Form 10-Q - Quarterly report [Sections 13 or 15(d)]

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from

Commission File

Number: 001-41006

INTEGRAL ACQUISITION CORPORATION 1

(Exact name of registrant as specified in its charter)


Delaware		86-2148394
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

11330 Avenue of the Americas, 23rd Floor New York, New York		10019
(Address of principal executive offices)		(Zip Code)

(212)

209-6132

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Units, each consisting of one share of Class A Common Stock and one-half of one redeemable Warrant	INTEU	The Nasdaq Stock Market LLC
Class A Common Stock, par value $0.0001 per share	INTE	The Nasdaq Stock Market LLC
Warrants, each exercisable for one share of Class A Common Stock for $11.50 per share	INTEW	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation

S-T

(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a

non-accelerated

filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in

Rule 12b-2

of the Exchange Act.

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 August

, 2024, there were 4,073,341 shares of Class A common stock, par value $0.0001 per share, and one share of Class B common stock, par value $0.0001 per share, of the registrant issued and outstanding.

INTEGRAL ACQUISITION CORPORATION 1

FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2024

TABLE OF CONTENTS


		Page
PART I – FINANCIAL INFORMATION			1

Item 1.	Financial Statements.		1

	Condensed Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023		1

	Unaudited Condensed Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023		2

	Unaudited Condensed Statements of Changes in Stockholders’ Deficit for the Three and Six Months Ended June 30, 2024 and 2023		3

	Unaudited Condensed Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023		4

	Unaudited Notes to Condensed Financial Statements		5

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.		22

Item 3.	Quantitative and Qualitative Disclosures About Market Risk.		28

Item 4.	Controls and Procedures.		28

PART II – OTHER INFORMATION			30

Item 1.	Legal Proceedings.		30

Item 1A.	Risk Factors.		30

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.		31

Item 3.	Defaults Upon Senior Securities.		32

Item 4.	Mine Safety Disclosures.		32

Item 5.	Other Information.		32

Item 6.	Exhibits.		33

SIGNATURES			34

Unless otherwise stated in this Report (as defined below), or the context otherwise requires, references to:

•

“2021 Annual Report” are to our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as filed with the SEC (as defined below) on April 1, 2022;

•

“2022 Annual Report” are to our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as filed with the SEC on March 31, 2023;

•

“2023 Annual Report” are to our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the SEC on April 12, 2024;

•

“2024 SPAC Rules” are to the new rules and regulations for SPACs (as defined below) adopted by the SEC on January 24, 2024, which became effective on July 1, 2024;

•

“Amended and Restated Charter” are to our Amended and Restated Certificate of Incorporation, as amended and currently in effect;

•

“Anchor Investors” are to certain qualified institutional buyers or institutional accredited investors (none of which are affiliated with any member of our Management Team (as defined below), our Sponsor (as defined below) or any other Anchor Investor) that purchased an aggregate of approximately $60.8 million of Units (as defined below) in our Initial Public Offering (as defined below), and became a member of our Sponsor at the closing of our Initial Public Offering;

•

“ASC” are to the FASB (as defined below) Accounting Standards Codification;

•

“ASC 260” are to FASB ASC Topic 260, “Earnings Per Share”;

•

“ASC 405” are to FASB ASC Topic 405, “Liabilities”;

•

“ASC 480” are to FASB ASC Topic 480, “Distinguishing Liabilities from Equity”;

•

“ASC 740” are to FASB ASC Topic 740, “Income Taxes”;

•

“ASC 815” are to FASB ASC Topic 815, “Derivatives and Hedging”;

•

“ASC 820” are to FASB ASC Topic 820, “Fair Value Measurements and Disclosures”;

•

“ASU” are to the FASB Accounting Standards Update;

•

“ASU 2014-15” are to FASB ASU Topic 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern”;

•

“ASU 2020-06” are to FASB ASU Topic 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging —Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”;

•

“ASU 2023-09” are to FASB ASU Topic 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”;

•

“Board of Directors” or “Board” are to our board of directors;

•

“Business Combination” are to a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses;

•

“Carnegie Park” are to Carnegie Park Capital, LLC (and/or its affiliates);

•

“Cartesian Escrow Parties” are to Cartesian Capital Group, LLC and Flybondi (as defined below), together;

•

“Charter Amendment Proposals” are to the Founder Share Amendment Proposal (as defined below) and the Second Extension Amendment Proposal (as defined below), together;

•

“Class A Common Stock” are to shares of our Class A common stock, par value $0.0001 per share;

•

“Class B Common Stock” are to shares of our Class B common stock, par value $0.0001 per share;

•

“Cohen & Company” are to Cohen & Company Capital Markets, a division of J.V.B. (as defined below);

•

“Combination Period” are to the 36-month period, from the closing of the Initial Public Offering to November 5, 2024 (or such earlier date as determined by the Board), as extended by the Second Extension (as defined below), that we have to consummate an initial Business Combination; provided that the Combination Period may be further extended pursuant to an amendment to the Amended and Restated Charter and consistent with applicable laws, regulations and stock exchange rules;

•

“Common Stock” are to the Class A Common Stock and the Class B Common Stock, together;

•

“Company,” “our,” “we,” or “us” are to Integral Acquisition Corporation 1, a Delaware corporation;

•

“Continental” are to Continental Stock Transfer & Trust Company, trustee of our Trust Account (as defined below) and warrant agent of our Public Warrants (as defined below);

•

“Crescent Park” are to Crescent Park Management, L.P. as the investment advisor to Crescent Park Master Fund, L.P., Crescent Park FOF Partners, L.P. and Crescent Park Global Equity Master Fund, L.P. (and/or their affiliates);

•

“DGCL” are to the Delaware General Corporation Law;

•

“Exchange Act” are to the Securities Exchange Act of 1934, as amended;

•

“Excise Tax” are to the U.S. federal 1% excise tax on certain repurchases of stock by publicly traded U.S. domestic corporations and certain U.S. domestic subsidiaries of publicly traded foreign corporations occurring on or after January 1, 2023 as provided for by the IR Act (as defined below);

•

“FASB” are to the Financial Accounting Standards Board;

•

“FB Parent” are to FB Parent Limited, a limited company incorporated under the laws of England and Wales;

iii

•

“Flybondi” are to Flybondi Limited, a limited company incorporated under the laws of England and Wales;

•

“Flybondi Business Combination” are to the transactions contemplated by the Flybondi Business Combination Agreement (as defined below);

•

“Flybondi Business Combination Agreement” are to the Business Combination Agreement, dated as of October 19, 2023, by and among us, Flybondi, FB Parent, Merger Sub (as defined below) and the Sellers (as defined below);

•

“Flybondi Holdings” are to Flybondi Holdings plc, a public limited company incorporated under the laws of England and Wales;

•

“Flybondi Holdings Substitution” are to the assignment, pursuant to the Flybondi Novation Agreement (as defined below), by FB Parent to Flybondi Holdings of all of its liabilities, agreements, obligations, rights and duties in, under, and arising from the Flybondi Business Combination Agreement;

•

“Flybondi Novation Agreement” are to the assignment, novation and amendment agreement we entered into on July 2, 2024 with Flybondi Holdings, Flybondi, FB Parent and Merger Sub;

•

“Flybondi Registration Statement” are to the Registration Statement on Form F-4, which will include a proxy statement/prospectus prepared by Flybondi Holdings, Flybondi and us, to be filed by Flybondi Holdings with the SEC in connection with the Flybondi Business Combination;

•

“Flybondi Sponsor Support Agreement Amendment” are to Amendment No. 1 to the Sponsor Support Agreement, dated October 19, 2023, which we entered into on July 2, 2024, with the Sponsor and Flybondi to reflect the Flybondi Holdings Substitution;

•

“First Extension” are to the extension of the date by which we must consummate our initial Business Combination from May 5, 2023 to November 3, 2023 (or such earlier date as determined by the Board), as approved by the stockholders at the First Special Meeting (as defined below);

•

“First Extension Amendment Proposal” are to a proposal at the First Special Meeting to approve an amendment to the Amended and Restated Charter to extend the date by which we must consummate our initial Business Combination from May 5, 2023 to November 3, 2023 (or such earlier date as determined by the Board);

•

“First Extension Promissory Note” are to that certain unsecured promissory note in the principal amount of up to $630,000 issued on May 8, 2023 to the Sponsor in connection with the First Extension;

•

“First Nasdaq Notice” are to the deficiency notice from Nasdaq (as defined below) we received on June 28, 2023;

•

“First Special Meeting” are to the special meeting of our stockholders held on May 3, 2023;

•

“First Special Meeting Redemptions” are to the 8,470,059 Public Shares that were redeemed in connection with the vote to approve the First Extension Amendment Proposal, resulting in $87,843,748 (approximately $10.37 per share) being removed from the Trust Account to pay such redeeming Public Stockholders (as defined below);

•

“Forward Purchase Shares” are to the shares of Class A Common Stock that were to be issued pursuant to the FPAs (as defined below);

•

“Founder Share Conversion” are to the 2,874,999 shares of Class A Common Stock (consisting of 2,824,999 shares to our Sponsor and 50,000 shares to an Anchor Investor) issued on November 3, 2023, following the approval of the Founder Share Amendment Proposal by our stockholders at the Second Special Meeting (as defined below), upon the conversion of an equal number of shares of Class B Common Stock held by the Sponsor and such Anchor Investor as Founder Shares (as defined below);

•

“Founder Shares” are to the shares of Class B Common Stock initially purchased by our Sponsor prior to the Initial Public Offering and the shares of Class A Common Stock that (i) will be issued upon the automatic conversion of the shares of Class B Common Stock at the time of our Business Combination as described herein and (ii) were issued in connection with the Founder Share Conversion upon the conversion of an equal number of shares of Class B Common Stock (for the avoidance of doubt, such Class A Common Stock will not be “Public Shares” (as defined below));

•

“Founder Share Amendment Proposal” are to the proposal at the Second Special Meeting to approve an amendment to the Amended and Restated Charter to grant a holder of shares of Class B Common Stock the right to convert such shares into shares of Class A Common Stock on a one-for-one basis prior to the closing of a Business Combination;

•

“FPA” are to each of the forward purchase agreements we entered into with Carnegie Park and Crescent Park, which were terminated by the FPA Termination Agreements (as defined below);

•

“FPA Termination Agreements” are to the agreements we entered into with Carnegie Park and Crescent Park on December 8, 2023 and December 12, 2023, respectively, to mutually terminate and cancel the FPAs;

•

“Initial Public Offering” or “IPO” are to the initial public offering that we consummated on November 5, 2021;

•

“Initial Stockholders” are to holders of our Founder Shares prior to our Initial Public Offering;

•

“Investment Company Act” are to the Investment Company Act of 1940, as amended;

•

“IPO Promissory Note” are to that certain unsecured promissory note in the principal amount of up to $300,000 issued to our Sponsor on February 16, 2021;

•

“IPO Registration Statement” are to the Registration Statement on Form S-1 initially filed with the SEC on June 14, 2021, as amended, and declared effective on November 2, 2021 (File No. 333-257058);

•

“IR Act” are to the Inflation Reduction Act of 2022;

•

“JOBS Act” are to the Jumpstart Our Business Startups Act of 2012;

•

“Joining Sellers” are to other holders of Flybondi’s outstanding shares and/or options that join the Flybondi Business Combination Agreement by delivering a Seller Joinder (as defined below) after the date of the Flybondi Business Combination Agreement;

•

“J.V.B.” are to J.V.B. Financial Group, one of our Anchor Investors;

•

“Letter Agreement” are to the Letter Agreement, dated November 2, 2021, which we entered into with our Sponsor and our directors and officers;

•

“Management” or our “Management Team” are to our executive officers and directors;

•

“Market Value Standard” are to Nasdaq Listing Rule 5450(b)(2)(A);

•

“Merger Sub” are to Gaucho MS, Inc., a Delaware corporation and a direct, wholly-owned subsidiary of FB Parent;

•

“Minimum Total Holders Rule” are to Nasdaq Listing Rule 5450(a)(2);

•

“MVLS” are to the Market Value of Listing Securities;

•

“Nasdaq” are to the Nasdaq Stock Market LLC;

•

“Nasdaq Compliance Period” are to the 180 calendar days we had to regain compliance with the Market Value Standard pursuant to the First Nasdaq Notice;

•

“Nasdaq Staff” are to the Listing Qualifications Department of Nasdaq;

•

“Private Placement” are to the private placement of Private Placement Warrants (as defined below) that occurred simultaneously with the closing of our Initial Public Offering;

•

“Private Placement Warrants” are to the warrants issued to our Sponsor in the Private Placement;

•

“Promissory Notes” are to the First Extension Promissory Note and the Second Extension Promissory Note (as defined below), collectively;

•

“Public Shares” are to the shares of Class A Common Stock sold as part of the Units in our Initial Public Offering (whether they were purchased in our Initial Public Offering or thereafter in the open market);

•

“Public Stockholders” are to the holders of our Public Shares, including our Initial Stockholders and Management Team to the extent our Initial Stockholders and/or the members of our Management Team purchase Public Shares, provided that each Initial Stockholder’s and member of our Management Team’s status as a “Public Stockholder” will only exist with respect to such Public Shares;

•

“Public Warrants” are to the redeemable warrants sold as part of the Units in our Initial Public Offering (whether they were subscribed for in our Initial Public Offering or purchased in the open market);

•

“Registration Rights Agreement” are to the Registration Rights Agreement, dated November 2, 2021, which we entered into with the Sponsor and the holders party thereto;

•

“Report” are to this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024;

•

“Sarbanes-Oxley Act” are to the Sarbanes-Oxley Act of 2002;

•

“SEC” are to the U.S. Securities and Exchange Commission;

•

“Second Extension” are to the extension of the date by which we must consummate our initial Business Combination from November 3, 2023 to November 5, 2024 (or such earlier date as determined by the Board), as approved by our stockholders at the Second Special Meeting;

•

“Second Extension Amendment Proposal” are to a proposal at the Second Special Meeting to approve an amendment to the Amended and Restated Charter to extend the date by which we must consummate an initial Business Combination from November 3, 2023 to November 5, 2024 (or such earlier date as determined by the Board);

•

“Second Extension Promissory Note” are to that certain unsecured promissory note in the principal amount of up to $359,503 issued on November 8, 2023 to the Sponsor in connection with the Second Extension;

•

“Second Nasdaq Notice” are to the deficiency notice from Nasdaq received by us on October 24, 2023;

•

“Second Special Meeting” are to the special meeting in lieu of an annual meeting of our stockholders held on November 2, 2023;

•

“Second Special Meeting Redemptions” are to the 1,831,599 Shares that were redeemed in connection with the vote to approve the Charter Amendment Proposals, resulting in $19,763,618 (approximately $10.79 per share) being removed from the Trust Account to pay such redeeming Public Stockholders;

•

“Securities Act” are to the Securities Act of 1933, as amended;

•

“Seller Joinder” are to a joinder agreement executed by a Joining Seller and delivered to us, FB Parent and Flybondi after the date of the Flybondi Business Combination Agreement;

•

“Sellers” are to the Joining Sellers and the Signing Sellers, together;

•

“Services Agreement” are to the Services Agreement, dated November 2, 2021, we entered into with our Sponsor;

•

“Signing Sellers” are to certain holders of Flybondi’s outstanding shares that have executed the Flybondi Business Combination Agreement on October 19, 2023;

•

“SPACs” are to special purpose acquisition companies;

•

“Sponsor” are to Integral Sponsor LLC, a Delaware limited liability company;

•

“Treasury” are to the U.S. Department of the Treasury;

•

“Trust Account” are to the U.S.-based trust account in which an amount of $116,725,000 from the net proceeds of the sale of the Units in the Initial Public Offering and the Private Placement Warrants in the Private Placement was placed following the closing of the Initial Public Offering;

•

“Units” are to the units sold in our Initial Public Offering, which consist of one Public Share and one-half of one Public Warrant;

•

“U.S. GAAP” are to the accounting principles generally accepted in the United States of America;

•

“Warrant Agreement” are to the Warrant Agreement, dated November 2, 2021, which we entered into with Continental, as warrant agent;

•

“Warrants” are to the Private Placement Warrants and the Public Warrants, together;

•

“WCL Promissory Note” are to that certain unsecured promissory note in the principal amount of up to $1,500,000 we issued on July 10, 2023 to the Sponsor in connection with the Working Capital Loans (as defined below); and

•

“Working Capital Loans” are to funds that, in order to provide working capital or finance transaction costs in connection with a Business Combination, the Initial Stockholders or an affiliate of the Initial Stockholders or certain of our directors and officers may, but are not obligated to, loan us.

vii

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

INTEGRAL ACQUISITION CORPORATION 1

CONDENSED BALANCE SHEETS


	June 30, 2024			December 31, 2023
	(Unaudited)
Assets
Cash	$	973,267		$	75,891
Prepaid franchise tax		62,000			18,350
Prepaid expenses		41,095			7,223

Total current assets		1,076,362			101,464
Cash held in Trust Account		13,325,388			12,956,224

Total Assets	$	14,401,750		$	13,057,688

Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Deficit
Current liabilities:
Accrued expenses	$	1,222,573		$	841,202
Due to related party		80,000			80,000
Promissory Notes — Related Party		594,665			414,917
Working Capital Loans		1,390,335			910,083
Excise Tax payable		1,076,073			1,076,073
Income taxes payable		110,506			53,363

Total liabilities		4,474,152			3,375,638

Commitments and Contingencies (Note 4)
Class A Common Stock subject to possible redemption, 1,198,342 shares at redemption value of $11.08 and $10.78 per share at June 30, 2024 and December 31, 2023, respectively		13,279,328			12,923,657
Stockholders’ Deficit
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding		—			—
Class A Common Stock, $0.0001 par value; 100,000,000 shares authorized; 2,874,999 issued and outstanding, respectively, (excluding 1,198,342 shares subject to possible redemption)		288			288
Class B Common Stock, $0.0001 par value; 10,000,000 shares authorized; 1 share issued and outstanding		—			—
Additional paid-in capital		—			—
Accumulated deficit		(3,352,018	)		(3,241,895	)

Total stockholders’ deficit		(3,351,730	)		(3,241,607	)

Total Liabilities, Redeemable Common Stock and Stockholders’ Deficit	$	14,401,750		$	13,057,688

The accompanying notes are an integral part of these unaudited condensed financial statements.

Table of Contents

INTEGRAL ACQUISITION CORPORATION 1

UNAUDITED CONDENSED STATEMENTS OF OPERATIONS


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2024			2023			2024			2023
Operating costs	$	523,160		$	544,039		$	908,571		$	872,259

Loss from operations		(523,160	)		(544,039	)		(908,571	)		(872,259	)

Other income (expenses):
Unrealized loss on change in fair value of FPA liability		—			(642,739	)		—			(862,581	)
Unrealized loss on Trust Account		—			(319,129	)		—			132,383
Interest income		171,811			1,117,138			341,262			1,917,032

Total other income, net		171,811			155,270			341,262			1,186,834
Loss before provision for income taxes		(351,349	)		(388,769	)		(567,309	)		314,575
Provision for income taxes		(43,068	)		(157,082	)		(87,143	)		(409,366	)

Net loss	$	(394,417	)	$	(545,851	)	$	(654,452	)	$	(94,791	)

Basic and diluted weighted average shares outstanding, Common Stock subject to redemption		1,198,342			6,753,044			1,198,342			9,113,409

Basic and diluted net loss per Common Stock subject to redemption	$	(0.10	)	$	(0.06	)	$	(0.16	)	$	(0.01	)

Basic and diluted weighted average shares outstanding, non-redeemable Common Stock		2,875,000			6,753,044			2,875,000			2,875,000

Basic and diluted net loss per non-redeemable Common Stock	$	(0.10	)	$	(0.06	)	$	(0.16	)	$	(0.01	)

The accompanying notes are an integral part of these unaudited condensed financial statements.

Table of Contents

INTEGRAL ACQUISITION CORPORATION 1

UNAUDITED CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024


	Class A Common Stock				Class B Common Stock				Additional Paid-in		Accumulated			Total Stockholders’
	Stock		Amount		Stock		Amount		Capital		Deficit			Deficit
Balance as of December 31, 2023		2,874,999	$	288		1	$	—	$	—	$	(3,241,895	)	$	(3,241,607	)
Accretion of Class A Common Stock to redemption amount		—		—		—		—		—		(178,852	)		(178,852	)
Net loss		—		—		—		—		—		(260,035	)		(260,035	)

Balance as of March 31, 2024 (unaudited)		2,874,999	$	288		1	$	—	$	—	$	(3,680,782	)	$	(3,680,494	)
Accretion of Class A Common Stock to redemption amount		—		—		—		—		—		(176,819	)		(176,819	)
Escrow funding from Cartesian Escrow Parties		—		—		—		—		—		900,000			900,000
Net loss		—		—		—		—		—		(394,417	)		(394,417	)

Balance as of June 30, 2024 (unaudited)		2,874,999	$	288		1	$	—	$	—	$	(3,352,018	)	$	(3,351,730	)

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2023


	Class B Common stock				Additional Paid-in		Accumulated			Total Stockholders’
	Shares		Amount		Capital		Deficit			Deficit
Balance as of December 31, 2022		2,875,000	$	288	$	—	$	(7,961,811	)	$	(7,961,523	)
Accretion of Class A Common Stock to redemption amount		—		—		—		(949,072	)		(949,072	)
Net income		—		—		—		451,060			451,060

Balance as of March 31, 2023 (unaudited)		2,875,000	$	288	$	—	$	(8,459,823	)	$	(8,459,535	)
Accretion of Class A Common Stock to redemption amount		—		—		—		(800,927	)		(800,927	)
Excise Tax payable		—		—		—		(878,437	)		(878,437	)
Net loss		—		—		—		(545,851	)		(545,851	)

Balance as of June 30, 2023 (unaudited)		2,875,000	$	288	$	—	$	(10,685,038	)	$	(10,684,750	)

The accompanying notes are an integral part of these unaudited condensed financial statements.

Table of Contents

INTEGRAL ACQUISITION CORPORATION 1

UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS


	For the Six Months Ended June 30,
	2024			2023
Cash flows from Operating Activities:
Net loss	$	(654,452	)	$	(94,791	)
Adjustments to reconcile net loss to net cash used in operating activities:
Unrealized gain on Trust Account		—			(132,383	)
Unrealized loss on change in fair value of FPA liability		—			862,581
Interest earned on cash and investments held in Trust Account		(341,262	)		(1,917,032	)
Changes in current assets and current liabilities:
Prepaid expenses		(33,872	)		144,152
Accrued expenses		381,371			163,776
Income taxes payable		75,493			59,366
Franchise taxes payable		(62,000	)		(40,164	)

Net cash used in operating activities		(634,722	)		(954,495	)

Cash flows from Investing Activities:
Extension funding of Trust Account		(179,752	)		(210,000	)
Funds withdrawn for redemptions		—			87,843,748
Cash withdrawn from Trust Account to pay taxes		151,850			490,214

Net cash (used in) provided by investing activities		(27,902	)		88,123,962

Cash flows from Financing Activities:
Funds withdrawn for redemptions		—			(87,843,748	)
Proceeds from issuance of convertible promissory note to related party		480,252			—
Escrow funding from Cartesian Escrow Parties		900,000			—
Proceeds from issuance of Promissory Notes to related party		179,748			315,000

Net cash provided by (used in) financing activities		1,560,000			(87,528,748	)

Net change in cash		897,376			(359,281	)
Cash, beginning of the period		75,891			601,088

Cash, end of the period	$	973,267		$	241,807

Supplemental disclosure of noncash investing and financing activities:
Income Tax Paid	$	—		$	350,000

Accretion of Class A Common Stock to redemption amount	$	355,671		$	1,749,999

Excise Tax payable	$	—		$	878,437

The accompanying notes are an integral part of these unaudited condensed financial statements.

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INTEGRAL ACQUISITION CORPORATION 1

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2024

Note 1 — Organization, Business Operations and Liquidity

Organization and General

Integral Acquisition Corporation 1 is a blank check company incorporated as a Delaware corporation on February 16, 2021. The Company was formed for the purpose of effecting a Business Combination.

As of June 30, 2024, the Company has neither engaged in any operations nor generated any revenues. All activity for the period from February 16, 2021 (inception) through June 30, 2024, relates to (i) the Company’s formation and the IPO described below, and (ii) since the closing of the IPO the search for a prospective and consummation of an initial Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate

non-operating

income in the form of interest income on cash and cash equivalents from the proceeds derived from the IPO.

Sponsor and Financing

The Sponsor, Integral Sponsor, LLC, is a Delaware limited liability company.

The IPO Registration Statement was declared effective on November 2, 2021. On November 5, 2021, the Company, consummated its IPO of 11,500,000 Units, including 1,500,000 Units issued upon exercise in full by the underwriter of its option to purchase additional Units. Each Unit consists of one Public Share, and

one-half

of one Public Warrant, with each whole Public Warrant entitling the holder thereof to purchase one share of Class A Common Stock for $11.50 per share. The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $115,000,000.

Simultaneously with the closing of the IPO, the Company completed the Private Placement of an aggregate of 4,950,000 Private Placement Warrants, including 90,000 Private Placement Warrants issued in connection with the exercise in full by the underwriter of its option to purchase additional Units, to the Sponsor at a purchase price of $1.00 per Private Placement Warrant, generating gross proceeds to the Company of $4,950,000. No underwriting discounts or commissions were paid with respect to such sale. The issuance of the Private Placement Warrants was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act.

Upon the closing of the IPO and the Private Placement, $116,725,000 was placed in the Trust Account, representing the redemption value of the Public Shares sold in the IPO, at their redemption value of $10.15 per share.

The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the value of the assets held in the Trust Account (excluding taxes payable on the income earned on the Trust Account) at the time of the signing a definitive agreement in connection with the initial Business Combination. However, 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 a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able to complete a Business Combination successfully.

Founder Shares

The Initial Stockholders have agreed not to transfer, assign or sell any of their Founder Shares and any Class A Common Stock issuable upon conversion thereof until the earlier to occur of: (i) one year after the completion of the initial Business Combination and (ii) the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction after the Business Combination that results in all of the stockholders having the right to exchange their Class A Common Stock for cash, securities or other property; except to certain permitted transferees and under certain circumstances (the

“Lock-up”).

Any permitted transferees will be subject to the same restrictions and other agreements of the Initial Stockholders with respect to any Founder Shares. Notwithstanding the foregoing, the Founder Shares will be released from the

Lock-up

if the closing price of the Class A Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any

30-trading

day period commencing at least 150 days after the initial Business Combination. On December 29, 2021, the Sponsor transferred 50,000 Founder Shares to an Anchor Investor.

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INTEGRAL ACQUISITION CORPORATION 1

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2024

Trust Account

At June 30, 2024 and December 31, 2023, funds in the Trust Account were invested in an interest bearing demand deposit account. Except for the withdrawal of funds to pay taxes, funds will remain in the Trust Account until the earlier of (i) the consummation of its first Business Combination and (ii) the distribution of the Trust Account as described below. The remaining proceeds outside the Trust Account may be used for (i) business, legal and accounting expenses, (ii) due diligence on prospective acquisitions and (iii) continuing general and administrative expenses.

Initial Business Combination

The Company will provide its Public Stockholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of the initial Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) without a stockholder vote by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a proposed Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Stockholders will be entitled to redeem all or a portion of their Public Shares upon the completion of the initial 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 initial Business Combination, including interest earned on the funds held in the Trust Account (which interest shall be net of taxes payable (excluding Excise Taxes)), divided by the number of then outstanding Public Shares, subject to the limitations and on the conditions described herein. As of June 30, 2024, the amount in the Trust Account was $11.12 (before taxes paid or payable) per Public Share.

The shares of Common Stock subject to redemption have been recorded at a redemption value and classified as temporary equity upon the completion of the IPO, in accordance with ASC 480. In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the issued and outstanding shares voted are voted in favor of the Business Combination.

Following the IPO, the Company initially had only 18 months from the closing of the IPO to complete the initial Business Combination, which period, as further discussed below, was extended to November 5, 2024. If the Company is unable to complete the initial 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 (which interest shall be net of taxes payable (excluding Excise Taxes) and 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 Stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Board of Directors, liquidate and dissolve, subject, in each case, to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.

The Sponsor, officers and directors have agreed to (i) waive their redemption rights with respect to any Founder Shares and Public Shares they hold in connection with the completion of the initial Business Combination, (ii) waive their redemption rights with respect to any Founder Shares and Public Shares they hold in connection with a stockholder vote to approve an amendment to the Amended and Restated Charter, (iii) waive their rights to liquidating distributions from the Trust Account with respect to any Founder Shares they hold if the Company fails to complete the initial Business Combination within the Combination Period, and (iv) vote their Founder Shares and any Public Shares purchased during or after the IPO in favor of the initial Business Combination.

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INTEGRAL ACQUISITION CORPORATION 1

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2024

The Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or other similar agreement or Business Combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.15 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.15 per share due to reductions in the value of the Trust Account assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act. However, the Company has not asked the Sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and the Company believes that the Sponsor’s only assets are securities of the Company. Therefore, the Company cannot assure that the Sponsor would be able to satisfy those obligations. None of the Company’s officers or directors will indemnify the Company for claims by third parties including, without limitation, claims by vendors and prospective target businesses.

Proposed Business Combination

On October 19, 2023, the Company entered into the Flybondi Business Combination Agreement, with Flybondi, FB Parent, Merger Sub and the Signing Sellers. After the date of the Flybondi Business Combination Agreement, the Joining Sellers may join the Flybondi Business Combination Agreement by executing and delivering a Seller Joinder.

The Flybondi Business Combination Agreement provides for, among other things, the following transactions: (i) FB Parent will acquire the shares of Flybondi held by the Sellers in exchange for the issuance by FB Parent of new ordinary shares of FB Parent, and (ii) the Company will merge with and into Merger Sub, with the Company continuing as the surviving entity and as a wholly-owned subsidiary of FB Parent, and each of the Company’s issued and outstanding securities immediately prior to such merger will be cancelled and converted into the right of the holder thereof to receive a substantially equivalent security of FB Parent.

For a full description of the Flybondi Business Combination Agreement and the proposed Flybondi Business Combination, please see “Item 1. Business” of the 2023 Annual Report.

Extensions of the Combination Period

On May 3, 2023, the Company held the First Special Meeting. At the First Special Meeting, the stockholders approved the First Extension Amendment Proposal, which extended the date the Company had to consummate an initial Business Combination from May 5, 2023 to November 3, 2023. In connection with the vote to approve the First Extension Amendment Proposal, Public Stockholders holding 8,470,059 Public Shares properly exercised their right to redeem such shares for a pro rata portion of the funds in the Trust Account. As a result, $87,843,748 (approximately $10.37 per share) was removed from the Trust Account to pay such redeeming Public Stockholders in the First Special Meeting Redemptions.

In connection with the approval of the First Extension Amendment Proposal, the Company issued the First Extension Promissory Note in the aggregate principal amount of up to $630,000 to the Sponsor. The First Extension Promissory Note bears no interest and is repayable in full upon the date of the consummation of the initial Business Combination or the Company’s liquidation. Additionally, the Company agreed to make monthly deposits of $105,000

into the Trust Account for each calendar month (commencing on May 8, 2023) or portion thereof, that was needed by the Company to complete an initial Business Combination until November 3, 2023, and such amount will be distributed either to: (i) all of the holders of Public Shares upon the Company’s liquidation or (ii) Public Stockholders who elect to have their Pubic Shares redeemed in connection with the consummation of the Business Combination.

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INTEGRAL ACQUISITION CORPORATION 1

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2024

On November 2, 2023, the Company held the Second Special Meeting, at which the stockholders approved, among other things, the Charter Amendment Proposals. Following approval of the Second Extension Amendment Proposal, the Combination Period was extended from November 3, 2023 to November 5, 2024. In connection with the vote to approve the Charter Amendment Proposals, Public Stockholders holding 1,831,599 Public Shares properly exercised their right to redeem such shares for a pro rata portion of the funds in the Trust Account. As a result, $19,763,618 (approximately $10.79 per share) was removed from the Trust Account to pay such redeeming Public Stockholders.

In connection with the approval of the Second Extension Amendment Proposal, the Company issued the Second Extension Promissory Note in the aggregate principal amount of up to $359,503 to the Sponsor. The Second Extension Promissory Note bears no interest and is repayable in full upon the date of the consummation of the initial Business Combination or our liquidation. Additionally, the Company has deposited and will continue to deposit $29,958.55

into the Trust Account for each calendar month (commencing on November 8, 2023 and ending on the 5th day of each subsequent month), or portion thereof, that is needed by the Company to complete an initial Business Combination until November 5, 2024, and such amount will be distributed either to: (i) all of the holders of Public Shares upon the Company’s liquidation or (ii) Public Stockholders who elect to have their Pubic Shares redeemed in connection with the consummation of the Business Combination.

As of June 30, 2024, the Company had deposited an aggregate of $869,668 to fund the Trust Account. For the three and six month ended June 30, 2024, an aggregate of $89,876 and $179,752, respectively, was deposited in the Trust Account. For the three and six month ended June 30, 2023, an aggregate of $210,000 and $210,000, respectively, was deposited in the Trust Account.

The Company may seek to further extend the Combination Period consistent with applicable laws, regulations and stock exchange rules. Such an extension would require the approval of the Public Stockholders, who will be provided the opportunity to redeem all or a portion of their Public Shares. Such redemptions will likely have a material adverse effect on the amount held in the Trust Account, the Company’s capitalization, principal stockholders and other impacts on the Company or Management Team, such as the Company’s ability to maintain its listing on the Nasdaq Capital Market.

Founder Share Conversion

Following the approval of the Founder Share Amendment Proposal at the Second Special Meeting, on November 3, 2023, the Company issued an aggregate of 2,874,999 shares of Class A Common Stock (consisting of 2,824,999 shares to the Sponsor and 50,000 shares to an Anchor Investor) upon the conversion of an equal number of shares of Class B Common Stock, held by the Sponsor and such Anchor Investor, respectively. The 2,874,999 shares of Class A Common Stock issued in connection with the Founder Share Conversion are subject to the same restrictions as applied to the Class B Common Stock before the Founder Share Conversion, including, among other things, certain transfer restrictions, waiver of redemption rights and the obligation to vote in favor of a Business Combination, as described in the IPO Registration Statement. Following the Founder Share Conversion, the First Special Meeting Redemptions and the Second Special Meeting Redemptions, there were 4,073,341 shares of Class A Common Stock issued and outstanding and one share of Class B Common Stock issued and outstanding. As a result, the Sponsor holds approximately 69.4% of the issued and outstanding Class A Common Stock.

Transfer of Trust Account Funds

To mitigate the risk that the Company might be deemed to be an investment company for purposes of the Investment Company Act, on October 31, 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 at JPMorgan Chase Bank, N.A., with Continental continuing to act as trustee, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the Trust Account to the stockholders, as described elsewhere in the Report.

Risks and Uncertainties

The continuing military conflict between the Russian Federation and Ukraine, the military conflict in the Middle East and the risk of escalations of other military conflicts have created and are expected to create global economic consequences. The specific impact on the Company’s financial condition, results of operations, and cash flows is not determinable as of the date of the accompanying unaudited condensed financial statements.

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INTEGRAL ACQUISITION CORPORATION 1

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2024

Inflation Reduction Act of 2022

On August 16, 2022, the IR Act was signed into federal law. The IR Act provides for, among other things, a new U.S. federal 1% Excise Tax on certain repurchases of stock by publicly traded U.S. domestic corporations and certain U.S. domestic subsidiaries of publicly traded foreign corporations occurring on or after January 1, 2023. The Excise Tax is imposed on the repurchasing corporation itself, not its shareholders from which shares are repurchased. The amount of the Excise Tax is generally 1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the Excise Tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year. In addition, certain exceptions apply to the Excise Tax. The Treasury has been given authority to provide regulations and other guidance to carry out and prevent the abuse or avoidance of the Excise Tax. In April 2024, the Treasury issued proposed regulations providing guidance with respect to the Excise Tax. Taxpayers may rely on these proposed regulations until final regulations are issued. Under the proposed regulations, liquidating distributions made by publicly traded domestic corporations are exempt from the Excise Tax. In addition, any redemptions that occur in the same taxable year as a liquidation is completed will also be exempt from such tax.

Any redemption or other repurchase that occurs after December 31, 2022, in connection with a Business Combination, extension vote or otherwise, may be subject to the Excise Tax. Whether and to what extent the Company would be subject to the Excise Tax in connection with a Business Combination, extension vote or otherwise would depend on a number of factors, including (i) the fair market value of the redemptions and repurchases in connection with the Business Combination, extension or otherwise, (ii) the structure of a Business Combination, (iii) the nature and amount of any PIPE or other equity issuances in connection with a Business Combination (or otherwise issued not in connection with a Business Combination, but issued within the same taxable year of a Business Combination) and (iv) the content of regulations and other guidance from the Treasury. In addition, because the Excise Tax would be payable by the Company and not by the redeeming holder, the mechanics of any required payment of the Excise Tax have not been determined. The foregoing could cause a reduction in the cash available on hand to complete a Business Combination and in the Company’s ability to complete a Business Combination.

During the second quarter, the Internal Revenue Service issued final regulations with respect to the timing and payment of the Excise Tax. Pursuant to those regulations, the Company would need to file a return and remit payment for any liability incurred during the period from January 1, 2023 to December 31, 2023 on or before October 31, 2024.

The Company is currently evaluating its options with respect to payment of this obligation. If the Company is unable to pay its obligation in full, it will be subject to additional interest and penalties which are currently estimated at 10% interest per annum and a 5% underpayment penalty per month or portion of a month up to 25% of the total liability for any amount that is unpaid from November 1, 2024 until paid in full.

In association with the Flybondi Business Combination Agreement, the Cartesian Escrow Parties released $900,000 to the Company for the payment of Excise Taxes on April 30, 2024.

Termination of Forward Purchase Agreement

On August 23, 2021, pursuant to the FPAs, Crescent Park, which is one of the Anchor Investors, and Carnegie Park agreed to purchase up to 2,500,000 Forward Purchase Shares in the case of Crescent Park and up to 500,000 Forward Purchase Shares in the case of Carnegie Park at $10.00 per share (as such price per share may be reduced to $9.20 per share or further reduced to below $9.20 per share with respect to all or part of the Forward Purchase Shares) for gross proceeds up to $30,000,000 in the aggregate if all of the Forward Purchase Shares were purchased at $10.00 per share (or up to $27,600,000 in the aggregate if all of the Forward Purchase Shares were purchased at $9.20 per share, or up to a lower amount in the aggregate if all of the Forward Purchase Shares were purchased at less than $9.20 per share) in private placements that would occur concurrently with the consummation of the initial Business Combination.

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INTEGRAL ACQUISITION CORPORATION 1

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2024

On December 8, 2023 and December 12, 2023, the Company and each of Carnegie Park and Crescent Park entered into the FPA Termination Agreements to mutually terminate and cancel the FPAs. At the IPO, the Company recognized an offering cost of $1,011,752 within the statement of stockholders’ equity. Upon the termination of the FPAs, the Company recognized an aggregate gain of $2,708,717 with $1,011,752 recognized as a reversal of the offering costs and the remaining $1,696,965 recognized as an unrealized gain on the change in fair value of FPA on the accompanying unaudited condensed statements of operations.

Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard

On June 28, 2023, the Company received the First Nasdaq Notice from the Nasdaq Staff notifying the Company that for the prior 30 consecutive business days, its MVLS was below the minimum of $50 million required for continued listing on Nasdaq pursuant to the Market Value Standard. This notification had no immediate effect on the listing or trading of the Company’s securities on Nasdaq.

In accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Company had a period of 180 calendar days, or until December 26, 2023, to regain compliance with the Market Value Standard. The First Nasdaq Notice stated that to regain compliance, the Company’s MVLS must close at $50 million or more for a minimum of ten consecutive business days during the Nasdaq Compliance Period, at which time Nasdaq would provide written notification the Company had achieved compliance under the Market Value Standard and the matter would be closed.

On October 24, 2023, the Company received the Second Nasdaq Notice from the Nasdaq Staff indicating that it was not in compliance with the Minimum Total Holders Rule, which requires the Company to maintain at least 400 total holders for continued listing on the Nasdaq Global Market. The Notice was only a notification of deficiency, not of imminent delisting, and had no immediate effect on the listing or trading of the Company’s securities on the Nasdaq Global Market.

In accordance with Nasdaq Listing Rule 5810I(2)(A)(i), the Second Nasdaq Notice stated that the Company had 45 calendar days, or until December 8, 2023, to submit a plan to regain compliance with the Minimum Total Holders Rule.

On December 7, 2023, the Company applied to transfer its securities from the Nasdaq Global Market to the Nasdaq Capital Market. On December 18, 2023, the Company received a letter from the Nasdaq Staff approving its application to list is securities on the Nasdaq Capital Market. The Company’s securities were transferred to the Nasdaq Capital Market at the opening of business on December 21, 2023. The First Nasdaq Notice and Second Nasdaq Notice are deemed to be resolved as a result of this transfer to the Nasdaq Capital Market.

Liquidity, Capital Resources and Going Concern

As of June 30, 2024, we had $73,267 in our operating bank account, $900,000 in a segregated account for the payment of Excise Taxes, and a working capital deficit of $3,397,790 (including $900,000 in cash received from the Cartesian Escrow Parties for the payment of Excise Taxes).

Prior to the completion of the IPO, the Company’s liquidity needs had been satisfied through (i) a loan under the IPO Promissory Note, an unsecured promissory note with the Sponsor totaling $252,950 and (ii) the issuance of 2,875,000 Class B Common Stock at approximately $0.009 per share for gross proceeds of $25,000. The IPO Promissory Note has been repaid and no other borrowings are permitted. Subsequent to the consummation of the IPO, the Company’s liquidity needs have been satisfied through the issuance of the Private Placement Warrants, which generated gross proceeds of $4,950,000.

On May 8, 2023, the Company issued the First Extension Promissory Note to the Sponsor, pursuant to which the Sponsor agreed to loan to the Company up to $630,000 to be deposited into the Trust Account (see Note 3). As of June 30, 2024, $355,000 had been borrowed under the First Extension Promissory Note.

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INTEGRAL ACQUISITION CORPORATION 1

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2024

On November 8, 2023, the Company issued the Second Extension Promissory Note to the Sponsor, pursuant to which the Sponsor agreed to loan to the Company up to $359,503 to be deposited into the Trust Account (see Note 3). As of June 30, 2024, $239,665 had been borrowed under the Second Extension Promissory Note.

On July 10, 2023, the Company issued the WCL Promissory Note to the Sponsor, pursuant to which the Sponsor agreed to loan to the Company up to $1,500,000 (see Note 3). As of June 30, 2024, $1,390,335 had been borrowed under the WCL Promissory Note.

Included on the accompanying unaudited condensed balance sheet at June 30, 2024 is $900,000 of cash released to the Company on April 30, 2024 by the Cartesian Escrow Parties for the payment of the Company’s Excise Tax liability. Such amount was released to the Company solely for the purpose of the Company paying the Excise Tax liability and (i) under conditions as stipulated in the Flybondi Business Combination Agreement and (ii) is being held by the Company in a segregated bank account.

In connection with the Company’s assessment of going concern considerations in accordance with

ASU 2014-15,

Management has determined that the mandatory liquidation and subsequent dissolution, should the Company be unable to complete a Business Combination, and insufficient cash raises substantial doubt about the Company’s ability to continue as a going concern. At the Second Special Meeting, the stockholders extended the Combination Period from November 3, 2023 to November 5, 2024; however, it is uncertain that the Company will be able to consummate a Business Combination within the Combination Period. If a Business Combination is not consummated within the Combination Period, there will be a mandatory liquidation and subsequent dissolution of the Company. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after the Combination Period.

Note 2 — Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with U.S.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 U.S.GAAP have been condensed or omitted in the accompanying unaudited condensed financial statements, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, the accompanying unaudited condensed financial statements 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 2023 Annual Report. The interim results for the three months ended June 30, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024 or for any future interim 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 JOBS Act, and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

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INTEGRAL ACQUISITION CORPORATION 1

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2024

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 accompanying unaudited condensed financial statements with another public company that is neither an emerging growth company nor an emerging growth company that 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 the accompanying unaudited condensed financial statements in conformity with U.S. GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the accompanying unaudited condensed financial statements and the reported amounts of expenses during the reporting period. Making estimates requires Management to exercise significant judgement. 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 accompanying 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, actual results could differ from those estimates.

Cash held in Trust Account

As of June 30, 2024 and December 31, 2023, funds in the Trust Account were invested in an interest-bearing demand deposit account. The demand deposit account generally has a readily determinable fair value and is classified as a Level 1 valuation.

Fair Value of Financial Instruments

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, approximates the carrying amounts represented in the accompanying condensed balance sheets, primarily due to its short-term nature.

The Company follows the guidance in ASC 820 for its financial assets and liabilities that are

re-measured

and reported at fair value at each reporting period, and

non-financial

assets and liabilities that are

re-measured

and reported at fair value at least annually.

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.

Table of Contents

INTEGRAL ACQUISITION CORPORATION 1

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2024

•

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.

Derivative Financial Instruments

The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC 815. Derivative instruments are initially recorded at fair value on the grant date and

re-valued

at each reporting date, with changes in the fair value reported in the accompanying unaudited condensed statements of operations. Derivative assets and liabilities are classified in the accompanying condensed balance sheets as current or

non-current

based on whether or not

net-cash

settlement or conversion of the instrument could be required within 12 months of the balance sheet date.

Forward Purchase Agreement

The Company accounted for the 3,000,000 Forward Purchase Shares issued pursuant to the FPAs in accordance with the guidance contained in ASC

815-40

(see Note 4). Such guidance provides that because the FPAs do not meet the criteria for equity treatment thereunder, each FPA must be recorded as a liability. Accordingly, the Company classifies each FPA at its fair value. This FPA is subject to

re-measurement

at each balance sheet date. With each such

re-measurement,

the FPA would be adjusted to fair value, with the change in fair value recognized in the accompanying unaudited condensed statement of operations.

On December 8, 2023 and December 12, 2023, the Company and each of Carnegie Park and Crescent Park entered into the FPA Termination Agreements to mutually terminate and cancel the FPAs. With the termination of the FPAs, the FPA fair value was adjusted to $0. At the IPO, the Company recognized an offering cost of $1,011,752 within the statement of stockholders’ equity. Upon the termination of the FPAs, the Company recognized an aggregate gain of $2,708,717 with $1,011,752 recognized as a reversal of the offering costs and the remaining $1,696,965 recognized as an unrealized gain on the change in fair value of the FPAs on the accompanying unaudited condensed statements of operations.

Income Taxes

The Company accounts for income taxes under ASC 740. ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statements and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized.

While ASC 740 identifies usage of an effective annual tax rate for purposes of an interim provision, it does allow for estimating individual elements in the current period if they are significant, unusual or infrequent. Computing the effective tax rate for the Company is complicated due to the potential impact of the timing of any Business Combination expenses and the actual interest income that will be recognized during the year. The Company has taken a position as to the calculation of income tax expense in a current period based on ASC

740-270-25-3

which states, “[i]f an entity is unable to estimate a part of its ordinary income (or loss) or the related tax (benefit) but is otherwise able to make a reasonable estimate, the tax (or benefit) applicable to the item that cannot be estimated shall be reported in the interim period in which the item is reported.” The Company believes its calculation to be a reliable estimate and allows it to properly take into account the usual elements that can impact its annualized book income and its impact on the effect tax rate. As such, the Company is computing its taxable income (loss) and associated income tax provision based on actual results through June 30, 2024

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INTEGRAL ACQUISITION CORPORATION 1

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2024

As of June 30, 2024 and December 31, 2023, the Company’s deferred tax asset had a full valuation allowance recorded against it. The effective tax rate differs from the statutory tax rate of 21% for the three and six months ended June 30, 2024 due to New York State and City taxes, Business Combination related expenses and the valuation allowance on the deferred tax assets. The effective tax rate differs from the statutory tax rate of 21% for the three and six months ended June 30, 2023, due to changes in fair value of the FPAs and the valuation allowance on the deferred tax assets. The Company’s effective tax rate was (12.3)% and (40.4)% for the three months ended June 30, 2024 and 2023, respectively, (15.4)% and 130.1% for the six months ended June 30, 2024 and 2023, respectively.

ASC 740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be

more-likely-than-not

to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition.

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 June 30, 2024 and December 31, 2023. 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 taxation by major taxing authorities since its inception. The Company files US federal and New York City and State tax returns and is subject to examination by various taxing authorities. These examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal and state tax laws. Management does not expect that the total amount of unrecognized tax benefits will materially change over the next 12 months.

Common Stock Subject to Possible Redemption

All of the Class A Common Stock sold as part of the Units in the IPO contain a redemption feature that allows for the redemption of such Public Shares in connection with the Company’s liquidation, if there is a shareholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Amended and Restated Charter. In accordance with SEC and its staff’s guidance on redeemable equity instruments, which has been codified in

ASC480-10-S99,

redemption provisions not solely within the control of the Company require Common Stock subject to redemption to be classified outside of permanent equity. Therefore, all shares of redeemable Class A Common Stock have been classified outside of permanent equity.

The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable Common Stock to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable Common Stock are affected by charges against additional paid in capital and accumulated deficit.

The Class A Common Stock subject to possible redemption reflected on the accompanying condensed balance sheets as of June 30, 2024 and December 31, 2023 is reconciled in the following table:


Class A Common Stock subject to possible redemption	Shares			Amount
January 1, 2023		11,500,000		$	117,737,665
Less:
Redemptions		(10,301,658	)		(107,607,366	)
Plus:
Remeasurement of carrying value to redemption value		—			2,793,358
December 31, 2023		1,198,342		$	12,923,657

January 1, 2024		1,198,342		$	12,923,657
Plus:
Remeasurement of carrying value to redemption value		—			355,671

June 30, 2024		1,198,342		$	13,279,328

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INTEGRAL ACQUISITION CORPORATION 1

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2024

Net Loss Per Common Stock

The Company complies with the accounting and disclosure requirements of ASC 260. Net loss per Common Stock is computed by dividing net loss by the weighted average number of shares of Common Stock outstanding during the period. At June 30, 2024 and 2023, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into Common Stock and then share in the earnings of the Company. As a result, diluted loss per Common Stock is the same as basic loss per Common Stock for the periods presented.

The accompanying unaudited condensed statements of operations apply the

two-class

method in calculating net loss per share. Basic and diluted net loss per Common Stock for redeemable Class A Common Stock and

non-redeemable

Class A and Class B Common Stock is calculated by dividing net loss attributable to the Company by the weighted average number of shares of redeemable Class A Common Stock and

non-redeemable

Class A and Class B Common Stock outstanding, allocated proportionally to each class of Common Stock.


	For the Three Months Ended June 30,												For the Six Months Ended June 30,
	2024						2023						2024						2023
	Redeemable			Non- Redeemable Class A			Redeemable			Non- Redeemable Class A			Redeemable			Non- Redeemable Class A			Redeemable			Non- Redeemable Class A
	Class A			And Class B			Class A			And Class B			Class A			And Class B			Class A			And Class B
Basic and diluted net loss per share
Numerator:
Allocation of net loss	$	(116,034	)	$	(278,383	)	$	(382,856	)	$	(162,995	)	$	(192,534	)	$	(461,918	)	$	(72,059	)	$	(22,732	)

Denominator:
Basic and diluted weighted average shares outstanding		1,198,342			2,875,000			6,753,044			2,875,000			1,198,342			2,875,000			9,113,409			2,875,000

Basic and diluted net loss per share	$	(0.10	)	$	(0.10	)	$	(0.06	)	$	(0.06	)	$	(0.16	)	$	(0.16	)	$	(0.01	)	$	(0.01	)

Recent Accounting Pronouncements

In August 2020, the FASB issued ASU

2020-06,

which simplifies accounting for convertible instruments by removing major separation models required under current U.S. GAAP. ASU

2020-06

also removes certain settlement conditions that are required for equity-linked contracts to qualify for the derivative scope exception, and it simplifies the diluted earnings per share calculation in certain areas. The provisions of ASU

2020-06

are applicable for fiscal years beginning after December 15, 2023, with early adoption permitted no earlier than fiscal years beginning after December 15, 2020. The Company adopted ASU

2020-06

on January 1, 2024. The adoption of ASU

2020-06

has not had a material impact on the Company’s unaudited condensed financial statements and disclosures.

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INTEGRAL ACQUISITION CORPORATION 1

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2024

In December 2023, the FASB issued ASU

2023-09,

which requires disclosure of incremental income tax information within the rate reconciliation and expanded disclosures of income taxes paid, among other disclosure requirements. ASU

2023-09

is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. Management does not believe the adoption of ASU

2023-09

will have a material impact on its unaudited condensed financial statements and disclosures.

Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying unaudited condensed financial statements.

Note 3 — Related Party Transactions

Related Party Loans

On July 10, 2023, the Company issued the WCL Promissory Note to the Sponsor in an amount of up to $1,500,000 in connection with the Working Capital Loans. The WCL Promissory Note bears no interest and is due and payable upon the earlier to occur of (i) the date on which the Company consummates a Business Combination and (ii) the date of the liquidation of the Company. Additionally, at the option of the Sponsor, the unpaid principle may be converted into warrants at a conversion price of $1.00 per warrant. Such warrants would be identical to the Private Placement Warrants. In the event that the initial Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans, but no proceeds from the Trust Account would be used to repay the Working Capital Loans. As of June 30, 2024 and December 31, 2023, the Company owed $1,390,335 and $910,083, respectively, under the WCL Promissory Note and reported the amounts as Working Capital Loans on the accompanying condensed balance sheets.

Administrative Fees

Pursuant to the Services Agreement, the Company has agreed to pay the Sponsor a total of $20,000 per month for office space, utilities, and secretarial and administrative support. Upon completion of the Business Combination or the Company’s liquidation, the Company will cease paying these monthly fees. Total administrative fee for the three and six months ended June 30, 2024 is $60,000 and $120,000. Total administrative fee for the three and six months ended June 30, 2023 is $60,000 and $120,000, respectively. At June 30, 2024 and December 31, 2023, $80,000 and $80,000, respectively, is reported on the accompanying condensed balance sheets as due to the Sponsor for the administrative fees.

Promissory Notes – Related Party

On May 8, 2023, the Company issued the First Extension Promissory Note to the Sponsor in an amount of up to $630,000 to be deposited into the Trust Account ($105,000 per month following the 5

of each month through November 3, 2023) for the benefit of the Public Stockholders who did not redeem their Public Shares in connection with the First Extension. The First Extension Promissory Note bears no interest and is due and payable upon the earlier to occur of (i) the date on which the Company consummates a Business Combination and (ii) the date of the liquidation of the Company. At June 30, 2024 and December 31, 2023, the Company had $355,000 of borrowings under the First Extension Promissory Note.

On November 8, 2023, the Company issued the Second Extension Promissory Note in the aggregate principal amount of up to $359,503 to the Sponsor. The Second Extension Promissory Note bears no interest and is repayable in full upon the earlier to occur of (i) the date on which the Company consummates a Business Combination and (ii) the date of the liquidation of the Company. Additionally, the Company will continue to deposit $29,958.55 into the Trust Account for each calendar month (commencing on November 8, 2023 and ending on the 5

day of each subsequent month), or portion thereof, that is needed by the Company to complete an initial Business Combination until November 5, 2024, and such amount will be distributed either to: (i) all of the holders of Public Shares upon the Company’s liquidation or (ii) holders of Public Shares who elect to have their Public Shares redeemed in connection with the consummation of the initial Business Combination. At June 30, 2024 and December 31, 2023, the Company had $239,665 and $59,917, respectively, of borrowings under the Second Extension Promissory Note.

Table of Contents

INTEGRAL ACQUISITION CORPORATION 1

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2024

Consulting and Advisory Services

On May 28, 2021, the Company entered into a letter agreement with J.V.B., pursuant to which, the Company engaged Cohen & Company to provide consulting and advisory services in connection with the IPO in return for a transaction fee to be paid to J.V.B. in an amount equal to 10.0% of the aggregate underwriting discount and commissions earned by the underwriters in connection with the IPO to be paid simultaneously with the actual payment of such underwriting discount and commissions to the underwriters upon (i) the closing of the IPO and (ii) the completion of the Business Combination. J.V.B. was one of the Anchor Investors that purchased Units in the IPO and became a member of the Sponsor at the closing of the IPO to hold an indirect interest in a specified number of the Founder Shares held by the Sponsor.

On November 4, 2021, the Company paid J.V.B. $85,000 in cash from funds outside of the Trust Account. Funds due to J.V.B. upon the completion of the initial Business Combination ($605,000 in the aggregate) were to be paid by the underwriters of the Initial Public Offering.

On November 9, 2023, the Company and J.V.B. mutually agreed to terminate this arrangement. No further transaction fees will be payable to J.V.B. under this engagement of services

Note 4 — Commitments and Contingencies

Registration Rights Agreement

The holders of the (i) Founder Shares, (ii) Private Placement Warrants and (iii) warrants that may be issued upon conversion of Working Capital Loans (and in each case holders of their underlying securities, as applicable), have registration rights to require the Company to register a sale of any of the Company’s securities held by the holders prior to the consummation of the initial Business Combination pursuant to the Registration Rights Agreement. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of the initial Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriter Agreement

The underwriters of the IPO were entitled to a deferred underwriting commission of $0.50 on the first 10,000,000 Units sold in the IPO and $0.70 per Unit sold thereafter, or $6,050,000 in the aggregate. On August 28, 2023, the underwriters waived any right to receive the deferred underwriting commission and will therefore receive no additional underwriting commissions in connection with the closing of the Flybondi Business Combination. As a result, $6,050,000 was recorded to accumulated deficit in relation to the reduction of the deferred underwriter commission. As of June 30, 2024 and December 31, 2023, the deferred underwriting commission is $0.

The Company complies with ASC 405 and derecognized the deferred underwriting commission liability upon being released of the obligation by the underwriters. To account for the waiver of the deferred underwriting commission, the Company reduced the deferred underwriter commission liability to $0 and reversed the previously recorded cost of issuing the instruments in the IPO, which included a reduction in the accumulated deficit and increased income available to Class B Common Stock by $6,050,000, which was previously allocated to the Class A Common Stock subject to redemption and accretion recognized at the date of the IPO.

Anchor Investment

The Anchor Investors purchased an aggregate of approximately $60.8 million of the Units in the IPO at the public offering price. There can be no assurance that the Anchor Investors will retain their Units prior to or upon the consummation of the initial Business Combination. In addition, none of the Anchor Investors has any obligation to vote any of their Public Shares in favor of the initial Business Combination.

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INTEGRAL ACQUISITION CORPORATION 1

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2024

The Anchor Investors have not been granted any stockholder or other rights that are in addition to those granted to our other Public Stockholders, and were only issued equity interests in the Sponsor, with no right to control the Sponsor or vote or dispose of any securities held by the Sponsor. Further, unlike some anchor investor arrangements of other blank check companies, the Anchor Investors are not required to (i) hold any Units, Class A Common Stock or Public Warrants they may have purchased in the IPO or thereafter for any amount of time, (ii) vote any shares of Class A Common Stock they may own at the applicable time in favor of our initial Business Combination or (iii) refrain from exercising their right to redeem their Public Shares at the time of the Business Combination. The Anchor Investors have the same rights to the funds held in the Trust Account with respect to any Public Shares they hold as the rights afforded to the other Public Stockholders.

Forward Purchase Agreements

On August 23, 2021, pursuant to the FPAs, Crescent Park, which is one of the Anchor Investors, and Carnegie Park agreed to purchase up to 2,500,000 Forward Purchase Shares in the case of Crescent Park, and up to 500,000 Forward Purchase Shares in the case of Carnegie Park at $10.00 per share (as such price per share may be reduced to $9.20 per share or further reduced to below $9.20 per share with respect to all or part of the Forward Purchase Shares) for gross proceeds up to $30,000,000 in the aggregate if all of the Forward Purchase Shares were purchased at $10.00 per share (or up to $27,600,000 in the aggregate if all of the Forward Purchase Shares were purchased at $9.20 per share or up to a lower amount in the aggregate if all of the Forward Purchase Shares were purchased at less than $9.20 per share) in private placements that would occur concurrently with the consummation of the initial Business Combination.

On December 8, 2023 and December 12, 2023, the Company and each of Carnegie Park and Crescent Park entered into the FPA Termination Agreements to mutually terminate and cancel the FPAs.

Excise Tax

In the First Special Meeting Redemptions and the Second Special Meeting Redemptions, holders of 10,301,658 shares of Class A Common Stock properly exercised their right to redeem their Public Shares for an aggregate redemption amount of $107,607,366. As such, the Company has recorded a 1% Excise Tax liability in the amount of $1,076,073 on the accompanying condensed balance sheet as of June 30, 2024. The liability does not impact the accompanying unaudited condensed statements of operations and is offset against additional

paid-in

capital or accumulated deficit if additional

paid-in

capital is not available.

On April 30, 2024, in association with the Flybondi Business Combination Agreement, the Cartesian Escrow Parties have released $900,000 to the Company solely for the purpose of the Company paying the Excise Tax liability and (i) under conditions as stipulated in the Flybondi Business Combination Agreement and (ii) which is being held by the Company in a segregated bank account.

Note 5 — Stockholders’ Deficit

Preferred Stock

The Company is authorized to issue 1,000,000 shares of preferred stock with a par value of $0.0001 per share with such designations, voting and other rights and preferences as may be determined from time to time by the Board of Directors. At June 30, 2024 and December 31, 2023, there were no shares of preferred stock issued or outstanding.

Class A Common Stock

The Company is authorized to issue 100,000,000 shares of Class A Common Stock with a par value of $0.0001 per share. Holders of Class A Common Stock are entitled to one vote for each share. As of June 30, 2024 and December 31, 2023, there was 2,874,999 shares of Class A Common Stock issued or outstanding, excluding 1,198,342 shares subject to possible redemption.

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INTEGRAL ACQUISITION CORPORATION 1

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2024

Following approval of the Founder Share Amendment Proposal, on November 3, 2023, the Company issued an aggregate of 2,874,999 shares of Class A Common Stock to the Sponsor upon the conversion of an equal number of shares of Class B Common Stock held by the Sponsor as Founder Shares in the Founder Share Conversion. The 2,874,999 shares of Class A Common Stock issued in connection with the Founder Share Conversion are subject to the same restrictions as applied to the Class B Common Stock before the Founder Share 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 IPO Registration Statement.

Class B Common Stock

The Company is authorized to issue 10,000,000 shares of Class B Common Stock with a par value of $0.0001 per share. Holders of the Class B Common Stock are entitled to one vote for each share. At June 30, 2024 and December 31, 2023, there was one share of Class B Common Stock issued and outstanding.

The Class B Common Stock will automatically convert into shares of Class A Common Stock concurrently with or immediately following the consummation of the initial Business Combination, or at the option of the holder, on a

one-for-one

basis, subject to adjustment for stock splits, stock dividends, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional shares of Class A Common Stock or equity-linked securities are issued or deemed issued in connection with the initial Business Combination, the number of shares of Class A Common Stock issuable upon conversion of all Founder Shares will equal, in the aggregate, on an

as-converted

basis, 20% of the total number of shares of Class A Common Stock outstanding after such conversion (after giving effect to any redemptions of shares of Class A Common Stock by Public Stockholders), including the total number of shares of Class A Common Stock issued, or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial Business Combination, excluding any shares of Class A Common Stock or equity-linked securities or rights exercisable for or convertible into shares of Class A Common Stock issued, or to be issued, to any seller in the initial Business Combination and any warrants issued to the Sponsor, officers or directors upon conversion of the Working Capital Loans, provided that such conversion of Founder Shares will never occur on a less than

one-for-one

basis.

Warrants

Each whole Warrant entitles the registered holder to purchase one share of the Class A Common Stock at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing 30 days after the completion of the initial Business Combination. Pursuant to the Warrant Agreement, a warrant holder may exercise its Warrants only for a whole number of shares of Class A Common Stock. This means that only a whole Warrant may be exercised at any given time by a warrant holder. No fractional Warrants were issued upon separation of the Units and only whole Warrants trade. The Warrants will expire five years after the completion of the initial Business Combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

The Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of its initial Business Combination, the Company will use its best efforts to file with the SEC a registration statement covering the shares of Class A Common Stock issuable upon exercise of the Warrants, to cause such registration statement to become effective and to maintain a current prospectus relating to those shares of Class A Common Stock until the Warrants expire or are redeemed, as specified in the Warrant Agreement. If a registration statement covering the shares of Class A Common Stock issuable upon exercise of the Warrants is not effective by the 60

business day after the closing of the initial 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. Notwithstanding the foregoing, if a registration statement covering the Class A Common Stock issuable upon exercise of the Warrants is not effective within a specified period following the consummation of the initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise Warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act, provided that such exemption is available. Redemption of Warrants when the price per share of Class A Common Stock equals or exceeds $18.00.

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INTEGRAL ACQUISITION CORPORATION 1

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2024

Once the Warrants become exercisable, the Company may redeem the outstanding Warrants (except as described herein with respect to the Private Placement 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 given after the Warrants become exercisable to each warrant holder; and

•

if, and only if, the reported last sale price of the Class A Common Stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a

30-trading-day

period commencing once the Warrants become exercisable and ending three business days before we send the notice of redemption to the warrant holders.

In addition, if (x) the Company issues additional shares of Class A Common Stock or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at a Newly Issued Price (as defined below) of less than $9.20 per share of Class A Common Stock (with such issue price or effective issue price to be determined in good faith by the Board of Directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Common Stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, 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 the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described above will be adjusted (to the nearest cent) to be equal to 180% of the greater of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to the greater of the Market Value and the Newly Issued Price.

The Company accounts for the 10,700,000 Warrants issued in connection with the IPO (comprised of 5,750,000 Public Warrants and 4,950,000 Private Placement Warrants) in accordance with the guidance contained in ASC

815-40.

Such guidance provides that the Warrants described above are not precluded from equity classification. Equity-classified contracts are initially measured at fair value (or allocated value). Subsequent changes in fair value are not recognized as long as the contracts continue to be classified in equity.

Note 6 — Fair Value Measurements

As of June 30, 2024 and December 31, 2023, funds in the Trust Account were invested in an interest-bearing demand deposit account. The demand deposit account is carried at fair value, which is generally readily determinable.

Recurring Fair Value Measurements

Under the guidance in ASC

815-40,

the FPAs do not meet the criteria for equity classification. As such, the FPAs must be recorded on the accompanying condensed balance sheets at fair value. This valuation is subject to

re-measurement

at each balance sheet date. With each

re-measurement,

the valuations will be adjusted to fair value, with the change in fair value recognized in the accompanying unaudited condensed statements of operations. In December 2023, the FPAs were terminated pursuant to the FPA Termination Agreements.

Table of Contents

INTEGRAL ACQUISITION CORPORATION 1

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2024

The following table provides a reconciliation of changes in fair value of the beginning and ending balances for the FPA classified as Level 3 for the year ended December 31, 2023:


Changes in fair value of FPA classified as level 3
January 1, 2023	$	2,708,717
Change in fair value – statement of operations		(1,696,965	)
Change in fair value – statement of stockholders’ deficit		(1,011,752	)
December 31, 2023	$	—

Note 7 — Subsequent Events

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the accompanying unaudited condensed financial statements were issued. Based on the Company’s review, except as described below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the accompanying unaudited condensed financial statements.

On July 2, 2024, the Company entered into (i) the Flybondi Novation Agreement with FB Parent, Flybondi Holdings, Merger Sub, Flybondi and the Joining Sellers. Pursuant to the Flybondi Novation Agreement, FB Parent assigned to Flybondi Holdings all of its liabilities, agreements, obligations, rights and duties in, under, and arising from the Flybondi Business Combination Agreement and (ii) the Flybondi Sponsor Support Agreement Amendment to reflect the Flybondi Holdings Substitution. The foregoing summary of the Flybondi Novation Agreement and Flybondi Sponsor Support Agreement Amendment is qualified in its entirety by reference to the complete text of the Flybondi Novation Agreement and Flybondi Sponsor Support Agreement Amendment, which are filed as Exhibits 10.1 and Exhibit 10.2, respectively, to this Report.

Since June 30, 2024 through the date of this Report, an aggregate of $59,917 has been deposited into the Trust Account pursuant to borrowings under the Second Extension Promissory Note for each month that has been needed to complete a Business Combination. In each of July and August 2024, $29,959 was deposited into the Trust Account pursuant to borrowings under the Second Extension Promissory Note.

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 Report including, without limitation, statements under this Item regarding our financial position, business strategy and the plans and objectives of Management for future operations, are forward-looking statements. When used in this 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 our 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. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph.

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 included in this Report under “Item 1. Financial Statements”.

Overview

We are a blank check company incorporated on February 16, 2021 as a Delaware corporation and formed for the purpose of effecting a Business Combination.

Our Sponsor, Integral Sponsor, LLC, is a Delaware limited liability company. The IPO Registration Statement was declared effective on November 2, 2021. On November 5, 2021, we consummated our Initial Public Offering of 11,500,000 Units, including the full exercise of the underwriters’ over-allotment option to purchase 1,500,000 Units, at a purchase price of $10.00 per Unit.

Simultaneously with the closing of the Initial Public Offering, we completed the private sale of an aggregate of 4,950,000 Private Placement Warrants (including 90,000 Private Placement Warrants issued in connection with the exercise in full by the underwriter of its option to purchase additional Units) to the Sponsor at a purchase price of $1.00 per Private Placement Warrant, generating gross proceeds to us of $4,950,000.

Upon the closing of the Initial Public Offering, Management agreed that an amount equal to at least $10.15 per Unit sold in the Initial Public Offering, including the proceeds of the Private Placement, would be held in the Trust Account with Continental acting as trustee, and would be initially invested in U.S. government securities, within the meaning set forth in 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 Treasury obligations. Except with respect to interest earned on the funds held in the Trust Account that may be released to us to pay taxes, if any, the proceeds from the Initial Public Offering and the Private Placement will not be released from the Trust Account until the earliest of (i) the completion of initial Business Combination, (ii) the redemption of the Public Shares if we are unable to complete an initial Business Combination within the Combination Period, subject to applicable law, or (iii) the redemption of the Public Shares properly submitted in connection with a stockholder vote to amend the Amended and Restated Charter to modify the substance or timing of our obligation to redeem 100% of the Public Shares if we have not consummated an initial Business Combination within the Combination Period or with respect to any other material provisions relating to stockholders’ rights or pre-initial Business Combination activity. The proceeds deposited in the Trust Account could become subject to the claims of our creditors, if any, which could have priority over the claims of our Public Stockholders.

If we are unable to complete the initial Business Combination within the Combination Period, we 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 (which interest shall be net of taxes payable (excluding Excise Taxes) and 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 Stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders and the Board of Directors, liquidate and dissolve, subject, in each case, to our obligations under the DGCL to provide for claims of creditors and the requirements of other applicable laws.

On January 24, 2024, the SEC adopted the 2024 SPAC Rules, which became effective on July 1, 2024, which will affect SPAC Business Combination transactions. The 2024 SPAC Rules require, among other matters, (i) additional disclosures relating to SPAC Business Combination transactions; (ii) additional disclosures relating to dilution and to conflicts of interest involving sponsors and their affiliates in both SPAC initial public offerings and Business Combination transactions; (iii) additional disclosures regarding projections included in SEC filings in connection with proposed Business Combination transactions; and (iv) the requirement that both the SPAC and its target company be co-registrants for Business Combination registration statements. In addition, the SEC’s adopting release provided guidance describing circumstances in which a SPAC could become subject to regulation under the Investment Company Act, including its duration, asset composition, business purpose, and the activities of the SPAC and its management team in furtherance of such goals. The 2024 SPAC Rules may materially affect our ability to negotiate and complete our initial Business Combination and may increase the costs and time related thereto.

Recent Developments

On July 2, 2024, we entered into (i) the Flybondi Novation Agreement with FB Parent, Flybondi Holdings, Merger Sub, Flybondi and the Joining Sellers. Pursuant to the Flybondi Novation Agreement, FB Parent assigned to Flybondi Holdings all of its liabilities, agreements, obligations, rights and duties in, under, and arising from the Flybondi Business Combination Agreement and (ii) the Flybondi Sponsor Support Agreement Amendment to reflect the Flybondi Holdings Substitution. The foregoing summary of the Flybondi Novation Agreement and Flybondi Sponsor Support Agreement Amendment is qualified in its entirety by reference to the complete text of the Flybondi Novation Agreement and Flybondi Sponsor Support Agreement Amendment, which are filed as Exhibits 10.1 and Exhibit 10.2, respectively, to this Report.

Extensions of Our Combination Period

On May 3, 2023, we held the First Special Meeting. At the First Special Meeting, the stockholders approved the First Extension Amendment Proposal, which extended the date we had to consummate an initial Business Combination from May 5, 2023 to November 3, 2023. In connection with the vote to approve the First Extension Amendment Proposal, Public Stockholders holding 8,470,059 Public Shares properly exercised their right to redeem such shares for a pro rata portion of the funds in the Trust Account. As a result, $87,843,748 (approximately $10.37 per share) was removed from the Trust Account to pay such redeeming Public Stockholders in the First Special Meeting Redemptions.

In connection with the approval of the First Extension Amendment Proposal, we issued the First Extension Promissory Note in the aggregate principal amount of up to $630,000 to the Sponsor. The First Extension Promissory Note bears no interest and is repayable in full upon the date of the consummation of the initial Business Combination or our liquidation. Additionally, we agreed to make monthly deposits of $105,000 into the Trust Account for each calendar month (commencing on May 8, 2023) or portion thereof, that was needed by us to complete an initial Business Combination until November 3, 2023, and such amount will be distributed either to: (i) all of the holders of Public Shares upon our liquidation or (ii) Public Stockholders who elect to have their Pubic Shares redeemed in connection with the consummation of the Business Combination.

On November 2, 2023, we held the Second Special Meeting, at which the stockholders approved, among other things, the Charter Amendment Proposals. Following approval of the Second Extension Amendment Proposal, the Combination Period was extended from November 3, 2023 to November 5, 2024. In connection with the vote to approve the Charter Amendment Proposals, Public Stockholders holding 1,831,599 Public Shares properly exercised their right to redeem such shares for a pro rata portion of the funds in the Trust Account. As a result, $19,763,618 (approximately $10.79 per share) was removed from the Trust Account to pay such redeeming Public Stockholders.

In connection with the approval of the Second Extension Amendment Proposal, we issued the Second Extension Promissory Note in the aggregate principal amount of up to $359,503 to the Sponsor. The Second Extension Promissory Note bears no interest and is repayable in full upon the date of the consummation of the initial Business Combination or our liquidation. Additionally, we have deposited and will continue to deposit $29,958.55 into the Trust Account for each calendar month (commencing on November 8, 2023 and ending on the 5th day of each subsequent month), or portion thereof, that is needed by us to complete an initial Business Combination until November 5, 2024, and such amount will be distributed either to: (i) all of the holders of Public Shares upon our liquidation or (ii) Public Stockholders who elect to have their Pubic Shares redeemed in connection with the consummation of the Business Combination.

As of June 30, 2024, we had deposited an aggregate of $869,668 to fund the Trust Account. For the three and six month ended June 30, 2024, an aggregate of $89,876 and $179,752, respectively, was deposited in the Trust Account. For the three and six month ended June 30, 2023, an aggregate of $210,000 and $210,000, respectively, was deposited in the Trust Account.

We may seek to further extend the Combination Period consistent with applicable laws, regulations and stock exchange rules. Such an extension would require the approval of the Public Stockholders, who will be provided the opportunity to redeem all or a portion of their Public Shares. Such redemptions will likely have a material adverse effect on the amount held in the Trust Account, our capitalization, principal stockholders and other impacts on us, such as our ability to maintain our listing on the Nasdaq Capital Market.

Founder Share Conversion

Following the approval of the Founder Share Amendment Proposal at the Second Special Meeting, on November 3, 2023, we issued an aggregate of 2,874,999 shares of Class A Common Stock (consisting of 2,824,999 shares to the Sponsor and 50,000 shares to an Anchor Investor) upon the conversion of an equal number of shares of Class B Common Stock, held by the Sponsor and such Anchor Investor, respectively. The 2,874,999 shares of Class A Common Stock issued in connection with the Founder Share Conversion are subject to the same restrictions as applied to the Class B Common Stock before the Founder Share Conversion, including, among other things, certain transfer restrictions, waiver of redemption rights and the obligation to vote in favor of a Business Combination, as described in the IPO Registration Statement. Following the Founder Share Conversion, the First Special Meeting Redemptions and the Second Special Meeting Redemptions, there were 4,073,341 shares of Class A Common Stock issued and outstanding and one share of Class B Common Stock issued and outstanding. As a result, the Sponsor holds approximately 69.4% of the issued and outstanding Class A Common Stock.

Flybondi Business Combination

On October 19, 2023, we entered into the Flybondi Business Combination Agreement, with Flybondi, FB Parent, Merger Sub and the Signing Sellers. After the date of the Flybondi Business Combination Agreement, the Joining Sellers may join the Flybondi Business Combination Agreement by executing and delivering a Seller Joinder.

The Flybondi Business Combination Agreement provides for, among other things, the following transactions: (i) FB Parent will acquire the shares of Flybondi held by the Sellers in exchange for the issuance by FB Parent of new ordinary shares of FB Parent, and (ii) we will merge with and into Merger Sub, with us continuing as the surviving entity and as a wholly-owned subsidiary of FB Parent, and each of our issued and outstanding securities immediately prior to such merger will be cancelled and converted into the right of the holder thereof to receive a substantially equivalent security of FB Parent.

For a full description of the Flybondi Business Combination Agreement and the proposed Flybondi Business Combination, please see “Item 1. Business” of the 2023 Annual Report.

Results of Operations

As of June 30, 2024, we had not commenced any operations. All activity for the period from February 16, 2021 (inception) through June 30, 2024 relates to our formation and the Initial Public Offering and, since the closing of the Initial Public Offering, the search for a prospective and consummation of an initial Business Combination. We have neither engaged in any operations nor generated any revenues to date. We will not generate any operating revenues until after the completion of our initial Business Combination, at the earliest. We will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the Initial Public Offering and held in our Trust Account. We incur increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.

For the three months ended June 30, 2024, we had net loss of $394,417, which consisted of operating costs of $523,160 and provision for income tax of $43,068, partially offset by interest income from the Trust Account of $171,811.

For the six months ended June 30, 2024, we had net loss of $654,452, which consisted of operating costs of $908,571 and provision for income tax of $87,143, partially offset by interest income from the Trust Account of $341,262.

For the three months ended June 30, 2023, we had net loss of $545,851, which consisted of operating costs of $544,039, an unrealized loss on the change in the fair value of the FPA liability of $642,739, provision for income tax of $157,082 and unrealized loss on the Trust Account of $319,129, offset by Trust Account interest income of $1,117,138.

For the six months ended June 30, 2023, we had net loss of $94,791, which consisted of operating costs of $872,259, an unrealized loss on the change in the fair value of the FPA liability of $862,581 and provision for income tax of $409,366, offset by Trust Account interest income of $1,917,032 and unrealized gain on the Trust Account of $132,383.

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, public health considerations, and geopolitical instability, such as the military conflicts in Ukraine and the Middle East. We cannot at this time 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.

Liquidity, Capital Resources and Going Concern

As of June 30, 2024, we had $73,267 in our operating bank account, $900,000 in a segregated account for the payment of Excise Taxes, and a working capital deficit of $3,397,790 (including $900,000 in cash received from Cartesian Escrow Parties for the payment of excise taxes).

Prior to the completion of the Initial Public Offering, our liquidity needs had been satisfied through (i) a loan under the IPO Promissory Note issued to the Sponsor totaling $252,950 and (ii) the issuance of 2,875,000 Class B Common Stock at approximately $0.009 per share for gross proceeds of $25,000. The IPO Promissory Note has been repaid and no other borrowings are permitted. Subsequent to the consummation of the Initial Public Offering, our liquidity needs have been satisfied through the issuance of the Private Placement Warrants, which generated gross proceeds of $4,950,000 and the WCL Promissory Note.

On May 8, 2023, we issued the First Extension Promissory Note to the Sponsor in an amount of up to $630,000 to be deposited into the Trust Account ($105,000 per month following the 5^th of each month through November 3, 2023) for the benefit of the Public Stockholders who did not redeem their Public Shares in connection with the First Extension. The First Extension Promissory Note bears no interest and is due and payable upon the earlier to occur of (i) the date on which we consummate Business Combination and (ii) the date of our liquidation. At June 30, 2024 and December 31, 2023, we had $355,000 of borrowings under the First Extension Promissory Note.

On November 8, 2023, we issued the Second Extension Promissory Note in the aggregate principal amount of up to $359,503 to the Sponsor. The Second Extension Promissory Note bears no interest and is repayable in full upon the earlier to occur of (i) the date on which we consummate a Business Combination and (ii) the date of our liquidation. Additionally, we will continue to deposit $29,958.55 into the Trust Account for each calendar month (commencing on November 8, 2023 and ending on the 5^th day of each subsequent month), or portion thereof, that is needed by us to complete an initial Business Combination until November 5, 2024, and such amount will be distributed either to: (i) all of the holders of Public Shares upon our liquidation or (ii) holders of Public Shares who elect to have their Public Shares redeemed in connection with the consummation of the initial Business Combination. At June 30, 2024 and December 31, 2023, we had $239,665 and $59,917, respectively, of borrowings under the Second Extension Promissory Note.

In addition, in order to finance transaction costs in connection with an intended initial Business Combination, our Sponsor or an affiliate of our Sponsor or certain of our officers and directors may, but are not obligated to, loan us Working Capital Loans as may be required on a non-interest basis. If we complete an initial Business Combination, we would repay such Working Capital Loans. In the event that the initial Business Combination does not close, we may use a portion of the working capital held outside the Trust Account to repay such loaned amounts but no proceeds from our Trust Account would be used for such repayment. Up to $1,500,000 of such Working Capital Loans may be convertible into warrants of the post Business Combination entity at a price of $1.00 per warrant at the option of the lender. The warrants would be identical to the Private Placement Warrants. Prior to the completion of our initial Business Combination, we do not expect to seek loans from parties other than our Sponsor or an affiliate of our Sponsor as we do not believe third parties will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds in our Trust Account.

On July 10, 2023, we issued the WCL Promissory Note to the Sponsor in an amount of up to $1,500,000 in connection with the Working Capital Loans. The WCL Promissory Note bears no interest and is due and payable upon the earlier to occur of (i) the date on which we consummate a Business Combination and (ii) the date of our Company. In the event that the initial Business Combination does not close, we may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans, but no proceeds from the Trust Account would be used to repay the Working Capital Loans. As of June 30, 2024 and December 31, 2023, we owed $1,390,335 and $910,083, respectively, under the WCL Promissory Note and reported the amounts as Working Capital Loans on the condensed balance sheets in “Item 1. Financial Statements”.

Included on the unaudited condensed balance sheet at June 30, 2024 in “Item 1. Financial Statements” is $900,000 of cash release to us by the Cartesian Escrow Parties for the payment of our Excise Tax liability. Such amount was released to us solely for the purpose paying our Excise Tax liability and (i) under conditions as stipulated in the Flybondi Business Combination Agreement and (ii) is being held by us in a segregated bank account.

On October 31, 2023, we 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 at JPMorgan Chase Bank, N.A., with Continental continuing to act as trustee, until the earlier of: (i) the consummation of a Business Combination or (ii) our liquidation. As a result, following the liquidation of investments in the Trust Account, the remaining proceeds from the Initial Public Offering and Private Placement are no longer invested in U.S. government securities or money market funds invested in U.S. government securities.

In connection with our assessment of going concern considerations in accordance with ASU 2014-15, Management has determined that the mandatory liquidation and subsequent dissolution, should we be unable to complete a Business Combination within the Combination Period, and insufficient cash, raises substantial doubt about our ability to continue as a going concern. Following the Second Special Meeting, we have until November 5, 2024 to consummate a Business Combination. It is uncertain that we will be able to consummate a Business Combination by this time. If a Business Combination is not consummated by this date, there will be a mandatory liquidation and subsequent dissolution. No adjustments have been made to the carrying amounts of assets or liabilities should we be required to liquidate after the end of the Combination Period.

Contractual Obligations

We do not have any long-term debt obligations, capital lease obligations, operating lease obligations, purchase obligations or long-term liabilities.

Administrative Services Agreement

On November 2, 2021, we agreed to pay the Sponsor a total of $20,000 per month for office space, utilities, and secretarial and administrative support pursuant to the Services Agreement. Upon completion of the Business Combination or our liquidation, we will cease paying these monthly fees. Total administrative fee for the three and six months ended June 30, 2024 is $60,000 and $120,000, respectively. At June 30, 2024 and December 31, 2023, $80,000 and $80,000 is reported on the condensed balance sheets in “Item 1. Financial Statements” as due to the Sponsor for the administrative fees due, respectively.

Registration Rights Agreement

Pursuant to the Registration Rights Agreement, the holders of the (i) Founder Shares, (ii) Private Placement Warrants, and (iii) warrants that may be issued upon conversion of the Working Capital Loans (and in each case holders of their underlying securities, as applicable) will have registration rights to require us to register a sale of any of our securities held by them prior to the consummation of our initial Business Combination. The holders of these securities are entitled to make up to three demands, excluding short form demands, that we register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to our completion of our initial Business Combination. We will bear the expenses incurred in connection with the filing of any such registration statements.

Consulting and Advisory Services

On May 28, 2021, we entered into a letter agreement with J.V.B., pursuant to which, we engaged Cohen & Company to provide consulting and advisory services in connection with the Initial Public Offering in return for a transaction fee to be paid to J.V.B. in an amount equal to 10.0% of the aggregate underwriting discount and commissions earned by the underwriters in connection with the Initial Public Offering to be paid simultaneously with the actual payment of such underwriting discount and commissions to the underwriters upon (i) the closing of the Initial Public Offering and (ii) the completion of the initial Business Combination. J.V.B. was one of the Anchor Investors that purchased Units in the Initial Public Offering and became a member of the Sponsor at the closing of our Initial Public Offering and holds an indirect interest in a specified number of the Founder Shares held by the Sponsor.

On November 4, 2021, we paid J.V.B. $85,000 in cash from funds outside of the Trust Account. Funds due to J.V.B. upon the completion of the initial Business Combination ($605,000 in the aggregate) were to be paid by the underwriters of the Initial Public Offering.

On November 9, 2023, our Company and J.V.B. mutually agreed to terminate this arrangement. No further transactions fees will be payable to J.V.B. under this engagement of services.

Underwriter Agreement

The underwriters of the Initial Public Offering were entitled to a deferred underwriting commission of $0.50 on the first 10,000,000 Units sold in the Initial Public Offering and $0.70 per Unit per Unit sold thereafter, or $6,050,000 in the aggregate. On August 28, 2023, the underwriters waived any right to receive the deferred underwriting commission and will therefore receive no additional underwriting commissions in connection with the Flybondi Business Combination. As a result, $6,050,000 was recorded to accumulated deficit in relation to the reduction of the deferred underwriter fee. As of June 30, 2024 and December 31, 2023, the deferred underwriting fee is $0.

We comply with ASC 405 and derecognized the deferred underwriting commission liability upon being released of the obligation by the underwriters. To account for the waiver of the deferred underwriting commission, we reduced the deferred underwriter commission liability to $0 and reversed the previously recorded cost of issuing the instruments in the Initial Public Offering, which included a reduction in the accumulated deficit and increased income available to Class B Common Stock by $6,050,000, which was previously allocated to the Class A Common Stock subject to redemption and accretion recognized at the date of the Initial Public Offering.

Anchor Investment

The Anchor Investors purchased an aggregate of approximately $60.8 million of the Units in the Initial Public Offering at the public offering price. There can be no assurance that the Anchor Investors will retain their Units prior to or upon the consummation of the initial Business Combination. In addition, none of the Anchor Investors has any obligation to vote any of their Public Shares in favor of the initial Business Combination.

The Anchor Investors have not been granted any stockholder or other rights that are in addition to those granted to our other Public Stockholders, and were only issued equity interests in our Sponsor, with no right to control our Sponsor or vote or dispose of any securities held by our Sponsor. Further, unlike some anchor investor arrangements of other blank check companies, the Anchor Investors are not required to (i) hold any Units, Class A Common Stock or Public Warrants they may have purchased in the Initial Public Offering or thereafter for any amount of time, (ii) vote any shares of Class A Common Stock they may own at the applicable time in favor of our initial Business Combination or (iii) refrain from exercising their right to redeem their Public Shares at the time of our initial Business Combination. The Anchor Investors have the same rights to the funds held in the Trust Account with respect to any Public Shares they hold as the rights afforded to our other Public Stockholders.

Forward Purchase Agreements

On August 23, 2021, pursuant to the FPAs, Crescent Park, which is one of the Anchor Investors, and Carnegie Park agreed to purchase up to 2,500,000 Forward Purchase Shares in the case of Crescent Park, and up to 500,000 Forward Purchase Shares in the case of Carnegie Park at $10.00 per share (as such price per share may be reduced to $9.20 per share or further reduced to below $9.20 per share with respect to all or part of the Forward Purchase Shares) for gross proceeds up to $30,000,000 in the aggregate if all of the Forward Purchase Shares were purchased at $10.00 per share (or up to $27,600,000 in the aggregate if all of the Forward Purchase Shares were purchased at $9.20 per share or up to a lower amount in the aggregate if all of the Forward Purchase Shares were purchased at less than $9.20 per share) in private placements that would occur concurrently with the consummation of the initial Business Combination.

On December 8, 2023 and December 12, 2023, we and each of Carnegie Park and Crescent Park entered into the FPA Termination Agreements to mutually terminate and cancel the FPAs.

Critical Accounting Policies and Estimates

We account for income taxes under ASC 740. ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. We assess the likelihood that deferred tax assets will be recovered from the existing deferred tax liabilities or future taxable income. To the extent we believe that recovery will not meet the more likely than not threshold, it establishes a valuation allowance.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information otherwise required under this Item.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures are controls and other procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to Management, including our Chief Executive Officer and Chief Financial Officer (together, the “Certifying Officers”), or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.

Under the supervision and with the participation of our Management, including our Certifying Officers, we carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on the foregoing, our Certifying Officers concluded that our disclosure controls and procedures were not effective as of the end of the quarterly period ended June 30, 2024, due to identified material weaknesses related to errors in fair value calculation of certain financial instruments and unrecorded liabilities, including New York State taxes. Management plans to enhance internal controls and procedures, including enhancing 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.

In light of these material weaknesses, we have enhanced our processes to identify and appropriately apply applicable accounting requirements to better evaluate and understand the nuances of the complex accounting standards that apply to our financial statements including making greater use of third-party professionals with whom we consult regarding complex accounting applications. The elements of our remediation plan can only be accomplished over time, and we can offer no assurance that these initiatives will ultimately have the intended effects. We believe our efforts will enhance our controls relating to accounting for complex financial transactions, but we can offer no assurance that our controls will not require additional review and modification in the future as industry accounting practice may evolve over time.

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

Other than as discussed above, there have been no changes to our internal control over financial reporting during the quarterly period ended June 30, 2024 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

To the knowledge of our Management, there is no material litigation currently pending or contemplated against us, any of our officers or directors in their capacity as such or against any of our property.

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. For additional risks relating to our operations, other than as set forth below, see the section titled “Risk Factors” contained in our (i) IPO Registration Statement, (ii) 2021 Annual Report, (ii) 2022 Annual Report, (iii) 2023 Annual Report, (iv) Quarterly Reports on

Form 10-Q for

the quarterly periods ended March 31, 2022, June 30, 2022, September 30, 2022, March 31, 2023 and September 30, 2023, as filed with the SEC on May 16, 2022, August 15, 2022, November 14, 2022, May 15, 2023 and November 21, 2023 and (iv) Definitive Proxy Statement on Schedule 14A, as filed with the SEC on October 20, 2023 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 Flybondi and the Flybondi Business Combination, please see the Flybondi Registration Statement once publicly filed.

If we fail to consummate our initial Business Combination by November 2, 2024, including the Flybondi Business Combination, our securities will be suspended from trading on Nasdaq and subject to potential delisting, which may have a material adverse effect on the trading of our securities and our ability to consummate an initial Business Combination.

Our IPO Registration Statement was declared effective by the SEC on November 2, 2021 and our securities are currently listed on the Nasdaq Capital Market. Pursuant to our Amended and Restated Charter, we have until November 5, 2024 (or such shorter period of time as determined by our Board) to consummate our initial Business Combination. Nasdaq’s rules and guidance currently provide that SPACs (such as us) must satisfy certain listing conditions, including that a SPAC must complete one or more Business Combinations meeting certain conditions within 36 months of the effectiveness of its initial public offering registration statement (the

“36-Month

Requirement”). If a SPAC does not meet the

36-Month

Requirement, it will receive a Staff Delisting Determination from Nasdaq which, among other things, informs the SPAC that (i) its securities will be suspended as of a date certain; (ii) it has a right to request review of the Staff Delisting Determination by a Hearings Panel; and (iii) a timely request for such review will stay the suspension and delisting action pending the issuance of a written decision of the Hearings Panel. The Hearings Panel may, where it deems appropriate, grant an exception to the continued listing standards for a period not to exceed 180 days from the date of the Staff Delisting Determination. The basis for the Staff Delisting Determination may be cured if, for example, a SPAC completes an initial Business Combination during the period of the stay.

On July 8, 2024, Nasdaq filed with the SEC a proposal to change the rules applicable to the foregoing procedures (the “Proposed Nasdaq Rules”) that includes removing the stay referred to above so that a SPAC’s securities will be immediately suspended from trading on Nasdaq through the pendency of the Hearings Panel’s review. In addition, under the Proposed Nasdaq Rules, the scope of the Hearings Panel’s review would be limited, as the Hearings Panel may only reverse a Staff Delisting Determination where it determines that the Staff Delisting Determination was in error and that the SPAC never failed to satisfy the

36-Month

Requirement. In such cases, the Hearings Panel would not be able to consider facts indicating that the SPAC had regained compliance since the date of the Staff Delisting Determination, nor may the Hearings Panel grant an exception allowing the SPAC additional time to regain compliance. If a SPAC completes a Business Combination after receiving a Staff Delisting Determination and/or demonstrates compliance with all applicable initial listing requirements, the combined company could apply to list its securities on Nasdaq pursuant to the normal application review process. The Proposed Nasdaq Rules contained a list of deficiencies that would immediately result in a Staff Delisting Determination, which includes noncompliance with the

36-Month

Requirement.

Table of Contents

On July 15, 2024, the SEC issued a release approving the immediate effectiveness of the Proposed Nasdaq Rules. The Proposed Nasdaq Rules will become operative on October 7, 2024.

Accordingly, unless we are able to consummate our initial Business Combination on or prior to November 2, 2024, including the Flybondi Business Combination, our securities will be suspended from trading on Nasdaq and subject to potential delisting. If Nasdaq were to suspend our securities from trading, or delist our securities, our securities could potentially be quoted on an

over-the-counter

market. If this were to occur, we could face significant material adverse consequences, including:

•

our ability to complete an initial Business Combination with a target company contemplating a Nasdaq listing, as we would be a less attractive acquiror absent a listing on a national exchange;

•

a limited availability of market quotations for our securities;

•

reduced liquidity for our securities;

•

a determination that our Class A Common Stock is a “penny stock,” which will require brokers trading in our Class A Common Stock 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; and

•

a decreased ability to issue additional securities or obtain additional financing in the future.

In addition, if our securities are delisted from Nasdaq, offers and sales of our securities by us may be subject to regulation and we may be subject to additional compliance costs in each state in which we offer or sell our securities.

Our Public Stockholders’ exercise of redemption rights with respect to a large number of Public Shares in the First Special Meeting Redemptions and the Second Special Meeting Redemptions may affect our ability to complete an initial Business Combination in the most desirable manner that will optimize the capital structure of the combined company, or at all.

Over the past two years, the redemption rate of shares held by public stockholders of SPACs at the time of a stockholder meeting that approves an amendment to the charter of the SPAC or the initial Business Combination of the SPAC has been very high, thereby increasing the likelihood that we, too, may be subject to significant redemptions that may affect our ability to complete an initial Business Combination.

In connection with the votes to approve the (i) First Extension Amendment Proposal, 8,470,059 Public Shares were redeemed at a price per Public Share of approximately $10.37 and (ii) Charter Amendment Proposals, 1,831,599 Public Shares were redeemed at a price per Public Share of approximately $10.79, thereby reducing the number of outstanding Public Shares to 1,198,342 and reducing the total amount held in the Trust Account to approximately $13,325,388 (as of June 30, 2024).

Due to the high rates of redemptions of Public Shares in connection with stockholder votes on extensions or Business Combinations of SPACs, we may need to rely upon significant PIPE or other outside financing to provide cash to our post- Business Combination company. Obtaining financing in connection with initial Business Combinations of SPACs has in recent times been very difficult, with many financings available only on terms that are onerous to the surviving company of the Business Combination. The failure to secure additional financing on reasonable terms could have a material adverse effect on the continued development or growth of the target business. None of the Sponsor or our other stockholders is required to provide any financing to us in connection with or after our initial Business Combination. Raising additional third-party financing may involve dilutive equity issuances or the incurrence of indebtedness at higher than desirable levels or on onerous terms. The above considerations may limit our ability to complete a Business Combination in the most desirable manner that will optimize the capital structure of the combined company, or at all. If we are unable to complete an initial Business Combination, our Public Stockholders may only receive approximately $11.12 per Public Share on the liquidation of our Trust Account, as of June 30, 2024, and our Warrants will expire worthless. In certain circumstances, our Public Stockholders may receive less than $11.12 per share on the redemption of their Public Shares.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Unregistered Sales of Equity Securities

There were no sales of unregistered securities during the fiscal quarter covered by the Report. However, following the approval of the Founder Share Amendment Proposal at the Second Special Meeting, on November 3, 2023, we issued an aggregate of 2,874,999 shares of our Class A Common Stock (consisting of 2,824,999 shares to our Sponsor and 50,000 shares to an Anchor Investor) upon the conversion of an equal number of shares of our Class B Common Stock, held by our Sponsor and such Anchor Investor, respectively. The 2,874,999 shares of Class A Common Stock issued in connection with the Founder Share Conversion are subject to the same restrictions as applied to the Class B Common Stock before the Founder Share Conversion, including, among other things, certain transfer restrictions, waiver of redemption rights and the obligation to vote in favor of a Business Combination, as described in the IPO Registration Statement; consequently, the shares of Class A Common Stock issued in connection with the Founder Share Conversion are not registered under the Securities Act and will remain unregistered until registration is demanded by the Sponsor pursuant to the Letter Agreement. Following the Founder Share Conversion, the First Special Meeting Redemptions and the Second Special Meeting Redemptions, there were 4,073,341 shares of Class A Common Stock issued and outstanding and one share of Class B Common Stock issued and outstanding. As a result, the Sponsor holds approximately 69.4% of the issued and outstanding Class A Common Stock.

Use of Proceeds

For a description of the use of proceeds generated in our Initial Public Offering and Private Placement, see Part II, Item 5 of the 2021 Annual Report. There has been no material change in the planned use of proceeds from our Initial Public Offering and Private Placement as described in the IPO Registration Statement. The specific investments in our Trust Account may change from time to time.

On October 31, 2023, we 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 at JPMorgan Chase Bank, N.A., 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 Initial Public Offering and Private Placement are no longer invested in U.S. government securities or money market funds invested in U.S. government securities.

Table of Contents

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.

Trading Arrangements

During the quarterly period ended June 30, 2024, none of our directors or officers (as defined in

Rule 16a-1(f)

promulgated under the Exchange Act) adopted or terminated any “Rule

10b5-1

trading arrangement” or any

“non-Rule

10b5-1

trading arrangement,” as each term is defined in Item 408 of Regulation

S-K.

Additional Information

None.

Item 6. Exhibits.

The following exhibits are filed as part of, or incorporated by reference into, this Report.


No.		Description of Exhibit

10.1		Assignment, Novation and Amendment Agreement, dated July 2, 2024, by and among the Company, FP Parent, Flybondi Holdings, Merger Sub, Flybondi and the Joining Sellers. (1)

10.2		Amendment No. 1 to Sponsor Support Agreement, dated July 2, 2024, by and among the Company. The Sponsor and Flybondi. (1)

31.1		Certification of the Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) under 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) and Rule 15d-14(a) under 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. 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. 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 XBRL 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 (Embedded as Inline XBRL document and contained in Exhibit 101).*

*	Filed herewith.

**	Furnished herewith.

(1)	Incorporated by reference to the Company’s Current Report on Form 8-K, as filed with the SEC on July 9, 2024.

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.


Dated: August 14, 2024	INTEGRAL ACQUISITION CORPORATION 1

	By:	/s/ Enrique Klix
	Name:	Enrique Klix
	Title:	Chief Executive Officer
		(Principal Executive Officer)

Dated: August 14, 2024	By:	/s/ Oliver Matlock
	Name:	Oliver Matlock
	Title:	Chief Financial Officer
		(Principal Financial and Accounting Officer)

Exhibit 31.1

CERTIFICATION OF THE

PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO

RULE 13a-14(a) AND RULE 15d-14(a)

UNDER THE

SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Enrique Klix, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Integral Acquisition Corporation 1;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

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, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

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;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Exhibit 31.2

CERTIFICATION OF THE

PRINCIPAL FINANCIAL OFFICER

PURSUANT TO

RULE 13a-14(a) AND RULE 15d-14(a)

UNDER THE

SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Oliver Matlock, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Integral Acquisition Corporation 1;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Exhibit 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

In connection with the Quarterly Report on Form 10-Q of Integral Acquisition Corporation 1 (the “Company”) for the quarterly period ended June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Enrique Klix, Chief Executive Officer of the Company, certify, 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, as amended; and

2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the period covered by the Report.

Exhibit 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

In connection with the Quarterly Report on Form 10-Q of Integral Acquisition Corporation 1 (the “Company”) for the quarterly period ended June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Oliver Matlock, Chief Financial Officer of the Company, certify, 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, as amended; and

2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the period covered by the Report.

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Aug. 14, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Document Quarterly Report	true
Document Transition Report	false
Current Fiscal Year End Date	--12-31
Document Period End Date	Jun. 30, 2024
Entity File Number	001-41006
Entity Registrant Name	INTEGRAL ACQUISITION CORPORATION 1
Entity Central Index Key	0001850262
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-2148394
Entity Address, Postal Zip Code	10019
City Area Code	212
Local Phone Number	209-6132
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	true
Entity Address, Address Line One	11330 Avenue of the Americas, 23rd Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Ex Transition Period	false
Common Stock [Member]
Document Information [Line Items]
Security Exchange Name	NASDAQ
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Trading Symbol	INTE
Capital Units [Member]
Document Information [Line Items]
Security Exchange Name	NASDAQ
Title of 12(b) Security	Units, each consisting of one share of Class A Common Stock and one-half of one redeemable Warrant
Trading Symbol	INTEU
Warrant [Member]
Document Information [Line Items]
Security Exchange Name	NASDAQ
Title of 12(b) Security	Warrants, each exercisable for one share of Class A Common Stock for $11.50 per share
Trading Symbol	INTEW
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,073,341
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1

Condensed Balance Sheets - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Assets
Cash	$ 973,267	$ 75,891
Prepaid franchise tax	62,000	18,350
Prepaid expenses	41,095	7,223
Total current assets	1,076,362	101,464
Cash held in Trust Account	13,325,388	12,956,224
Total Assets	14,401,750	13,057,688
Current liabilities:
Accrued expenses	1,222,573	841,202
Due to related party	80,000	80,000
Promissory Notes—Related Party	594,665	414,917
Working Capital Loans	1,390,335	910,083
Excise Tax payable	1,076,073	1,076,073
Income taxes payable	110,506	53,363
Total liabilities	4,474,152	3,375,638
Commitments and Contingencies (Note 4)
Class A Common Stock subject to possible redemption, 1,198,342 shares at redemption value of $11.08 and $10.78 per share at June 30, 2024 and December 31, 2023, respectively	13,279,328	12,923,657
Stockholders' Deficit
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding	0	0
Additional paid-in capital	0	0
Accumulated deficit	(3,352,018)	(3,241,895)
Total stockholders' deficit	(3,351,730)	(3,241,607)
Total Liabilities, Redeemable Common Stock and Stockholders' Deficit	14,401,750	13,057,688
Common Class A [Member]
Current liabilities:
Class A Common Stock subject to possible redemption, 1,198,342 shares at redemption value of $11.08 and $10.78 per share at June 30, 2024 and December 31, 2023, respectively	13,279,328	12,923,657
Stockholders' Deficit
Common Stock	288	288
Common Class B [Member]
Stockholders' Deficit
Common Stock	$ 0	$ 0

Condensed Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Jan. 01, 2024	Dec. 31, 2023	Nov. 03, 2023	Nov. 02, 2023	Dec. 31, 2022
Preferred stock par or stated value per share	$ 0.0001		$ 0.0001
Preferred stock shares authorized	1,000,000		1,000,000
Preferred stock shares outstanding	0		0
Preferred stock shares issued	0		0
Common Class A [Member]
Temporary equity, shares outstanding	1,198,342		1,198,342			11,500,000
Temporary Equity, Redemption Price Per Share	$ 11.08		$ 10.78		$ 10.79
Common stock par or stated value per share	$ 0.0001	$ 0.0001	$ 0.0001
Common stock shares authorized	100,000,000		100,000,000
Common stock shares issued	2,874,999		2,874,999
Common stock shares outstanding	2,874,999		2,874,999	4,073,341
Common Class B [Member]
Common stock par or stated value per share	$ 0.0001		$ 0.0001
Common stock shares authorized	10,000,000		10,000,000
Common stock shares issued	1		1
Common stock shares outstanding	1		1

Condensed Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
Condensed Statements of Operations - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating costs	$ 523,160	$ 544,039	$ 908,571	$ 872,259
Loss from operations	(523,160)	(544,039)	(908,571)	(872,259)
Unrealized loss on change in fair value of FPA liability	0	(642,739)	0	(862,581)
Unrealized loss on Trust Account	0	(319,129)	0	132,383
Interest income	171,811	1,117,138	341,262	1,917,032
Total other income, net	171,811	155,270	341,262	1,186,834
Loss before provision for income taxes	(351,349)	(388,769)	(567,309)	314,575
Provision for income taxes	(43,068)	(157,082)	(87,143)	(409,366)
Net loss	$ (394,417)	$ (545,851)	$ (654,452)	$ (94,791)
Common Stock [Member]
Basic weighted average shares outstanding	1,198,342	6,753,044	1,198,342	9,113,409
Diluted weighted average shares outstanding	1,198,342	6,753,044	1,198,342	9,113,409
Basic net (loss) per Common Stock	$ (0.1)	$ (0.06)	$ (0.16)	$ (0.01)
Diluted net (loss) per Common Stock	$ (0.1)	$ (0.06)	$ (0.16)	$ (0.01)
Non Redeemable Common Shares [Member]
Basic weighted average shares outstanding	2,875,000	6,753,044	2,875,000	2,875,000
Diluted weighted average shares outstanding	2,875,000	6,753,044	2,875,000	2,875,000
Basic net (loss) per Common Stock	$ (0.1)	$ (0.06)	$ (0.16)	$ (0.01)
Diluted net (loss) per Common Stock	$ (0.1)	$ (0.06)	$ (0.16)	$ (0.01)

Condensed Statements of Changes in Stockholders' Deficit - USD ($)	Total	Common Stock [Member] Common Class A [Member]	Common Stock [Member] Common Class B [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]
Beginning Balance at Dec. 31, 2022	$ (7,961,523)		$ 288	$ 0	$ (7,961,811)
Beginning Balance , shares at Dec. 31, 2022			2,875,000
Accretion of Class A Common Stock to redemption amount	(949,072)			0	(949,072)
Net income (Loss)	451,060			0	451,060
Balance Ending at Mar. 31, 2023	(8,459,535)		$ 288	0	(8,459,823)
Balance Ending , shares at Mar. 31, 2023			2,875,000
Beginning Balance at Dec. 31, 2022	(7,961,523)		$ 288	0	(7,961,811)
Beginning Balance , shares at Dec. 31, 2022			2,875,000
Excise tax payable	878,437
Net income (Loss)	(94,791)
Balance Ending at Jun. 30, 2023	(10,684,750)		$ 288	0	(10,685,038)
Balance Ending , shares at Jun. 30, 2023			2,875,000
Beginning Balance at Mar. 31, 2023	(8,459,535)		$ 288	0	(8,459,823)
Beginning Balance , shares at Mar. 31, 2023			2,875,000
Accretion of Class A Common Stock to redemption amount	(800,927)			0	(800,927)
Excise tax payable	(878,437)			0	(878,437)
Net income (Loss)	(545,851)			0	(545,851)
Balance Ending at Jun. 30, 2023	(10,684,750)		$ 288	0	(10,685,038)
Balance Ending , shares at Jun. 30, 2023			2,875,000
Beginning Balance at Dec. 31, 2023	(3,241,607)	$ 288	$ 0	0	(3,241,895)
Beginning Balance , shares at Dec. 31, 2023		2,874,999	1
Accretion of Class A Common Stock to redemption amount	(178,852)			0	(178,852)
Net income (Loss)	(260,035)			0	(260,035)
Balance Ending at Mar. 31, 2024	(3,680,494)	$ 288	$ 0	0	(3,680,782)
Balance Ending , shares at Mar. 31, 2024		2,874,999	1
Beginning Balance at Dec. 31, 2023	(3,241,607)	$ 288	$ 0	0	(3,241,895)
Beginning Balance , shares at Dec. 31, 2023		2,874,999	1
Excise tax payable	0
Escrow funding from Cartesian Escrow Parties	900,000
Net income (Loss)	(654,452)
Balance Ending at Jun. 30, 2024	(3,351,730)	$ 288	$ 0	0	(3,352,018)
Balance Ending , shares at Jun. 30, 2024		2,874,999	1
Beginning Balance at Mar. 31, 2024	(3,680,494)	$ 288	$ 0	0	(3,680,782)
Beginning Balance , shares at Mar. 31, 2024		2,874,999	1
Accretion of Class A Common Stock to redemption amount	(176,819)			0	(176,819)
Escrow funding from Cartesian Escrow Parties	900,000			0	900,000
Net income (Loss)	(394,417)			0	(394,417)
Balance Ending at Jun. 30, 2024	$ (3,351,730)	$ 288	$ 0	$ 0	$ (3,352,018)
Balance Ending , shares at Jun. 30, 2024		2,874,999	1

Condensed Statements of Cash Flows - USD ($)	3 Months Ended				6 Months Ended		12 Months Ended
Condensed Statements of Cash Flows - USD ($)	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Cash flows from Operating Activities:
Net loss	$ (394,417)	$ (260,035)	$ (545,851)	$ 451,060	$ (654,452)	$ (94,791)
Adjustments to reconcile net loss to net cash used in operating activities:
Unrealized gain on Trust Account	0		319,129		0	(132,383)
Unrealized loss on change in fair value of FPA liability					0	862,581
Interest earned on cash and investments held in Trust Account					(341,262)	(1,917,032)
Changes in current assets and current liabilities:
Prepaid expenses					(33,872)	144,152
Accrued expenses					381,371	163,776
Income taxes payable					75,493	59,366
Franchise taxes payable					(62,000)	(40,164)
Net cash used in operating activities					(634,722)	(954,495)
Cash flows from Investing Activities:
Extension funding of Trust Account					(179,752)	(210,000)
Funds withdrawn for redemptions					0	87,843,748
Cash withdrawn from Trust Account to pay taxes					151,850	490,214
Net cash (used in) provided by investing activities					(27,902)	88,123,962
Cash flows from Financing Activities:
Funds withdrawn for redemptions					0	(87,843,748)
Borrowings from related party					480,252	0
Escrow funding from Cartesian Escrow Parties	900,000				900,000
Proceeds from issuance of Promissory Notes to related party					179,748	315,000
Net cash provided by (used in) financing activities					1,560,000	(87,528,748)
Net change in cash					897,376	(359,281)
Cash, beginning of the period		$ 75,891		$ 601,088	75,891	601,088	$ 601,088
Cash, end of the period	$ 973,267		241,807		973,267	241,807	$ 75,891
Supplemental disclosure of noncash investing and financing activities:
Income Tax Paid					0	350,000
Accretion of Class A shares to redemption amount					355,671	1,749,999
Excise tax payable			$ (878,437)		$ 0	$ 878,437

Pay vs Performance Disclosure - USD ($)	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($)	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (394,417)	$ (260,035)	$ (545,851)	$ 451,060	$ (654,452)	$ (94,791)

Insider Trading Arrangements	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization, Business Operations and Liquidity	6 Months Ended
Organization, Business Operations and Liquidity	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Business Operations and Liquidity	Note 1 — Organization, Business Operations and Liquidity Organization and General Integral Acquisition Corporation 1 is a blank check company incorporated as a Delaware corporation on February 16, 2021. The Company was formed for the purpose of effecting a Business Combination. As of June 30, 2024, the Company has neither engaged in any operations nor generated any revenues. All activity for the period from February 16, 2021 (inception) through June 30, 2024, relates to (i) the Company’s formation and the IPO described below, and (ii) since the closing of the IPO the search for a prospective and consummation of an initial Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the IPO. Sponsor and Financing The Sponsor, Integral Sponsor, LLC, is a Delaware limited liability company. The IPO Registration Statement was declared effective on November 2, 2021. On November 5, 2021, the Company, consummated its IPO of 11,500,000 Units, including 1,500,000 Units issued upon exercise in full by the underwriter of its option to purchase additional Units. Each Unit consists of one Public Share, and one-half of one Public Warrant, with each whole Public Warrant entitling the holder thereof to purchase one share of Class A Common Stock for $11.50 per share. The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $115,000,000. Simultaneously with the closing of the IPO, the Company completed the Private Placement of an aggregate of 4,950,000 Private Placement Warrants, including 90,000 Private Placement Warrants issued in connection with the exercise in full by the underwriter of its option to purchase additional Units, to the Sponsor at a purchase price of $1.00 per Private Placement Warrant, generating gross proceeds to the Company of $4,950,000. No underwriting discounts or commissions were paid with respect to such sale. The issuance of the Private Placement Warrants was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act. Upon the closing of the IPO and the Private Placement, $116,725,000 was placed in the Trust Account, representing the redemption value of the Public Shares sold in the IPO, at their redemption value of $10.15 per share. The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the value of the assets held in the Trust Account (excluding taxes payable on the income earned on the Trust Account) at the time of the signing a definitive agreement in connection with the initial Business Combination. However, 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 a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able to complete a Business Combination successfully. Founder Shares The Initial Stockholders have agreed not to transfer, assign or sell any of their Founder Shares and any Class A Common Stock issuable upon conversion thereof until the earlier to occur of: (i) one year after the completion of the initial Business Combination and (ii) the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction after the Business Combination that results in all of the stockholders having the right to exchange their Class A Common Stock for cash, securities or other property; except to certain permitted transferees and under certain circumstances (the “Lock-up”). Any permitted transferees will be subject to the same restrictions and other agreements of the Initial Stockholders with respect to any Founder Shares. Notwithstanding the foregoing, the Founder Shares will be released from the Lock-up if the closing price of the Class A Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination. On December 29, 2021, the Sponsor transferred 50,000 Founder Shares to an Anchor Investor. Trust Account At June 30, 2024 and December 31, 2023, funds in the Trust Account were invested in an interest bearing demand deposit account. Except for the withdrawal of funds to pay taxes, funds will remain in the Trust Account until the earlier of (i) the consummation of its first Business Combination and (ii) the distribution of the Trust Account as described below. The remaining proceeds outside the Trust Account may be used for (i) business, legal and accounting expenses, (ii) due diligence on prospective acquisitions and (iii) continuing general and administrative expenses. Initial Business Combination The Company will provide its Public Stockholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of the initial Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) without a stockholder vote by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a proposed Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Stockholders will be entitled to redeem all or a portion of their Public Shares upon the completion of the initial 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 initial Business Combination, including interest earned on the funds held in the Trust Account (which interest shall be net of taxes payable (excluding Excise Taxes)), divided by the number of then outstanding Public Shares, subject to the limitations and on the conditions described herein. As of June 30, 2024, the amount in the Trust Account was $11.12 (before taxes paid or payable) per Public Share. The shares of Common Stock subject to redemption have been recorded at a redemption value and classified as temporary equity upon the completion of the IPO, in accordance with ASC 480. In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the issued and outstanding shares voted are voted in favor of the Business Combination. Following the IPO, the Company initially had only 18 months from the closing of the IPO to complete the initial Business Combination, which period, as further discussed below, was extended to November 5, 2024. If the Company is unable to complete the initial 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 (which interest shall be net of taxes payable (excluding Excise Taxes) and 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 Stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Board of Directors, liquidate and dissolve, subject, in each case, to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. The Sponsor, officers and directors have agreed to (i) waive their redemption rights with respect to any Founder Shares and Public Shares they hold in connection with the completion of the initial Business Combination, (ii) waive their redemption rights with respect to any Founder Shares and Public Shares they hold in connection with a stockholder vote to approve an amendment to the Amended and Restated Charter, (iii) waive their rights to liquidating distributions from the Trust Account with respect to any Founder Shares they hold if the Company fails to complete the initial Business Combination within the Combination Period, and (iv) vote their Founder Shares and any Public Shares purchased during or after the IPO in favor of the initial Business Combination. The Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or other similar agreement or Business Combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.15 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.15 per share due to reductions in the value of the Trust Account assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act. However, the Company has not asked the Sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and the Company believes that the Sponsor’s only assets are securities of the Company. Therefore, the Company cannot assure that the Sponsor would be able to satisfy those obligations. None of the Company’s officers or directors will indemnify the Company for claims by third parties including, without limitation, claims by vendors and prospective target businesses. Proposed Business Combination On October 19, 2023, the Company entered into the Flybondi Business Combination Agreement, with Flybondi, FB Parent, Merger Sub and the Signing Sellers. After the date of the Flybondi Business Combination Agreement, the Joining Sellers may join the Flybondi Business Combination Agreement by executing and delivering a Seller Joinder. The Flybondi Business Combination Agreement provides for, among other things, the following transactions: (i) FB Parent will acquire the shares of Flybondi held by the Sellers in exchange for the issuance by FB Parent of new ordinary shares of FB Parent, and (ii) the Company will merge with and into Merger Sub, with the Company continuing as the surviving entity and as a wholly-owned subsidiary of FB Parent, and each of the Company’s issued and outstanding securities immediately prior to such merger will be cancelled and converted into the right of the holder thereof to receive a substantially equivalent security of FB Parent. For a full description of the Flybondi Business Combination Agreement and the proposed Flybondi Business Combination, please see “Item 1. Business” of the 2023 Annual Report. Extensions of the Combination Period On May 3, 2023, the Company held the First Special Meeting. At the First Special Meeting, the stockholders approved the First Extension Amendment Proposal, which extended the date the Company had to consummate an initial Business Combination from May 5, 2023 to November 3, 2023. In connection with the vote to approve the First Extension Amendment Proposal, Public Stockholders holding 8,470,059 Public Shares properly exercised their right to redeem such shares for a pro rata portion of the funds in the Trust Account. As a result, $87,843,748 (approximately $10.37 per share) was removed from the Trust Account to pay such redeeming Public Stockholders in the First Special Meeting Redemptions. In connection with the approval of the First Extension Amendment Proposal, the Company issued the First Extension Promissory Note in the aggregate principal amount of up to $630,000 to the Sponsor. The First Extension Promissory Note bears no interest and is repayable in full upon the date of the consummation of the initial Business Combination or the Company’s liquidation. Additionally, the Company agreed to make monthly deposits of $105,000 into the Trust Account for each calendar month (commencing on May 8, 2023) or portion thereof, that was needed by the Company to complete an initial Business Combination until November 3, 2023, and such amount will be distributed either to: (i) all of the holders of Public Shares upon the Company’s liquidation or (ii) Public Stockholders who elect to have their Pubic Shares redeemed in connection with the consummation of the Business Combination. On November 2, 2023, the Company held the Second Special Meeting, at which the stockholders approved, among other things, the Charter Amendment Proposals. Following approval of the Second Extension Amendment Proposal, the Combination Period was extended from November 3, 2023 to November 5, 2024. In connection with the vote to approve the Charter Amendment Proposals, Public Stockholders holding 1,831,599 Public Shares properly exercised their right to redeem such shares for a pro rata portion of the funds in the Trust Account. As a result, $19,763,618 (approximately $10.79 per share) was removed from the Trust Account to pay such redeeming Public Stockholders. In connection with the approval of the Second Extension Amendment Proposal, the Company issued the Second Extension Promissory Note in the aggregate principal amount of up to $359,503 to the Sponsor. The Second Extension Promissory Note bears no interest and is repayable in full upon the date of the consummation of the initial Business Combination or our liquidation. Additionally, the Company has deposited and will continue to deposit $29,958.55 into the Trust Account for each calendar month (commencing on November 8, 2023 and ending on the 5th day of each subsequent month), or portion thereof, that is needed by the Company to complete an initial Business Combination until November 5, 2024, and such amount will be distributed either to: (i) all of the holders of Public Shares upon the Company’s liquidation or (ii) Public Stockholders who elect to have their Pubic Shares redeemed in connection with the consummation of the Business Combination. As of June 30, 2024, the Company had deposited an aggregate of $869,668 to fund the Trust Account. For the three and six month ended June 30, 2024, an aggregate of $89,876 and $179,752, respectively, was deposited in the Trust Account. For the three and six month ended June 30, 2023, an aggregate of $210,000 and $210,000, respectively, was deposited in the Trust Account. The Company may seek to further extend the Combination Period consistent with applicable laws, regulations and stock exchange rules. Such an extension would require the approval of the Public Stockholders, who will be provided the opportunity to redeem all or a portion of their Public Shares. Such redemptions will likely have a material adverse effect on the amount held in the Trust Account, the Company’s capitalization, principal stockholders and other impacts on the Company or Management Team, such as the Company’s ability to maintain its listing on the Nasdaq Capital Market. Founder Share Conversion Following the approval of the Founder Share Amendment Proposal at the Second Special Meeting, on November 3, 2023, the Company issued an aggregate of 2,874,999 shares of Class A Common Stock (consisting of 2,824,999 shares to the Sponsor and 50,000 shares to an Anchor Investor) upon the conversion of an equal number of shares of Class B Common Stock, held by the Sponsor and such Anchor Investor, respectively. The 2,874,999 shares of Class A Common Stock issued in connection with the Founder Share Conversion are subject to the same restrictions as applied to the Class B Common Stock before the Founder Share Conversion, including, among other things, certain transfer restrictions, waiver of redemption rights and the obligation to vote in favor of a Business Combination, as described in the IPO Registration Statement. Following the Founder Share Conversion, the First Special Meeting Redemptions and the Second Special Meeting Redemptions, there were 4,073,341 shares of Class A Common Stock issued and outstanding and one share of Class B Common Stock issued and outstanding. As a result, the Sponsor holds approximately 69.4% of the issued and outstanding Class A Common Stock. Transfer of Trust Account Funds To mitigate the risk that the Company might be deemed to be an investment company for purposes of the Investment Company Act, on October 31, 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 at JPMorgan Chase Bank, N.A., with Continental continuing to act as trustee, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the Trust Account to the stockholders, as described elsewhere in the Report. Risks and Uncertainties The continuing military conflict between the Russian Federation and Ukraine, the military conflict in the Middle East and the risk of escalations of other military conflicts have created and are expected to create global economic consequences. The specific impact on the Company’s financial condition, results of operations, and cash flows is not determinable as of the date of the accompanying unaudited condensed financial statements. Inflation Reduction Act of 2022 On August 16, 2022, the IR Act was signed into federal law. The IR Act provides for, among other things, a new U.S. federal 1% Excise Tax on certain repurchases of stock by publicly traded U.S. domestic corporations and certain U.S. domestic subsidiaries of publicly traded foreign corporations occurring on or after January 1, 2023. The Excise Tax is imposed on the repurchasing corporation itself, not its shareholders from which shares are repurchased. The amount of the Excise Tax is generally 1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the Excise Tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year. In addition, certain exceptions apply to the Excise Tax. The Treasury has been given authority to provide regulations and other guidance to carry out and prevent the abuse or avoidance of the Excise Tax. In April 2024, the Treasury issued proposed regulations providing guidance with respect to the Excise Tax. Taxpayers may rely on these proposed regulations until final regulations are issued. Under the proposed regulations, liquidating distributions made by publicly traded domestic corporations are exempt from the Excise Tax. In addition, any redemptions that occur in the same taxable year as a liquidation is completed will also be exempt from such tax. Any redemption or other repurchase that occurs after December 31, 2022, in connection with a Business Combination, extension vote or otherwise, may be subject to the Excise Tax. Whether and to what extent the Company would be subject to the Excise Tax in connection with a Business Combination, extension vote or otherwise would depend on a number of factors, including (i) the fair market value of the redemptions and repurchases in connection with the Business Combination, extension or otherwise, (ii) the structure of a Business Combination, (iii) the nature and amount of any PIPE or other equity issuances in connection with a Business Combination (or otherwise issued not in connection with a Business Combination, but issued within the same taxable year of a Business Combination) and (iv) the content of regulations and other guidance from the Treasury. In addition, because the Excise Tax would be payable by the Company and not by the redeeming holder, the mechanics of any required payment of the Excise Tax have not been determined. The foregoing could cause a reduction in the cash available on hand to complete a Business Combination and in the Company’s ability to complete a Business Combination. During the second quarter, the Internal Revenue Service issued final regulations with respect to the timing and payment of the Excise Tax. Pursuant to those regulations, the Company would need to file a return and remit payment for any liability incurred during the period from January 1, 2023 to December 31, 2023 on or before October 31, 2024. The Company is currently evaluating its options with respect to payment of this obligation. If the Company is unable to pay its obligation in full, it will be subject to additional interest and penalties which are currently estimated at 10% interest per annum and a 5% underpayment penalty per month or portion of a month up to 25% of the total liability for any amount that is unpaid from November 1, 2024 until paid in full. In association with the Flybondi Business Combination Agreement, the Cartesian Escrow Parties released $900,000 to the Company for the payment of Excise Taxes on April 30, 2024. Termination of Forward Purchase Agreement On August 23, 2021, pursuant to the FPAs, Crescent Park, which is one of the Anchor Investors, and Carnegie Park agreed to purchase up to 2,500,000 Forward Purchase Shares in the case of Crescent Park and up to 500,000 Forward Purchase Shares in the case of Carnegie Park at $10.00 per share (as such price per share may be reduced to $9.20 per share or further reduced to below $9.20 per share with respect to all or part of the Forward Purchase Shares) for gross proceeds up to $30,000,000 in the aggregate if all of the Forward Purchase Shares were purchased at $10.00 per share (or up to $27,600,000 in the aggregate if all of the Forward Purchase Shares were purchased at $9.20 per share, or up to a lower amount in the aggregate if all of the Forward Purchase Shares were purchased at less than $9.20 per share) in private placements that would occur concurrently with the consummation of the initial Business Combination. On December 8, 2023 and December 12, 2023, the Company and each of Carnegie Park and Crescent Park entered into the FPA Termination Agreements to mutually terminate and cancel the FPAs. At the IPO, the Company recognized an offering cost of $1,011,752 within the statement of stockholders’ equity. Upon the termination of the FPAs, the Company recognized an aggregate gain of $2,708,717 with $1,011,752 recognized as a reversal of the offering costs and the remaining $1,696,965 recognized as an unrealized gain on the change in fair value of FPA on the accompanying unaudited condensed statements of operations. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard On June 28, 2023, the Company received the First Nasdaq Notice from the Nasdaq Staff notifying the Company that for the prior 30 consecutive business days, its MVLS was below the minimum of $50 million required for continued listing on Nasdaq pursuant to the Market Value Standard. This notification had no immediate effect on the listing or trading of the Company’s securities on Nasdaq. In accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Company had a period of 180 calendar days, or until December 26, 2023, to regain compliance with the Market Value Standard. The First Nasdaq Notice stated that to regain compliance, the Company’s MVLS must close at $50 million or more for a minimum of ten consecutive business days during the Nasdaq Compliance Period, at which time Nasdaq would provide written notification the Company had achieved compliance under the Market Value Standard and the matter would be closed. On October 24, 2023, the Company received the Second Nasdaq Notice from the Nasdaq Staff indicating that it was not in compliance with the Minimum Total Holders Rule, which requires the Company to maintain at least 400 total holders for continued listing on the Nasdaq Global Market. The Notice was only a notification of deficiency, not of imminent delisting, and had no immediate effect on the listing or trading of the Company’s securities on the Nasdaq Global Market. In accordance with Nasdaq Listing Rule 5810I(2)(A)(i), the Second Nasdaq Notice stated that the Company had 45 calendar days, or until December 8, 2023, to submit a plan to regain compliance with the Minimum Total Holders Rule. On December 7, 2023, the Company applied to transfer its securities from the Nasdaq Global Market to the Nasdaq Capital Market. On December 18, 2023, the Company received a letter from the Nasdaq Staff approving its application to list is securities on the Nasdaq Capital Market. The Company’s securities were transferred to the Nasdaq Capital Market at the opening of business on December 21, 2023. The First Nasdaq Notice and Second Nasdaq Notice are deemed to be resolved as a result of this transfer to the Nasdaq Capital Market. Liquidity, Capital Resources and Going Concern As of June 30, 2024, we had $73,267 in our operating bank account, $900,000 in a segregated account for the payment of Excise Taxes, and a working capital deficit of $3,397,790 (including $900,000 in cash received from the Cartesian Escrow Parties for the payment of Excise Taxes). Prior to the completion of the IPO, the Company’s liquidity needs had been satisfied through (i) a loan under the IPO Promissory Note, an unsecured promissory note with the Sponsor totaling $252,950 and (ii) the issuance of 2,875,000 Class B Common Stock at approximately $0.009 per share for gross proceeds of $25,000. The IPO Promissory Note has been repaid and no other borrowings are permitted. Subsequent to the consummation of the IPO, the Company’s liquidity needs have been satisfied through the issuance of the Private Placement Warrants, which generated gross proceeds of $4,950,000. On May 8, 2023, the Company issued the First Extension Promissory Note to the Sponsor, pursuant to which the Sponsor agreed to loan to the Company up to $630,000 to be deposited into the Trust Account (see Note 3). As of June 30, 2024, $355,000 had been borrowed under the First Extension Promissory Note. On November 8, 2023, the Company issued the Second Extension Promissory Note to the Sponsor, pursuant to which the Sponsor agreed to loan to the Company up to $359,503 to be deposited into the Trust Account (see Note 3). As of June 30, 2024, $239,665 had been borrowed under the Second Extension Promissory Note. On July 10, 2023, the Company issued the WCL Promissory Note to the Sponsor, pursuant to which the Sponsor agreed to loan to the Company up to $1,500,000 (see Note 3). As of June 30, 2024, $1,390,335 had been borrowed under the WCL Promissory Note. Included on the accompanying unaudited condensed balance sheet at June 30, 2024 is $900,000 of cash released to the Company on April 30, 2024 by the Cartesian Escrow Parties for the payment of the Company’s Excise Tax liability. Such amount was released to the Company solely for the purpose of the Company paying the Excise Tax liability and (i) under conditions as stipulated in the Flybondi Business Combination Agreement and (ii) is being held by the Company in a segregated bank account. In connection with the Company’s assessment of going concern considerations in accordance with ASU 2014-15, Management has determined that the mandatory liquidation and subsequent dissolution, should the Company be unable to complete a Business Combination, and insufficient cash raises substantial doubt about the Company’s ability to continue as a going concern. At the Second Special Meeting, the stockholders extended the Combination Period from November 3, 2023 to November 5, 2024; however, it is uncertain that the Company will be able to consummate a Business Combination within the Combination Period. If a Business Combination is not consummated within the Combination Period, there will be a mandatory liquidation and subsequent dissolution of the Company. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after the Combination Period.

Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Significant Accounting Policies

Note 2 — Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with U.S.GAAP for interim financial information and in accordance with the instructions to Form

10-Q

and Article 8 of Regulation

S-X

Emerging Growth Company

non-emerging

Use of Estimates

Cash held in Trust Account

Fair Value of Financial Instruments

The Company follows the guidance in ASC 820 for its financial assets and liabilities that are

re-measured

and reported at fair value at each reporting period, and

non-financial

assets and liabilities that are

re-measured

and reported at fair value at least annually.

•

Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

Derivative Financial Instruments

re-valued

non-current

based on whether or not

net-cash

settlement or conversion of the instrument could be required within 12 months of the balance sheet date.

Forward Purchase Agreement

The Company accounted for the 3,000,000 Forward Purchase Shares issued pursuant to the FPAs in accordance with the guidance contained in ASC

815-40

re-measurement

at each balance sheet date. With each such

re-measurement,

the FPA would be adjusted to fair value, with the change in fair value recognized in the accompanying unaudited condensed statement of operations.

On December 8, 2023 and December 12, 2023, the Company and each of Carnegie Park and Crescent Park entered into the FPA Termination Agreements to mutually terminate and cancel the FPAs. With the termination of the FPAs, the FPA fair value was adjusted to $0. At the IPO, the Company recognized an offering cost of $1,011,752 within the statement of stockholders’ equity. Upon the termination of the FPAs, the Company recognized an aggregate gain of $2,708,717 with $1,011,752 recognized as a reversal of the offering costs and the remaining $1,696,965 recognized as an unrealized gain on the change in fair value of the FPAs on the accompanying unaudited condensed statements of operations.

Income Taxes

740-270-25-3

more-likely-than-not

Common Stock Subject to Possible Redemption

ASC480-10-S99,

The Class A Common Stock subject to possible redemption reflected on the accompanying condensed balance sheets as of June 30, 2024 and December 31, 2023 is reconciled in the following table:


Class A Common Stock subject to possible redemption	Shares			Amount
January 1, 2023		11,500,000		$	117,737,665
Less:
Redemptions		(10,301,658	)		(107,607,366	)
Plus:
Remeasurement of carrying value to redemption value		—			2,793,358
December 31, 2023		1,198,342		$	12,923,657

January 1, 2024		1,198,342		$	12,923,657
Plus:
Remeasurement of carrying value to redemption value		—			355,671

June 30, 2024		1,198,342		$	13,279,328

Net Loss Per Common Stock

The accompanying unaudited condensed statements of operations apply the

two-class

method in calculating net loss per share. Basic and diluted net loss per Common Stock for redeemable Class A Common Stock and

non-redeemable

Class A and Class B Common Stock is calculated by dividing net loss attributable to the Company by the weighted average number of shares of redeemable Class A Common Stock and

non-redeemable

Class A and Class B Common Stock outstanding, allocated proportionally to each class of Common Stock.


	For the Three Months Ended June 30,												For the Six Months Ended June 30,
	2024						2023						2024						2023
	Redeemable			Non- Redeemable Class A			Redeemable			Non- Redeemable Class A			Redeemable			Non- Redeemable Class A			Redeemable			Non- Redeemable Class A
	Class A			And Class B			Class A			And Class B			Class A			And Class B			Class A			And Class B
Basic and diluted net loss per share
Numerator:
Allocation of net loss	$	(116,034	)	$	(278,383	)	$	(382,856	)	$	(162,995	)	$	(192,534	)	$	(461,918	)	$	(72,059	)	$	(22,732	)

Denominator:
Basic and diluted weighted average shares outstanding		1,198,342			2,875,000			6,753,044			2,875,000			1,198,342			2,875,000			9,113,409			2,875,000

Basic and diluted net loss per share	$	(0.10	)	$	(0.10	)	$	(0.06	)	$	(0.06	)	$	(0.16	)	$	(0.16	)	$	(0.01	)	$	(0.01	)

Recent Accounting Pronouncements

In August 2020, the FASB issued ASU

2020-06,

which simplifies accounting for convertible instruments by removing major separation models required under current U.S. GAAP. ASU

2020-06

are applicable for fiscal years beginning after December 15, 2023, with early adoption permitted no earlier than fiscal years beginning after December 15, 2020. The Company adopted ASU

2020-06

on January 1, 2024. The adoption of ASU

2020-06

has not had a material impact on the Company’s unaudited condensed financial statements and disclosures.

In December 2023, the FASB issued ASU

2023-09,

which requires disclosure of incremental income tax information within the rate reconciliation and expanded disclosures of income taxes paid, among other disclosure requirements. ASU

2023-09

is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. Management does not believe the adoption of ASU

2023-09

will have a material impact on its unaudited condensed financial statements and disclosures.

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Note 3 — Related Party Transactions Related Party Loans On July 10, 2023, the Company issued the WCL Promissory Note to the Sponsor in an amount of up to $1,500,000 in connection with the Working Capital Loans. The WCL Promissory Note bears no interest and is due and payable upon the earlier to occur of (i) the date on which the Company consummates a Business Combination and (ii) the date of the liquidation of the Company. Additionally, at the option of the Sponsor, the unpaid principle may be converted into warrants at a conversion price of $1.00 per warrant. Such warrants would be identical to the Private Placement Warrants. In the event that the initial Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans, but no proceeds from the Trust Account would be used to repay the Working Capital Loans. As of June 30, 2024 and December 31, 2023, the Company owed $1,390,335 and $910,083, respectively, under the WCL Promissory Note and reported the amounts as Working Capital Loans on the accompanying condensed balance sheets. Administrative Fees Pursuant to the Services Agreement, the Company has agreed to pay the Sponsor a total of $20,000 per month for office space, utilities, and secretarial and administrative support. Upon completion of the Business Combination or the Company’s liquidation, the Company will cease paying these monthly fees. Total administrative fee for the three and six months ended June 30, 2024 is $60,000 and $120,000. Total administrative fee for the three and six months ended June 30, 2023 is $60,000 and $120,000, respectively. At June 30, 2024 and December 31, 2023, $80,000 and $80,000, respectively, is reported on the accompanying condensed balance sheets as due to the Sponsor for the administrative fees. Promissory Notes – Related Party On May 8, 2023, the Company issued the First Extension Promissory Note to the Sponsor in an amount of up to $630,000 to be deposited into the Trust Account ($105,000 per month following the 5 th of each month through November 3, 2023) for the benefit of the Public Stockholders who did not redeem their Public Shares in connection with the First Extension. The First Extension Promissory Note bears no interest and is due and payable upon the earlier to occur of (i) the date on which the Company consummates a Business Combination and (ii) the date of the liquidation of the Company. At June 30, 2024 and December 31, 2023, the Company had $355,000 of borrowings under the First Extension Promissory Note. On November 8, 2023, the Company issued the Second Extension Promissory Note in the aggregate principal amount of up to $359,503 to the Sponsor. The Second Extension Promissory Note bears no interest and is repayable in full upon the earlier to occur of (i) the date on which the Company consummates a Business Combination and (ii) the date of the liquidation of the Company. Additionally, the Company will continue to deposit $29,958.55 into the Trust Account for each calendar month (commencing on November 8, 2023 and ending on the 5 th day of each subsequent month), or portion thereof, that is needed by the Company to complete an initial Business Combination until November 5, 2024, and such amount will be distributed either to: (i) all of the holders of Public Shares upon the Company’s liquidation or (ii) holders of Public Shares who elect to have their Public Shares redeemed in connection with the consummation of the initial Business Combination. At June 30, 2024 and December 31, 2023, the Company had $239,665 and $59,917, respectively, of borrowings under the Second Extension Promissory Note. Consulting and Advisory Services On May 28, 2021, the Company entered into a letter agreement with J.V.B., pursuant to which, the Company engaged Cohen & Company to provide consulting and advisory services in connection with the IPO in return for a transaction fee to be paid to J.V.B. in an amount equal to 10.0% of the aggregate underwriting discount and commissions earned by the underwriters in connection with the IPO to be paid simultaneously with the actual payment of such underwriting discount and commissions to the underwriters upon (i) the closing of the IPO and (ii) the completion of the Business Combination. J.V.B. was one of the Anchor Investors that purchased Units in the IPO and became a member of the Sponsor at the closing of the IPO to hold an indirect interest in a specified number of the Founder Shares held by the Sponsor. On November 4, 2021, the Company paid J.V.B. $85,000 in cash from funds outside of the Trust Account. Funds due to J.V.B. upon the completion of the initial Business Combination ($605,000 in the aggregate) were to be paid by the underwriters of the Initial Public Offering. On November 9, 2023, the Company and J.V.B. mutually agreed to terminate this arrangement. No further transaction fees will be payable to J.V.B. under this engagement of services

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 4 — Commitments and Contingencies Registration Rights Agreement The holders of the (i) Founder Shares, (ii) Private Placement Warrants and (iii) warrants that may be issued upon conversion of Working Capital Loans (and in each case holders of their underlying securities, as applicable), have registration rights to require the Company to register a sale of any of the Company’s securities held by the holders prior to the consummation of the initial Business Combination pursuant to the Registration Rights Agreement. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of the initial Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriter Agreement The underwriters of the IPO were entitled to a deferred underwriting commission of $0.50 on the first 10,000,000 Units sold in the IPO and $0.70 per Unit sold thereafter, or $6,050,000 in the aggregate. On August 28, 2023, the underwriters waived any right to receive the deferred underwriting commission and will therefore receive no additional underwriting commissions in connection with the closing of the Flybondi Business Combination. As a result, $6,050,000 was recorded to accumulated deficit in relation to the reduction of the deferred underwriter commission. As of June 30, 2024 and December 31, 2023, the deferred underwriting commission is $0. The Company complies with ASC 405 and derecognized the deferred underwriting commission liability upon being released of the obligation by the underwriters. To account for the waiver of the deferred underwriting commission, the Company reduced the deferred underwriter commission liability to $0 and reversed the previously recorded cost of issuing the instruments in the IPO, which included a reduction in the accumulated deficit and increased income available to Class B Common Stock by $6,050,000, which was previously allocated to the Class A Common Stock subject to redemption and accretion recognized at the date of the IPO. Anchor Investment The Anchor Investors purchased an aggregate of approximately $60.8 million of the Units in the IPO at the public offering price. There can be no assurance that the Anchor Investors will retain their Units prior to or upon the consummation of the initial Business Combination. In addition, none of the Anchor Investors has any obligation to vote any of their Public Shares in favor of the initial Business Combination. The Anchor Investors have not been granted any stockholder or other rights that are in addition to those granted to our other Public Stockholders, and were only issued equity interests in the Sponsor, with no right to control the Sponsor or vote or dispose of any securities held by the Sponsor. Further, unlike some anchor investor arrangements of other blank check companies, the Anchor Investors are not required to (i) hold any Units, Class A Common Stock or Public Warrants they may have purchased in the IPO or thereafter for any amount of time, (ii) vote any shares of Class A Common Stock they may own at the applicable time in favor of our initial Business Combination or (iii) refrain from exercising their right to redeem their Public Shares at the time of the Business Combination. The Anchor Investors have the same rights to the funds held in the Trust Account with respect to any Public Shares they hold as the rights afforded to the other Public Stockholders. Forward Purchase Agreements On August 23, 2021, pursuant to the FPAs, Crescent Park, which is one of the Anchor Investors, and Carnegie Park agreed to purchase up to 2,500,000 Forward Purchase Shares in the case of Crescent Park, and up to 500,000 Forward Purchase Shares in the case of Carnegie Park at $10.00 per share (as such price per share may be reduced to $9.20 per share or further reduced to below $9.20 per share with respect to all or part of the Forward Purchase Shares) for gross proceeds up to $30,000,000 in the aggregate if all of the Forward Purchase Shares were purchased at $10.00 per share (or up to $27,600,000 in the aggregate if all of the Forward Purchase Shares were purchased at $9.20 per share or up to a lower amount in the aggregate if all of the Forward Purchase Shares were purchased at less than $9.20 per share) in private placements that would occur concurrently with the consummation of the initial Business Combination. On December 8, 2023 and December 12, 2023, the Company and each of Carnegie Park and Crescent Park entered into the FPA Termination Agreements to mutually terminate and cancel the FPAs. Excise Tax In the First Special Meeting Redemptions and the Second Special Meeting Redemptions, holders of 10,301,658 shares of Class A Common Stock properly exercised their right to redeem their Public Shares for an aggregate redemption amount of $107,607,366. As such, the Company has recorded a 1% Excise Tax liability in the amount of $1,076,073 on the accompanying condensed balance sheet as of June 30, 2024. The liability does not impact the accompanying unaudited condensed statements of operations and is offset against additional paid-in capital or accumulated deficit if additional paid-in capital is not available. On April 30, 2024, in association with the Flybondi Business Combination Agreement, the Cartesian Escrow Parties have released $900,000 to the Company solely for the purpose of the Company paying the Excise Tax liability and (i) under conditions as stipulated in the Flybondi Business Combination Agreement and (ii) which is being held by the Company in a segregated bank account.

Stockholders' Deficit

6 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Deficit

Note 5 — Stockholders’ Deficit

Preferred Stock

Class A Common Stock

Class B Common Stock

one-for-one

as-converted

one-for-one

basis.

Warrants

Once the Warrants become exercisable, the Company may redeem the outstanding Warrants (except as described herein with respect to the Private Placement 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 given after the Warrants become exercisable to each warrant holder; and

•

30-trading-day

period commencing once the Warrants become exercisable and ending three business days before we send the notice of redemption to the warrant holders.

815-40.

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 6 — Fair Value Measurements

Recurring Fair Value Measurements

Under the guidance in ASC

815-40,

the FPAs do not meet the criteria for equity classification. As such, the FPAs must be recorded on the accompanying condensed balance sheets at fair value. This valuation is subject to

re-measurement

at each balance sheet date. With each

re-measurement,

The following table provides a reconciliation of changes in fair value of the beginning and ending balances for the FPA classified as Level 3 for the year ended December 31, 2023:


Changes in fair value of FPA classified as level 3
January 1, 2023	$	2,708,717
Change in fair value – statement of operations		(1,696,965	)
Change in fair value – statement of stockholders’ deficit		(1,011,752	)
December 31, 2023	$	—

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 7 — Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the accompanying unaudited condensed financial statements were issued. Based on the Company’s review, except as described below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the accompanying unaudited condensed financial statements. On July 2, 2024, the Company entered into (i) the Flybondi Novation Agreement with FB Parent, Flybondi Holdings, Merger Sub, Flybondi and the Joining Sellers. Pursuant to the Flybondi Novation Agreement, FB Parent assigned to Flybondi Holdings all of its liabilities, agreements, obligations, rights and duties in, under, and arising from the Flybondi Business Combination Agreement and (ii) the Flybondi Sponsor Support Agreement Amendment to reflect the Flybondi Holdings Substitution. The foregoing summary of the Flybondi Novation Agreement and Flybondi Sponsor Support Agreement Amendment is qualified in its entirety by reference to the complete text of the Flybondi Novation Agreement and Flybondi Sponsor Support Agreement Amendment, which are filed as Exhibits 10.1 and Exhibit 10.2, respectively, to this Report. Since June 30, 2024 through the date of this Report, an aggregate of $59,917 has been deposited into the Trust Account pursuant to borrowings under the Second Extension Promissory Note for each month that has been needed to complete a Business Combination. In each of July and August 2024, $29,959 was deposited into the Trust Account pursuant to borrowings under the Second Extension Promissory Note.

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with U.S.GAAP for interim financial information and in accordance with the instructions to Form

10-Q

and Article 8 of Regulation

S-X

Emerging Growth Company

non-emerging

Use of Estimates

Cash held in Trust Account

Fair Value of Financial Instruments

The Company follows the guidance in ASC 820 for its financial assets and liabilities that are

re-measured

and reported at fair value at each reporting period, and

non-financial

assets and liabilities that are

re-measured

and reported at fair value at least annually.

•

Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

Derivative Financial Instruments

re-valued

non-current

based on whether or not

net-cash

settlement or conversion of the instrument could be required within 12 months of the balance sheet date.

Forward Purchase Agreement

The Company accounted for the 3,000,000 Forward Purchase Shares issued pursuant to the FPAs in accordance with the guidance contained in ASC

815-40

re-measurement

at each balance sheet date. With each such

re-measurement,

the FPA would be adjusted to fair value, with the change in fair value recognized in the accompanying unaudited condensed statement of operations.

On December 8, 2023 and December 12, 2023, the Company and each of Carnegie Park and Crescent Park entered into the FPA Termination Agreements to mutually terminate and cancel the FPAs. With the termination of the FPAs, the FPA fair value was adjusted to $0. At the IPO, the Company recognized an offering cost of $1,011,752 within the statement of stockholders’ equity. Upon the termination of the FPAs, the Company recognized an aggregate gain of $2,708,717 with $1,011,752 recognized as a reversal of the offering costs and the remaining $1,696,965 recognized as an unrealized gain on the change in fair value of the FPAs on the accompanying unaudited condensed statements of operations.

Income Taxes

740-270-25-3

more-likely-than-not

Common Stock Subject to Possible Redemption

ASC480-10-S99,

The Class A Common Stock subject to possible redemption reflected on the accompanying condensed balance sheets as of June 30, 2024 and December 31, 2023 is reconciled in the following table:


Class A Common Stock subject to possible redemption	Shares			Amount
January 1, 2023		11,500,000		$	117,737,665
Less:
Redemptions		(10,301,658	)		(107,607,366	)
Plus:
Remeasurement of carrying value to redemption value		—			2,793,358
December 31, 2023		1,198,342		$	12,923,657

January 1, 2024		1,198,342		$	12,923,657
Plus:
Remeasurement of carrying value to redemption value		—			355,671

June 30, 2024		1,198,342		$	13,279,328

Net Loss Per Common Stock

The accompanying unaudited condensed statements of operations apply the

two-class

method in calculating net loss per share. Basic and diluted net loss per Common Stock for redeemable Class A Common Stock and

non-redeemable

Class A and Class B Common Stock is calculated by dividing net loss attributable to the Company by the weighted average number of shares of redeemable Class A Common Stock and

non-redeemable

Class A and Class B Common Stock outstanding, allocated proportionally to each class of Common Stock.


	For the Three Months Ended June 30,												For the Six Months Ended June 30,
	2024						2023						2024						2023
	Redeemable			Non- Redeemable Class A			Redeemable			Non- Redeemable Class A			Redeemable			Non- Redeemable Class A			Redeemable			Non- Redeemable Class A
	Class A			And Class B			Class A			And Class B			Class A			And Class B			Class A			And Class B
Basic and diluted net loss per share
Numerator:
Allocation of net loss	$	(116,034	)	$	(278,383	)	$	(382,856	)	$	(162,995	)	$	(192,534	)	$	(461,918	)	$	(72,059	)	$	(22,732	)

Denominator:
Basic and diluted weighted average shares outstanding		1,198,342			2,875,000			6,753,044			2,875,000			1,198,342			2,875,000			9,113,409			2,875,000

Basic and diluted net loss per share	$	(0.10	)	$	(0.10	)	$	(0.06	)	$	(0.06	)	$	(0.16	)	$	(0.16	)	$	(0.01	)	$	(0.01	)

Recent Accounting Pronouncements

In August 2020, the FASB issued ASU

2020-06,

which simplifies accounting for convertible instruments by removing major separation models required under current U.S. GAAP. ASU

2020-06

are applicable for fiscal years beginning after December 15, 2023, with early adoption permitted no earlier than fiscal years beginning after December 15, 2020. The Company adopted ASU

2020-06

on January 1, 2024. The adoption of ASU

2020-06

has not had a material impact on the Company’s unaudited condensed financial statements and disclosures.

In December 2023, the FASB issued ASU

2023-09,

which requires disclosure of incremental income tax information within the rate reconciliation and expanded disclosures of income taxes paid, among other disclosure requirements. ASU

2023-09

is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. Management does not believe the adoption of ASU

2023-09

will have a material impact on its unaudited condensed financial statements and disclosures.

Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Summary of Reconciliation of Class A Common Stock Subject to Possible Redemption

The Class A Common Stock subject to possible redemption reflected on the accompanying condensed balance sheets as of June 30, 2024 and December 31, 2023 is reconciled in the following table:


Class A Common Stock subject to possible redemption	Shares			Amount
January 1, 2023		11,500,000		$	117,737,665
Less:
Redemptions		(10,301,658	)		(107,607,366	)
Plus:
Remeasurement of carrying value to redemption value		—			2,793,358
December 31, 2023		1,198,342		$	12,923,657

January 1, 2024		1,198,342		$	12,923,657
Plus:
Remeasurement of carrying value to redemption value		—			355,671

June 30, 2024		1,198,342		$	13,279,328

Summary of Reconciliation of Net Loss Per Ordinary Share


	For the Three Months Ended June 30,												For the Six Months Ended June 30,
	2024						2023						2024						2023
	Redeemable			Non- Redeemable Class A			Redeemable			Non- Redeemable Class A			Redeemable			Non- Redeemable Class A			Redeemable			Non- Redeemable Class A
	Class A			And Class B			Class A			And Class B			Class A			And Class B			Class A			And Class B
Basic and diluted net loss per share
Numerator:
Allocation of net loss	$	(116,034	)	$	(278,383	)	$	(382,856	)	$	(162,995	)	$	(192,534	)	$	(461,918	)	$	(72,059	)	$	(22,732	)

Denominator:
Basic and diluted weighted average shares outstanding		1,198,342			2,875,000			6,753,044			2,875,000			1,198,342			2,875,000			9,113,409			2,875,000

Basic and diluted net loss per share	$	(0.10	)	$	(0.10	)	$	(0.06	)	$	(0.06	)	$	(0.16	)	$	(0.16	)	$	(0.01	)	$	(0.01	)

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Summary of Reconciliation of Changes in Fair Value for the FPA Classified as Level 3

The following table provides a reconciliation of changes in fair value of the beginning and ending balances for the FPA classified as Level 3 for the year ended December 31, 2023:


Changes in fair value of FPA classified as level 3
January 1, 2023	$	2,708,717
Change in fair value – statement of operations		(1,696,965	)
Change in fair value – statement of stockholders’ deficit		(1,011,752	)
December 31, 2023	$	—

Organization, Business Operations and Liquidity - Additional Information (Detail)										1 Months Ended		2 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares	Dec. 12, 2023 USD ($)	Nov. 03, 2023 shares	Nov. 02, 2023 USD ($) $ / shares shares	Jun. 28, 2023 USD ($)	Aug. 16, 2022	Dec. 29, 2021 shares	Nov. 05, 2021 USD ($) $ / shares shares	Aug. 23, 2021 USD ($) shares	Aug. 31, 2024 USD ($)	Jul. 31, 2024 USD ($)	Aug. 31, 2024 USD ($)	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($)	Nov. 01, 2024	Apr. 30, 2024 USD ($)	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 08, 2023 USD ($)	Nov. 08, 2023 USD ($)	Jul. 10, 2023 USD ($)	May 08, 2023 USD ($)	May 03, 2023 USD ($) $ / shares shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Entity incorporation, date of incorporation															Feb. 16, 2021
Payments to acquire restricted investment															$ 116,725,000
Percentage of amount of trust assets of target company excluding working capital underwriting commission and taxes															80.00%
Equity method investment ownership percentage	50.00%												50.00%		50.00%
Per share value of restricted assets \| $ / shares															$ 10.15
Share amount in the trust account	11.12%												11.12%		11.12%
Networth needed post business combination	$ 5,000,001												$ 5,000,001		$ 5,000,001
Estimated amount of expenses payable on dissolution	100,000												100,000		100,000
Cash	973,267												973,267		973,267				$ 75,891
Working capital	$ 3,397,790												$ 3,397,790		3,397,790
Proceeds from issuance of unsecured debt															$ 252,950
Maximum per share amount to be maintained in the trust account	10.15%												10.15%		10.15%
Asset, Held-in-Trust																					$ 29,958.55			$ 105,000
Notes payable current	$ 594,665												$ 594,665		$ 594,665				414,917
Number of consecutive days below the market value of listed securities threshold limit					30 days
Market value of listed securities threshold limit					$ 50,000,000
Gain on termination of FPA		$ 1,011,752
Offering cost		1,011,752																		$ 1,011,752
Aggregate gain on termination of forward purchase agreement		2,708,717
Unrealized gain on the change in fair value of FPA		$ 1,696,965													0	$ (862,581)
Aggregate of cash deposited in the trust account													89,876	$ 210,000	179,752	$ 210,000
Cash deposited in the trust account															869,668
Operating Bank Account [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash	73,267												73,267		73,267
Promissory Note [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Promissory note																							$ 630,000
First Extension Promissory Note [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Promissory note																							$ 630,000	$ 630,000
Notes payable current	355,000												355,000		355,000				355,000
Second Extension Promissory Note [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Promissory note																					$ 359,503
Notes payable current	239,665												239,665		$ 239,665				$ 59,917
Debt Instrument, Interest Rate During Period				0.00%
Debt Instrument, Payment Terms															repayable in full upon the date of the consummation of the initial Business Combination or our liquidation
January 1, 2023 [Member] \| Inflation Reduction Act of 2022 [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Applicable excise tax rate percentage						0.01
Percentage of the fair market value of the shares repurchased at the time of the repurchase representing excise tax amount						0.01
Private Placement Warrants [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from issuance of private placement															$ 4,950,000
Sponsor [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Asset, Held-in-Trust																						$ 1,500,000
Stock issued during period, shares, conversion of convertible securities \| shares			2,824,999
Sponsor [Member] \| Working Capital Loan Promissory Note [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Promissory note	1,390,335												1,390,335		1,390,335
Sponsor [Member] \| Private Placement Warrants [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Class of warrant or right, exercise price of warrants or rights \| $ / shares								$ 1
Class of warrants and rights issued during the period \| shares								4,950,000
Proceeds from issuance of private placement								$ 4,950,000
Related Party [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Notes payable current	$ 355,000												$ 355,000		$ 355,000
Anchor Investor [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock issued during period, shares, conversion of convertible securities \| shares			50,000
Cartesian Escrow Parties [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Escrow deposits released for excise tax liability																		$ 900,000
Subsequent Event [Member] \| Second Extension Promissory Note [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash deposited in the trust account										$ 29,959	$ 29,959	$ 59,917
Common Class A [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Class of warrant or right, exercise price of warrants or rights \| $ / shares	$ 11.5							$ 11.5					$ 11.5		$ 11.5
Public shares redemption price \| $ / shares	$ 11.08			$ 10.79									$ 11.08		$ 11.08				$ 10.78
Aggregate redemption amount of public shares	$ 107,607,366			$ 19,763,618									$ 107,607,366		$ 107,607,366
Stock Redeemed or Called During Period, Shares \| shares	10,301,658			1,831,599
Stock issued during period, shares, conversion of convertible securities \| shares			2,874,999
Percentage of common stock issued and outstanding			69.40%
Common stock shares outstanding \| shares	2,874,999		4,073,341										2,874,999		2,874,999				2,874,999
Common Class A [Member] \| Anchor Investor [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares issued, price per share \| $ / shares	$ 10												$ 10		$ 10
Common Class A [Member] \| Anchor Investor [Member] \| Share Price Less than Or Equal to Nine Point Two Zero USD Per Share [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares issued, price per share \| $ / shares	9.2												9.2		$ 9.2
Proceeds from Issuance of Common Stock									$ 30,000,000						$ 30,000,000
Common Class A [Member] \| Anchor Investor [Member] \| Share Price Equals to Ten USD Per Share [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares issued, price per share \| $ / shares	10												10		$ 10
Proceeds from Issuance of Common Stock									$ 27,600,000						$ 27,600,000
Common Class A [Member] \| Anchor Investor [Member] \| Crescent Park [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock shares issued during the period shares \| shares									2,500,000						2,500,000
Common Class A [Member] \| Anchor Investor [Member] \| Carnegie Park [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock shares issued during the period shares \| shares									500,000						500,000
Common Class B [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock shares issued during the period shares \| shares															2,875,000
Shares issued, price per share \| $ / shares	$ 0.009												$ 0.009		$ 0.009
Proceeds from Issuance of Common Stock															$ 25,000
Common stock shares outstanding \| shares	1												1		1				1
Founder Shares [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Share price \| $ / shares	$ 12												$ 12		$ 12
Number of trading days for determining the closing price															20 days
Number of consecutive trading days for determining the closing price															30 days
Number of consecutive trading days upon the closing of business combination															150 days
Maximum per share amount to be maintained in the trust account	10.15%												10.15%		10.15%
Shares transferred by sponsor to anchor investor \| shares							50,000
Public Shares [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Temporary equitys exercised their right to redeem \| shares																								8,470,059
Public shares redemption price \| $ / shares																								$ 87,843,748
Aggregate redemption amount of public shares																								$ 10.37
IPO [Member] \| Common Class A [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock shares issued during the period shares \| shares								11,500,000
Shares issued, price per share \| $ / shares								$ 10
Proceeds from Issuance Initial Public Offering								$ 115,000,000
Over-Allotment Option [Member] \| Sponsor [Member] \| Private Placement Warrants [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Class of warrants and rights issued during the period \| shares								90,000
Over-Allotment Option [Member] \| Common Class A [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock shares issued during the period shares \| shares								1,500,000
Internal Revenue Service Final Regulation for Excise Tax Payment [Member] \| Subsequent Event [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Additional interest rate estimated per month																	10.00%
Penalty rate estimated per month																	5.00%
Standard interest rate for unpaid portion																	25.00%
Flybondi Business Combination Agreement [Member] \| Cartesian Escrow Parties [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Escrow deposits released for excise tax liability	$ 900,000												$ 900,000		$ 900,000			$ 900,000
Escrow deposit	900,000												900,000		900,000
Cash received from escrow for payment of excise tax liability	$ 900,000												$ 900,000		$ 900,000

Significant Accounting Policies - Summary of Reconciliation of Class A Common Stock Subject to Possible Redemption (Detail) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Temporary Equity [Line Items]
Beginning Balance	$ 12,923,657
Redemptions	0	$ 87,843,748
Ending Balance	$ 13,279,328		$ 12,923,657
Common Class A [Member]
Temporary Equity [Line Items]
Beginning Balance (in shares)	1,198,342	11,500,000	11,500,000
Beginning Balance	$ 12,923,657	$ 117,737,665	$ 117,737,665
Redemptions (in shares)			(10,301,658)
Redemptions			$ (107,607,366)
Remeasurement of carrying value to redemption value	$ 355,671		$ 2,793,358
Ending Balance (in shares)	1,198,342		1,198,342
Ending Balance	$ 13,279,328		$ 12,923,657

Significant Accounting Policies - Summary of Reconciliation of Net Loss Per Ordinary Share (Detail) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Allocation of net loss	$ (394,417)	$ (260,035)	$ (545,851)	$ 451,060	$ (654,452)	$ (94,791)
Common Class A [Member] \| Redeemable Common Stock [Member]
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Allocation of net loss	$ (116,034)		$ (382,856)		$ (192,534)	$ (72,059)
Basic weighted average shares outstanding	1,198,342		6,753,044		1,198,342	9,113,409
Diluted weighted average shares outstanding	1,198,342		6,753,044		1,198,342	9,113,409
Basic net loss per share	$ (0.1)		$ (0.06)		$ (0.16)	$ (0.01)
Diluted net loss per share	$ (0.1)		$ (0.06)		$ (0.16)	$ (0.01)
Common Class A and B [Member] \| Non-Redeemable Common Stock [Member]
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Allocation of net loss	$ (278,383)		$ (162,995)		$ (461,918)	$ (22,732)
Basic weighted average shares outstanding	2,875,000		2,875,000		2,875,000	2,875,000
Diluted weighted average shares outstanding	2,875,000		2,875,000		2,875,000	2,875,000
Basic net loss per share	$ (0.1)		$ (0.06)		$ (0.16)	$ (0.01)
Diluted net loss per share	$ (0.1)		$ (0.06)		$ (0.16)	$ (0.01)

Significant Accounting Policies - Additional Information (Detail) - USD ($)		3 Months Ended		6 Months Ended
	Dec. 12, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 08, 2023
Unrecognised tax benefits		$ 0		$ 0		$ 0
Accrued interest and penalties on unrecognised tax benefits		$ 0		$ 0		$ 0
Effective tax rate differs from the statutory tax rate		21.00%	21.00%	21.00%	21.00%
Effective income tax rate reconciliation percent		(12.30%)	(40.40%)	(15.40%)	130.10%
Offering cost	$ 1,011,752						$ 1,011,752
Aggregate gain on termination of forward purchase agreement	2,708,717
Gain on termination of FPA	1,011,752
Unrealized gain on the change in fair value of FPA	$ 1,696,965			$ 0	$ (862,581)
Forward Purchase agreement [Member]
Common stock issued to Sponsors ,shares				3,000,000
Servicing liability at fair value amount							$ 0

Related Party Transactions - Additional Information (Detail) - USD ($)				3 Months Ended		6 Months Ended
	Nov. 09, 2023	Jul. 10, 2023	Nov. 04, 2021	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Nov. 08, 2023	May 08, 2023	May 03, 2023	May 28, 2021
Related Party Transaction [Line Items]
Notes payable current				$ 594,665		$ 594,665		$ 414,917
Operating Costs and Expenses				523,160	$ 544,039	908,571	$ 872,259
Proceeds from sale of trust assets to pay expenses		$ 0
First Extension Promissory Note [Member]
Related Party Transaction [Line Items]
Promissory note										$ 630,000	$ 630,000
Deposit into the trust account for each calendar month										$ 105,000
Notes payable current				355,000		355,000		355,000
Second Extension Promissory Note [Member]
Related Party Transaction [Line Items]
Promissory note									$ 359,503
Deposit into the trust account for each calendar month									$ 29,958.55
Notes payable current				239,665		239,665		59,917
Working Capital Loan [Member] \| Sponsor [Member]
Related Party Transaction [Line Items]
Warrants issued price per warrant		$ 1
Promissory note		$ 1,500,000
Notes payable current				1,390,335		1,390,335		910,083
Debt instrument, interest rate, stated percentage		0.00%
Administrative Service Fee [Member]
Related Party Transaction [Line Items]
Operating Costs and Expenses						20,000
Administrative Service Fee [Member] \| Sponsor [Member]
Related Party Transaction [Line Items]
Total administrative fee				60,000	$ 60,000	120,000	$ 120,000
J.V.B. Financial Group, LLC [Member]
Related Party Transaction [Line Items]
Percentage of transaction fee paid against underwriting discount and commissions												10.00%
Related party transaction, amounts of transaction	$ 0
Related Party [Member]
Related Party Transaction [Line Items]
Notes payable current				355,000		355,000
Related Party [Member] \| Sponsor [Member]
Related Party Transaction [Line Items]
Other Liabilities				$ 80,000		$ 80,000		$ 80,000
Business Combination Underwriting Agreement [Member] \| J.V.B. Financial Group, LLC [Member]
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction			$ 85,000
Amount paid by underwriters			$ 605,000

Commitments and Contingencies - Additional Information (Detail) - USD ($)						6 Months Ended	11 Months Ended
	Jun. 30, 2024	Nov. 02, 2023	Nov. 05, 2021	Aug. 23, 2021	Feb. 16, 2021	Jun. 30, 2024	Dec. 31, 2021	Apr. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Percentage of excise tax liability	1.00%					1.00%
Sales and excise tax payable current	$ 1,076,073					$ 1,076,073			$ 1,076,073
Common Class A [Member]
Loss Contingencies [Line Items]
Stock redeemed or called during period, shares	10,301,658	1,831,599
Temporary Equity, Aggregate Amount of Redemption Requirement	$ 107,607,366	$ 19,763,618				107,607,366
IPO [Member] \| Common Class A [Member]
Loss Contingencies [Line Items]
Stock shares issued during the period shares			11,500,000
Shares issued, price per share			$ 10
Underwriter [Member] \| Underwriting Agreement [Member] \| Deferred Underwriting [Member]
Loss Contingencies [Line Items]
Deferred underwriting discount per share							$ 0.7
Underwriter [Member] \| IPO [Member] \| Underwriting Agreement [Member] \| Deferred Underwriting [Member]
Loss Contingencies [Line Items]
Sale of Stock, Number of Shares Issued in Transaction							10,000,000
Deferred underwriting discount per share							$ 0.5
Deferred underwriting commission										$ 6,050,000
Deferred underwriting commission waived						6,050,000
Deferred underwriting commission non current	$ 0					0			$ 0
Waiver of deferred underwriting commission recorded in accumulated deficit						$ 6,050,000
Anchor Investor [Member] \| Common Class A [Member]
Loss Contingencies [Line Items]
Shares issued, price per share	$ 10					$ 10
Anchor Investor [Member] \| Common Class A [Member] \| Share Price Less than Or Equal to Nine Point Two Zero USD Per Share [Member]
Loss Contingencies [Line Items]
Proceeds from Issuance of Common Stock				$ 30,000,000		$ 30,000,000
Shares issued, price per share	9.2					$ 9.2
Anchor Investor [Member] \| Common Class A [Member] \| Share Price Equals to Ten USD Per Share [Member]
Loss Contingencies [Line Items]
Proceeds from Issuance of Common Stock				$ 27,600,000		$ 27,600,000
Shares issued, price per share	$ 10					$ 10
Anchor Investor [Member] \| Common Class A [Member] \| Crescent Park [Member]
Loss Contingencies [Line Items]
Stock shares issued during the period shares				2,500,000		2,500,000
Anchor Investor [Member] \| Common Class A [Member] \| Carnegie Park [Member]
Loss Contingencies [Line Items]
Stock shares issued during the period shares				500,000		500,000
Anchor Investor [Member] \| IPO [Member] \| Founder Shares [Member]
Loss Contingencies [Line Items]
Stock issued during period, value, issued for services					$ 60,800,000
Cartesian Escrow Parties [Member]
Loss Contingencies [Line Items]
Escrow deposits released for excise tax liability								$ 900,000

Stockholders' Deficit - Additional Information (Detail) - $ / shares		6 Months Ended
	Nov. 03, 2023	Jun. 30, 2024	Jan. 01, 2024	Dec. 31, 2023	Dec. 31, 2022	Nov. 05, 2021
Class of Stock [Line Items]
Preferred stock shares authorized		1,000,000		1,000,000
Preferred stock par or stated value per share		$ 0.0001		$ 0.0001
Preferred stock shares issued		0		0
Preferred stock shares outstanding		0		0
Number of days after consummation of business combination within which the securities shall be registered		15 days
Number of days after which business combination within which securities registration shall be effective		60 days
Class of warrant or right, Outstanding		10,700,000
Public Warrants [Member]
Class of Stock [Line Items]
Class of warrant or right, Threshold period for exercise from date of closing public offering		30 days
Warrants and rights outstanding, term		5 years
Class of warrant or right, Outstanding		5,750,000
Public Warrants [Member] \| Share Price Equal or Exceeds $18.00 Per Share [Member]
Class of Stock [Line Items]
Number of days of notice to be given for redemption of warrants		30 days
Number of consecutive trading days for determining share price		20 days
Number of trading days for determining the share price		30 days
Private Placement Warrants [Member]
Class of Stock [Line Items]
Class of warrant or right, Outstanding		4,950,000
Private Placement Warrants [Member] \| Sponsor [Member]
Class of Stock [Line Items]
Class of warrant or right, Exercise price of warrants or rights						$ 1
IPO [Member]
Class of Stock [Line Items]
Percentage of number of shares of common stock outstanding		20.00%
Common Class A [Member]
Class of Stock [Line Items]
Common stock shares authorized		100,000,000		100,000,000
Common stock par or stated value per share		$ 0.0001	$ 0.0001	$ 0.0001
Common stock shares issued		2,874,999		2,874,999
Common stock shares outstanding	4,073,341	2,874,999		2,874,999
Class of warrant or right, Exercise price of warrants or rights		$ 11.5				$ 11.5
Temporary equity, shares outstanding		1,198,342		1,198,342	11,500,000
Stock issued during period, shares, conversion of units	2,874,999
Common Class A [Member] \| Sponsor [Member]
Class of Stock [Line Items]
Common stock shares issued	2,874,999
Common Class A [Member] \| Share Price Equal or Exceeds $18.00 Per Share [Member]
Class of Stock [Line Items]
Class of warrant or right, exercise price adjustment percentage higher of market value		180.00%
Common Class A [Member] \| Share Price Equal Or Less $9.20 Per Share [Member]
Class of Stock [Line Items]
Share redemption trigger price		9.2
Minimum percentage gross proceeds required from issuance of equity		60.00%
Class of warrant or right, exercise price adjustment percentage higher of market value		115.00%
Common Class A [Member] \| Public Warrants [Member] \| Share Price Equal Or Exceeds $10.00 Per Share [Member]
Class of Stock [Line Items]
Share price		$ 10
Common Class A [Member] \| Public Warrants [Member] \| Share Price Equal or Exceeds $18.00 Per Share [Member]
Class of Stock [Line Items]
Share price		18
Class of warrants redemption price per unit		$ 0.01
Common Class B [Member]
Class of Stock [Line Items]
Common stock shares authorized		10,000,000		10,000,000
Common stock par or stated value per share		$ 0.0001		$ 0.0001
Common stock shares issued		1		1
Common stock shares outstanding		1		1

Fair Value Measurements - Summary of Reconciliation of Changes in Fair Value for the FPA Classified as Level 3 (Detail) - USD ($)		6 Months Ended		12 Months Ended
	Dec. 12, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Change in fair value – statement of operations	$ (1,696,965)	$ 0	$ 862,581
Change in fair value – statement of stockholders' deficit	$ (1,011,752)
FPA liability [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value at, Beginning balance		$ 0	$ 2,708,717	$ 2,708,717
Change in fair value – statement of operations				(1,696,965)
Change in fair value – statement of stockholders' deficit				(1,011,752)
Fair Value at, Ending balance				$ 0

Subsequent Events - Additional Information (Detail) - USD ($)	1 Months Ended		2 Months Ended	6 Months Ended
	Aug. 31, 2024	Jul. 31, 2024	Aug. 31, 2024	Jun. 30, 2024
Subsequent Event [Line Items]
Cash deposited in the trust account				$ 869,668
Subsequent Event [Member] \| Second Extension Promissory Note [Member]
Subsequent Event [Line Items]
Cash deposited in the trust account	$ 29,959	$ 29,959	$ 59,917

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