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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 September 30, 2023
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from_________ to___________
Commission
file number: 001-41012
FINNOVATE
ACQUISITION CORP.
(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.) |
265 Franklin Street
Suite
1702
Boston,
MA |
|
02110 |
| (Address
of Principal Executive Offices) |
|
(Zip
Code) |
+1
424-253-0908
(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 Exchange Act:
| Title
of each class |
|
Trading
Symbol (s) |
|
Name
of each exchange on which registered |
| Units,
each consisting of one Class A ordinary share and three-quarters of one Warrant |
|
FNVTU |
|
The
Nasdaq Stock Market LLC |
| Class
A ordinary shares, par value $0.0001 per share |
|
FNVT |
|
The
Nasdaq Stock Market LLC |
| Redeemable
warrants, each warrant exercisable for one Class A ordinary share at an exercise price of $11.50 |
|
FNVTW |
|
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 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 ☐
As
of December 14, 2023, there were 9,085,831 Class A ordinary shares, par value $0.0001 per share, and 1 Class B ordinary share, par value
$0.0001 per share, of the registrant issued and outstanding.
TABLE
OF CONTENTS
PART
I. FINANCIAL INFORMATION
ITEM
1. CONDENSED FINANCIAL STATEMENTS
FINNOVATE
ACQUISITION CORP.
CONDENSED
BALANCE SHEETS
| | |
September 30, 2023 (Unaudited) | | |
December 31, 2022 | |
| | |
As of | |
| | |
September 30, 2023 (Unaudited) | | |
December 31, 2022 | |
| Assets | |
| | | |
| | |
| Current Assets | |
| | | |
| | |
| Cash | |
$ | 867 | | |
$ | 244,179 | |
| Prepaid expenses | |
| 66,235 | | |
| 314,502 | |
| Total Current Assets | |
| 67,102 | | |
| 558,681 | |
| Investments held in Trust Account | |
| 50,306,452 | | |
| 178,531,059 | |
| Total Assets | |
$ | 50,373,554 | | |
$ | 179,089,740 | |
| | |
| | | |
| | |
| Liabilities, Redeemable Ordinary Shares and Shareholders’ Deficit | |
| | | |
| | |
| Current Liabilities | |
| | | |
| | |
| Accounts payable and accrued expenses | |
$ | 1,242,202 | | |
$ | 522,801 | |
| Working capital loan - related party | |
| - | | |
| 449,765 | |
| Extension note payable | |
| 500,000 | | |
| - | |
| Due to related party | |
| 310,371 | | |
| 41,464 | |
| Total Liabilities | |
| 2,052,573 | | |
| 1,014,030 | |
| | |
| | | |
| | |
| Commitments and Contingencies | |
| | | |
| | |
| | |
| | | |
| | |
| Class A ordinary shares subject to possible redemption, 4,623,332 and 17,250,000 shares at redemption value of $10.88 and $10.35 at September 30, 2023 and December 31, 2022, respectively | |
| 50,306,452 | | |
| 178,531,059 | |
| | |
| | | |
| | |
| Shareholders’ Deficit | |
| | | |
| | |
| Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding | |
| - | | |
| - | |
| Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 4,462,499 and 150,000 issued and outstanding (excluding 4,623,332 and 17,250,000 shares subject to possible redemption) at September 30, 2023 and December 31, 2022, respectively | |
| 446 | | |
| 15 | |
Class B ordinary shares, $0.0001 par value; 50,000,000
shares authorized; 1 and 4,312,500 issued and outstanding at September 30, 2023 and December 31, 2022, respectively | |
| - | | |
| 431 | |
| Common stock, value | |
| - | | |
| 431 | |
| Accumulated deficit | |
| (1,985,917 | ) | |
| (455,795 | ) |
| Total Shareholders’ Deficit | |
| (1,985,471 | ) | |
| (455,349 | ) |
| Total Liabilities, Redeemable Ordinary Shares and Shareholders’ Deficit | |
$ | 50,373,554 | | |
$ | 179,089,740 | |
The
accompanying notes are an integral part of the unaudited condensed financial statements.
FINNOVATE
ACQUISITION CORP.
CONDENSED
STATEMENTS OF OPERATIONS
FOR
THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023 AND SEPTEMBER 30, 2022
(UNAUDITED)
| | |
September 30,
2023 | | |
September 30,
2022 | | |
September 30,
2023 | | |
September 30,
2022 | |
| | |
For the Three Months Ended | | |
For the Nine Months Ended | |
| | |
September 30,
2023 | | |
September 30,
2022 | | |
September 30,
2023 | | |
September 30,
2022 | |
| Formation, general and administrative expenses | |
$ | 635,563 | | |
$ | 290,025 | | |
$ | 1,481,694 | | |
$ | 677,782 | |
| Loss from operations | |
| (635,563 | ) | |
| (290,025 | ) | |
| (1,481,694 | ) | |
| (677,782 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Other Income | |
| | | |
| | | |
| | | |
| | |
| Interest earned on Bank Account | |
| 136 | | |
| 1,618 | | |
| 1,807 | | |
| 1,922 | |
| Interest earned on Investments held in Trust Account | |
| 641,496 | | |
| 795,600 | | |
| 3,892,315 | | |
| 1,059,860 | |
| Total Other Income | |
| 641,632 | | |
| 797,218 | | |
| 3,894,122 | | |
| 1,061,782 | |
| | |
| | | |
| | | |
| | | |
| | |
| Net Income | |
$ | 6,069 | | |
$ | 507,193 | | |
$ | 2,412,428 | | |
$ | 384,000 | |
| | |
| | | |
| | | |
| | | |
| | |
| Basic and diluted weighted average shares outstanding, redeemable Class A ordinary shares | |
| 4,623,332 | | |
| 17,400,000 | | |
| 10,451,025 | | |
| 17,400,000 | |
| Basic and diluted net income per redeemable Class A ordinary share | |
$ | 0.00 | | |
$ | 0.02 | | |
$ | 0.16 | | |
$ | 0.02 | |
| Basic and diluted weighted average shares outstanding, non-redeemable ordinary shares | |
| 4,462,500 | | |
$ | 4,312,500 | | |
| 4,462,500 | | |
| 4,312,500 | |
| Basic and diluted weighted average shares outstanding, non-redeemable ordinary shares | |
| 4,462,500 | | |
$ | 4,312,500 | | |
| 4,462,500 | | |
| 4,312,500 | |
| Basic and diluted net income per non-redeemable ordinary share | |
$ | 0.00 | | |
$ | 0.02 | | |
$ | 0.16 | | |
$ | 0.02 | |
| Basic and diluted net income per non-redeemable ordinary share | |
$ | 0.00 | | |
$ | 0.02 | | |
$ | 0.16 | | |
$ | 0.02 | |
The
accompanying notes are an integral part of the unaudited condensed financial statements.
FINNOVATE
ACQUISITION CORP.
CONDENSED
STATEMENTS OF CHANGES IN SHAREHOLDERS’ DEFICIT
FOR
THE THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022
(UNAUDITED)
| | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
| | |
Ordinary Shares | | |
Additional | | |
| | |
Total | |
| | |
Class A | | |
Class B | | |
Paid-in | | |
Accumulated | | |
Shareholders’ | |
| | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
| Balance - December 31, 2022 | |
| 150,000 | | |
$ | 15 | | |
| 4,312,500 | | |
$ | 431 | | |
$ | - | | |
$ | (455,795 | ) | |
$ | (455,349 | ) |
| Remeasurement of Class A ordinary shares to redemption value | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,908,881 | ) | |
| (1,908,881 | ) |
| Net Income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,608,034 | | |
| 1,608,034 | |
| Balance - March 31, 2023 | |
| 150,000 | | |
| 15 | | |
| 4,312,500 | | |
| 431 | | |
| - | | |
| (756,642 | ) | |
| (756,196 | ) |
| Conversion of Sponsor Shares | |
| 4,312,499 | | |
| 431 | | |
| (4,312,499 | ) | |
| (431 | ) | |
| - | | |
| - | | |
| - | |
| Promissory Note forgiveness | |
| - | | |
| - | | |
| - | | |
| - | | |
| 449,765 | | |
| - | | |
| 449,765 | |
| Extension Contribution | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (300,000 | ) | |
| (300,000 | ) |
| Remeasurement of Class A ordinary shares to redemption value | |
| - | | |
| - | | |
| - | | |
| - | | |
| (449,765 | ) | |
| (892,173 | ) | |
| (1,341,938 | ) |
| Net Income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 798,325 | | |
| 798,325 | |
| Balance - June 30, 2023 | |
| 4,462,499 | | |
| 446 | | |
| 1 | | |
| - | | |
| - | | |
| (1,150,490 | ) | |
| (1,150,044 | ) |
| Extension Contribution | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (200,000 | ) | |
| (200,000 | ) |
| Remeasurement of Class A ordinary shares to redemption value | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (641,496 | ) | |
| (641,496 | ) |
| Net Income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 6,069 | | |
| 6,069 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Balance - September 30, 2023 | |
| 4,462,499 | | |
$ | 446 | | |
| 1 | | |
$ | - | | |
| - | | |
$ | (1,985,917 | ) | |
$ | (1,985,471 | ) |
| | |
Ordinary Shares | | |
Additional | | |
| | |
Total | |
| | |
Class A | | |
Class B | | |
Paid-in | | |
Accumulated | | |
Shareholders’ | |
| | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Equity | |
| Balance - December 31, 2021 | |
| 150,000 | | |
$ | 15 | | |
| 4,312,500 | | |
$ | 431 | | |
$ | 1,654,188 | | |
$ | (639,546 | ) | |
$ | 1,015,088 | |
| Net Loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (160,730 | ) | |
| (160,730 | ) |
| Balance – March 31, 2022 | |
| 150,000 | | |
| 15 | | |
| 4,312,500 | | |
| 431 | | |
| 1,654,188 | | |
| (800,276 | ) | |
| 854,358 | |
| Remeasurement of Class A ordinary shares to redemption value | |
| - | | |
| - | | |
| - | | |
| - | | |
| (266,362 | ) | |
| - | | |
| (266,362 | ) |
| Net Income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 37,537 | | |
| 37,537 | |
| Balance - June 30, 2022 | |
| 150,000 | | |
| 15 | | |
| 4,312,500 | | |
| 431 | | |
| 1,387,826 | | |
| (762,739 | ) | |
| 625,533 | |
| Beginning balance value | |
| 150,000 | | |
| 15 | | |
| 4,312,500 | | |
| 431 | | |
| 1,387,826 | | |
| (762,739 | ) | |
| 625,533 | |
| Remeasurement of Class A ordinary shares to redemption value | |
| - | | |
| - | | |
| - | | |
| - | | |
| (795,600 | ) | |
| - | | |
| (795,600 | ) |
| Net Income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 507,193 | | |
| 507,193 | |
| Net income (loss) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 507,193 | | |
| 507,193 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Balance - September 30, 2022 | |
| 150,000 | | |
$ | 15 | | |
| 4,312,500 | | |
$ | 431 | | |
$ | 592,226 | | |
$ | (255,546 | ) | |
$ | 337,126 | |
| Ending Balance value | |
| 150,000 | | |
$ | 15 | | |
| 4,312,500 | | |
$ | 431 | | |
$ | 592,226 | | |
$ | (255,546 | ) | |
$ | 337,126 | |
The
accompanying notes are an integral part of the unaudited condensed financial statements.
FINNOVATE
ACQUISITION CORP.
CONDENSED
STATEMENTS OF CASH FLOWS
(UNAUDITED)
| | |
For
the
Nine Months Ended
September 30, 2023 | | |
For
the
Nine Months Ended
September 30, 2022 | |
| Cash
flows from operating activities: | |
| | | |
| | |
| Net
income | |
$ | 2,412,428 | | |
$ | 384,000 | |
| Interest
earned on Investments held in Trust Account | |
| (3,892,315 | ) | |
| (1,059,860 | ) |
| Changes
in operating assets and liabilities: | |
| | | |
| | |
| Prepaid
expenses | |
| 248,267 | | |
| 261,190 | |
| Accounts
payable and accrued expenses | |
| 719,401 | | |
| (20,127 | ) |
| Accrued
offering expenses | |
| — | | |
| (46,894 | ) |
| Due
to related party | |
| 268,907 | | |
| 26,464 | |
| Net
cash used by operating activities | |
| (243,312 | ) | |
| (455,227 | ) |
| | |
| | | |
| | |
| Cash
flows from investing activities: | |
| | | |
| | |
| Cash
withdrawn from Trust account in connection with redemption | |
| 132,616,922 | | |
| — | |
| Extension
Contribution | |
| (500,000 | ) | |
| | |
| Net
cash provided by investing activities | |
| 132,116,922 | | |
| — | |
| | |
| | | |
| | |
| Cash
flows from financing activities: | |
| | | |
| | |
| Proceeds
from Related Party advances | |
| 500,000 | | |
| — | |
| Redemption
of Class A Ordinary shares | |
| (132,616,922 | ) | |
| — | |
| Net
cash provided used in financing activities | |
| (132,116,922 | ) | |
| — | |
| | |
| | | |
| | |
| Net
change in cash | |
| (243,312 | ) | |
| (455,227 | ) |
| Cash
at beginning of period | |
| 244,179 | | |
| 1,011,771 | |
| Cash
at end of period | |
$ | 867 | | |
$ | 556,544 | |
| | |
| | | |
| | |
| Supplemental
disclosure of cash flow information: | |
| | | |
| | |
| Remeasurement
of Class A ordinary shares to redemption value | |
$ | 3,892,315 | | |
$ | 1,061,962 | |
| Promissory
Note forgiveness | |
$ | 449,765 | | |
$ | — | |
| Extension Contribution | |
$ | 500,000 | | |
$ | — | |
The
accompanying notes are an integral part of the unaudited condensed financial statements.
FINNOVATE
ACQUISITION CORP.
NOTES
TO CONDENSED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE
1 - ORGANIZATION AND BUSINESS BACKGROUND
Organization
and General
Finnovate
Acquisition Corp. (the “Company”) was incorporated in the Cayman Islands on March 15, 2021. The Company was formed for the
purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar
business combination with one or more businesses or entities (the “Business Combination”). The Company is not limited to
a particular industry or sector for purposes of consummating a Business Combination. The Company is an early-stage and emerging growth
company, and, as such, the Company is subject to all of the risks associated with early-stage and emerging growth companies.
As
of September 30, 2023, the Company had not commenced any operations. All activity for the period from March 15, 2021 (inception) through
September 30, 2023 relates to the Company’s formation and its initial public offering (the “IPO”) described below,
and, since the IPO, the search for a target for its Business Combination. 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 IPO. The Company has selected December 31 as its fiscal year end.
IPO
On
November 8, 2021, the Company completed the sale of 15,000,000
units (the “Units” and, with respect to the Class A shares of ordinary shares included in the Units being offered, the
“Public Shares”) at $10.00
per Unit. On November 12, 2021, the Company closed on the underwriters’ exercise of the full over-allotment, resulting in the
sale of an additional 2,250,000
Units. The IPO and subsequent exercise of the over-allotment generated gross proceeds of $172,500,000,
which is described in Note 3. Each Unit consists of one share of Class A ordinary shares and three-quarters of one redeemable
warrant (“Public Warrant”).
Simultaneously
with the closing of the IPO, the Company completed the sale of 7,900,000 private placement warrants (the “Private Placement Warrants”)
at a price of $1.00 per Private Placement Warrant in a private placement to Finnovate Sponsor, L.P. (the “Sponsor”) as well
as to EarlyBirdCapital, Inc. (“EarlyBirdCapital”). On November 12, 2021, pursuant to the full exercise of the over-allotment
option, the Sponsor purchased an additional 900,000 Private Placement Warrants. The IPO and subsequent exercise of the over-allotment
generated gross proceeds of $8,800,000 from the sale of the Private Placement Warrants.
Following
the closing of the IPO on November 8, 2021 and the subsequent exercise of the over-allotment option, $175,950,000 ($10.20 per Unit) from
the net proceeds of the sale of the Units in the IPO and the sale of the Private Placement Warrants was placed in a trust account (the
“Trust Account”), located in the United States at a nationally recognized financial institution, with Continental Stock Transfer
& Trust Company (“Continental”) acting as trustee, and either held in a demand deposit account or invested only in in
United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended
(the “Investment Company Act”) having a maturity of 185 days or less or in money market funds meeting certain conditions
under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations. Pursuant
to the trust agreement, the trustee will not be permitted to invest in other securities or assets. The Trust Account is intended as a
holding place for funds pending the earliest to occur of either: (i) the completion of the Business Combination; (ii) the redemption
of any Public Shares properly tendered in connection with a shareholder vote to amend the amended and restated memorandum and articles
of association (the “Amended and Restated Articles of Association”) to (A) modify the substance or timing of the Company’s
obligation to allow redemption in connection with the Business Combination or to redeem the Public Shares if the Company does not complete
the initial Business Combination by May 8, 2024 or (B) with respect to any other provision relating to shareholders’ rights or
pre-Business Combination activity and (iii) the redemption of all of the Public Shares if the Company is unable to complete the Business
Combination by May 8, 2024, subject to applicable law. If the Company does not hold or invest the proceeds as discussed above, the Company
may be deemed to be subject to the Investment Company Act.
Initial
Business Combination
The
Company’s management has broad discretion with respect to the specific application of the net proceeds of the IPO and the sale
of the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating
a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company
must complete a Business Combination with one or more operating businesses or assets that together have an aggregate fair market value
equal to at least 80% of the net assets held in the Trust Account as defined below (excluding the underwriting commissions and taxes
payable on the income earned on the Trust Account) at the time of the Company’s signing of a definitive agreement in connection
with its Business Combination. The Company will only complete a Business Combination if the post-transaction company owns or acquires
50% or more of the outstanding voting securities of the target or otherwise acquires an interest in the target business or assets sufficient
for it not to be required to register as an investment company under the Investment Company Act.
The
Company will provide its public shareholders with the opportunity to redeem all or a portion of their Public Shares upon the completion
of the Business Combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account
calculated as of two business days prior to the consummation of the Business Combination, including interest earned on the funds held
in the Trust Account and not previously released to the Company to pay taxes (which interest shall be net of taxes payable), divided
by the number of then issued and outstanding Public Shares, subject to the limitations described herein.
The
amount in the Trust Account is approximately $10.88
per Public Share as of September 30, 2023. The per-share amount the Company will distribute to investors who properly redeem their shares will not be
reduced by the underwriting commissions the Company will pay to the underwriter. The redemption rights will include the requirement
that a beneficial holder must identify itself in order to validly redeem its shares. There will be no redemption rights upon the
completion of the Business Combination with respect to the warrants. The Company’s initial shareholders, directors and
officers have entered into a letter agreement with the Company, pursuant to which they have agreed to waive their redemption rights
with respect to the 4,312,500
shares of Class B ordinary shares purchased in March 2021 (the “Founder Shares,” described in more detail in Note 5) and
Public Shares held by them in connection with the completion of the Business Combination.
The
Company will only proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 either prior to or
upon such consummation of a Business Combination and, if the Company seeks shareholder approval, a majority of the shares voted are voted
in favor of the Business Combination. If a shareholder vote is not required by applicable law or stock exchange rules and the Company
does not decide to hold a shareholder vote for business or other reasons, the Company will, pursuant to its Amended and Restated Articles
of Association, conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”)
and file tender offer documents with the SEC prior to completing a Business Combination. If, however, shareholder approval of the transaction
is required by applicable law or stock exchange rules, or the Company decides to obtain shareholder approval for business or other reasons,
the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the
tender offer rules. If the Company seeks shareholder approval in connection with a Business Combination, the Sponsor has agreed to vote
its Founder Shares, and any Public Shares purchased during or after the IPO, in favor of approving a Business Combination. Additionally,
each public shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction
or do not vote at all.
Notwithstanding
the above, if the Company seeks shareholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender
offer rules, the Amended and Restated Articles of Association provide that a public shareholder, together with any affiliate of such
shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section
13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares
with respect to more than an aggregate of 15% or more of the Public Shares, without the prior consent of the Company.
The
Sponsor has agreed (i) to waive its redemption rights with respect to its Founder Shares and Public Shares held by it in connection with
the completion of a Business Combination and (ii) not to propose an amendment to the Amended and Restated Articles of Association (a)
to modify the substance or timing of the Company’s obligation to allow redemption in connection with the Company’s Business
Combination or to redeem 100% of its Public Shares if the Company does not complete a Business Combination or (b) with respect to any
other provision relating to shareholders rights or pre-Business Combination activity, unless the Company provides the public shareholders
with the opportunity to redeem their Public Shares in conjunction with any such amendment.
The
Company will have until May 8, 2024 to complete a Business Combination (the “Combination Period”). If the Company is unable
to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of
winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share
price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held
in the Trust Account and not previously released to the Company to pay its tax obligations (less up to $100,000 of interest to pay dissolution
expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public shareholders’
rights as shareholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably
possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Company’s board
of directors (the “Board”), dissolve and liquidate, subject in each case to the Company’s obligations under Cayman
Islands law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating
distributions with respect to the Company’s warrants, which will expire worthless if the Company fails to complete a Business Combination
within the Combination Period.
The
Sponsor has agreed to waive its liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination
within the Combination Period. However, if the Sponsor acquires Public Shares in or after the IPO, such Public Shares will be entitled
to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period.
The underwriter has agreed to waive its right to its underwriting commission (see Note 8) held in the Trust Account in the event the
Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with
the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution,
it is possible that the per share value of the assets remaining available for distribution will be less than the IPO price per Unit ($10.00).
In
order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims
by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed
entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (1) $10.20 per Public Share or (2) such
lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in
the value of the trust assets, in each case net of the interest which may be withdrawn to pay franchise and income taxes. This liability
will not apply with respect to claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account
and except as to any claims under the Company’s indemnity of the underwriter of the IPO against certain liabilities, including
liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed
waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such
third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to
claims of creditors by endeavoring to have all vendors, service providers (except the Company’s independent registered public accounting
firm), prospective target businesses and other entities with which the Company does business, execute agreements with the Company waiving
any right, title, interest or claim of any kind in or to monies held in the Trust Account.
Liquidity,
Capital Resources and Going Concern
As
of September 30, 2023, the Company had $867 in its operating bank account and working capital deficit of $1,985,471. The Company’s
liquidity needs up to September 30, 2023 had been satisfied by payment from the Sponsor for the Founder Shares, a loan under an unsecured
promissory note from the Sponsor of up to $250,000 (the “Promissory Note”), drawdowns against the available working capital
loan (the “Working Capital Loan”), as well as advances and payments made on behalf of the Company by related parties. The
Promissory Note was fully repaid as of November 8, 2021.
In
order to finance transaction costs in connection with a Business Combination, the Company’s Sponsor or an affiliate of the Sponsor
or certain of the Company’s officers and directors may, but are not obligated to, loan the Company with funds as may be required
(Working Capital Loans, described in more detail in Note 5). As of September 30, 2023 and December 31, 2022, the Company had $0 and $449,765
outstanding under the Working Capital Loan, respectively. Additionally, the Company received working capital advances from an affiliate
of the Sponsor totaling approximately $ from May 8, 2023 to September 30, 2023, which is included in Due to related party.
On
June 2, 2023, the Company issued a promissory note (the “Extension Note”) in the aggregate principal amount of up to $1,200,000
to the Sponsor, the proceeds from which will be deposited into the Trust Account for the benefit of each Public Share that was not redeemed in connection
with the Company’s May 8, 2023 shareholder vote to approve an extension of the Company’s termination date from May 8, 2023
to May 8, 2024 (the “Extension”). The Sponsor agreed to pay $ per month until the completion of an initial Business
Combination, commencing on May 8, 2023 and continuing through May 8, 2024. The Extension Note bears no interest and is due and payable
upon the earlier to occur of (i) the date on which the Company consummates its Business Combination and (ii) the date that the winding
up of the Company is effective. At the election of the Sponsor, up to $1,200,000 of the unpaid principal amount of the Extension Note
may be converted into warrants of the Company (the “Conversion Warrants”) at a conversion price of $1.00 per warrant. The
Conversion Warrants shall be identical to the Private Placement Warrants issued by the Company at the IPO. The Company has determined
that the fair value of the Extension Note is its face value as the note was not issued with a substantial premium. The Sponsor funded
the first three months of the Extension Note in its first payment. As of September 30, 2023, the outstanding balance of the Extension
Note was $500,000, and no interest was accrued. If the Company is not able to consummate a Business Combination before May 8, 2024, the
Company will commence an automatic winding up, dissolution and liquidation. Management has determined that automatic liquidation, should
a Business Combination not occur, and potential subsequent dissolution also raises substantial doubt about the Company’s ability
to continue as a going concern. While management intends to complete a Business Combination on or before May 8, 2024, it is uncertain
whether the Company will be able to do so. No adjustments have been made to the carrying amounts of assets or liabilities should the
Company be required to liquidate after May 8, 2024.
These
conditions, involving liquidity concerns and mandatory liquidation, raise substantial doubt about the Company’s ability to continue
as a going concern for a period of time within one year after the date that the unaudited condensed financial statements are issued.
There is no assurance that the Company’s plan to consummate a Business Combination will be successful or successful within the
Combination Period. The unaudited condensed financial statements do not include any adjustments that might result from the outcome of
this uncertainty.
Sunorange
Investment
On
April 27, 2023, the Company entered into an agreement (the “Investment Agreement”) with the Sponsor and Sunorange Limited
(the “Sunorange”), pursuant to which Sunorange and its designees shall acquire partnership interests in the Sponsor and Class
B ordinary shares directly held by certain Company directors, which combined interests will entitle Sunorange to receive, in the aggregate,
3,557,813 Class B ordinary shares and 6,160,000 Private Placement Warrants (collectively, the “Insider Securities”), and
the Company shall introduce a change in management and the Board as follows: (i) Calvin Kung shall replace David Gershon as Chairman
of the Board and Chief Executive Officer, and Wang Chiu (Tommy) Wong shall replace Ron Golan as Chief Financial Officer and director
on the Board, effective upon closing of the Sunorange Investment (as defined herein); (ii) Jonathan Ophir and Uri Chaitchik shall tender
their resignations as Chief Investment Officer and Senior Consultant, respectively, effective upon closing of the Sunorange Investment;
and (iii) Mitch Garber, Gustavo Schwed and Nadav Zohar shall tender their resignations as directors, to be effective upon expiration
of all applicable waiting periods under Section 14(f) of the Exchange Act and Rule 14f-1 thereunder (such period of time being referred
to herein as the “Waiting Period”), and whose vacancies shall be filled by individuals to be designated by Sunorange and
effective upon expiration of the Waiting Period (such new officers and directors collectively referred to herein as the “New Management”).
Sunorange’s acquisition of interests in the Insider Securities, the change to New Management and other transactions contemplated
by the Investment Agreement are hereinafter referred to as the “Sunorange Investment.”
On
May 8, 2023, the Company completed the closing of the Sunorange Investment after the Company’s shareholders approved certain proposals
discussed below, and after certain closing conditions were met, including but not limited to: (i) a minimum of $30 million remaining
in the Company’s Trust Account after accounting for all redemptions in connection with the Company’s extraordinary general
meeting of shareholders on May 8, 2023 (the “Extension Meeting”); (ii) the Company obtaining or extending a D&O insurance
policy on terms satisfactory to the parties; (iii) the conversion of Class B ordinary shares into Class A ordinary shares as needed to
retain shareholders and meet continued listing requirements of The Nasdaq Stock Market LLC (“Nasdaq”) in the event that the
Extension is approved; (iv) the amendment of the Sponsor’s existing limited partnership agreement; (v) the transfer of 61,875 Class
B ordinary shares from certain Company directors to Sunorange or its designees and (vi) the cancellation of the outstanding Working Capital
Loan from the Sponsor and the reduction of certain advisory fees to be due upon the closing of an initial Business Combination.
In
connection with the closing of the Sunorange Investment, on May 8, 2023, Sunorange caused $300,000 to be deposited into the Trust Account
to support the first three months of the Extension from May 9, 2023 through August 8, 2023 (see Note 5). Sunorange has agreed to cause
to be deposited into the Trust Account an additional $100,000 for each successive month, or portion thereof, that is needed by the Company
to complete an initial Business Combination until May 8, 2024. As of September 30, 2023, $500,000 has been deposited into the Trust Account
in support of the Extension.
Business
Combination Agreement
On
August 21, 2023, the Company and Scage International Limited (“Scage”) entered into a definitive Business Combination Agreement
(the “Business Combination Agreement”). Scage is a zero-emission solution provider in China, focusing on the development
and commercialization of heavy-duty NEV trucks and e-fuel solutions. Upon consummation of the two mergers and the other transaction contemplated
by the Business Combination Agreement (the “Scage Business Combination”), Scage Future, a newly formed holding company (“Pubco”)
will seek to be listed on Nasdaq. The outstanding securities of Scage and the Company will be converted into the right to receive securities
of Pubco. The transaction represents a post-Business Combination valuation of $1.0 billion ($1,000,000,000)
for Scage upon closing of the Scage Business Combination, subject to adjustment.
On
August 29, 2023, the Company engaged a third-party consultant to provide the Company with an introduction to potential targets for its
Business Combination. Pursuant to the terms of the agreement, the Company has agreed to pay a contingent fee of 0.5% of the implied enterprise
value of the target if the Company consummates a Business Combination.
Lock-Up
Agreements
Simultaneously
with the execution of the Business Combination Agreement, Pubco, Scage, the Company and certain shareholders of Scage (“Key Scage
Shareholders”), as shareholders holding shares of Scage sufficient to constitute the Required Company Shareholder Approval (as
that term is defined in the Business Combination Agreement) as the holder of record or the beneficial owner within the meaning of Rule
135-3 of the Exchange Act, each entered into Lock-Up Agreements (each, a “Key Seller Lock-Up Agreement”). It is a condition
to the Closing that all stockholders of Scage between signing and Closing enter into a Lock-Up Agreement (each, a “Seller Lock-Up
Agreement”).
Pursuant
to each Key Seller Lock-Up Agreement, each Key Scage Shareholder agreed not to, during the period commencing from the date and time at
which the Closing is actually held (the “Closing Date”) and ending on (A) the 6-month anniversary of the Closing Date with
respect to 40% of the restricted securities and (B) the 36-month anniversary of the Closing Date with respect to the remaining 60% of
the restricted securities, (i) lend, offer, pledge, hypothecate, encumber, donate, assign, sell, offer to sell, contract or agree to
sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase,
or otherwise transfer or dispose of or agree to transfer or dispose of, directly or indirectly, or establish or increase of a put equivalent
position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act and the rules and regulations
of the SEC promulgated thereunder, or otherwise transfer or dispose of, directly or indirectly, any restricted securities, (ii) enter
into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the
Lock-up Securities (as that term is defined in the Business Combination Agreement), whether any such transaction is to be settled by
delivery of such restricted securities, in cash or otherwise, or (iii) publicly disclose the intention to do any of the foregoing, whether
any such transaction described in clauses (i), (ii) or (iii) above is to be settled by delivery of restricted securities or other securities,
in cash or otherwise (any of the foregoing described in clauses (i), (ii) or (iii), a “Prohibited Transfer”) (subject to
early release if Pubco consummates a Change of Control (as that term is defined in the Business Combination Agreement)).
Pursuant
to each Seller Lock-Up Agreement, the remaining Scage shareholders agreed not to make a Prohibited Transfer during the period commencing
from the Closing Date and ending on the 6-month anniversary of the Closing Date (subject to early release if Pubco consummates a Change
of Control).
Shareholder
Support Agreement
Simultaneously
with the execution of the Business Combination Agreement, the Company, Scage, and Key Scage Shareholders entered into a Shareholder Support
Agreement (the “Shareholder Support Agreement”), pursuant to which, among other things, Key Scage Shareholders have agreed
(a) to support the adoption of the Business Combination Agreement and the approval of the transactions contemplated therein, subject
to certain customary conditions, and (b) not to transfer any of their subject shares (or enter into any arrangement with respect thereto),
subject to certain customary conditions.
Sponsor
Support Agreement
Simultaneously
with the execution of the Business Combination Agreement, the Company, Scage, Pubco and the Sponsor entered into a Sponsor Support Agreement
(the “Sponsor Support Agreement”), pursuant to which the Sponsor agreed to vote all of its shares of the Company in favor
of the Business Combination Agreement and the transactions contemplated therein. The Sponsor Support Agreement also prevents transfers
of securities of the Company held by the Sponsor between the date of the Sponsor Support Agreement and the termination of the Sponsor
Support Agreement.
Insider
Letter Amendment
Simultaneously
with the execution of the Business Combination Agreement, the Company, Scage, the Sponsor, Pubco, Calvin Kung, Wang Chiu Wong, Chunyi
Hao, Tiemei Li, and Sanjay Prasad entered into an amendment (the “Insider Letter Amendment”) to that certain letter agreement,
dated November 8, 2021 (the “Insider Letter”), by and among the Company, the Sponsor and the directors, officers or other
initial shareholders of the Company named therein, pursuant to which Pubco and Scage are added as parties to the Insider Letter.
Non-Competition
and Non-Solicitation Agreement
Simultaneously
with the execution of the Business Combination Agreement, certain shareholders and officers (each, a “Subject Party”) of
the Company each entered into a non-competition and non-solicitation agreement with the Company, Pubco, Scage, and the Sponsor (collectively,
the “Non-Competition and Non-Solicitation Agreement”). Under the Non-Competition and Non-Solicitation Agreement, the Subject
Party agrees not to compete with Pubco, the Sponsor, the Company, Scage, and their respective affiliates during the three-year period
following the Closing and, during such three-year restricted period, not to solicit employees or customers of such entities. The Non-Competition
and Non-Solicitation Agreement also contains customary confidentiality and non-disparagement provisions.
Assignment,
Assumption, and Amendment to Warrant Agreement
Prior
to the Closing, the Company, Pubco and Continental, as warrant agent (the “Warrant Agent”), will enter the Assignment, Assumption,
and Amendment to Warrant Agreement (the “Warrant Amendment”), which will amend that certain Warrant Agreement, dated as of
November 8, 2021, relating to the Company warrants (the “Warrant Agreement”), filed with the SEC on November 8, 2021. Pursuant
to the Warrant Amendment: (i) Pubco will assume the obligations of the Company under the Warrant Agreement, such that, among other things,
Pubco will be added as a party thereto and (ii) references to the Company’s Class A ordinary shares in the Warrant Agreement shall
mean Pubco ordinary shares.
Risks
and Uncertainties
Our
results of operations and our ability to complete an initial Business Combination may be adversely affected by various factors that could
cause economic uncertainty and volatility in the financial markets, many of which are beyond our control. Our business could be impacted
by, among other things, downturns in the financial markets or in economic conditions, increases in oil prices, inflation, increases in
interest rates, supply chain disruptions, declines in consumer confidence and spending, the ongoing effects of the COVID-19 pandemic,
including resurgences and the emergence of new variants, and geopolitical instability, such as the military conflict in the Ukraine.
We cannot at this time fully predict the likelihood of one or more of the above events, their duration or magnitude or the extent to
which they may negatively impact our business and our ability to complete an initial Business Combination.
Management
is currently evaluating the impact of such risks and has concluded that while it is reasonably possible that they could have a negative
effect on the Company’s financial position, results of its operations, close of the IPO and/or search for a target company, the
specific impact is not readily determinable as of the date of these unaudited condensed financial statements. The unaudited condensed
financial statements do not include any adjustments that might result from the outcome of this uncertainty.
NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation
The
accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted
in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form
10-Q and Article 8 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements
prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial
reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position,
results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include
all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating
results and cash flows for the periods presented.
The
accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K
for the year ended December 31, 2022, as filed with the SEC on April 13, 2023. The interim results for the three and nine months ended
September 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any future
periods.
Emerging
Growth Company
The
Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act of
2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements and exemptions from
the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments
not previously approved.
Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting
standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do
not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of
such extended transition period, which means that when a standard is issued or revised and it has different application dates for public
or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies
adopt the new or revised standard. This may make comparison of the Company’s unaudited condensed financial statements with another
public company, which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended
transition period, difficult or impossible because of the potential differences in accounting standards used.
Use
of Estimates
The
preparation of unaudited condensed 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 unaudited condensed financial statements and the reported amounts of revenues and expenses during the reporting period.
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 unaudited condensed financial statements, which management
considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual
results could differ significantly from those estimates.
Cash
and Cash Equivalents
The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
The Company had cash of $867 and $244,179 as of September 30, 2023 and December 31, 2022, respectively.
Investments
Held in Trust Account
As
of September 30, 2023 and December 31, 2022, the assets held in the Trust Account consisted of cash equivalents in the amount of $50,306,452
and $178,531,059, respectively. The Company’s portfolio of investments is comprised of investments in money market funds that invest
in U.S. government securities and generally have a readily determinable fair value. The investments in money market funds are presented
on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these
securities are included in “Interest earned on Investments held in Trust Account” in the accompanying statement of operations.
The estimated fair values of investments held in the Trust Account are determined using available market information.
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution,
which, at times, may exceed the Federal Depository Insurance Corporation’s coverage of $250,000. As of September 30, 2023, the
Company has not experienced losses on this account, and management believes the Company is not exposed to significant risks on such account.
Offering
Costs Associated with the Initial Public Offering
The
Company complies with the requirements of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards
Codification (“ASC”) 340-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A – “Expenses
of Offering”. Offering costs consist principally of professional and registration fees incurred through the balance sheet date
that are related to the IPO. Offering costs were charged to shareholders’ equity upon the completion of the IPO and subsequent
exercise of the over-allotment. Accordingly, offering costs totaling $4,171,912 (consisting of $3,450,000 of underwriting fees, and $721,912
of other offering costs) were charged to Shareholders’ Equity following the IPO on November 8, 2021 and subsequent exercise of
the over-allotment on November 12, 2021.
Fair
Value Measurements
The
fair value of the Company’s assets and liabilities which qualify as financial instruments under FASB ASC Topic 820, “Fair
Value Measurements and Disclosures” (“ASC 820”), approximates the carrying amounts represented in the accompanying
balance sheet, primarily due to their short-term nature.
The
fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would
have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction
between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company
seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable
inputs (internal assumptions about how market participants would price assets and liabilities). 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 - |
Valuations
based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.
Valuation adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and
regularly available in an active market, valuation of these securities does not entail a significant degree of judgment. |
| |
|
| Level
2 - |
Valuations
based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active
for identical or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived
principally from or corroborated by market through correlation or other means. |
| |
|
| Level
3 - |
Valuations
based on inputs that are unobservable and significant to the overall fair value measurement. |
Class
A Ordinary Shares Subject to Possible Redemption
The
Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in FASB ASC Topic 480
“Distinguishing Liabilities from Equity” (“ASC 480”). 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) is classified as temporary equity. At all other times, ordinary shares are classified as shareholders’
equity. The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s
control and subject to occurrence of uncertain future events. Accordingly, Class A ordinary shares subject to possible redemption are
presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet.
Immediately
upon the closing of the IPO, the Company recognized the accretion from initial book value to redemption amount. Increases or decreases
in the carrying amount of redeemable ordinary shares are affected by charges against additional paid-in capital and accumulated deficit.
As
a result of the shareholder vote held on May 8, 2023, 12,626,668 shareholders exercised their right to redemption which left a remainder
of 4,623,332 Class A ordinary shares subject to possible redemption. These shareholders were paid an aggregate of $132,616,922, or $10.50
per share, on May 18, 2023.
As
of September 30, 2023 and December 31, 2022, the Class A ordinary shares subject to possible redemption reflected in the balance sheet
is reconciled in the following table:
SCHEDULE
OF POSSIBLE REDEMPTION
| | |
September 30, 2023 | | |
December 31, 2022 | |
| As of beginning of the period, January 1 | |
$ | 178,531,059 | | |
$ | 175,950,000 | |
| Plus: | |
| | | |
| | |
| Remeasurement of carrying value to redemption value | |
| 3,892,315 | | |
| 2,581,059 | |
| Extension Contributions | |
| 500,000 | | |
| - | |
| Less: | |
| | | |
| | |
| Redemptions | |
| (132,616,922 | ) | |
| - | |
| Class A ordinary shares subject to possible redemption | |
$ | 50,306,452 | | |
$ | 178,531,059 | |
Warrants
The
Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s
specific terms and applicable authoritative guidance in ASC 480 and FASB ASC Topic 815, “Derivatives and Hedging” (“ASC
815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, 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 and whether the warrant holders could potentially require
“net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification.
This assessment, which requires the use of professional judgment, is conducted at the time warrant issuance and as of each subsequent
quarterly period end date while the warrants are outstanding.
For
issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component
of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all of the criteria for equity
classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet
date thereafter. The Company accounts for its outstanding warrants as equity-classified instruments.
Income
Taxes
The
Company follows the asset and liability method of accounting for income taxes under FASB ASC Topic 740, “Income Taxes” (“ASC
740”). Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences
between the unaudited condensed financial statements carrying amounts of existing assets and liabilities and their respective tax bases.
Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those
temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates
is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce
deferred tax assets to the amount expected to be realized.
ASC
740 prescribes a recognition threshold and a measurement attribute for the unaudited condensed financial statement recognition and measurement
of tax positions 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. The Company recognizes accrued interest and penalties related to unrecognized
tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September
30, 2023 and December 31, 2022. The Company is currently not aware of any issues under review that could result in significant payments,
accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since
inception.
There
is currently no taxation imposed on income by the government of the Cayman Islands. In accordance with Cayman income tax regulations,
income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s unaudited condensed financial
statements. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change
over the next twelve months.
Net
Income Per Ordinary Share
We
comply with accounting and disclosure requirements of ASC 260. Net income per share is computed by dividing net income by the weighted
average number of ordinary shares outstanding during the period. We have two classes of shares, redeemable ordinary shares and non-redeemable
ordinary shares. Our redeemable ordinary shares are comprised of Class A shares sold in the IPO. Our non-redeemable shares are comprised
of Class A shares held by EarlyBirdCapital and Class B shares purchased by the Sponsor. Earnings and losses are shared pro rata between
the two classes of shares. Our statement of operations applies the two-class method in calculating net income per share. Basic and diluted
net income per share for redeemable ordinary shares and non-redeemable ordinary shares is calculated by dividing net income, allocated
proportionally to each class of ordinary shares, attributable to us by the weighted average number of shares of redeemable and non-redeemable
ordinary shares outstanding.
The
calculation of diluted income per ordinary share does not consider the effect of the warrants issued in connection with the IPO since
exercise of the warrants is contingent upon the occurrence of future events and the inclusion of such rights would be anti-dilutive.
Accretion of the carrying value of Class A ordinary shares to redemption value is excluded from net income per redeemable share because
the redemption value approximates fair value. As a result, diluted income per share is the same as basic income per share for the period
presented.
Accordingly,
basic and diluted income per ordinary share for the three months ended September 30, 2023 and September 30, 2022 is calculated as follows:
SCHEDULE
OF BASIC AND DILUTED LOSS PER ORDINARY SHARE
| | |
Redeemable
Ordinary Shares | | |
Non-Redeemable
Ordinary Shares | | |
Redeemable
Ordinary Shares | | |
Non-Redeemable
Ordinary Shares | |
| | |
For the Three Months Ended
September 30, 2023 | | |
For the Three Months Ended
September 30, 2022 | |
| | |
Redeemable
Ordinary Shares | | |
Non-Redeemable
Ordinary Shares | | |
Redeemable
Ordinary Shares | | |
Non-Redeemable
Ordinary Shares | |
| Basic and diluted net income per share | |
| | | |
| | | |
| | | |
| | |
| Numerator: | |
| | | |
| | | |
| | | |
| | |
| Allocation of net income | |
$ | 3,088 | | |
$ | 2,981 | | |
$ | 406,455 | | |
$ | 100,738 | |
| | |
| | | |
| | | |
| | | |
| | |
| Denominator: | |
| | | |
| | | |
| | | |
| | |
| Weighted-average shares outstanding | |
| 4,623,332 | | |
| 4,462,500 | | |
| 17,400,000 | | |
| 4,312,500 | |
| Basic and diluted net income per share | |
$ | 0.00 | | |
$ | 0.00 | | |
$ | 0.02 | | |
$ | 0.02 | |
Basic
and diluted income per ordinary share for the nine months ended September 30, 2023 and September 30, 2022 is calculated as follows:
| | |
Redeemable
Ordinary Shares | | |
Non-Redeemable
Ordinary Shares | | |
Redeemable
Ordinary Shares | | |
Non-Redeemable
Ordinary Shares | |
| | |
For the Nine Months Ended
September 30, 2023 | | |
For the Nine Months Ended
September 30, 2022 | |
| | |
Redeemable
Ordinary Shares | | |
Non-Redeemable
Ordinary Shares | | |
Redeemable
Ordinary Shares | | |
Non-Redeemable
Ordinary Shares | |
| Basic and diluted net income per share | |
| | | |
| | | |
| | | |
| | |
| Numerator: | |
| | | |
| | | |
| | | |
| | |
| Allocation of net income | |
$ | 1,690,569 | | |
$ | 721,859 | | |
$ | 307,731 | | |
$ | 76,269 | |
| | |
| | | |
| | | |
| | | |
| | |
| Denominator: | |
| | | |
| | | |
| | | |
| | |
| Weighted-average shares outstanding | |
| 10,451,025 | | |
| 4,462,500 | | |
| 17,400,000 | | |
| 4,312,500 | |
| Basic and diluted net income per share | |
$ | 0.16 | | |
$ | 0.16 | | |
$ | 0.02 | | |
$ | 0.02 | |
Recent
Accounting Pronouncements
In
August 2020, the FASB issued Accounting Standards Update (“ASU “) Topic 2020-06, “Accounting for Convertible Instruments
and Contracts in an Entity’s Own Equity” (“ASU 2020-06”). The update simplifies the accounting for convertible
instruments by removing certain separation models in FASB ASU Subtopic 470-20, “Debt-Debt with Conversion and Other Options,”
for convertible instruments and introducing other changes. As a result of ASU 2020-06, more convertible debt instruments will be accounted
for as a single liability measured at its amortized cost and more convertible preference shares will be accounted for as a single-equity
instrument measured at its historical cost, as long as no features require bifurcation and recognition as derivatives. The amendments
are effective for smaller reporting companies for fiscal years beginning after December 15, 2023, including interim periods within those
fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods
within those fiscal years. The Company is currently assessing what impact, if any, that ASU 2020-06 would have on its financial position,
results of operations or cash flows.
In
June 2022, the FASB issued ASU Topic 2022-03, ASC Subtopic 820 “Fair Value Measurement of Equity Securities Subject to Contractual
Sale Restrictions” (“ASU 2022-03”). ASU 2022-03 amends ASC 820 to clarify that a contractual sales restriction is not
considered in measuring an equity security at fair value and to introduce new disclosure requirements for equity securities subject to
contractual sale restrictions that are measured at fair value. ASU 2022-03 applies to both holders and issuers of equity and equity-linked
securities measured at fair value. The amendments in ASU 2022-03 are effective for the Company in fiscal years beginning after December
15, 2023 and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements
that have not yet been issued or made available for issuance. The Company is currently assessing what impact, if any, that ASU 2022-03
would have on its financial position, results of operations or cash flows.
Management
does not believe that any other recently issued, but not effective, accounting standards, if currently adopted, would have a material
effect on the Company’s unaudited condensed financial statements.
NOTE
3 - INITIAL PUBLIC OFFERING
On
November 8, 2021, the Company completed its IPO of 15,000,000 Units at a price of $10.00 per Unit. The Company granted the underwriter
a 45-day option from the date of the IPO to purchase up to 2,250,000 additional Units to cover over-allotments (“Over-Allotment
Units” as defined in Note 4), if any, at the IPO price less the underwriting discounts and commissions. On November 12, 2021, the
Company closed on the underwriter’s full exercise of its over-allotment option which resulted in the sale of an additional 2,250,000
Units. The IPO and subsequent over-allotment exercise generated gross proceeds of $172,500,000.
Each
Unit consists of one share of Class A ordinary shares and three-quarters of one redeemable Public Warrant. Each whole Public Warrant
entitles the holder thereof to purchase one share of Class A ordinary shares at a price of $11.50 per share, subject to adjustment (see
Note 7).
Following
the closing of the IPO on November 8, 2021 and subsequent exercise of the over-allotment, an aggregate of $175,950,000 ($10.20 per Unit)
from the net proceeds of the sale of the Units and the sale of the Private Placement Warrants in the IPO and over-allotment exercise
was deposited into the Trust Account. As of September 30, 2023, the net proceeds deposited into the Trust Account are invested in U.S.
government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 180 days or
less or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the
Investment Company Act, as determined by the Company.
NOTE
4 - PRIVATE PLACEMENT WARRANTS
The
Sponsor and EarlyBirdCapital agreed to purchase an aggregate of 7,900,000 Private Placement Warrants (7,400,000 bought by the Sponsor,
and 500,000 bought by EarlyBirdCapital) at a price of $1.00 per Private Placement Warrant in a private placement that occurred simultaneously
with the closing of the IPO. Simultaneously with the closing of the sale of the Over-Allotment Units on November 12, 2021, the Company
completed an additional private sale of an aggregate of 900,000 additional Private Placement Warrants to the Sponsor, which purchased
843,038 such warrants, and the underwriter, which purchased 56,962 such warrants. As a result of the IPO and subsequent over-allotment
exercise, an aggregate of 8,800,000 Private Placement Warrants were sold (8,243,038 to the Sponsor and 556,962 to EarlyBirdCapital) for
gross proceeds of $8,800,000.
Each
whole Private Placement Warrant is exercisable for one whole share of Class A ordinary shares at a price of $11.50 per share. A portion
of the proceeds from the sale of the Private Placement Warrants to the Sponsor have been 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 Placement Warrants held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the
requirements of applicable law), and the Private Placement Warrants will expire worthless.
NOTE
5 - RELATED PARTY TRANSACTIONS
Founder
Shares
In
March 2021, the Sponsor paid $ (approximately $ per share) in consideration for shares of Class B ordinary shares
with par value of $. Up to 562,500 of these Founder Shares were subject to forfeiture by the Sponsor if the underwriter’s
over-allotment option was not exercised, so that the number of Founder Shares would collectively represent approximately 20% of the Company’s
issued and outstanding shares after the IPO. On November 12, 2021, the underwriter fully exercised the over-allotment option which resulted
in the 562,500 shares no longer being subject to forfeiture.
The
Sponsor and the Company’s directors and executive officers have agreed, subject to certain limited exceptions, not to transfer,
assign or sell any of the Founder Shares until the earlier of (i) one year after the completion of a Business Combination and (ii) subsequent
to a Business Combination, (a) if the last reported sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as
adjusted for share splits, share reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period
commencing at least 150 days after a Business Combination, or (b) the date on which the Company completes a liquidation, merger, share
exchange, reorganization or other similar transaction that results in all of the Company’s shareholders having the right to exchange
their shares of Class A ordinary shares for cash, securities or other property.
On
May 8, 2023, the Company issued an aggregate of 4,237,499 (the “Sponsor Shares”) of the Company’s Class A ordinary
shares to the Sponsor upon the conversion of an equal number of shares of Class B ordinary shares (the “Sponsor Conversion”).
Combined with the Director Share conversion discussed below, the Sponsor Conversion left 1 Class B ordinary share outstanding. These
Sponsor Shares continue to hold the same legend as they did prior to their conversion. Accordingly, these shares are accounted for as
Class A ordinary shares at their par value.
EarlyBirdCapital
Founder Shares
In
March 2021, the Company issued to EarlyBirdCapital and its designees an aggregate of 150,000 Class A ordinary shares (“EBC Founder
Shares”) at a price of $0.0001 per share. The Company estimated the fair value of the EBC Founder Shares to be $870 based upon
the price of the Founder Shares issued to the Sponsor. The holders of the EBC Founder Shares have agreed not to transfer, assign or sell
any such shares until the completion of a Business Combination. In addition, the holders have agreed (i) to waive their conversion rights
(or right to participate in any tender offer) with respect to such shares in connection with the completion of a Business Combination
and (ii) to waive their rights to liquidating distributions from the Trust Account with respect to such shares if the Company fails to
complete a Business Combination within the Combination Period.
The
EBC Founder Shares have been deemed compensation by the Financial Industry Regulatory Authority (“FINRA”) and are therefore
subject to a lock-up for a period of 180 days immediately following the effective date of the registration statement related to the IPO
pursuant to FINRA Rule 5110(e)(1). Pursuant to FINRA Rule 5110(e)(1), these securities will not be the subject of any hedging, short
sale, derivative, put or call transaction that would result in the economic disposition of the securities by any person for a period
of 180 days immediately following the effective date of the registration statements related to the IPO, nor may they be sold, transferred,
assigned, pledged or hypothecated for a period of 180 days immediately following the effective date of the registration statements related
to the IPO except to any underwriter and selected dealer participating in the IPO and their officers or partners, associated persons
or affiliates.
Director
Shares
In
October 2021, the Sponsor transferred 75,000 Founder Shares to the independent directors of the Company (“Director Shares”)
at a price of $0.0001 per share. The Company estimated the fair value of the Director Shares to be $450,676 based upon the price of the
Founder Shares issued to the Sponsor.
On
May 8, 2023, the Company issued an aggregate of 75,000 Class A ordinary shares (together with the Sponsor Shares, the “Converted
Class A Ordinary Shares”) to the Directors and the holders of the Company’s 75,000 Class B ordinary shares upon the conversion
of an equal number of shares of Class B ordinary shares (together with the Sponsor Conversion, the “Conversion”). On the
same day, in connection with the closing of the Sunorange Investment, the Converted Class A Ordinary Shares held by the Directors were
transferred to designees of Sunorange.
The
conversion of these Director Shares from Class B to Class A was not the result of a Business Combination, and the Company has previously
recognized $450,676 in expenses related to these Director Shares. As such, these shares will continue to be held at their book value.
Related
Party Loans
In
March 2021, the Sponsor issued an unsecured Promissory Note to the Company, pursuant to which the Company was permitted to borrow an
aggregate principal amount of $250,000. The Promissory Note was non-interest bearing, and the Promissory Note was fully repaid as of
November 8, 2021, upon the closing of the IPO.
In
addition, in order to fund working capital deficiencies or finance transaction costs in connection with a Business Combination, the Sponsor
or an affiliate of the Sponsor may, but is not obligated to, provide the Company with Working Capital Loans. Any such loans would be
on an interest-free basis. If the Company completes a Business Combination, the Company may repay the Working Capital Loans out of the
proceeds of the Trust Account released to the Company. In the event that a Business Combination does not close, the Company may use a
portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would
be used to repay the Working Capital Loans. At the lender’s discretion, up to $1,500,000 of such Working Capital Loans may be convertible
into warrants of the post-Business Combination entity at a price of $1.00 per warrant. The warrants would be identical to the Private
Placement Warrants. On May 8, 2023, in connection with the Sunorange Investment, the outstanding balance under the existing Promissory
Note was forgiven. This was deemed to be a benefit to the Company under SAB Topic 5T. In order to recognize this benefit, the Company
de-recognized the outstanding Promissory Note and reclassified it to additional paid-in capital, as an in-substance capital contribution.
As of September 30, 2023 and December 31, 2022, the Company had $0 and $449,765 of outstanding borrowings under the Working Capital Loan,
respectively.
On
June 2, 2023, the Company issued the Extension Note in the aggregate principal amount of up to $1,200,000 to the Sponsor, which will
be deposited into the Trust Account for the benefit of each Public Share that was not redeemed in connection with the Company’s
May 8, 2023 shareholder vote to approve the Extension. The Sponsor agreed to pay $ per month until the completion of an initial
Business Combination, commencing on May 8, 2023 and continuing through May 8, 2024. The Extension Note bears no interest and is due and
payable upon the earlier to occur of (i) the date on which the Company consummates its Business Combination and (ii) the date that the
winding up of the Company is effective. At the election of the Sponsor, up to $1,200,000 of the unpaid principal amount of the Extension
Note may be converted into Conversion Warrants at a conversion price of $1.00 per warrant. The Conversion Warrants shall be identical
to the Placement Warrants issued by the Company at the IPO. The Company has determined that the fair value of the Extension Note is its
face value as the note was not issued with a substantial premium. The Sponsor funded the first three months of the Extension Note in
its first payment. As of September 30, 2023, the Sponsor had deposited an aggregate of $ in payments to support the Extension
on behalf of the Company. As of September 30, 2023, the outstanding balance of the Extension Note was $500,000, and no interest was accrued.
On
November 8, 2023, the Company issued an unsecured promissory note (the “November 2023 Working Capital Note”) in the amount
of $1,500,000 to Sunorange Investment. The November 2023 Working Capital Note is non-interest bearing and is due at the earlier of consummation
of the Business Combination or liquidation. Prior to the November 2023 Working Capital Note being in place, related parties were making
advances to the Company and on behalf of the Company for the purposes of paying its vendors. All advances made by the related parties
between May 8, 2023 and the date of execution are retroactively covered by the November 2023 Working Capital Note. These advances of
approximately $263,000 are included in the Due to related party line on the balance sheet.
Administrative
Services Agreement
Commencing
on the date that the Company’s securities are first listed on a U.S. national securities exchange, the Company has committed to
pay a total of $ per month to the Sponsor for office space, utilities and administrative support services. This administrative service
arrangement will terminate upon completion of the Business Combination or liquidation of the Company. As of September 30, 2023, the Company
has accrued $47,600 under the agreement in “Due to related party” and expensed $27,000 in “formation, general and administrative
expenses.”
NOTE
6 —INVESTMENTS HELD IN TRUST ACCOUNT
As
of September 30, 2023, investments in the Company’s Trust Account consisted of $50,306,452 in a money market fund. The following
table presents information about the Company’s assets that are measured at fair value on a recurring basis at September 30, 2023:
SCHEDULE
OF ASSETS MEASURED AT FAIR VALUE ON RECURRING BASIS
| | |
September 30, 2023 | | |
Quoted Prices in Active Markets (Level 1) | | |
Significant Other Observable Inputs (Level 2) | | |
Significant Other Observable Inputs (Level 3) | |
| Money market fund | |
$ | 50,306,452 | | |
$ | 50,306,452 | | |
$ | - | | |
$ | - | |
| | |
$ | 50,306,452 | | |
$ | 50,306,452 | | |
$ | - | | |
$ | - | |
The
following table presents information about the Company’s assets that are measured at fair value on a recurring basis at December
31, 2022:
| | |
December 31, 2022 | | |
Quoted Prices in Active Markets (Level 1) | | |
Significant Other Observable Inputs (Level 2) | | |
Significant Other Observable Inputs (Level 3) | |
| Money market fund | |
$ | 178,531,059 | | |
$ | 178,531,059 | | |
$ | - | | |
$ | - | |
| | |
$ | 178,531,059 | | |
$ | 178,531,059 | | |
$ | - | | |
$ | - | |
NOTE
7 - COMMITMENTS AND CONTINGENCIES
Registration
Rights
The
holders of the Founder Shares and Private Placement Warrants (and any shares of Class A ordinary shares issuable upon the exercise of
the Private Placement Warrants and warrants that may be issued upon conversion of the Working Capital Loans and upon conversion of the
Founder Shares) will be entitled to registration rights pursuant to a registration rights agreement signed on the effective date of the
IPO, requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to shares
of Class A ordinary shares). The holders of these securities will be entitled to make up to three demands, excluding short form demands,
that the Company register such securities. In addition, the holders will have certain “piggy-back” registration rights with
respect to registration statements filed subsequent to the completion of a Business Combination and rights to require the Company to
register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides
that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the
applicable lock-up period. The Company will bear the expenses incurred in connection with the filing of any such registration statements.
Underwriting
Agreement
The
Company granted the underwriter a 45-day option from the date of the IPO to purchase up to 2,250,000 additional Units to cover over-allotments,
if any, at the IPO price less the underwriting discounts and commissions. The underwriter fully exercised this option which closed subsequent
to the IPO.
EarlyBirdCapital
earned an underwriting discount of $0.20 per Unit, or $3,450,000 in the aggregate, upon the closing of the IPO and subsequent exercise
of the full over-allotment option.
Business
Combination Marketing Agreement
The
Company has engaged EarlyBirdCapital as an advisor in connection with the Business Combination to assist in holding meetings with shareholders
to discuss the potential Business Combination and the target business’ attributes, introduce the Company to potential investors
that are interested in purchasing securities in connection with the Business Combination, assist in obtaining shareholder approval for
the Business Combination and assist with press releases and public filings in connection with the Business Combination. The Company will
pay EarlyBirdCapital a cash fee for such services solely in the event of consummation of the Business Combination in an amount equal to 1.75%, or $3,018,750)
of the gross proceeds of the IPO (exclusive of any applicable finders’ fees which might become payable). This fee will become payable to EarlyBirdCapital upon consummation of the
Business Combination. No liability will be recorded for such fee until it becomes probable that the fee will be paid.
Consulting
Agreement
The
Company has engaged a third-party consultant to provide the Company with assistance in various aspects of any potential Business
Combination. Pursuant to the terms of the agreement, the Company has agreed to pay a contingent fee of at least $3,500,000
if the Company consummates a Business Combination. No expense has been recorded in the unaudited condensed financial statements
related to this agreement. As of May 8, 2023, this agreement was terminated.
On
August 29, 2023, the Company engaged a third-party consultant to provide the Company with an introduction to potential targets for
its Business Combination. Pursuant to the terms of the agreement, the Company has agreed to pay a contingent fee of 0.5%
of the implied enterprise value of the target if the Company consummates a Business Combination. As the Business Combination is not
considered probable, no expense has been recorded in the unaudited condensed financial statements related to this
agreement.
NOTE
8 - SHAREHOLDERS’ DEFICIT
Preference
Shares - The Company is authorized to issue 5,000,000 preference shares, with a par value of $0.0001 per share, with such designations,
voting and other rights and preferences as may be determined from time to time by the Company’s Board. As of September 30, 2023
and December 31, 2022, there were no preference shares issued or outstanding.
Class
A Ordinary Shares - The Company is authorized to issue 500,000,000 shares of Class A ordinary shares with a par value of $0.0001
per share. Holders of Class A ordinary shares are entitled to one vote for each share. As of September 30, 2023 and December 31, 2022,
there were 4,462,499 and 150,000 shares of Class A ordinary shares issued and outstanding (excluding 4,623,332 and 17,250,000 shares
subject to possible redemption), respectively.
Class
B Ordinary Shares - The Company is authorized to issue 50,000,000 shares of Class B ordinary shares with a par value of $0.0001 per
share. As of September 30, 2023 and December 31, 2022, there were 1 and 4,312,500 shares of Class B ordinary shares issued and outstanding,
respectively.
Holders
of Class A ordinary shares and Class B ordinary shares will vote together as a single class on all matters submitted to a vote of shareholders
except as required by law. Under the terms of the Sunorange Investment, the Class B ordinary shares were converted to Class A ordinary
shares although the Sponsor will retain at least one Class B ordinary share.
Any
Founder Shares outstanding at the time of the Business Combination will automatically convert into shares of Class A ordinary shares
on a one-for-one basis, subject to adjustment. In the case that additional shares of Class A ordinary shares, or equity-linked securities,
are issued or deemed issued in excess of the amounts offered in the IPO and related to the closing of a Business Combination, the ratio
at which shares of Class B ordinary shares shall convert into shares of Class A ordinary shares will be adjusted (unless the holders
of a majority of the outstanding shares of Class B ordinary shares agree to waive such adjustment with respect to any such issuance or
deemed issuance) so that the number of shares of Class A ordinary shares issuable upon conversion of all shares of Class B ordinary shares
will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all shares of ordinary shares outstanding
upon the completion of the IPO plus all shares of Class A ordinary shares and equity-linked securities issued or deemed issued in connection
with a Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in a Business Combination).
Warrants
- Public Warrants may only be exercised for a whole number of shares. No fractional warrants will be issued upon separation of the
Units and only whole warrants will trade. The Public Warrants will become exercisable on the later of (i) 12 months from the closing
of the IPO and (ii) 30 days after the completion of a Business Combination.
The
Company will not be obligated to deliver any shares of Class A ordinary shares pursuant to the exercise of a warrant and will have no
obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the shares of Class
A ordinary shares underlying the warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying
its obligations with respect to registration, or a valid exemption from registration is available. No warrant will be exercisable, and
the Company will not be obligated to issue any shares of Class A ordinary shares upon exercise of a warrant unless the share of Class
A ordinary shares issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws
of the state of residence of the registered holder of the warrants.
The
Company has agreed that as soon as practicable, but in no event later than 20 business days after the closing of a Business Combination,
it will use its commercially reasonable efforts to file with the SEC a registration statement for the registration, under the Securities
Act, of the shares of Class A ordinary shares issuable upon exercise of the warrants, and the Company will use its commercially reasonable
efforts to cause the same to become effective within 60 business days after the closing of a Business Combination, and to maintain the
effectiveness of such registration statement and a current prospectus relating to those shares of Class A ordinary shares until the warrants
expire or are redeemed, as specified in the warrant agreement; provided that if the Class A ordinary shares is at the time of any exercise
of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under
Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants
to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act, and, in the event the Company so
elects, the Company will not be required to file or maintain in effect a registration statement, but it will use its commercially reasonably
efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. If a registration
statement covering the shares of Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th day after
the closing of a Business Combination, warrant holders may, until such time as there is an effective registration statement and during
any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless
basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption, but the Company will use its commercially
reasonably efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.
Redemption
of warrants. Once the warrants become exercisable, the Company may redeem the Public Warrants:
| |
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in
whole and not in part; |
| |
|
|
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at
a price of $0.01 per warrant; |
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|
|
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● |
upon
not less than 30 days’ prior written notice of redemption to each warrant holder; and |
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|
|
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● |
if,
and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share for any 20 trading days within a
30-trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders. |
If
and when the Public Warrants become redeemable by the Company, it may exercise its redemption right even if the Company is unable to
register or qualify the underlying securities for sale under all applicable state securities laws.
In
addition, if (i) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection
with the closing of the Business Combination at a newly issued price of less than $9.20 per Class A ordinary share, (ii) 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 Business Combination on the date of the consummation of the Business Combination (net of redemptions), and (iii) the market value
is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater
of (a) the market value or (b) the newly issued price, and the $18.00 per share redemption trigger price will adjusted (to the nearest
cent) to be equal to 180% of the greater of (x) the market value or (y) the newly issued price.
The
Private Placement Warrants are identical to the Public Warrants underlying the Units being sold in the IPO.
NOTE
9 - SUBSEQUENT EVENTS
The
Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the unaudited condensed
financial statements were issued. Based on this review, the Company did not identify any subsequent events that would have required adjustment
or disclosure in the unaudited condensed financial statements, other than as follows:
On
November 1, 2023, the Company instructed Continental to liquidate the investments held in the Trust Account and instead to hold the funds
in the Trust Account in an interest-bearing demand deposit account, with Continental continuing to act as trustee, until the earlier
of the consummation of the Company’s initial Business Combination or its liquidation. As a result, following the liquidation of
investments in the Trust Account, which took effect on November 2, 2023, the remaining proceeds from the IPO and private placement are
no longer invested in U.S. government securities or money market funds.
On
November 8, 2023, the Company issued a promissory note in the principal amount of up to $1,500,000 to Sunorange. The note is non-interest
bearing and is due on the earlier of consummation of the Business Combination or liquidation. The November 2023 Working Capital Note
was issued in connection with advances made by Sunorange in the amount of approximately $341,000 since May 8, 2023 and advances Sunorange
may make in the future to the Company for working capital expenses. The November 2023 Working Capital Note is non-interest bearing and
payable upon the earlier of (i) the date of the consummation of the Business Combination or (ii) the date of the Company’s liquidation.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Cautionary
Note Regarding Forward-Looking Statements
All
statements other than statements of historical fact included in this Quarterly Report (this “Report”) including, without
limitation, statements under “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations”
regarding our financial position, business strategy and the plans and objectives of management for future operations, are forward-looking
statements. When used in this Quarterly Report, words such as “anticipate,” “believe,” “estimate,”
“expect,” “intend” and similar expressions, as they relate to us or our management, identify forward-looking
statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently
available to, our management. Actual results could differ materially from those contemplated by the forward-looking statements as a result
of certain factors detailed in our filings with the SEC.
The
following discussion and analysis of our financial condition and results of operations should be read in conjunction with the unaudited
condensed financial statements and the notes thereto contained elsewhere in this Report. Certain information contained in the discussion
and analysis set forth below includes forward-looking statements that involve risks and uncertainties.
Overview
We
are a blank check company incorporated in the Cayman Islands on March 15, 2021 and formed for the purpose of entering into a Business
Combination.
We
consummated our IPO on November 8, 2021 and are currently in the process of locating suitable targets for our initial Business Combination.
The
issuance of additional shares in an initial Business Combination:
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■ |
may
significantly dilute the equity interest of investors in the IPO, which dilution would increase if the anti-dilution provisions in
our Class B ordinary shares resulted in the issuance of our Class A ordinary shares on a greater than one-to-one basis upon conversion
of our Class B ordinary shares; |
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|
|
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■ |
may
subordinate the rights of holders of our Class A ordinary shares if shares of preferred shares are issued with rights senior to those
afforded our Class A ordinary shares; |
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|
|
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■ |
could
cause a change in control if a substantial number of shares of our Class A ordinary shares are issued, which may affect, among other
things, our ability to use our net operating loss carry forwards, if any, and could result in the resignation or removal of our present
officers and directors; |
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|
|
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■ |
may
have the effect of delaying or preventing a change of control of us by diluting the share ownership or voting rights of a person
seeking to obtain control of us; and |
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|
|
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■ |
may
adversely affect prevailing market prices for our Class A ordinary shares and/or warrants. |
Similarly,
if we issue debt securities, or otherwise incur significant debt, it could result in:
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■ |
default
and foreclosure on our assets if our operating revenues after an initial Business Combination are insufficient to repay our debt
obligations; |
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|
|
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■ |
acceleration
of our obligations to repay the indebtedness even if we make all principal and interest payments when due if we breach certain covenants
that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation of such covenants; |
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our
immediate payment of all principal and accrued interest, if any, if the debt is payable on demand; |
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our
inability to obtain necessary additional financing if the debt contains covenants restricting our ability to obtain such financing
while the debt is outstanding; |
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our
inability to pay dividends on our ordinary or preferred shares; |
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using
a substantial portion of our cash flow to pay principal and interest on our debt, which will reduce the funds available for dividends
on our ordinary shares if declared and our ability to pay expenses, make capital expenditures and acquisitions and fund other general
corporate purposes; |
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limitations
on our flexibility in planning for and reacting to changes in our business and in the industry in which we operate; |
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increased
vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation;
and |
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limitations
on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements and execution
of our strategy and for other purposes, and other disadvantages compared to our competitors who have less debt. |
We
expect to incur significant costs in the pursuit of our initial Business Combination. We cannot assure you that our plans to raise capital
or to complete our initial Business Combination will be successful.
We
completed the sale of 15,000,000 Units at $10.00 per Unit on November 8, 2021. Simultaneous with the closing of the IPO, we completed
the sale of 7,900,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant in a private placement to our Sponsor
as well as to EarlyBirdCapital, generating gross proceeds of $7,900,000 from the sale of the Private Placement Warrants.
On
November 12, 2021, we closed on the full exercise of the underwriters’ over-allotment option, which resulted in the sale of an
additional 2,250,000 Units for additional gross proceeds to us of $22,500,000 and aggregate IPO and over-allotment gross proceeds of
$172,500,000. Simultaneously with the exercise of the over-allotment, the Sponsor purchased an additional 900,000 Private Placement Warrants,
which resulted in additional gross proceeds of $900,000 and aggregate private placement proceeds from the IPO and over-allotment of $8,800,000.
Following
the closing of the IPO on November 8, 2021 and the subsequent exercise of the over-allotment option, $175,950,000 ($10.20 per Unit) from
the net proceeds of the sale of the Units in the IPO and the sale of the Private Placement Warrants was placed in a Trust Account, located
in the United States at a nationally recognized financial institution, with Continental acting as trustee and until November 2, 2023
invested only in in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company
Act having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment
Company Act which invest only in direct U.S. government treasury obligations. Pursuant to the trust agreement, the trustee will not be
permitted to invest in other securities or assets. As of November 2, 2023, the funds in the Trust Account were moved to an interest-bearing
demand deposit account.
Sunorange
Investment
On
April 27, 2023, we entered into the Investment Agreement with the Sponsor and Sunorange, pursuant to which Sunorange and its designees
shall acquire partnership interests in the Sponsor and Class B ordinary shares directly held by certain of our directors, which combined
interests will entitle Sunorange to receive, in the aggregate, the Insider Securities, consisting of 3,557,813 Class B ordinary shares
and 6,160,000 Private Placement Warrants, and we shall introduce a change in management and the Board as follows: (i) Calvin Kung shall
replace David Gershon as Chairman of the Board and Chief Executive Officer and Wang Chiu (Tommy) Wong shall replace Ron Golan as Chief
Financial Officer and director on the Board, effective upon closing of the Sunorange Investment; (ii) Jonathan Ophir and Uri Chaitchik
shall tender their resignations as Chief Investment Officer and Senior Consultant, respectively, effective upon closing of the Sunorange
Investment; and (iii) Mitch Garber, Gustavo Schwed and Nadav Zohar shall tender their resignations as directors, to be effective upon
expiration of the Waiting Period and whose vacancies shall be filled by New Management.
On
May 8, 2023, we completed the closing of the Sunorange Investment after our shareholders approved of certain proposals discussed below,
and after certain closing conditions were met, including but not limited to: (i) a minimum of $30 million remaining in the Trust Account
after accounting for all redemptions in connection with the Extension Meeting; (ii) us obtaining or extending a directors and officers
insurance policy on terms satisfactory to the parties; (iii) the conversion of Class B ordinary shares into Class A ordinary shares as
needed to retain shareholders and meet continued listing requirements of Nasdaq in the event that the Extension is approved; (iv) the
amendment of the Sponsor’s existing limited partnership agreement; (v) the transfer of 61,875 Class B ordinary shares from certain
of our directors to Sunorange or its designees and (vi) the cancellation of the outstanding Working Capital Loan from the Sponsor and
the reduction of certain advisory fees to be due upon the closing of an initial Business Combination.
In
connection with the closing of the Sunorange Investment, on May 8, 2023, Sunorange caused $300,000 to be deposited into the Trust Account
to support the first three months of the Extension. Sunorange has agreed to deposit into the Trust Account an additional $100,000 for
each successive month, or portion thereof, that is needed by us to complete an initial Business Combination until May 8, 2024. Through
September 30, 2023, $500,000 has been deposited into the Trust Account in support of the Extension.
Extension
Meeting
On
May 8, 2023, we held the Extension Meeting to amend our Amended and Restated Articles of Association to: (i) approve the Extension and
(ii) to entitle holders of Class B ordinary shares to convert such shares into Class A ordinary shares prior to the closing of an initial
Business Combination at the election of the holder.
There
were 21,712,500 of our ordinary shares issued and outstanding on April 14, 2023, the record date for the Extension Meeting. At the Extension
Meeting, there were 14,402,264 ordinary shares present in person or by proxy, representing approximately 66.33% of the total ordinary
shares outstanding as of the record date, which constituted a quorum.
Shareholders
holding 12,626,668 Class A ordinary shares exercised their right to redeem such shares for a pro rata portion of the funds in our Trust
Account. These shares were redeemed for approximately $10.50 per share for a total redemption value paid from the Trust Account of approximately
$132,616,922.
In
connection with the Extension Meeting and pursuant to the Investment Agreement, Sunorange will contribute to us loans of the lesser of
(i) $100,000 or (ii) $0.033 for each Public Share that is not redeemed for each calendar month (commencing on May 8, 2023 and ending
on the 8th day of each subsequent month), or portion thereof, that is needed by us to complete an initial Business Combination
until May 8, 2024.
On
June 2, 2023, we issued the Extension Note in the aggregate principal amount of up to $1,200,000 to the Sponsor, which will be deposited
into the Trust Account for the benefit of each Public Share that was not redeemed in connection with our May 8, 2023 shareholder vote
to approve the Extension. The Sponsor agreed to pay $100,000 per month until the completion of an initial Business Combination, commencing
on May 8, 2023 and continuing through May 8, 2024. The Extension Note bears no interest and is due and payable upon the earlier to occur
of (i) the date on which we consummate our Business Combination and (ii) the date that our winding up is effective. At the election of
the Sponsor, up to $1,200,000 of the unpaid principal amount of the Extension Note may be converted into Conversion Warrants at a conversion
price of $1.00 per warrant. The Conversion Warrants shall be identical to the Private Placement Warrants issued by us at the IPO. We
have determined that the fair value of the Extension Note is its face value as the note was not issued with a substantial premium. The
Sponsor funded the first three months of the Extension Note in its first payment. As of September 30, 2023, the Sponsor had deposited
an aggregate of $500,0000 into the Trust Account to support the Extension on behalf of the Company. As of September 30, 2023, the outstanding
balance of the Extension Note was $500,000, and no interest was accrued.
Conversion
On
May 8, 2023, we issued an aggregate of 4,237,499 Sponsor Shares to the Sponsor upon the Sponsor Conversion.
Also
on May 8, 2023, we issued an aggregate of 75,000 Class A ordinary shares to the directors and the holders of our 75,000 Class B ordinary
shares upon the conversion of an equal number of shares of Class B ordinary shares. On the same day, in connection with the closing of
the Sunorange Investment, the Converted Class A Ordinary Shares held by the directors were transferred to designees of Sunorange.
The
Converted Class A Ordinary Shares issued in connection with the Conversion are subject to the same restrictions as applied to the Class
B ordinary shares before the Conversion, including, among other things, certain transfer restrictions, waiver of redemption rights and
the obligation to vote in favor of an initial Business Combination as described in the prospectus for our IPO. Following the Conversion,
there were 9,085,831 Class A ordinary shares issued and outstanding and one Class B ordinary share issued and outstanding. As a result
of the Conversion, the Sponsor and certain designees of Sunorange hold, in the aggregate, approximately 47.4% of our Class A ordinary
shares that are outstanding.
Scage
Business Combination
On
August 21, 2023, we and Scage entered into the Business Combination Agreement. Scage is a zero-emission solution provider in China, focusing on the development and commercialization of heavy-duty
NEV trucks and e-fuel solutions. Upon consummation of the Scage Business Combination, Pubco
will seek to be listed on Nasdaq. The outstanding securities of Scage and us will be converted into the right to receive securities of
Pubco. The transaction represents a post-combination valuation of $1.0 billion ($1,000,000,000) for Scage upon closing of the Scage Business
Combination, subject to adjustment. Simultaneously with the Business Combination Agreement, we also entered into the Key Seller Lock-Up
Agreements, Shareholder Support Agreement, Sponsor Support Agreement, Insider Letter Amendment, and Non-Competition and Non-Solicitation
Agreement, and prior to the Closing, we will enter the Assignment, Assumption, and Amendment to Warrant Agreement. For a full description
of the Business Combination Agreement, the transactions contemplated therein, and the Scage Business Combination, please see our Current
Report on Form 8-K filed with the SEC on August 25, 2023.
On
August 29, 2023, the Company engaged a third-party consultant to provide the Company with an introduction to potential targets for its
Business Combination. Pursuant to the terms of the agreement, the Company has agreed to pay a contingent fee of 0.5% of the implied enterprise
value of the target if the Company consummates a Business Combination.
Lock-Up
Agreements
Simultaneously
with the execution of the Business Combination Agreement, Pubco, Scage, the Company and certain shareholders of Scage (“Key Scage
Shareholders”), as shareholders holding shares of Scage sufficient to constitute the Required Company Shareholder Approval (as
that term is defined in the Business Combination Agreement) as the holder of record or the beneficial owner within the meaning of Rule
135-3 of the Exchange Act, each entered into Lock-Up Agreements (each, a “Key Seller Lock-Up Agreement”). It is a condition
to the Closing that all stockholders of Scage between signing and Closing enter into a Lock-Up Agreement (each, a “Seller Lock-Up
Agreement”).
Pursuant
to each Key Seller Lock-Up Agreement, each Key Scage Shareholder agreed not to, during the period commencing from the date and time at
which the Closing is actually held (the “Closing Date”) and ending on (A) the 6-month anniversary of the Closing Date with
respect to 40% of the restricted securities and (B) the 36-month anniversary of the Closing Date with respect to the remaining 60% of
the restricted securities, (i) lend, offer, pledge, hypothecate, encumber, donate, assign, sell, offer to sell, contract or agree to
sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase,
or otherwise transfer or dispose of or agree to transfer or dispose of, directly or indirectly, or establish or increase of a put equivalent
position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act and the rules and regulations
of the SEC promulgated thereunder, or otherwise transfer or dispose of, directly or indirectly, any restricted securities, (ii) enter
into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the
Lock-up Securities (as that term is defined in the Business Combination Agreement), whether any such transaction is to be settled by
delivery of such restricted securities, in cash or otherwise, or (iii) publicly disclose the intention to do any of the foregoing, whether
any such transaction described in clauses (i), (ii) or (iii) above is to be settled by delivery of restricted securities or other securities,
in cash or otherwise (any of the foregoing described in clauses (i), (ii) or (iii), a “Prohibited Transfer”) (subject to
early release if Pubco consummates a Change of Control (as that term is defined in the Business Combination Agreement)).
Pursuant
to each Seller Lock-Up Agreement, the remaining Scage shareholders agreed not to make a Prohibited Transfer during the period commencing
from the Closing Date and ending on the 6-month anniversary of the Closing Date (subject to early release if Pubco consummates a Change
of Control).
Shareholder
Support Agreement
Simultaneously
with the execution of the Business Combination Agreement, the Company, Scage, and Key Scage Shareholders entered into a Shareholder Support
Agreement (the “Shareholder Support Agreement”), pursuant to which, among other things, Key Scage Shareholders have agreed
(a) to support the adoption of the Business Combination Agreement and the approval of the transactions contemplated therein, subject
to certain customary conditions, and (b) not to transfer any of their subject shares (or enter into any arrangement with respect thereto),
subject to certain customary conditions.
Sponsor
Support Agreement
Simultaneously
with the execution of the Business Combination Agreement, the Company, Scage, Pubco and the Sponsor entered into a Sponsor Support Agreement
(the “Sponsor Support Agreement”), pursuant to which the Sponsor agreed to vote all of its shares of the Company in favor
of the Business Combination Agreement and the transactions contemplated therein. The Sponsor Support Agreement also prevents transfers
of securities of the Company held by the Sponsor between the date of the Sponsor Support Agreement and the termination of the Sponsor
Support Agreement.
Insider
Letter Amendment
Simultaneously
with the execution of the Business Combination Agreement, the Company, Scage, the Sponsor, Pubco, Calvin Kung, Wang Chiu Wong, Chunyi
Hao, Tiemei Li, and Sanjay Prasad entered into an amendment (the “Insider Letter Amendment”) to that certain letter agreement,
dated November 8, 2021 (the “Insider Letter”), by and among the Company, the Sponsor and the directors, officers or other
initial shareholders of the Company named therein, pursuant to which Pubco and Scage are added as parties to the Insider Letter.
Non-Competition
and Non-Solicitation Agreement
Simultaneously
with the execution of the Business Combination Agreement, certain shareholders and officers (each, a “Subject Party”) of
the Company each entered into a non-competition and non-solicitation agreement with the Company, Pubco, Scage, and the Sponsor (collectively,
the “Non-Competition and Non-Solicitation Agreement”). Under the Non-Competition and Non-Solicitation Agreement, the Subject
Party agrees not to compete with Pubco, the Sponsor, the Company, Scage, and their respective affiliates during the three-year period
following the Closing and, during such three-year restricted period, not to solicit employees or customers of such entities. The Non-Competition
and Non-Solicitation Agreement also contains customary confidentiality and non-disparagement provisions.
Assignment,
Assumption, and Amendment to Warrant Agreement
Prior
to the Closing, the Company, Pubco and Continental, as warrant agent (the “Warrant Agent”), will enter the Assignment, Assumption,
and Amendment to Warrant Agreement (the “Warrant Amendment”), which will amend that certain Warrant Agreement, dated as of
November 8, 2021, relating to the Company warrants (the “Warrant Agreement”), filed with the SEC on November 8, 2021. Pursuant
to the Warrant Amendment: (i) Pubco will assume the obligations of the Company under the Warrant Agreement, such that, among other things,
Pubco will be added as a party thereto and (ii) references to the Company’s Class A ordinary shares in the Warrant Agreement shall
mean Pubco ordinary shares.
Nasdaq
Compliance – Failure to Timely File Quarterly Report on Form 10-Q
On
September 12, 2023, we received a deficiency notice from the Listing Qualifications Department (the “Staff”) of Nasdaq notifying
us that we were not in compliance with Nasdaq’s continuing listing standards (the “Listing Rules”) as set forth in
in Listing Rule 5250(c)(1) given our failure to timely file our Quarterly Report on Form 10-Q for the period ended June 30, 2023. The
notification received has no immediate effect on our Nasdaq listing. In accordance with Nasdaq rules, we have 60 calendar days, or until
December 5, 2023 to submit a plan to regain compliance with the Nasdaq Listing Rules. We filed our Quarterly Report on Form 10-Q for
the period ended June 30, 2023 on November 6, 2023.
Recent
Developments
Nasdaq
Compliance – Minimum Total Holders
On
October 9, 2023, we received a deficiency notice from the Staff of Nasdaq notifying us that we no longer meets the minimum 400 total
holders requirement for The Nasdaq Global Market pursuant to Listing Rule 5450(a)(2) (the “Minimum Total Holders Requirement”).
The notification received has no immediate effect on our Nasdaq listing. On November 24, 2023, we submitted to Nasdaq a plan to regain
compliance with the Minimum Total Holders Requirement.
Sunorange
November 2023 Working Capital Note
On
November 8, 2023, we issued the November 2023 Working Capital Note in the principal amount of up to $1,500,000 to Sunorange. The November
2023 Working Capital Note was issued in connection with advances made by Sunorange in the amount of $341,000 since May 8, 2023 and advances
Sunorange may make in the future to us for working capital expenses. The November 2023 Working Capital Note is non-interest bearing and
payable upon the earlier of (i) the date of the consummation of the Business Combination or (ii) the date of our liquidation.
Results
of Operations
As
of September 30, 2023, we have not commenced any operations. All activity for the period from March 15, 2021 (inception) through September
30, 2023, relates to our formation and IPO that occurred on November 8, 2021, and, since the completion of the IPO, searching for a target
to consummate an initial Business Combination. We will not generate any operating revenues until after the completion of an initial Business
Combination, at the earliest. We will generate non-operating income in the form of interest income from the proceeds derived from the
IPO and placed in the Trust Account. There has been no significant change in our financial or trading position and no material adverse
change has occurred since the date of our audited financial statements, December 31, 2022.
For
the three months ended September 30, 2023, we had net income of $6,069, consisting of $641,632 in interest gained on the bank account
and the investments held in Trust Account offset by $653,563 in formation, general and administrative expenses. For the nine months ended
September 30, 2023, we had net income of $2,412,428, consisting of $3,894,122 in interest gained on the bank account and the investments
held in Trust Account offset by $1,481,694 in formation, general and administrative expenses.
For
the three months ended September 30, 2022, we had net income of $507,193, consisting of $797,218 in interest gained on the bank account
and the investments held in Trust Account offset by $290,025 in formation, general and administrative expenses. For the nine months ended
September 30, 2022, we had net income of $384,000, consisting of $1,061,782 in interest gained on the bank account and the investments
held in Trust Account offset by $677,782 in formation, general and administrative expenses.
Liquidity,
Capital Resources and Going Concern
As
of September 30, 2023, we had cash outside our Trust Account of $867 available for working capital needs. All remaining cash was held
in the Trust Account and is generally unavailable for our use prior to our initial Business Combination.
For
the nine months ended September 30, 2023, we utilized $243,312 in operating activities, which was largely driven by an increase
of $719,401 in accounts payable and accrued expenses, $248,267 in Prepaid and other as well as a $268,907 increase in due to related
party, offset by $3,892,315 in interest earned on our investments held in the Trust Account.
For
the nine months ended September 30, 2023, we were provided $132,116,922 from our investing activities, which was primarily driven by
$132,616,922 redemptions as a result of our extraordinary shareholder meeting offset by $500,000 in Extension Contributions.
For
the nine months ended September 30, 2023, we utilized $132,116,922 in our financing activities, which was the result of the $132,616,922
payout of redemptions by our shareholders offset by $500,000 in proceeds from our promissory note.
As
noted above, pursuant to our IPO on November 8, 2021 and the full exercise of the over-allotment option on November 12, 2021, we sold
17,250,000 Units at a price of $10.00 per Unit, generating gross proceeds to us of $172,500,000. These funds as well as a portion of
the $8,800,000 in proceeds from the sale of Private Placement Warrants were placed in the Trust Account such that the Trust Account held
an aggregate of $175,900,000, or $10.20 per Unit, as of November 12, 2021. These funds are invested in either a demand deposit account
or U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 180
days or less or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7
of the Investment Company Act, as determined by the company. As of September 30, 2023, $50,306,452 were held in the Trust Account. Effective
November 2, 2023, we liquidated the investments held in the Trust Account and now hold the funds in the Trust Account in an interest-bearing
demand deposit account with Continental continuing to act as trustee, until the earlier of the consummation of our initial Business Combination
or our liquidation. As a result, following the liquidation of investments in the Trust Account, which took effect on November 2, 2023,
the remaining proceeds from the IPO and private placement are no longer invested in U.S. government securities or money market funds.
In
order to fund working capital deficiencies or finance transaction costs in connection with an intended initial Business Combination,
our initial shareholders or their affiliates or certain of our officers and directors may, but are not obligated to, loan us funds as
may be required. If we complete our initial Business Combination, we would repay such loaned amounts (subject to the conversion rights
described below). In the event that our 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 at the option of the lender determined at the time of the loan be convertible into warrants at a price of
$1.00 per warrant of the post-initial Business Combination entity. The warrants would be identical to the Private Placement Warrants,
including as to exercise price, exercisability and exercise period of the underlying warrants. As of September 30, 2023 and December
31, 2022, we had $0 and $449,765 of outstanding borrowings under the Working Capital Loan, respectively.
On
May 8, 2023, in connection with the Sunorange Investment, the Working Capital Loan and all amounts outstanding thereunder were canceled
in full. This was deemed to be a benefit to us under SAB Topic 5T. In order to recognize this benefit, we de-recognized the outstanding
Promissory Note and reclassified it to additional paid-in capital, as an in-substance capital contribution.
On
November 8, 2023, we issued the 2023 Working Capital Note in the principal amount of up to $1,500,000 to Sunorange. The November 2023
Working Capital Note was issued in connection with advances made by Sunorange in the amount of approximately $263,000 since May 8, 2023
and advances Sunorange may make in the future to us for working capital expenses. The November 2023 Working Capital Note is non-interest
bearing and payable upon the earlier of (i) the date of the consummation of the Business Combination or (ii) the date of our liquidation.
We
could use a portion of the funds not being placed in the Trust Account to pay commitment fees for financing, fees to consultants to assist
us with our search for a target business or as a down payment or to fund a “no-shop” provision (a provision designed to keep
target businesses from “shopping” around for transactions with other companies or investors on terms more favorable to such
target businesses) with respect to a particular proposed initial Business Combination, although we do not have any current intention
to do so. If we entered into an agreement where we paid for the right to receive exclusivity from a target business, the amount that
would be used as a down payment or to fund a “no-shop” provision would be determined based on the terms of the specific initial
Business Combination and the amount of our available funds at the time. Our forfeiture of such funds (whether as a result of our breach
or otherwise) could result in our not having sufficient funds to continue searching for, or conducting due diligence with respect to,
prospective target businesses.
As
agreed by the shareholders at the Extension Meeting, we have until May 8, 2024 to complete a Business Combination.
If
we are not able to consummate a Business Combination before May 8, 2024, we will commence an automatic winding up, dissolution and liquidation.
Our management has determined that the automatic liquidation, should a Business Combination not occur, and potential subsequent dissolution
also raise substantial doubt about our ability to continue as a going concern for a period of time within one year after the date that
the unaudited condensed financial statements are issued. While management intends to complete a Business Combination on or before May
8, 2024, it is uncertain whether we will be able to do so. No adjustments have been made to the carrying amounts of assets or liabilities
should we be required to liquidate after May 8, 2024.
Effective
November 2, 2023, we liquidated the investments held in the Trust Account and now hold the funds in the Trust Account in an interest-bearing
demand deposit account with Continental continuing to act as trustee, until the earlier of the consummation of our initial Business Combination
or our liquidation. As a result, following the liquidation of investments in the Trust Account, which took effect on November 2, 2023,
the remaining proceeds from the IPO and private placement are no longer invested in U.S. government securities or money market funds.
Off-Balance
Sheet Financing Arrangements
We
did not have any off-balance sheet arrangement as of September 30, 2023 as defined in Item 303(a)(4)(ii) of Regulation S-K.
Contractual
Obligations
As
of September 30, 2023, we did not have any long-term debt, capital or operating lease obligations.
We
have entered into an administrative services agreement pursuant to which we are paying our Sponsor for office space, utilities and administrative
support services, in an amount of up to $3,000 per month.
We
have engaged EarlyBirdCapital as an advisor in connection with our initial Business Combination to assist us in holding meetings with
our shareholders to discuss the potential initial Business Combination and the target business’ attributes, introduce us to potential
investors that are interested in purchasing our securities in connection with our initial Business Combination, assist us in obtaining
shareholder approval for the initial Business Combination and assist us with our press releases and public filings in connection with
the initial Business Combination. In connection with the Sunorange Investment, we have agreed to pay EarlyBirdCapital a reduced cash
fee for such services upon the consummation of our initial Business Combination in an amount equal to 1.75% of the gross proceeds of
our IPO (exclusive of any applicable finders’ fees which might become payable).
We
previously engaged a third-party consultant to provide us with assistance in various aspects of our potential Business Combination.
Pursuant to the terms of the agreement, we have agreed to pay a contingent fee of at least $3,500,000 if we consummate a Business
Combination. No expense for which been included in the unaudited condensed financial statements related to this agreement. As of May
8, 2023, this agreement was terminated.
On
August 29, 2023, the Company engaged a third-party consultant to provide the Company with introduction to potential targets for its
Business Combination. Pursuant to the terms of the agreement, the Company has agreed to pay a contingent fee of 0.5% of the implied
enterprise value of the target if the Company consummates a Business Combination. As the Business Combination is not considered
probable, no expense for which has been included in the unaudited condensed financial statements related to this
agreement.
Critical
Accounting Policies
Management’s
discussion and analysis of our results of operations and liquidity and capital resources are based on our audited financial information.
We describe our significant accounting policies in Note 2 (Summary of Significant Accounting Policies), of the Notes to Unaudited Condensed
Financial Statements included in this Report, with those considered critical outlined below. Our audited financial statements have been
prepared in accordance with GAAP. Certain of our accounting policies require that management apply significant judgments in defining
the appropriate assumptions integral to financial estimates. On an ongoing basis, management reviews the accounting policies, assumptions,
estimates and judgments to ensure that our unaudited condensed financial statements are presented fairly and in accordance with GAAP.
Judgments are based on historical experience, terms of existing contracts, industry trends and information available from outside sources,
as appropriate. However, by their nature, judgments are subject to an inherent degree of uncertainty, and, therefore, actual results
could differ from our estimates.
Class
A Ordinary Shares Subject to Possible Redemption
We
account for our Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC 480. 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 our control) are classified as temporary equity. At all other times, ordinary shares
are classified as shareholders’ equity. Our Class A ordinary shares feature certain redemption rights that are considered to be
outside of our control and subject to occurrence of uncertain future events. Accordingly, Class A ordinary shares subject to possible
redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of the balance sheet.
Immediately
upon the closing of the IPO, we recognized the accretion from initial book value to redemption amount. Increases or decreases in the
carrying amount of redeemable ordinary shares are affected by charges against additional paid-in capital and accumulated deficit.
Net
Income Per Ordinary Share
We
comply with accounting and disclosure requirements of ASC 260. Net income per share is computed by dividing net income by the weighted
average number of ordinary shares outstanding during the period. We have two classes of shares, redeemable ordinary shares and non-redeemable
ordinary shares. Our redeemable ordinary shares are comprised of Class A shares sold in the IPO. Our non-redeemable shares are comprised
of Class A shares held by EarlyBirdCapital and Class B shares purchased by the Sponsor. Earnings and losses are shared pro rata between
the two classes of shares. Our statement of operations applies the two-class method in calculating net income per share. Basic and diluted
net income per share for redeemable ordinary shares and non-redeemable ordinary shares is calculated by dividing net income, allocated
proportionally to each class of ordinary shares, attributable to us by the weighted average number of shares of redeemable and non-redeemable
ordinary shares outstanding.
The
calculation of diluted income per ordinary share does not consider the effect of the warrants issued in connection with the IPO since
exercise of the warrants is contingent upon the occurrence of future events and the inclusion of such rights would be anti-dilutive.
Accretion of the carrying value of Class A ordinary shares to redemption value is excluded from net income per redeemable share because
the redemption value approximates fair value. As a result, diluted income per share is the same as basic income per share for the period
presented.
Recent
Accounting Standards
In
August 2020, the FASB issued ASU 2020-06. The update simplifies the accounting for convertible instruments by removing certain separation
models in Subtopic 470-20, “Debt-Debt with Conversion and Other Options for Convertible Instruments and Introducing Other Changes.”
As a result of ASU 2020-06, more convertible debt instruments will be accounted for as a single liability measured at their amortized
cost and more convertible preference shares will be accounted for as a single-equity instrument measured at its historical cost, as long
as no features require bifurcation and recognition as derivatives. The amendments are effective for smaller reporting companies for fiscal
years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier
than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. We are currently assessing
what impact, if any, that ASU 2020-06 would have on our financial position, results of operations or cash flows.
In
June 2022, the FASB issued ASU 2022-03. ASU 2022-03 amends ASC 820 to clarify that a contractual sales restriction is not considered
in measuring an equity security at fair value and to introduce new disclosure requirements for equity securities subject to contractual
sale restrictions that are measured at fair value. ASU 2022-03 applies to both holders and issuers of equity and equity-linked securities
measured at fair value. The amendments in ASU 2022-03 are effective for us in fiscal years beginning after December 15, 2023 and interim
periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been
issued or made available for issuance. We are currently assessing what impact, if any, that ASU 2022-03 would have on our financial position,
results of operations or cash flows.
We
do not believe that any other recently issued, but not effective, accounting standards, if currently adopted, would have a material effect
on our unaudited condensed financial statements.
JOBS
Act
The
JOBS Act contains provisions that, among other things, relax certain reporting requirements for qualifying public companies. We qualify
as an “emerging growth company” under the JOBS Act and are allowed to comply with new or revised accounting pronouncements
based on the effective date for private (not publicly traded) companies. We are electing to delay the adoption of new or revised accounting
standards, and as a result, we may not comply with new or revised accounting standards on the relevant dates on which adoption of such
standards is required for non-emerging growth companies. As a result, our unaudited condensed financial statements may not be comparable
to companies that comply with new or revised accounting pronouncements as of public company effective dates.
Additionally,
we are in the process of evaluating the benefits of relying on the other reduced reporting requirements provided by the JOBS Act. Subject
to certain conditions set forth in the JOBS Act, if, as an “emerging growth company,” we choose to rely on such exemptions
we may not be required to, among other things, (i) provide an independent registered public accounting firm’s attestation report
on our system of internal controls over financial reporting pursuant to Section 404, (ii) provide all of the compensation disclosure
that may be required of non-emerging growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act, (iii)
comply with any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation
or a supplement to the independent registered public accounting firm’s report providing additional information about the audit
and the financial statements (auditor discussion and analysis) and (iv) disclose certain executive compensation related items such as
the correlation between executive compensation and performance and comparisons of the CEO’s compensation to median employee compensation.
These exemptions will apply for a period of five years following the completion of our IPO or until we are no longer an “emerging
growth company,” whichever is earlier.
Factors
That May Adversely Affect Our Results of Operations
Our
results of operations and our ability to complete an initial Business Combination may be adversely affected by various factors that could
cause economic uncertainty and volatility in the financial markets, many of which are beyond our control. Our business could be impacted
by, among other things, downturns in the financial markets or in economic conditions, increases in oil prices, inflation, increases in
interest rates, supply chain disruptions, declines in consumer confidence and spending, the ongoing effects of the COVID-19 pandemic,
including resurgences and the emergence of new variants, and geopolitical instability, such as the military conflict in the Ukraine.
We cannot at this time fully predict the likelihood of one or more of the above events, their duration or magnitude or the extent to
which they may negatively impact our business and our ability to complete an initial Business Combination.
Item
3. Quantitative and Qualitative Disclosures About Market Risk
As
of September 30, 2023, we were not subject to any market or interest rate risk. Following the consummation of our IPO, the net proceeds
of the IPO and the private placement, including amounts in our Trust Account, were invested in U.S. government treasury obligations with
a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which
invest only in direct U.S. government treasury obligations. Due to the short-term nature of these investments, we believe there was no
associated material exposure to interest rate risk.
We
have not engaged in any hedging activities since our inception. We do not expect to engage in any hedging activities with respect to
the market risk to which we are exposed.
Item
4. Controls and Procedures
Limitations
on Effectiveness of Controls and Procedures
In
designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how
well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design
of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply
judgment in evaluating the benefits of possible controls and procedures relative to their costs.
Evaluation
of Disclosure Controls and Procedures
Disclosure
controls are procedures that are designed with the objective of ensuring that information required to be disclosed in our reports filed
under the Exchange Act, such as this Report, is recorded, processed, summarized and reported within the time period specified in the
SEC’s rules and forms. Disclosure controls are also designed with the objective of ensuring that such information is accumulated
and communicated to our management, including the Chief Executive Officer and Chief Financial Officer (together, our “Certifying
Officers”), as appropriate to allow timely decisions regarding required disclosure. Our management evaluated, with the participation
of our Certifying Officers, the effectiveness of our disclosure controls and procedures as of September 30, 2023, pursuant to Rule 13a-15(b)
under the Exchange Act. Based upon that evaluation, our Certifying Officers concluded that, as of September 30, 2023, our disclosure
controls and procedures were not effective due to a material weakness in our internal control over financial reporting of complex financial
instruments, recognition of billed and unbilled professional fees, classification of related party payables and accounting for related
party notes payable as further described below.
A
material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is
a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected
on a timely basis. Specifically, we concluded that our controls over recognition of billed and unbilled
professional fees, the classification of related party payables, and accounting for related party notes payable was not effectively designed
or maintained. Our management performed additional analysis as deemed necessary to ensure that our unaudited condensed financial statements
included in this Report were prepared in accordance with GAAP. Accordingly, management believes that the unaudited condensed financial
statements included in this Report present fairly, in all material respects, our financial position, results of operations and cash flows
of the periods presented.
Disclosure
controls and procedures are designed to ensure that information required to be disclosed by us in our Exchange Act reports is recorded,
processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is
accumulated and communicated to our management team, including our principal executive officer and principal financial officer or persons
performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
In
light of the material weakness described above, our management team has performed additional accounting and financial analyses and other
post-closing procedures. We have enhanced, and will continue to enhance, internal controls and procedures, including access
to accounting literature, identification and consideration of third-party professionals with whom to consult regarding complex accounting
applications and implementing additional layers of reviews in the financial close process. While we have processes to properly identify
and evaluate the appropriate accounting technical pronouncements and other literature for all significant or unusual transactions, we
plan to continue to improve these processes to ensure that the nuances of such transactions are effectively evaluated in the context
of the increasingly complex accounting standards.
We
do not expect that our disclosure controls and procedures will prevent all errors and all instances of fraud. Disclosure controls and
procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the
disclosure controls and procedures are met. Further, the design of disclosure controls and procedures must reflect the fact that there
are resource constraints, and the benefits must be considered relative to their costs. Because of the inherent limitations in all disclosure
controls and procedures, no evaluation of disclosure controls and procedures can provide absolute assurance that we have detected all
our control deficiencies and instances of fraud, if any. The design of disclosure controls and procedures also is based partly on certain
assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated
goals under all potential future conditions.
Changes
in Internal Control over Financial Reporting
There
were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange
Act) during the most recent fiscal quarter ended September 30, 2023 covered by this Report that has materially affected, or are reasonably
likely to materially affect, our internal control over financial reporting.
PART
II - OTHER INFORMATION
Item
1. Legal Proceedings
None.
Item
1A. Risk Factors
As
a smaller reporting company under Rule 12b-2 of the Exchange Act, we are not required to include risk factors in this Report. However,
as of the date of this Report, other than as set forth below, there have been no material changes with respect to those risk factors
previously disclosed in our (i) Registration Statement on Form S-1 initially filed with the SEC on October 15, 2021, as amended, and
declared effective on November 3, 2021 (the “Registration Statement”), (ii) Annual Report on Form 10-K for the year ended
December 31, 2022, as filed with the SEC on April 13, 2023 and (iii) Quarterly Reports on Form 10-Q for the quarterly periods ended March
31, 2023 and June 30, 2023, as filed with the SEC on May 22, 2023 and November 6, 2023, respectively. Any of these factors could result
in a significant or material adverse effect on our results of operations or financial condition. Additional risks could arise that may
also affect our business or ability to consummate an initial Business Combination. We may disclose changes to such risk factors or disclose
additional risk factors from time to time in our future filings with the SEC.
For
risks related to Scage and the Scage Business Combination, please see the Registration Statement on Form F-4 once filed.
Military
or other conflicts in Ukraine, the Middle East or elsewhere may lead to increased volume and price volatility for publicly traded securities,
or affect the operations or financial condition of potential target companies, which could make it more difficult for us to consummate
a Business Combination.
Military
or other conflicts in Ukraine, the Middle East or elsewhere may lead to increased volume and price volatility for publicly traded securities,
or affect the operations or financial condition of potential target companies, and to other Company- or industry-specific national, regional
or international economic disruptions and economic uncertainty, any of which could make it more difficult for us to identify a Business
Combination target and consummate an initial Business Combination on acceptable commercial terms, or at all.
To
mitigate the risk that we might be deemed to be an investment company for purposes of the Investment Company Act, on November 1, 2023,
we instructed the trustee to liquidate the investments held in the Trust Account and instead to hold the funds in the Trust Account in
an interest-bearing demand deposit account at a bank until the earlier of the consummation of our initial Business Combination or our
liquidation. As a result, we may receive less interest on the funds held in the Trust Account than the interest we would have received
pursuant to our original Trust Account investments, which could reduce the dollar amount our public shareholders would receive upon any
redemption or our liquidation.
The
funds in the Trust Account had, since our IPO, been held in U.S. government treasury obligations with a maturity of 185 days or less
or in money market funds investing solely in U.S. government treasury obligations and meeting certain conditions under Rule 2a-7 under
the Investment Company Act. However, on November 1, 2023, to mitigate the risk of us being deemed to be an unregistered investment company
(including under the subjective test of Section 3(a)(1)(A) of the Investment Company Act) and thus subject to regulation under the Investment
Company Act, we instructed Continental, the trustee with respect to the Trust Account, to liquidate the U.S. government treasury obligations
or money market funds held in the Trust Account and thereafter to hold all funds in the Trust Account in an interest-bearing demand deposit
account at a bank until the earlier of the consummation of our initial Business Combination or liquidation. The liquidation was effected
on November 2, 2023. Following such liquidation, we may receive less interest on the funds held in the Trust Account than the interest
we would have received pursuant to our original Trust Account investments; however, interest previously earned on the funds held in the
Trust Account still may be released to us to pay our taxes, if any, and certain other expenses as permitted. Consequently, the transfer
of the funds in the Trust Account to an interest-bearing demand deposit account could reduce the dollar amount our public shareholders
would receive upon any redemption or our liquidation.
In
the event that we may be deemed to be an investment company, we may be required to liquidate the Company.
We
have received two notices from the Staff of Nasdaq notifying us that we were not in compliance with two Nasdaq Listing Rules. If we cannot
regain compliance, our securities will be subject to delisting, and the liquidity and the trading price of our securities could be adversely
affected.
On
September 12, 2023, we received a deficiency notice from the Staff of Nasdaq notifying us that we were not in compliance with Nasdaq’s
Listing Rules as set forth in in Listing Rule 5250(c)(1) given our failure to timely file our Quarterly Report on Form 10-Q for the period
ended June 30, 2023. The notification received has no immediate effect on our Nasdaq listing. The notification received has no immediate
effect on our Nasdaq listing. In accordance with Nasdaq rules, we have 60 calendar days, or until December 5, 2023 to submit a plan to
regain compliance with the Nasdaq Listing Rules. We filed our Quarterly Report on Form 10-Q for the period ended June 30, 2023 on November
6, 2023.
On
October 9, 2023, we received a deficiency notice from the Staff of Nasdaq notifying us that we no longer meet the Minimum Total Holders
Requirement. The notification received has no immediate effect on our Nasdaq listing. On November 24, 2023, we submitted to Nasdaq a
plan to regain compliance with the Minimum Total Holders Requirement.
If
Nasdaq delists our securities from trading on its exchange and we are not able to list our securities on another national securities
exchange, we expect our securities could be quoted on an over-the-counter market. If this were to occur, we could face significant material
adverse consequences, including:
| |
● |
a
limited availability of market quotations for our securities; |
| |
● |
reduced
liquidity for our securities; |
| |
● |
a
determination that our Class A ordinary shares are a “penny stock” which will require brokers trading in our Class A
ordinary shares to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading
market for our securities; |
| |
● |
a
limited amount of news and analyst coverage; |
| |
● |
a
decreased ability to issue additional securities or obtain additional financing in the future; and |
| |
● |
being
subject to regulation in each state in which we offer our securities, including in connection with our initial Business Combination. |
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds
Use
of Proceeds
For
a description of the use of proceeds generated in our IPO and private placement, see Part II, Item 2 of our Quarterly Report on Form
10-Q for the quarterly period ended September 30, 2022, as filed with the SEC on November 10, 2022. There has been no material change
in the planned use of proceeds from our IPO and private placement as described in the Registration Statement. The specific investments
in our Trust Account may change from time to time.
Effective
November 2, 2023, we liquidated the investments held in the Trust Account and now hold the funds in the Trust Account in an interest-bearing
demand deposit account, with Continental continuing to act as trustee, until the earlier of the consummation of our initial Business
Combination or our liquidation. As a result, following the liquidation of investments in the Trust Account, the remaining proceeds from
the IPO and private placement are no longer invested in U.S. government securities or money market funds.
Unregistered
Sales of Equity Securities
None.
Purchases
of Equity Securities by the Issuer and Affiliated Purchasers
None.
Item
3. Defaults Upon Senior Securities
None.
Item
4. Mine Safety Disclosures
Not
applicable.
Item
5. Other Information
None.
Item
6. Exhibits
INDEX
TO EXHIBITS
| Exhibit
Number |
|
Description |
| 2.1 |
|
Business Combination Agreement, dated as of August 21, 2023, by and among Finnovate Acquisition Corp., Scage Future, Hero 1, Hero 2 and Scage International Limited. (1) |
| 10.1 |
|
Form of Key Seller Lock-Up Agreement, dated as of August 21, 2023, by and among Scage International Limited, Scage Future, Finnovate Acquisition Corp. and the Key Company Shareholders of Scage International Limited.(2) |
| 10.2 |
|
Form of Seller Lock-Up Agreement, by and among Scage International Limited, Scage Future, Finnovate Acquisition Corp., and certain shareholders of Scage International Limited. (3) |
| 10.3 |
|
Form of Shareholder Support Agreement, dated as of August 21, 2023, by and among Finnovate Acquisition Corp., Scage International Limited and the Key Company Shareholders of Scage International Limited. (4) |
| 10.4 |
|
Sponsor Support Agreement, dated as of August 21, 2023, by and among Finnovate Sponsor L.P., Scage International Limited, Scage Future and Finnovate Acquisition Corp.(5) |
| 10.5 |
|
Insider Letter Amendment, dated as of August 21, 2023, by and among Finnovate Acquisition Corp., Finnovate Sponsor L.P., Scage Future, Scage International Limited and the officers and directors of Finnovate Acquisition Corp. (6) |
| 10.6 |
|
Form of Non-Competition Agreement, dated as of August 21, 2023, by and among Scage Future, Finnovate Acquisition Corp., Scage International Limited, Finnovate Sponsor L.P., and certain shareholders of Scage International Limited.(7) |
| 10.7 |
|
Form of Assignment, Assumption and Amendment to Warrant Agreement to be entered into by and among Finnovate Acquisition Corp., Scage Future and Continental Stock Transfer & Trust Company.(8) |
| 10.8 |
|
November 2023 Working Capital Note, issued to Sunorange Limited. (9) |
| 31.1* |
|
Certification of the Principal Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| 31.2* |
|
Certification of the Principal Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| 32.1** |
|
Certification of the Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| 32.2** |
|
Certification of the Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| 101.INS*
|
|
Inline
XBRL Instance Document. |
| 101.SCH* |
|
Inline
XBRL Taxonomy Extension Schema Document |
| 101.CAL* |
|
Inline
SXRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF* |
|
Inline
XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB* |
|
Inline
XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE* |
|
Inline
XBRL Taxonomy Extension Presentation Linkbase Document |
| 104* |
|
Cover
Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
| * |
Filed
herewith. |
| ** |
Furnished
herewith. |
| (1) |
Incorporated
herein by reference to Exhibit 2.1 of the Registrant’s Current Report on Form 8-K filed with the SEC on August 25, 2023. |
| (2) |
Incorporated
herein by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K filed with the SEC on August 25, 2023. |
| (3) |
Incorporated
herein by reference to Exhibit 10.2 of the Registrant’s Current Report on Form 8-K filed with the SEC on August 25, 2023. |
| (4) |
Incorporated
herein by reference to Exhibit 10.3 of the Registrant’s Current Report on Form 8-K filed with the SEC on August 25, 2023. |
| (5) |
Incorporated
herein by reference to Exhibit 10.4 of the Registrant’s Current Report on Form 8-K filed with the SEC on August 25, 2023. |
| (6) |
Incorporated
herein by reference to Exhibit 10.5 of the Registrant’s Current Report on Form 8-K filed with the SEC on August 25, 2023. |
| (7) |
Incorporated
herein by reference to Exhibit 10.6 of the Registrant’s Current Report on Form 8-K filed with the SEC on August 25, 2023. |
| (8) |
Incorporated
herein by reference to Exhibit 10.7 of the Registrant’s Current Report on Form 8-K filed with the SEC on August 25, 2023. |
| (9) |
Incorporated
herein by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K filed with the SEC on November 15,
2023. |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
FINNOVATE
ACQUISITION CORPORATION
| SIGNATURE |
|
TITLE |
|
DATE |
| |
|
|
|
|
| /s/
Calvin Kung |
|
Chairman
and Chief Executive Officer |
|
December
14, 2023 |
| Calvin
Kung |
|
(principal
executive officer) |
|
|
| |
|
|
|
|
| /s/
Wang Chiu Wong |
|
Chief
Financial Officer |
|
December
14, 2023 |
| Wang
Chiu Wong |
|
(principal
financial and accounting officer) |
|
|
Exhibit
31.1
CERTIFICATIONS
I,
Calvin Kung, certify that:
| 1. |
I
have reviewed this Quarterly Report on Form 10-Q for the quarter ending September 30, 2023 of Finnovate Acquisition Corp. (the “Company”); |
| |
|
| 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 Company as of, and for, the periods presented in this
report; |
| |
|
| 4. |
The
Company’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 Company 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 Company’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 Company’s internal control over financial reporting that occurred during the Company’s
most recent fiscal quarter (the Company’s fourth fiscal quarter in the case of an annual report), that has materially affected,
or is reasonably likely to materially affect, the Company’s internal control over financial reporting; and |
| 5. |
The
Company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the Company’s auditors and the audit committee of the Company’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 Company’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 Company’s internal
control over financial reporting. |
| Date:
December 14, 2023 |
By: |
/s/
Calvin Kung |
| |
|
Calvin
Kung |
| |
|
Chairman
and Chief Executive Officer
(Principal
Executive Officer) |
Exhibit
31.2
CERTIFICATIONS
I,
Wang Chiu Wong, certify that:
| 6. |
I
have reviewed this Quarterly Report on Form 10-Q for the quarter ending September 30, 2023 of Finnovate Acquisition Corp.; |
| |
|
| 7. |
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; |
| |
|
| 8. |
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 Company as of, and for, the periods presented in this
report; |
| |
|
| 9. |
The
Company’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 Company 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 Company’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 Company’s internal control over financial reporting that occurred during the Company’s
most recent fiscal quarter (the Company’s fourth fiscal quarter in the case of an annual report), that has materially affected,
or is reasonably likely to materially affect, the Company’s internal control over financial reporting; and |
| 10. |
The
Company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the Company’s auditors and the audit committee of the Company’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 Company’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 Company’s internal
control over financial reporting. |
| Date:
December 14, 2023 |
By: |
/s/
Wang Chiu Wong |
| |
|
Wang
Chiu Wong |
| |
|
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 Finnovate
Acquisition Corp. (the “Company”) on Form 10-Q for the quarterly period ended September 30, 2023, as filed with the Securities
and Exchange Commission on the date hereof (the “Report”), I certify, in the capacity and on the date indicated below, pursuant
to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my 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 operations of the Company. |
| Date: December 14, 2023 |
By: |
/s/ Calvin Kung |
| |
|
Calvin Kung |
| |
|
Chairman and Chief Executive Officer
(Principal Executive Officer) |
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 Finnovate Acquisition Corp. (the “Company”) on Form 10-Q for the quarterly period
ended September 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I certify,
in the capacity and on the date indicated below, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that to my knowledge:
| |
3. |
The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
| |
|
|
| |
4. |
The
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company. |
| Date:
December 14, 2023 |
By: |
/s/
Wang Chiu Wong |
| |
|
Wang
Chiu Wong |
| |
|
Chief
Financial Officer
(Principal
Financial and Accounting Officer) |
v3.23.3
Cover - shares
|
9 Months Ended |
|
Sep. 30, 2023 |
Dec. 14, 2023 |
| Document Type |
10-Q
|
|
| Amendment Flag |
false
|
|
| Document Quarterly Report |
true
|
|
| Document Transition Report |
false
|
|
| Document Period End Date |
Sep. 30, 2023
|
|
| Document Fiscal Period Focus |
Q3
|
|
| Document Fiscal Year Focus |
2023
|
|
| Current Fiscal Year End Date |
--12-31
|
|
| Entity File Number |
001-41012
|
|
| Entity Registrant Name |
FINNOVATE
ACQUISITION CORP.
|
|
| Entity Central Index Key |
0001857855
|
|
| Entity Tax Identification Number |
00-0000000
|
|
| Entity Incorporation, State or Country Code |
E9
|
|
| Entity Address, Address Line One |
265 Franklin Street
|
|
| Entity Address, Address Line Two |
Suite
1702
|
|
| Entity Address, City or Town |
Boston
|
|
| Entity Address, State or Province |
MA
|
|
| Entity Address, Postal Zip Code |
02110
|
|
| City Area Code |
+1
424
|
|
| Local Phone Number |
253-0908
|
|
| Entity Current Reporting Status |
No
|
|
| Entity Interactive Data Current |
Yes
|
|
| Entity Filer Category |
Non-accelerated Filer
|
|
| Entity Small Business |
true
|
|
| Entity Emerging Growth Company |
true
|
|
| Elected Not To Use the Extended Transition Period |
true
|
|
| Entity Shell Company |
true
|
|
| Units, each consisting of one Class A ordinary share and three-quarters of one Warrant |
|
|
| Title of 12(b) Security |
Units,
each consisting of one Class A ordinary share and three-quarters of one Warrant
|
|
| Trading Symbol |
FNVTU
|
|
| Security Exchange Name |
NASDAQ
|
|
| Class A ordinary shares, par value $0.0001 per share |
|
|
| Title of 12(b) Security |
Class
A ordinary shares, par value $0.0001 per share
|
|
| Trading Symbol |
FNVT
|
|
| Security Exchange Name |
NASDAQ
|
|
| Redeemable warrants, each warrant exercisable for one Class A ordinary share at an exercise price of $11.50 |
|
|
| Title of 12(b) Security |
Redeemable
warrants, each warrant exercisable for one Class A ordinary share at an exercise price of $11.50
|
|
| Trading Symbol |
FNVTW
|
|
| Security Exchange Name |
NASDAQ
|
|
| Common Class A [Member] |
|
|
| Entity Common Stock, Shares Outstanding |
|
9,085,831
|
| Common Class B [Member] |
|
|
| Entity Common Stock, Shares Outstanding |
|
1
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v3.23.3
Condensed Balance Sheets - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
| Current Assets |
|
|
| Cash |
$ 867
|
$ 244,179
|
| Prepaid expenses |
66,235
|
314,502
|
| Total Current Assets |
67,102
|
558,681
|
| Investments held in Trust Account |
50,306,452
|
178,531,059
|
| Total Assets |
50,373,554
|
179,089,740
|
| Current Liabilities |
|
|
| Accounts payable and accrued expenses |
1,242,202
|
522,801
|
| Working capital loan - related party |
|
449,765
|
| Extension note payable |
500,000
|
|
| Due to related party |
310,371
|
41,464
|
| Total Liabilities |
2,052,573
|
1,014,030
|
| Class A ordinary shares subject to possible redemption, 4,623,332 and 17,250,000 shares at redemption value of $10.88 and $10.35 at September 30, 2023 and December 31, 2022, respectively |
50,306,452
|
178,531,059
|
| Shareholders’ Deficit |
|
|
| Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding |
|
|
| Accumulated deficit |
(1,985,917)
|
(455,795)
|
| Total Shareholders’ Deficit |
(1,985,471)
|
(455,349)
|
| Total Liabilities, Redeemable Ordinary Shares and Shareholders’ Deficit |
50,373,554
|
179,089,740
|
| Common Class A [Member] |
|
|
| Shareholders’ Deficit |
|
|
| Common stock, value |
446
|
15
|
| Common Class B [Member] |
|
|
| Shareholders’ Deficit |
|
|
| Common stock, value |
|
$ 431
|
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v3.23.3
Condensed Balance Sheets (Parenthetical) - $ / shares
|
Sep. 30, 2023 |
Dec. 31, 2022 |
| Preferred stock, par value |
$ 0.0001
|
$ 0.0001
|
| Preferred stock, shares authorized |
5,000,000
|
5,000,000
|
| Preferred stock, shares issued |
0
|
0
|
| Preferred stock, shares outstanding |
0
|
0
|
| Common Class A [Member] |
|
|
| Temporary equity, shares outstanding |
4,623,332
|
17,250,000
|
| Temporary equity, redemption price per share |
$ 10.88
|
$ 10.35
|
| Common stock, par value |
$ 0.0001
|
$ 0.0001
|
| Common stock, shares authorized |
500,000,000
|
500,000,000
|
| Common stock, shares issued |
4,462,499
|
150,000
|
| Common stock, shares outstanding |
4,462,499
|
150,000
|
| Shares subject to possible redemption |
4,623,332
|
17,250,000
|
| Common Class B [Member] |
|
|
| Common stock, par value |
$ 0.0001
|
$ 0.0001
|
| Common stock, shares authorized |
50,000,000
|
50,000,000
|
| Common stock, shares issued |
1
|
4,312,500
|
| Common stock, shares outstanding |
1
|
4,312,500
|
| X |
- DefinitionFace amount or stated value per share of common stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
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v3.23.3
Condensed Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Formation, general and administrative expenses |
$ 635,563
|
$ 290,025
|
$ 1,481,694
|
$ 677,782
|
| Loss from operations |
(635,563)
|
(290,025)
|
(1,481,694)
|
(677,782)
|
| Other Income |
|
|
|
|
| Interest earned on Bank Account |
136
|
1,618
|
1,807
|
1,922
|
| Interest earned on Investments held in Trust Account |
641,496
|
795,600
|
3,892,315
|
1,059,860
|
| Total Other Income |
641,632
|
797,218
|
3,894,122
|
1,061,782
|
| Net Income |
$ 6,069
|
$ 507,193
|
$ 2,412,428
|
$ 384,000
|
| Redeemable Ordinary Shares [Member] |
|
|
|
|
| Other Income |
|
|
|
|
| Basic net income (loss) per ordinary share |
$ 0.00
|
$ 0.02
|
$ 0.16
|
$ 0.02
|
| Diluted net income (loss) per ordinary share |
0.00
|
0.02
|
0.16
|
0.02
|
| Non-Redeemable Ordinary Shares [Member] |
|
|
|
|
| Other Income |
|
|
|
|
| Basic net income (loss) per ordinary share |
0.00
|
0.02
|
0.16
|
0.02
|
| Diluted net income (loss) per ordinary share |
$ 0.00
|
$ 0.02
|
$ 0.16
|
$ 0.02
|
| Common Class A [Member] |
|
|
|
|
| Other Income |
|
|
|
|
| Basic weighted average shares outstanding |
4,623,332
|
17,400,000
|
10,451,025
|
17,400,000
|
| Diluted weighted average shares outstanding |
4,623,332
|
17,400,000
|
10,451,025
|
17,400,000
|
| Common Class B [Member] |
|
|
|
|
| Other Income |
|
|
|
|
| Basic weighted average shares outstanding |
4,462,500
|
4,312,500
|
4,462,500
|
4,312,500
|
| Diluted weighted average shares outstanding |
4,462,500
|
4,312,500
|
4,462,500
|
4,312,500
|
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 22
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 3
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 60B
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Reference 32: http://www.xbrl.org/2003/role/exampleRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
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-Section 50
-Paragraph 7
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Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
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-Section 45
-Paragraph 28
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
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-Section 45
-Paragraph 1A
-Subparagraph (a)
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
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-Section S99
-Paragraph 1
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v3.23.3
Condensed Statements of Changes in Shareholders' Deficit (Unaudited) - USD ($)
|
Common Stock [Member]
Common Class A [Member]
|
Common Stock [Member]
Common Class B [Member]
|
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
| Beginning balance value at Dec. 31, 2021 |
$ 15
|
$ 431
|
$ 1,654,188
|
$ (639,546)
|
$ 1,015,088
|
| Beginning balance, shares at Dec. 31, 2021 |
150,000
|
4,312,500
|
|
|
|
| Net income (loss) |
|
|
|
(160,730)
|
(160,730)
|
| Ending Balance value at Mar. 31, 2022 |
$ 15
|
$ 431
|
1,654,188
|
(800,276)
|
854,358
|
| Ending balance, shares at Mar. 31, 2022 |
150,000
|
4,312,500
|
|
|
|
| Beginning balance value at Dec. 31, 2021 |
$ 15
|
$ 431
|
1,654,188
|
(639,546)
|
1,015,088
|
| Beginning balance, shares at Dec. 31, 2021 |
150,000
|
4,312,500
|
|
|
|
| Net income (loss) |
|
|
|
|
384,000
|
| Ending Balance value at Sep. 30, 2022 |
$ 15
|
$ 431
|
592,226
|
(255,546)
|
337,126
|
| Ending balance, shares at Sep. 30, 2022 |
150,000
|
4,312,500
|
|
|
|
| Beginning balance value at Mar. 31, 2022 |
$ 15
|
$ 431
|
1,654,188
|
(800,276)
|
854,358
|
| Beginning balance, shares at Mar. 31, 2022 |
150,000
|
4,312,500
|
|
|
|
| Remeasurement of Class A ordinary shares to redemption value |
|
|
(266,362)
|
|
(266,362)
|
| Net income (loss) |
|
|
|
37,537
|
37,537
|
| Ending Balance value at Jun. 30, 2022 |
$ 15
|
$ 431
|
1,387,826
|
(762,739)
|
625,533
|
| Ending balance, shares at Jun. 30, 2022 |
150,000
|
4,312,500
|
|
|
|
| Remeasurement of Class A ordinary shares to redemption value |
|
|
(795,600)
|
|
(795,600)
|
| Net income (loss) |
|
|
|
507,193
|
507,193
|
| Ending Balance value at Sep. 30, 2022 |
$ 15
|
$ 431
|
592,226
|
(255,546)
|
337,126
|
| Ending balance, shares at Sep. 30, 2022 |
150,000
|
4,312,500
|
|
|
|
| Beginning balance value at Dec. 31, 2022 |
$ 15
|
$ 431
|
|
(455,795)
|
(455,349)
|
| Beginning balance, shares at Dec. 31, 2022 |
150,000
|
4,312,500
|
|
|
|
| Remeasurement of Class A ordinary shares to redemption value |
|
|
|
(1,908,881)
|
(1,908,881)
|
| Net income (loss) |
|
|
|
1,608,034
|
1,608,034
|
| Ending Balance value at Mar. 31, 2023 |
$ 15
|
$ 431
|
|
(756,642)
|
(756,196)
|
| Ending balance, shares at Mar. 31, 2023 |
150,000
|
4,312,500
|
|
|
|
| Beginning balance value at Dec. 31, 2022 |
$ 15
|
$ 431
|
|
(455,795)
|
(455,349)
|
| Beginning balance, shares at Dec. 31, 2022 |
150,000
|
4,312,500
|
|
|
|
| Net income (loss) |
|
|
|
|
2,412,428
|
| Ending Balance value at Sep. 30, 2023 |
$ 446
|
|
|
(1,985,917)
|
(1,985,471)
|
| Ending balance, shares at Sep. 30, 2023 |
4,462,499
|
1
|
|
|
|
| Beginning balance value at Mar. 31, 2023 |
$ 15
|
$ 431
|
|
(756,642)
|
(756,196)
|
| Beginning balance, shares at Mar. 31, 2023 |
150,000
|
4,312,500
|
|
|
|
| Remeasurement of Class A ordinary shares to redemption value |
|
|
(449,765)
|
(892,173)
|
(1,341,938)
|
| Net income (loss) |
|
|
|
798,325
|
798,325
|
| Conversion of Sponsor Shares |
$ 431
|
$ (431)
|
|
|
|
| Conversion of Sponsor Shares, shares |
4,312,499
|
(4,312,499)
|
|
|
|
| Promissory Note forgiveness |
|
|
449,765
|
|
449,765
|
| Extension Contribution |
|
|
|
(300,000)
|
(300,000)
|
| Ending Balance value at Jun. 30, 2023 |
$ 446
|
|
|
(1,150,490)
|
(1,150,044)
|
| Ending balance, shares at Jun. 30, 2023 |
4,462,499
|
1
|
|
|
|
| Remeasurement of Class A ordinary shares to redemption value |
|
|
|
(641,496)
|
(641,496)
|
| Net income (loss) |
|
|
|
6,069
|
6,069
|
| Extension Contribution |
|
|
|
(200,000)
|
(200,000)
|
| Ending Balance value at Sep. 30, 2023 |
$ 446
|
|
|
$ (1,985,917)
|
$ (1,985,471)
|
| Ending balance, shares at Sep. 30, 2023 |
4,462,499
|
1
|
|
|
|
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| X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
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-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
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-Section 65
-Paragraph 1
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/exampleRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/exampleRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 946
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
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-Section S99
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-Topic 946
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Section S99
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-Section 50
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-Publisher FASB
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|
v3.23.3
Condensed Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
12 Months Ended |
Sep. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
| Cash flows from operating activities: |
|
|
|
|
|
|
|
| Net income |
$ 6,069
|
$ 1,608,034
|
$ 507,193
|
$ (160,730)
|
$ 2,412,428
|
$ 384,000
|
|
| Interest earned on Investments held in Trust Account |
(641,496)
|
|
(795,600)
|
|
(3,892,315)
|
(1,059,860)
|
|
| Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
| Prepaid expenses |
|
|
|
|
248,267
|
261,190
|
|
| Accounts payable and accrued expenses |
|
|
|
|
719,401
|
(20,127)
|
|
| Accrued offering expenses |
|
|
|
|
|
(46,894)
|
|
| Due to related party |
|
|
|
|
268,907
|
26,464
|
|
| Net cash used by operating activities |
|
|
|
|
(243,312)
|
(455,227)
|
|
| Cash flows from investing activities: |
|
|
|
|
|
|
|
| Cash withdrawn from Trust account in connection with redemption |
|
|
|
|
132,616,922
|
|
|
| Extension Contribution |
|
|
|
|
(500,000)
|
|
|
| Net cash provided by investing activities |
|
|
|
|
132,116,922
|
|
|
| Cash flows from financing activities: |
|
|
|
|
|
|
|
| Proceeds from Related Party advances |
|
|
|
|
500,000
|
|
|
| Redemption of Class A Ordinary shares |
|
|
|
|
(132,616,922)
|
|
|
| Net cash provided used in financing activities |
|
|
|
|
(132,116,922)
|
|
|
| Net change in cash |
|
|
|
|
(243,312)
|
(455,227)
|
|
| Cash at beginning of period |
|
$ 244,179
|
|
$ 1,011,771
|
244,179
|
1,011,771
|
$ 1,011,771
|
| Cash at end of period |
$ 867
|
|
$ 556,544
|
|
867
|
556,544
|
244,179
|
| Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
|
| Remeasurement of Class A ordinary shares to redemption value |
|
|
|
|
3,892,315
|
1,061,962
|
|
| Promissory Note forgiveness |
|
|
|
|
449,765
|
|
|
| Extension Contribution |
|
|
|
|
$ 500,000
|
|
|
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v3.23.3
ORGANIZATION AND BUSINESS BACKGROUND
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| ORGANIZATION AND BUSINESS BACKGROUND |
NOTE
1 - ORGANIZATION AND BUSINESS BACKGROUND
Organization
and General
Finnovate
Acquisition Corp. (the “Company”) was incorporated in the Cayman Islands on March 15, 2021. The Company was formed for the
purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar
business combination with one or more businesses or entities (the “Business Combination”). The Company is not limited to
a particular industry or sector for purposes of consummating a Business Combination. The Company is an early-stage and emerging growth
company, and, as such, the Company is subject to all of the risks associated with early-stage and emerging growth companies.
As
of September 30, 2023, the Company had not commenced any operations. All activity for the period from March 15, 2021 (inception) through
September 30, 2023 relates to the Company’s formation and its initial public offering (the “IPO”) described below,
and, since the IPO, the search for a target for its Business Combination. 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 IPO. The Company has selected December 31 as its fiscal year end.
IPO
On
November 8, 2021, the Company completed the sale of 15,000,000
units (the “Units” and, with respect to the Class A shares of ordinary shares included in the Units being offered, the
“Public Shares”) at $10.00
per Unit. On November 12, 2021, the Company closed on the underwriters’ exercise of the full over-allotment, resulting in the
sale of an additional 2,250,000
Units. The IPO and subsequent exercise of the over-allotment generated gross proceeds of $172,500,000,
which is described in Note 3. Each Unit consists of one share of Class A ordinary shares and three-quarters of one redeemable
warrant (“Public Warrant”).
Simultaneously
with the closing of the IPO, the Company completed the sale of 7,900,000 private placement warrants (the “Private Placement Warrants”)
at a price of $1.00 per Private Placement Warrant in a private placement to Finnovate Sponsor, L.P. (the “Sponsor”) as well
as to EarlyBirdCapital, Inc. (“EarlyBirdCapital”). On November 12, 2021, pursuant to the full exercise of the over-allotment
option, the Sponsor purchased an additional 900,000 Private Placement Warrants. The IPO and subsequent exercise of the over-allotment
generated gross proceeds of $8,800,000 from the sale of the Private Placement Warrants.
Following
the closing of the IPO on November 8, 2021 and the subsequent exercise of the over-allotment option, $175,950,000 ($10.20 per Unit) from
the net proceeds of the sale of the Units in the IPO and the sale of the Private Placement Warrants was placed in a trust account (the
“Trust Account”), located in the United States at a nationally recognized financial institution, with Continental Stock Transfer
& Trust Company (“Continental”) acting as trustee, and either held in a demand deposit account or invested only in in
United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended
(the “Investment Company Act”) having a maturity of 185 days or less or in money market funds meeting certain conditions
under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations. Pursuant
to the trust agreement, the trustee will not be permitted to invest in other securities or assets. The Trust Account is intended as a
holding place for funds pending the earliest to occur of either: (i) the completion of the Business Combination; (ii) the redemption
of any Public Shares properly tendered in connection with a shareholder vote to amend the amended and restated memorandum and articles
of association (the “Amended and Restated Articles of Association”) to (A) modify the substance or timing of the Company’s
obligation to allow redemption in connection with the Business Combination or to redeem the Public Shares if the Company does not complete
the initial Business Combination by May 8, 2024 or (B) with respect to any other provision relating to shareholders’ rights or
pre-Business Combination activity and (iii) the redemption of all of the Public Shares if the Company is unable to complete the Business
Combination by May 8, 2024, subject to applicable law. If the Company does not hold or invest the proceeds as discussed above, the Company
may be deemed to be subject to the Investment Company Act.
Initial
Business Combination
The
Company’s management has broad discretion with respect to the specific application of the net proceeds of the IPO and the sale
of the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating
a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company
must complete a Business Combination with one or more operating businesses or assets that together have an aggregate fair market value
equal to at least 80% of the net assets held in the Trust Account as defined below (excluding the underwriting commissions and taxes
payable on the income earned on the Trust Account) at the time of the Company’s signing of a definitive agreement in connection
with its Business Combination. The Company will only complete a Business Combination if the post-transaction company owns or acquires
50% or more of the outstanding voting securities of the target or otherwise acquires an interest in the target business or assets sufficient
for it not to be required to register as an investment company under the Investment Company Act.
The
Company will provide its public shareholders with the opportunity to redeem all or a portion of their Public Shares upon the completion
of the Business Combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account
calculated as of two business days prior to the consummation of the Business Combination, including interest earned on the funds held
in the Trust Account and not previously released to the Company to pay taxes (which interest shall be net of taxes payable), divided
by the number of then issued and outstanding Public Shares, subject to the limitations described herein.
The
amount in the Trust Account is approximately $10.88
per Public Share as of September 30, 2023. The per-share amount the Company will distribute to investors who properly redeem their shares will not be
reduced by the underwriting commissions the Company will pay to the underwriter. The redemption rights will include the requirement
that a beneficial holder must identify itself in order to validly redeem its shares. There will be no redemption rights upon the
completion of the Business Combination with respect to the warrants. The Company’s initial shareholders, directors and
officers have entered into a letter agreement with the Company, pursuant to which they have agreed to waive their redemption rights
with respect to the 4,312,500
shares of Class B ordinary shares purchased in March 2021 (the “Founder Shares,” described in more detail in Note 5) and
Public Shares held by them in connection with the completion of the Business Combination.
The
Company will only proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 either prior to or
upon such consummation of a Business Combination and, if the Company seeks shareholder approval, a majority of the shares voted are voted
in favor of the Business Combination. If a shareholder vote is not required by applicable law or stock exchange rules and the Company
does not decide to hold a shareholder vote for business or other reasons, the Company will, pursuant to its Amended and Restated Articles
of Association, conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”)
and file tender offer documents with the SEC prior to completing a Business Combination. If, however, shareholder approval of the transaction
is required by applicable law or stock exchange rules, or the Company decides to obtain shareholder approval for business or other reasons,
the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the
tender offer rules. If the Company seeks shareholder approval in connection with a Business Combination, the Sponsor has agreed to vote
its Founder Shares, and any Public Shares purchased during or after the IPO, in favor of approving a Business Combination. Additionally,
each public shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction
or do not vote at all.
Notwithstanding
the above, if the Company seeks shareholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender
offer rules, the Amended and Restated Articles of Association provide that a public shareholder, together with any affiliate of such
shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section
13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares
with respect to more than an aggregate of 15% or more of the Public Shares, without the prior consent of the Company.
The
Sponsor has agreed (i) to waive its redemption rights with respect to its Founder Shares and Public Shares held by it in connection with
the completion of a Business Combination and (ii) not to propose an amendment to the Amended and Restated Articles of Association (a)
to modify the substance or timing of the Company’s obligation to allow redemption in connection with the Company’s Business
Combination or to redeem 100% of its Public Shares if the Company does not complete a Business Combination or (b) with respect to any
other provision relating to shareholders rights or pre-Business Combination activity, unless the Company provides the public shareholders
with the opportunity to redeem their Public Shares in conjunction with any such amendment.
The
Company will have until May 8, 2024 to complete a Business Combination (the “Combination Period”). If the Company is unable
to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of
winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share
price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held
in the Trust Account and not previously released to the Company to pay its tax obligations (less up to $100,000 of interest to pay dissolution
expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public shareholders’
rights as shareholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably
possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Company’s board
of directors (the “Board”), dissolve and liquidate, subject in each case to the Company’s obligations under Cayman
Islands law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating
distributions with respect to the Company’s warrants, which will expire worthless if the Company fails to complete a Business Combination
within the Combination Period.
The
Sponsor has agreed to waive its liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination
within the Combination Period. However, if the Sponsor acquires Public Shares in or after the IPO, such Public Shares will be entitled
to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period.
The underwriter has agreed to waive its right to its underwriting commission (see Note 8) held in the Trust Account in the event the
Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with
the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution,
it is possible that the per share value of the assets remaining available for distribution will be less than the IPO price per Unit ($10.00).
In
order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims
by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed
entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (1) $10.20 per Public Share or (2) such
lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in
the value of the trust assets, in each case net of the interest which may be withdrawn to pay franchise and income taxes. This liability
will not apply with respect to claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account
and except as to any claims under the Company’s indemnity of the underwriter of the IPO against certain liabilities, including
liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed
waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such
third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to
claims of creditors by endeavoring to have all vendors, service providers (except the Company’s independent registered public accounting
firm), prospective target businesses and other entities with which the Company does business, execute agreements with the Company waiving
any right, title, interest or claim of any kind in or to monies held in the Trust Account.
Liquidity,
Capital Resources and Going Concern
As
of September 30, 2023, the Company had $867 in its operating bank account and working capital deficit of $1,985,471. The Company’s
liquidity needs up to September 30, 2023 had been satisfied by payment from the Sponsor for the Founder Shares, a loan under an unsecured
promissory note from the Sponsor of up to $250,000 (the “Promissory Note”), drawdowns against the available working capital
loan (the “Working Capital Loan”), as well as advances and payments made on behalf of the Company by related parties. The
Promissory Note was fully repaid as of November 8, 2021.
In
order to finance transaction costs in connection with a Business Combination, the Company’s Sponsor or an affiliate of the Sponsor
or certain of the Company’s officers and directors may, but are not obligated to, loan the Company with funds as may be required
(Working Capital Loans, described in more detail in Note 5). As of September 30, 2023 and December 31, 2022, the Company had $0 and $449,765
outstanding under the Working Capital Loan, respectively. Additionally, the Company received working capital advances from an affiliate
of the Sponsor totaling approximately $ from May 8, 2023 to September 30, 2023, which is included in Due to related party.
On
June 2, 2023, the Company issued a promissory note (the “Extension Note”) in the aggregate principal amount of up to $1,200,000
to the Sponsor, the proceeds from which will be deposited into the Trust Account for the benefit of each Public Share that was not redeemed in connection
with the Company’s May 8, 2023 shareholder vote to approve an extension of the Company’s termination date from May 8, 2023
to May 8, 2024 (the “Extension”). The Sponsor agreed to pay $ per month until the completion of an initial Business
Combination, commencing on May 8, 2023 and continuing through May 8, 2024. The Extension Note bears no interest and is due and payable
upon the earlier to occur of (i) the date on which the Company consummates its Business Combination and (ii) the date that the winding
up of the Company is effective. At the election of the Sponsor, up to $1,200,000 of the unpaid principal amount of the Extension Note
may be converted into warrants of the Company (the “Conversion Warrants”) at a conversion price of $1.00 per warrant. The
Conversion Warrants shall be identical to the Private Placement Warrants issued by the Company at the IPO. The Company has determined
that the fair value of the Extension Note is its face value as the note was not issued with a substantial premium. The Sponsor funded
the first three months of the Extension Note in its first payment. As of September 30, 2023, the outstanding balance of the Extension
Note was $500,000, and no interest was accrued. If the Company is not able to consummate a Business Combination before May 8, 2024, the
Company will commence an automatic winding up, dissolution and liquidation. Management has determined that automatic liquidation, should
a Business Combination not occur, and potential subsequent dissolution also raises substantial doubt about the Company’s ability
to continue as a going concern. While management intends to complete a Business Combination on or before May 8, 2024, it is uncertain
whether the Company will be able to do so. No adjustments have been made to the carrying amounts of assets or liabilities should the
Company be required to liquidate after May 8, 2024.
These
conditions, involving liquidity concerns and mandatory liquidation, raise substantial doubt about the Company’s ability to continue
as a going concern for a period of time within one year after the date that the unaudited condensed financial statements are issued.
There is no assurance that the Company’s plan to consummate a Business Combination will be successful or successful within the
Combination Period. The unaudited condensed financial statements do not include any adjustments that might result from the outcome of
this uncertainty.
Sunorange
Investment
On
April 27, 2023, the Company entered into an agreement (the “Investment Agreement”) with the Sponsor and Sunorange Limited
(the “Sunorange”), pursuant to which Sunorange and its designees shall acquire partnership interests in the Sponsor and Class
B ordinary shares directly held by certain Company directors, which combined interests will entitle Sunorange to receive, in the aggregate,
3,557,813 Class B ordinary shares and 6,160,000 Private Placement Warrants (collectively, the “Insider Securities”), and
the Company shall introduce a change in management and the Board as follows: (i) Calvin Kung shall replace David Gershon as Chairman
of the Board and Chief Executive Officer, and Wang Chiu (Tommy) Wong shall replace Ron Golan as Chief Financial Officer and director
on the Board, effective upon closing of the Sunorange Investment (as defined herein); (ii) Jonathan Ophir and Uri Chaitchik shall tender
their resignations as Chief Investment Officer and Senior Consultant, respectively, effective upon closing of the Sunorange Investment;
and (iii) Mitch Garber, Gustavo Schwed and Nadav Zohar shall tender their resignations as directors, to be effective upon expiration
of all applicable waiting periods under Section 14(f) of the Exchange Act and Rule 14f-1 thereunder (such period of time being referred
to herein as the “Waiting Period”), and whose vacancies shall be filled by individuals to be designated by Sunorange and
effective upon expiration of the Waiting Period (such new officers and directors collectively referred to herein as the “New Management”).
Sunorange’s acquisition of interests in the Insider Securities, the change to New Management and other transactions contemplated
by the Investment Agreement are hereinafter referred to as the “Sunorange Investment.”
On
May 8, 2023, the Company completed the closing of the Sunorange Investment after the Company’s shareholders approved certain proposals
discussed below, and after certain closing conditions were met, including but not limited to: (i) a minimum of $30 million remaining
in the Company’s Trust Account after accounting for all redemptions in connection with the Company’s extraordinary general
meeting of shareholders on May 8, 2023 (the “Extension Meeting”); (ii) the Company obtaining or extending a D&O insurance
policy on terms satisfactory to the parties; (iii) the conversion of Class B ordinary shares into Class A ordinary shares as needed to
retain shareholders and meet continued listing requirements of The Nasdaq Stock Market LLC (“Nasdaq”) in the event that the
Extension is approved; (iv) the amendment of the Sponsor’s existing limited partnership agreement; (v) the transfer of 61,875 Class
B ordinary shares from certain Company directors to Sunorange or its designees and (vi) the cancellation of the outstanding Working Capital
Loan from the Sponsor and the reduction of certain advisory fees to be due upon the closing of an initial Business Combination.
In
connection with the closing of the Sunorange Investment, on May 8, 2023, Sunorange caused $300,000 to be deposited into the Trust Account
to support the first three months of the Extension from May 9, 2023 through August 8, 2023 (see Note 5). Sunorange has agreed to cause
to be deposited into the Trust Account an additional $100,000 for each successive month, or portion thereof, that is needed by the Company
to complete an initial Business Combination until May 8, 2024. As of September 30, 2023, $500,000 has been deposited into the Trust Account
in support of the Extension.
Business
Combination Agreement
On
August 21, 2023, the Company and Scage International Limited (“Scage”) entered into a definitive Business Combination Agreement
(the “Business Combination Agreement”). Scage is a zero-emission solution provider in China, focusing on the development
and commercialization of heavy-duty NEV trucks and e-fuel solutions. Upon consummation of the two mergers and the other transaction contemplated
by the Business Combination Agreement (the “Scage Business Combination”), Scage Future, a newly formed holding company (“Pubco”)
will seek to be listed on Nasdaq. The outstanding securities of Scage and the Company will be converted into the right to receive securities
of Pubco. The transaction represents a post-Business Combination valuation of $1.0 billion ($1,000,000,000)
for Scage upon closing of the Scage Business Combination, subject to adjustment.
On
August 29, 2023, the Company engaged a third-party consultant to provide the Company with an introduction to potential targets for its
Business Combination. Pursuant to the terms of the agreement, the Company has agreed to pay a contingent fee of 0.5% of the implied enterprise
value of the target if the Company consummates a Business Combination.
Lock-Up
Agreements
Simultaneously
with the execution of the Business Combination Agreement, Pubco, Scage, the Company and certain shareholders of Scage (“Key Scage
Shareholders”), as shareholders holding shares of Scage sufficient to constitute the Required Company Shareholder Approval (as
that term is defined in the Business Combination Agreement) as the holder of record or the beneficial owner within the meaning of Rule
135-3 of the Exchange Act, each entered into Lock-Up Agreements (each, a “Key Seller Lock-Up Agreement”). It is a condition
to the Closing that all stockholders of Scage between signing and Closing enter into a Lock-Up Agreement (each, a “Seller Lock-Up
Agreement”).
Pursuant
to each Key Seller Lock-Up Agreement, each Key Scage Shareholder agreed not to, during the period commencing from the date and time at
which the Closing is actually held (the “Closing Date”) and ending on (A) the 6-month anniversary of the Closing Date with
respect to 40% of the restricted securities and (B) the 36-month anniversary of the Closing Date with respect to the remaining 60% of
the restricted securities, (i) lend, offer, pledge, hypothecate, encumber, donate, assign, sell, offer to sell, contract or agree to
sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase,
or otherwise transfer or dispose of or agree to transfer or dispose of, directly or indirectly, or establish or increase of a put equivalent
position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act and the rules and regulations
of the SEC promulgated thereunder, or otherwise transfer or dispose of, directly or indirectly, any restricted securities, (ii) enter
into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the
Lock-up Securities (as that term is defined in the Business Combination Agreement), whether any such transaction is to be settled by
delivery of such restricted securities, in cash or otherwise, or (iii) publicly disclose the intention to do any of the foregoing, whether
any such transaction described in clauses (i), (ii) or (iii) above is to be settled by delivery of restricted securities or other securities,
in cash or otherwise (any of the foregoing described in clauses (i), (ii) or (iii), a “Prohibited Transfer”) (subject to
early release if Pubco consummates a Change of Control (as that term is defined in the Business Combination Agreement)).
Pursuant
to each Seller Lock-Up Agreement, the remaining Scage shareholders agreed not to make a Prohibited Transfer during the period commencing
from the Closing Date and ending on the 6-month anniversary of the Closing Date (subject to early release if Pubco consummates a Change
of Control).
Shareholder
Support Agreement
Simultaneously
with the execution of the Business Combination Agreement, the Company, Scage, and Key Scage Shareholders entered into a Shareholder Support
Agreement (the “Shareholder Support Agreement”), pursuant to which, among other things, Key Scage Shareholders have agreed
(a) to support the adoption of the Business Combination Agreement and the approval of the transactions contemplated therein, subject
to certain customary conditions, and (b) not to transfer any of their subject shares (or enter into any arrangement with respect thereto),
subject to certain customary conditions.
Sponsor
Support Agreement
Simultaneously
with the execution of the Business Combination Agreement, the Company, Scage, Pubco and the Sponsor entered into a Sponsor Support Agreement
(the “Sponsor Support Agreement”), pursuant to which the Sponsor agreed to vote all of its shares of the Company in favor
of the Business Combination Agreement and the transactions contemplated therein. The Sponsor Support Agreement also prevents transfers
of securities of the Company held by the Sponsor between the date of the Sponsor Support Agreement and the termination of the Sponsor
Support Agreement.
Insider
Letter Amendment
Simultaneously
with the execution of the Business Combination Agreement, the Company, Scage, the Sponsor, Pubco, Calvin Kung, Wang Chiu Wong, Chunyi
Hao, Tiemei Li, and Sanjay Prasad entered into an amendment (the “Insider Letter Amendment”) to that certain letter agreement,
dated November 8, 2021 (the “Insider Letter”), by and among the Company, the Sponsor and the directors, officers or other
initial shareholders of the Company named therein, pursuant to which Pubco and Scage are added as parties to the Insider Letter.
Non-Competition
and Non-Solicitation Agreement
Simultaneously
with the execution of the Business Combination Agreement, certain shareholders and officers (each, a “Subject Party”) of
the Company each entered into a non-competition and non-solicitation agreement with the Company, Pubco, Scage, and the Sponsor (collectively,
the “Non-Competition and Non-Solicitation Agreement”). Under the Non-Competition and Non-Solicitation Agreement, the Subject
Party agrees not to compete with Pubco, the Sponsor, the Company, Scage, and their respective affiliates during the three-year period
following the Closing and, during such three-year restricted period, not to solicit employees or customers of such entities. The Non-Competition
and Non-Solicitation Agreement also contains customary confidentiality and non-disparagement provisions.
Assignment,
Assumption, and Amendment to Warrant Agreement
Prior
to the Closing, the Company, Pubco and Continental, as warrant agent (the “Warrant Agent”), will enter the Assignment, Assumption,
and Amendment to Warrant Agreement (the “Warrant Amendment”), which will amend that certain Warrant Agreement, dated as of
November 8, 2021, relating to the Company warrants (the “Warrant Agreement”), filed with the SEC on November 8, 2021. Pursuant
to the Warrant Amendment: (i) Pubco will assume the obligations of the Company under the Warrant Agreement, such that, among other things,
Pubco will be added as a party thereto and (ii) references to the Company’s Class A ordinary shares in the Warrant Agreement shall
mean Pubco ordinary shares.
Risks
and Uncertainties
Our
results of operations and our ability to complete an initial Business Combination may be adversely affected by various factors that could
cause economic uncertainty and volatility in the financial markets, many of which are beyond our control. Our business could be impacted
by, among other things, downturns in the financial markets or in economic conditions, increases in oil prices, inflation, increases in
interest rates, supply chain disruptions, declines in consumer confidence and spending, the ongoing effects of the COVID-19 pandemic,
including resurgences and the emergence of new variants, and geopolitical instability, such as the military conflict in the Ukraine.
We cannot at this time fully predict the likelihood of one or more of the above events, their duration or magnitude or the extent to
which they may negatively impact our business and our ability to complete an initial Business Combination.
Management
is currently evaluating the impact of such risks and has concluded that while it is reasonably possible that they could have a negative
effect on the Company’s financial position, results of its operations, close of the IPO and/or search for a target company, the
specific impact is not readily determinable as of the date of these unaudited condensed financial statements. The unaudited condensed
financial statements do not include any adjustments that might result from the outcome of this uncertainty.
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Topic 205
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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| Accounting Policies [Abstract] |
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| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation
The
accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted
in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form
10-Q and Article 8 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements
prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial
reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position,
results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include
all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating
results and cash flows for the periods presented.
The
accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K
for the year ended December 31, 2022, as filed with the SEC on April 13, 2023. The interim results for the three and nine months ended
September 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any future
periods.
Emerging
Growth Company
The
Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act of
2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements and exemptions from
the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments
not previously approved.
Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting
standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do
not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of
such extended transition period, which means that when a standard is issued or revised and it has different application dates for public
or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies
adopt the new or revised standard. This may make comparison of the Company’s unaudited condensed financial statements with another
public company, which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended
transition period, difficult or impossible because of the potential differences in accounting standards used.
Use
of Estimates
The
preparation of unaudited condensed 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 unaudited condensed financial statements and the reported amounts of revenues and expenses during the reporting period.
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 unaudited condensed financial statements, which management
considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual
results could differ significantly from those estimates.
Cash
and Cash Equivalents
The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
The Company had cash of $867 and $244,179 as of September 30, 2023 and December 31, 2022, respectively.
Investments
Held in Trust Account
As
of September 30, 2023 and December 31, 2022, the assets held in the Trust Account consisted of cash equivalents in the amount of $50,306,452
and $178,531,059, respectively. The Company’s portfolio of investments is comprised of investments in money market funds that invest
in U.S. government securities and generally have a readily determinable fair value. The investments in money market funds are presented
on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these
securities are included in “Interest earned on Investments held in Trust Account” in the accompanying statement of operations.
The estimated fair values of investments held in the Trust Account are determined using available market information.
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution,
which, at times, may exceed the Federal Depository Insurance Corporation’s coverage of $250,000. As of September 30, 2023, the
Company has not experienced losses on this account, and management believes the Company is not exposed to significant risks on such account.
Offering
Costs Associated with the Initial Public Offering
The
Company complies with the requirements of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards
Codification (“ASC”) 340-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A – “Expenses
of Offering”. Offering costs consist principally of professional and registration fees incurred through the balance sheet date
that are related to the IPO. Offering costs were charged to shareholders’ equity upon the completion of the IPO and subsequent
exercise of the over-allotment. Accordingly, offering costs totaling $4,171,912 (consisting of $3,450,000 of underwriting fees, and $721,912
of other offering costs) were charged to Shareholders’ Equity following the IPO on November 8, 2021 and subsequent exercise of
the over-allotment on November 12, 2021.
Fair
Value Measurements
The
fair value of the Company’s assets and liabilities which qualify as financial instruments under FASB ASC Topic 820, “Fair
Value Measurements and Disclosures” (“ASC 820”), approximates the carrying amounts represented in the accompanying
balance sheet, primarily due to their short-term nature.
The
fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would
have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction
between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company
seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable
inputs (internal assumptions about how market participants would price assets and liabilities). 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 - |
Valuations
based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.
Valuation adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and
regularly available in an active market, valuation of these securities does not entail a significant degree of judgment. |
| |
|
| Level
2 - |
Valuations
based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active
for identical or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived
principally from or corroborated by market through correlation or other means. |
| |
|
| Level
3 - |
Valuations
based on inputs that are unobservable and significant to the overall fair value measurement. |
Class
A Ordinary Shares Subject to Possible Redemption
The
Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in FASB ASC Topic 480
“Distinguishing Liabilities from Equity” (“ASC 480”). 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) is classified as temporary equity. At all other times, ordinary shares are classified as shareholders’
equity. The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s
control and subject to occurrence of uncertain future events. Accordingly, Class A ordinary shares subject to possible redemption are
presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet.
Immediately
upon the closing of the IPO, the Company recognized the accretion from initial book value to redemption amount. Increases or decreases
in the carrying amount of redeemable ordinary shares are affected by charges against additional paid-in capital and accumulated deficit.
As
a result of the shareholder vote held on May 8, 2023, 12,626,668 shareholders exercised their right to redemption which left a remainder
of 4,623,332 Class A ordinary shares subject to possible redemption. These shareholders were paid an aggregate of $132,616,922, or $10.50
per share, on May 18, 2023.
As
of September 30, 2023 and December 31, 2022, the Class A ordinary shares subject to possible redemption reflected in the balance sheet
is reconciled in the following table:
SCHEDULE
OF POSSIBLE REDEMPTION
| | |
September 30, 2023 | | |
December 31, 2022 | |
| As of beginning of the period, January 1 | |
$ | 178,531,059 | | |
$ | 175,950,000 | |
| Plus: | |
| | | |
| | |
| Remeasurement of carrying value to redemption value | |
| 3,892,315 | | |
| 2,581,059 | |
| Extension Contributions | |
| 500,000 | | |
| - | |
| Less: | |
| | | |
| | |
| Redemptions | |
| (132,616,922 | ) | |
| - | |
| Class A ordinary shares subject to possible redemption | |
$ | 50,306,452 | | |
$ | 178,531,059 | |
Warrants
The
Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s
specific terms and applicable authoritative guidance in ASC 480 and FASB ASC Topic 815, “Derivatives and Hedging” (“ASC
815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, 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 and whether the warrant holders could potentially require
“net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification.
This assessment, which requires the use of professional judgment, is conducted at the time warrant issuance and as of each subsequent
quarterly period end date while the warrants are outstanding.
For
issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component
of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all of the criteria for equity
classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet
date thereafter. The Company accounts for its outstanding warrants as equity-classified instruments.
Income
Taxes
The
Company follows the asset and liability method of accounting for income taxes under FASB ASC Topic 740, “Income Taxes” (“ASC
740”). Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences
between the unaudited condensed financial statements carrying amounts of existing assets and liabilities and their respective tax bases.
Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those
temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates
is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce
deferred tax assets to the amount expected to be realized.
ASC
740 prescribes a recognition threshold and a measurement attribute for the unaudited condensed financial statement recognition and measurement
of tax positions 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. The Company recognizes accrued interest and penalties related to unrecognized
tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September
30, 2023 and December 31, 2022. The Company is currently not aware of any issues under review that could result in significant payments,
accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since
inception.
There
is currently no taxation imposed on income by the government of the Cayman Islands. In accordance with Cayman income tax regulations,
income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s unaudited condensed financial
statements. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change
over the next twelve months.
Net
Income Per Ordinary Share
We
comply with accounting and disclosure requirements of ASC 260. Net income per share is computed by dividing net income by the weighted
average number of ordinary shares outstanding during the period. We have two classes of shares, redeemable ordinary shares and non-redeemable
ordinary shares. Our redeemable ordinary shares are comprised of Class A shares sold in the IPO. Our non-redeemable shares are comprised
of Class A shares held by EarlyBirdCapital and Class B shares purchased by the Sponsor. Earnings and losses are shared pro rata between
the two classes of shares. Our statement of operations applies the two-class method in calculating net income per share. Basic and diluted
net income per share for redeemable ordinary shares and non-redeemable ordinary shares is calculated by dividing net income, allocated
proportionally to each class of ordinary shares, attributable to us by the weighted average number of shares of redeemable and non-redeemable
ordinary shares outstanding.
The
calculation of diluted income per ordinary share does not consider the effect of the warrants issued in connection with the IPO since
exercise of the warrants is contingent upon the occurrence of future events and the inclusion of such rights would be anti-dilutive.
Accretion of the carrying value of Class A ordinary shares to redemption value is excluded from net income per redeemable share because
the redemption value approximates fair value. As a result, diluted income per share is the same as basic income per share for the period
presented.
Accordingly,
basic and diluted income per ordinary share for the three months ended September 30, 2023 and September 30, 2022 is calculated as follows:
SCHEDULE
OF BASIC AND DILUTED LOSS PER ORDINARY SHARE
| | |
Redeemable
Ordinary Shares | | |
Non-Redeemable
Ordinary Shares | | |
Redeemable
Ordinary Shares | | |
Non-Redeemable
Ordinary Shares | |
| | |
For the Three Months Ended
September 30, 2023 | | |
For the Three Months Ended
September 30, 2022 | |
| | |
Redeemable
Ordinary Shares | | |
Non-Redeemable
Ordinary Shares | | |
Redeemable
Ordinary Shares | | |
Non-Redeemable
Ordinary Shares | |
| Basic and diluted net income per share | |
| | | |
| | | |
| | | |
| | |
| Numerator: | |
| | | |
| | | |
| | | |
| | |
| Allocation of net income | |
$ | 3,088 | | |
$ | 2,981 | | |
$ | 406,455 | | |
$ | 100,738 | |
| | |
| | | |
| | | |
| | | |
| | |
| Denominator: | |
| | | |
| | | |
| | | |
| | |
| Weighted-average shares outstanding | |
| 4,623,332 | | |
| 4,462,500 | | |
| 17,400,000 | | |
| 4,312,500 | |
| Basic and diluted net income per share | |
$ | 0.00 | | |
$ | 0.00 | | |
$ | 0.02 | | |
$ | 0.02 | |
Basic
and diluted income per ordinary share for the nine months ended September 30, 2023 and September 30, 2022 is calculated as follows:
| | |
Redeemable
Ordinary Shares | | |
Non-Redeemable
Ordinary Shares | | |
Redeemable
Ordinary Shares | | |
Non-Redeemable
Ordinary Shares | |
| | |
For the Nine Months Ended
September 30, 2023 | | |
For the Nine Months Ended
September 30, 2022 | |
| | |
Redeemable
Ordinary Shares | | |
Non-Redeemable
Ordinary Shares | | |
Redeemable
Ordinary Shares | | |
Non-Redeemable
Ordinary Shares | |
| Basic and diluted net income per share | |
| | | |
| | | |
| | | |
| | |
| Numerator: | |
| | | |
| | | |
| | | |
| | |
| Allocation of net income | |
$ | 1,690,569 | | |
$ | 721,859 | | |
$ | 307,731 | | |
$ | 76,269 | |
| | |
| | | |
| | | |
| | | |
| | |
| Denominator: | |
| | | |
| | | |
| | | |
| | |
| Weighted-average shares outstanding | |
| 10,451,025 | | |
| 4,462,500 | | |
| 17,400,000 | | |
| 4,312,500 | |
| Basic and diluted net income per share | |
$ | 0.16 | | |
$ | 0.16 | | |
$ | 0.02 | | |
$ | 0.02 | |
Recent
Accounting Pronouncements
In
August 2020, the FASB issued Accounting Standards Update (“ASU “) Topic 2020-06, “Accounting for Convertible Instruments
and Contracts in an Entity’s Own Equity” (“ASU 2020-06”). The update simplifies the accounting for convertible
instruments by removing certain separation models in FASB ASU Subtopic 470-20, “Debt-Debt with Conversion and Other Options,”
for convertible instruments and introducing other changes. As a result of ASU 2020-06, more convertible debt instruments will be accounted
for as a single liability measured at its amortized cost and more convertible preference shares will be accounted for as a single-equity
instrument measured at its historical cost, as long as no features require bifurcation and recognition as derivatives. The amendments
are effective for smaller reporting companies for fiscal years beginning after December 15, 2023, including interim periods within those
fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods
within those fiscal years. The Company is currently assessing what impact, if any, that ASU 2020-06 would have on its financial position,
results of operations or cash flows.
In
June 2022, the FASB issued ASU Topic 2022-03, ASC Subtopic 820 “Fair Value Measurement of Equity Securities Subject to Contractual
Sale Restrictions” (“ASU 2022-03”). ASU 2022-03 amends ASC 820 to clarify that a contractual sales restriction is not
considered in measuring an equity security at fair value and to introduce new disclosure requirements for equity securities subject to
contractual sale restrictions that are measured at fair value. ASU 2022-03 applies to both holders and issuers of equity and equity-linked
securities measured at fair value. The amendments in ASU 2022-03 are effective for the Company in fiscal years beginning after December
15, 2023 and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements
that have not yet been issued or made available for issuance. The Company is currently assessing what impact, if any, that ASU 2022-03
would have on its financial position, results of operations or cash flows.
Management
does not believe that any other recently issued, but not effective, accounting standards, if currently adopted, would have a material
effect on the Company’s unaudited condensed financial statements.
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-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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v3.23.3
INITIAL PUBLIC OFFERING
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Initial Public Offering |
|
| INITIAL PUBLIC OFFERING |
NOTE
3 - INITIAL PUBLIC OFFERING
On
November 8, 2021, the Company completed its IPO of 15,000,000 Units at a price of $10.00 per Unit. The Company granted the underwriter
a 45-day option from the date of the IPO to purchase up to 2,250,000 additional Units to cover over-allotments (“Over-Allotment
Units” as defined in Note 4), if any, at the IPO price less the underwriting discounts and commissions. On November 12, 2021, the
Company closed on the underwriter’s full exercise of its over-allotment option which resulted in the sale of an additional 2,250,000
Units. The IPO and subsequent over-allotment exercise generated gross proceeds of $172,500,000.
Each
Unit consists of one share of Class A ordinary shares and three-quarters of one redeemable Public Warrant. Each whole Public Warrant
entitles the holder thereof to purchase one share of Class A ordinary shares at a price of $11.50 per share, subject to adjustment (see
Note 7).
Following
the closing of the IPO on November 8, 2021 and subsequent exercise of the over-allotment, an aggregate of $175,950,000 ($10.20 per Unit)
from the net proceeds of the sale of the Units and the sale of the Private Placement Warrants in the IPO and over-allotment exercise
was deposited into the Trust Account. As of September 30, 2023, the net proceeds deposited into the Trust Account are invested in U.S.
government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 180 days or
less or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the
Investment Company Act, as determined by the Company.
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v3.23.3
PRIVATE PLACEMENT WARRANTS
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Private Placement Warrants |
|
| PRIVATE PLACEMENT WARRANTS |
NOTE
4 - PRIVATE PLACEMENT WARRANTS
The
Sponsor and EarlyBirdCapital agreed to purchase an aggregate of 7,900,000 Private Placement Warrants (7,400,000 bought by the Sponsor,
and 500,000 bought by EarlyBirdCapital) at a price of $1.00 per Private Placement Warrant in a private placement that occurred simultaneously
with the closing of the IPO. Simultaneously with the closing of the sale of the Over-Allotment Units on November 12, 2021, the Company
completed an additional private sale of an aggregate of 900,000 additional Private Placement Warrants to the Sponsor, which purchased
843,038 such warrants, and the underwriter, which purchased 56,962 such warrants. As a result of the IPO and subsequent over-allotment
exercise, an aggregate of 8,800,000 Private Placement Warrants were sold (8,243,038 to the Sponsor and 556,962 to EarlyBirdCapital) for
gross proceeds of $8,800,000.
Each
whole Private Placement Warrant is exercisable for one whole share of Class A ordinary shares at a price of $11.50 per share. A portion
of the proceeds from the sale of the Private Placement Warrants to the Sponsor have been 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 Placement Warrants held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the
requirements of applicable law), and the Private Placement Warrants will expire worthless.
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v3.23.3
RELATED PARTY TRANSACTIONS
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Related Party Transactions [Abstract] |
|
| RELATED PARTY TRANSACTIONS |
NOTE
5 - RELATED PARTY TRANSACTIONS
Founder
Shares
In
March 2021, the Sponsor paid $ (approximately $ per share) in consideration for shares of Class B ordinary shares
with par value of $. Up to 562,500 of these Founder Shares were subject to forfeiture by the Sponsor if the underwriter’s
over-allotment option was not exercised, so that the number of Founder Shares would collectively represent approximately 20% of the Company’s
issued and outstanding shares after the IPO. On November 12, 2021, the underwriter fully exercised the over-allotment option which resulted
in the 562,500 shares no longer being subject to forfeiture.
The
Sponsor and the Company’s directors and executive officers have agreed, subject to certain limited exceptions, not to transfer,
assign or sell any of the Founder Shares until the earlier of (i) one year after the completion of a Business Combination and (ii) subsequent
to a Business Combination, (a) if the last reported sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as
adjusted for share splits, share reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period
commencing at least 150 days after a Business Combination, or (b) the date on which the Company completes a liquidation, merger, share
exchange, reorganization or other similar transaction that results in all of the Company’s shareholders having the right to exchange
their shares of Class A ordinary shares for cash, securities or other property.
On
May 8, 2023, the Company issued an aggregate of 4,237,499 (the “Sponsor Shares”) of the Company’s Class A ordinary
shares to the Sponsor upon the conversion of an equal number of shares of Class B ordinary shares (the “Sponsor Conversion”).
Combined with the Director Share conversion discussed below, the Sponsor Conversion left 1 Class B ordinary share outstanding. These
Sponsor Shares continue to hold the same legend as they did prior to their conversion. Accordingly, these shares are accounted for as
Class A ordinary shares at their par value.
EarlyBirdCapital
Founder Shares
In
March 2021, the Company issued to EarlyBirdCapital and its designees an aggregate of 150,000 Class A ordinary shares (“EBC Founder
Shares”) at a price of $0.0001 per share. The Company estimated the fair value of the EBC Founder Shares to be $870 based upon
the price of the Founder Shares issued to the Sponsor. The holders of the EBC Founder Shares have agreed not to transfer, assign or sell
any such shares until the completion of a Business Combination. In addition, the holders have agreed (i) to waive their conversion rights
(or right to participate in any tender offer) with respect to such shares in connection with the completion of a Business Combination
and (ii) to waive their rights to liquidating distributions from the Trust Account with respect to such shares if the Company fails to
complete a Business Combination within the Combination Period.
The
EBC Founder Shares have been deemed compensation by the Financial Industry Regulatory Authority (“FINRA”) and are therefore
subject to a lock-up for a period of 180 days immediately following the effective date of the registration statement related to the IPO
pursuant to FINRA Rule 5110(e)(1). Pursuant to FINRA Rule 5110(e)(1), these securities will not be the subject of any hedging, short
sale, derivative, put or call transaction that would result in the economic disposition of the securities by any person for a period
of 180 days immediately following the effective date of the registration statements related to the IPO, nor may they be sold, transferred,
assigned, pledged or hypothecated for a period of 180 days immediately following the effective date of the registration statements related
to the IPO except to any underwriter and selected dealer participating in the IPO and their officers or partners, associated persons
or affiliates.
Director
Shares
In
October 2021, the Sponsor transferred 75,000 Founder Shares to the independent directors of the Company (“Director Shares”)
at a price of $0.0001 per share. The Company estimated the fair value of the Director Shares to be $450,676 based upon the price of the
Founder Shares issued to the Sponsor.
On
May 8, 2023, the Company issued an aggregate of 75,000 Class A ordinary shares (together with the Sponsor Shares, the “Converted
Class A Ordinary Shares”) to the Directors and the holders of the Company’s 75,000 Class B ordinary shares upon the conversion
of an equal number of shares of Class B ordinary shares (together with the Sponsor Conversion, the “Conversion”). On the
same day, in connection with the closing of the Sunorange Investment, the Converted Class A Ordinary Shares held by the Directors were
transferred to designees of Sunorange.
The
conversion of these Director Shares from Class B to Class A was not the result of a Business Combination, and the Company has previously
recognized $450,676 in expenses related to these Director Shares. As such, these shares will continue to be held at their book value.
Related
Party Loans
In
March 2021, the Sponsor issued an unsecured Promissory Note to the Company, pursuant to which the Company was permitted to borrow an
aggregate principal amount of $250,000. The Promissory Note was non-interest bearing, and the Promissory Note was fully repaid as of
November 8, 2021, upon the closing of the IPO.
In
addition, in order to fund working capital deficiencies or finance transaction costs in connection with a Business Combination, the Sponsor
or an affiliate of the Sponsor may, but is not obligated to, provide the Company with Working Capital Loans. Any such loans would be
on an interest-free basis. If the Company completes a Business Combination, the Company may repay the Working Capital Loans out of the
proceeds of the Trust Account released to the Company. In the event that a Business Combination does not close, the Company may use a
portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would
be used to repay the Working Capital Loans. At the lender’s discretion, up to $1,500,000 of such Working Capital Loans may be convertible
into warrants of the post-Business Combination entity at a price of $1.00 per warrant. The warrants would be identical to the Private
Placement Warrants. On May 8, 2023, in connection with the Sunorange Investment, the outstanding balance under the existing Promissory
Note was forgiven. This was deemed to be a benefit to the Company under SAB Topic 5T. In order to recognize this benefit, the Company
de-recognized the outstanding Promissory Note and reclassified it to additional paid-in capital, as an in-substance capital contribution.
As of September 30, 2023 and December 31, 2022, the Company had $0 and $449,765 of outstanding borrowings under the Working Capital Loan,
respectively.
On
June 2, 2023, the Company issued the Extension Note in the aggregate principal amount of up to $1,200,000 to the Sponsor, which will
be deposited into the Trust Account for the benefit of each Public Share that was not redeemed in connection with the Company’s
May 8, 2023 shareholder vote to approve the Extension. The Sponsor agreed to pay $ per month until the completion of an initial
Business Combination, commencing on May 8, 2023 and continuing through May 8, 2024. The Extension Note bears no interest and is due and
payable upon the earlier to occur of (i) the date on which the Company consummates its Business Combination and (ii) the date that the
winding up of the Company is effective. At the election of the Sponsor, up to $1,200,000 of the unpaid principal amount of the Extension
Note may be converted into Conversion Warrants at a conversion price of $1.00 per warrant. The Conversion Warrants shall be identical
to the Placement Warrants issued by the Company at the IPO. The Company has determined that the fair value of the Extension Note is its
face value as the note was not issued with a substantial premium. The Sponsor funded the first three months of the Extension Note in
its first payment. As of September 30, 2023, the Sponsor had deposited an aggregate of $ in payments to support the Extension
on behalf of the Company. As of September 30, 2023, the outstanding balance of the Extension Note was $500,000, and no interest was accrued.
On
November 8, 2023, the Company issued an unsecured promissory note (the “November 2023 Working Capital Note”) in the amount
of $1,500,000 to Sunorange Investment. The November 2023 Working Capital Note is non-interest bearing and is due at the earlier of consummation
of the Business Combination or liquidation. Prior to the November 2023 Working Capital Note being in place, related parties were making
advances to the Company and on behalf of the Company for the purposes of paying its vendors. All advances made by the related parties
between May 8, 2023 and the date of execution are retroactively covered by the November 2023 Working Capital Note. These advances of
approximately $263,000 are included in the Due to related party line on the balance sheet.
Administrative
Services Agreement
Commencing
on the date that the Company’s securities are first listed on a U.S. national securities exchange, the Company has committed to
pay a total of $ per month to the Sponsor for office space, utilities and administrative support services. This administrative service
arrangement will terminate upon completion of the Business Combination or liquidation of the Company. As of September 30, 2023, the Company
has accrued $47,600 under the agreement in “Due to related party” and expensed $27,000 in “formation, general and administrative
expenses.”
|
| X |
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-Topic 946
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-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
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-Section 50
-Paragraph 1
-Subparagraph (a)
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v3.23.3
INVESTMENTS HELD IN TRUST ACCOUNT
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Investments Held In Trust Account |
|
| INVESTMENTS HELD IN TRUST ACCOUNT |
NOTE
6 —INVESTMENTS HELD IN TRUST ACCOUNT
As
of September 30, 2023, investments in the Company’s Trust Account consisted of $50,306,452 in a money market fund. The following
table presents information about the Company’s assets that are measured at fair value on a recurring basis at September 30, 2023:
SCHEDULE
OF ASSETS MEASURED AT FAIR VALUE ON RECURRING BASIS
| | |
September 30, 2023 | | |
Quoted Prices in Active Markets (Level 1) | | |
Significant Other Observable Inputs (Level 2) | | |
Significant Other Observable Inputs (Level 3) | |
| Money market fund | |
$ | 50,306,452 | | |
$ | 50,306,452 | | |
$ | - | | |
$ | - | |
| | |
$ | 50,306,452 | | |
$ | 50,306,452 | | |
$ | - | | |
$ | - | |
The
following table presents information about the Company’s assets that are measured at fair value on a recurring basis at December
31, 2022:
| | |
December 31, 2022 | | |
Quoted Prices in Active Markets (Level 1) | | |
Significant Other Observable Inputs (Level 2) | | |
Significant Other Observable Inputs (Level 3) | |
| Money market fund | |
$ | 178,531,059 | | |
$ | 178,531,059 | | |
$ | - | | |
$ | - | |
| | |
$ | 178,531,059 | | |
$ | 178,531,059 | | |
$ | - | | |
$ | - | |
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v3.23.3
COMMITMENTS AND CONTINGENCIES
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Commitments and Contingencies Disclosure [Abstract] |
|
| COMMITMENTS AND CONTINGENCIES |
NOTE
7 - COMMITMENTS AND CONTINGENCIES
Registration
Rights
The
holders of the Founder Shares and Private Placement Warrants (and any shares of Class A ordinary shares issuable upon the exercise of
the Private Placement Warrants and warrants that may be issued upon conversion of the Working Capital Loans and upon conversion of the
Founder Shares) will be entitled to registration rights pursuant to a registration rights agreement signed on the effective date of the
IPO, requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to shares
of Class A ordinary shares). The holders of these securities will be entitled to make up to three demands, excluding short form demands,
that the Company register such securities. In addition, the holders will have certain “piggy-back” registration rights with
respect to registration statements filed subsequent to the completion of a Business Combination and rights to require the Company to
register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides
that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the
applicable lock-up period. The Company will bear the expenses incurred in connection with the filing of any such registration statements.
Underwriting
Agreement
The
Company granted the underwriter a 45-day option from the date of the IPO to purchase up to 2,250,000 additional Units to cover over-allotments,
if any, at the IPO price less the underwriting discounts and commissions. The underwriter fully exercised this option which closed subsequent
to the IPO.
EarlyBirdCapital
earned an underwriting discount of $0.20 per Unit, or $3,450,000 in the aggregate, upon the closing of the IPO and subsequent exercise
of the full over-allotment option.
Business
Combination Marketing Agreement
The
Company has engaged EarlyBirdCapital as an advisor in connection with the Business Combination to assist in holding meetings with shareholders
to discuss the potential Business Combination and the target business’ attributes, introduce the Company to potential investors
that are interested in purchasing securities in connection with the Business Combination, assist in obtaining shareholder approval for
the Business Combination and assist with press releases and public filings in connection with the Business Combination. The Company will
pay EarlyBirdCapital a cash fee for such services solely in the event of consummation of the Business Combination in an amount equal to 1.75%, or $3,018,750)
of the gross proceeds of the IPO (exclusive of any applicable finders’ fees which might become payable). This fee will become payable to EarlyBirdCapital upon consummation of the
Business Combination. No liability will be recorded for such fee until it becomes probable that the fee will be paid.
Consulting
Agreement
The
Company has engaged a third-party consultant to provide the Company with assistance in various aspects of any potential Business
Combination. Pursuant to the terms of the agreement, the Company has agreed to pay a contingent fee of at least $3,500,000
if the Company consummates a Business Combination. No expense has been recorded in the unaudited condensed financial statements
related to this agreement. As of May 8, 2023, this agreement was terminated.
On
August 29, 2023, the Company engaged a third-party consultant to provide the Company with an introduction to potential targets for
its Business Combination. Pursuant to the terms of the agreement, the Company has agreed to pay a contingent fee of 0.5%
of the implied enterprise value of the target if the Company consummates a Business Combination. As the Business Combination is not
considered probable, no expense has been recorded in the unaudited condensed financial statements related to this
agreement.
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v3.23.3
SHAREHOLDERS’ DEFICIT
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Equity [Abstract] |
|
| SHAREHOLDERS’ DEFICIT |
NOTE
8 - SHAREHOLDERS’ DEFICIT
Preference
Shares - The Company is authorized to issue 5,000,000 preference shares, with a par value of $0.0001 per share, with such designations,
voting and other rights and preferences as may be determined from time to time by the Company’s Board. As of September 30, 2023
and December 31, 2022, there were no preference shares issued or outstanding.
Class
A Ordinary Shares - The Company is authorized to issue 500,000,000 shares of Class A ordinary shares with a par value of $0.0001
per share. Holders of Class A ordinary shares are entitled to one vote for each share. As of September 30, 2023 and December 31, 2022,
there were 4,462,499 and 150,000 shares of Class A ordinary shares issued and outstanding (excluding 4,623,332 and 17,250,000 shares
subject to possible redemption), respectively.
Class
B Ordinary Shares - The Company is authorized to issue 50,000,000 shares of Class B ordinary shares with a par value of $0.0001 per
share. As of September 30, 2023 and December 31, 2022, there were 1 and 4,312,500 shares of Class B ordinary shares issued and outstanding,
respectively.
Holders
of Class A ordinary shares and Class B ordinary shares will vote together as a single class on all matters submitted to a vote of shareholders
except as required by law. Under the terms of the Sunorange Investment, the Class B ordinary shares were converted to Class A ordinary
shares although the Sponsor will retain at least one Class B ordinary share.
Any
Founder Shares outstanding at the time of the Business Combination will automatically convert into shares of Class A ordinary shares
on a one-for-one basis, subject to adjustment. In the case that additional shares of Class A ordinary shares, or equity-linked securities,
are issued or deemed issued in excess of the amounts offered in the IPO and related to the closing of a Business Combination, the ratio
at which shares of Class B ordinary shares shall convert into shares of Class A ordinary shares will be adjusted (unless the holders
of a majority of the outstanding shares of Class B ordinary shares agree to waive such adjustment with respect to any such issuance or
deemed issuance) so that the number of shares of Class A ordinary shares issuable upon conversion of all shares of Class B ordinary shares
will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all shares of ordinary shares outstanding
upon the completion of the IPO plus all shares of Class A ordinary shares and equity-linked securities issued or deemed issued in connection
with a Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in a Business Combination).
Warrants
- Public Warrants may only be exercised for a whole number of shares. No fractional warrants will be issued upon separation of the
Units and only whole warrants will trade. The Public Warrants will become exercisable on the later of (i) 12 months from the closing
of the IPO and (ii) 30 days after the completion of a Business Combination.
The
Company will not be obligated to deliver any shares of Class A ordinary shares pursuant to the exercise of a warrant and will have no
obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the shares of Class
A ordinary shares underlying the warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying
its obligations with respect to registration, or a valid exemption from registration is available. No warrant will be exercisable, and
the Company will not be obligated to issue any shares of Class A ordinary shares upon exercise of a warrant unless the share of Class
A ordinary shares issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws
of the state of residence of the registered holder of the warrants.
The
Company has agreed that as soon as practicable, but in no event later than 20 business days after the closing of a Business Combination,
it will use its commercially reasonable efforts to file with the SEC a registration statement for the registration, under the Securities
Act, of the shares of Class A ordinary shares issuable upon exercise of the warrants, and the Company will use its commercially reasonable
efforts to cause the same to become effective within 60 business days after the closing of a Business Combination, and to maintain the
effectiveness of such registration statement and a current prospectus relating to those shares of Class A ordinary shares until the warrants
expire or are redeemed, as specified in the warrant agreement; provided that if the Class A ordinary shares is at the time of any exercise
of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under
Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants
to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act, and, in the event the Company so
elects, the Company will not be required to file or maintain in effect a registration statement, but it will use its commercially reasonably
efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. If a registration
statement covering the shares of Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th day after
the closing of a Business Combination, warrant holders may, until such time as there is an effective registration statement and during
any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless
basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption, but the Company will use its commercially
reasonably efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.
Redemption
of warrants. Once the warrants become exercisable, the Company may redeem the Public Warrants:
| |
● |
in
whole and not in part; |
| |
|
|
| |
● |
at
a price of $0.01 per warrant; |
| |
|
|
| |
● |
upon
not less than 30 days’ prior written notice of redemption to each warrant holder; and |
| |
|
|
| |
● |
if,
and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share for any 20 trading days within a
30-trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders. |
If
and when the Public Warrants become redeemable by the Company, it may exercise its redemption right even if the Company is unable to
register or qualify the underlying securities for sale under all applicable state securities laws.
In
addition, if (i) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection
with the closing of the Business Combination at a newly issued price of less than $9.20 per Class A ordinary share, (ii) 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 Business Combination on the date of the consummation of the Business Combination (net of redemptions), and (iii) the market value
is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater
of (a) the market value or (b) the newly issued price, and the $18.00 per share redemption trigger price will adjusted (to the nearest
cent) to be equal to 180% of the greater of (x) the market value or (y) the newly issued price.
The
Private Placement Warrants are identical to the Public Warrants underlying the Units being sold in the IPO.
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v3.23.3
SUBSEQUENT EVENTS
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| 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 that the unaudited condensed
financial statements were issued. Based on this review, the Company did not identify any subsequent events that would have required adjustment
or disclosure in the unaudited condensed financial statements, other than as follows:
On
November 1, 2023, the Company instructed Continental to liquidate the investments held in the Trust Account and instead to hold the funds
in the Trust Account in an interest-bearing demand deposit account, with Continental continuing to act as trustee, until the earlier
of the consummation of the Company’s initial Business Combination or its liquidation. As a result, following the liquidation of
investments in the Trust Account, which took effect on November 2, 2023, the remaining proceeds from the IPO and private placement are
no longer invested in U.S. government securities or money market funds.
On
November 8, 2023, the Company issued a promissory note in the principal amount of up to $1,500,000 to Sunorange. The note is non-interest
bearing and is due on the earlier of consummation of the Business Combination or liquidation. The November 2023 Working Capital Note
was issued in connection with advances made by Sunorange in the amount of approximately $341,000 since May 8, 2023 and advances Sunorange
may make in the future to the Company for working capital expenses. The November 2023 Working Capital Note is non-interest bearing and
payable upon the earlier of (i) the date of the consummation of the Business Combination or (ii) the date of the Company’s liquidation.
|
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-Topic 855
-Name Accounting Standards Codification
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-Paragraph 2
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Accounting Policies [Abstract] |
|
| Basis of Presentation |
Basis
of Presentation
The
accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted
in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form
10-Q and Article 8 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements
prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial
reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position,
results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include
all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating
results and cash flows for the periods presented.
The
accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K
for the year ended December 31, 2022, as filed with the SEC on April 13, 2023. The interim results for the three and nine months ended
September 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any future
periods.
|
| Emerging Growth Company |
Emerging
Growth Company
The
Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act of
2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements and exemptions from
the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments
not previously approved.
Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting
standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do
not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of
such extended transition period, which means that when a standard is issued or revised and it has different application dates for public
or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies
adopt the new or revised standard. This may make comparison of the Company’s unaudited condensed financial statements with another
public company, which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended
transition period, difficult or impossible because of the potential differences in accounting standards used.
|
| Use of Estimates |
Use
of Estimates
The
preparation of unaudited condensed 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 unaudited condensed financial statements and the reported amounts of revenues and expenses during the reporting period.
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 unaudited condensed financial statements, which management
considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual
results could differ significantly from those estimates.
|
| Cash and Cash Equivalents |
Cash
and Cash Equivalents
The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
The Company had cash of $867 and $244,179 as of September 30, 2023 and December 31, 2022, respectively.
|
| Investments Held in Trust Account |
Investments
Held in Trust Account
As
of September 30, 2023 and December 31, 2022, the assets held in the Trust Account consisted of cash equivalents in the amount of $50,306,452
and $178,531,059, respectively. The Company’s portfolio of investments is comprised of investments in money market funds that invest
in U.S. government securities and generally have a readily determinable fair value. The investments in money market funds are presented
on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these
securities are included in “Interest earned on Investments held in Trust Account” in the accompanying statement of operations.
The estimated fair values of investments held in the Trust Account are determined using available market information.
|
| Concentration of Credit Risk |
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution,
which, at times, may exceed the Federal Depository Insurance Corporation’s coverage of $250,000. As of September 30, 2023, the
Company has not experienced losses on this account, and management believes the Company is not exposed to significant risks on such account.
|
| Offering Costs Associated with the Initial Public Offering |
Offering
Costs Associated with the Initial Public Offering
The
Company complies with the requirements of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards
Codification (“ASC”) 340-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A – “Expenses
of Offering”. Offering costs consist principally of professional and registration fees incurred through the balance sheet date
that are related to the IPO. Offering costs were charged to shareholders’ equity upon the completion of the IPO and subsequent
exercise of the over-allotment. Accordingly, offering costs totaling $4,171,912 (consisting of $3,450,000 of underwriting fees, and $721,912
of other offering costs) were charged to Shareholders’ Equity following the IPO on November 8, 2021 and subsequent exercise of
the over-allotment on November 12, 2021.
|
| Fair Value Measurements |
Fair
Value Measurements
The
fair value of the Company’s assets and liabilities which qualify as financial instruments under FASB ASC Topic 820, “Fair
Value Measurements and Disclosures” (“ASC 820”), approximates the carrying amounts represented in the accompanying
balance sheet, primarily due to their short-term nature.
The
fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would
have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction
between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company
seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable
inputs (internal assumptions about how market participants would price assets and liabilities). 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 - |
Valuations
based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.
Valuation adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and
regularly available in an active market, valuation of these securities does not entail a significant degree of judgment. |
| |
|
| Level
2 - |
Valuations
based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active
for identical or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived
principally from or corroborated by market through correlation or other means. |
| |
|
| Level
3 - |
Valuations
based on inputs that are unobservable and significant to the overall fair value measurement. |
|
| Class A Ordinary Shares Subject to Possible Redemption |
Class
A Ordinary Shares Subject to Possible Redemption
The
Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in FASB ASC Topic 480
“Distinguishing Liabilities from Equity” (“ASC 480”). 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) is classified as temporary equity. At all other times, ordinary shares are classified as shareholders’
equity. The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s
control and subject to occurrence of uncertain future events. Accordingly, Class A ordinary shares subject to possible redemption are
presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet.
Immediately
upon the closing of the IPO, the Company recognized the accretion from initial book value to redemption amount. Increases or decreases
in the carrying amount of redeemable ordinary shares are affected by charges against additional paid-in capital and accumulated deficit.
As
a result of the shareholder vote held on May 8, 2023, 12,626,668 shareholders exercised their right to redemption which left a remainder
of 4,623,332 Class A ordinary shares subject to possible redemption. These shareholders were paid an aggregate of $132,616,922, or $10.50
per share, on May 18, 2023.
As
of September 30, 2023 and December 31, 2022, the Class A ordinary shares subject to possible redemption reflected in the balance sheet
is reconciled in the following table:
SCHEDULE
OF POSSIBLE REDEMPTION
| | |
September 30, 2023 | | |
December 31, 2022 | |
| As of beginning of the period, January 1 | |
$ | 178,531,059 | | |
$ | 175,950,000 | |
| Plus: | |
| | | |
| | |
| Remeasurement of carrying value to redemption value | |
| 3,892,315 | | |
| 2,581,059 | |
| Extension Contributions | |
| 500,000 | | |
| - | |
| Less: | |
| | | |
| | |
| Redemptions | |
| (132,616,922 | ) | |
| - | |
| Class A ordinary shares subject to possible redemption | |
$ | 50,306,452 | | |
$ | 178,531,059 | |
|
| Warrants |
Warrants
The
Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s
specific terms and applicable authoritative guidance in ASC 480 and FASB ASC Topic 815, “Derivatives and Hedging” (“ASC
815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, 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 and whether the warrant holders could potentially require
“net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification.
This assessment, which requires the use of professional judgment, is conducted at the time warrant issuance and as of each subsequent
quarterly period end date while the warrants are outstanding.
For
issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component
of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all of the criteria for equity
classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet
date thereafter. The Company accounts for its outstanding warrants as equity-classified instruments.
|
| Income Taxes |
Income
Taxes
The
Company follows the asset and liability method of accounting for income taxes under FASB ASC Topic 740, “Income Taxes” (“ASC
740”). Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences
between the unaudited condensed financial statements carrying amounts of existing assets and liabilities and their respective tax bases.
Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those
temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates
is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce
deferred tax assets to the amount expected to be realized.
ASC
740 prescribes a recognition threshold and a measurement attribute for the unaudited condensed financial statement recognition and measurement
of tax positions 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. The Company recognizes accrued interest and penalties related to unrecognized
tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September
30, 2023 and December 31, 2022. The Company is currently not aware of any issues under review that could result in significant payments,
accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since
inception.
There
is currently no taxation imposed on income by the government of the Cayman Islands. In accordance with Cayman income tax regulations,
income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s unaudited condensed financial
statements. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change
over the next twelve months.
|
| Net Income Per Ordinary Share |
Net
Income Per Ordinary Share
We
comply with accounting and disclosure requirements of ASC 260. Net income per share is computed by dividing net income by the weighted
average number of ordinary shares outstanding during the period. We have two classes of shares, redeemable ordinary shares and non-redeemable
ordinary shares. Our redeemable ordinary shares are comprised of Class A shares sold in the IPO. Our non-redeemable shares are comprised
of Class A shares held by EarlyBirdCapital and Class B shares purchased by the Sponsor. Earnings and losses are shared pro rata between
the two classes of shares. Our statement of operations applies the two-class method in calculating net income per share. Basic and diluted
net income per share for redeemable ordinary shares and non-redeemable ordinary shares is calculated by dividing net income, allocated
proportionally to each class of ordinary shares, attributable to us by the weighted average number of shares of redeemable and non-redeemable
ordinary shares outstanding.
The
calculation of diluted income per ordinary share does not consider the effect of the warrants issued in connection with the IPO since
exercise of the warrants is contingent upon the occurrence of future events and the inclusion of such rights would be anti-dilutive.
Accretion of the carrying value of Class A ordinary shares to redemption value is excluded from net income per redeemable share because
the redemption value approximates fair value. As a result, diluted income per share is the same as basic income per share for the period
presented.
Accordingly,
basic and diluted income per ordinary share for the three months ended September 30, 2023 and September 30, 2022 is calculated as follows:
SCHEDULE
OF BASIC AND DILUTED LOSS PER ORDINARY SHARE
| | |
Redeemable
Ordinary Shares | | |
Non-Redeemable
Ordinary Shares | | |
Redeemable
Ordinary Shares | | |
Non-Redeemable
Ordinary Shares | |
| | |
For the Three Months Ended
September 30, 2023 | | |
For the Three Months Ended
September 30, 2022 | |
| | |
Redeemable
Ordinary Shares | | |
Non-Redeemable
Ordinary Shares | | |
Redeemable
Ordinary Shares | | |
Non-Redeemable
Ordinary Shares | |
| Basic and diluted net income per share | |
| | | |
| | | |
| | | |
| | |
| Numerator: | |
| | | |
| | | |
| | | |
| | |
| Allocation of net income | |
$ | 3,088 | | |
$ | 2,981 | | |
$ | 406,455 | | |
$ | 100,738 | |
| | |
| | | |
| | | |
| | | |
| | |
| Denominator: | |
| | | |
| | | |
| | | |
| | |
| Weighted-average shares outstanding | |
| 4,623,332 | | |
| 4,462,500 | | |
| 17,400,000 | | |
| 4,312,500 | |
| Basic and diluted net income per share | |
$ | 0.00 | | |
$ | 0.00 | | |
$ | 0.02 | | |
$ | 0.02 | |
Basic
and diluted income per ordinary share for the nine months ended September 30, 2023 and September 30, 2022 is calculated as follows:
| | |
Redeemable
Ordinary Shares | | |
Non-Redeemable
Ordinary Shares | | |
Redeemable
Ordinary Shares | | |
Non-Redeemable
Ordinary Shares | |
| | |
For the Nine Months Ended
September 30, 2023 | | |
For the Nine Months Ended
September 30, 2022 | |
| | |
Redeemable
Ordinary Shares | | |
Non-Redeemable
Ordinary Shares | | |
Redeemable
Ordinary Shares | | |
Non-Redeemable
Ordinary Shares | |
| Basic and diluted net income per share | |
| | | |
| | | |
| | | |
| | |
| Numerator: | |
| | | |
| | | |
| | | |
| | |
| Allocation of net income | |
$ | 1,690,569 | | |
$ | 721,859 | | |
$ | 307,731 | | |
$ | 76,269 | |
| | |
| | | |
| | | |
| | | |
| | |
| Denominator: | |
| | | |
| | | |
| | | |
| | |
| Weighted-average shares outstanding | |
| 10,451,025 | | |
| 4,462,500 | | |
| 17,400,000 | | |
| 4,312,500 | |
| Basic and diluted net income per share | |
$ | 0.16 | | |
$ | 0.16 | | |
$ | 0.02 | | |
$ | 0.02 | |
|
| Recent Accounting Pronouncements |
Recent
Accounting Pronouncements
In
August 2020, the FASB issued Accounting Standards Update (“ASU “) Topic 2020-06, “Accounting for Convertible Instruments
and Contracts in an Entity’s Own Equity” (“ASU 2020-06”). The update simplifies the accounting for convertible
instruments by removing certain separation models in FASB ASU Subtopic 470-20, “Debt-Debt with Conversion and Other Options,”
for convertible instruments and introducing other changes. As a result of ASU 2020-06, more convertible debt instruments will be accounted
for as a single liability measured at its amortized cost and more convertible preference shares will be accounted for as a single-equity
instrument measured at its historical cost, as long as no features require bifurcation and recognition as derivatives. The amendments
are effective for smaller reporting companies for fiscal years beginning after December 15, 2023, including interim periods within those
fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods
within those fiscal years. The Company is currently assessing what impact, if any, that ASU 2020-06 would have on its financial position,
results of operations or cash flows.
In
June 2022, the FASB issued ASU Topic 2022-03, ASC Subtopic 820 “Fair Value Measurement of Equity Securities Subject to Contractual
Sale Restrictions” (“ASU 2022-03”). ASU 2022-03 amends ASC 820 to clarify that a contractual sales restriction is not
considered in measuring an equity security at fair value and to introduce new disclosure requirements for equity securities subject to
contractual sale restrictions that are measured at fair value. ASU 2022-03 applies to both holders and issuers of equity and equity-linked
securities measured at fair value. The amendments in ASU 2022-03 are effective for the Company in fiscal years beginning after December
15, 2023 and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements
that have not yet been issued or made available for issuance. The Company is currently assessing what impact, if any, that ASU 2022-03
would have on its financial position, results of operations or cash flows.
Management
does not believe that any other recently issued, but not effective, accounting standards, if currently adopted, would have a material
effect on the Company’s unaudited condensed financial statements.
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-Topic 230
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-SubTopic 825
-Section 50
-Paragraph 1
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (d)
-SubTopic 10
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-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
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-Paragraph 1
-Subparagraph (c)
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-Name Accounting Standards Codification
-Section 60
-Paragraph 1
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-Topic 820
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- DefinitionDisclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
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-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(h)(1))
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Accounting Policies [Abstract] |
|
| SCHEDULE OF POSSIBLE REDEMPTION |
As
of September 30, 2023 and December 31, 2022, the Class A ordinary shares subject to possible redemption reflected in the balance sheet
is reconciled in the following table:
SCHEDULE
OF POSSIBLE REDEMPTION
| | |
September 30, 2023 | | |
December 31, 2022 | |
| As of beginning of the period, January 1 | |
$ | 178,531,059 | | |
$ | 175,950,000 | |
| Plus: | |
| | | |
| | |
| Remeasurement of carrying value to redemption value | |
| 3,892,315 | | |
| 2,581,059 | |
| Extension Contributions | |
| 500,000 | | |
| - | |
| Less: | |
| | | |
| | |
| Redemptions | |
| (132,616,922 | ) | |
| - | |
| Class A ordinary shares subject to possible redemption | |
$ | 50,306,452 | | |
$ | 178,531,059 | |
|
| SCHEDULE OF BASIC AND DILUTED LOSS PER ORDINARY SHARE |
Accordingly,
basic and diluted income per ordinary share for the three months ended September 30, 2023 and September 30, 2022 is calculated as follows:
SCHEDULE
OF BASIC AND DILUTED LOSS PER ORDINARY SHARE
| | |
Redeemable
Ordinary Shares | | |
Non-Redeemable
Ordinary Shares | | |
Redeemable
Ordinary Shares | | |
Non-Redeemable
Ordinary Shares | |
| | |
For the Three Months Ended
September 30, 2023 | | |
For the Three Months Ended
September 30, 2022 | |
| | |
Redeemable
Ordinary Shares | | |
Non-Redeemable
Ordinary Shares | | |
Redeemable
Ordinary Shares | | |
Non-Redeemable
Ordinary Shares | |
| Basic and diluted net income per share | |
| | | |
| | | |
| | | |
| | |
| Numerator: | |
| | | |
| | | |
| | | |
| | |
| Allocation of net income | |
$ | 3,088 | | |
$ | 2,981 | | |
$ | 406,455 | | |
$ | 100,738 | |
| | |
| | | |
| | | |
| | | |
| | |
| Denominator: | |
| | | |
| | | |
| | | |
| | |
| Weighted-average shares outstanding | |
| 4,623,332 | | |
| 4,462,500 | | |
| 17,400,000 | | |
| 4,312,500 | |
| Basic and diluted net income per share | |
$ | 0.00 | | |
$ | 0.00 | | |
$ | 0.02 | | |
$ | 0.02 | |
Basic
and diluted income per ordinary share for the nine months ended September 30, 2023 and September 30, 2022 is calculated as follows:
| | |
Redeemable
Ordinary Shares | | |
Non-Redeemable
Ordinary Shares | | |
Redeemable
Ordinary Shares | | |
Non-Redeemable
Ordinary Shares | |
| | |
For the Nine Months Ended
September 30, 2023 | | |
For the Nine Months Ended
September 30, 2022 | |
| | |
Redeemable
Ordinary Shares | | |
Non-Redeemable
Ordinary Shares | | |
Redeemable
Ordinary Shares | | |
Non-Redeemable
Ordinary Shares | |
| Basic and diluted net income per share | |
| | | |
| | | |
| | | |
| | |
| Numerator: | |
| | | |
| | | |
| | | |
| | |
| Allocation of net income | |
$ | 1,690,569 | | |
$ | 721,859 | | |
$ | 307,731 | | |
$ | 76,269 | |
| | |
| | | |
| | | |
| | | |
| | |
| Denominator: | |
| | | |
| | | |
| | | |
| | |
| Weighted-average shares outstanding | |
| 10,451,025 | | |
| 4,462,500 | | |
| 17,400,000 | | |
| 4,312,500 | |
| Basic and diluted net income per share | |
$ | 0.16 | | |
$ | 0.16 | | |
$ | 0.02 | | |
$ | 0.02 | |
|
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v3.23.3
INVESTMENTS HELD IN TRUST ACCOUNT (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Investments Held In Trust Account |
|
| SCHEDULE OF ASSETS MEASURED AT FAIR VALUE ON RECURRING BASIS |
SCHEDULE
OF ASSETS MEASURED AT FAIR VALUE ON RECURRING BASIS
| | |
September 30, 2023 | | |
Quoted Prices in Active Markets (Level 1) | | |
Significant Other Observable Inputs (Level 2) | | |
Significant Other Observable Inputs (Level 3) | |
| Money market fund | |
$ | 50,306,452 | | |
$ | 50,306,452 | | |
$ | - | | |
$ | - | |
| | |
$ | 50,306,452 | | |
$ | 50,306,452 | | |
$ | - | | |
$ | - | |
The
following table presents information about the Company’s assets that are measured at fair value on a recurring basis at December
31, 2022:
| | |
December 31, 2022 | | |
Quoted Prices in Active Markets (Level 1) | | |
Significant Other Observable Inputs (Level 2) | | |
Significant Other Observable Inputs (Level 3) | |
| Money market fund | |
$ | 178,531,059 | | |
$ | 178,531,059 | | |
$ | - | | |
$ | - | |
| | |
$ | 178,531,059 | | |
$ | 178,531,059 | | |
$ | - | | |
$ | - | |
|
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v3.23.3
ORGANIZATION AND BUSINESS BACKGROUND (Details Narrative) - USD ($)
|
|
|
|
|
|
|
1 Months Ended |
5 Months Ended |
9 Months Ended |
|
|
|
Aug. 21, 2023 |
Jun. 02, 2023 |
May 08, 2023 |
Apr. 27, 2023 |
Nov. 12, 2021 |
Nov. 08, 2021 |
Mar. 31, 2021 |
Sep. 30, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Aug. 29, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
| Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Purchase price, per unit |
|
|
|
|
$ 10.20
|
|
|
|
|
|
|
|
|
| Issuance or sale of equity |
|
|
|
|
$ 172,500,000
|
|
|
|
|
|
|
|
|
| Proceeds deposited into trust account |
|
|
|
|
$ 175,950,000
|
|
|
$ 50,306,452
|
$ 50,306,452
|
|
|
|
$ 178,531,059
|
| Interest earned from trust account |
|
|
|
|
|
|
|
|
80.00%
|
|
|
|
|
| Percentage of voting interests acquired |
|
|
|
|
|
|
|
|
|
|
|
50.00%
|
|
| Share price |
|
|
|
|
|
|
|
$ 10.88
|
$ 10.88
|
|
|
|
|
| Net intangible assets |
|
|
|
|
|
|
|
$ 5,000,001
|
$ 5,000,001
|
|
|
|
|
| Redemption price percentage |
|
|
|
|
|
|
|
|
15.00%
|
|
|
|
|
| Redemption percentage |
|
|
|
|
|
|
|
|
100.00%
|
|
|
|
|
| Interest to pay dissolution expenses |
|
|
|
|
|
|
|
|
$ 100,000
|
|
|
|
|
| Share price per unit |
|
|
|
|
|
|
|
$ 10.20
|
$ 10.20
|
|
|
|
|
| Cash in bank |
|
|
|
|
|
|
|
$ 867
|
$ 867
|
|
|
|
244,179
|
| Working capital |
|
|
|
|
|
|
|
1,985,471
|
1,985,471
|
|
|
|
|
| Working capital loan outstanding |
|
|
|
|
|
|
|
0
|
0
|
|
|
|
449,765
|
| Proceeds from related party debt |
|
|
|
|
|
|
|
|
500,000
|
|
|
|
|
| Monthly payments of sponsor |
|
$ 100,000
|
|
|
|
|
|
|
|
|
|
|
|
| Extension note payable - related party |
|
|
|
|
|
|
|
500,000
|
500,000
|
|
|
|
|
| Scage International Limited [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Business Combination, Consideration Transferred |
$ 1,000,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
| Business combination contingent fee percentage |
|
|
|
|
|
|
|
|
|
|
0.50%
|
|
|
| Trust Account [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deposits |
|
|
|
|
|
|
|
500,000
|
$ 500,000
|
|
|
|
|
| Investment Agreemet [Member] | Investor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Closing investment description |
|
|
the Company’s shareholders approved certain proposals
discussed below, and after certain closing conditions were met, including but not limited to: (i) a minimum of $30 million remaining
in the Company’s Trust Account after accounting for all redemptions in connection with the Company’s extraordinary general
meeting of shareholders on May 8, 2023 (the “Extension Meeting”); (ii) the Company obtaining or extending a D&O insurance
policy on terms satisfactory to the parties; (iii) the conversion of Class B ordinary shares into Class A ordinary shares as needed to
retain shareholders and meet continued listing requirements of The Nasdaq Stock Market LLC (“Nasdaq”) in the event that the
Extension is approved; (iv) the amendment of the Sponsor’s existing limited partnership agreement; (v) the transfer of 61,875 Class
B ordinary shares from certain Company directors to Sunorange or its designees and (vi) the cancellation of the outstanding Working Capital
Loan from the Sponsor and the reduction of certain advisory fees to be due upon the closing of an initial Business Combination
|
|
|
|
|
|
|
|
|
|
|
| Deposits |
|
|
$ 300,000
|
|
|
|
|
|
|
|
|
|
|
| Additional deposits |
|
|
$ 100,000
|
|
|
|
|
|
|
|
|
|
|
| Key Seller Lock Up Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Bussiness combination control obtained description |
|
|
|
|
|
|
|
|
(A) the 6-month anniversary of the Closing Date with
respect to 40% of the restricted securities and (B) the 36-month anniversary of the Closing Date with respect to the remaining 60% of
the restricted securities, (i) lend, offer, pledge, hypothecate, encumber, donate, assign, sell, offer to sell, contract or agree to
sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase,
or otherwise transfer or dispose of or agree to transfer or dispose of, directly or indirectly, or establish or increase of a put equivalent
position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act and the rules and regulations
of the SEC promulgated thereunder, or otherwise transfer or dispose of, directly or indirectly, any restricted securities, (ii) enter
into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the
Lock-up Securities (as that term is defined in the Business Combination Agreement), whether any such transaction is to be settled by
delivery of such restricted securities, in cash or otherwise, or (iii) publicly disclose the intention to do any of the foregoing, whether
any such transaction described in clauses (i), (ii) or (iii) above is to be settled by delivery of restricted securities or other securities,
in cash or otherwise (any of the foregoing described in clauses (i), (ii) or (iii), a “Prohibited Transfer”) (subject to
early release if Pubco consummates a Change of Control (as that term is defined in the Business Combination Agreement))
|
|
|
|
|
| Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from related party debt |
|
|
|
|
|
|
|
263,000
|
|
|
|
|
|
| Deposits |
|
|
|
|
|
|
|
500.0000
|
$ 500.0000
|
|
|
|
|
| Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal amount |
|
$ 1,200,000
|
|
|
|
|
$ 250,000
|
|
|
|
|
|
|
| Promissory Note [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal amount |
|
|
|
|
|
|
|
$ 250,000
|
$ 250,000
|
|
|
|
|
| Common Class B [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common stock shares outstanding |
|
|
|
|
|
|
4,312,500
|
1
|
1
|
|
|
|
4,312,500
|
| Common Class B [Member] | Investment Agreemet [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common stock shares issues |
|
|
|
3,557,813
|
|
|
|
|
|
|
|
|
|
| Common Class B [Member] | Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Purchase price, per unit |
|
|
|
|
|
|
$ 0.006
|
|
|
|
|
|
|
| Common stock shares issues |
|
|
|
|
|
|
4,312,500
|
|
|
|
|
|
|
| Private Placement Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Warrants issued |
|
|
|
|
8,800,000
|
7,900,000
|
|
|
|
|
|
|
|
| Share price |
|
|
|
|
|
$ 1.00
|
|
|
|
|
|
|
|
| Private Placement Warrants [Member] | Investment Agreemet [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Warrants issued |
|
|
|
6,160,000
|
|
|
|
|
|
|
|
|
|
| Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Purchase price, per unit |
|
|
|
|
|
|
|
$ 1.00
|
$ 1.00
|
|
|
|
|
| Warrant [Member] | Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Conversion price |
|
$ 1.00
|
|
|
|
|
|
|
|
|
|
|
|
| IPO [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Number of shares sold |
|
|
|
|
2,250,000
|
15,000,000
|
|
|
|
|
|
|
|
| Purchase price, per unit |
|
|
|
|
|
$ 10.00
|
|
|
|
|
|
|
|
| Share price per unit |
|
|
|
|
|
|
|
$ 10.00
|
$ 10.00
|
|
|
|
|
| IPO [Member] | Private Placement Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Purchase price, per unit |
|
|
|
|
|
$ 1.00
|
|
|
|
|
|
|
|
| Common stock shares issues |
|
|
|
|
|
7,900,000
|
|
|
|
|
|
|
|
| Over-Allotment Option [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Number of shares sold |
|
|
|
|
2,250,000
|
|
|
|
|
|
|
|
|
| Over-Allotment Option [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Number of shares sold |
|
|
|
|
|
2,250,000
|
|
|
|
|
|
|
|
| Over-Allotment Option [Member] | Private Placement Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Warrants issued |
|
|
|
|
900,000
|
|
|
|
|
|
|
|
|
| Private Placement Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from sale of private placement |
|
|
|
|
$ 8,800,000
|
|
|
|
|
|
|
|
|
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-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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| X |
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| X |
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|
| X |
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-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(2))
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
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-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 45
-Paragraph 21
-Publisher FASB
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(1))
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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| X |
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| X |
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SX 210.6-04(16)(a))
-Publisher FASB
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
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-Section S99
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-Subparagraph (SX 210.6-09(7))
-Publisher FASB
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
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-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
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-Section 55
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-Publisher FASB
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph e
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-Topic 942
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
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-Publisher FASB
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
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-Section S99
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-Publisher FASB
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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v3.23.3
SCHEDULE OF POSSIBLE REDEMPTION (Details) - USD ($)
|
9 Months Ended |
12 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
| Accounting Policies [Abstract] |
|
|
|
| Beginning of the period |
$ 178,531,059
|
$ 175,950,000
|
$ 175,950,000
|
| Remeasurement of carrying value to redemption value |
3,892,315
|
|
2,581,059
|
| Extension contribution |
500,000
|
|
|
| Redemptions |
(132,616,922)
|
|
|
| Ending of the period |
$ 50,306,452
|
|
$ 178,531,059
|
| X |
- Definition
+ References
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-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(23)(a)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 14.E.Q2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479830/718-10-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
| Name: |
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| Namespace Prefix: |
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v3.23.3
SCHEDULE OF BASIC AND DILUTED LOSS PER ORDINARY SHARE (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Redeemable Ordinary Shares [Member] |
|
|
|
|
| Net income per share - basic |
$ 0.00
|
$ 0.02
|
$ 0.16
|
$ 0.02
|
| Net income per share - diluted |
0.00
|
0.02
|
0.16
|
0.02
|
| Non-Redeemable Ordinary Shares [Member] |
|
|
|
|
| Net income per share - basic |
0.00
|
0.02
|
0.16
|
0.02
|
| Net income per share - diluted |
$ 0.00
|
$ 0.02
|
$ 0.16
|
$ 0.02
|
| Redeemable Ordinary Shares [Member] |
|
|
|
|
| Allocation of net income |
$ 3,088
|
$ 406,455
|
$ 1,690,569
|
$ 307,731
|
| Weighted average shares outstanding - basic |
4,623,332
|
17,400,000
|
10,451,025
|
17,400,000
|
| Weighted average shares outstanding - diluted |
4,623,332
|
17,400,000
|
10,451,025
|
17,400,000
|
| Non-Redeemable Ordinary Shares [Member] |
|
|
|
|
| Allocation of net income |
$ 2,981
|
$ 100,738
|
$ 721,859
|
$ 76,269
|
| Weighted average shares outstanding - basic |
4,462,500
|
4,312,500
|
4,462,500
|
4,312,500
|
| Weighted average shares outstanding - diluted |
4,462,500
|
4,312,500
|
4,462,500
|
4,312,500
|
| X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
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-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
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-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-10
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
May 08, 2023 |
Nov. 12, 2021 |
Sep. 30, 2023 |
May 18, 2023 |
Dec. 31, 2022 |
Nov. 08, 2021 |
| Cash |
|
|
$ 867
|
|
$ 244,179
|
|
| Assets held in trust account |
|
|
50,306,452
|
|
178,531,059
|
|
| Cash FDIC insured amount |
|
|
$ 250,000
|
|
|
|
| Deferred offering costs |
|
$ 4,171,912
|
|
|
|
|
| Underwriting fee |
|
3,450,000
|
|
|
|
|
| Other offering costs |
|
$ 721,912
|
|
|
|
|
| Share price |
|
|
$ 10.88
|
|
|
|
| Unrecognized tax benefits |
|
|
$ 0
|
|
0
|
|
| Accrued for interest and penalties |
|
|
$ 0
|
|
$ 0
|
|
| Common Class A [Member] |
|
|
|
|
|
|
| Ordinary shares redeemed |
12,626,668
|
|
|
|
|
|
| Shares subject to possible redemption |
4,623,332
|
|
4,623,332
|
|
17,250,000
|
|
| Ordinary shares redemption value |
|
|
|
$ 132,616,922
|
|
|
| Share price |
|
|
|
$ 10.50
|
|
$ 11.50
|
| X |
- DefinitionThe total amount of cash and securities held by third party trustees pursuant to terms of debt instruments or other agreements as of the date of each statement of financial position presented, which can be used by the trustee only to pay the noncurrent portion of specified obligations. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(b))
-Publisher FASB
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- DefinitionAmount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-12
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 45
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480555/946-210-45-21
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-SubTopic 210
-Topic 946
-Publisher FASB
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-Name Accounting Standards Codification
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-Subparagraph (g)
-SubTopic 10
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-Name Accounting Standards Codification
-Section S99
-Paragraph 3A
-Subparagraph 24(b)
-SubTopic 10
-Topic 480
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- DefinitionThe number of shares that would be issued, determined under the conditions specified in the contract, if the settlement were to occur at the reporting date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 480
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Topic 505
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-Section 50
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-Subparagraph (a)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 10B
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v3.23.3
INITIAL PUBLIC OFFERING (Details Narrative) - USD ($)
|
Nov. 12, 2021 |
Nov. 08, 2021 |
Sep. 30, 2023 |
May 18, 2023 |
Dec. 31, 2022 |
Mar. 31, 2021 |
| Shares issued, price per share |
$ 10.20
|
|
|
|
|
|
| Proceeds from sale of units |
$ 172,500,000
|
|
|
|
|
|
| Share price |
|
|
$ 10.88
|
|
|
|
| Proceeds deposited into trust account |
$ 175,950,000
|
|
$ 50,306,452
|
|
$ 178,531,059
|
|
| Common Class A [Member] |
|
|
|
|
|
|
| Shares issued, price per share |
|
|
|
|
|
$ 12.00
|
| Share price |
|
$ 11.50
|
|
$ 10.50
|
|
|
| IPO [Member] |
|
|
|
|
|
|
| Sale of stock, number of shares issued in transaction |
2,250,000
|
15,000,000
|
|
|
|
|
| Shares issued, price per share |
|
$ 10.00
|
|
|
|
|
| Over-Allotment Option [Member] |
|
|
|
|
|
|
| Sale of stock, number of shares issued in transaction |
2,250,000
|
|
|
|
|
|
| Over-Allotment Option [Member] | Maximum [Member] |
|
|
|
|
|
|
| Sale of stock, number of shares issued in transaction |
|
2,250,000
|
|
|
|
|
| X |
- DefinitionThe amount of cash, securities, or other assets held by a third-party trustee pursuant to the terms of an agreement which assets are available to be used by beneficiaries to that agreement only within the specific terms thereof and which agreement is expected to terminate more than one year from the balance sheet date (or operating cycle, if longer) at which time the assets held-in-trust will be released or forfeited. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
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-Paragraph 14
-Subparagraph (a)
-SubTopic 10
-Topic 230
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
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| Period Type: |
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|
| X |
- DefinitionPer share or per unit amount of equity securities issued.
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| X |
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| Namespace Prefix: |
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|
|
| X |
- Details
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v3.23.3
PRIVATE PLACEMENT WARRANTS (Details Narrative) - USD ($)
|
Nov. 12, 2021 |
Sep. 30, 2023 |
May 18, 2023 |
Nov. 08, 2021 |
| Share price |
|
$ 10.88
|
|
|
| Common Class A [Member] |
|
|
|
|
| Share price |
|
|
$ 10.50
|
$ 11.50
|
| Warrants exercisable price per share |
|
$ 11.50
|
|
|
| Private Placement [Member] |
|
|
|
|
| Proceeds from private placement |
$ 8,800,000
|
|
|
|
| Private Placement [Member] | Early Bird Capital [Member] |
|
|
|
|
| Warrants purchased |
556,962
|
|
|
500,000
|
| Private Placement Warrants [Member] |
|
|
|
|
| Warrants purchased |
8,800,000
|
|
|
7,900,000
|
| Share price |
|
|
|
$ 1.00
|
| Private Placement Warrants [Member] | Over-Allotment Option [Member] |
|
|
|
|
| Warrants purchased |
900,000
|
|
|
|
| Private Placement Warrants [Member] | Sponsor [Member] |
|
|
|
|
| Warrants purchased |
8,243,038
|
|
|
7,400,000
|
| Private Placement Warrants [Member] | Sponsor [Member] | Over-Allotment Option [Member] |
|
|
|
|
| Warrants purchased |
843,038
|
|
|
|
| Private Placement Warrants [Member] | Underwriter [Member] | Over-Allotment Option [Member] |
|
|
|
|
| Warrants purchased |
56,962
|
|
|
|
| X |
- DefinitionExercise price per share or per unit of warrants or rights outstanding. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-3
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| Balance Type: |
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| Period Type: |
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|
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-Name Accounting Standards Codification
-Section 45
-Paragraph 14
-Subparagraph (a)
-SubTopic 10
-Topic 230
-Publisher FASB
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|
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| Period Type: |
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|
| X |
- Details
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| Namespace Prefix: |
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| Balance Type: |
|
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|
|
| X |
- Details
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
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| Namespace Prefix: |
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| Balance Type: |
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|
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- Details
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| Namespace Prefix: |
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| Balance Type: |
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|
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- Details
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|
|
v3.23.3
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
|
|
|
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
|
|
Jun. 02, 2023 |
May 08, 2023 |
Nov. 12, 2021 |
Oct. 31, 2021 |
Mar. 31, 2021 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Nov. 08, 2023 |
Dec. 31, 2022 |
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Shares issued price, per share |
|
|
$ 10.20
|
|
|
|
|
|
|
|
|
| Percentage of issued and outstanding shares after IPO |
|
|
|
|
20.00%
|
|
|
|
|
|
|
| Share price per unit |
|
|
|
|
|
$ 10.20
|
|
$ 10.20
|
|
|
|
| Working capital loan |
|
|
|
|
|
$ 0
|
|
$ 0
|
|
|
$ 449,765
|
| Monthly payments of sponsor |
$ 100,000
|
|
|
|
|
|
|
|
|
|
|
| Extension note payable - related party |
|
|
|
|
|
500,000
|
|
500,000
|
|
|
|
| Formation, general and administrative expenses |
|
|
|
|
|
$ 635,563
|
$ 290,025
|
1,481,694
|
$ 677,782
|
|
|
| Administrative Services Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Formation, general and administrative expenses |
|
|
|
|
|
|
|
27,000
|
|
|
|
| Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Debt instrument face amount |
$ 1,200,000
|
|
|
|
$ 250,000
|
|
|
|
|
|
|
| Unsecured Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Debt instrument face amount |
|
|
|
|
|
|
|
|
|
$ 1,500,000
|
|
| Director [Member] |
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Issuance of shares of founder shares to sponsor |
|
|
|
$ 450,676
|
|
|
|
|
|
|
|
| Issuance of ordinary shares to founder, shares |
|
|
|
75,000
|
|
|
|
|
|
|
|
| Share price per unit |
|
|
|
$ 0.0001
|
|
|
|
|
|
|
|
| Sponsor [Member] | Administrative Services Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Payment for office space |
|
|
|
|
|
|
|
$ 3,000
|
|
|
|
| Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Shares issued price, per share |
|
|
|
|
|
$ 1.00
|
|
$ 1.00
|
|
|
|
| Warrant [Member] | Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Conversion price |
$ 1.00
|
|
|
|
|
|
|
|
|
|
|
| Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Shares forfeited |
|
|
|
|
562,500
|
|
|
|
|
|
|
| Debt conversion original debt amount |
|
|
|
|
|
|
|
$ 1,500,000
|
|
|
|
| Maximum [Member] | Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Debt instrument face amount |
|
|
|
|
|
$ 250,000
|
|
250,000
|
|
|
|
| Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Deposits |
|
|
|
|
|
500.0000
|
|
500.0000
|
|
|
|
| Underwriter [Member] |
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Number of options exercised |
|
|
$ 562,500
|
|
|
|
|
|
|
|
|
| Related Party [Member] |
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Working capital loan |
|
|
|
|
|
0
|
|
0
|
|
|
$ 449,765
|
| Due to related party |
|
|
|
|
|
|
|
|
|
$ 263,000
|
|
| Related Party [Member] | Administrative Services Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Due to related party |
|
|
|
|
|
$ 47,600
|
|
$ 47,600
|
|
|
|
| Common Class B [Member] |
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Common stock, par value |
|
|
|
|
|
$ 0.0001
|
|
$ 0.0001
|
|
|
$ 0.0001
|
| Shares outstanding |
|
|
|
|
4,312,500
|
1
|
|
1
|
|
|
4,312,500
|
| Common Class B [Member] | Director [Member] |
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Issuance of ordinary shares to founder, shares |
|
75,000
|
|
|
|
|
|
|
|
|
|
| Common Class B [Member] | Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Issuance of shares of founder shares to sponsor |
|
|
|
|
$ 25,000
|
|
|
|
|
|
|
| Shares issued price, per share |
|
|
|
|
$ 0.006
|
|
|
|
|
|
|
| Issuance of ordinary shares to founder, shares |
|
|
|
|
4,312,500
|
|
|
|
|
|
|
| Common stock, par value |
|
|
|
|
$ 0.0001
|
|
|
|
|
|
|
| Common Class A [Member] |
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Shares issued price, per share |
|
|
|
|
12.00
|
|
|
|
|
|
|
| Issuance of ordinary shares to founder, shares |
|
4,237,499
|
|
|
|
|
|
|
|
|
|
| Common stock, par value |
|
|
|
|
|
$ 0.0001
|
|
$ 0.0001
|
|
|
$ 0.0001
|
| Shares outstanding |
|
1
|
|
|
|
4,462,499
|
|
4,462,499
|
|
|
150,000
|
| Common Class A [Member] | Director [Member] |
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Issuance of ordinary shares to founder, shares |
|
75,000
|
|
|
|
|
|
|
|
|
|
| Common Class A [Member] | EBC Founder Shares [Member] |
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Common stock, par value |
|
|
|
|
$ 0.0001
|
|
|
|
|
|
|
| Issuance of shares of class A ordinary shares to sponsor, shares |
|
|
|
|
150,000
|
|
|
|
|
|
|
| Estimated the fair value of EBC founder shares |
|
|
|
|
$ 870
|
|
|
|
|
|
|
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-Topic 210
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-Name Accounting Standards Codification
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-Topic 505
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
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-Publisher FASB
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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-Publisher FASB
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|
| X |
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-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
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-Publisher FASB
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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| X |
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-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
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| X |
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-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
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-Publisher FASB
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-Publisher FASB
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-Publisher FASB
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|
| X |
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-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
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| X |
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-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SX 210.6-07(2)(a))
-Publisher FASB
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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| X |
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-SubTopic 10
-Topic 210
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
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-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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-Publisher FASB
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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-Publisher FASB
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Name Accounting Standards Codification
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-Topic 210
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-Topic 505
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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v3.23.3
SCHEDULE OF ASSETS MEASURED AT FAIR VALUE ON RECURRING BASIS (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
| Cash and Cash Equivalents [Line Items] |
|
|
| Assets fair value |
$ 50,306,452
|
$ 178,531,059
|
| Fair Value, Inputs, Level 1 [Member] |
|
|
| Cash and Cash Equivalents [Line Items] |
|
|
| Assets fair value |
50,306,452
|
178,531,059
|
| Fair Value, Inputs, Level 2 [Member] |
|
|
| Cash and Cash Equivalents [Line Items] |
|
|
| Assets fair value |
|
|
| Fair Value, Inputs, Level 3 [Member] |
|
|
| Cash and Cash Equivalents [Line Items] |
|
|
| Assets fair value |
|
|
| Money Market Funds [Member] |
|
|
| Cash and Cash Equivalents [Line Items] |
|
|
| Assets fair value |
50,306,452
|
178,531,059
|
| Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
| Cash and Cash Equivalents [Line Items] |
|
|
| Assets fair value |
50,306,452
|
178,531,059
|
| Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] |
|
|
| Cash and Cash Equivalents [Line Items] |
|
|
| Assets fair value |
|
|
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|
|
| Cash and Cash Equivalents [Line Items] |
|
|
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v3.23.3
INVESTMENTS HELD IN TRUST ACCOUNT (Details Narrative) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Nov. 12, 2021 |
| Schedule of Investments [Line Items] |
|
|
|
| Money market fund |
$ 50,306,452
|
$ 178,531,059
|
$ 175,950,000
|
| Money Market Funds [Member] |
|
|
|
| Schedule of Investments [Line Items] |
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Reference 52: http://www.xbrl.org/2003/role/disclosureRef
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Reference 61: http://www.xbrl.org/2003/role/disclosureRef
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Reference 62: http://www.xbrl.org/2003/role/disclosureRef
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v3.23.3
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)
|
|
9 Months Ended |
|
|
Nov. 08, 2021 |
Sep. 30, 2023 |
Aug. 29, 2023 |
Nov. 12, 2021 |
| Loss Contingencies [Line Items] |
|
|
|
|
| Cash fee percentage |
|
1.75%
|
|
|
| Professional Fees |
|
$ 3,018,750
|
|
|
| Scage International Limited [Member] |
|
|
|
|
| Loss Contingencies [Line Items] |
|
|
|
|
| Business combination contingent fee percentage |
|
|
0.50%
|
|
| Early Bird Capital [Member] |
|
|
|
|
| Loss Contingencies [Line Items] |
|
|
|
|
| Underwritting discount per unit |
|
|
|
$ 0.20
|
| Underwritting discount on shares |
|
|
|
$ 3,450,000
|
| Minimum [Member] | Third Party Consultant [Member] |
|
|
|
|
| Loss Contingencies [Line Items] |
|
|
|
|
| Business combination contingent fee |
|
$ 3,500,000
|
|
|
| Over-Allotment Option [Member] | Maximum [Member] |
|
|
|
|
| Loss Contingencies [Line Items] |
|
|
|
|
| Options to purchase units |
2,250,000
|
|
|
|
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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v3.23.3
SHAREHOLDERS’ DEFICIT (Details Narrative) - $ / shares
|
9 Months Ended |
|
|
|
Sep. 30, 2023 |
May 08, 2023 |
Dec. 31, 2022 |
Mar. 31, 2021 |
| Class of Stock [Line Items] |
|
|
|
|
| Preferred stock, shares authorized |
5,000,000
|
|
5,000,000
|
|
| Preferred stock, par value |
$ 0.0001
|
|
$ 0.0001
|
|
| Preferred stock, shares issued |
0
|
|
0
|
|
| Preferred stock, shares outstanding |
0
|
|
0
|
|
| Warrant [Member] |
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
| Warrants exercise price per share |
$ 0.01
|
|
|
|
| Warrants description |
the closing price of the Class A ordinary shares equals or exceeds $18.00 per share for any 20 trading days within a
30-trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders
|
|
|
|
| Public Warrants [Member] |
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
| Warrants description |
In
addition, if (i) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection
with the closing of the Business Combination at a newly issued price of less than $9.20 per Class A ordinary share, (ii) 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 Business Combination on the date of the consummation of the Business Combination (net of redemptions), and (iii) the market value
is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater
of (a) the market value or (b) the newly issued price, and the $18.00 per share redemption trigger price will adjusted (to the nearest
cent) to be equal to 180% of the greater of (x) the market value or (y) the newly issued price.
|
|
|
|
| Common Class A [Member] |
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
| Ordinary shares, shares authorized |
500,000,000
|
|
500,000,000
|
|
| Ordinary shares, par value |
$ 0.0001
|
|
$ 0.0001
|
|
| Ordinary shares, shares issued |
4,462,499
|
|
150,000
|
|
| Common stock, shares outstanding |
4,462,499
|
1
|
150,000
|
|
| Shares subject to possible redemption |
4,623,332
|
4,623,332
|
17,250,000
|
|
| Warrants exercise price per share |
$ 11.50
|
|
|
|
| Common Class B [Member] |
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
| Ordinary shares, shares authorized |
50,000,000
|
|
50,000,000
|
|
| Ordinary shares, par value |
$ 0.0001
|
|
$ 0.0001
|
|
| Ordinary shares, shares issued |
1
|
|
4,312,500
|
|
| Common stock, shares outstanding |
1
|
|
4,312,500
|
4,312,500
|
| Conversion of stock percentage |
20.00%
|
|
|
|
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-Section 50
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
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-Section 45
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
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-Section S99
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-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section 50
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