were reinvested in the Trust Account, respectively. $281,488 and $500,165 were also recognized as unrealized gain on investments
held in the Trust Account during the six months ended June 30, 2024 and 2023, respectively.
Ordinary
Shares Subject to Possible Redemption
The
Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance in Financial Accounting Standards
Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.”
Ordinary shares subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally
redeemable ordinary shares (including ordinary shares that feature redemption rights that is either within the control of the holder
or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary
equity. At all other times, ordinary shares are classified as stockholders’ equity. The Company’s ordinary shares feature
certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future
events. Accordingly, ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of
the stockholders’ equity section of the Company’s balance sheets.
Offering
Costs Associated with the Initial Public Offering
The
Company complies with the requirements of ASC 340-10-S99-1 and SEC Staff Accounting Bulletin Topic 5A – “Expenses of Offering”.
Offering costs consisted of principally of professional and registration fees incurred that were directly related to the Initial Public
Offering. Upon completion of the Initial Public Offering, offering costs were allocated to the separable financial instruments issued
in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs allocated to
the Rights were charged to the shareholders’ equity. Offering costs allocated to the ordinary shares were charged against the carrying
value of ordinary shares subject to possible redemption upon the completion of the Initial Public Offering.
All
of the 11,500,000 ordinary shares sold as part of the Units in the IPO contain a redemption feature which allows for the redemption of
such Public Shares in connection with the Company’s liquidation, if there is a stockholder vote or tender offer in connection with
the Business Combination and in connection with certain amendments to the Company’s Certificate of Incorporation. Accordingly,
all of the 11,500,000 shares of ordinary shares were presented as temporary equity upon closing of the IPO.
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. Increases or decreases in the carrying amount of redeemable ordinary
shares are affected by charges against additional paid-in capital and accumulated deficit if additional paid in capital equals to zero.
The interest earned by the marketable security held in trust, and the extension fee invested into the marketable security held in trust,
were also recognized in redemption value against additional paid-in capital and accumulated deficit immediately. The proceeds on the
deposit in the Trust Account, including interest (which interest shall be net of taxes payable, and less up to $50,000 of interest to
pay dissolution expenses) will be used to fund the redemption of the public shares.
Fair
Value of Financial Instruments
The
fair value of the Company’s assets and liabilities approximates the carrying amounts represented in the accompanying balance sheets,
primarily due to the short-term nature.
Net
Income (Loss) per Share
The
Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” In order to determine
the net income (loss) attributable to both the redeemable shares and non-redeemable shares, the Company first considered the undistributed
income (loss) allocable to both the redeemable shares and non-redeemable shares and the undistributed income (loss) is calculated using
the total net income (loss) less any dividends paid. The Company then allocated the undistributed income (loss) ratably based on the
weighted average number of shares outstanding between the redeemable and non-redeemable shares. Any remeasurement of the accretion to
redemption value of the ordinary shares subject to possible redemption was considered to be dividends paid to the public stockholders.
The
calculation of diluted income (loss) per ordinary shares does not consider the effect of the warrants and rights issued in connection
with the (i) Initial Public Offering, (ii) the private placement since the exercise of the warrants and rights are contingent upon the
occurrence of future events, and (iii) the effect of the rights to receive 1,690,000 shares. The warrants are exercisable to purchase
5,915,000 shares of ordinary shares in the aggregate. As of June 30, 2024, the Company did not have any dilutive securities or other
contracts that could, potentially, be exercised or converted into ordinary shares in the earnings of the Company. As a result, diluted
net income (loss) per ordinary shares is the same as basic net income (loss) per ordinary share for the periods presented.
The
net income (loss) per share presented in the statements of operations is based on the following:
Schedule of Statement of Operations
| |
For
the Three Months
Ended June 30, 2024 | | |
For
the Three Months
Ended June 30, 2023 | | |
For
the Six Months
Ended June 30, 2024 | | |
For
the Six Months
Ended June 30, 2023 | |
Net
income | |
$ | 738,105 | | |
$ | 1,338,545 | | |
$ | 1,462,150 | | |
$ | 2,485,629 | |
Remeasurement
to redemption value – interest income earned | |
| (848,628 | ) | |
| (1,429,552 | ) | |
| (1,811,605 | ) | |
| (2,697,945 | ) |
Remeasurement
to redemption value – extension fee | |
| (210,000 | ) | |
| (1,150,000 | ) | |
| (420,000 | ) | |
| (2,299,999 | ) |
Net loss including accretion of temporary equity to redemption value | |
$ | (320,523 | ) | |
$ | (1,241,007 | ) | |
$ | (769,455 | ) | |
$ | (2,512,315 | ) |
Schedule
of Net Income (Loss) Per Share
| |
Non-
redeemable shares | | |
Redeemable
shares | | |
Non-
redeemable shares | | |
Redeemable shares | | |
Non-
redeemable shares | | |
Redeemable
shares | | |
Non- redeemable shares | | |
Redeemable
shares | |
| |
For
the Three Months
Ended June 30, 2024 | | |
For
the Three Months
Ended June 30, 2023 | | |
For
the Six Months
Ended June 30, 2024 | | |
For
the Six Months
Ended June 30, 2023 | |
| |
(Unaudited) | | |
(Unaudited) | | |
(Unaudited) | | |
(Unaudited) | |
| |
Non-
redeemable shares | | |
Redeemable
shares | | |
Non-
redeemable shares | | |
Redeemable shares | | |
Non-
redeemable shares | | |
Redeemable
shares | | |
Non- redeemable shares | | |
Redeemable
shares | |
Basic
and Diluted net income (loss) per share: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Numerators: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Allocation
of net losses | |
$ | (114,798 | ) | |
$ | (205,725 | ) | |
$ | (270,481 | ) | |
$ | (970,526 | ) | |
$ | (270,081 | ) | |
$ | (499,374 | ) | |
$ | (547,567 | ) | |
$ | (1,964,748 | ) |
Accretion
of extension fee | |
| — | | |
| 210,000 | | |
| — | | |
| 1,150,000 | | |
| — | | |
| 420,000 | | |
| — | | |
| 2,299,999 | |
Accretion
of temporary equity- interest income earned | |
| — | | |
| 848,628 | | |
| — | | |
| 1,429,552 | | |
| — | | |
| 1,811,605 | | |
| — | | |
| 2,697,945 | |
Allocation
of net income (loss) | |
$ | (114,798 | ) | |
$ | 852,903 | | |
$ | (270,481 | ) | |
$ | 1,609,026 | | |
$ | (270,081 | ) | |
$ | 1,732,231 | | |
$ | (547,567 | ) | |
$ | 3,033,196 | |
Denominators: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Weighted-average
shares outstanding | |
| 3,205,000 | | |
| 5,743,580 | | |
| 3,205,000 | | |
| 11,500,000 | | |
| 3,205,000 | | |
| 5,925,993 | | |
| 3,205,000 | | |
| 11,500,000 | |
Basic
and diluted net income (loss) per share | |
$ | (0.04 | ) | |
$ | 0.15 | | |
$ | (0.08 | ) | |
$ | 0.14 | | |
$ | (0.08 | ) | |
$ | 0.29 | | |
$ | (0.17 | ) | |
$ | 0.26 |
Income
Taxes
The
Company accounts for income taxes under ASC 740 Income Taxes (“ASC 740”). ASC 740 requires the recognition of deferred tax
assets and liabilities for both the expected impact of differences between the financial statements 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 statements recognition and measurement of a tax position taken or expected
to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination
by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim
period, disclosure and transition. The Company has identified the Cayman Islands as its only “major” tax jurisdiction, as
defined. Any interest payable in respect of U.S. debt obligations (if any) held by the Trust Account is intended to qualify for the portfolio
interest exemption or otherwise be exempt from U.S. withholding taxes. Based on the Company’s evaluation, it has been concluded
that there are no significant uncertain tax positions requiring recognition in the Company’s financial statements. The Company
believes that its income tax positions and deductions would be sustained on audit and does not anticipate any adjustments that would
result in material changes to its financial position. The Company’s policy for recording interest and penalties associated with
audits is to record such items as a component of income tax expense.
On
August 16, 2022, the U.S. Government enacted legislation commonly referred to as the Inflation Reduction Act. The main provision of the
Inflation Reduction Act (the IRA) that we anticipate may impact us is a 1% excise tax on share repurchases. Any redemption or other repurchase
that occurs after December 31, 2022, in connection with a Business Combination, extension vote or otherwise, may be subject to the excise
tax. Because there is possibility that the Company may acquire a U.S. domestic corporation or engage in a transaction in which a domestic
corporation becomes a parent or affiliate to the Company, the Company may become a “covered corporation” as a listed Company
in Nasdaq. On July 13, 2023 and January 10, 2024, 2,436,497 and 3,319,923 public shares were rendered for redemption in connection with
an extension vote, respectively (see Note 1). The management team has evaluated the IRA as of June 30, 2024, and does not accrue any
excise tax related to the redemption as the Company believes it is not a “covered corporation” under Internal Revenue Code
Section 4501. The management team will continue to evaluate its impact.
The
provision for income taxes was deemed to be immaterial for the six months ended June 30, 2024 and 2023.
Warrants
The
Company evaluates the Public and Private Warrants as either equity-classified or liability-classified instruments based on an assessment
of the warrants’ specific terms and applicable authoritative guidance in FASB ASC 480, Distinguishing Liabilities from Equity (“ASC
480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding
financial instruments pursuant to ASC 480 that meet the definition of a liability pursuant to ASC 480, and whether the warrants meet
all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own
ordinary shares, among other conditions for equity classification. Pursuant to such an evaluation, both Public and Private Warrants are
classified in stockholders’ equity.
Recently
Issued Accounting Standards
Management
does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material
effect on the Company’s financial statements.
Note
3 – Initial Public Offering
On
December 15, 2021, the Company consummated the initial public offering and sale of 11,500,000 units (including the issuance of 1,500,000
units as a result of the underwriters’ full exercise of the over-allotment) at a price of $10.00 per Unit, generating gross proceeds
of $115,000,000. Each Unit consists of one ordinary share, one redeemable warrant (each a “Warrant”, and, collectively, the
“Warrants”), and one right to receive one-seventh (1/7) of an ordinary share upon the consummation of a Business Combination.
Each two redeemable warrants entitle the holder thereof to purchase one ordinary share, and each seven rights entitle the holder thereof
to receive one ordinary share at the closing of a Business Combination. No fractional shares were issued upon separation of the Units,
and only whole Warrants will trade.
Note
4 – Private Placement
Concurrently
with the consummation of the IPO, A-Star Management Corporation, the Sponsor, purchased an aggregate of 330,000 units at a price of $10.00
per Private Unit for an aggregate purchase price of $3,300,000 in a private placement. The Private Units are identical to the public
Units except with respect to certain registration rights and transfer restrictions. The proceeds from the Private Units were added to
the proceeds from the IPO to be held in the Trust Account. If the Company does not complete a Business Combination within the Combination
Period, the proceeds from the sale of the Private Units will be used to fund the redemption of the Public Shares (subject to the requirements
of applicable law), and the Private Units and all underlying securities will expire worthless.
Note
5 – Related Party Transactions
Founder
Shares
On
April 6, 2021, the Sponsor purchased ordinary shares for an aggregate price of $25,000.
The
2,875,000 founder shares (for purposes hereof referred to as the “Founder Shares”) included an aggregate of up to 375,000
shares subject to forfeiture by the Sponsor to the extent that the underwriters’ over-allotment was not exercised in full or in
part, so that the Sponsor will collectively own 20% of the Company’s issued and outstanding shares after the Proposed Offering.
On December 15, 2021, the underwriters exercised the over-allotment option in full, so there are no Founder Shares subject to forfeiture
as of June 30, 2024 and December 31, 2023.
The
Sponsor and each Insider agrees that it, he or she shall not (a) Transfer 50% of their Founder Shares until the earlier of (A) six months
after the consummation of the Company’s initial Business Combination or (B) the date on which the closing price of the Ordinary
Shares equals or exceeds $12.50 per share (as adjusted for share splits, share capitalizations, rights issuances, subdivisions, reorganizations,
recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing after the Company’s initial
Business Combination or (b) Transfer the remaining 50% of their Founder Shares until six months after the date of the consummation of
the Company’s initial Business Combination, or earlier in either case, if subsequent to the Company’s initial Business Combination
the Company completes a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of the Company’s
stockholders having the right to exchange their Ordinary Shares for cash, securities or other property (the “Founder Shares
Lock-up Period”).
Administrative
Services Agreement
The
Company entered into an administrative services agreement, commencing on December 13, 2021, through the earlier of the
Company’s consummation of a Business Combination or its liquidation, to pay to the Sponsor a total of $per
month for office space, secretarial and administrative services provided to members of the Company’s management team. For each
of the six months ended June 30, 2024 and 2023, the Company incurred $60,000 in
fees for these services, respectively. For each of the three months ended June 30, 2024 and 2023, the Company incurred $30,000 in
fees for these services, respectively. As of June 30, 2024, the balance of administrative service fees was $261,129 which was remain unpaid and included
in accrued expenses
Promissory
Note — Sponsor
In
order to finance transaction costs in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor
or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. If we complete an initial business
combination, we would repay such loaned amounts. In the event that the initial business combination does not close, we may use a portion
of the working capital held outside the trust account to repay such loaned amounts but no proceeds from our trust account would be used
for such repayment. Up to $1,500,000 of such loans may be convertible into units at a price of $10.00 per unit (which, for example, would
result in the holders being issued 150,000 ordinary shares, 150,000 rights and 150,000 warrants to purchase 75,000 shares if $1,500,000
of notes were so converted) at the option of the lender. The units would be identical to the placement units issued to the initial holder.
The terms of such loans by our officers and directors, if any, have not been determined and no written agreements exist with respect
to such loans. We do not expect to seek loans from parties other than our sponsor or an affiliate of our sponsor as we do not believe
third parties will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds in our trust
account. The convertible loans from Sponsor balances were as of June 30, 2024 and December 31, 2023.
The
Company had issued the following promissory notes (collectively, the “Notes”):
On
September 13, 2022, December 13, 2022. March 13, 2023 and September 20, 2023 the Company issued four promissory notes in the
principal amount of up to $,
$,
$ and
$,
respectively, to the Sponsor, pursuant to which the Sponsor shall loan to the Company up to the related amount to pay the extension
fee and transaction cost. The Notes are repayable in full upon the date of the consummation of the Company’s initial business
combination pursuant to the Notes and related amendments. The Notes have no conversion feature, no collateral and bear no interest.
During the six months ended June 30, 2024, the Company drew down $490,000 from the Promissory Notes to pay the extension contribution of $70,000 each month
from January to June, and $35,000 each month from July to August, respectively. The full amounts were deposited into the Trust Account immediately.
The
total balance of the Notes was $6,245,961 and $5,755,961 as of June 30, 2024 and December 31, 2023, respectively, which was for
the purpose of paying extension contribution.
Due
to Sponsor
On
June 30, 2024 and December 31, 2023, the Company has amount due to Sponsor of $ and $, respectively, which included the
amount of operating expenses paid by the Sponsor on behalf of the Company.
Note
6 – Commitments and Contingencies
Risks
and Uncertainties
In
February 2022, the Russian Federation and Belarus commenced a military action against the country of Ukraine. As a result of this action,
various nations, including the United States, have instituted economic sanctions against the Russian Federation and Belarus. Further,
the impact of this action and related sanctions on the world economy is not determinable as of the date of these unaudited condensed
consolidated financial statements. The specific impact on the Company’s financial condition, results of operations, and cash flows
is also not determinable as of the date of these unaudited condensed consolidated financial statements. The management will continuously
evaluate the effect of these events on the Company.
Underwriters
Agreement
The
Company granted the underwriters a 45-day option to purchase up to 1,500,000 Units (over and above the 10,000,000 units referred to above)
solely to cover over-allotments at $10.00 per Unit. On December 15, 2021, the underwriters exercised the over-allotment option in full
to purchase 1,500,000 Units at a purchase price of $10.00 per Unit.
On
December 15, 2021, the Company paid a cash underwriting commission of 2.0% of the gross proceeds of the IPO, or $2,300,000.
The
underwriters are entitled to a deferred underwriting commission of 2.5% of the gross proceeds of the IPO, or $2,875,000, which will be
paid from the funds held in the Trust Account upon completion of the Company’s initial Business Combination subject to the terms
of the underwriting agreement. The Company has deferred underwriting commissions of $2,875,000 and $2,875,000 as of June 30, 2024 and
December 31, 2023, respectively.
Registration
Rights
The
holders of the Founder Shares will be entitled to registration rights pursuant to a registration rights agreement to be signed prior
to or on the effective date of the IPO. The holders of these securities are entitled to make up to three demands, excluding short form
demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights
with respect to registration statements filed subsequent to the consummation of a Business Combination and rights to require the Company
to register for resale such securities pursuant to Rule 415 under the Securities Act. The Company will bear the expenses incurred in
connection with the filing of any such registration statements.
Contingencies
and Dismissal of the Then-Legal Counsel
The
Company may from time to time be subject to various legal or administrative claims and proceedings arising in the ordinary course of
business. As of June 30, 2024 and December 31, 2023, there were no legal or administrative proceedings for which a loss was probable
and expected to be material to the financial statements.
On
February 5, 2024, the management and the Sponsor determined to dismiss the Company’s then-legal counsel and also terminated its
services of maintaining and managing the escrow account. The former legal counsel alleged that there was an approximately $ balance
due with the Sponsor and disputed legal fee due with the Company. On May 23, 2024, the Sponsor and the Company entered into an indemnity
agreement that contractually indemnifies, holds harmless, and exonerates the Company from any potential litigation or related proceedings
arising from the service termination with the former legal counsel. The Company does not believe that either the above Sponsor Balance
due with the former legal counsel or the disputed legal fee would have a material impact on the Company’s financial statements.
Note
7 – Stockholders’ Deficit
Ordinary
Shares
The
Company is authorized to issue 50,000,000
ordinary shares, with a par value of $0.001
per share. Holders of the ordinary shares are entitled to one vote for each ordinary share. As of June 30, 2024 and December 31,
2023, there were 3,205,000
ordinary shares issued and outstanding, excluding 5,743,580
and 9,063,503
shares subject to possible redemption.
Public
Warrants
Pursuant
to the Initial Public Offering, the Company sold 11,500,000 Units at a price of $10.00 per Unit for a total of $115,000,000. The total
amount of ordinary shares subject to possible redemption is 11,500,000. Each Unit consists of one ordinary share, one right to acquire
one-seventh (1/7) of an ordinary share, and one redeemable warrant (“Public Warrant”) to purchase one-half of one ordinary
share at a price of $11.50 per share, subject to adjustment. As of June 30, 2024 and December 31, 2023, the Company had 11,500,000 and
11,500,000 public warrants outstanding, respectively.
Each
warrant entitles the holder to purchase one-half ordinary share at a price of $11.50 per share commencing 30 days after the completion
of its initial business combination and expiring five years from after the completion of an initial business combination. No fractional
warrant will be issued and only whole warrants will trade. The Company may redeem the warrants at a price of $0.01 per warrant upon 30
days’ notice, only in the event that the last sale price of the ordinary shares is at least $18.00 per share for any 20 trading
days within a 30-trading day period ending on the third day prior to the date on which notice of redemption is given, provided there
is an effective registration statement and current prospectus in effect with respect to the ordinary shares underlying such warrants
during the 30-day redemption period. If a registration statement is not effective within 60 days following the consummation of a business
combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company
shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to an available exemption
from registration under the Securities Act.
In
addition, if (a) the Company issues additional ordinary shares or equity-linked securities for capital raising purposes in connection
with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per share (with such
issue price or effective issue price to be determined in good faith by our board of directors), (b) the aggregate gross proceeds from
such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial business
combination, and (c) the volume weighted average trading price of the ordinary shares during the 20 trading day period starting on the
trading day prior to the day on which the Company consummates the initial Business Combination (such price, the “Market Value”)
is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the Market
Value, and the last sales price of the ordinary shares that triggers the Company’s right to redeem the Warrants will be adjusted
(to the nearest cent) to be equal to 180% of the Market Value.
Private
warrants
The
private warrants have terms and provisions that are identical to those of the warrants being sold as part of the units in this offering.
As of June 30, 2024 and December 31, 2023, the Company had 330,000 private warrants outstanding, respectively.
Rights
Except
in cases where the Company is not the surviving Company in a business combination, the holders of the rights will automatically receive
1/7 of a share of ordinary shares upon consummation of the Company’s initial business combination. In the event the Company will
not be the surviving company upon completion of the initial business combination, each holder of a right will be required to affirmatively
convert his, her or its rights in order to receive the 1/7 of a share underlying each right upon consummation of the business combination.
As of June 30, 2024 and December 31, 2023, no rights had been converted into shares.
Note
8 – Fair Value Measurements
The
Company complies with ASC 820, “Fair Value Measurements”, for its financial assets and liabilities that are re-measured and
reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value
at least annually. ASC 820 determines fair value to be the price that would be received to sell an asset or would be paid to transfer
a liability (i.e., the exit price) in an orderly transaction between market participants at the measurement date.
The
following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used
in order to value the assets and liabilities:
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 inputs. Examples 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 our assessment of the assumptions that market participants would use in pricing the asset or liability.
At
June 30, 2024 and December 31, 2023, assets held in the Trust Account were entirely comprised of marketable securities.
The
following table presents information about the Company’s assets that are measured at fair value on a recurring basis at June 30,
2024 and December 31, 2023 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair
value.
Schedule
of Fair Value Hierarchy of Valuation Inputs
As of June 30, 2024 | |
Quoted Prices in
Active Markets
(Level 1) | | |
Significant
Other
Observable Inputs
(Level 2) | | |
Significant
Other
Unobservable Inputs
(Level 3) | |
Marketable Securities held in Trust Account | |
$ | 66,716,630 | | |
$ | - | | |
$ | - | |
As of December 31, 2023 | |
Quoted Prices in
Active Markets
(Level 1) | | |
Significant
Other
Observable Inputs
(Level 2) | | |
Significant
Other
Unobservable Inputs
(Level 3) | |
Marketable Securities held in Trust Account | |
$ | 101,590,662 | | |
$ | - | | |
$ | - | |
Note
9 – Subsequent Events
The
Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date the financial statements
were issued. Based upon the review, the Company did not identify any subsequent events that would have required adjustment or disclosure
in the financial statement except those have been disclosed elsewhere in the Note to the financial statements and the following:
Sponsor
payment on behalf of the Company
Subsequent
to June 30, 2024, in addition to the monthly admin service fee charged by the Sponsor which is recorded under the “Accrued expenses”,
the Sponsor paid a total of $ operating expenses on behalf of the Company. The payment by the Sponsor was not considered as a
drawdown of the Promissory Note. As of the date the financial statements were issued, the total amount due to Sponsor was $.
Annual
General Meeting
On
July 12, 2024, the Company held an Annual General Meeting of its shareholders. At the Annual General Meeting, the
shareholders approved certain amendments to the Company’s amended and restated memorandum and articles of association to
extend the date by which the Company must consummate a business combination to December 15, 2024. In connection with the
stockholders’ extension vote on the Annual General Meeting held on July 12, 2024, a total of 4,840,581
public shares were rendered for redemption at $11.61 per share. The total redemption payment is $56,199,145
and all was distributed in July 2024. After shareholders’ approval at the Annual General Meeting, the Company decreased
the monthly extension fees to $35,000
for all remaining public shares, starting from July 2024.
ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
References
in this report (the “Quarterly Report”) to “we,” “us” or the “Company” refer to Alpha
Star Acquisition Corporation. References to our “management” or our “management team” refer to our officers and
directors, and references to the “Sponsor” refer to A-Star Management Corporation. The following discussion and analysis
of the Company’s financial condition and results of operations should be read in conjunction with the financial statements and
the notes thereto contained elsewhere in this Quarterly Report. Certain information contained in the discussion and analysis set forth
below includes forward-looking statements that involve risks and uncertainties.
Special
Note Regarding Forward-Looking Statements
This
Quarterly Report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section
21E of the Exchange Act that are not historical facts and involve risks and uncertainties that could cause actual results to differ materially
from those expected and projected. All statements, other than statements of historical fact included in this Form 10-Q including, without
limitation, statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations”
regarding the Company’s financial position, business strategy and the plans and objectives of management for future operations,
are forward-looking statements. Words such as “anticipate,” “believe,” “continue,” “could,”
“estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,”
“potential,” “predict,” “project,” “should,” “would” and variations thereof
and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to
future events or future performance, but reflect management’s current beliefs, based on information currently available. A number
of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed
in the forward-looking statements. For information identifying important factors that could cause actual results to differ materially
from those anticipated in the forward-looking statements, please consult the Company’s securities filings on the EDGAR section
of the SEC’s website at www.sec.gov. Except as expressly required by applicable securities law, the Company disclaims any intention
or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Overview
We
are a blank check company incorporated in the Cayman Islands on March 11, 2021 formed for the purpose of effecting a merger, share exchange,
asset acquisition, share purchase, reorganization or similar Business Combination with one or more businesses. We intend to effectuate
our Business Combination using cash derived from the proceeds of the Initial Public Offering and the sale of the Private Units, our shares,
debt or a combination of cash, shares and debt.
We
expect to incur significant costs in the pursuit of our acquisition plans. We cannot assure you that our plans to complete a Business
Combination will be successful.
Results
of Operations
We
have neither engaged in any operations nor generated any operating revenues to date. Our only activities from inception through June
30, 2024 were organizational activities, those necessary to prepare for the Initial Public Offering, described below, and identifying
a target company for a Business Combination. We do not expect to generate any operating revenue until after the completion of our initial
Business Combination. We expect to generate non-operating income in the form of interest income on marketable securities held in the
Trust Account. We expect that we will incur increased expenses as a result of being a public company (for legal, financial reporting,
accounting and auditing compliance), as well as for due diligence expenses in connection with searching for, and completing, a Business
Combination.
For
the three and six months ended June 30, 2024, we had a net income of $738,105 and $1,462,150, which consists of operating costs of $110,523
and $349,455, offset by interest income on marketable securities held in the Trust Account of $567,140 and $1,530,117 and unrealized
interest income on marketable securities held in the Trust Account of $281,488 and $281,488, respectively.
For
the three and six months ended June 30, 2023, we had a net income of $1,338,545 and $2,485,629, which consists of operating costs of
$91,007 and $212,316, offset by interest income on marketable securities held in the Trust Account of $929,387 and $2,197,780 and unrealized
interest income on marketable securities held in the Trust Account of $500,165 and 500,165, respectively.
Liquidity
and Capital Resources
On
December 15, 2021, the Company consummated the IPO of 11,500,000 units (including the exercise of the over-allotment option by the underwriters
in the IPO) at $10.00 per unit (the “Public Units”), generating gross proceeds of $115,000,000. Each Unit consists of one
ordinary share, one redeemable warrant to purchase one-half (1/2) ordinary share (each a “Warrant”, and, collectively, the
“Warrants”), and one right to receive one-seventh (1/7) of an ordinary share upon the consummation of a Business Combination.
Simultaneously with the IPO, the Company sold to its Sponsor 330,000 units at $10.00 per unit in a private placement generating total
gross proceeds of $3,300,000. Offering costs amounted to $5,669,696 consisting of $2,300,000 of underwriting fees, $2,875,000 of deferred
underwriting fees, and 494,696 of other offering costs. Apart from $25,000 for the subscription of ordinary shares, the Company received
net proceeds of $115,682,250 from the IPO and the private placement.
For
the six months ended June 30, 2024, net cash provided by operating activities was nil. Net income of $1,462,150 consisted of
formation and operating costs $349,455, offset by interest earned on marketable securities held in trust of and $1,530,117 and
unrealized interest earned on marketable securities held in trust of and $281,488. Net cash used in financing activities was
$36,693,138, consisting of $37,183,138 for the redemption of public shares offset by the proceed of sponsor promissory note
$490,000. Net cash provided by investing activities was $36,693,138, consisting of $490,000 to invest the cash into the marketable
security held in trust account and offset by $37,183,138 cash withdrawn from trust account to redeem public shares.
For
the six months ended June 30, 2023, net cash used in operating activities was $126,796. Net income of $2,485,629 consisted of
formation and operating costs $212,316, offset by interest earned on marketable securities held in trust of $2,197,780 and
unrealized interest earned on marketable securities held in trust of $500,165. Net cash provided by financing activities was
$383,333 per month for extension funds and $109,935 drawdown for working capital, totaling $2,409,933 from the proceeds of the
sponsor promissory note. Net cash used by investing activities was $2,299,999 to invest the cash into the marketable security held
in trust account.
At
June 30, 2024, we had marketable securities held in the Trust Account of $66,716,630. We intend to use substantially all of the funds
held in the Trust Account, including any amounts representing interest earned on the Trust Account, excluding deferred underwriting commissions,
to complete our Business Combination. We may withdraw interest from the Trust Account to pay taxes, if any. To the extent that our share
capital or debt is used, in whole or in part, as consideration to complete a Business Combination, the remaining proceeds held in the
Trust Account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions
and pursue our growth strategies.
At
June 30, 2024, we had cash in escrow of nil held outside of the Trust Account. We intend to raise funds through borrowing from
Sponsor, and use the funds to identify and evaluate target businesses, perform business due diligence on prospective
target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their
representatives or owners, review corporate documents and material agreements of prospective target businesses, and structure,
negotiate and complete a Business Combination.
In
order to complete a Business Combination, the Company will need to raise additional capital through loans or additional investments from
its Sponsor, stockholders, officers, directors, or third parties. The Company’s officers, directors and Sponsor may, but are not
obligated to, loan the Company funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion,
to meet the Company’s working capital needs. Accordingly, the Company may not be able to obtain additional financing. If the Company
is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but
not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses.
The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all. These
conditions raise substantial doubt about the Company’s ability to continue as a going concern if a Business Combination is not
consummated.
The
Company had issued the following promissory notes (collectively, the “Notes”):
On
September 13, 2022, December 13, 2022. March 13, 2023 and September 20, 2023 the Company issued four promissory notes in the
principal amount of up to $1,000,000, $1,300,000, $2,500,000 and $2,500,000, respectively, to the Sponsor, pursuant to which
the Sponsor shall loan to the Company up to the related amount to pay the extension fee and transaction cost. The Notes are
repayable in full upon the date of the consummation of the Company’s initial business combination pursuant to the Notes and related amendments. The
Notes have no conversion feature or collateral and bear no interest.
The
issuance of the Notes was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933,
as amended. The total balance of the Notes was $6,245,961 and $5,755,961 as of June 30, 2024 and December 31, 2023, respectively.
We
believe we will need to raise additional funds in order to meet the expenditures required for operating our business. If our estimate
of the costs of identifying a target business, undertaking in-depth due diligence and negotiating a Business Combination is less than
the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our initial Business
Combination. Moreover, we may need to obtain additional financing either to complete our Business Combination or because we become obligated
to redeem a significant number of our public shares upon completion of our Business Combination, in which case we may issue additional
securities or incur debt in connection with such Business Combination.
Off-Balance
Sheets Financing Arrangements
We
have no obligations, assets or liabilities that would be considered off-balance sheets arrangements as of June 30, 2024. We do not participate
in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest
entities, which would have been established for the purpose of facilitating off-balance sheets arrangements. We have not entered into
any off-balance sheets financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other
entities, or purchased any non-financial assets.
Contractual
Obligations
We
do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities, other than an agreement
to pay the Sponsor a monthly fee of $10,000 for certain general and administrative services, including office space, utilities and administrative
services, provided to the Company. We began incurring these fees on December 15, 2021 and will continue to incur these fees monthly until
the earlier of the completion of a Business Combination and the Company’s liquidation.
The
underwriters are entitled to a deferred fee of two and one-half percent (2.5%) of the gross proceeds of the Initial Public Offering,
or $2,875,000. The deferred fee will be paid in cash upon the closing of a Business Combination from the amounts held in the Trust Account,
subject to the terms of the underwriting agreement.
Critical
Accounting Policies
The
preparation of condensed financial statements and related disclosures in conformity with accounting principles generally accepted in
the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities,
disclosure of contingent assets and liabilities at the date of the condensed financial statements, and income and expenses during the
periods reported. Actual results could materially differ from those estimates. We have identified the following critical accounting policies:
Warrants
The
Company evaluates the Public and Private Warrants as either equity-classified or liability-classified instruments based on an assessment
of the warrants’ specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”)
Accounting Standards Codification(“ASC”) 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815,
Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments
pursuant to ASC 480 and meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements
for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares, among
other conditions for equity classification. Pursuant to such evaluation, both Public and Private Warrants are classified in stockholders’
equity.
Ordinary
Shares Subject to Possible Redemption
The
Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification
(“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Ordinary shares subject to mandatory redemption are
classified as a liability instrument and are measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares
that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain
events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified
as stockholders’ equity. The Company’s ordinary shares feature certain redemption rights that are considered to be outside
of the Company’s control and subject to occurrence of uncertain future events. Accordingly, ordinary shares subject to possible
redemption are presented at redemption value as temporary equity, outside of the stockholders’ equity section of the Company’s
condensed balance sheets.
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. Increases or decreases in the carrying amount of redeemable ordinary
shares are affected by charges against additional paid-in capital and accumulated deficit if additional paid in capital equals to zero.
Basic
and diluted net income (loss) per share
The
Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” In order to determine
the net income (loss) attributable to both the redeemable shares and non-redeemable shares, the Company first considered the undistributed
income (loss) allocable to both the redeemable shares and non-redeemable shares and the undistributed income (loss) is calculated using
the total net income (loss) less any dividends paid. The Company then allocated the undistributed income (loss) rateably based on the
weighted average number of shares outstanding between the redeemable and non-redeemable shares. Any remeasurement of the accretion to
redemption value of the ordinary shares subject to possible redemption was considered to be dividends paid to the public stockholders.
The
calculation of diluted net income (loss) per ordinary shares and related weighted average of the ordinary shares does not consider the
effect of the warrants and rights issued in connection with the (i) Initial Public Offering, and (ii) the private placement since the
exercise of the warrants and rights are contingent upon the occurrence of future events. The warrants are exercisable to purchase 5,915,000
shares of ordinary shares in the aggregate, and the rights are exercisable to convert 1,690,000 shares of ordinary shares in the aggregate.
As of June 30, 2024, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised or converted
into ordinary shares and then share in the earnings of the Company other than above. As a result, diluted net income (loss) per ordinary
shares is the same as basic net income (loss) per ordinary shares for the periods presented.
Recent
accounting standards
Management
does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect
on our interim condensed financial statements.
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
As
of June 30, 2024, we were not subject to any market or interest rate risk. Following the consummation of our Initial Public Offering,
the net proceeds of our Initial Public Offering, including amounts in the Trust Account, have been invested in certain U.S. government
securities with a maturity of 180 days or less or in certain money market funds that invest solely in U.S. treasuries. Due to the short-term
nature of these investments, we believe there will be no associated material exposure to interest rate risk.
ITEM
4. CONTROLS AND PROCEDURES
Disclosure
controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our
reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in
the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed
to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated
to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.
Evaluation
of Disclosure Controls and Procedures
As
required by Rules 13a-15 and 15d-15 under the Exchange Act, our chief executive officer and chief financial officer carried out an evaluation
of the effectiveness of the design and operation of our disclosure controls and procedures as of June 30, 2024. Based upon their evaluation,
our chief executive officer and chief financial officer concluded that our disclosure controls and procedures (as defined in Rules 13a-15
(e) and 15d-15 (e) under the Exchange Act) were not effective as of June 30, 2024.
Disclosure
controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our
reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in
the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to
ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated
to our management, including our chief executive officer and chief financial officer, to allow timely decisions regarding required disclosure.
We
have identified a material weakness in our internal control over financial reporting as of December 31, 2023, relating to ineffective
review and approval procedures over journal entries and financial statement preparation which resulted in errors not being timely identified
in previously issued financial statements, such as the misclassification of the trust account balance and deferred underwriting commissions
payable as current assets and current liabilities instead of non-current assets and non-current liabilities, respectively. We concluded
that the failure to timely identify such accounting errors constituted a material weakness as defined in the SEC regulations. As such,
management determined that our disclosure controls and procedures (as defined in Rules 13a-15 (e) and 15d-15 (e) under the Exchange Act)
were not effective as of June 30, 2024.
To
respond to this material weakness, we have devoted, and plan to continue to devote, significant effort and resources to the remediation
and improvement of our internal control over financial reporting. While we have processes to identify and appropriately apply applicable
accounting requirements, we plan to enhance our system of evaluating and implementing the complex accounting standards that apply to
our financial statements. Our plans at this time include providing enhanced access to accounting literature, research materials and documents
and increased communication among our personnel and third-party professionals with whom we consult regarding complex accounting applications.
The elements of our remediation plan can only be accomplished over time, and we can offer no assurance that these initiatives will ultimately
have the intended effects, or that any additional material weaknesses or of financial results will not arise in the future due to a failure
to implement and maintain adequate internal control over financial reporting or circumvention of these controls. Even if we are successful
in strengthening our controls and procedures, in the future those controls and procedures may not be adequate to prevent or identify
irregularities or errors or to facilitate the fair presentation of our financial statements.
Changes
in Internal Control Over Financial Reporting
During
the most recently completed fiscal quarter, there has been no change in our internal control over financial reporting that has materially
affected, or is reasonably likely to materially affect, our internal control over financial reporting.
PART
II. OTHER INFORMATION
ITEM
1. LEGAL PROCEEDINGS.
The
Company is not party to any legal proceedings as of the filing date of this Form 10-Q.
ITEM
1A. RISK FACTORS.
Factors
that could cause our actual results to differ materially from those in this Quarterly Report are any of the risks described in our annual
report on the Form 10K for the fiscal year ended December 31, 2023 under Forward-Looking Statements and Item 1A – Risk
Factors, filed with the SEC. Any of these factors could result in a significant or material adverse effect on our results of operations
or financial condition. Additional risk factors not presently known to us or that we currently deem immaterial may also impair our business
or results of operations. As of the date of this Quarterly Report, there have been no material changes to the risk factors disclosed
in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
Simultaneously
with the closing of the Company’s IPO, the Company consummated the private placement (“Private Placement”) with its
sponsor, A-Star Management Corp., a British Virgin Islands company (“Sponsor”) for the purchase of 330,000 Units (the “Private
Units”) at a price of $10.00 per Private Unit, generating total proceeds of $3,300,000, pursuant to the Private Placement Unit
Purchase Agreement dated December 13, 2021. Each Private Unit purchased by the Sponsor consists of one Shares, one right to receive one-seventh
1/7) of a Share upon the consummation of a business combination and one private placement warrant exercisable to purchase one-half (1/2)
of one Share at a price of $10.00 per Share. The Private Units were issued pursuant to Section 4(a)(2) of the Securities Act of 1933,
as amended, as the transactions did not involve a public offering.
Use
of Proceeds
The
registration statement for our initial public offering was declared effective by the Securities and Exchange Commission on December 13,
2021. We completed our initial public offering on December 15, 2021. In our initial public offering, we sold units at an offering price
of $10.00 and consisting of one ordinary share, one right and one redeemable warrant. Each right entitles the holders thereof to receive
one seventh (1/7) of one ordinary shares upon the consumption of the initial business combination. Each warrant entitles the holder thereof
to purchase one-half of one ordinary share. We will not issue fractional shares in connection with the exercise of the warrants. In connection
with our initial public offering, we sold 11,500,000 units, generating gross proceeds of $115,000,000.
Simultaneously
with the closing of the IPO, pursuant to the Private Placement Units Purchase Agreement by and between the Company and our sponsor, A-Star
Management Corporation, the Company completed the private sale of an aggregate of 330,000 units (the “Private Placement Units”)
to the Sponsor at a purchase price of $10.00 per Private Placement Unit, generating gross proceeds to the Company of $3,300,000.
Transaction
costs related to our IPO amounted to $5,669,696, consisting of $2,300,000 of underwriting fees, $2,875,000 of deferred underwriting fees
and $494,696 of other offering costs. A total of $115,000,000, comprised of $112,700,000 of the proceeds from the IPO (which amount includes
up to $2,875,000 of the underwriter’s deferred discount) and $2,300,000 of the proceeds of the sale of the Private Placement Units,
was placed in a U.S.-based Trust Account maintained at Wilmington Trust, National Association, acting as trustee. Except with respect
to interest earned on the funds in the Trust Account that may be released to the Company to pay its taxes, the funds held in the Trust
Account will not be released from the Trust Account until the earliest of (i) the completion of the Company’s initial business
combination, (ii) the redemption of any of the Company’s public shares properly tendered in connection with a shareholder vote
to amend the Company’s amended and restated memorandum and articles of association to (A) modify the substance or timing of its
obligation to redeem 100% of the Company’s public shares if it does not complete its initial business combination within 9 months
from the closing of the IPO (or up to 21 months from the closing of the IPO if we extend the period of time to consummate a business
combination), or (B) with respect to any other provision relating to shareholders’ rights or pre-business combination activity,
and (iii) the redemption of the Company’s public shares if it is unable to complete its initial business combination within 9 months
from the closing of the IPO (or up to 27 months from the consummation of the IPO if we extend the period of time to consummate a business
combination). At the Annual General Meeting held on July 13, 2023, shareholders approved the amendments of the Company’s Amended
and Restated Memorandum and Articles of Association to extend the date by which the Company must consummate a business combination to
March 15, 2024. At the Extraordinary General Meeting held on January 10, 2024, shareholders approved the amendments of the Company’s
Amended and Restated Memorandum and Articles of Association extend the date by which the Company must consummate a business combination
to September 15, 2024 (33 months from the consummation of the IPO). At the Annual General Meeting held on July 12, 2024, shareholders
approved the amendments of the Company’s Amended and Restated Memorandum and Articles of Association to extend the date by which
the Company must consummate a business combination to December 15, 2024.
For
a description of the use of the proceeds generated in our Initial Public Offering, see Part I, Item 2 of this Quarterly Report.
ITEM
3. DEFAULTS UPON SENIOR SECURITIES.
None.
ITEM
4. MINE SAFETY DISCLOSURES.
Not
applicable.
ITEM
5. OTHER INFORMATION.
None.
ITEM
6. EXHIBITS.
The
following exhibits are filed as part of, or incorporated by reference into, this Amendment.
SIGNATURES
Pursuant
to the requirements of Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
|
ALPHA STAR ACQUISITION CORPORATION |
|
|
|
Date:
August 14, 2024 |
|
/s/
Zhe Zhang |
|
Name: |
Zhe
Zhang |
|
Title: |
Chief
Executive Officer (Principle Executive Officer) |
|
|
|
Date:
August 14, 2024 |
|
/s/
Guojian Chen |
|
Name: |
Guojian
Chen |
|
Title: |
Chief
Financial Officer (Principle Financial Officer) |
Exhibit
31.1
CERTIFICATIONS
OF CHIEF EXECUTIVE OFFICER
PURSUANT
TO SECTION 302
I,
Zhe Zhang, certify that:
1.
I have reviewed this Quarterly Report on Form 10-Q of Alpha Star Acquisition Corporation;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this
report;
4.
The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:
|
a. |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b. |
Designed
such internal control over financial reporting or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c. |
Evaluated
the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
d. |
Disclosed
in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s
most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and |
5.
The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing
the equivalent functions):
|
a. |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
b. |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s
internal control over financial reporting. |
Date:
August 14, 2024 |
By: |
/s/
Zhe Zhang |
|
|
Zhe
Zhang |
|
|
Chief
Executive Officer and Chairman |
|
|
(Principal
Executive Officer) |
Exhibit
31.2
CERTIFICATIONS
OF CHIEF FINANCIAL OFFICER
PURSUANT
TO SECTION 302
I,
Guojian Chen, certify that:
1.
I have reviewed this Quarterly Report on Form 10-Q of Alpha Star Acquisition Corporation;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this
report;
4.
The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:
|
a. |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
b. |
Designed
such internal control over financial reporting or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
c. |
Evaluated
the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation;
and |
|
d. |
Disclosed
in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s
most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and |
5.
The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing
the equivalent functions):
|
a. |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information;
and |
|
b. |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s
internal control over financial reporting. |
Date:
August 14, 2024 |
By: |
/s/
Guojian Chen |
|
|
Guojian
Chen Chief Financial Officer |
|
|
(Principal
Financial and Accounting Officer) |
Exhibit
32.1
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of Alpha Star Acquisition Corporation (the “Company”) on Form 10-Q for the period ended
June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, in
the capacities and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906
of the Sarbanes-Oxley Act of 2002, that to his knowledge:
1.
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of
the Company.
Date:
August 14, 2024 |
By: |
/s/
Zhe Zhang |
|
|
Zhe
Zhang |
|
|
Chief
Executive Officer and Chairman |
|
|
(Principal
Executive Officer) |
A
signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Company
and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
Exhibit
32.2
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of Alpha Star Acquisition Corporation (the “Company”) on Form 10-Q for the period ended
June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, in
the capacities and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906
of the Sarbanes-Oxley Act of 2002, that to her knowledge:
1.
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of
the Company.
Date:
August 14, 2024 |
By: |
/s/
Guojian Chen |
|
|
Guojian
Chen
Chief
Financial Officer |
|
|
(Principal
Financial and Accounting Officer) |
A
signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Company
and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
v3.24.2.u1
Cover - $ / shares
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Aug. 12, 2024 |
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|
|
Entity File Number |
001-41153
|
|
Entity Registrant Name |
ALPHA
STAR ACQUISITION CORPORATION
|
|
Entity Central Index Key |
0001865111
|
|
Entity Tax Identification Number |
00-0000000
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Entity Incorporation, State or Country Code |
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|
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Title of 12(b) Security |
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NASDAQ
|
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|
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|
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|
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Security Exchange Name |
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|
|
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|
|
Title of 12(b) Security |
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|
|
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|
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Security Exchange Name |
NASDAQ
|
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v3.24.2.u1
Balance Sheets (Unaudited) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Current assets: |
|
|
Prepaid expense |
$ 48,750
|
$ 12,500
|
Total current assets |
48,750
|
12,500
|
Noncurrent assets: |
|
|
Marketable securities held in trust account |
66,716,630
|
101,590,662
|
Total noncurrent assets |
66,716,630
|
101,590,662
|
Total assets |
66,765,380
|
101,603,162
|
Current liabilities: |
|
|
Accrued expenses |
315,136
|
220,401
|
Promissory note – Sponsor |
6,245,961
|
5,755,961
|
Total current liabilities |
7,072,227
|
6,189,022
|
Noncurrent liabilities: |
|
|
Deferred underwriting commissions |
2,875,000
|
2,875,000
|
Total noncurrent liabilities |
2,875,000
|
2,875,000
|
Total liabilities |
9,947,227
|
9,064,022
|
Commitment and contingencies (Note 6) |
|
|
Ordinary shares subject to possible redemption, 5,743,580 and 9,063,503 shares at redemption value of $11.60 and $11.21 per share at June 30, 2024 and December 31, 2023, respectively |
66,654,130
|
101,605,662
|
Stockholders’ deficit: |
|
|
Ordinary shares, par value $0.001, authorized 50,000,000 shares; 3,205,000 and 3,205,000 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively, excluding 5,743,580 and 9,063,503 shares subject to possible redemption |
3,205
|
3,205
|
Additional paid-in capital |
|
|
Accumulated deficit |
(9,839,182)
|
(9,069,727)
|
Total stockholders’ deficit |
(9,835,977)
|
(9,066,522)
|
Total liabilities and stockholders’ deficit |
66,765,380
|
101,603,162
|
Related Party [Member] |
|
|
Current liabilities: |
|
|
Due to Sponsor |
$ 511,130
|
$ 212,660
|
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v3.24.2.u1
Balance Sheets (Unaudited) (Parenthetical) - $ / shares
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Ordinary shares subject to possible redemption |
5,743,580
|
9,063,503
|
Ordinary shares subject to possible redemption, per share |
$ 11.60
|
$ 11.21
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
50,000,000
|
50,000,000
|
Common stock, shares issued |
3,205,000
|
3,205,000
|
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3,205,000
|
3,205,000
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.24.2.u1
Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Operating expenses: |
|
|
|
|
Formation and operational costs |
$ 110,523
|
$ 91,007
|
$ 349,455
|
$ 212,316
|
Loss from operations |
(110,523)
|
(91,007)
|
(349,455)
|
(212,316)
|
Other income: |
|
|
|
|
Interest and dividends earned in trust account |
848,628
|
1,429,552
|
1,811,605
|
2,697,945
|
Total other income |
848,628
|
1,429,552
|
1,811,605
|
2,697,945
|
Income before income taxes |
738,105
|
1,338,545
|
1,462,150
|
2,485,629
|
Income tax expense |
|
|
|
|
Net income |
$ 738,105
|
$ 1,338,545
|
$ 1,462,150
|
$ 2,485,629
|
Redeemable Shares [Member] |
|
|
|
|
Basic and diluted weighted average shares outstanding |
|
|
|
|
Weighted average shares outstanding, basic |
5,743,580
|
11,500,000
|
5,925,993
|
11,500,000
|
Weighted average shares outstanding, diluted |
5,743,580
|
11,500,000
|
5,925,993
|
11,500,000
|
Net income loss per share, basic |
$ 0.15
|
$ 0.14
|
$ 0.29
|
$ 0.26
|
Net income loss per share, diluted |
$ 0.15
|
$ 0.14
|
$ 0.29
|
$ 0.26
|
Nonredeemable Shares One [Member] |
|
|
|
|
Basic and diluted weighted average shares outstanding |
|
|
|
|
Weighted average shares outstanding, basic |
3,205,000
|
3,205,000
|
3,205,000
|
3,205,000
|
Weighted average shares outstanding, diluted |
3,205,000
|
3,205,000
|
3,205,000
|
3,205,000
|
Net income loss per share, basic |
$ (0.04)
|
$ (0.08)
|
$ (0.08)
|
$ (0.17)
|
Net income loss per share, diluted |
$ (0.04)
|
$ (0.08)
|
$ (0.08)
|
$ (0.17)
|
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v3.24.2.u1
Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at Dec. 31, 2022 |
$ 3,205
|
|
$ (4,522,095)
|
$ (4,518,890)
|
Balance, shares at Dec. 31, 2022 |
3,205,000
|
|
|
|
Subsequent measurement of ordinary shares subject to possible redemption (interest earned and unrealized gain on trust account) |
|
|
(1,268,393)
|
(1,268,393)
|
Subsequent measurement of ordinary shares subject to possible redemption (additional funding for business combination extension) |
|
|
(1,149,999)
|
(1,149,999)
|
Net income |
|
|
1,147,084
|
1,147,084
|
Balance at Mar. 31, 2023 |
$ 3,205
|
|
(5,793,403)
|
(5,790,198)
|
Balance, shares at Mar. 31, 2023 |
3,205,000
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
$ 3,205
|
|
(4,522,095)
|
(4,518,890)
|
Balance, shares at Dec. 31, 2022 |
3,205,000
|
|
|
|
Net income |
|
|
|
2,485,629
|
Balance at Jun. 30, 2023 |
$ 3,205
|
|
(7,034,410)
|
(7,031,205)
|
Balance, shares at Jun. 30, 2023 |
3,205,000
|
|
|
|
Beginning balance, value at Mar. 31, 2023 |
$ 3,205
|
|
(5,793,403)
|
(5,790,198)
|
Balance, shares at Mar. 31, 2023 |
3,205,000
|
|
|
|
Subsequent measurement of ordinary shares subject to possible redemption (interest earned and unrealized gain on trust account) |
|
|
(1,429,552)
|
(1,429,552)
|
Subsequent measurement of ordinary shares subject to possible redemption (additional funding for business combination extension) |
|
|
(1,150,000)
|
(1,150,000)
|
Net income |
|
|
1,338,545
|
1,338,545
|
Balance at Jun. 30, 2023 |
$ 3,205
|
|
(7,034,410)
|
(7,031,205)
|
Balance, shares at Jun. 30, 2023 |
3,205,000
|
|
|
|
Beginning balance, value at Dec. 31, 2023 |
$ 3,205
|
|
(9,069,727)
|
(9,066,522)
|
Balance, shares at Dec. 31, 2023 |
3,205,000
|
|
|
|
Subsequent measurement of ordinary shares subject to possible redemption (interest earned and unrealized gain on trust account) |
|
|
(962,977)
|
(962,977)
|
Subsequent measurement of ordinary shares subject to possible redemption (additional funding for business combination extension) |
|
|
(210,000)
|
(210,000)
|
Net income |
|
|
724,045
|
724,045
|
Balance at Mar. 31, 2024 |
$ 3,205
|
|
(9,518,659)
|
(9,515,454)
|
Balance, shares at Mar. 31, 2024 |
3,205,000
|
|
|
|
Beginning balance, value at Dec. 31, 2023 |
$ 3,205
|
|
(9,069,727)
|
(9,066,522)
|
Balance, shares at Dec. 31, 2023 |
3,205,000
|
|
|
|
Net income |
|
|
|
1,462,150
|
Balance at Jun. 30, 2024 |
$ 3,205
|
|
(9,839,182)
|
(9,835,977)
|
Balance, shares at Jun. 30, 2024 |
3,205,000
|
|
|
|
Beginning balance, value at Mar. 31, 2024 |
$ 3,205
|
|
(9,518,659)
|
(9,515,454)
|
Balance, shares at Mar. 31, 2024 |
3,205,000
|
|
|
|
Subsequent measurement of ordinary shares subject to possible redemption (interest earned and unrealized gain on trust account) |
|
|
(848,628)
|
(848,628)
|
Subsequent measurement of ordinary shares subject to possible redemption (additional funding for business combination extension) |
|
|
(210,000)
|
(210,000)
|
Net income |
|
|
738,105
|
738,105
|
Balance at Jun. 30, 2024 |
$ 3,205
|
|
$ (9,839,182)
|
$ (9,835,977)
|
Balance, shares at Jun. 30, 2024 |
3,205,000
|
|
|
|
X |
- DefinitionSubsequent measurement of ordinary shares subject to possible redemption additional funding for business combination extension.
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v3.24.2.u1
Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Cash flows from operating activities: |
|
|
Net income |
$ 1,462,150
|
$ 2,485,629
|
Net changes in operating assets & liabilities: |
|
|
Prepaid expenses |
(36,250)
|
(50,000)
|
Interest and dividends earned in trust account |
(1,811,605)
|
(2,697,945)
|
Due to Sponsor |
290,970
|
212,660
|
Accrued expenses |
94,735
|
(55,443)
|
Due to director |
|
(21,697)
|
Net cash used in operating activities |
|
(126,796)
|
Cash flows from investing activities: |
|
|
Investment of cash in Trust Account |
(490,000)
|
(2,299,999)
|
Cash withdrawn from Trust Account to redeem public shares |
37,183,138
|
|
Cash withdrawn from Trust Account for account service fee |
|
7,500
|
Net cash provided by (used in) investing activities |
36,693,138
|
(2,292,499)
|
Cash flows from financing activities: |
|
|
Proceeds from Sponsor loan |
490,000
|
2,409,933
|
Redemption of Public Shares |
(37,183,138)
|
|
Net cash (used in) provided by financing activities |
(36,693,138)
|
2,409,933
|
Net decrease in cash in escrow |
|
(9,362)
|
Cash in escrow at beginning of period |
|
110,991
|
Cash in escrow at end of period |
|
101,629
|
Supplemental disclosure of non-cash investing and financing activities: |
|
|
Subsequent measurement of ordinary shares subject to possible redemption |
$ 2,231,605
|
$ 4,997,944
|
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v3.24.2.u1
Description of Organization and Business Operations
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Description of Organization and Business Operations |
Note
1 – Description of Organization and Business Operations
Organization
and General
Alpha
Star Acquisition Corporation (the “Company”) is a blank check company incorporated in the Cayman Islands on March 11, 2021.
The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar
business combination with one or more businesses (“Business Combination”). The Company has selected December 31 as its fiscal
year end.
Although
the Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination, the Company
intends to focus on businesses that have a connection to the Asian market. 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.
The
Company’s sponsor is A-Star Management Corporation, a British Virgin Islands incorporated company (the “Sponsor”).
The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company
will generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering (the “IPO”).
The
Company initially had 9 months from the closing of the IPO (or up to 21 months from the closing of IPO) to consummate a Business Combination
(the “Combination Period”). If the Company fails to consummate a Business Combination within the Combination Period, it will
trigger its automatic winding up, liquidation and subsequent dissolution pursuant to the terms of the Company’s amended and restated
memorandum and articles of association. As a result, this has the same effect as if the Company had formally gone through a voluntary
liquidation procedure under the Companies Law. Accordingly, no vote would be required from the Company’s shareholders to commence
such a voluntary winding up, liquidation and subsequent dissolution.
The
Company’s IPO was declared effective on December 13, 2021. On December 15, 2021, the Company consummated the IPO of 11,500,000
units which include an additional 1,500,000 units as a result of the underwriters’ full exercise of the over-allotment, at $10.00
per Unit, generating gross proceeds of $115,000,000, which is described in Note 3.
Concurrently
with the closing of the IPO, the Company consummated the sale of 330,000 units (the “Private Placement”) at a price of $10.00
per Private Unit in a private placement to the Sponsor, generating gross proceeds of $3,300,000, which is described in Note 4.
In
connection with the stockholders’ extension vote at the Annual General Meeting held on July 13, 2023, 2,436,497 public shares were
rendered for redemption. The total redemption payment was $26,094,883 and all distributed during July and August 2023.
Entering
into Letter of Intent
The
company announced on June 24, 2024 that it had entered into a letter of intent (LOI) with XDATA GROUP OÜ (“XDATA”),
an Estonia-based financial technology solutions company on June 19, 2024.
XDATA
is an innovative software development company based in Estonia, known for its expertise in financial technology solutions. The company
provides a range of specialized products, including an Internet Banking Suite, Mobile Banking Apps for banks and EMIs, the AI-enhanced
transaction monitoring solution Comply Control, and a comprehensive CRM solution.
Extraordinary
General Meeting
On
January 10, 2024, the Company held an Extraordinary General Meeting, where shareholders approved the amendments of the Company’s
Amended and Restated Memorandum and Articles of Association to (i) extend the date by which the Company must consummate a business combination
to September 15, 2024 (33 months from the consummation of the IPO) (the “Combination Period”); (ii) allow the Company to
undertake an initial business combination with an entity or business (“Target Business”), with a physical presence, operation,
or other significant ties to China (a “China-based Target”) or which may subject the post-business combination business or
entity to the laws, regulations and policies of China (including Hong Kong and Macao), or an entity or business that conducts operations
in China through variable interest entities, or VIEs, pursuant to a series of contractual arrangements (“VIE Agreements”)
with the VIE and its shareholders on one side, and a China-based subsidiary of the China-based Target (the “WFOE”), on the
other side (the “Target Limitation Amendment Proposal”); and (iii) eliminate the limitation that the Company shall not redeem
its public shares to the extent that such redemption would result in the ordinary shares, or the securities of any entity that succeeds
the Company as a public company, becoming “penny stock” (as defined in accordance with Rule 3a51-1 of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”)), or cause the Company to not meet any greater net tangible asset or cash requirement
which may be contained in the agreement relating to a Business Combination (the “Redemption Limitation Amendment Proposal”).
In
connection with the stockholders’ extension vote on the Extraordinary General Meeting held on January 10, 2024, a total of 3,319,923
public shares were rendered for redemption. The total redemption payment was $37,183,138 and all distributed in January and February
2024.
Extension
fees
From
September 13, 2022 to June 30, 2023, the Company was requested to draw the funds of $383,333 and deposited the amount into the Trust
Account monthly to extend the period of time the Company has to consummate a business combination. The $383,333 extension fee represents
approximately $0.033 per public share. The extension funds will decrease if certain shareholders redeem the shares. In July 2023, due
to the Annual General Meeting discussed above and the redemption of public shares, the monthly extension fees were changed to $302,116,
which represents $0.033 per public share. In January 2024, after shareholders’ approval at the Extraordinary General Meeting discussed
above, the Company decreased the monthly extension fees to the lower of $70,000 for all remaining public shares and $0.033 for each remaining
public shares.
The
Trust Account
As
of December 15, 2021, a total of $115,682,250 of the net proceeds from the IPO and the Private Placement transaction completed with the
Sponsor was deposited in a trust account (the “Trust Account”) established for the benefit of the Company’s public
stockholders with Wilmington Trust, National Association acting as trustee. The amount exceeding $115,000,000, $682,250, had been transferred
to the Company’s escrow cash account as its working capital.
The
funds held in the Trust Account are invested only in United States government treasury bills, bonds or notes having a maturity of 180
days or less, or in money market funds meeting the applicable conditions under Rule 2a-7 promulgated under the Investment Company Act
of 1940 and investing solely in United States government treasuries. Except with respect to interest earned on the funds held in the
Trust Account that may be released to the Company to pay its income or other tax obligations, the proceeds will not be released from
the Trust Account until the earlier of the completion of a Business Combination or the Company’s liquidation.
Liquidity
and Going Concern
As
of June 30, 2024 and December 31, 2023, the Company had no
cash balance in the escrow account and had a working capital deficit of $7,030,977
and $6,191,522,
including the over-draft of $7,500 and $15,000
from Marketable Security held in trust, respectively.
In
order to finance 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, provide the Company related party loans up to $1,500,000.
As of June 30, 2024. The Company had no borrowings under the related party loans.
On
September 13, 2022, December 31, 2022, March 13, 2023 and September 20, 2023, the Company issued four promissory notes (collectively,
the “Notes”) in the principal amount of up to $, $, $ and $ to the Sponsor, respectively,
pursuant to which the Sponsor shall loan to the Company up to the corresponding principal to pay the extension fee and transaction cost.
See Note 5 for further information.
If
the Company underestimates the costs of identifying a target business, undertaking due diligence and negotiating a Business Combination
or the actual amount necessary is higher, the Company may have insufficient funds available to operate its business prior to the initial
Business Combination. Moreover, the Company may need to obtain additional financing either to complete its Business Combination or because
the Company has become obligated to redeem a significant number of its Public Shares upon completion of its Business Combination, in
which case the Company may issue additional securities or incur debt in connection with such Business Combination. In addition, the Company
has until December 15, 2024 (the “Liquidation Date”) to consummate a business combination.
In
connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Codification (“ASC”)
205-40, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined
that if the Company is unable to complete a Business Combination by the Liquidation Date, then the Company may cease all operations except
for the purpose of liquidating. The uncertainty surrounding the date for mandatory liquidation and subsequent dissolution raises substantial
doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments relating
to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable
to continue as a going concern.
Management
believes that, as of June 30, 2024, the Company has insufficient working capital to cover its short term operating needs. The Company
has no revenue before the Business Combination. It incurred and expects to continue to incur significant professional costs to remain
as a publicly traded company and to incur significant transaction costs in pursuit of the consummation of a Business Combination. The
Company’s cash and working capital as of June 30, 2024 are not sufficient to complete its planned activities for the upcoming year.
These factors raise substantial doubt about the Company’s ability to continue as a going concern one year from the date the financial
statement is issued.
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- DefinitionThe entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
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v3.24.2.u1
Summary of Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
Note
2 – Summary of Significant Accounting Policies
Basis
of Presentation
The
accompanying financial statements of the Company are presented in U.S. dollars in conformity with accounting principles generally accepted
in the United States of America (“GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission
(“SEC”).
The
accompanying unaudited financial statements as of June 30, 2024, and for the three and six months ended June 30, 2024
have been prepared in accordance with U.S. GAAP for interim financial information and Article 8 of Regulation S-X. In the opinion of
management, all adjustments (consisting of normal accruals) considered for a fair presentation have been included. Operating results
for the three and six months ended June 30, 2024 are not necessary indicative of the results that may be expected for
the period ending December 31, 2024, or any future period.
These
unaudited financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto
included in the Annual Report for the year ended December 31, 2023, which are included in Form 10-K filed on July 3, 2024.
Emerging
Growth Company
The
Company is an emerging growth company as defined by Section 2(a) of 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 no
limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced
disclosures obligations regarding executive compensation in its periodic reports and proxy statements, and exceptions from the requirements
of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payment 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 an 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 those of another public
company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition
period difficult or impossible because of the potential differences in accounting standards used.
Use
of Estimates
The
preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect
of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in
formulating its estimate, could change in the near term due to one or more future confirming events.
Cash
in Escrow
The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
The Company had no cash held in escrow and did not have any cash equivalents as of June 30, 2024 and December 31, 2023, respectively.
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution
which at times may exceed the Federal depository insurance coverage of $250,000. As of June 30, 2024 and December 31, 2023, the Company
does not have a cash account in any financial institutions, respectively.
Marketable
Securities Held in Trust Account
The
Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance
sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held
in Trust Account are included in interest earned and unrealized gain on marketable securities held in Trust Account in the accompanying
statements of operations. The estimated fair values of investments held in Trust Account are determined using available market information.
The Company had $66,716,630 and $101,590,662 of marketable securities held in the Trust Account as of June 30, 2024 and December 31,
2023, respectively.
In
January and February, 2024, the total amount of $37,183,138 was withdrawn from the Trust account for the redemption of 3,319,923 public
shares.
During the three months ended June 30, 2024 and 2023,
interest earned from the Trust Account amounted to $848,628 and $1,429,552, of which $567,140 and $929,387 were reinvested in the Trust
Account, respectively. $281,488 and $500,165 were also recognized as unrealized gain on investments held in the Trust Account during the
three months ended June 30, 2024 and 2023, respectively.
During
the six months ended June 30, 2024 and 2023, interest earned from the Trust Account amounted to $1,811,605 and $2,697,945, of which $1,530,117
and $2,197,780 were reinvested in the Trust Account, respectively. $281,488 and $500,165 were also recognized as unrealized gain on investments
held in the Trust Account during the six months ended June 30, 2024 and 2023, respectively.
Ordinary
Shares Subject to Possible Redemption
The
Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance in Financial Accounting Standards
Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.”
Ordinary shares subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally
redeemable ordinary shares (including ordinary shares that feature redemption rights that is either within the control of the holder
or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary
equity. At all other times, ordinary shares are classified as stockholders’ equity. The Company’s ordinary shares feature
certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future
events. Accordingly, ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of
the stockholders’ equity section of the Company’s balance sheets.
Offering
Costs Associated with the Initial Public Offering
The
Company complies with the requirements of ASC 340-10-S99-1 and SEC Staff Accounting Bulletin Topic 5A – “Expenses of Offering”.
Offering costs consisted of principally of professional and registration fees incurred that were directly related to the Initial Public
Offering. Upon completion of the Initial Public Offering, offering costs were allocated to the separable financial instruments issued
in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs allocated to
the Rights were charged to the shareholders’ equity. Offering costs allocated to the ordinary shares were charged against the carrying
value of ordinary shares subject to possible redemption upon the completion of the Initial Public Offering.
All
of the 11,500,000 ordinary shares sold as part of the Units in the IPO contain a redemption feature which allows for the redemption of
such Public Shares in connection with the Company’s liquidation, if there is a stockholder vote or tender offer in connection with
the Business Combination and in connection with certain amendments to the Company’s Certificate of Incorporation. Accordingly,
all of the 11,500,000 shares of ordinary shares were presented as temporary equity upon closing of the IPO.
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. Increases or decreases in the carrying amount of redeemable ordinary
shares are affected by charges against additional paid-in capital and accumulated deficit if additional paid in capital equals to zero.
The interest earned by the marketable security held in trust, and the extension fee invested into the marketable security held in trust,
were also recognized in redemption value against additional paid-in capital and accumulated deficit immediately. The proceeds on the
deposit in the Trust Account, including interest (which interest shall be net of taxes payable, and less up to $50,000 of interest to
pay dissolution expenses) will be used to fund the redemption of the public shares.
Fair
Value of Financial Instruments
The
fair value of the Company’s assets and liabilities approximates the carrying amounts represented in the accompanying balance sheets,
primarily due to the short-term nature.
Net
Income (Loss) per Share
The
Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” In order to determine
the net income (loss) attributable to both the redeemable shares and non-redeemable shares, the Company first considered the undistributed
income (loss) allocable to both the redeemable shares and non-redeemable shares and the undistributed income (loss) is calculated using
the total net income (loss) less any dividends paid. The Company then allocated the undistributed income (loss) ratably based on the
weighted average number of shares outstanding between the redeemable and non-redeemable shares. Any remeasurement of the accretion to
redemption value of the ordinary shares subject to possible redemption was considered to be dividends paid to the public stockholders.
The
calculation of diluted income (loss) per ordinary shares does not consider the effect of the warrants and rights issued in connection
with the (i) Initial Public Offering, (ii) the private placement since the exercise of the warrants and rights are contingent upon the
occurrence of future events, and (iii) the effect of the rights to receive 1,690,000 shares. The warrants are exercisable to purchase
5,915,000 shares of ordinary shares in the aggregate. As of June 30, 2024, the Company did not have any dilutive securities or other
contracts that could, potentially, be exercised or converted into ordinary shares in the earnings of the Company. As a result, diluted
net income (loss) per ordinary shares is the same as basic net income (loss) per ordinary share for the periods presented.
The
net income (loss) per share presented in the statements of operations is based on the following:
Schedule of Statement of Operations
| |
For
the Three Months
Ended June 30, 2024 | | |
For
the Three Months
Ended June 30, 2023 | | |
For
the Six Months
Ended June 30, 2024 | | |
For
the Six Months
Ended June 30, 2023 | |
Net
income | |
$ | 738,105 | | |
$ | 1,338,545 | | |
$ | 1,462,150 | | |
$ | 2,485,629 | |
Remeasurement
to redemption value – interest income earned | |
| (848,628 | ) | |
| (1,429,552 | ) | |
| (1,811,605 | ) | |
| (2,697,945 | ) |
Remeasurement
to redemption value – extension fee | |
| (210,000 | ) | |
| (1,150,000 | ) | |
| (420,000 | ) | |
| (2,299,999 | ) |
Net loss including accretion of temporary equity to redemption value | |
$ | (320,523 | ) | |
$ | (1,241,007 | ) | |
$ | (769,455 | ) | |
$ | (2,512,315 | ) |
Schedule
of Net Income (Loss) Per Share
| |
Non-
redeemable shares | | |
Redeemable
shares | | |
Non-
redeemable shares | | |
Redeemable shares | | |
Non-
redeemable shares | | |
Redeemable
shares | | |
Non- redeemable shares | | |
Redeemable
shares | |
| |
For
the Three Months
Ended June 30, 2024 | | |
For
the Three Months
Ended June 30, 2023 | | |
For
the Six Months
Ended June 30, 2024 | | |
For
the Six Months
Ended June 30, 2023 | |
| |
(Unaudited) | | |
(Unaudited) | | |
(Unaudited) | | |
(Unaudited) | |
| |
Non-
redeemable shares | | |
Redeemable
shares | | |
Non-
redeemable shares | | |
Redeemable shares | | |
Non-
redeemable shares | | |
Redeemable
shares | | |
Non- redeemable shares | | |
Redeemable
shares | |
Basic
and Diluted net income (loss) per share: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Numerators: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Allocation
of net losses | |
$ | (114,798 | ) | |
$ | (205,725 | ) | |
$ | (270,481 | ) | |
$ | (970,526 | ) | |
$ | (270,081 | ) | |
$ | (499,374 | ) | |
$ | (547,567 | ) | |
$ | (1,964,748 | ) |
Accretion
of extension fee | |
| — | | |
| 210,000 | | |
| — | | |
| 1,150,000 | | |
| — | | |
| 420,000 | | |
| — | | |
| 2,299,999 | |
Accretion
of temporary equity- interest income earned | |
| — | | |
| 848,628 | | |
| — | | |
| 1,429,552 | | |
| — | | |
| 1,811,605 | | |
| — | | |
| 2,697,945 | |
Allocation
of net income (loss) | |
$ | (114,798 | ) | |
$ | 852,903 | | |
$ | (270,481 | ) | |
$ | 1,609,026 | | |
$ | (270,081 | ) | |
$ | 1,732,231 | | |
$ | (547,567 | ) | |
$ | 3,033,196 | |
Denominators: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Weighted-average
shares outstanding | |
| 3,205,000 | | |
| 5,743,580 | | |
| 3,205,000 | | |
| 11,500,000 | | |
| 3,205,000 | | |
| 5,925,993 | | |
| 3,205,000 | | |
| 11,500,000 | |
Basic
and diluted net income (loss) per share | |
$ | (0.04 | ) | |
$ | 0.15 | | |
$ | (0.08 | ) | |
$ | 0.14 | | |
$ | (0.08 | ) | |
$ | 0.29 | | |
$ | (0.17 | ) | |
$ | 0.26 |
Income
Taxes
The
Company accounts for income taxes under ASC 740 Income Taxes (“ASC 740”). ASC 740 requires the recognition of deferred tax
assets and liabilities for both the expected impact of differences between the financial statements 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 statements recognition and measurement of a tax position taken or expected
to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination
by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim
period, disclosure and transition. The Company has identified the Cayman Islands as its only “major” tax jurisdiction, as
defined. Any interest payable in respect of U.S. debt obligations (if any) held by the Trust Account is intended to qualify for the portfolio
interest exemption or otherwise be exempt from U.S. withholding taxes. Based on the Company’s evaluation, it has been concluded
that there are no significant uncertain tax positions requiring recognition in the Company’s financial statements. The Company
believes that its income tax positions and deductions would be sustained on audit and does not anticipate any adjustments that would
result in material changes to its financial position. The Company’s policy for recording interest and penalties associated with
audits is to record such items as a component of income tax expense.
On
August 16, 2022, the U.S. Government enacted legislation commonly referred to as the Inflation Reduction Act. The main provision of the
Inflation Reduction Act (the IRA) that we anticipate may impact us is a 1% excise tax on share repurchases. Any redemption or other repurchase
that occurs after December 31, 2022, in connection with a Business Combination, extension vote or otherwise, may be subject to the excise
tax. Because there is possibility that the Company may acquire a U.S. domestic corporation or engage in a transaction in which a domestic
corporation becomes a parent or affiliate to the Company, the Company may become a “covered corporation” as a listed Company
in Nasdaq. On July 13, 2023 and January 10, 2024, 2,436,497 and 3,319,923 public shares were rendered for redemption in connection with
an extension vote, respectively (see Note 1). The management team has evaluated the IRA as of June 30, 2024, and does not accrue any
excise tax related to the redemption as the Company believes it is not a “covered corporation” under Internal Revenue Code
Section 4501. The management team will continue to evaluate its impact.
The
provision for income taxes was deemed to be immaterial for the six months ended June 30, 2024 and 2023.
Warrants
The
Company evaluates the Public and Private Warrants as either equity-classified or liability-classified instruments based on an assessment
of the warrants’ specific terms and applicable authoritative guidance in FASB ASC 480, Distinguishing Liabilities from Equity (“ASC
480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding
financial instruments pursuant to ASC 480 that meet the definition of a liability pursuant to ASC 480, and whether the warrants meet
all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own
ordinary shares, among other conditions for equity classification. Pursuant to such an evaluation, both Public and Private Warrants are
classified in stockholders’ equity.
Recently
Issued Accounting Standards
Management
does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material
effect on the Company’s financial statements.
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v3.24.2.u1
Initial Public Offering
|
6 Months Ended |
Jun. 30, 2024 |
Regulated Operations [Abstract] |
|
Initial Public Offering |
Note
3 – Initial Public Offering
On
December 15, 2021, the Company consummated the initial public offering and sale of 11,500,000 units (including the issuance of 1,500,000
units as a result of the underwriters’ full exercise of the over-allotment) at a price of $10.00 per Unit, generating gross proceeds
of $115,000,000. Each Unit consists of one ordinary share, one redeemable warrant (each a “Warrant”, and, collectively, the
“Warrants”), and one right to receive one-seventh (1/7) of an ordinary share upon the consummation of a Business Combination.
Each two redeemable warrants entitle the holder thereof to purchase one ordinary share, and each seven rights entitle the holder thereof
to receive one ordinary share at the closing of a Business Combination. No fractional shares were issued upon separation of the Units,
and only whole Warrants will trade.
|
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v3.24.2.u1
Private Placement
|
6 Months Ended |
Jun. 30, 2024 |
Private Placement |
|
Private Placement |
Note
4 – Private Placement
Concurrently
with the consummation of the IPO, A-Star Management Corporation, the Sponsor, purchased an aggregate of 330,000 units at a price of $10.00
per Private Unit for an aggregate purchase price of $3,300,000 in a private placement. The Private Units are identical to the public
Units except with respect to certain registration rights and transfer restrictions. The proceeds from the Private Units were added to
the proceeds from the IPO to be held in the Trust Account. If the Company does not complete a Business Combination within the Combination
Period, the proceeds from the sale of the Private Units will be used to fund the redemption of the Public Shares (subject to the requirements
of applicable law), and the Private Units and all underlying securities will expire worthless.
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v3.24.2.u1
Related Party Transactions
|
6 Months Ended |
Jun. 30, 2024 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
Note
5 – Related Party Transactions
Founder
Shares
On
April 6, 2021, the Sponsor purchased ordinary shares for an aggregate price of $25,000.
The
2,875,000 founder shares (for purposes hereof referred to as the “Founder Shares”) included an aggregate of up to 375,000
shares subject to forfeiture by the Sponsor to the extent that the underwriters’ over-allotment was not exercised in full or in
part, so that the Sponsor will collectively own 20% of the Company’s issued and outstanding shares after the Proposed Offering.
On December 15, 2021, the underwriters exercised the over-allotment option in full, so there are no Founder Shares subject to forfeiture
as of June 30, 2024 and December 31, 2023.
The
Sponsor and each Insider agrees that it, he or she shall not (a) Transfer 50% of their Founder Shares until the earlier of (A) six months
after the consummation of the Company’s initial Business Combination or (B) the date on which the closing price of the Ordinary
Shares equals or exceeds $12.50 per share (as adjusted for share splits, share capitalizations, rights issuances, subdivisions, reorganizations,
recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing after the Company’s initial
Business Combination or (b) Transfer the remaining 50% of their Founder Shares until six months after the date of the consummation of
the Company’s initial Business Combination, or earlier in either case, if subsequent to the Company’s initial Business Combination
the Company completes a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of the Company’s
stockholders having the right to exchange their Ordinary Shares for cash, securities or other property (the “Founder Shares
Lock-up Period”).
Administrative
Services Agreement
The
Company entered into an administrative services agreement, commencing on December 13, 2021, through the earlier of the
Company’s consummation of a Business Combination or its liquidation, to pay to the Sponsor a total of $per
month for office space, secretarial and administrative services provided to members of the Company’s management team. For each
of the six months ended June 30, 2024 and 2023, the Company incurred $60,000 in
fees for these services, respectively. For each of the three months ended June 30, 2024 and 2023, the Company incurred $30,000 in
fees for these services, respectively. As of June 30, 2024, the balance of administrative service fees was $261,129 which was remain unpaid and included
in accrued expenses
Promissory
Note — Sponsor
In
order to finance transaction costs in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor
or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. If we complete an initial business
combination, we would repay such loaned amounts. In the event that the initial business combination does not close, we may use a portion
of the working capital held outside the trust account to repay such loaned amounts but no proceeds from our trust account would be used
for such repayment. Up to $1,500,000 of such loans may be convertible into units at a price of $10.00 per unit (which, for example, would
result in the holders being issued 150,000 ordinary shares, 150,000 rights and 150,000 warrants to purchase 75,000 shares if $1,500,000
of notes were so converted) at the option of the lender. The units would be identical to the placement units issued to the initial holder.
The terms of such loans by our officers and directors, if any, have not been determined and no written agreements exist with respect
to such loans. We do not expect to seek loans from parties other than our sponsor or an affiliate of our sponsor as we do not believe
third parties will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds in our trust
account. The convertible loans from Sponsor balances were as of June 30, 2024 and December 31, 2023.
The
Company had issued the following promissory notes (collectively, the “Notes”):
On
September 13, 2022, December 13, 2022. March 13, 2023 and September 20, 2023 the Company issued four promissory notes in the
principal amount of up to $,
$,
$ and
$,
respectively, to the Sponsor, pursuant to which the Sponsor shall loan to the Company up to the related amount to pay the extension
fee and transaction cost. The Notes are repayable in full upon the date of the consummation of the Company’s initial business
combination pursuant to the Notes and related amendments. The Notes have no conversion feature, no collateral and bear no interest.
During the six months ended June 30, 2024, the Company drew down $490,000 from the Promissory Notes to pay the extension contribution of $70,000 each month
from January to June, and $35,000 each month from July to August, respectively. The full amounts were deposited into the Trust Account immediately.
The
total balance of the Notes was $6,245,961 and $5,755,961 as of June 30, 2024 and December 31, 2023, respectively, which was for
the purpose of paying extension contribution.
Due
to Sponsor
On
June 30, 2024 and December 31, 2023, the Company has amount due to Sponsor of $ and $, respectively, which included the
amount of operating expenses paid by the Sponsor on behalf of the Company.
|
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v3.24.2.u1
Commitments and Contingencies
|
6 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Note
6 – Commitments and Contingencies
Risks
and Uncertainties
In
February 2022, the Russian Federation and Belarus commenced a military action against the country of Ukraine. As a result of this action,
various nations, including the United States, have instituted economic sanctions against the Russian Federation and Belarus. Further,
the impact of this action and related sanctions on the world economy is not determinable as of the date of these unaudited condensed
consolidated financial statements. The specific impact on the Company’s financial condition, results of operations, and cash flows
is also not determinable as of the date of these unaudited condensed consolidated financial statements. The management will continuously
evaluate the effect of these events on the Company.
Underwriters
Agreement
The
Company granted the underwriters a 45-day option to purchase up to 1,500,000 Units (over and above the 10,000,000 units referred to above)
solely to cover over-allotments at $10.00 per Unit. On December 15, 2021, the underwriters exercised the over-allotment option in full
to purchase 1,500,000 Units at a purchase price of $10.00 per Unit.
On
December 15, 2021, the Company paid a cash underwriting commission of 2.0% of the gross proceeds of the IPO, or $2,300,000.
The
underwriters are entitled to a deferred underwriting commission of 2.5% of the gross proceeds of the IPO, or $2,875,000, which will be
paid from the funds held in the Trust Account upon completion of the Company’s initial Business Combination subject to the terms
of the underwriting agreement. The Company has deferred underwriting commissions of $2,875,000 and $2,875,000 as of June 30, 2024 and
December 31, 2023, respectively.
Registration
Rights
The
holders of the Founder Shares will be entitled to registration rights pursuant to a registration rights agreement to be signed prior
to or on the effective date of the IPO. The holders of these securities are entitled to make up to three demands, excluding short form
demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights
with respect to registration statements filed subsequent to the consummation of a Business Combination and rights to require the Company
to register for resale such securities pursuant to Rule 415 under the Securities Act. The Company will bear the expenses incurred in
connection with the filing of any such registration statements.
Contingencies
and Dismissal of the Then-Legal Counsel
The
Company may from time to time be subject to various legal or administrative claims and proceedings arising in the ordinary course of
business. As of June 30, 2024 and December 31, 2023, there were no legal or administrative proceedings for which a loss was probable
and expected to be material to the financial statements.
On
February 5, 2024, the management and the Sponsor determined to dismiss the Company’s then-legal counsel and also terminated its
services of maintaining and managing the escrow account. The former legal counsel alleged that there was an approximately $ balance
due with the Sponsor and disputed legal fee due with the Company. On May 23, 2024, the Sponsor and the Company entered into an indemnity
agreement that contractually indemnifies, holds harmless, and exonerates the Company from any potential litigation or related proceedings
arising from the service termination with the former legal counsel. The Company does not believe that either the above Sponsor Balance
due with the former legal counsel or the disputed legal fee would have a material impact on the Company’s financial statements.
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v3.24.2.u1
Stockholders’ Deficit
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
Stockholders’ Deficit |
Note
7 – Stockholders’ Deficit
Ordinary
Shares
The
Company is authorized to issue 50,000,000
ordinary shares, with a par value of $0.001
per share. Holders of the ordinary shares are entitled to one vote for each ordinary share. As of June 30, 2024 and December 31,
2023, there were 3,205,000
ordinary shares issued and outstanding, excluding 5,743,580
and 9,063,503
shares subject to possible redemption.
Public
Warrants
Pursuant
to the Initial Public Offering, the Company sold 11,500,000 Units at a price of $10.00 per Unit for a total of $115,000,000. The total
amount of ordinary shares subject to possible redemption is 11,500,000. Each Unit consists of one ordinary share, one right to acquire
one-seventh (1/7) of an ordinary share, and one redeemable warrant (“Public Warrant”) to purchase one-half of one ordinary
share at a price of $11.50 per share, subject to adjustment. As of June 30, 2024 and December 31, 2023, the Company had 11,500,000 and
11,500,000 public warrants outstanding, respectively.
Each
warrant entitles the holder to purchase one-half ordinary share at a price of $11.50 per share commencing 30 days after the completion
of its initial business combination and expiring five years from after the completion of an initial business combination. No fractional
warrant will be issued and only whole warrants will trade. The Company may redeem the warrants at a price of $0.01 per warrant upon 30
days’ notice, only in the event that the last sale price of the ordinary shares is at least $18.00 per share for any 20 trading
days within a 30-trading day period ending on the third day prior to the date on which notice of redemption is given, provided there
is an effective registration statement and current prospectus in effect with respect to the ordinary shares underlying such warrants
during the 30-day redemption period. If a registration statement is not effective within 60 days following the consummation of a business
combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company
shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to an available exemption
from registration under the Securities Act.
In
addition, if (a) the Company issues additional ordinary shares or equity-linked securities for capital raising purposes in connection
with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per share (with such
issue price or effective issue price to be determined in good faith by our board of directors), (b) the aggregate gross proceeds from
such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial business
combination, and (c) the volume weighted average trading price of the ordinary shares during the 20 trading day period starting on the
trading day prior to the day on which the Company consummates the initial Business Combination (such price, the “Market Value”)
is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the Market
Value, and the last sales price of the ordinary shares that triggers the Company’s right to redeem the Warrants will be adjusted
(to the nearest cent) to be equal to 180% of the Market Value.
Private
warrants
The
private warrants have terms and provisions that are identical to those of the warrants being sold as part of the units in this offering.
As of June 30, 2024 and December 31, 2023, the Company had 330,000 private warrants outstanding, respectively.
Rights
Except
in cases where the Company is not the surviving Company in a business combination, the holders of the rights will automatically receive
1/7 of a share of ordinary shares upon consummation of the Company’s initial business combination. In the event the Company will
not be the surviving company upon completion of the initial business combination, each holder of a right will be required to affirmatively
convert his, her or its rights in order to receive the 1/7 of a share underlying each right upon consummation of the business combination.
As of June 30, 2024 and December 31, 2023, no rights had been converted into shares.
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- DefinitionThe entire disclosure for equity.
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v3.24.2.u1
Fair Value Measurements
|
6 Months Ended |
Jun. 30, 2024 |
Fair Value Disclosures [Abstract] |
|
Fair Value Measurements |
Note
8 – Fair Value Measurements
The
Company complies with ASC 820, “Fair Value Measurements”, for its financial assets and liabilities that are re-measured and
reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value
at least annually. ASC 820 determines fair value to be the price that would be received to sell an asset or would be paid to transfer
a liability (i.e., the exit price) in an orderly transaction between market participants at the measurement date.
The
following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used
in order to value the assets and liabilities:
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 inputs. Examples 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 our assessment of the assumptions that market participants would use in pricing the asset or liability.
At
June 30, 2024 and December 31, 2023, assets held in the Trust Account were entirely comprised of marketable securities.
The
following table presents information about the Company’s assets that are measured at fair value on a recurring basis at June 30,
2024 and December 31, 2023 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair
value.
Schedule
of Fair Value Hierarchy of Valuation Inputs
As of June 30, 2024 | |
Quoted Prices in
Active Markets
(Level 1) | | |
Significant
Other
Observable Inputs
(Level 2) | | |
Significant
Other
Unobservable Inputs
(Level 3) | |
Marketable Securities held in Trust Account | |
$ | 66,716,630 | | |
$ | - | | |
$ | - | |
As of December 31, 2023 | |
Quoted Prices in
Active Markets
(Level 1) | | |
Significant
Other
Observable Inputs
(Level 2) | | |
Significant
Other
Unobservable Inputs
(Level 3) | |
Marketable Securities held in Trust Account | |
$ | 101,590,662 | | |
$ | - | | |
$ | - | |
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v3.24.2.u1
Subsequent Events
|
6 Months Ended |
Jun. 30, 2024 |
Subsequent Events [Abstract] |
|
Subsequent Events |
Note
9 – Subsequent Events
The
Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date the financial statements
were issued. Based upon the review, the Company did not identify any subsequent events that would have required adjustment or disclosure
in the financial statement except those have been disclosed elsewhere in the Note to the financial statements and the following:
Sponsor
payment on behalf of the Company
Subsequent
to June 30, 2024, in addition to the monthly admin service fee charged by the Sponsor which is recorded under the “Accrued expenses”,
the Sponsor paid a total of $ operating expenses on behalf of the Company. The payment by the Sponsor was not considered as a
drawdown of the Promissory Note. As of the date the financial statements were issued, the total amount due to Sponsor was $.
Annual
General Meeting
On
July 12, 2024, the Company held an Annual General Meeting of its shareholders. At the Annual General Meeting, the
shareholders approved certain amendments to the Company’s amended and restated memorandum and articles of association to
extend the date by which the Company must consummate a business combination to December 15, 2024. In connection with the
stockholders’ extension vote on the Annual General Meeting held on July 12, 2024, a total of 4,840,581
public shares were rendered for redemption at $11.61 per share. The total redemption payment is $56,199,145
and all was distributed in July 2024. After shareholders’ approval at the Annual General Meeting, the Company decreased
the monthly extension fees to $35,000
for all remaining public shares, starting from July 2024.
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v3.24.2.u1
Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
The
accompanying financial statements of the Company are presented in U.S. dollars in conformity with accounting principles generally accepted
in the United States of America (“GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission
(“SEC”).
The
accompanying unaudited financial statements as of June 30, 2024, and for the three and six months ended June 30, 2024
have been prepared in accordance with U.S. GAAP for interim financial information and Article 8 of Regulation S-X. In the opinion of
management, all adjustments (consisting of normal accruals) considered for a fair presentation have been included. Operating results
for the three and six months ended June 30, 2024 are not necessary indicative of the results that may be expected for
the period ending December 31, 2024, or any future period.
These
unaudited financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto
included in the Annual Report for the year ended December 31, 2023, which are included in Form 10-K filed on July 3, 2024.
|
Emerging Growth Company |
Emerging
Growth Company
The
Company is an emerging growth company as defined by Section 2(a) of 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 no
limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced
disclosures obligations regarding executive compensation in its periodic reports and proxy statements, and exceptions from the requirements
of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payment 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 an 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 those of another public
company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition
period difficult or impossible because of the potential differences in accounting standards used.
|
Use of Estimates |
Use
of Estimates
The
preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect
of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in
formulating its estimate, could change in the near term due to one or more future confirming events.
|
Cash in Escrow |
Cash
in Escrow
The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
The Company had no cash held in escrow and did not have any cash equivalents as of June 30, 2024 and December 31, 2023, respectively.
|
Concentration of Credit Risk |
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution
which at times may exceed the Federal depository insurance coverage of $250,000. As of June 30, 2024 and December 31, 2023, the Company
does not have a cash account in any financial institutions, respectively.
|
Marketable Securities Held in Trust Account |
Marketable
Securities Held in Trust Account
The
Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance
sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held
in Trust Account are included in interest earned and unrealized gain on marketable securities held in Trust Account in the accompanying
statements of operations. The estimated fair values of investments held in Trust Account are determined using available market information.
The Company had $66,716,630 and $101,590,662 of marketable securities held in the Trust Account as of June 30, 2024 and December 31,
2023, respectively.
In
January and February, 2024, the total amount of $37,183,138 was withdrawn from the Trust account for the redemption of 3,319,923 public
shares.
During the three months ended June 30, 2024 and 2023,
interest earned from the Trust Account amounted to $848,628 and $1,429,552, of which $567,140 and $929,387 were reinvested in the Trust
Account, respectively. $281,488 and $500,165 were also recognized as unrealized gain on investments held in the Trust Account during the
three months ended June 30, 2024 and 2023, respectively.
During
the six months ended June 30, 2024 and 2023, interest earned from the Trust Account amounted to $1,811,605 and $2,697,945, of which $1,530,117
and $2,197,780 were reinvested in the Trust Account, respectively. $281,488 and $500,165 were also recognized as unrealized gain on investments
held in the Trust Account during the six months ended June 30, 2024 and 2023, respectively.
|
Ordinary Shares Subject to Possible Redemption |
Ordinary
Shares Subject to Possible Redemption
The
Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance in Financial Accounting Standards
Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.”
Ordinary shares subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally
redeemable ordinary shares (including ordinary shares that feature redemption rights that is either within the control of the holder
or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary
equity. At all other times, ordinary shares are classified as stockholders’ equity. The Company’s ordinary shares feature
certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future
events. Accordingly, ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of
the stockholders’ equity section of the Company’s balance sheets.
|
Offering Costs Associated with the Initial Public Offering |
Offering
Costs Associated with the Initial Public Offering
The
Company complies with the requirements of ASC 340-10-S99-1 and SEC Staff Accounting Bulletin Topic 5A – “Expenses of Offering”.
Offering costs consisted of principally of professional and registration fees incurred that were directly related to the Initial Public
Offering. Upon completion of the Initial Public Offering, offering costs were allocated to the separable financial instruments issued
in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs allocated to
the Rights were charged to the shareholders’ equity. Offering costs allocated to the ordinary shares were charged against the carrying
value of ordinary shares subject to possible redemption upon the completion of the Initial Public Offering.
All
of the 11,500,000 ordinary shares sold as part of the Units in the IPO contain a redemption feature which allows for the redemption of
such Public Shares in connection with the Company’s liquidation, if there is a stockholder vote or tender offer in connection with
the Business Combination and in connection with certain amendments to the Company’s Certificate of Incorporation. Accordingly,
all of the 11,500,000 shares of ordinary shares were presented as temporary equity upon closing of the IPO.
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. Increases or decreases in the carrying amount of redeemable ordinary
shares are affected by charges against additional paid-in capital and accumulated deficit if additional paid in capital equals to zero.
The interest earned by the marketable security held in trust, and the extension fee invested into the marketable security held in trust,
were also recognized in redemption value against additional paid-in capital and accumulated deficit immediately. The proceeds on the
deposit in the Trust Account, including interest (which interest shall be net of taxes payable, and less up to $50,000 of interest to
pay dissolution expenses) will be used to fund the redemption of the public shares.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
The
fair value of the Company’s assets and liabilities approximates the carrying amounts represented in the accompanying balance sheets,
primarily due to the short-term nature.
|
Net Income (Loss) per Share |
Net
Income (Loss) per Share
The
Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” In order to determine
the net income (loss) attributable to both the redeemable shares and non-redeemable shares, the Company first considered the undistributed
income (loss) allocable to both the redeemable shares and non-redeemable shares and the undistributed income (loss) is calculated using
the total net income (loss) less any dividends paid. The Company then allocated the undistributed income (loss) ratably based on the
weighted average number of shares outstanding between the redeemable and non-redeemable shares. Any remeasurement of the accretion to
redemption value of the ordinary shares subject to possible redemption was considered to be dividends paid to the public stockholders.
The
calculation of diluted income (loss) per ordinary shares does not consider the effect of the warrants and rights issued in connection
with the (i) Initial Public Offering, (ii) the private placement since the exercise of the warrants and rights are contingent upon the
occurrence of future events, and (iii) the effect of the rights to receive 1,690,000 shares. The warrants are exercisable to purchase
5,915,000 shares of ordinary shares in the aggregate. As of June 30, 2024, the Company did not have any dilutive securities or other
contracts that could, potentially, be exercised or converted into ordinary shares in the earnings of the Company. As a result, diluted
net income (loss) per ordinary shares is the same as basic net income (loss) per ordinary share for the periods presented.
The
net income (loss) per share presented in the statements of operations is based on the following:
Schedule of Statement of Operations
| |
For
the Three Months
Ended June 30, 2024 | | |
For
the Three Months
Ended June 30, 2023 | | |
For
the Six Months
Ended June 30, 2024 | | |
For
the Six Months
Ended June 30, 2023 | |
Net
income | |
$ | 738,105 | | |
$ | 1,338,545 | | |
$ | 1,462,150 | | |
$ | 2,485,629 | |
Remeasurement
to redemption value – interest income earned | |
| (848,628 | ) | |
| (1,429,552 | ) | |
| (1,811,605 | ) | |
| (2,697,945 | ) |
Remeasurement
to redemption value – extension fee | |
| (210,000 | ) | |
| (1,150,000 | ) | |
| (420,000 | ) | |
| (2,299,999 | ) |
Net loss including accretion of temporary equity to redemption value | |
$ | (320,523 | ) | |
$ | (1,241,007 | ) | |
$ | (769,455 | ) | |
$ | (2,512,315 | ) |
Schedule
of Net Income (Loss) Per Share
| |
Non-
redeemable shares | | |
Redeemable
shares | | |
Non-
redeemable shares | | |
Redeemable shares | | |
Non-
redeemable shares | | |
Redeemable
shares | | |
Non- redeemable shares | | |
Redeemable
shares | |
| |
For
the Three Months
Ended June 30, 2024 | | |
For
the Three Months
Ended June 30, 2023 | | |
For
the Six Months
Ended June 30, 2024 | | |
For
the Six Months
Ended June 30, 2023 | |
| |
(Unaudited) | | |
(Unaudited) | | |
(Unaudited) | | |
(Unaudited) | |
| |
Non-
redeemable shares | | |
Redeemable
shares | | |
Non-
redeemable shares | | |
Redeemable shares | | |
Non-
redeemable shares | | |
Redeemable
shares | | |
Non- redeemable shares | | |
Redeemable
shares | |
Basic
and Diluted net income (loss) per share: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Numerators: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Allocation
of net losses | |
$ | (114,798 | ) | |
$ | (205,725 | ) | |
$ | (270,481 | ) | |
$ | (970,526 | ) | |
$ | (270,081 | ) | |
$ | (499,374 | ) | |
$ | (547,567 | ) | |
$ | (1,964,748 | ) |
Accretion
of extension fee | |
| — | | |
| 210,000 | | |
| — | | |
| 1,150,000 | | |
| — | | |
| 420,000 | | |
| — | | |
| 2,299,999 | |
Accretion
of temporary equity- interest income earned | |
| — | | |
| 848,628 | | |
| — | | |
| 1,429,552 | | |
| — | | |
| 1,811,605 | | |
| — | | |
| 2,697,945 | |
Allocation
of net income (loss) | |
$ | (114,798 | ) | |
$ | 852,903 | | |
$ | (270,481 | ) | |
$ | 1,609,026 | | |
$ | (270,081 | ) | |
$ | 1,732,231 | | |
$ | (547,567 | ) | |
$ | 3,033,196 | |
Denominators: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Weighted-average
shares outstanding | |
| 3,205,000 | | |
| 5,743,580 | | |
| 3,205,000 | | |
| 11,500,000 | | |
| 3,205,000 | | |
| 5,925,993 | | |
| 3,205,000 | | |
| 11,500,000 | |
Basic
and diluted net income (loss) per share | |
$ | (0.04 | ) | |
$ | 0.15 | | |
$ | (0.08 | ) | |
$ | 0.14 | | |
$ | (0.08 | ) | |
$ | 0.29 | | |
$ | (0.17 | ) | |
$ | 0.26 |
|
Income Taxes |
Income
Taxes
The
Company accounts for income taxes under ASC 740 Income Taxes (“ASC 740”). ASC 740 requires the recognition of deferred tax
assets and liabilities for both the expected impact of differences between the financial statements 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 statements recognition and measurement of a tax position taken or expected
to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination
by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim
period, disclosure and transition. The Company has identified the Cayman Islands as its only “major” tax jurisdiction, as
defined. Any interest payable in respect of U.S. debt obligations (if any) held by the Trust Account is intended to qualify for the portfolio
interest exemption or otherwise be exempt from U.S. withholding taxes. Based on the Company’s evaluation, it has been concluded
that there are no significant uncertain tax positions requiring recognition in the Company’s financial statements. The Company
believes that its income tax positions and deductions would be sustained on audit and does not anticipate any adjustments that would
result in material changes to its financial position. The Company’s policy for recording interest and penalties associated with
audits is to record such items as a component of income tax expense.
On
August 16, 2022, the U.S. Government enacted legislation commonly referred to as the Inflation Reduction Act. The main provision of the
Inflation Reduction Act (the IRA) that we anticipate may impact us is a 1% excise tax on share repurchases. Any redemption or other repurchase
that occurs after December 31, 2022, in connection with a Business Combination, extension vote or otherwise, may be subject to the excise
tax. Because there is possibility that the Company may acquire a U.S. domestic corporation or engage in a transaction in which a domestic
corporation becomes a parent or affiliate to the Company, the Company may become a “covered corporation” as a listed Company
in Nasdaq. On July 13, 2023 and January 10, 2024, 2,436,497 and 3,319,923 public shares were rendered for redemption in connection with
an extension vote, respectively (see Note 1). The management team has evaluated the IRA as of June 30, 2024, and does not accrue any
excise tax related to the redemption as the Company believes it is not a “covered corporation” under Internal Revenue Code
Section 4501. The management team will continue to evaluate its impact.
The
provision for income taxes was deemed to be immaterial for the six months ended June 30, 2024 and 2023.
|
Warrants |
Warrants
The
Company evaluates the Public and Private Warrants as either equity-classified or liability-classified instruments based on an assessment
of the warrants’ specific terms and applicable authoritative guidance in FASB ASC 480, Distinguishing Liabilities from Equity (“ASC
480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding
financial instruments pursuant to ASC 480 that meet the definition of a liability pursuant to ASC 480, and whether the warrants meet
all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own
ordinary shares, among other conditions for equity classification. Pursuant to such an evaluation, both Public and Private Warrants are
classified in stockholders’ equity.
|
Recently Issued Accounting Standards |
Recently
Issued Accounting Standards
Management
does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material
effect on the Company’s financial statements.
|
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v3.24.2.u1
Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Schedule of Statement of Operations |
The
net income (loss) per share presented in the statements of operations is based on the following:
Schedule of Statement of Operations
| |
For
the Three Months
Ended June 30, 2024 | | |
For
the Three Months
Ended June 30, 2023 | | |
For
the Six Months
Ended June 30, 2024 | | |
For
the Six Months
Ended June 30, 2023 | |
Net
income | |
$ | 738,105 | | |
$ | 1,338,545 | | |
$ | 1,462,150 | | |
$ | 2,485,629 | |
Remeasurement
to redemption value – interest income earned | |
| (848,628 | ) | |
| (1,429,552 | ) | |
| (1,811,605 | ) | |
| (2,697,945 | ) |
Remeasurement
to redemption value – extension fee | |
| (210,000 | ) | |
| (1,150,000 | ) | |
| (420,000 | ) | |
| (2,299,999 | ) |
Net loss including accretion of temporary equity to redemption value | |
$ | (320,523 | ) | |
$ | (1,241,007 | ) | |
$ | (769,455 | ) | |
$ | (2,512,315 | ) |
|
Schedule of Net Income (Loss) Per Share |
Schedule
of Net Income (Loss) Per Share
| |
Non-
redeemable shares | | |
Redeemable
shares | | |
Non-
redeemable shares | | |
Redeemable shares | | |
Non-
redeemable shares | | |
Redeemable
shares | | |
Non- redeemable shares | | |
Redeemable
shares | |
| |
For
the Three Months
Ended June 30, 2024 | | |
For
the Three Months
Ended June 30, 2023 | | |
For
the Six Months
Ended June 30, 2024 | | |
For
the Six Months
Ended June 30, 2023 | |
| |
(Unaudited) | | |
(Unaudited) | | |
(Unaudited) | | |
(Unaudited) | |
| |
Non-
redeemable shares | | |
Redeemable
shares | | |
Non-
redeemable shares | | |
Redeemable shares | | |
Non-
redeemable shares | | |
Redeemable
shares | | |
Non- redeemable shares | | |
Redeemable
shares | |
Basic
and Diluted net income (loss) per share: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Numerators: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Allocation
of net losses | |
$ | (114,798 | ) | |
$ | (205,725 | ) | |
$ | (270,481 | ) | |
$ | (970,526 | ) | |
$ | (270,081 | ) | |
$ | (499,374 | ) | |
$ | (547,567 | ) | |
$ | (1,964,748 | ) |
Accretion
of extension fee | |
| — | | |
| 210,000 | | |
| — | | |
| 1,150,000 | | |
| — | | |
| 420,000 | | |
| — | | |
| 2,299,999 | |
Accretion
of temporary equity- interest income earned | |
| — | | |
| 848,628 | | |
| — | | |
| 1,429,552 | | |
| — | | |
| 1,811,605 | | |
| — | | |
| 2,697,945 | |
Allocation
of net income (loss) | |
$ | (114,798 | ) | |
$ | 852,903 | | |
$ | (270,481 | ) | |
$ | 1,609,026 | | |
$ | (270,081 | ) | |
$ | 1,732,231 | | |
$ | (547,567 | ) | |
$ | 3,033,196 | |
Denominators: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Weighted-average
shares outstanding | |
| 3,205,000 | | |
| 5,743,580 | | |
| 3,205,000 | | |
| 11,500,000 | | |
| 3,205,000 | | |
| 5,925,993 | | |
| 3,205,000 | | |
| 11,500,000 | |
Basic
and diluted net income (loss) per share | |
$ | (0.04 | ) | |
$ | 0.15 | | |
$ | (0.08 | ) | |
$ | 0.14 | | |
$ | (0.08 | ) | |
$ | 0.29 | | |
$ | (0.17 | ) | |
$ | 0.26 |
|
X |
- DefinitionTabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations.
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v3.24.2.u1
Fair Value Measurements (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Fair Value Disclosures [Abstract] |
|
Schedule of Fair Value Hierarchy of Valuation Inputs |
Schedule
of Fair Value Hierarchy of Valuation Inputs
As of June 30, 2024 | |
Quoted Prices in
Active Markets
(Level 1) | | |
Significant
Other
Observable Inputs
(Level 2) | | |
Significant
Other
Unobservable Inputs
(Level 3) | |
Marketable Securities held in Trust Account | |
$ | 66,716,630 | | |
$ | - | | |
$ | - | |
As of December 31, 2023 | |
Quoted Prices in
Active Markets
(Level 1) | | |
Significant
Other
Observable Inputs
(Level 2) | | |
Significant
Other
Unobservable Inputs
(Level 3) | |
Marketable Securities held in Trust Account | |
$ | 101,590,662 | | |
$ | - | | |
$ | - | |
|
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v3.24.2.u1
Description of Organization and Business Operations (Details Narrative) - USD ($)
|
|
1 Months Ended |
6 Months Ended |
10 Months Ended |
|
|
|
|
|
|
|
|
|
Dec. 15, 2021 |
Jul. 31, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jan. 31, 2024 |
Jan. 10, 2024 |
Dec. 31, 2023 |
Sep. 20, 2023 |
Jul. 13, 2023 |
Mar. 13, 2023 |
Dec. 31, 2022 |
Dec. 13, 2022 |
Sep. 13, 2022 |
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of units per share |
|
|
$ 12.50
|
|
|
|
|
|
|
|
|
|
|
Sale of stock, consideration received on transaction |
$ 115,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Redemption public shares |
|
|
|
|
|
3,319,923
|
|
|
2,436,497
|
|
|
|
|
Redemption amount |
|
|
|
|
|
|
|
|
$ 26,094,883
|
|
|
|
|
Redemption of public shares |
|
|
|
|
|
3,319,923
|
|
|
|
|
|
|
|
Redemption of public shares amount |
|
|
|
|
|
$ 37,183,138
|
|
|
|
|
|
|
|
Amount deposited in trust account |
|
|
|
$ 383,333
|
|
|
|
|
|
|
|
|
|
Payments for Other Fees |
|
$ 302,116
|
|
$ 383,333
|
|
|
|
|
|
|
|
|
|
Shares Issued, Price Per Share |
|
|
|
$ 0.033
|
|
|
|
|
|
|
|
|
|
Share Price |
|
$ 0.033
|
|
|
$ 0.033
|
|
|
|
|
|
|
|
|
Notes Payable |
|
|
|
|
$ 70,000
|
|
|
|
|
|
|
|
|
Net proceeds from the IPO |
115,682,250
|
|
|
|
|
|
|
|
|
|
|
|
|
Escrow cash transfered |
$ 682,250
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash in escrow |
|
|
$ 0
|
|
|
|
$ 0
|
|
|
|
|
|
|
Working capital deficit |
|
|
7,030,977
|
|
|
|
6,191,522
|
|
|
|
|
|
|
Marketable securities |
|
|
7,500
|
|
|
|
$ 15,000
|
|
|
|
|
|
|
Related party loans |
|
|
$ 1,500,000
|
|
|
|
|
|
|
|
|
|
|
First Note [Member] | Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,000,000
|
Second Note [Member] | Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
|
|
|
$ 1,300,000
|
$ 1,300,000
|
|
Third Note [Member] | Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
|
|
$ 2,500,000
|
|
|
|
Fourth Note [Member] | Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
$ 2,500,000
|
|
|
|
|
|
IPO [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of units in initial public offering |
11,500,000
|
|
11,500,000
|
|
|
|
|
|
|
|
|
|
|
Sale of units per share |
$ 10.00
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of stock, consideration received on transaction |
$ 115,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Net proceeds from the IPO |
$ 2,300,000
|
|
$ 2,875,000
|
|
|
|
|
|
|
|
|
|
|
Over-Allotment Option [Member] | Underwriters [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of units in initial public offering |
1,500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Price |
$ 10.00
|
|
|
|
|
|
|
|
|
|
|
|
|
Private Placement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of units in initial public offering |
330,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of units per share |
$ 10.00
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of stock, consideration received on transaction |
$ 3,300,000
|
|
|
|
|
|
|
|
|
|
|
|
|
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v3.24.2.u1
Schedule of Statement of Operations (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
|
|
|
|
|
Net income |
$ 738,105
|
$ 724,045
|
$ 1,338,545
|
$ 1,147,084
|
$ 1,462,150
|
$ 2,485,629
|
Remeasurement to redemption value – interest income earned |
(848,628)
|
|
(1,429,552)
|
|
(1,811,605)
|
(2,697,945)
|
Remeasurement to redemption value – extension fee |
(210,000)
|
|
(1,150,000)
|
|
(420,000)
|
(2,299,999)
|
Net loss including accretion of temporary equity to redemption value |
$ (320,523)
|
|
$ (1,241,007)
|
|
$ (769,455)
|
$ (2,512,315)
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v3.24.2.u1
Schedule of Net Income (Loss) Per Share (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Nonredeemable Shares [Member] |
|
|
|
|
Allocation of net losses |
$ (114,798)
|
$ (270,481)
|
$ (270,081)
|
$ (547,567)
|
Accretion of extension fee |
|
|
|
|
Accretion of temporary equity- interest income earned |
|
|
|
|
Allocation of net income (loss) |
$ (114,798)
|
$ (270,481)
|
$ (270,081)
|
$ (547,567)
|
Weighted-average shares outstanding - Basic |
3,205,000
|
3,205,000
|
3,205,000
|
3,205,000
|
Weighted-average shares outstanding - Diluted |
3,205,000
|
3,205,000
|
3,205,000
|
3,205,000
|
Net income (loss) per share Basic |
$ (0.04)
|
$ (0.08)
|
$ (0.08)
|
$ (0.17)
|
Net income (loss) per share Diluted |
$ (0.04)
|
$ (0.08)
|
$ (0.08)
|
$ (0.17)
|
Redeemable Shares [Member] |
|
|
|
|
Allocation of net losses |
$ (205,725)
|
$ (970,526)
|
$ (499,374)
|
$ (1,964,748)
|
Accretion of extension fee |
210,000
|
1,150,000
|
420,000
|
2,299,999
|
Accretion of temporary equity- interest income earned |
848,628
|
1,429,552
|
1,811,605
|
2,697,945
|
Allocation of net income (loss) |
$ 852,903
|
$ 1,609,026
|
$ 1,732,231
|
$ 3,033,196
|
Weighted-average shares outstanding - Basic |
5,743,580
|
11,500,000
|
5,925,993
|
11,500,000
|
Weighted-average shares outstanding - Diluted |
5,743,580
|
11,500,000
|
5,925,993
|
11,500,000
|
Net income (loss) per share Basic |
$ 0.15
|
$ 0.14
|
$ 0.29
|
$ 0.26
|
Net income (loss) per share Diluted |
$ 0.15
|
$ 0.14
|
$ 0.29
|
$ 0.26
|
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v3.24.2.u1
Summary of Significant Accounting Policies (Details Narrative) - USD ($)
|
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
|
|
|
Dec. 15, 2021 |
Feb. 29, 2024 |
Jan. 31, 2024 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jan. 10, 2024 |
Dec. 31, 2023 |
Jul. 13, 2023 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
Cash in escrow |
|
|
|
$ 0
|
|
$ 0
|
|
|
$ 0
|
|
Cash, FDIC insured amount |
|
|
|
250,000
|
|
250,000
|
|
|
|
|
Assets held in trust |
|
|
|
66,716,630
|
|
66,716,630
|
|
|
$ 101,590,662
|
|
Interest income other |
|
|
|
848,628
|
$ 1,429,552
|
1,811,605
|
$ 2,697,945
|
|
|
|
Interest income reinvested in trust account |
|
|
|
567,140
|
929,387
|
1,530,117
|
2,197,780
|
|
|
|
Unrealized gain on investments |
|
|
|
$ 281,488
|
$ 500,165
|
$ 281,488
|
$ 500,165
|
|
|
|
Odinary shares subject to possible redemption |
|
|
|
5,743,580
|
|
5,743,580
|
|
|
9,063,503
|
|
Interest to pay dissolution expenses |
|
|
|
|
|
$ 50,000
|
|
|
|
|
Warrants exercisable to purchase of ordinary shares |
|
|
|
|
|
1,690,000
|
|
|
|
|
Rights exercisable to convert of ordinary shares |
|
|
|
5,915,000
|
|
5,915,000
|
|
|
|
|
Redemption public shares |
|
|
|
|
|
|
|
3,319,923
|
|
2,436,497
|
IPO [Member] |
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
Sale of units in initial public offering |
11,500,000
|
|
|
|
|
11,500,000
|
|
|
|
|
Odinary shares subject to possible redemption |
|
|
|
11,500,000
|
|
11,500,000
|
|
|
|
|
Wilming Ton [Member] |
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
Assets held in trust |
|
$ 37,183,138
|
$ 37,183,138
|
|
|
|
|
|
|
|
Public shares |
|
3,319,923
|
3,319,923
|
|
|
|
|
|
|
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v3.24.2.u1
Initial Public Offering (Details Narrative) - USD ($)
|
|
6 Months Ended |
Dec. 15, 2021 |
Jun. 30, 2024 |
Subsidiary, Sale of Stock [Line Items] |
|
|
Sale of units per share |
|
$ 12.50
|
Sale of units in initial public offering aggregate amount |
$ 115,000,000
|
|
IPO [Member] |
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
Sale of units in initial public offering |
11,500,000
|
11,500,000
|
Sale of units per share |
$ 10.00
|
|
Sale of units in initial public offering aggregate amount |
$ 115,000,000
|
|
Over-Allotment Option [Member] | Underwriters [Member] |
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
Sale of units in initial public offering |
1,500,000
|
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Private Placement (Details Narrative) - USD ($)
|
Dec. 15, 2021 |
Jun. 30, 2024 |
Subsidiary, Sale of Stock [Line Items] |
|
|
Sale of units per share |
|
$ 12.50
|
Sale of stock, consideration aggregate amount |
$ 115,000,000
|
|
Private Placement [Member] |
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
Sale of units in initial public offering |
330,000
|
|
Sale of units per share |
$ 10.00
|
|
Sale of stock, consideration aggregate amount |
$ 3,300,000
|
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v3.24.2.u1
Related Party Transactions (Details Narrative) - USD ($)
|
|
|
|
|
3 Months Ended |
6 Months Ended |
|
|
|
|
|
|
|
|
|
|
Jul. 12, 2024 |
Dec. 13, 2021 |
Apr. 06, 2021 |
Mar. 11, 2021 |
Jun. 30, 2024 |
Jun. 30, 2024 |
Aug. 31, 2024 |
Jul. 31, 2024 |
Jul. 30, 2024 |
Jan. 31, 2024 |
Dec. 31, 2023 |
Sep. 20, 2023 |
Mar. 13, 2023 |
Dec. 31, 2022 |
Dec. 13, 2022 |
Sep. 13, 2022 |
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of Stock, Price Per Share |
|
|
|
|
$ 12.50
|
$ 12.50
|
|
|
|
|
|
|
|
|
|
|
Administrative Fees Expense |
|
|
|
|
$ 30,000
|
$ 60,000
|
|
|
|
|
|
|
|
|
|
|
Administrative service fees |
|
|
|
|
261,129
|
$ 261,129
|
|
|
|
|
|
|
|
|
|
|
Lender description |
|
|
|
|
|
Up to $1,500,000 of such loans may be convertible into units at a price of $10.00 per unit (which, for example, would
result in the holders being issued 150,000 ordinary shares, 150,000 rights and 150,000 warrants to purchase 75,000 shares if $1,500,000
of notes were so converted) at the option of the lender. The units would be identical to the placement units issued to the initial holder.
|
|
|
|
|
|
|
|
|
|
|
Notes Payable |
|
|
|
|
|
|
|
|
|
$ 70,000
|
|
|
|
|
|
|
Promissory note balances |
|
|
|
|
6,245,961
|
$ 6,245,961
|
|
|
|
|
$ 5,755,961
|
|
|
|
|
|
Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued, shares |
4,840,581
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Note [Member] | Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,000,000
|
Second Note [Member] | Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,300,000
|
$ 1,300,000
|
|
Third Note [Member] | Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
|
|
|
|
|
$ 2,500,000
|
|
|
|
Fourth Note [Member] | Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
|
|
|
|
$ 2,500,000
|
|
|
|
|
Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes Payable |
|
|
|
|
490,000
|
490,000
|
|
|
|
|
|
|
|
|
|
|
Extension contribution |
|
|
|
|
70,000
|
70,000
|
|
|
|
$ 70,000
|
|
|
|
|
|
|
Promissory Note [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Extension contribution |
|
|
|
|
|
|
$ 35,000
|
$ 35,000
|
|
|
|
|
|
|
|
|
Founder [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued, shares |
|
|
|
2,875,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock repurchased and retired during period, shares |
|
|
|
375,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares forfeited |
|
|
2,875,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value of shares forfeited |
|
|
$ 25,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related party service fee |
|
$ 10,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sponsor [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Due to related party |
|
|
|
|
|
|
|
|
$ 738,769
|
|
|
|
|
|
|
|
Related Party [Member] | Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Due to related party |
|
|
|
|
$ 511,130
|
$ 511,130
|
|
|
|
|
$ 212,660
|
|
|
|
|
|
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v3.24.2.u1
Commitments and Contingencies (Details Narrative) - USD ($)
|
|
|
6 Months Ended |
|
|
|
Feb. 05, 2024 |
Dec. 15, 2021 |
Jun. 30, 2024 |
Jan. 31, 2024 |
Dec. 31, 2023 |
Jul. 31, 2023 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
Share price |
|
|
|
$ 0.033
|
|
$ 0.033
|
Gross proceeds from Initial Public Offering |
|
$ 115,682,250
|
|
|
|
|
Deferred underwriting commission |
|
|
$ 2,875,000
|
|
$ 2,875,000
|
|
Sponsor [Member] |
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
Value of stock issued for services |
$ 200,000
|
|
|
|
|
|
IPO [Member] |
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
Sale of units in initial public offering |
|
11,500,000
|
11,500,000
|
|
|
|
Percentage of cash underwritng commission |
|
2.00%
|
|
|
|
|
Gross proceeds from Initial Public Offering |
|
$ 2,300,000
|
$ 2,875,000
|
|
|
|
Percentage of deferred underwriting commission |
|
|
2.50%
|
|
|
|
Underwriters [Member] | Over-Allotment Option [Member] |
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
Sale of units in initial public offering |
|
1,500,000
|
|
|
|
|
Sale of units |
|
10,000,000
|
|
|
|
|
Share price |
|
$ 10.00
|
|
|
|
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v3.24.2.u1
Stockholders’ Deficit (Details Narrative) - USD ($)
|
|
6 Months Ended |
|
|
|
|
Dec. 15, 2021 |
Jun. 30, 2024 |
Jan. 31, 2024 |
Dec. 31, 2023 |
Jul. 31, 2023 |
Jun. 30, 2023 |
Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
Common stock, shares authorized |
|
50,000,000
|
|
50,000,000
|
|
|
Common stock par value |
|
$ 0.001
|
|
$ 0.001
|
|
|
Common stock, shares issued |
|
3,205,000
|
|
3,205,000
|
|
|
Common stock, shares outstanding |
|
3,205,000
|
|
3,205,000
|
|
|
Temporary Equity, Shares Authorized |
|
5,743,580
|
|
9,063,503
|
|
|
Sale of stock, price per share |
|
$ 12.50
|
|
|
|
|
Sale of stock, consideration received on transaction |
$ 115,000,000
|
|
|
|
|
|
Share Price |
|
|
$ 0.033
|
|
$ 0.033
|
|
Shares price per share |
|
|
|
|
|
$ 0.033
|
Public Warrants [Member] |
|
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
Sale of units in initial public offering |
|
11,500,000
|
|
|
|
|
Sale of stock, price per share |
|
$ 10.00
|
|
|
|
|
Sale of stock, consideration received on transaction |
|
$ 115,000,000
|
|
|
|
|
Share Price |
|
$ 11.50
|
|
|
|
|
Warrants outstanding |
|
11,500,000
|
|
11,500,000
|
|
|
Class of warrants or rights redemption price per share |
|
$ 0.01
|
|
|
|
|
Shares price per share |
|
$ 18.00
|
|
|
|
|
Number of consecutive trading days for determining the volume weighted average price of share |
|
20 days
|
|
|
|
|
Class of warrants or rights period within the registration shall be effective from the consummation of business combination |
|
60 days
|
|
|
|
|
Volume weighted average price per share |
|
$ 9.20
|
|
|
|
|
Percentage of funds raised to be used for consummating business combination |
|
60.00%
|
|
|
|
|
Class of warrants or rights exercise price percentage |
|
115.00%
|
|
|
|
|
Class of warrants or rights exercise price percentage |
|
180.00%
|
|
|
|
|
Private Warrants [Member] |
|
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
Warrants outstanding |
|
330,000
|
|
330,000
|
|
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v3.24.2.u1
Schedule of Fair Value Hierarchy of Valuation Inputs (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Marketable Securities held in Trust Account |
$ 7,500
|
$ 15,000
|
Fair Value, Inputs, Level 1 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Marketable Securities held in Trust Account |
66,716,630
|
101,590,662
|
Fair Value, Inputs, Level 2 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Marketable Securities held in Trust Account |
|
|
Fair Value, Inputs, Level 3 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Marketable Securities held in Trust Account |
|
|
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v3.24.2.u1
Subsequent Events (Details Narrative) - USD ($)
|
|
1 Months Ended |
|
Jul. 12, 2024 |
Jul. 30, 2024 |
Jun. 30, 2023 |
Subsequent Event [Line Items] |
|
|
|
Redemption per share |
|
|
$ 0.033
|
Subsequent Event [Member] |
|
|
|
Subsequent Event [Line Items] |
|
|
|
Stock issued during period shares new issues |
4,840,581
|
|
|
Redemption per share |
$ 11.61
|
|
|
Redemption payment |
$ 561,991,450,000
|
|
|
Extension fees |
$ 35,000
|
|
|
Subsequent Event [Member] | Sponsor [Member] |
|
|
|
Subsequent Event [Line Items] |
|
|
|
Operating expenses |
|
$ 227,639
|
|
Due to sponsor |
|
$ 738,769
|
|
X |
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