Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 14, 2023 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-40945 | |
Entity Registrant Name | PEGASUS DIGITAL MOBILITY ACQUISITION CORP. | |
Entity Incorporation, State or Country Code | E9 | |
Entity Tax Identification Number | 98-1596591 | |
Entity Address, Address Line One | 71 Fort Street | |
Entity Address, City or Town | George Town | |
Entity Address, State or Province | KY | |
Entity Address, Postal Zip Code | KY1-1106 | |
City Area Code | 345 | |
Local Phone Number | 769-4900 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | true | |
Entity Central Index Key | 0001861541 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Units, each consisting of one Class A Ordinary Share and one-half of one redeemable Warrant | ||
Document and Entity Information | ||
Title of 12(b) Security | Units, each consisting of one Class A Ordinary Shareand one-half of one redeemable Warrant | |
Trading Symbol | PGSS.U | |
Security Exchange Name | NYSE | |
Redeemable Warrants, each exercisable for one Class A Ordinary Share at an exercise price of $11.50 per share | ||
Document and Entity Information | ||
Title of 12(b) Security | Redeemable Warrants, each exercisable for one ClassA Ordinary Share at an exercise price of $11.50 pershare | |
Trading Symbol | PGSS.WS | |
Security Exchange Name | NYSE | |
Class A ordinary shares, par value $0.0001 per share | ||
Document and Entity Information | ||
Title of 12(b) Security | Class A Ordinary Shares, par value $0.0001 per share | |
Trading Symbol | PGSS | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 5,003,218 | |
Class B ordinary shares | ||
Document and Entity Information | ||
Entity Common Stock, Shares Outstanding | 5,625,000 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash | $ 355,601 | $ 428,967 |
Prepaid expenses | 24,426 | 61,381 |
Total current assets | 380,027 | 490,348 |
Non-current assets | ||
Marketable securities held in Trust Account | 54,654,543 | 230,595,291 |
Total non-current assets | 54,654,543 | 230,595,291 |
Total Assets | 55,034,570 | 231,085,639 |
Current liabilities | ||
Accounts payable | 967,136 | 297,739 |
Accrued expenses | 1,818,679 | 469,749 |
Due to related party | 326,532 | 200,530 |
Promissory note- related party | 6,220,390 | |
Total current liabilities | 9,332,737 | 968,018 |
Non-current liabilities | ||
Warrant liabilities | 2,190,000 | 498,623 |
Deferred underwriting commissions | 2,441,250 | 7,875,000 |
Total non-current liabilities | 4,631,250 | 8,373,623 |
Total Liabilities | 13,963,987 | 9,341,641 |
Commitments and Contingencies (Note 5) | ||
Shareholders' Deficit | ||
Preference shares, $0.0001 par value; 2,000,000 shares authorized; none issued and outstanding | ||
Accumulated deficit | (13,584,523) | (8,851,856) |
Total Shareholders' Deficit | (13,583,960) | (8,851,293) |
TOTAL LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS' DEFICIT | 55,034,570 | 231,085,639 |
Class A ordinary shares subject to possible redemption | ||
Non-current liabilities | ||
Class A ordinary shares subject to possible redemption, 5,003,218 and 22,500,000 shares issued and outstanding at redemption value as of September 30, 2023 and December 31, 2022, respectively | 54,654,543 | 230,595,291 |
Class A ordinary shares not subject to possible redemption | ||
Shareholders' Deficit | ||
Common stock value | 0 | 0 |
Class B ordinary shares | ||
Shareholders' Deficit | ||
Common stock value | $ 563 | $ 563 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)(Parenthetical) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 | Oct. 26, 2021 |
Preference shares, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | |
Preference shares, shares authorized | 2,000,000 | 2,000,000 | |
Preference shares, shares issued | 0 | 0 | |
Preference shares, shares outstanding | 0 | 0 | |
Class A ordinary shares | |||
Ordinary shares, par value (in dollar per share) | $ 0.0001 | $ 0.0001 | |
Ordinary shares, shares authorized | 200,000,000 | 200,000,000 | |
Ordinary shares, shares outstanding | 5,003,218 | ||
Class A ordinary shares subject to possible redemption | |||
Class A ordinary shares subject to possible redemption, outstanding (in shares) | 5,003,218 | 22,500,000 | |
Class A ordinary shares subject to possible redemption, issued (in shares) | 5,003,218 | 22,500,000 | |
Class A ordinary shares not subject to possible redemption | |||
Ordinary shares, par value (in dollar per share) | $ 0.0001 | $ 0.0001 | |
Ordinary shares, shares authorized | 200,000,000 | 200,000,000 | |
Ordinary shares, shares issued | 0 | 0 | |
Ordinary shares, shares outstanding | 0 | 0 | |
Class B ordinary shares | |||
Ordinary shares, par value (in dollar per share) | $ 0.0001 | $ 0.0001 | |
Ordinary shares, shares authorized | 20,000,000 | 20,000,000 | |
Ordinary shares, shares issued | 5,625,000 | 5,625,000 | 5,750,000 |
Ordinary shares, shares outstanding | 5,625,000 | 5,625,000 | 5,750,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Listing fee amortization expense | $ 24,426 | $ 21,250 | $ 73,278 | $ 63,750 |
Administrative expenses - related party | 42,000 | 42,000 | 126,000 | 126,000 |
Administrative expenses - other | 269,116 | 9,847 | 722,668 | 74,127 |
Legal and accounting expenses | 1,216,463 | 72,197 | 4,052,416 | 384,628 |
Insurance expense | 178,233 | 49,531 | 534,700 | |
Operating expenses | 1,552,005 | 323,527 | 5,023,893 | 1,183,205 |
Loss from operations | (1,552,005) | (323,527) | (5,023,893) | (1,183,205) |
Other income (loss): | ||||
Change in fair value of warrant liability | 182,500 | 4,205,250 | (2,082,055) | 6,843,000 |
Interest and dividend income on marketable securities held in Trust Account | 799,661 | 947,639 | 4,531,664 | 1,227,475 |
Loss on foreign exchange conversion | (1,300) | (30,951) | ||
Total other income, net | 980,861 | 5,152,889 | 2,418,658 | 8,070,475 |
Net (loss) income | (571,144) | 4,829,362 | (2,605,235) | $ 6,887,270 |
Class A ordinary shares | ||||
Other income (loss): | ||||
Weighted average shares outstanding, diluted | 22,500,000 | |||
Basic and diluted net income (loss) per share, diluted | $ 0.26 | |||
Class A ordinary shares subject to possible redemption | ||||
Other income (loss): | ||||
Net (loss) income | $ 328,054 | $ 4,053,018 | $ 603,535 | $ 5,755,311 |
Weighted average shares outstanding, basic | 5,766,994 | 22,500,000 | 12,881,676 | 22,500,000 |
Weighted average shares outstanding, diluted | 5,766,994 | 22,500,000 | 12,881,676 | 22,500,000 |
Basic and diluted net income (loss) per share, basic | $ 0.06 | $ 0.18 | $ 0.05 | $ 0.26 |
Basic and diluted net income (loss) per share, diluted | $ 0.06 | $ 0.18 | $ 0.05 | $ 0.26 |
Class B ordinary shares | ||||
Other income (loss): | ||||
Net (loss) income | $ (899,198) | $ 776,344 | $ (3,208,770) | $ 1,131,959 |
Weighted average shares outstanding, basic | 5,625,000 | 5,625,000 | 5,625,000 | 5,625,000 |
Weighted average shares outstanding, diluted | 5,625,000 | 5,625,000 | 5,625,000 | 5,625,000 |
Basic and diluted net income (loss) per share, basic | $ (0.16) | $ 0.14 | $ (0.57) | $ 0.20 |
Basic and diluted net income (loss) per share, diluted | $ (0.16) | $ 0.14 | $ (0.57) | $ 0.20 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS' DEFICIT (UNAUDITED) - USD ($) | Accretion of Class A ordinary shares to redemption value Ordinary shares | Accretion of Class A ordinary shares to redemption value Accumulated Deficit | Accretion of Class A ordinary shares to redemption value | Class B ordinary shares Ordinary shares | Class B ordinary shares | Additional Paid-in Capital | Accumulated Deficit | Total |
Balance at the beginning at Dec. 31, 2021 | $ 227,262,051 | $ 563 | $ 0 | $ (17,357,184) | $ (17,356,621) | |||
Balance at the beginning (in shares) at Dec. 31, 2021 | 22,500,000 | 5,625,000 | ||||||
CHANGES IN ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS' DEFICIT | ||||||||
Accretion of Class A ordinary shares to redemption value | $ 41,520 | $ (41,520) | $ (41,520) | |||||
Net income (loss) | 0 | 576,936 | 576,936 | |||||
Balance at the end at Mar. 31, 2022 | $ 227,303,571 | $ 563 | (16,821,768) | (16,821,205) | ||||
Balance at the end (in shares) at Mar. 31, 2022 | 22,500,000 | 5,625,000 | ||||||
Balance at the beginning at Dec. 31, 2021 | $ 227,262,051 | $ 563 | 0 | (17,357,184) | (17,356,621) | |||
Balance at the beginning (in shares) at Dec. 31, 2021 | 22,500,000 | 5,625,000 | ||||||
CHANGES IN ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS' DEFICIT | ||||||||
Accretion of Class A ordinary shares to redemption value | (1,227,475) | (1,227,475) | (1,227,475) | |||||
Net income (loss) | 5,755,311 | $ 1,131,959 | 6,887,270 | |||||
Balance at the end at Sep. 30, 2022 | $ 228,489,526 | $ 563 | (11,697,389) | (11,696,826) | ||||
Balance at the end (in shares) at Sep. 30, 2022 | 22,500,000 | 5,625,000 | ||||||
Balance at the beginning at Mar. 31, 2022 | $ 227,303,571 | $ 563 | (16,821,768) | (16,821,205) | ||||
Balance at the beginning (in shares) at Mar. 31, 2022 | 22,500,000 | 5,625,000 | ||||||
CHANGES IN ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS' DEFICIT | ||||||||
Accretion of Class A ordinary shares to redemption value | $ 238,316 | (238,316) | (238,316) | |||||
Net income (loss) | 0 | 1,480,972 | 1,480,972 | |||||
Balance at the end at Jun. 30, 2022 | $ 227,541,887 | $ 563 | (15,579,112) | (15,578,549) | ||||
Balance at the end (in shares) at Jun. 30, 2022 | 22,500,000 | 5,625,000 | ||||||
CHANGES IN ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS' DEFICIT | ||||||||
Accretion of Class A ordinary shares to redemption value | $ 947,639 | (947,639) | (947,639) | (947,639) | (947,639) | |||
Net income (loss) | 0 | 4,053,018 | 776,344 | 4,829,362 | 4,829,362 | |||
Balance at the end at Sep. 30, 2022 | $ 228,489,526 | $ 563 | (11,697,389) | (11,696,826) | ||||
Balance at the end (in shares) at Sep. 30, 2022 | 22,500,000 | 5,625,000 | ||||||
Balance at the beginning at Dec. 31, 2022 | $ 230,595,291 | $ 563 | (8,851,856) | (8,851,293) | ||||
Balance at the beginning (in shares) at Dec. 31, 2022 | 22,500,000 | 5,625,000 | ||||||
CHANGES IN ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS' DEFICIT | ||||||||
Accretion of Class A ordinary shares to redemption value | $ 4,717,871 | (4,717,871) | (4,717,871) | |||||
Net income (loss) | 0 | $ 0 | 0 | (1,944,607) | (1,944,607) | |||
Balance at the end at Mar. 31, 2023 | $ 235,313,162 | $ 563 | (15,514,334) | (15,513,771) | ||||
Balance at the end (in shares) at Mar. 31, 2023 | 22,500,000 | 5,625,000 | ||||||
Balance at the beginning at Dec. 31, 2022 | $ 230,595,291 | $ 563 | (8,851,856) | (8,851,293) | ||||
Balance at the beginning (in shares) at Dec. 31, 2022 | 22,500,000 | 5,625,000 | ||||||
CHANGES IN ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS' DEFICIT | ||||||||
Forfeiture of deferred underwriting commissions | 5,433,750 | |||||||
Accretion of Class A ordinary shares to redemption value | (7,951,860) | (7,951,860) | (7,951,860) | |||||
Net income (loss) | 603,535 | (3,208,770) | (2,605,235) | |||||
Balance at the end at Sep. 30, 2023 | $ 54,654,543 | $ 563 | (13,584,523) | (13,583,960) | ||||
Balance at the end (in shares) at Sep. 30, 2023 | 5,003,218 | 5,625,000 | ||||||
Balance at the beginning at Mar. 31, 2023 | $ 235,313,162 | $ 563 | (15,514,334) | (15,513,771) | ||||
Balance at the beginning (in shares) at Mar. 31, 2023 | 22,500,000 | 5,625,000 | ||||||
CHANGES IN ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS' DEFICIT | ||||||||
Equity award grant of Private Placement Warrants | $ 0 | 390,678 | 390,678 | |||||
Redemption of Class A ordinary shares | (160,337,374) | |||||||
Accretion of Class A ordinary shares to redemption value | 1,984,039 | $ (390,678) | (1,593,361) | (1,984,039) | ||||
Net income (loss) | 0 | (89,484) | (89,484) | |||||
Balance at the end at Jun. 30, 2023 | $ 76,959,827 | $ 563 | (17,197,179) | (17,196,616) | ||||
Balance at the end (in shares) at Jun. 30, 2023 | 7,199,073 | 5,625,000 | ||||||
CHANGES IN ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS' DEFICIT | ||||||||
Redemption of Class A ordinary shares (in shares) | (15,300,927) | |||||||
Forfeiture of deferred underwriting commissions | $ 0 | 5,433,750 | 5,433,750 | |||||
Redemption of Class A ordinary shares | (23,555,234) | |||||||
Accretion of Class A ordinary shares to redemption value | 1,249,950 | $ (1,249,950) | (1,249,950) | (1,249,950) | (1,249,950) | |||
Net income (loss) | 0 | $ 328,054 | $ (899,198) | (571,144) | (571,144) | |||
Balance at the end at Sep. 30, 2023 | $ 54,654,543 | $ 563 | $ (13,584,523) | $ (13,583,960) | ||||
Balance at the end (in shares) at Sep. 30, 2023 | 5,003,218 | 5,625,000 | ||||||
CHANGES IN ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS' DEFICIT | ||||||||
Redemption of Class A ordinary shares (in shares) | (2,195,855) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Cash flows from operating activities: | |||||||
Net (loss) income | $ (571,144) | $ (1,944,607) | $ 4,829,362 | $ 576,936 | $ (2,605,235) | $ 6,887,270 | |
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | |||||||
Accrued interest and dividends on marketable securities held in Trust Account | (232,763) | ||||||
Earnings on marketable securities held in Trust Account | (1,227,475) | ||||||
Fair value changes of warrants | (182,500) | (4,205,250) | 2,082,055 | (6,843,000) | |||
Changes in operating assets and liabilities: | |||||||
Prepaid expenses | 36,955 | 524,413 | |||||
Accounts payable | 669,397 | 200,032 | |||||
Accrued expenses | 1,348,930 | (186,706) | |||||
Due to related party | 126,002 | 115,363 | |||||
Net cash provided by (used in) operating activities | 1,425,341 | (530,103) | |||||
Cash flow from investing activities: | |||||||
Proceeds from redemption of marketable securities | 183,892,608 | 344,705,238 | |||||
Payment for purchase of marketable securities | (7,719,097) | (344,705,238) | |||||
Net cash provided by investing activities | 176,173,511 | ||||||
Cash flow from financing activities: | |||||||
Proceeds from promissory note - related party | 6,220,390 | ||||||
Payment of Class A ordinary shareholder redemptions | (183,892,608) | ||||||
Net cash used in financing activities | (177,672,218) | ||||||
Net Change in Cash | (73,366) | (530,103) | |||||
Cash - Beginning | $ 428,967 | $ 1,031,397 | 428,967 | 1,031,397 | $ 1,031,397 | ||
Cash - Ending | 355,601 | $ 501,294 | 355,601 | 501,294 | $ 428,967 | ||
Non-Cash Investing and Financing Activities: | |||||||
Accretion of Class A ordinary shares subject to possible redemption | 7,951,860 | $ 1,227,475 | |||||
Fair value of equity award grant of Private Placement Warrants | 390,678 | ||||||
Forfeiture of deferred underwriting commissions | $ 5,433,750 | $ 5,433,750 |
Organization and Business Opera
Organization and Business Operations | 9 Months Ended |
Sep. 30, 2023 | |
Organization and Business Operations | |
Organization and Business Operations | Note 1 - Organization and Business Operations Organization and General Pegasus Digital Mobility Acquisition Corp. (the “Company”) is a blank check company incorporated in the Cayman Islands on March 30, 2021. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or assets (the “Business Combination”). As described further below under “ – Initial Business Combination - Business Combination Agreement”, on May 31, 2023, the Company entered into a Business Combination Agreement (as it may be amended, supplemented, or otherwise modified from time to time, the “Business Combination Agreement”), by and among the Company, Gebr. SCHMID GmbH, a German limited liability company (“Schmid”), Pegasus Topco B.V., a Dutch private limited liability company and wholly-owned subsidiary of the Company (“TopCo”) and Pegasus MergerSub Corp., a Cayman Islands exempted company and wholly-owned subsidiary of TopCo (“MergerSub”). As of September 30, 2023, the Company had not commenced any operations. All activity through September 30, 2023 relates to the Company’s formation and the initial public offering (the “IPO”), and, since the completion of the IPO, a search for a 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 and dividends on cash, cash equivalents, and marketable securities from the proceeds derived from the IPO. The Company’s sponsor is Pegasus Digital Mobility Sponsor LLC, a Cayman Islands limited liability company (the “Sponsor”). The Company, TopCo, and MergerSub’s financial statements are presented on a condensed consolidated basis. Financing The registration statement for the Company’s IPO was declared effective on October 21, 2021. On October 26, 2021, the Company consummated the IPO of 20,000,000 units at $10.00 per unit (the “Units”), generating gross proceeds to the Company of $200,000,000. Each Unit consists of one Class A ordinary share, par value $0.0001 per share (the “Class A ordinary shares”), and one-half 45 Simultaneously with the consummation of the IPO, the Company consummated the sale of 9,000,000 warrants (the “Private Placement Warrants”), each exercisable to purchase one Class A ordinary share at $11.50 per share, at a price of $1.00 per Private Placement Warrant in a private placement to the Sponsor, generating gross proceeds to the Company of $9,000,000. Depending on the extent to which the underwriters’ over-allotment option was exercised, the Sponsor agreed to purchase an additional 900,000 Private Placement Warrants. On November 4, 2021, the underwriters partially exercised the over-allotment option and, on November 8, 2021, purchased 2,500,000 Units, generating aggregate gross proceeds of $25,000,000. On November 8, 2021, simultaneously with the sale of the over-allotment Units, the Company consummated the private sale of an additional 750,000 Private Placement Warrants, generating gross proceeds to the Company of $750,000. Transaction costs related to the consummation of the IPO on October 26, 2021, amounted to $13,124,654 consisting of $4,500,000 of underwriting discounts, $7,875,000 of deferred underwriting commissions, and $749,654 of other offering costs. On August 15, 2023, the Company received a waiver from one of the underwriters of the IPO pursuant to which such underwriter waived all rights to its $5,433,750 of deferred underwriting commissions payable upon completion of an initial Business Combination. As a result, as of September 30, 2023, the deferred underwriting commissions payable were $2,441,250 (See Note 5). Prior to the IPO, qualified institutional buyers or institutional accredited investors (the “Anchor Investors”) expressed to the Company an interest in purchasing Units in the IPO in exchange for the Sponsor agreeing to sell the Anchor Investors Class B ordinary shares, par value $0.0001 (“Founder Shares”). Upon the closing of the IPO, the Anchor Investors received 1,375,000 Founder Shares (“Anchor Shares”) from the Sponsor. The fair value of the Anchor Shares was treated as an issuance cost of the offering which was allocated to the Class A ordinary shares and Public Warrants. On November 4, 2021, the Sponsor transferred an aggregate of 843,750 Founder Shares to the Company’s officers and independent directors. On December 6, 2021, 125,000 of the Founder Shares were forfeited by the Sponsor as a result of the underwriters’ partial exercise of the over-allotment option and the expiration of the over-allotment option. All shares and per-share amounts have been retroactively restated to reflect the forfeiture of the 125,000 Founder Shares. In April 2023, shareholders holding 15,300,927 shares of Class A ordinary shares exercised their right to redeem their shares for a pro rata portion of the funds in the Trust Account (as defined below). As a result, $160,337,374 was withdrawn from the Trust and distributed to such shareholders. In July 2023, shareholders holding 2,195,855 shares of Class A ordinary shares exercised their right to redeem their shares for a pro rata portion of the funds in the Trust Account. As a result, $23,555,234 was withdrawn from the Trust and distributed to such shareholders. As of September 30, 2023, $54,654,543 remains in the Company’s Trust Account. Following the redemption, 5,003,218 of the Company’s Class A ordinary shares remained outstanding. Trust Account Following the closing of the IPO on October 26, 2021, and the underwriters’ partial exercise of the over-allotment option on November 8, 2021, $227,250,000 ($10.10 per Unit) of the net proceeds from the sale of the Units in the IPO and a portion of the net proceeds from the sale of the Private Placement Warrants were deposited into a trust account (the “Trust Account”) and were invested only in U.S. government treasury obligations with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 of the Investment Company Act of 1940, as amended (the “Investment Company Act”), that invest only in direct U.S. government treasury obligations. Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its taxes, if any, the funds held in the Trust Account will not be released to the Company from the Trust Account until the earliest to occur of: (a) the completion of its initial Business Combination, (b) the redemption of any Class A ordinary shares properly tendered in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association (i) to modify the substance or timing of its obligation to redeem 100% of its Class A ordinary shares if the Company does not complete its initial Business Combination within 15 months from the closing of the IPO, which is extendable at the Sponsor’s option up to 21 months as described below (the “Combination Period”) or (ii) with respect to any other provisions relating to shareholders’ rights or pre-initial Business Combination activity; and (c) the redemption of its Class A ordinary shares if the Company is unable to complete its Business Combination within the Combination Period, subject to applicable law. Initial Business Combination The initial Business Combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the Trust Account (net of amounts disbursed to management for working capital purposes, if permitted, and excluding the amount of any deferred underwriting commissions held in the Trust Account). However, the Company will only complete such Business Combination if the post-transaction company owns or acquires 50% or more of the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target business 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. Extensions of Initial Business Combination Deadline On January 23, 2023, the Company issued a non-convertible unsecured promissory note (the “Extension Note”) in the principal amount of $2,250,000 to the Sponsor (see Note 4). The Sponsor deposited the funds into the Trust Account. The Extension Note was issued in connection with the decision by the Company’s board of directors to exercise the first extension option in accordance with the Company’s amended and restated memorandum and articles of association and to extend the date by which the Company must consummate a Business Combination transaction from January 26, 2023 to April 26, 2023 (i.e., for a period of time ending 18 months after the consummation of the IPO) (the “First Extension Option”). The Extension Note bears no interest and is repayable in full upon the consummation of a Business Combination by the Company. If the Company does not consummate a Business Combination, the Extension Note will not be repaid and all amounts owed under the Extension Note will be forgiven except to the extent that the Company has funds available to it outside of its Trust Account. On March 15, 2023, the Company amended and restated certain provisions of the Extension Note to align the terms of the Extension Note with the March 2023 Promissory Note (as defined below). On April 19, 2023, the Company’s shareholders approved of the adoption of the second amended and restated articles of association in the form proposed, to among other things (i) make certain updates to reflect the decision by the board of directors to exercise the First Extension Option pursuant to which the date by which the Company had to consummate an initial Business Combination was extended from January 26, 2023 to April 26, 2023 (i.e., for a period of time ending 18 months after the consummation of the Company’s IPO), (ii) amend the amount which the Sponsor is required to deposit in the Trust Account in order to exercise the second extension option to extend the date by which the Company has to consummate a Business Combination from April 26, 2023 to July 26, 2023 (the “Second Extension Option”) to $0.10 per Class A ordinary share then in issue (after giving effect to any redemptions of such shares which are tendered for redemption in connection with the results of the Company’s extraordinary general meeting held on April 19, 2023), (iii) insert a third extension option to enable the board of directors to extend the date by which the Company has to consummate a Business Combination from July 26, 2023 to December 31, 2023 (the “Third Extension Option”), and (iv) insert a voluntary redemption right in favor of the holders of the Company’s Class A ordinary shares then in issue enabling public shareholders to redeem such shares on July 26, 2023 for 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 not previously released to the Company to pay its taxes, divided by the number of Class A ordinary shares then in issue, if the board of directors elects to exercise the Third Extension Option. On April 24, 2023, the Company issued a non-convertible unsecured promissory note (the “April 2023 Extension Note”) in the principal amount of $719,907 to the Sponsor (see Note 4). The Sponsor deposited the funds into the Trust Account on April 28, 2023. The April 2023 Extension Note was issued in connection with the board of director’s exercise of the Second Extension Option under the second amended and restated articles of association to extend the date by which the Company must consummate a Business Combination transaction from April 26, 2023 to July 26, 2023 (i.e., for a period of time ending 21 months after the consummation of the IPO). The April 2023 Extension Note bears no interest and is repayable in full upon the consummation of a Business Combination by the Company. If the Company does not consummate a Business Combination, the April 2023 Extension Note will not be repaid and all amounts owed under the April 2023 Extension Note will be forgiven except to the extent that the Company has funds available to it outside of the Trust Account. On July 14, 2023, the Company’s board of directors elected to exercise the Third Extension Option, extending the initial Business Combination deadline from July 26, 2023 to December 31, 2023. The Company expects to utilize the further time available to it to consummate a Business Combination. Also on July 14, 2023, the Sponsor voluntarily committed to make a monthly contribution to the Trust Account commencing on August 1, 2023, and paid on the first day of each month thereafter until the earliest of (i) the date on which the Company consummates a Business Combination or (ii) December 31, 2023. Each monthly contribution shall be $150,097, representing $0.03 per Class A ordinary share then outstanding. The contribution amount is to be paid on a monthly basis after the issuance of the July 2023 Promissory Note (as defined below) in connection therewith. Should the Company’s board of directors determine that the Company will not be able to consummate the initial Business Combination by December 31, 2023, and that the Company shall instead liquidate, the Sponsor’s obligation to continue to make such contributions shall immediately cease. If the Board determines that more time is needed to consummate the initial Business Combination, a shareholders’ vote in an extraordinary general meeting will be required to change the Articles of the Company. As of the date of this Quarterly Report, the Sponsor had made three monthly contributions. On July 31, 2023, the Company issued a non-convertible unsecured promissory note (the “July 2023 Promissory Note”) in the principal amount of $750,843 to the Sponsor (see Note 4). The July 2023 Promissory Note was issued in connection with the expected monthly payments by the Sponsor into the Trust Account described above. The July 2023 Promissory Note bears no interest and is repayable in full upon the earliest of December 31, 2023, the date on which the Company consummates its initial Business Combination, or within three (3) business days of the receipt by the Company of a break-free, termination fee or similar arrangement in connection with a potential Business Combination. If the Company does not consummate a Business Combination, the July 2023 Promissory Note will not be repaid and all amounts owed under the July 2023 Promissory Note will be forgiven except to the extent that the Company has funds available to it outside of the Trust Account. Business Combination Agreement On May 31, 2023, the Company entered into the Business Combination Agreement by and among the Company, Schmid, TopCo and Merger Sub. The Business Combination Agreement and the transactions contemplated thereby (the “Transactions”) were approved by the boards of directors of each of the Company, TopCo and Merger Sub as well as by Anette Schmid and Christian Schmid, the shareholders of Schmid (each a “Schmid Shareholder” and, collectively, the “Schmid Shareholders”). Pursuant to the Business Combination Agreement, the Company would merge with and into Merger Sub pursuant to Part XVI of the Cayman Companies Act (the “Merger”), with Merger Sub as the surviving company in the Merger, and each issued and outstanding Eligible Pegasus Share (as defined in the Business Combination Agreement) will be automatically cancelled and extinguished in exchange for the Merger Consideration as defined and detailed in the Business Combination Agreement (such issuance, together with the Merger, the “Schmid Business Combination”) and each warrant issued by the Company (the “Pegasus Warrant”) that is outstanding immediately prior to the time the Merger becomes effective (the “Effective Time”) will, immediately following the completion of the Schmid Business Combination, represent a warrant on the same contractual terms and conditions as were in effect with respect to such Pegasus Warrant immediately prior to the Effective Time under the terms of the Warrant Agreement, as applicable, that is exercisable for an equivalent number of ordinary shares in the share capital of TopCo (“TopCo Ordinary Shares”), in each case, on the terms and subject to the conditions set forth in the Business Combination Agreement. Immediately after giving effect to the Schmid Business Combination, the Schmid Shareholders shall contribute their shares of common stock of the Company to Topco in return for such number of TopCo Ordinary Shares equal to the number of shares defined in the Schmid Business Combination (the “Exchange”). Immediately after giving effect to the Exchange, a notarial deed will be executed by a Dutch notary in order to change the legal form of TopCo from a private limited liability company to a public limited liability company and TopCo is currently intended to be renamed to “Schmid Group N.V.”. The obligations of the Company, TopCo, Schmid, and Merger Sub (each a “Party” and, collectively, the “Parties”) to consummate the Transactions are subject to the satisfaction or, if permitted by applicable law, waiver by the Party for whose benefit such condition exists of various conditions, including: (a) no legal restraint or prohibition preventing the consummation of the Transactions shall be in effect; (b) the Registration Statement/Proxy Statement shall have become effective; (c) the Transaction Proposals (as defined in the Business Combination Agreement) shall have been approved by the Company’s shareholders; (d) the Company’s shareholders shall have approved the execution of the Business Combination Agreement and execution of the transactions contemplated hereby and certain other matters related to the implementation of the Transactions and such approval shall continue to be in full force and effect; (e) after giving effect to the Transactions, TopCo shall have at least $5,000,001 of net tangible assets (as determined in accordance with Rule 3a51-1(g)(1) of the Exchange Act) immediately after the closing of the Transactions (the “Closing”); and (f) TopCo shall receive a minimum of $35,000,000 in cash from the Transactions (from cash held in trust or private investments in public equity (PIPE)). Concurrently with the execution of the Business Combination Agreement and the fulfilment of the conditions precedent set forth in the Business Combination Agreement, each of the Schmid Shareholders irrevocably and unconditionally undertook (the “Schmid Shareholders Undertakings”) and agreed in each case to the extent legally possible and permissible (a) to fully support and implement the Transactions in relation to which such Schmid Shareholders’ support or participation is required or appropriate, (b) to omit any actions that could be of detriment to the implementation of the Transactions, (c) to vote or cause to be voted all of such Schmid Shareholder’s Company Shares (as defined in the Schmid Shareholders’ Undertakings) against any resolution that would reasonably be expected to impede or adversely affect the Transactions in any way, or result in a breach of any undertaking, representation or warranty of such Shareholder contained in the Schmid Shareholders’ Undertakings, and (d) to contribute its respective shares of the Company to TopCo in exchange for shares of TopCo substantially in accordance with the exchange table and the exchange ratio as set forth therein, in each case, on the terms and subject to the conditions set forth in the Schmid Shareholders’ Undertakings. Concurrently with the execution of the Business Combination Agreement, each Schmid Shareholder entered into a Lock-Up Agreement (the “Lock-Up Agreement”), pursuant to which they agreed not to, without the prior written consent of the board of directors of TopCo, effect any transaction or enter into any arrangement that is designed to or that reasonably could be expected to lead to or result in a sale or disposition of any ordinary shares in the share capital of TopCo held by them immediately after the Closing, nor to publicly announce any intention to effect or enter the same, during the period beginning on the Closing and ending on the date that is one year after the Closing (the “Lock-Up Period”) on the terms and subject to the conditions set forth in the Lock-Up Agreement. Concurrently with the execution of the Business Combination Agreement, the Company, the Sponsor, Schmid and certain individuals party thereto (comprising the officers and directors of the Company) (each, an “Insider”) entered into a Sponsor Agreement, pursuant to which, among other things, the Sponsor and the Insiders agreed to (i) vote in favor of all of the transaction proposals to be voted upon at the meeting of the Company’s shareholders, including approval of the Agreement and the Transactions, (ii) waive certain adjustments to the conversion ratio and other anti-dilution protections set forth in the governing documents of the Company with respect to the Founders Shares owned by such Sponsor and Insider, (iii) be bound by certain transfer restrictions with respect to their Company shares prior to the Closing, (iv) to use 2,812,500 of the existing Founders Shares (half of the existing Founders Shares) to negotiate non-redemption agreements with certain holders of the Company’s Class A ordinary shares or to enter into PIPE subscription agreements with investors, and (v) be bound by certain lock-up provisions during the Lock-Up Period with respect to any shares or warrants of TopCo received in exchange for holdings in the Company in connection with the Transactions, in each case on the terms and subject to the conditions set forth therein. The Company and TopCo are in ongoing discussions with investors as part of potential PIPE transactions. In case PIPE investors are committing to subscribe shares or instruments convertible into shares, the issuance of subscribed shares or such other instruments by such PIPE investors are intended to be completed substantially concurrent to the Transactions. At the Closing, the Company, the Sponsor, TopCo, and the Schmid Shareholders would enter into an amended restated registration rights agreement (the “Registration Rights Agreement”), pursuant to which, among other things, the Sponsor and the Schmid Shareholders would be granted certain customary registration rights with respect to their TopCo Ordinary Shares, in each case, on the terms and subject to the conditions set forth in the Registration Rights Agreement. TopCo, the Company and Continental Stock Transfer & Trust Company, the Company’s warrant agent, would enter into a warrant assumption agreement (the “Warrant Assumption Agreement”) immediately following the completion of the Transactions, pursuant to which, among other things, the Company would assign all of its right, title and interest in and to, and TopCo would assume all of the Company’s liabilities and obligations under, the Warrant Agreement. As a result of such assumption, following the execution of the Warrant Assumption Agreement, each Pegasus Warrant would be exchanged for a warrant to purchase TopCo Ordinary Shares on the terms and conditions of the Warrant Assumption Agreement. Concurrently with the execution of the Business Combination Agreement, the Sponsor and certain directors and officers of the Company entered into a warrant grant agreement transferring 1,775,000 private warrants held by the Sponsor to such directors and officers, subject to certain conditions. On May 31, 2023, the Company issued a non-convertible unsecured promissory note (the “May 2023 Promissory Note”) in the principal amount of $1,400,000 to the Sponsor. The May 2023 Promissory Note was issued in connection with the decision by the Company’s board of directors to approve the Business Combination Agreement and to provide additional working capital to the Company. The Company would provide its public shareholders with the opportunity to redeem all or a portion of their Class A ordinary shares upon the completion of the initial Business Combination either (1) in connection with a general meeting called to approve the Business Combination or (2) by means of a tender offer. The decision as to whether the Company would seek shareholder approval of a proposed Business Combination or conduct a tender offer will be made by the board of directors of the Company, in its sole discretion. The Company will proceed with the Business Combination if the Company would have net tangible assets of at least $5,000,001 upon such consummation of the Business Combination and, if the Company seeks shareholder approval, a majority of the issued and outstanding shares voted are voted in favor of the Business Combination. The Company would also provide its public shareholders with the opportunity to redeem all or a portion of their Class A ordinary shares upon the completion of its initial Business Combination at a per-share price, payable in cash, equal to the aggregate amount then deposited in the Trust Account calculated as of two The Class A ordinary shares subject to redemption were recorded at a redemption value and classified as temporary equity upon the completion of the IPO, in accordance with Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 480, “Distinguishing Liabilities from Equity”, and subsequently accreted to redemption value. In such case, the Company is expected to proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of the Business Combination and, if the Company seeks shareholder approval, a majority of the issued and outstanding shares voted are voted in favor of the Business Combination. The initial shareholders, directors, officers and advisors agreed to waive: (i) their redemption rights with respect to any Founder Shares and Class A ordinary shares held by them, as applicable, in connection with the completion of the Company’s initial Business Combination; (ii) their redemption rights with respect to any Founder Shares and Class A ordinary shares held by them in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the initial Business Combination or to redeem 100% of the Class A ordinary shares if the Company does not complete the initial Business Combination within the Combination Period or (B) with respect to any other provision relating the rights of holders of the Class A ordinary shares; (iii) their rights to liquidating distributions from the Trust Account with respect to any Founder Shares they hold if the Company fails to complete its initial Business Combination within the Combination Period or during any extended time that the Company has to consummate a Business Combination beyond the Combination Period as a result of a shareholder vote to amend the Company’s amended and restated memorandum and articles of association (an “Extension Period”) (although they will be entitled to liquidating distributions from the Trust Account with respect to any Class A ordinary shares they hold if the Company fails to complete the initial Business Combination within the prescribed time frame); and (iv) vote their Founder Shares and any Class A ordinary shares purchased during or after the IPO in favor of the Company’s initial Business Combination. Each of the Anchor Investor entered into an investment agreement with the Company pursuant to which they agreed that any Founder Shares held by them are (i) not entitled to redemption rights in connection with the completion of the Company’s initial Business Combination or in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association and (ii) not entitled to liquidating distributions from the Trust Account with respect to any Founder Shares the Anchor Investor holds in the event the Company fails to complete its initial Business Combination within the Combination Period or during any Extension Period. The Sponsor agreed that it will be liable to the Company if and to the extent any claims by a third party (other than the Company’s independent auditors) for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (1) $10.10 per Class A ordinary share or (2) such lesser amount per Class A ordinary share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of the trust assets, in each case net of the interest which may be withdrawn to pay taxes, except as to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company has not independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and believes that the Sponsor’s only assets are securities of the Company, and, therefore, the Sponsor may not be able to satisfy its obligations. The Company has not asked the Sponsor to reserve for such obligations. On September 26, 2023, the Company entered into that certain First Amendment to the Business Combination Agreement (the “First Amendment”), by and among the Company, Schmid, TopCo and Merger Sub, pursuant to which the parties amended certain contractual provisions, qualifications for U.S. federal tax purposes and references within the Business Combination Agreement, to, among other things, reflect that: (i) prior to the Effective Time, the Schmid Shareholders will purchase the sole share in the capital of TopCo, from the Company against payment of the nominal value of the sole share, being an amount of EUR 0.01 (the “Purchase”); (ii) the Exchange and the change in legal form of TopCo will be effective after the Purchase and prior to the Effective Time (rather than after the Effective Time); and (iii) the company will be designated Surviving Company (as defined in the Business Combination Agreement) rather than Merger Sub. Liquidity and Going Concern As of September 30, 2023, the Company had $355,601 in cash and a working capital deficit of $8,952,710. The Company has incurred and expects to continue to incur significant costs in pursuit of its financing and acquisition plans. The Company lacks the financial resources it needs to sustain operations for a reasonable period of time, which is considered to be one year from the issuance date of these financial statements. Although no formal agreement exists, the Sponsor is committed to extend Working Capital Loans (as defined below) as needed. The Company cannot assure that its plans to consummate an initial Business Combination will be successful. In addition, management is currently evaluating the impact of the Russia-Ukraine war and other macroeconomic conditions and their effect on the Company’s financial position, results of its operations and/or the completion of the Business Combination. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern one year from the date these financial statements are issued. These financial statements do not include any adjustments that might result from the outcome of this uncertainty. Risks and uncertainties Management continues to evaluate the impact of the ongoing conflict between Russia and Ukraine, Hamas’ attack on Israel and the ensuing war, rising levels of inflation and interest rates, the COVID-19 pandemic and resulting market volatility and has concluded that while it is reasonably possible that these events could have a negative effect on the Company’s financial position, results of its operations and/or ability to consummate an initial Business Combination, the specific impac |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Significant Accounting Policies | |
Significant Accounting Policies | Note 2 - Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, the 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 consolidated financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair statement of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, which contains the audited financial statements and notes thereto. The financial information as of December 31, 2022 is derived from the audited financial statements presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The interim results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any future 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 Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) which provides that an “emerging growth company” can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an “emerging growth company” can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company intends to take advantage of the benefits of this extended transition period. Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with 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 condensed consolidated financial statements and the reported amounts of expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the condensed consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. As of September 30, 2023 and December 31, 2022, the Company had no cash equivalents. Investments held in Trust Account Trading securities in the Trust Account were invested in U.S. Treasury Securities and marketable securities, which are reported at fair value. The Company’s portfolio of investments held in the Trust Account is comprised of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, investments in money market funds that invest in U.S. government securities, cash, or a combination thereof. Gains and losses resulting from the change in fair value of these securities are recorded to net income each period. The estimated fair values of the investments held in the Trust Account are determined using quoted market prices in active markets. Share Based Compensation The Company accounted for the transfer of Founder Shares to the Company’s officers and independent directors in accordance with ASC Topic 718, “Compensation-Stock Compensation”. The awards have a performance condition that requires the consummation of an initial Business Combination to fully vest. As the performance condition is not probable and will likely not become probable until the consummation of an initial Business Combination, the Company will defer recognition of the compensation costs until the consummation of an initial Business Combination. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage. The Company has not experienced losses on these accounts as of the date of this Quarterly Report. Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance enumerated in ASC Topic 480. Ordinary shares subject to mandatory redemption are classified as a liability instrument and are measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity (deficit). The Company’s Class A ordinary shares contain certain redemption rights that are considered by the Company to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, as of September 30, 2023 and December 31, 2022, 5,003,218 and 22,500,000 Class A ordinary shares subject to possible redemption are presented as temporary equity, at redemption value, respectively, outside of the shareholders’ deficit section of the Company’s balance sheets. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable Class A ordinary shares to equal the redemption value at the end of each reporting period. Such changes are reflected in additional paid-in capital, or in the absence of additional paid-in capital, in accumulated deficit. During the three and nine months ended September 30, 2023, the Company recorded accretion of $1,249,950 and $7,951,860, respectively, which were recorded within accumulated deficit. During the three and nine months ended September 30, 2022, the Company recorded accretion of $947,639 and $1,227,475, respectively, which were recorded within accumulated deficit. Offering Costs associated with the Initial Public Offering Offering costs consist principally of professional and registration fees that are related to the IPO. Upon the completion of the IPO, the offering costs were allocated between the Company’s Class A ordinary shares and the public warrants. The costs allocated to the public warrants amounting to $520,432 were recognized in other expenses and those related to the Company’s Class A ordinary shares amounting to $12,604,222 were charged against the carrying value of the Class A ordinary shares. Fair Value Measurements The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the balance sheets, primarily due to their short-term nature. Derivative Financial Instruments The Company accounts for derivative financial instruments in accordance with ASC Topic 815, “ ” Warrants The Company accounts for the Public Warrants and Private Placement Warrants as liability-classified instruments based on an assessment of the warrants’ specific terms and applicable authoritative guidance in ASC Topic 480 and ASC Topic 815. The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC Topic 480, meet the definition of a liability pursuant to ASC Topic 480, and whether the warrants meet all of the requirements for equity classification under ASC Topic 815, including whether the warrants are indexed to the Company’s own ordinary shares and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent reporting period while the warrants are outstanding. Because the Company does not control the occurrence of events, such as a tender offer or exchange, that may trigger cash settlement of the warrants where not all of the shareholders also receive cash, the warrants do not meet the criteria for equity treatment thereunder, as such, the warrants must be recorded as a derivative liability. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations. Income Taxes Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC Topic 740, “Income Taxes,” prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 2023 and December 31, 2022. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s balance sheets. Net Income (Loss) per Ordinary Share The statements of operations include a presentation of income (loss) per Class A redeemable ordinary share and income (loss) per Class B non-redeemable ordinary share following the two-class method of income (loss) per share. In order to determine the net income (loss) attributable to both the Class A redeemable ordinary shares and founder non-redeemable ordinary shares, the Company first considered the total income (loss) allocable to both sets of shares. This is calculated using the total net income (loss) less any dividends paid. For purposes of calculating net income (loss) per share, any remeasurement of the accretion to redemption value of the Class A redeemable ordinary shares subject to possible redemption was considered to be dividends paid to the public shareholders. Subsequent to calculating the total income (loss) allocable to both sets of shares, the Company split the amount to be allocated using a ratio of 51% and 70% for the Class A redeemable ordinary shares and 49% and 30% for the Class B non-redeemable ordinary shares for the three months and nine ended September 30, 2023, respectively, reflective of the weighted average shares outstanding for each period. The Company split the amount to be allocated using a ratio of 80% for the Class A redeemable ordinary shares and 20% for the Class B non-redeemable ordinary shares for the three months and nine ended September 30, 2022, reflective of the respective participation rights. The earnings per share presented in the statements of operations for the three and nine months ended September 30, 2023 is based on the following: Three Months Ended September 30, 2023 Net loss $ (571,144) Accretion of temporary equity to redemption value (1,249,950) Net loss including accretion of temporary equity to redemption value $ (1,821,094) Three Months Ended September 30, 2023 Class A Class B Basic and diluted net loss per share: Numerator: Allocation of net loss including accretion of temporary equity $ (921,896) $ (899,198) Allocation of accretion of temporary equity to redeemable shares 1,249,950 — Allocation of net income (loss) $ 328,054 $ (899,198) Denominator: Weighted average shares outstanding 5,766,994 5,625,000 Basic and diluted net income (loss) per share $ 0.06 $ (0.16) Nine Months Ended September 30, 2023 Net loss $ (2,605,235) Accretion of temporary equity to redemption value (7,951,860) Net loss including accretion of temporary equity to redemption value $ (10,557,095) Nine Months Ended September 30, 2023 Class A Class B Basic and diluted net loss per share: Numerator: Allocation of net loss including accretion of temporary equity $ (7,348,325) $ (3,208,770) Allocation of accretion of temporary equity to redeemable shares 7,951,860 — Allocation of net income (loss) $ 603,535 $ (3,208,770) Denominator: Weighted average shares outstanding 12,881,676 5,625,000 Basic and diluted net income (loss) per share $ 0.05 $ (0.57) The earnings per share presented in the statements of operations for the three and nine months ended September 30, 2022 is based on the following: Three Months Ended September 30, 2022 Net income $ 4,829,362 Accretion of temporary equity to redemption value (947,639) Net income including accretion of temporary equity to redemption value $ 3,881,723 Three Months Ended September 30, 2022 Class A Class B Basic and diluted net income per share: Numerator: Allocation of net income including accretion of temporary equity $ 3,105,379 $ 776,344 Allocation of accretion of temporary equity to redeemable shares 947,639 — Allocation of net income $ 4,053,018 $ 776,344 Denominator: Weighted average shares outstanding 22,500,000 5,625,000 Basic and diluted net income per share $ 0.18 $ 0.14 Nine Months Ended September 30, 2022 Net income $ 6,887,270 Accretion of temporary equity to redemption value (1,227,475) Net income including accretion of temporary equity to redemption value $ 5,659,795 Nine Months Ended September 30, 2022 Class A Class B Basic and diluted net income per share: Numerator: Allocation of net income including accretion of temporary equity $ 4,527,836 $ 1,131,959 Allocation of accretion of temporary equity to redeemable shares 1,227,475 — Allocation of net income $ 5,755,311 $ 1,131,959 Denominator: Weighted average shares outstanding 22,500,000 5,625,000 Basic and diluted net income per share $ 0.26 $ 0.20 Recent Accounting Pronouncements In August 2020, FASB issued Accounting Standards Update (“ASU”) 2020-06, “ Management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Financial Instruments | |
Derivative Financial Instruments | Note 3 - Derivative Financial Instruments Warrants As of September 30, 2023 and December 31, 2022, 21,000,000 warrants were outstanding (11,250,000 Public Warrants and 9,750,000 Private Placement Warrants). Each whole warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as discussed herein. In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the Company’s 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 completion of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Class A ordinary shares 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, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, the $18.00 per share redemption trigger price (as described below) will be adjusted (to the nearest cent) to be equal to 180% of the higher 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 higher of the Market Value and the Newly Issued Price. The warrants will become exercisable on the later of 30 days after the completion of the Company’s initial Business Combination and 12 months from the closing of the IPO and will expire five years after the completion of the Company’s 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 the initial Business Combination, the Company will use its commercially reasonable efforts to file with the SEC a registration statement covering the issuance, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the warrants, and the Company will use its commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of the initial Business Combination and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the warrants in accordance with the provisions of the warrant agreement. If any such registration statement has not been declared effective by the 60 th Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00 . ● in whole and not in part; ● at a price of $0.01 per warrant; ● upon not less than 30 days ’ prior written notice of redemption to each warrant holder; and ● if, and only if, the last reported sale price of the Class A ordinary shares for any 20 trading days within a 30 -trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders (the “Reference Value”) equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant). Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00 ● in whole and not in part; ● at $0.10 per warrant upon a minimum of 30 days ’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares, based on the redemption date and the “fair market value” of our Class A ordinary shares (as defined above); ● if, and only if, the Reference Value (as defined above under “—Redemption of Public Warrants when the price per Class A ordinary share equals or exceeds $18.00 ”) equals or exceeds $10.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant); and ● if the Reference Value is less than $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants. If a tender offer, exchange or redemption offer shall have been made to and accepted by the holders of the Class A ordinary shares and upon completion of such offer, the offeror owns beneficially more than 50% of the outstanding Class A ordinary shares, the holder of the warrant shall be entitled to receive the highest amount of cash, securities or other property to which such holder would actually have been entitled as a shareholder if such warrant had been exercised, accepted such offer and all of the Class A ordinary shares held by such holder had been purchased pursuant to the offer. If less than 70% of the consideration receivable by the holders of the Class A ordinary shares in the applicable event is payable in the form of common equity in the successor entity that is listed on a national securities exchange or is quoted in an established over-the-counter market, and if the holder of the warrant properly exercises the warrant within thirty days following the public disclosure of the consummation of the applicable event by the Company, the warrant price shall be reduced by an amount equal to the difference (but in no event less than zero) of (i) the warrant price in effect prior to such reduction minus (ii) (A) the Per Share Consideration (as defined in the warrant agreement) minus (B) the value of the warrant based on the Black-Scholes Warrant Value for a Capped American Call on Bloomberg Financial Markets. The Company accounts for the Public Warrants and Private Placement Warrants as liabilities in accordance with the guidance contained in ASC Topic 815-40, “Derivatives and Hedging—Contracts in Entity’s Own Equity.” Because the Company does not control the occurrence of events, such as a tender offer or exchange, that may trigger cash settlement of the warrants where not all of the shareholders also receive cash, the warrants do not meet the criteria for equity treatment thereunder, as such, the warrants must be recorded as a derivative liability. Additionally, certain adjustments to the settlement amount of the Private Placement Warrants are based on a variable that is not an input to the fair value of a “fixed-for-fixed” option as defined under ASC Topic 815-40, and thus the Private Placement Warrants are not considered indexed to the Company’s own stock and not eligible for an exception from derivative accounting. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions | |
Related Party Transactions | Note 4 - Related Party Transactions Working Capital Loans In order to fund working capital deficiencies or finance transaction costs in connection with an intended initial Business Combination, the Sponsor or an affiliate of the Sponsor or certain of the Company’s directors and officers may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes the initial Business Combination, the Company may repay the Working Capital Loans out of the proceeds from the Trust Account released to the Company. Otherwise, the Working Capital Loans may be repaid only out of funds held outside the Trust Account. In the event 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 Company’s Trust Account would be used to repay the Working Capital Loans. Up to $1,500,000 of the Working Capital Loans may be convertible into warrants at a price of $1.00 per warrant at the option of the lender. The warrants would be identical to the Private Placement Warrants issued to the Sponsor. The terms of the Working Capital Loans, if any, have not been determined and no written agreements exist with respect to the Working Capital Loans. The Company does not expect to seek loans from parties other than the Sponsor or an affiliate of the Sponsor or certain of the Company’s directors and officers as the Company does 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 the Company’s Trust Account. As of September 30, 2023 and December 31, 2022, the Company had no Working Capital Loans. Administrative Services Agreement The Company entered into an Administrative Services Agreement pursuant to which it will pay an affiliate of the Sponsor a total of $14,000 per month for office space and administrative and support services. The agreement was effective upon the date that securities of the Company were first listed on the New York Stock Exchange, or October 22, 2021. Upon completion of the initial Business Combination or the Company’s liquidation, the Company will cease paying these monthly fees. For the three months and nine months ended September 30, 2023, the Company incurred and accrued $42,000 and $126,000, respectively, under the Administrative Services Agreement as due to related party on the balance sheets and as administrative expenses - related party in the statements of operations. Payables to Related Parties The due to related party balance consists of administrative fees incurred, but not yet paid, through September 30, 2023 and December 31, 2022 and payable to the Sponsor for amounts paid on the Company’s behalf. As of September 30, 2023 and December 31, 2022, the Company had a due to related party payable of $326,532 and $200,530, respectively. Promissory Notes – Related Party On January 23, 2023, the Company issued the Extension Note in the principal amount of $2,250,000 to the Sponsor. On March 15, 2023, the Company issued a non-convertible unsecured promissory note in the principal amount of $1,100,000 to the Sponsor (the “March 2023 Promissory Note” and together with the Extension Note, the April 2023 Extension Note, and the May 2023 Promissory Note, the “Promissory Notes”). On April 24, 2023, the Company issued the April 2023 Extension Note in the principal amount of $719,907 to the Sponsor. On May 31, 2023, the Company issued the May 2023 Promissory Note in the principal amount of $1,400,000 to the Sponsor. On July 31, 2023, the Company issued the July 2023 Promissory Note in the principal amount of $750,483 to the Sponsor. The Promissory Notes are each non-interest bearing and due on the earlier of (i) December 31, 2023, (ii) the date the Company consummates an initial Business Combination, or (iii) within three days of the receipt of any funds received from a break-fee, termination fee or similar arrangement with a target company related to a potential Business Combination. If a Business Combination is not consummated, amounts outstanding under the Promissory Notes will not be repaid and all amounts owed will be forgiven, except to the extent that cash is available outside of the Trust Account to satisfy the obligation. As of September 30, 2023, an aggregate of $6,220,390, which is the aggregate amount available under the Promissory Notes, was outstanding. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies. | |
Commitments and Contingencies | Note 5 - Commitments and Contingencies Registration Rights The holders of the Founder Shares, Private Placement Warrants and any warrants that may be issued on conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants or warrants issued upon conversion of the Working Capital Loans and upon conversion of the Founder Shares) will be entitled to registration rights pursuant to a registration rights agreement signed in connection with the IPO requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to the Class A ordinary shares). The holders of these securities will be entitled to make up to three demands, excluding short form registration demands, that the Company registers such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the Company’s completion of the initial Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides that the Company will not be required to effect or permit any registration or cause any registration statement to become effective until termination of the applicable lock-up period. The Company will bear the expenses incurred in connection with the filing of any such registration statement. Underwriting Agreement The Company granted the underwriters a 45-day option from the date of the IPO to purchase up to an additional 3,000,000 Units to cover over-allotments. On October 26, 2021, the Company paid a cash underwriting discount of 2.0% per Unit, or $4,000,000. On November 4, 2021, the underwriters partially exercised the over-allotment option and, on November 8, 2021, purchased 2,500,000 Units, generating aggregate gross proceeds of $25,000,000, and the Company incurred $500,000 in cash underwriting discounts and $875,000 in deferred underwriting commissions. Additionally, the underwriters are entitled to a deferred underwriting commission of 3.5% of the gross proceeds of the IPO totaling $7,000,000 upon the completion of the Company’s initial Business Combination. On August 15, 2023, the Company received a waiver from one of the underwriters of the IPO pursuant to which such underwriter waived all rights to its $5,433,750 of deferred underwriting commissions payable upon completion of an initial Business Combination. As a result, as of September 30, 2023 and December 31, 2022, the deferred underwriting commissions payable were $2,441,250 and $7,875,000, respectively. The Company recorded the $5,433,750 reduction of the deferred underwriting commissions payable against accumulated deficit in the accompanying condensed consolidated balance sheets. Cash Retention Letter On May 31, 2023, TopCo and each of Sir Ralf Speth, F. Jeremey Mistry and Stefan Berger, the Company’s executive officers, entered into a cash retention agreement that entitles the three officers to each receive a retention fee of $500,000 (each, a “Retention Fee”), subject to (i) the completion of the Business Combination; (ii) such individual remaining available as an advisor of TopCo and expecting to remain so for a period of six (6) months following the completion of the Business Combination; and (iii) in each case as a condition on an individual basis, Sir Ralf Speth has not resigned as Chief Executive Officer of the Company, F. Jeremey Mistry has not resigned as Chief Financial Officer of the Company and Stefan Berger has not resigned as Chief Operating Officer of the Company, respectively, before the completion of the Business Combination. The Company has determined that the Retention Fee is compensation for the Company’s officers’ post-closing advisory services to the post-merger entity as it is subject to completion of the Business Combination. As such, the Company will not accrue any contingent Retention Fee Payments in the Company’s unaudited condensed consolidated financial statements. |
Shareholders' Deficit
Shareholders' Deficit | 9 Months Ended |
Sep. 30, 2023 | |
Shareholders' Deficit. | |
Shareholders' Deficit | Note 6 – Shareholders’ Deficit Preference shares Class A ordinary shares Class B ordinary shares issued On December 6, 2021, 125,000 of the Class B ordinary shares were forfeited by the Sponsor as a result of the underwriters’ partial exercise of the over-allotment option and the expiration of the over-allotment option. As of September 30, 2023 and December 31, 2022, there were 5,625,000 Class B ordinary shares issued and outstanding. The sales or transfers of the Class B ordinary shares and Private Placement Warrants to the Company’s officers and independent directors, as described above, are within the scope of ASC Topic 718, “Compensation-Stock Compensation.” Under ASC 718, share-based compensation associated with equity classified awards is measured at fair value upon the grant date. The Private Placement Warrants transferred on November 4, 2021 and May 31, 2023, which were recorded as a derivative liability, were settled on the grant date, November 4, 2021 and May 31, 2023, respectively. The settlement of the $711,750 derivative liability related to the Private Placement Warrants transferred on November 4, 2021 was recorded in accumulated deficit in the accompanying balance sheet as of December 31, 2021. The settlement of the $390,678 derivative liability related to the Private Placement Warrants transferred on May 31, 2023 was recorded in accumulated deficit in the accompanying balance sheet as of September 30, 2023. The Class B ordinary shares and Private Placement Warrants were effectively sold or transferred subject to a performance condition (i.e., the occurrence of a Business Combination). Compensation expense related to those is recognized only when the performance condition is probable of occurrence under the applicable accounting literature. Stock-based compensation would be recognized at the date a Business Combination is considered probable in an amount equal to the number of Class B ordinary shares granted times the grant date fair value per share (unless subsequently modified) less the amount initially received for the purchase of those shares. As of September 30, 2023, the Company determined that a Business Combination is not probable and therefore, no stock-based compensation expense has been recognized. The unrecognized stock-based compensation expense as of September 30, 2023 and December 31, 2022 was $7,109,928 and $6,719,250, respectively. The Class A ordinary shareholders and Class B ordinary shareholders of record are entitled to one vote for each ordinary share held on all matters to be voted on by shareholders and vote together as a single class, except as required by law; provided, that, prior to the initial Business Combination, holders of the Class B ordinary shares will have the right to appoint all of the Company’s directors and remove directors for any reason, and holders of the Class A ordinary shares will not be entitled to vote on the appointment of directors during such time. The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the initial Business Combination, or earlier at the option of the holder, on a one-for-one basis, subject to adjustment for share sub-divisions, share dividends, rights issuances, consolidations, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional Class A ordinary shares, or equity-linked securities, are issued or deemed issued in excess of the amounts issued in the IPO and related to the closing of the initial Business Combination, the ratio at which the Class B ordinary shares will convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the issued and outstanding Class B ordinary shares agree to waive such anti-dilution adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of all ordinary shares issued and outstanding upon the completion of the IPO plus all Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities issued or deemed issued in connection with the initial Business Combination, excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, deemed issued, or to be issued, to any seller in the initial Business Combination. The term “equity-linked securities” refers to any debt or equity securities that are convertible, exercisable or exchangeable for our Class A ordinary shares issued in a financing transaction in connection with the initial Business Combination, including but not limited to a private placement of equity or debt. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value of Financial Instruments | |
Fair Value of Financial Instruments | Note 7 – Fair Value of Financial Instruments The Company follows the guidance in ASC Topic 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 liability 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: ● ● ● In many cases, a valuation technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy described above. The lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy. The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: Quoted Prices in Significant Other Significant Other Active Markets Observable Inputs Unobservable Inputs September 30, 2023 (Level 1) (Level 2) (Level 3) Assets: Marketable Securities held in Trust Account $ 54,654,543 $ 54,654,543 $ — $ — Liabilities: Warrant liabilities - Public Warrants $ 1,350,000 $ 1,350,000 $ — $ — Warrant liabilities - Private Placement Warrants 840,000 — 840,000 — Total Liabilities $ 2,190,000 $ 1,350,000 $ 840,000 $ — Quoted Prices in Significant Other Significant Other Active Markets Observable Inputs Unobservable Inputs December 31, 2022 (Level 1) (Level 2) (Level 3) Assets: Marketable Securities held in Trust Account $ 230,595,291 $ 230,595,291 — — Liabilities: Warrant liabilities - Public Warrants $ 280,125 $ 280,125 $ — $ — Warrant liabilities - Private Placement Warrants 218,498 — 218,498 — Total Liabilities $ 498,623 $ 280,125 $ 218,498 $ — Transfers between Levels 1, 2 and 3 are recognized at the end of the reporting period. The Public Warrants are publicly traded and as such are classified as Level 1 and are fair valued based on the publicly traded market pricing. Inherent in a binomial model are assumptions related to expected stock-price volatility, expected term, dividend yield and risk-free interest rate. The Company estimates the volatility of its Class A ordinary shares based on management’s understanding of the volatility associated with instruments of other similar entities. The risk-free interest rate is based on the U.S. Treasury Constant Maturity similar to the expected remaining term of the Private Placement Warrants. The expected term of the Private Placement Warrants is simulated based on management assumptions regarding the timing and likelihood of completing a Business Combination. The dividend rate is based on the historical rate, which the Company anticipates will remain at zero. The Company transferred the Private Placement Warrants from Level 3 to Level 2 during the year ended December 31, 2022, as the inputs significant to the valuation became observable as they are benchmarked to those used for the Public Warrants. The following table presents the changes in the fair value of our liabilities classified as Level 3 as of September 30, 2023 and December 31, 2022: Warrant Liability Level 3 Derivative warrant liabilities as of December 31, 2021 $ 4,748,250 Transfer of Private Placement Warrant liability to Level 2 (4,387,500) Change in fair value (360,750) Level 3 Derivative warrant liabilities as of December 31, 2022 — Change in fair value — Level 3 Derivative warrant liabilities as of September 30, 2023 $ — |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2023 | |
Subsequent Events | |
Subsequent Events | Note 8 - Subsequent Events On October 10, 2023, the Company entered into Amendment No. 1 (the “Amendment”) to the Investment Management Trust Agreement with Continental Stock Transfer & Trust Company, which amended the Investment Management Trust Agreement with Continental Stock Transfer & Trust Company, dated October 21, 2021, to include options by the Company to hold Trust Account funds uninvested or in an interest-bearing bank demand deposit account. In connection with the Amendment, the Company delivered the related instruction letter to Continental Stock Transfer & Trust Company in connection with the reinvestment of the Trust Account funds into an interest-bearing bank demand deposit account. On October 12, 2023, the Company gave instructions to re-allocate the interest-bearing funds from the Company’s Trust Account from its two existing investment funds into direct deposits. The transfer was completed on October 16, 2023. The transfer was made ahead of the 24-month anniversary of the Company’s initial public offering. As of October 16, 2023, $54,771,964.33 remained in the Trust Account and were reinvested into interest-bearing direct deposits. On October 17, 2023, the Company entered into an agreement to extend its director’s and officer’s liability insurance by three months from its initial expiration date of October 22, 2023 to January 22, 2023. The Company paid $191,350 for the three-month extension. On November 1, 2023, the Company issued a non-convertible unsecured promissory note (the “November 2023 Promissory Note”) in the principal amount of up to $1,000,000 The Company also agreed to amend and restate certain provisions of a) the Extension Note, b) the March 2023 Promissory Note, c) the April 2023 Promissory Note, d) the May 2023 Promissory Note, and e) the July 2023 Promissory Note in order to align the terms of the Extension Note, March 2023 Promissory Note, April 2023 Promissory Note, May 2023 Promissory Note, and July 2023 Promissory Note with those of the November 2023 Promissory Note to amend the maturity dates from December 31, 2023 to April 30, 2024. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Significant Accounting Policies | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, the 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 consolidated financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair statement of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, which contains the audited financial statements and notes thereto. The financial information as of December 31, 2022 is derived from the audited financial statements presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The interim results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any future interim periods. |
Emerging Growth Company | Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) which provides that an “emerging growth company” can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an “emerging growth company” can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company intends to take advantage of the benefits of this extended transition period. |
Use of Estimates | Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with 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 condensed consolidated financial statements and the reported amounts of expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the condensed consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. |
Cash Equivalents | Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. As of September 30, 2023 and December 31, 2022, the Company had no cash equivalents. |
Investments held in Trust Account | Investments held in Trust Account Trading securities in the Trust Account were invested in U.S. Treasury Securities and marketable securities, which are reported at fair value. The Company’s portfolio of investments held in the Trust Account is comprised of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, investments in money market funds that invest in U.S. government securities, cash, or a combination thereof. Gains and losses resulting from the change in fair value of these securities are recorded to net income each period. The estimated fair values of the investments held in the Trust Account are determined using quoted market prices in active markets. |
Share Based Compensation | Share Based Compensation The Company accounted for the transfer of Founder Shares to the Company’s officers and independent directors in accordance with ASC Topic 718, “Compensation-Stock Compensation”. The awards have a performance condition that requires the consummation of an initial Business Combination to fully vest. As the performance condition is not probable and will likely not become probable until the consummation of an initial Business Combination, the Company will defer recognition of the compensation costs until the consummation of an initial Business Combination. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage. The Company has not experienced losses on these accounts as of the date of this Quarterly Report. |
Class A Ordinary Shares Subject to Possible Redemption | Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance enumerated in ASC Topic 480. Ordinary shares subject to mandatory redemption are classified as a liability instrument and are measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity (deficit). The Company’s Class A ordinary shares contain certain redemption rights that are considered by the Company to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, as of September 30, 2023 and December 31, 2022, 5,003,218 and 22,500,000 Class A ordinary shares subject to possible redemption are presented as temporary equity, at redemption value, respectively, outside of the shareholders’ deficit section of the Company’s balance sheets. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable Class A ordinary shares to equal the redemption value at the end of each reporting period. Such changes are reflected in additional paid-in capital, or in the absence of additional paid-in capital, in accumulated deficit. During the three and nine months ended September 30, 2023, the Company recorded accretion of $1,249,950 and $7,951,860, respectively, which were recorded within accumulated deficit. During the three and nine months ended September 30, 2022, the Company recorded accretion of $947,639 and $1,227,475, respectively, which were recorded within accumulated deficit. |
Offering Costs associated with the Initial Public Offering | Offering Costs associated with the Initial Public Offering Offering costs consist principally of professional and registration fees that are related to the IPO. Upon the completion of the IPO, the offering costs were allocated between the Company’s Class A ordinary shares and the public warrants. The costs allocated to the public warrants amounting to $520,432 were recognized in other expenses and those related to the Company’s Class A ordinary shares amounting to $12,604,222 were charged against the carrying value of the Class A ordinary shares. |
Fair Value Measurements | Fair Value Measurements The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the balance sheets, primarily due to their short-term nature. |
Derivative Financial Instruments | Derivative Financial Instruments The Company accounts for derivative financial instruments in accordance with ASC Topic 815, “ ” |
Warrants | Warrants The Company accounts for the Public Warrants and Private Placement Warrants as liability-classified instruments based on an assessment of the warrants’ specific terms and applicable authoritative guidance in ASC Topic 480 and ASC Topic 815. The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC Topic 480, meet the definition of a liability pursuant to ASC Topic 480, and whether the warrants meet all of the requirements for equity classification under ASC Topic 815, including whether the warrants are indexed to the Company’s own ordinary shares and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent reporting period while the warrants are outstanding. Because the Company does not control the occurrence of events, such as a tender offer or exchange, that may trigger cash settlement of the warrants where not all of the shareholders also receive cash, the warrants do not meet the criteria for equity treatment thereunder, as such, the warrants must be recorded as a derivative liability. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC Topic 740, “Income Taxes,” prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 2023 and December 31, 2022. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s balance sheets. |
Net Income (Loss) per Ordinary Share | Net Income (Loss) per Ordinary Share The statements of operations include a presentation of income (loss) per Class A redeemable ordinary share and income (loss) per Class B non-redeemable ordinary share following the two-class method of income (loss) per share. In order to determine the net income (loss) attributable to both the Class A redeemable ordinary shares and founder non-redeemable ordinary shares, the Company first considered the total income (loss) allocable to both sets of shares. This is calculated using the total net income (loss) less any dividends paid. For purposes of calculating net income (loss) per share, any remeasurement of the accretion to redemption value of the Class A redeemable ordinary shares subject to possible redemption was considered to be dividends paid to the public shareholders. Subsequent to calculating the total income (loss) allocable to both sets of shares, the Company split the amount to be allocated using a ratio of 51% and 70% for the Class A redeemable ordinary shares and 49% and 30% for the Class B non-redeemable ordinary shares for the three months and nine ended September 30, 2023, respectively, reflective of the weighted average shares outstanding for each period. The Company split the amount to be allocated using a ratio of 80% for the Class A redeemable ordinary shares and 20% for the Class B non-redeemable ordinary shares for the three months and nine ended September 30, 2022, reflective of the respective participation rights. The earnings per share presented in the statements of operations for the three and nine months ended September 30, 2023 is based on the following: Three Months Ended September 30, 2023 Net loss $ (571,144) Accretion of temporary equity to redemption value (1,249,950) Net loss including accretion of temporary equity to redemption value $ (1,821,094) Three Months Ended September 30, 2023 Class A Class B Basic and diluted net loss per share: Numerator: Allocation of net loss including accretion of temporary equity $ (921,896) $ (899,198) Allocation of accretion of temporary equity to redeemable shares 1,249,950 — Allocation of net income (loss) $ 328,054 $ (899,198) Denominator: Weighted average shares outstanding 5,766,994 5,625,000 Basic and diluted net income (loss) per share $ 0.06 $ (0.16) Nine Months Ended September 30, 2023 Net loss $ (2,605,235) Accretion of temporary equity to redemption value (7,951,860) Net loss including accretion of temporary equity to redemption value $ (10,557,095) Nine Months Ended September 30, 2023 Class A Class B Basic and diluted net loss per share: Numerator: Allocation of net loss including accretion of temporary equity $ (7,348,325) $ (3,208,770) Allocation of accretion of temporary equity to redeemable shares 7,951,860 — Allocation of net income (loss) $ 603,535 $ (3,208,770) Denominator: Weighted average shares outstanding 12,881,676 5,625,000 Basic and diluted net income (loss) per share $ 0.05 $ (0.57) The earnings per share presented in the statements of operations for the three and nine months ended September 30, 2022 is based on the following: Three Months Ended September 30, 2022 Net income $ 4,829,362 Accretion of temporary equity to redemption value (947,639) Net income including accretion of temporary equity to redemption value $ 3,881,723 Three Months Ended September 30, 2022 Class A Class B Basic and diluted net income per share: Numerator: Allocation of net income including accretion of temporary equity $ 3,105,379 $ 776,344 Allocation of accretion of temporary equity to redeemable shares 947,639 — Allocation of net income $ 4,053,018 $ 776,344 Denominator: Weighted average shares outstanding 22,500,000 5,625,000 Basic and diluted net income per share $ 0.18 $ 0.14 Nine Months Ended September 30, 2022 Net income $ 6,887,270 Accretion of temporary equity to redemption value (1,227,475) Net income including accretion of temporary equity to redemption value $ 5,659,795 Nine Months Ended September 30, 2022 Class A Class B Basic and diluted net income per share: Numerator: Allocation of net income including accretion of temporary equity $ 4,527,836 $ 1,131,959 Allocation of accretion of temporary equity to redeemable shares 1,227,475 — Allocation of net income $ 5,755,311 $ 1,131,959 Denominator: Weighted average shares outstanding 22,500,000 5,625,000 Basic and diluted net income per share $ 0.26 $ 0.20 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2020, FASB issued Accounting Standards Update (“ASU”) 2020-06, “ Management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Significant Accounting Policies | |
Schedule of reconciliation of earnings per share presented in the statements of operations | Three Months Ended September 30, 2023 Net loss $ (571,144) Accretion of temporary equity to redemption value (1,249,950) Net loss including accretion of temporary equity to redemption value $ (1,821,094) Nine Months Ended September 30, 2023 Net loss $ (2,605,235) Accretion of temporary equity to redemption value (7,951,860) Net loss including accretion of temporary equity to redemption value $ (10,557,095) Three Months Ended September 30, 2022 Net income $ 4,829,362 Accretion of temporary equity to redemption value (947,639) Net income including accretion of temporary equity to redemption value $ 3,881,723 Nine Months Ended September 30, 2022 Net income $ 6,887,270 Accretion of temporary equity to redemption value (1,227,475) Net income including accretion of temporary equity to redemption value $ 5,659,795 |
Schedule of reconciliation of basic and diluted net loss per share | Three Months Ended September 30, 2023 Class A Class B Basic and diluted net loss per share: Numerator: Allocation of net loss including accretion of temporary equity $ (921,896) $ (899,198) Allocation of accretion of temporary equity to redeemable shares 1,249,950 — Allocation of net income (loss) $ 328,054 $ (899,198) Denominator: Weighted average shares outstanding 5,766,994 5,625,000 Basic and diluted net income (loss) per share $ 0.06 $ (0.16) Nine Months Ended September 30, 2023 Class A Class B Basic and diluted net loss per share: Numerator: Allocation of net loss including accretion of temporary equity $ (7,348,325) $ (3,208,770) Allocation of accretion of temporary equity to redeemable shares 7,951,860 — Allocation of net income (loss) $ 603,535 $ (3,208,770) Denominator: Weighted average shares outstanding 12,881,676 5,625,000 Basic and diluted net income (loss) per share $ 0.05 $ (0.57) Three Months Ended September 30, 2022 Class A Class B Basic and diluted net income per share: Numerator: Allocation of net income including accretion of temporary equity $ 3,105,379 $ 776,344 Allocation of accretion of temporary equity to redeemable shares 947,639 — Allocation of net income $ 4,053,018 $ 776,344 Denominator: Weighted average shares outstanding 22,500,000 5,625,000 Basic and diluted net income per share $ 0.18 $ 0.14 Nine Months Ended September 30, 2022 Class A Class B Basic and diluted net income per share: Numerator: Allocation of net income including accretion of temporary equity $ 4,527,836 $ 1,131,959 Allocation of accretion of temporary equity to redeemable shares 1,227,475 — Allocation of net income $ 5,755,311 $ 1,131,959 Denominator: Weighted average shares outstanding 22,500,000 5,625,000 Basic and diluted net income per share $ 0.26 $ 0.20 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value of Financial Instruments | |
Schedule of fair value, assets and liabilities measured on recurring basis | Quoted Prices in Significant Other Significant Other Active Markets Observable Inputs Unobservable Inputs September 30, 2023 (Level 1) (Level 2) (Level 3) Assets: Marketable Securities held in Trust Account $ 54,654,543 $ 54,654,543 $ — $ — Liabilities: Warrant liabilities - Public Warrants $ 1,350,000 $ 1,350,000 $ — $ — Warrant liabilities - Private Placement Warrants 840,000 — 840,000 — Total Liabilities $ 2,190,000 $ 1,350,000 $ 840,000 $ — Quoted Prices in Significant Other Significant Other Active Markets Observable Inputs Unobservable Inputs December 31, 2022 (Level 1) (Level 2) (Level 3) Assets: Marketable Securities held in Trust Account $ 230,595,291 $ 230,595,291 — — Liabilities: Warrant liabilities - Public Warrants $ 280,125 $ 280,125 $ — $ — Warrant liabilities - Private Placement Warrants 218,498 — 218,498 — Total Liabilities $ 498,623 $ 280,125 $ 218,498 $ — |
Schedule of reconciliation of changes in fair value of warrant liability classified as level 3 | Warrant Liability Level 3 Derivative warrant liabilities as of December 31, 2021 $ 4,748,250 Transfer of Private Placement Warrant liability to Level 2 (4,387,500) Change in fair value (360,750) Level 3 Derivative warrant liabilities as of December 31, 2022 — Change in fair value — Level 3 Derivative warrant liabilities as of September 30, 2023 $ — |
Organization and Business Ope_2
Organization and Business Operations (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Aug. 15, 2023 USD ($) | Jul. 14, 2023 USD ($) $ / shares | May 31, 2023 USD ($) shares | Apr. 19, 2023 $ / shares | Jan. 23, 2023 USD ($) | Dec. 06, 2021 shares | Nov. 08, 2021 USD ($) $ / shares shares | Nov. 04, 2021 $ / shares shares | Oct. 26, 2021 USD ($) $ / shares shares | Jul. 31, 2023 USD ($) shares | Apr. 30, 2023 USD ($) shares | Sep. 30, 2023 USD ($) $ / shares shares | Sep. 30, 2023 USD ($) item $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Sep. 26, 2023 € / shares | Apr. 24, 2023 USD ($) | |
Organization and Business Operations | ||||||||||||||||
Condition for future business combination number of businesses minimum | item | 1 | |||||||||||||||
Proceeds from IPO deposited in trust account | $ 227,250,000 | |||||||||||||||
Per share amount contributed into trust account | $ / shares | $ 10.10 | |||||||||||||||
Threshold number of months to complete business combination | 18 months | 18 months | ||||||||||||||
Minimum net tangible assets on redemption of temporary equity | $ 5,000,001 | |||||||||||||||
Deferred underwriting commissions | $ 2,441,250 | $ 2,441,250 | $ 7,875,000 | |||||||||||||
Offering costs allocated to warrants | 520,432 | |||||||||||||||
Amount remained in the Trust account | 54,654,543 | $ 54,654,543 | $ 230,595,291 | |||||||||||||
Percentage of fair market value | 80% | |||||||||||||||
Percentage of business combination | 50% | |||||||||||||||
Cash held outside the Trust Account | 355,601 | $ 355,601 | ||||||||||||||
Working capital | 8,952,710 | $ 8,952,710 | ||||||||||||||
Threshold number of months to complete business combination, second extension option | 21 months | |||||||||||||||
Cash From Transactions Held In Trust | 35,000,000 | $ 35,000,000 | ||||||||||||||
Forfeiture of deferred underwriting commissions | $ 5,433,750 | $ 5,433,750 | ||||||||||||||
Retention fee | $ 500,000 | |||||||||||||||
Underwriting Agreement | ||||||||||||||||
Organization and Business Operations | ||||||||||||||||
Threshold number of days from IPO for underwriters to purchase additional units | 45 days | |||||||||||||||
First Amendment | ||||||||||||||||
Organization and Business Operations | ||||||||||||||||
Purchase price, per unit | € / shares | € 0.01 | |||||||||||||||
Class A ordinary shares | ||||||||||||||||
Organization and Business Operations | ||||||||||||||||
Ordinary shares, par value (in dollar per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||||||
Holders of number of shares who exercised their right to redeem shares | shares | 2,195,855 | 15,300,927 | ||||||||||||||
Amount withdrawn from Trust and paid to shareholders | $ 23,555,234 | $ 160,337,374 | ||||||||||||||
Number of shares outstanding | shares | 5,003,218 | 5,003,218 | ||||||||||||||
Class A ordinary shares subject to possible redemption | ||||||||||||||||
Organization and Business Operations | ||||||||||||||||
Number of units sold | shares | 5,003,218 | 22,500,000 | ||||||||||||||
Minimum net tangible assets on redemption of temporary equity | $ 5,000,001 | $ 5,000,001 | ||||||||||||||
Obligation to redeem Public Shares if entity does not complete a Business Combination (as a percent) | 100% | |||||||||||||||
Class B ordinary shares | ||||||||||||||||
Organization and Business Operations | ||||||||||||||||
Ordinary shares, par value (in dollar per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||||||
Units issued to Sponsor during period, shares, new issues | shares | 125,000 | |||||||||||||||
Number of shares outstanding | shares | 5,750,000 | 5,625,000 | 5,625,000 | 5,625,000 | ||||||||||||
Private Placement Warrants | ||||||||||||||||
Organization and Business Operations | ||||||||||||||||
Obligation to redeem Public Shares if entity does not complete a Business Combination (as a percent) | 100% | |||||||||||||||
Redemption of shares calculated based on business days prior to consummation of business combination (in days) | 185 days | |||||||||||||||
Private Placement Warrants | Minimum | ||||||||||||||||
Organization and Business Operations | ||||||||||||||||
Threshold number of months to complete business combination | 15 months | |||||||||||||||
Private Placement Warrants | Maximum | ||||||||||||||||
Organization and Business Operations | ||||||||||||||||
Threshold number of months to complete business combination | 21 months | |||||||||||||||
Public Warrants | Class A ordinary shares | ||||||||||||||||
Organization and Business Operations | ||||||||||||||||
Number of shares issuable per warrant | shares | 1 | 1 | 1 | |||||||||||||
Exercise price of warrants | $ / shares | $ 11.50 | $ 11.50 | $ 11.50 | |||||||||||||
IPO | ||||||||||||||||
Organization and Business Operations | ||||||||||||||||
Threshold business days for redemption of public shares | 2 days | |||||||||||||||
Maximum net interest to pay dissolution expenses | $ 100,000 | |||||||||||||||
Transaction costs | $ 13,124,654 | |||||||||||||||
Underwriting fees | 4,500,000 | |||||||||||||||
Deferred underwriting fee payable | 7,000,000 | |||||||||||||||
Deferred underwriting commissions | 7,875,000 | $ 2,441,250 | $ 2,441,250 | $ 7,875,000 | ||||||||||||
Other offering costs | $ 749,654 | |||||||||||||||
Forfeiture of deferred underwriting commissions | $ 5,433,750 | |||||||||||||||
IPO | Class A ordinary shares | ||||||||||||||||
Organization and Business Operations | ||||||||||||||||
Number of units sold | shares | 20,000,000 | |||||||||||||||
Purchase price, per unit | $ / shares | $ 10 | |||||||||||||||
Proceeds from issuance of units | $ 200,000,000 | |||||||||||||||
Ordinary shares, par value (in dollar per share) | $ / shares | $ 0.0001 | |||||||||||||||
IPO | Public Warrants | ||||||||||||||||
Organization and Business Operations | ||||||||||||||||
Number of warrants in a unit | shares | 0.5 | |||||||||||||||
Number of shares issuable per warrant | shares | 1 | |||||||||||||||
Over-allotment option | ||||||||||||||||
Organization and Business Operations | ||||||||||||||||
Number of units sold | shares | 3,000,000 | |||||||||||||||
Over-allotment option | Class A ordinary shares subject to possible redemption | ||||||||||||||||
Organization and Business Operations | ||||||||||||||||
Number of units sold | shares | 2,500,000 | |||||||||||||||
Sale of Units through public offering net of issuance costs | $ 25,000,000 | |||||||||||||||
Over-allotment option | Private Placement Warrants | ||||||||||||||||
Organization and Business Operations | ||||||||||||||||
Number of warrants issued | shares | 750,000 | |||||||||||||||
Proceeds from private placement warrants | $ 750,000 | |||||||||||||||
Sponsor | ||||||||||||||||
Organization and Business Operations | ||||||||||||||||
Per share amount contributed into trust account | $ / shares | $ 0.10 | |||||||||||||||
Threshold share price for sponsor liability to company | $ / shares | $ 10.10 | $ 10.10 | ||||||||||||||
Warrant Grant Agreement Transferring | shares | 1,775,000 | 1,775,000 | ||||||||||||||
Monthly contribution to Assets held in Trust | $ 150,097 | |||||||||||||||
Sponsor | July 2023 Promissory Notes | ||||||||||||||||
Organization and Business Operations | ||||||||||||||||
Maximum borrowing capacity of related party promissory note | $ 750,843 | |||||||||||||||
Sponsor | Class A ordinary shares | ||||||||||||||||
Organization and Business Operations | ||||||||||||||||
Ordinary shares, par value (in dollar per share) | $ / shares | $ 0.03 | |||||||||||||||
Sponsor | Class B ordinary shares | ||||||||||||||||
Organization and Business Operations | ||||||||||||||||
Purchase price, per unit | $ / shares | $ 0.004 | |||||||||||||||
Units sold by sponsor to the company | shares | 843,750 | |||||||||||||||
Units forfeited by sponsor during period, shares | shares | 125,000 | |||||||||||||||
Non redemption agreement of common stock (in shares) | shares | 2,812,500 | 2,812,500 | ||||||||||||||
Warrant Grant Agreement Transferring | shares | 1,775,000 | |||||||||||||||
Sponsor | Private Placement Warrants | Class A ordinary shares | ||||||||||||||||
Organization and Business Operations | ||||||||||||||||
Number of warrants issued | shares | 9,000,000 | |||||||||||||||
Price of warrant | $ / shares | $ 1 | |||||||||||||||
Number of shares issuable per warrant | shares | 1 | |||||||||||||||
Exercise price of warrants | $ / shares | $ 11.50 | |||||||||||||||
Proceeds from private placement warrants | $ 9,000,000 | |||||||||||||||
Warrants subscribed but unissued | shares | 900,000 | |||||||||||||||
Anchor Investors | Class B ordinary shares | ||||||||||||||||
Organization and Business Operations | ||||||||||||||||
Number of units sold | shares | 1,375,000 | |||||||||||||||
Ordinary shares, par value (in dollar per share) | $ / shares | $ 0.0001 | |||||||||||||||
Promissory Note with Related Party | Extension Note | ||||||||||||||||
Organization and Business Operations | ||||||||||||||||
Maximum borrowing capacity of related party promissory note | $ 2,250,000 | |||||||||||||||
Interest rate | 0% | |||||||||||||||
Promissory Note with Related Party | April 2023 Promissory Note | ||||||||||||||||
Organization and Business Operations | ||||||||||||||||
Maximum borrowing capacity of related party promissory note | $ 719,907 | |||||||||||||||
Interest rate | 0% | |||||||||||||||
Promissory Note with Related Party | May 2023 Promissory Note | ||||||||||||||||
Organization and Business Operations | ||||||||||||||||
Maximum borrowing capacity of related party promissory note | $ 1,400,000 |
Significant Accounting Polici_4
Significant Accounting Policies (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Dec. 06, 2021 | Oct. 26, 2021 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Significant Accounting Policies | |||||||||||
Cash equivalents | $ 0 | $ 0 | $ 0 | ||||||||
Maximum maturity of securities held in trust account | 185 days | ||||||||||
Offering costs allocated to warrants | $ 520,432 | ||||||||||
Unrecognized tax benefits | 0 | 0 | 0 | ||||||||
Unrecognized tax benefits accrued for interest and penalties | 0 | 0 | $ 0 | ||||||||
Net (loss) income | (571,144) | $ (89,484) | $ (1,944,607) | $ 4,829,362 | $ 1,480,972 | $ 576,936 | (2,605,235) | $ 6,887,270 | |||
Accretion of Class A ordinary shares to redemption value | (1,249,950) | (1,984,039) | (947,639) | (238,316) | (7,951,860) | (1,227,475) | |||||
Net income including accretion of temporary equity to redemption value | (1,821,094) | 3,881,723 | $ (10,557,095) | $ 5,659,795 | |||||||
Accumulated Deficit | |||||||||||
Significant Accounting Policies | |||||||||||
Net (loss) income | (571,144) | (89,484) | (1,944,607) | 4,829,362 | 1,480,972 | 576,936 | |||||
Accretion of Class A ordinary shares to redemption value | $ (1,249,950) | (1,593,361) | $ (947,639) | (238,316) | |||||||
IPO | |||||||||||
Significant Accounting Policies | |||||||||||
Transaction Costs | $ 13,124,654 | ||||||||||
Class A ordinary shares | |||||||||||
Significant Accounting Policies | |||||||||||
Percentage of net income (loss) allocated to share classes | 51% | 80% | 70% | 80% | |||||||
Basic and diluted weighted average shares outstanding | 22,500,000 | ||||||||||
Basic and diluted net income (loss) per share, diluted | $ 0.26 | ||||||||||
Class A ordinary shares | IPO | |||||||||||
Significant Accounting Policies | |||||||||||
Sale of Units through public offering net of issuance costs (in shares) | 20,000,000 | ||||||||||
Class A ordinary shares | Public Warrants | IPO | |||||||||||
Significant Accounting Policies | |||||||||||
Other expenses | $ 12,604,222 | ||||||||||
Class A ordinary shares subject to possible redemption | |||||||||||
Significant Accounting Policies | |||||||||||
Sale of Units through public offering net of issuance costs (in shares) | 5,003,218 | 22,500,000 | |||||||||
Net (loss) income | $ 328,054 | $ 4,053,018 | $ 603,535 | $ 5,755,311 | |||||||
Accretion of Class A ordinary shares to redemption value | (1,249,950) | (4,717,871) | (947,639) | (41,520) | (7,951,860) | (1,227,475) | |||||
Net income including accretion of temporary equity to redemption value | $ (921,896) | $ 3,105,379 | $ (7,348,325) | $ 4,527,836 | |||||||
Basic and diluted weighted average shares outstanding | 5,766,994 | 22,500,000 | 12,881,676 | 22,500,000 | |||||||
Basic and diluted weighted average shares outstanding | 5,766,994 | 22,500,000 | 12,881,676 | 22,500,000 | |||||||
Basic and diluted net income (loss) per share, basic | $ 0.06 | $ 0.18 | $ 0.05 | $ 0.26 | |||||||
Basic and diluted net income (loss) per share, diluted | $ 0.06 | $ 0.18 | $ 0.05 | $ 0.26 | |||||||
Class A ordinary shares subject to possible redemption | Ordinary shares | |||||||||||
Significant Accounting Policies | |||||||||||
Net (loss) income | $ 0 | 0 | 0 | $ 0 | 0 | 0 | |||||
Accretion of Class A ordinary shares to redemption value | 1,249,950 | $ 1,984,039 | 4,717,871 | 947,639 | $ 238,316 | 41,520 | |||||
Class A ordinary shares subject to possible redemption | Accumulated Deficit | |||||||||||
Significant Accounting Policies | |||||||||||
Accretion of Class A ordinary shares to redemption value | (1,249,950) | (4,717,871) | (947,639) | $ (41,520) | $ (7,951,860) | $ (1,227,475) | |||||
Class B ordinary shares | |||||||||||
Significant Accounting Policies | |||||||||||
Units issued to Sponsor during period, shares, new issues | 125,000 | ||||||||||
Net (loss) income | (899,198) | 776,344 | (3,208,770) | 1,131,959 | |||||||
Net income including accretion of temporary equity to redemption value | $ (899,198) | $ 776,344 | $ (3,208,770) | $ 1,131,959 | |||||||
Percentage of net income (loss) allocated to share classes | 49% | 20% | 30% | 20% | |||||||
Basic and diluted weighted average shares outstanding | 5,625,000 | 5,625,000 | 5,625,000 | 5,625,000 | |||||||
Basic and diluted weighted average shares outstanding | 5,625,000 | 5,625,000 | 5,625,000 | 5,625,000 | |||||||
Basic and diluted net income (loss) per share, basic | $ (0.16) | $ 0.14 | $ (0.57) | $ 0.20 | |||||||
Basic and diluted net income (loss) per share, diluted | $ (0.16) | $ 0.14 | $ (0.57) | $ 0.20 | |||||||
Class B ordinary shares | Ordinary shares | |||||||||||
Significant Accounting Policies | |||||||||||
Net (loss) income | $ 0 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Details) | 9 Months Ended | ||
Sep. 30, 2023 D $ / shares shares | Dec. 31, 2022 shares | Oct. 26, 2021 $ / shares shares | |
Warrants | |||
Warrants outstanding | shares | 21,000,000 | 21,000,000 | |
Threshold share price to trigger warrant price adjustment | $ 9.20 | ||
Private Placement Warrants | |||
Warrants | |||
Warrants outstanding | shares | 9,750,000 | 9,750,000 | |
Public Warrants | |||
Warrants | |||
Warrants outstanding | shares | 11,250,000 | 11,250,000 | |
Threshold period for not to transfer, assign or sell any of their shares or warrants after the completion of the initial business combination | 30 days | ||
Public warrants exercisable term from the closing of the initial public offering | 12 months | ||
Public Warrants expiration term | 5 years | ||
Maximum period after business combination in which to file registration statement | 15 days | ||
Period of time within which registration statement is expected to become effective | 60 days | ||
Number of trading days on which fair market value of shares is reported | D | 10 | ||
Public Warrants | Class A ordinary shares | |||
Warrants | |||
Number of shares issuable per warrant | shares | 1 | 1 | |
Exercise price of warrants | $ 11.50 | $ 11.50 | |
Threshold share price to trigger warrant price adjustment | $ 9.20 | ||
Percentage of gross proceeds on total equity proceeds | 60% | ||
Threshold trading days determining volume weighted average price | 20 days | ||
Adjustment of exercise price of warrants based on market value and newly issued price (as a percent) | 115% | ||
Warrant exercise price adjustment multiple | 0.361 | ||
Threshold consecutive trading days for redemption of public warrants | 30 days | ||
Percentage on outstanding shares of holders upon completion of offer | 50% | ||
Threshold of consideration received in the form of common equity of target company | 70% | ||
Public Warrants | Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00 | |||
Warrants | |||
Adjustment of exercise price of warrants based on market value and newly issued price (as a percent) | 180% | ||
Stock price trigger for redemption of public warrants (in dollars per share) | $ 18 | ||
Redemption price per public warrant (in dollars per share) | $ 0.01 | ||
Minimum threshold written notice period for redemption of public warrants | 30 days | ||
Threshold trading days for redemption of public warrants | 20 days | ||
Threshold consecutive trading days for redemption of public warrants | 30 days | ||
Public Warrants | Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $10.00 | |||
Warrants | |||
Stock price trigger for redemption of public warrants (in dollars per share) | $ 10 | ||
Redemption price per public warrant (in dollars per share) | $ 0.10 | ||
Minimum threshold written notice period for redemption of public warrants | 30 days |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||||
Oct. 22, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jul. 31, 2023 | May 31, 2023 | Apr. 24, 2023 | Mar. 15, 2023 | Jan. 23, 2023 | Dec. 31, 2022 | |
Related Party Transactions | |||||||||||
Administrative expenses - related party | $ 42,000 | $ 42,000 | $ 126,000 | $ 126,000 | |||||||
Due to related party | 326,532 | 326,532 | $ 200,530 | ||||||||
Amount outstanding | (6,220,390) | (6,220,390) | |||||||||
Administrative Support Agreement | |||||||||||
Related Party Transactions | |||||||||||
Expenses per month | $ 14,000 | ||||||||||
Administrative expenses - related party | 42,000 | 126,000 | |||||||||
Related Party Loans | |||||||||||
Related Party Transactions | |||||||||||
Due to related party | 326,532 | $ 326,532 | 200,530 | ||||||||
Promissory Note with Related Party | |||||||||||
Related Party Transactions | |||||||||||
Threshold period for due of promissory notes within receipt of any funds received from a break-fee, termination fee or similar arrangement with a target company related to a potential Business Combination | 3 days | ||||||||||
Amount outstanding | 6,220,390 | $ 6,220,390 | |||||||||
Promissory Note with Related Party | Extension Note | |||||||||||
Related Party Transactions | |||||||||||
Principal amount | $ 2,250,000 | ||||||||||
Promissory Note with Related Party | March 2023 Promissory Note | |||||||||||
Related Party Transactions | |||||||||||
Principal amount | $ 1,100,000 | ||||||||||
Promissory Note with Related Party | April 2023 Promissory Note | |||||||||||
Related Party Transactions | |||||||||||
Principal amount | $ 719,907 | ||||||||||
Promissory Note with Related Party | May 2023 Promissory Note | |||||||||||
Related Party Transactions | |||||||||||
Principal amount | $ 1,400,000 | ||||||||||
Promissory Note with Related Party | July 2023 Promissory Note | |||||||||||
Related Party Transactions | |||||||||||
Principal amount | $ 750,483 | ||||||||||
Working capital loans warrant | Related Party Loans | |||||||||||
Related Party Transactions | |||||||||||
Loan conversion agreement warrant | $ 1,500,000 | $ 1,500,000 | |||||||||
Price of warrant | $ 1 | $ 1 | |||||||||
Outstanding balance of related party note | $ 0 | $ 0 | $ 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Aug. 15, 2023 USD ($) | May 31, 2023 USD ($) | Nov. 08, 2021 USD ($) shares | Oct. 26, 2021 USD ($) shares | Sep. 30, 2023 USD ($) item | Sep. 30, 2023 USD ($) item shares | Dec. 31, 2022 USD ($) shares | |
Commitments and Contingencies | |||||||
Maximum number of demands for registration of securities | item | 3 | 3 | |||||
Forfeiture of deferred underwriting commissions | $ 5,433,750 | $ 5,433,750 | |||||
Deferred underwriting commissions | 2,441,250 | $ 2,441,250 | $ 7,875,000 | ||||
Retention fee | $ 500,000 | ||||||
Underwriting Agreement | |||||||
Commitments and Contingencies | |||||||
Threshold number of days from IPO for underwriters to purchase additional units | 45 days | ||||||
Class A ordinary shares subject to possible redemption | |||||||
Commitments and Contingencies | |||||||
Number of units sold | shares | 5,003,218 | 22,500,000 | |||||
IPO | |||||||
Commitments and Contingencies | |||||||
Percentage of cash underwriting discount | 2% | ||||||
Cash underwriting discount | $ 4,000,000 | ||||||
Percentage of deferred underwriting commission | 3.50% | ||||||
Deferred underwriting commission | $ 7,000,000 | ||||||
Forfeiture of deferred underwriting commissions | $ 5,433,750 | ||||||
Deferred underwriting commissions | $ 7,875,000 | $ 2,441,250 | $ 2,441,250 | $ 7,875,000 | |||
IPO | Class A ordinary shares | |||||||
Commitments and Contingencies | |||||||
Number of units sold | shares | 20,000,000 | ||||||
Proceeds from issuance of units | $ 200,000,000 | ||||||
Over Allotment | |||||||
Commitments and Contingencies | |||||||
Cash underwriting discount | $ 500,000 | ||||||
Deferred underwriting commission | $ 875,000 | ||||||
Over Allotment | Class A ordinary shares subject to possible redemption | |||||||
Commitments and Contingencies | |||||||
Threshold number of days from IPO for underwriters to purchase additional units | 45 days | ||||||
Underwriters option to purchase (in shares) | shares | 3,000,000 | ||||||
Number of units sold | shares | 2,500,000 | ||||||
Proceeds from issuance of units | $ 25,000,000 |
Shareholders' Deficit (Details)
Shareholders' Deficit (Details) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
May 31, 2023 USD ($) shares | Dec. 06, 2021 shares | Nov. 04, 2021 USD ($) $ / shares shares | Oct. 26, 2021 $ / shares shares | Jul. 31, 2023 shares | Apr. 30, 2023 shares | Sep. 30, 2023 USD ($) Vote $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Jul. 14, 2023 $ / shares | |
Shareholders' Deficit | |||||||||
Preferred shares authorized | 2,000,000 | 2,000,000 | |||||||
Preference shares, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | |||||||
Preferred shares issued | 0 | 0 | |||||||
Preferred shares outstanding | 0 | 0 | |||||||
Unrecognized stock-based compensation expense | $ | $ 7,109,928 | $ 6,719,250 | |||||||
Ratio to be applied to the stock in a conversion | 20 | ||||||||
Sponsor | |||||||||
Shareholders' Deficit | |||||||||
Warrant Grant Agreement Transferring | 1,775,000 | ||||||||
Private Placement Warrants | |||||||||
Shareholders' Deficit | |||||||||
Settlement of Private Placement Warrant liabilities due to the transfer of these warrants to directors and officers | $ | $ 390,678 | $ 711,750 | |||||||
Private Placement Warrants | Sponsor | |||||||||
Shareholders' Deficit | |||||||||
Warrants transferred by sponsor to company | 975,000 | ||||||||
Class A ordinary shares | |||||||||
Shareholders' Deficit | |||||||||
Common shares authorized (in shares) | 200,000,000 | 200,000,000 | |||||||
Ordinary shares, par value (in dollar per share) | $ / shares | $ 0.0001 | $ 0.0001 | |||||||
Number of shares outstanding | 5,003,218 | ||||||||
Common shares, votes per share | Vote | 1 | ||||||||
Holders of number of shares who exercised their right to redeem shares | 2,195,855 | 15,300,927 | |||||||
Class A ordinary shares | Sponsor | |||||||||
Shareholders' Deficit | |||||||||
Ordinary shares, par value (in dollar per share) | $ / shares | $ 0.03 | ||||||||
Class A ordinary shares | Third Extension Option | |||||||||
Shareholders' Deficit | |||||||||
Holders of number of shares who exercised their right to redeem shares | 2,195,855 | ||||||||
Class A ordinary shares subject to possible redemption | |||||||||
Shareholders' Deficit | |||||||||
Temporary equity, shares issued | 5,003,218 | 22,500,000 | |||||||
Temporary equity, shares outstanding | 5,003,218 | 22,500,000 | |||||||
Sale of Units through public offering net of issuance costs (in shares) | 5,003,218 | 22,500,000 | |||||||
Class A ordinary shares not subject to possible redemption | |||||||||
Shareholders' Deficit | |||||||||
Common shares authorized (in shares) | 200,000,000 | 200,000,000 | |||||||
Ordinary shares, par value (in dollar per share) | $ / shares | $ 0.0001 | $ 0.0001 | |||||||
Common stock, shares issued (in shares) | 0 | 0 | |||||||
Number of shares outstanding | 0 | 0 | |||||||
Class B ordinary shares | |||||||||
Shareholders' Deficit | |||||||||
Common shares authorized (in shares) | 20,000,000 | 20,000,000 | |||||||
Ordinary shares, par value (in dollar per share) | $ / shares | $ 0.0001 | $ 0.0001 | |||||||
Common stock, shares issued (in shares) | 5,750,000 | 5,625,000 | 5,625,000 | ||||||
Number of shares outstanding | 5,750,000 | 5,625,000 | 5,625,000 | ||||||
Shares subject to forfeiture | 750,000 | ||||||||
Percentage of ownership by initial shareholders | 20% | ||||||||
Common shares, votes per share | Vote | 1 | ||||||||
Number of class A common stock issued upon conversion of each share (in shares) | 1 | ||||||||
Class B ordinary shares | Sponsor | |||||||||
Shareholders' Deficit | |||||||||
Units sold by sponsor to the company | 843,750 | ||||||||
Purchase price, per unit | $ / shares | $ 0.004 | ||||||||
Units forfeited by sponsor during period, shares | 125,000 | ||||||||
Warrant Grant Agreement Transferring | 1,775,000 | ||||||||
Class B ordinary shares | Anchor Investors | |||||||||
Shareholders' Deficit | |||||||||
Ordinary shares, par value (in dollar per share) | $ / shares | $ 0.0001 | ||||||||
Sale of Units through public offering net of issuance costs (in shares) | 1,375,000 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Assets: | ||||||
Marketable securities held in Trust Account | $ 54,654,543 | $ 54,654,543 | $ 230,595,291 | |||
Liabilities | ||||||
Warrant liabilities | 2,190,000 | 2,190,000 | 498,623 | |||
Change in fair value | (182,500) | $ (4,205,250) | 2,082,055 | $ (6,843,000) | ||
Public Warrants | ||||||
Liabilities | ||||||
Warrant liabilities | 1,350,000 | 1,350,000 | 280,125 | |||
Private Placement Warrants | ||||||
Liabilities | ||||||
Warrant liabilities | 840,000 | 840,000 | 218,498 | |||
Level 1 | ||||||
Assets: | ||||||
Marketable securities held in Trust Account | 54,654,543 | 54,654,543 | 230,595,291 | |||
Liabilities | ||||||
Warrant liabilities | 1,350,000 | 1,350,000 | 280,125 | |||
Level 1 | Public Warrants | ||||||
Liabilities | ||||||
Warrant liabilities | 1,350,000 | 1,350,000 | 280,125 | |||
Level 2 | ||||||
Liabilities | ||||||
Warrant liabilities | 840,000 | 840,000 | 218,498 | |||
Level 2 | Private Placement Warrants | ||||||
Liabilities | ||||||
Warrant liabilities | 840,000 | 840,000 | 218,498 | |||
Level 3 | ||||||
Liabilities | ||||||
Warrant liabilities | $ 0 | 0 | 0 | $ 4,748,250 | ||
Transfer of Private Placement warrant liability to Level 2 | 4,387,500 | |||||
Change in fair value | $ 0 | $ 360,750 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | 1 Months Ended | 9 Months Ended | ||||||||
Jul. 31, 2023 | Apr. 30, 2023 | Sep. 30, 2023 | Nov. 30, 2023 | Nov. 01, 2023 | Oct. 17, 2023 | Oct. 16, 2023 | Apr. 24, 2023 | Mar. 15, 2023 | Dec. 31, 2022 | |
Subsequent Events | ||||||||||
Amount remained in the Trust account | $ 54,654,543 | $ 230,595,291 | ||||||||
Class A ordinary shares | ||||||||||
Subsequent Events | ||||||||||
Ordinary shares, par value (in dollar per share) | $ 0.0001 | $ 0.0001 | ||||||||
Holders of number of shares who exercised their right to redeem shares | 2,195,855 | 15,300,927 | ||||||||
Promissory Note with Related Party | ||||||||||
Subsequent Events | ||||||||||
Threshold period for due of promissory notes within receipt of any funds received from a break-fee, termination fee or similar arrangement with a target company related to a potential Business Combination | 3 days | |||||||||
March 2023 Promissory Note | Promissory Note with Related Party | ||||||||||
Subsequent Events | ||||||||||
Principal amount | $ 1,100,000 | |||||||||
April 2023 Promissory Note | Promissory Note with Related Party | ||||||||||
Subsequent Events | ||||||||||
Principal amount | $ 719,907 | |||||||||
Interest rate | 0% | |||||||||
Subsequent events | ||||||||||
Subsequent Events | ||||||||||
Amount remained in the Trust account | $ 54,771,964.33 | |||||||||
Extension for insurance | $ 191,350 | |||||||||
Subsequent events | November 2023 Promissory Notes | Promissory Note with Related Party | ||||||||||
Subsequent Events | ||||||||||
Interest rate | 0% | |||||||||
Principal amount | $ 1,000,000 |