Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 17, 2023 | |
Document Information Line Items | ||
Entity Registrant Name | ATHENA TECHNOLOGY ACQUISITION CORP. II | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Entity Central Index Key | 0001882198 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Shell Company | true | |
Entity Ex Transition Period | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-41144 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 87-2447308 | |
Entity Address, Address Line One | 442 5th Avenue | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10018 | |
City Area Code | (970) | |
Local Phone Number | 925-1572 | |
Entity Interactive Data Current | Yes | |
Units, each consisting of one share of Class A common stock, par value $0.0001 per share, and one-half of one redeemable warrant | ||
Document Information Line Items | ||
Trading Symbol | ATEK.U | |
Title of 12(b) Security | Units, each consisting of one share of Class A common stock, par value $0.0001 per share, and one-half of one redeemable warrant | |
Security Exchange Name | NYSE | |
Shares of Class A common stock, par value $0.0001 per share, included as part of the units | ||
Document Information Line Items | ||
Trading Symbol | ATEK | |
Title of 12(b) Security | Shares of Class A common stock, par value $0.0001 per share, included as part of the units | |
Security Exchange Name | NYSE | |
Redeemable warrants, each exercisable for one share of Class A common stock for $11.50 per share | ||
Document Information Line Items | ||
Trading Symbol | ATEK WS | |
Title of 12(b) Security | Redeemable warrants, each exercisable for one share of Class A common stock for $11.50 per share | |
Security Exchange Name | NYSE | |
Class A Common Stock | ||
Document Information Line Items | ||
Entity Common Stock, Shares Outstanding | 12,033,039 | |
Class B Common Stock | ||
Document Information Line Items | ||
Entity Common Stock, Shares Outstanding | 0 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
CURRENT ASSETS | ||
Cash | $ 27,842 | $ 418,885 |
Cash - restricted | 565,422 | |
Prepaid expenses and other assets | 65,999 | 287,447 |
Total current assets | 659,263 | 706,332 |
Investments held in Trust Account | 25,389,479 | 259,984,974 |
TOTAL ASSETS | 26,048,742 | 260,691,306 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 2,863,526 | 519,354 |
Franchise tax payable | 72,300 | 267,995 |
Income tax payable | 1,886,746 | 720,221 |
Total current liabilities | 4,972,723 | 1,507,570 |
Deferred underwriting fee payable | 8,956,250 | 8,956,250 |
Total liabilities | 13,928,973 | 10,463,820 |
COMMITMENTS AND CONTINGENCIES | ||
CLASS A COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION | ||
Class A Common stock subject to possible redemption, $0.0001 par value, 2,198,039 and 25,375,000 shares at redemption value of $10.92 and $10.21 per share, at September 30, 2023 and December 31, 2022, respectively | 23,995,855 | 258,996,758 |
STOCKHOLDERS’ DEFICIT | ||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding at September 30, 2023 and December 31, 2022 | ||
Additional paid-in capital | 239,759 | |
Accumulated deficit | (12,116,828) | (8,770,255) |
TOTAL STOCKHOLDERS’ DEFICIT | (11,876,086) | (8,769,272) |
LIABILITIES, CLASS A COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION AND STOCKHOLDERS’ DEFICIT | 26,048,742 | 260,691,306 |
Class A Common Stock | ||
STOCKHOLDERS’ DEFICIT | ||
Common stock value | 983 | 95 |
Class B Common Stock | ||
STOCKHOLDERS’ DEFICIT | ||
Common stock value | 888 | |
Related Party | ||
CURRENT LIABILITIES | ||
Promissory note - related party, net of discount | $ 150,151 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parentheticals) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Class A Common Stock | ||
Common stock subject to possible redemption, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock subject to possible redemption, shares at redemption value | 2,198,039 | 25,375,000 |
Common stock subject to possible redemption, per share (in Dollars per share) | $ 10.92 | $ 10.21 |
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 9,835,000 | 953,750 |
Common stock, shares outstanding | 9,835,000 | 953,750 |
Class B Common Stock | ||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 0 | 8,881,250 |
Common stock, shares outstanding | 0 | 8,881,250 |
Unaudited Condensed Statements
Unaudited Condensed Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
OPERATING EXPENSES | ||||
General and administrative | $ 679,025 | $ 293,952 | $ 3,039,190 | $ 884,137 |
Franchise tax | 24,900 | 50,000 | 138,471 | 150,000 |
Total operating expenses | 703,925 | 343,952 | 3,177,661 | 1,034,137 |
OTHER INCOME (EXPENSE) | ||||
Interest income on investments held in Trust Account | 304,776 | 1,156,843 | 5,691,539 | 1,528,774 |
Finance costs – discount on debt issuance | (89,910) | (89,910) | ||
Total other income, net | 214,866 | 1,156,843 | 5,601,629 | 1,528,774 |
(LOSS) INCOME BEFORE PROVISION FOR INCOME TAXES | (489,059) | 812,891 | 2,423,968 | 494,637 |
Provision for income taxes | (59,136) | (232,436) | (1,166,525) | (275,436) |
NET (LOSS) INCOME | $ (548,195) | $ 580,455 | $ 1,257,443 | $ 219,201 |
Class A Common Stock | ||||
OTHER INCOME (EXPENSE) | ||||
Weighted average shares outstanding (in Shares) | 12,033,039 | 26,328,750 | 20,338,741 | 26,328,750 |
Basic net income (loss) per share (in Dollars per share) | $ (0.05) | $ 0.02 | $ 0.05 | $ 0.01 |
Class B Common Stock | ||||
OTHER INCOME (EXPENSE) | ||||
Weighted average shares outstanding (in Shares) | 8,881,250 | 5,583,433 | 8,881,250 | |
Basic net income (loss) per share (in Dollars per share) | $ 0.02 | $ 0.05 | $ 0.01 |
Unaudited Condensed Statement_2
Unaudited Condensed Statements of Operations (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Class A Common Stock | ||||
Diluted net income (loss) per share | $ (0.05) | $ 0.02 | $ 0.05 | $ 0.01 |
Class B Common Stock | ||||
Diluted net income (loss) per share | $ 0.02 | $ 0.05 | $ 0.01 |
Unaudited Condensed Statement_3
Unaudited Condensed Statements of Changes in Stockholders’ Deficit - USD ($) | Class A Common stock | Class B Common stock | Additional paid-in capital | Accumulated deficit | Total |
Balance at Dec. 31, 2021 | $ 95 | $ 888 | $ (7,514,864) | $ (7,513,881) | |
Balance (in Shares) at Dec. 31, 2021 | 953,750 | 8,881,250 | |||
Net income (loss) | (341,459) | (341,459) | |||
Balance at Mar. 31, 2022 | $ 95 | $ 888 | (7,856,323) | (7,855,340) | |
Balance (in Shares) at Mar. 31, 2022 | 953,750 | 8,881,250 | |||
Balance at Dec. 31, 2021 | $ 95 | $ 888 | (7,514,864) | (7,513,881) | |
Balance (in Shares) at Dec. 31, 2021 | 953,750 | 8,881,250 | |||
Net income (loss) | 219,201 | ||||
Balance at Sep. 30, 2022 | $ 95 | $ 888 | (8,345,419) | (8,344,436) | |
Balance (in Shares) at Sep. 30, 2022 | 953,750 | 8,881,250 | |||
Balance at Mar. 31, 2022 | $ 95 | $ 888 | (7,856,323) | (7,855,340) | |
Balance (in Shares) at Mar. 31, 2022 | 953,750 | 8,881,250 | |||
Net income (loss) | (19,795) | (19,795) | |||
Balance at Jun. 30, 2022 | $ 95 | $ 888 | (7,876,118) | (7,875,135) | |
Balance (in Shares) at Jun. 30, 2022 | 953,750 | 8,881,250 | |||
Remeasurement of common stock subject to redemption | (1,049,756) | (1,049,756) | |||
Net income (loss) | 580,455 | 580,455 | |||
Balance at Sep. 30, 2022 | $ 95 | $ 888 | (8,345,419) | (8,344,436) | |
Balance (in Shares) at Sep. 30, 2022 | 953,750 | 8,881,250 | |||
Balance at Dec. 31, 2022 | $ 95 | $ 888 | (8,770,255) | (8,769,272) | |
Balance (in Shares) at Dec. 31, 2022 | 953,750 | 8,881,250 | |||
Remeasurement of common stock subject to redemption | (2,072,822) | (2,072,822) | |||
Net income (loss) | 1,706,425 | 1,706,425 | |||
Balance at Mar. 31, 2023 | $ 95 | $ 888 | (9,136,652) | (9,135,669) | |
Balance (in Shares) at Mar. 31, 2023 | 953,750 | 8,881,250 | |||
Balance at Dec. 31, 2022 | $ 95 | $ 888 | (8,770,255) | (8,769,272) | |
Balance (in Shares) at Dec. 31, 2022 | 953,750 | 8,881,250 | |||
Net income (loss) | 1,257,443 | ||||
Balance at Sep. 30, 2023 | $ 983 | 239,759 | (12,116,828) | (11,876,086) | |
Balance (in Shares) at Sep. 30, 2023 | 9,835,000 | ||||
Balance at Mar. 31, 2023 | $ 95 | $ 888 | (9,136,652) | (9,135,669) | |
Balance (in Shares) at Mar. 31, 2023 | 953,750 | 8,881,250 | |||
Conversion of Class B common stock to Class A common stock | $ 888 | $ (888) | |||
Conversion of Class B common stock to Class A common stock (in Shares) | 8,881,250 | (8,881,250) | |||
Remeasurement of common stock subject to redemption | (1,940,027) | (1,940,027) | |||
Net income (loss) | 99,213 | 99,213 | |||
Balance at Jun. 30, 2023 | $ 983 | (10,977,466) | (10,976,483) | ||
Balance (in Shares) at Jun. 30, 2023 | 9,835,000 | ||||
Remeasurement of common stock subject to redemption | (591,167) | (591,167) | |||
Class A common stock to be transferred to fund promissory note | 239,759 | 239,759 | |||
Net income (loss) | (548,195) | (548,195) | |||
Balance at Sep. 30, 2023 | $ 983 | $ 239,759 | $ (12,116,828) | $ (11,876,086) | |
Balance (in Shares) at Sep. 30, 2023 | 9,835,000 |
Unaudited Condensed Statement_4
Unaudited Condensed Statements of Cash Flows - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net income | $ (548,195) | $ 1,706,425 | $ 580,455 | $ (341,459) | $ 1,257,443 | $ 219,201 | |
Adjustments to reconcile net income to net cash used in operating activities: | |||||||
Interest income on investments held in Trust Account | (5,691,539) | (1,528,665) | |||||
Finance costs – discount on debt issuance | 89,910 | ||||||
Changes in operating assets and liabilities: | |||||||
Prepaid expenses and other | 221,448 | 229,034 | |||||
Due from affiliates | 25,000 | ||||||
Accounts payable and accrued expenses | 2,344,173 | (380,062) | |||||
Franchise tax payable | (195,695) | 150,000 | |||||
Income tax payable | 1,166,525 | 275,436 | |||||
Net cash used in operating activities | (807,735) | (1,010,056) | |||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
Cash deposited to Trust Account | (240,000) | ||||||
Cash withdrawn from Trust Account to pay franchise and income taxes | 922,114 | $ 0 | |||||
Cash withdrawn from trust in connection with redemption | 239,604,919 | ||||||
Net cash flows provided by investing activities | 240,287,033 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||
Redemptions of Class A common stock | (239,604,919) | ||||||
Proceeds from promissory note - related party | 300,000 | ||||||
Net cash flows used in financing activities | (239,304,919) | ||||||
NET CHANGE IN CASH | 174,379 | (1,010,056) | |||||
CASH, BEGINNING OF PERIOD | $ 418,885 | $ 1,526,464 | 418,885 | 1,526,464 | 1,526,464 | ||
CASH, END OF PERIOD | 593,264 | 516,408 | 593,264 | 516,408 | 418,885 | ||
CASH AND RESTRICTED CASH, END OF PERIOD | |||||||
Cash | 27,842 | 516,408 | 27,842 | 516,408 | 418,885 | ||
Cash – restricted | 565,422 | 565,422 | |||||
CASH AND RESTRICTED CASH, END OF PERIOD | $ 593,264 | $ 516,408 | $ 593,264 | $ 516,408 | $ 418,885 |
Organization and Business Opera
Organization and Business Operations | 9 Months Ended |
Sep. 30, 2023 | |
Organization and Business Operations [Abstract] | |
Organization and Business Operations | Note 1 – Organization and Business Operations Athena Technology Acquisition Corp. II (“Athena,” “SPAC” or the “Company”) was incorporated in Delaware on May 20, 2021. The Company is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities (a “Business Combination”). The Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. As of September 30, 2023, the Company had not commenced any operations. All activity through September 30, 2023, relates to the Company’s formation and Initial Public Offering (“IPO”), which is described below and, since the offering, the search for a prospective initial Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company generates non-operating income in the form of interest income earned on investments from the proceeds derived from the IPO. The registration statement for the Company’s IPO was declared effective on December 9, 2021. On December 14, 2021, the Company consummated the IPO of 25,000,000 units (“Units”). Each Unit consists of one share of Class A common stock (the “Public Shares”) and one-half of one redeemable warrant (each, a “Public Warrant”), with each warrant entitling the holder thereof to purchase one share of Class A common stock for $11.50 per share. The Units were sold at a price of $10.00 per Unit, generating gross proceeds of $250,000,000, which is discussed in Note 3. Simultaneously with the closing of the IPO, the Company consummated the sale (“Private Placement”) of 950,000 private placement units (“Private Placement Units”) to the Company’s sponsor, Athena Technology Sponsor II, LLC (the “Sponsor”). Each Private Placement Unit consists of one share of Class A common stock (“Placement Shares”) and one-half of one redeemable warrant (each, a “Private Placement Warrant”). Each Private Placement Warrant will be exercisable to purchase one share of Class A common stock at a price of $11.50 per share. The Private Placement Units were sold at a price of $10.00 per Private Placement Unit, generating gross proceeds of $9,500,000, which is described in Note 4. Subsequent to the closing of the IPO, on December 28, 2021, the Company consummated the closing of the sale of 375,000 additional units (“Over-allotment Units”) upon receiving notice of the underwriters’ election to partially exercise its over-allotment option, generating additional gross proceeds of $3,750,000. Simultaneously with the exercise of the over-allotment, the Company consummated the private placement of an additional 3,750 Private Placement Units to the Sponsor at a purchase price of $10.00 per Private Placement Unit, generating gross proceeds of $37,500. Offering costs for the IPO and over-allotment amounted to $14,420,146, consisting of $5,000,000 of underwriting fees, $8,956,250 of deferred underwriting fees payable (which are held in the Trust Account (defined below)) and $463,896 of other costs. As described in Note 6, the $8,956,250 of deferred underwriting fees payable is contingent upon the consummation of a Business Combination by December 14, 2023, subject to the terms of the underwriting agreement. Following the closing of the IPO, $252,500,000 ($10.10 per Unit) from the net proceeds of the sale of the Units in the IPO and the Private Placement Units was placed in a trust account (“Trust Account”) and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of paragraphs (d)(2), (d)(3) and (d)(4) of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account, as described below. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the IPO and the sale of the Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the assets held in the Trust Account (excluding the deferred underwriting commissions and taxes payable on income earned on the Trust Account) at the time of the agreement to enter into the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance the Company will be able to successfully effect a Business Combination. The Company will provide the holders of the outstanding Public Shares (the “Public Stockholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company. The Public Stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.10 per Public Share, plus any pro rata interest then in the Trust Account, net of taxes payable). There will be no redemption rights with respect to the Company’s Public Warrants and Private Placement Warrants (together, the “Warrants”). All of the Public Shares contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s liquidation, if there is a stockholder vote or tender offer in connection with the Company’s Business Combination and in connection with certain amendments to the Company’s amended and restated certificate of incorporation (as amended , restated, supplemented and/or otherwise modified from time to time, the Company’s “Amended and Restated Certificate of Incorporation”). In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480-10-S99, redemption provisions not solely within the control of a company require Class A common stock subject to redemption to be classified outside of permanent equity. Given that the Public Shares will be issued with other freestanding instruments (i.e., Public Warrants), the initial carrying value of the Class A common stock classified as temporary equity will be the allocated proceeds determined in accordance with ASC 470-20. The Class A common stock is subject to ASC 480-10-S99. If it is probable that the equity instrument will become redeemable, the Company has the option to either (i) accrete changes in the redemption value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable, if later) to the earliest redemption date of the instrument or (ii) recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Company has elected to recognize the changes immediately. While redemptions cannot cause the Company’s net tangible assets to fall below $5,000,001, the Public Shares are redeemable and are classified as such on the balance sheets until such date that a redemption event takes place. Redemptions of the Company’s Public Shares may be subject to the satisfaction of conditions, including minimum cash conditions, pursuant to an agreement relating to the Company’s Business Combination. If the Company seeks stockholder approval of the Business Combination, the Company will proceed with a Business Combination if a majority of the shares voted are voted in favor of the Business Combination, or such other vote as required by law or stock exchange rule. If a stockholder vote is not required by applicable law or stock exchange listing requirements and the Company does not decide to hold a stockholder vote for business or other reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation, conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (the “SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the transaction is required by applicable law or stock exchange listing requirements, or the Company decides to obtain stockholder approval for business or other reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks stockholder approval in connection with a Business Combination, the Company’s Sponsor, officers and directors (the “Initial Stockholders”) have agreed to vote their Founder Shares (as defined in Note 5) and any Public Shares purchased during or after the IPO in favor of approving a Business Combination. Additionally, each Public Stockholder may elect to redeem their Public Shares without voting, and if they do vote, irrespective of whether they vote for or against the proposed transaction. Notwithstanding the foregoing, the Amended and Restated Certificate of Incorporation provides that a Public Stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the Class A common stock sold in the IPO, without the prior consent of the Company. The Initial Stockholders have agreed not to propose an amendment to the Amended and Restated Certificate of Incorporation that would affect the substance or timing of the Company’s obligation to redeem 100% of its Public Shares if the Company does not complete a Business Combination, unless the Company provides the Public Stockholders with the opportunity to redeem their shares of Class A common stock in conjunction with any such amendment. If the Company is unable to complete a Business Combination by December 14, 2023 (“Combination Period”), as extended on November 7, 2023 (see Note 9), the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its franchise and income taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish the Public Stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. Business Combination Agreement On April 19, 2023, the Company, the Sponsor, The Air Water Company, a Cayman Islands exempted company (“Holdings”), Project Hydro Merger Sub Inc., a Delaware corporation (“Merger Sub”), Air Water Ventures Ltd, a private company formed under the Laws of England and Wales (“AWV”), and those shareholders of AWV party thereto (collectively, the “AWV Shareholders”), entered into a Business Combination Agreement (the “Business Combination Agreement”), pursuant to which, subject to the satisfaction or waiver of certain conditions precedent in the Business Combination Agreement, the following transactions will occur: (a) the split and subdivision of each AWV share into a number of AWV shares equal to the Exchange Ratio (as defined in the Business Combination Agreement) (the “Recapitalization”), (b) immediately following the Recapitalization, the acquisition by Holdings of all of the issued and outstanding share capital of AWV from the AWV Shareholders in exchange for the issuance of Holdings ordinary shares, pursuant to which AWV will become a direct wholly owned subsidiary of Holdings (the “Share Acquisition”), (c) immediately following the Share Acquisition, the merger of Merger Sub with and into the Company (the “Merger”), with the Company surviving the Merger and the security holders of the Company (other than the security holders of the Company electing to redeem their shares of Athena common stock or shares of Athena common stock held in treasury) becoming security holders of Holdings and (d) the other transactions contemplated by the Business Combination Agreement and the ancillary documents referred to therein (together with the Recapitalization, Merger and Share Acquisition, the “Transactions”). In consideration for the Share Acquisition, each AWV Shareholder will receive one Holdings ordinary share for each ordinary share they hold in AWV immediately prior to the Share Acquisition. In consideration for the Merger, each Athena shareholder will receive one Holdings ordinary share for each share of common stock they hold in Athena immediately prior to the Merger. In accordance with the terms and subject to the conditions of the Business Combination Agreement, the consideration to be received by the AWV Shareholders in connection with the Share Acquisition shall be the issuance of an aggregate number of Holdings common shares equal to (a) $300,000,000 plus the net amount of certain equity investments in AWV after April 19, 2023 divided by (b) $10.00. On June 13, 2023, the Company held a special meeting of its stockholders (the “Special Meeting”), at which the stockholders approved proposals to amend the Company’s Amended and Restated Certificate of Incorporation (the “Charter”) to (i) extend the date by which the Company must consummate its initial business combination from June 14, 2023 to up to March 14, 2024 (the “Extension Proposal”) by electing to extend the date to consummate an initial business combination on a monthly basis up to nine times by an additional one month each time after June 14, 2023 (the date which is 18 months from the closing date of the IPO, the “Current Outside Date”) until March 14, 2024 (the date which is 27 months from the closing date of the IPO, the “Extended Date”), or a total of up to nine months after the Current Outside Date, provided that the Sponsor or its affiliates or permitted designees will deposit into the Trust Account the lesser of (a) $60,000 and (b) $0.03 for each share of common stock issued and outstanding that has not been redeemed in accordance with the terms of the Charter and (ii) provide holders of the Company’s Class B common stock, par value $0.0001 per share (the “Class B common stock”), the right to convert any and all of their Class B common stock into the Company’s Class A common stock, par value $0.0001 per share (the “Class A common stock”), on a one-for-one basis prior to the closing of a business combination at the election of the holder (the “Founder Share Amendment Proposal”). In connection with the Special Meeting, 23,176,961 shares of the Company’s Class A common stock were redeemed (the “Redemptions”). On June 21, 2023, $239,604,919 was withdrawn from the Trust Account to pay the redeeming holders and the 23,176,961 shares of the Company’s Class A common stock that were redeemed were cancelled. On June 14, 2023, the Company deposited $60,000 into the Trust Account allowing the Company to extend the period of time it has to consummate its initial Business Combination by one month (the “Monthly Extension”) from June 14, 2023 to July 14, 2023. The Monthly Extension is the first of up to nine potential monthly extensions permitted under the Charter. On June 16, 2023, the Company and AWV entered into that certain First Amendment to the Business Combination Agreement (the “First BCA Amendment”). The First BCA Amendment amends the Business Combination Agreement to extend the SPAC Termination Notice Date (as defined in the Business Combination Agreement) from June 13, 2023 to July 21, 2023. Pursuant to the First BCA Amendment, the Company may terminate the Business Combination Agreement by written notice to AWV on (or within three Business Days after) July 21, 2023 if, prior to such date, AWV and the Company have conducted good faith marketing efforts to potential PIPE investors regarding the PIPE investment, and following such marketing efforts the Company has determined, in its reasonable discretion, that the parties do not have a reasonable likelihood of consummating a PIPE investment of at least $30,000,000 in the aggregate and otherwise on terms reasonably satisfactory to the Company prior to the Outside Date. On June 21, 2023, the Company issued an aggregate of 8,881,250 shares of its Class A common stock to the Sponsor, upon the conversion of an equal number of shares of Class B common stock of the Company (the “Conversion”). The 8,881,250 shares of Class A common stock issued in connection with the Conversion are subject to the same restrictions as applied to the shares of Class B common stock before the Conversion, including, among other things, certain transfer restrictions, waiver of redemption rights and the obligation to vote in favor of an initial business combination, as described in the prospectus for the Company’s initial public offering. Following the Conversion, and after giving effect to the Redemptions, there are 12,033,039 shares of Class A common stock issued and outstanding, and no shares of Class B common stock issued and outstanding. As a result of the Conversion, and after giving effect to the Redemptions, the Sponsor holds approximately 81.7% of the outstanding shares of the Company’s Class A common stock. On July 7, 2023, the Company deposited $60,000 into the Trust Account allowing the Company to extend the period of time it has to consummate its initial Business Combination by one month from July 14, 2023 to August 14, 2023. The Monthly Extension is the second of up to nine potential monthly extensions permitted under the Charter. On July 17, 2023, the Company’s Board of Directors authorized the transfer of the listing of its Class A common stock, redeemable warrants, each exercisable to purchase one share of Class A common stock at a price of $11.50 per share (the “Warrants”), and units, each consisting of one share of Class A common stock and one-half of one Warrant (the “Units” and, together with the Class A common stock and the Warrants, the “Listed Securities”), from the New York Stock Exchange (the “NYSE”) to the NYSE American LLC (the “NYSE American”). The listing and trading of the Listed Securities on the NYSE ended at market close on July 20, 2023, and the trading of the Listed Securities on the NYSE American commenced at market open on July 21, 2023. The Class A common stock, Warrants and Units each continues to be traded under the ticker symbols ATEK, ATEK WS and ATEK.U, respectively. On July 20, 2023, the Company and AWV entered into that certain Second Amendment to the Business Combination Agreement (the “Second BCA Amendment”). The Second BCA Amendment amends the Business Combination Agreement to extend the SPAC Termination Notice Date from July 21, 2023 to August 21, 2023. Pursuant to the Second BCA Amendment, the Company may terminate the Business Combination Agreement by written notice to AWV on (or within three Business Days after) August 21, 2023 if, prior to such date, AWV and the Company have conducted good faith marketing efforts to potential PIPE investors regarding the PIPE investment, and following such marketing efforts the Company has determined, in its reasonable discretion, that the parties do not have a reasonable likelihood of consummating a PIPE investment of at least $30,000,000 in the aggregate and otherwise on terms reasonably satisfactory to the Company prior to the Outside Date. On August 8, 2023 the Company deposited $60,000 into the Trust Account allowing the Company to extend the period of time it has to consummate its initial Business Combination by one month from August 14, 2023 to September 14, 2023. The Monthly Extension is the third of up to nine potential monthly extensions permitted under the Charter (Note 9). On August 22, 2023, the Company and AWV entered into that certain Third Amendment to the Business Combination Agreement (the “Third BCA Amendment”). The Third BCA Amendment amends the Business Combination Agreement to extend the SPAC Termination Notice Date from August 21, 2023 to September 25, 2023. Pursuant to the Third BCA Amendment, the Company may terminate the Business Combination Agreement by written notice to AWV on (or within seven calendar days after) September 25, 2023 if, prior to such date, (i) the parties have not entered into one or more definitive written subscription agreements for a PIPE investment of at least $30,000,000 in the aggregate on terms reasonably satisfactory to the Company or (ii) the registration statement has not been filed with the SEC. On September 7, 2023 the Company deposited $60,000 into the Trust Account allowing the Company to extend the period of time it has to consummate its initial Business Combination by one month from September 14, 2023 to October 14, 2023. The Monthly Extension is the fourth of up to nine potential monthly extensions permitted under the Charter. On September 30, 2023, the Company and AWV entered into that certain Fourth Amendment to the Business Combination Agreement (the “Fourth BCA Amendment”). Pursuant to the Fourth BCA Amendment, the Company may terminate the Business Combination Agreement by written notice to AWV up until such date that the parties have entered into one or more definitive written subscription agreements for a PIPE investment of at least $30,000,000 in the aggregate on terms reasonably satisfactory to the Company. On October 6, 2023 the Company deposited $60,000 into the Trust Account allowing the Company to extend the period of time it has to consummate its initial business combination by one month from October 14, 2023 to November 14, 2023. The Monthly Extension is the fifth of up to nine potential monthly extensions permitted under the Charter (Note 9). On November 7, 2023 the Company deposited $60,000 into the Trust Account allowing the Company to extend the period of time it has to consummate its initial Business Combination by one month from November 14, 2023 to December 14, 2023. The Monthly Extension is the sixth of up to nine potential monthly extensions permitted under the Charter (Note 9). The Initial Stockholders have agreed to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Initial Stockholders should acquire Public Shares in or after the IPO, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to its deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period, and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including the Trust Account assets) will be only $10.10 per shares held in the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by (i) any third party for services rendered or products sold to the Company or (ii) any prospective target business with which the Company has entered into a written letter of intent, confidentiality or other similar agreement or Business Combination agreement (a “Target”), reduce the amount of funds in the Trust Account; provided, however, that such indemnification of the Company by the Sponsor shall apply only to the extent necessary to ensure that any such claims by a third party or a Target do not reduce the amount of funds in the Trust Account to below the lesser of (i) $10.10 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.10 per Public Share is then held in the Trust Account due to reductions in the value of the trust assets, less taxes payable. This liability will not apply with respect to any claims by a third party or a Target which executed a waiver of any and all rights to the monies held in the Trust Account or 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 will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. Risks and Uncertainties On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (the “IR Act”), which, among other things, generally imposes a 1% U.S. federal excise tax (the “Excise Tax”) on certain repurchases of stock by “covered corporations” (which include publicly traded domestic (i.e., U.S.) corporations) occurring on or after January 1, 2023. The Excise Tax is imposed on the repurchasing corporation itself, not its stockholders from which the stock is repurchased. Because the Company is a Delaware corporation and its securities are trading on the NYSE, the Company is a “covered corporation” for this purpose. The amount of the Excise Tax is generally 1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the Excise Tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year. In addition, certain exceptions apply to the Excise Tax. The U.S. Department of the Treasury (the “Treasury”) has authority to provide regulations and other guidance to carry out, and prevent the abuse or avoidance of the Excise Tax. On December 27, 2022, the Treasury issued a notice that provides interim operating rules for the Excise Tax, including rules governing the calculation and reporting of the Excise Tax, on which taxpayers may rely until the forthcoming proposed Treasury regulations addressing the Excise Tax are published. Although such notice clarifies certain aspects of the Excise Tax, the interpretation and operation of other aspects of the Excise Tax remain unclear, and such interim operating rules are subject to change. Whether and to what extent the Company would be subject to the Excise Tax on a redemption of shares of Class A common stock or other stock issued by us would depend on a number of factors, including (i) whether the redemption is treated as a repurchase of stock for purposes of the Excise Tax, (ii) the fair market value of the redemption treated as a repurchase of stock in connection with an initial Business Combination, an extension or otherwise (iii) the structure of an initial Business Combination, (iv) the nature and amount of any “PIPE” or other equity issuances (whether in connection with an initial Business Combination or otherwise) issued within the same taxable year of a redemption treated as a repurchase of stock and (v) the content of forthcoming regulations and other guidance from the Treasury. As noted above, the Excise Tax would be payable by us, and not by the redeeming holder, and only limited guidance on the mechanics of any required reporting and payment of the Excise Tax on which taxpayers may rely have been issued to date. The imposition of the Excise Tax could cause a reduction in the cash available on hand to complete an initial Business Combination or for effecting redemptions and may affect the ability to complete an initial Business Combination, fund future operations or make distributions to stockholders. In addition, the Excise Tax could cause a reduction in the per share amount payable to Public Stockholders in the event we liquidate the Trust Account due to a failure to complete an initial Business Combination within the requisite timeframe. In October 2023, Israel and certain Iranian-backed Palestinian forces began an armed conflict in Israel, the Gaza Strip, and surrounding areas. In February 2022, the Russian Federation and Belarus commenced a military action with the country of Ukraine. Armed conflicts around the world, such as those in Ukraine and Israel, as well as the global response to such conflicts, including the imposition of sanctions by the United States and other countries, could create or exacerbate risks facing the Company’s business. In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (“COVID-19”) as a pandemic which continues to spread throughout the United States and the world. These events, compounded with rising interest rates and inflation, have had and may continue to have an adverse impact on global supply chains and capital markets resulting in a weaker macroeconomic environment. Any deterioration in credit markets resulting directly or indirectly from the ongoing Russian invasion of Ukraine or the recent attack by Hamas on Israel from the Gaza Strip could limit the Company’s ability to obtain external financing to fund operations and capital expenditures. Management continues to evaluate the macroeconomic environment as a result of COVID-19, and the Ukraine and Israel conflicts and the Company has concluded that while it is reasonably possible that the market conditions could have a negative effect on identifying a target company for a Business Combination, the specific impact is not readily determinable as of the date of the unaudited condensed financial statements. The unaudited condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty. Going Concern Consideration and Capital Resources As of September 30, 2023, the Company had operating cash of $27,842, restricted cash to pay the Company’s tax obligations of $565,422, and working capital deficit of $4,313,460. The Company also has an investment held in the Trust Account of $25,389,479 to be used for a Business Combination or to repurchase or redeem its common stock in connection therewith. As of September 30, 2023, approximately $2,949,2 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 — Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed financial statements of the Company are presented in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. Operating results for the three and nine months ended September 30, 2023, are not necessarily indicative of the results that may be expected through December 31, 2023, or any future period. The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the SEC on March 30, 2023 (the “Annual Report on Form 10-K”). Emerging Growth Company The Company is an emerging growth company as defined in Section 102(b)(1) of the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), which exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised, and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements and the reported amounts of income and expenses during the reporting periods. Making estimates requires management to exercise significant judgment. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those estimates. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of September 30, 2023 and December 31, 2022. Cash - Restricted Cash that is encumbered or otherwise restricted as to its use is included in cash – restricted. As of September 30, 2023 and December 31, 2022, the balance was $565,422 and $0, respectively. Cash – restricted at September 30, 2023 represents cash that was withdrawn from the Trust Account to pay taxes but is yet to be utilized. Investments Held in Trust Account At September 30, 2023 and December 31, 2022, substantially all of the assets held in the Trust Account were held in mutual funds which are invested primarily in U.S. Treasury securities. All of the Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held in the Trust Account are included in interest income on investments held in Trust Account in the accompanying unaudited condensed statements of operations. The estimated fair values of investments held in the Trust Account are determined using available market information. On September 30, 2023 and December 31, 2022, the Company had $25,389,479 and $259,984,974, respectively, in investments held in Trust Account. Amounts withdrawn from Trust Account in excess of permitted withdrawals On June 21, 2023, the Company withdrew from the Trust Account an aggregate amount of $2.4 million to be used for tax purposes. It was determined as of June 30, 2023 that the withdrawal amount was approximately $328,000 in excess of the amount necessary for tax purposes. As a result, the overdrawn amount of $328,000 was allocated back to the contingently redeemable Class A common stock subject to possible redemption and was distributed back to the Trust Account on August 17, 2023. The remaining amount withdrawn for tax purposes has yet to be utilized as of September 30, 2023. Offering Costs associated with the Initial Public Offering Offering costs for the IPO amounted to $14,420,146, consisting of $5,000,000 of underwriting fees, $8,956,250 of deferred underwriting fees payable (which are held in the Trust Account) and $463,896 of other costs. As described in Note 6, the $8,956,250 of deferred underwriting fee payable is contingent upon the consummation of a Business Combination by December 14, 2023, subject to the terms of the underwriting agreement. 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 Deposit Insurance Corporation coverage limit of $250,000. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows. Fair Value of Financial Instruments The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on an assessment of the assumptions that market participants would use in pricing the asset or liability. Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC Topic 740, “ Income Taxes ASC 740 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. There were no unrecognized tax benefits as of September 30, 2023 and December 31, 2022. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties on September 30, 2023 and December 31, 2022. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since its inception. Class A Common Stock Subject to Possible Redemption The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity” (“ASC 480”). Shares of Class A common stock subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable Class A common stock (including Class A common stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, Class A common stock is classified as stockholders’ deficit. The Company’s Class A common stock sold in the IPO and over-allotment feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. In connection with the Special Meeting, 23,176,961 shares of the Company’s Class A common stock, par value $0.0001 per share, were redeemed. On June 21, 2023, $239,604,919 was withdrawn from the trust account to pay the redeeming holders and the 23,176,961 shares of the Company’s Class A common stock that were redeemed were cancelled. Accordingly, on September 30, 2023 and December 31, 2022, 2,198,039 and 25,375,000 shares of Class A common stock subject to possible redemption is presented as temporary equity, outside of the stockholders’ deficit section of the Company’s condensed balance sheets. Under ASC 480-10-S99, the Company has elected to recognize changes in redemption value immediately as they occur and adjusts the carrying value of the Class A common stock subject to possible redemption to equal the redemption value at the end of each reporting period. This method would view the end of the reporting period as if it were also the redemption date for the security. Immediately upon the closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption amount, which, resulted in charges against additional paid-in capital (to the extent available) and accumulated deficit. As of September 30, 2023 and December 31, 2022, the shares of Class A common stock subject to possible redemption reflected on the condensed balance sheets is reconciled on the following table: Gross proceeds $ 253,750,000 Less: Proceeds allocated to Public Warrants (9,261,875 ) Class A common stock issuance costs (13,893,811 ) Plus: Remeasurement of carrying value to redemption value 25,693,186 Class A common stock subject to possible redemption at December 31, 2021 256,287,500 Plus: Remeasurement of carrying value to redemption value 2,709,258 Class A common stock subject to possible redemption at December 31, 2022 258,996,758 Less: Redemptions (239,604,919 ) Plus: Remeasurement of carrying value to redemption value 4,604,016 Class A common stock subject to possible redemption at September 30, 2023 $ 23,995,855 Net Income (loss) per Common Share The Company has two classes of shares, which are referred to as Class A common stock and Class B common stock. Earnings and losses are shared pro rata between the two classes of common shares. Public Warrants (see Note 3) and Private Placement Warrants (see Note 4) to purchase 13,164,375 shares of Class A common stock at $11.50 per share were issued on December 14, 2021. At September 30, 2023 and December 31, 2022, no Public Warrants or Private Placement Warrants have been exercised. The 13,164,375 potential shares of Class A common stock for outstanding Public Warrants and Private Placement Warrants to purchase the Company’s stock were excluded from diluted earnings per share for the three and nine months ended September 30, 2023 and 2022 because they are contingently exercisable, and the contingencies have not yet been met. As a result, diluted net income (loss) per common share is the same as basic net income (loss) per common share for the period. The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net income (loss) per share for each class of stock. For the Three Months Ended September 30, 2023 2022 Common Stock Common Stock Class A Class B Class A Class B Basic and diluted net (loss) income per common share: Numerator: Allocation of net (loss) income $ (548,195 ) $ — $ 434,043 $ 146,412 Denominator: Weighted average shares outstanding 12,033,039 — 26,328,750 8,881,250 Basic and diluted net (loss) income per common share $ (0.05 ) $ — $ 0.02 $ 0.02 For the Nine Months Ended September 30, 2023 2022 Common Stock Common Stock Class A Class B Class A Class B Basic and diluted net income per common share: Numerator: Allocation of net income $ 986,600 $ 270,843 $ 163,910 $ 55,291 Denominator: Weighted average shares outstanding 20,338,741 5,583,433 26,328,750 8,881,250 Basic and diluted net income per common share $ 0.05 $ 0.05 $ 0.01 $ 0.01 Accounting for Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the instruments’ specific terms and applicable authoritative guidance in ASC 480 and ASC 815, “Derivatives and Hedging” (“ASC 815”). The assessment considers whether the instruments are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the instruments meet all of the requirements for equity classification under ASC 815, including whether the instruments are indexed to the Company’s own common shares and whether the instrument 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 quarterly period end date while the instruments are outstanding. As discussed in Note 7, the Company determined that its Warrants, issued pursuant to the public warrant agreement (as may be amended and restated, the “Public Warrant Agreement”) and private warrant agreement (as may be amended and restated, the “Private Warrant Agreement,” and together with the Public Warrant Agreement, the “Warrant Agreements”), qualify for equity accounting treatment. Recent Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13 – Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . The Company’s 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. |
Initial Public Offering and Ove
Initial Public Offering and Over-Allotment | 9 Months Ended |
Sep. 30, 2023 | |
Initial Public Offering and Over-Allotment [Abstract] | |
Initial Public Offering and Over-Allotment | Note 3 — Initial Public Offering and Over-Allotment Pursuant to the IPO, the Company sold 25,375,000 Units at a price of $10.00 per Unit. Each Unit consists of one Public Share and one-half of a Public Warrant. Each whole Public Warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment (see Note 7). |
Private Placement
Private Placement | 9 Months Ended |
Sep. 30, 2023 | |
Private Placement [Abstract] | |
Private Placement | Note 4 — Private Placement On December 14, 2021, simultaneously with the consummation of the IPO and the underwriters’ exercise of their over-allotment option, the Company consummated the Private Placement of 953,750 Private Placement Units at a price of $10.00 per Private Placement Unit, generating gross proceeds of $9,537,500. Each whole Private Placement Unit will consist of one Placement Share and one-half of a Private Placement Warrant. Each whole Private Placement Warrant will be exercisable to purchase one share of Class A common stock at a price of $11.50 per share. A portion of the proceeds from the Private Placement Units will be added to the proceeds from the IPO to be held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Units will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law), and the Private Placement Units and all underlying securities will be worthless. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 5 — Related Party Transactions Founder Shares On August 31, 2021, the Sponsor purchased 7,362,500 shares of the Company’s Class B common stock, par value $0.0001 (“Founder Shares”), for an aggregate price of $25,000, and in November 2021, the Company effected a 1.36672326 for 1 stock split of its common stock, so that the Sponsor owned an aggregate of 10,062,500 Founder Shares. The Founder Shares will automatically convert into Class A common stock at the time of the Company’s initial Business Combination and are subject to certain transfer restrictions, as described in Note 7. The Initial Stockholders had agreed to forfeit up to 1,312,500 Founder Shares to the extent that the over-allotment option is not exercised in full by the underwriters. Subsequent to December 31, 2021, since the underwriters exercised the over-allotment option only in part, the Sponsor forfeited 1,181,250 Founder Shares. The Initial Stockholders have agreed, subject to limited exceptions, not to transfer, assign or sell any of their Founder Shares until the earlier to occur of: (A) one year after the completion of the initial Business Combination or (B) subsequent to the initial Business Combination, (x) if the last sale price of the Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property. Related Party Loans On August 31, 2021, the Sponsor agreed to loan the Company an aggregate of up to $300,000 to cover expenses related to the IPO pursuant to a promissory note (the “Note”). This loan was non-interest bearing and payable on the earlier of January 31, 2022 or the completion of the IPO. The Company has borrowed $104,402 under the Note, all of which was repaid prior to December 31, 2021 and the Note is no longer available for use for future borrowings by the Company. There was no balance outstanding as of September 30, 2023 and December 31, 2022. In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company will repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1.5 million of such Working Capital Loans may be convertible into units of the post Business Combination entity at a price of $10.00 per unit. The units would be identical to the Private Placement Units. As of September 30, 2023, the below promissory notes were entered into which fall under the Working Capital Loans structure. In July 2023, the Company issued an unsecured promissory note to the Sponsor with a principal amount equal to $60,000 (the “Extension Note”). On the same date, in connection with advances the Sponsor may make in the future to the Company for working capital expenses in connection with the Company’s initial business combination, the Company issued a separate unsecured promissory note to the Sponsor in the principal amount of up to $240,000 (the “Working Capital Note”, together with the Extension Note, the “Notes”). Both Notes bear no interest and are repayable in full upon the earlier of (a) the date of the consummation of the Company’s initial business combination, or (b) the date of the Company’s liquidation. As of September 30, 2023, the total outstanding balance of the Notes is $300,000, with a discount allocation of $149,849, or a net amount of $150,151. In connection with funding the Notes, On July 5, 2023, the Sponsor entered into a subscription agreement with a third-party investor. Pursuant to such agreement, the Sponsor will transfer one share of Class A common stock of the Company for each dollar funded upon the closing of a Business Combination. As of September 30, 2023, such third-party investor loaned $300,000 to the Sponsor, which amount is included in the balance due to the Sponsor under the Notes described above. Support Services The Company has agreed to pay the Sponsor a fee of $10,000 per month following the Company’s listing on the New York Stock Exchange (the “NYSE”) for office space, utilities, and secretarial and administrative services. The agreement will terminate upon the earlier of the Company’s consummation of a Business Combination or its liquidation. For the three and nine months ended September 30, 2023, $30,000 and $90,000, respectively, has been paid under this agreement. For the three and nine months ended September 30, 2022, $30,000 and $100,000, respectively, has been paid under this agreement (which included $10,000 towards December 2021). |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 6 — Commitments and Contingencies Registration Rights The holders of Founder Shares, Private Placement Units and units that may be issued upon conversion of Working Capital Loans, if any, will be entitled to registration rights to require the Company to register a sale of any of the Company’s securities held by them pursuant to a certain registration rights agreement, dated December 9, 2021. These holders will be entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, these holders will have certain “piggyback” registration rights with respect to registration statements filed subsequent to the Company’s completion of its initial Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The Company granted the underwriters a 45-day option from the final prospectus relating to the IPO to purchase up to 3,750,000 additional Units to cover over-allotments, if any, at the IPO price less underwriting discounts and commissions. The underwriters were paid a cash underwriting discount of $0.20 per unit on the offering, or $5,000,000 in the aggregate at the closing of the IPO. In addition, the underwriters are entitled to deferred underwriting commissions of $0.35 per unit, or $8,881,250 from the closing of the IPO and over-allotment. The total deferred fee of $8,956,250 (including underwriting discount of $75,000 related to the exercise of the over-allotment option) is deferred until completion of a Business Combination. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely if the Company completes a Business Combination, subject to the terms of the underwriting agreement. On May 17, 2023, Citigroup Global Markets Inc., as representative of the underwriters (“Citigroup”), agreed to formally waive the deferred underwriting commissions of $8,956,250 in full, pursuant to a deferred fee waiver letter agreement between Citigroup and the Company only upon a successful Business Combination with Air Water Ventures Ltd., as further described below. The waiver of deferred underwriting commissions is contingent upon a successful Business Combination with Air Water Ventures Ltd., thus, as of September 30, 2023, the full amount of $8,956,250 remains outstanding. Business Combination Agreement On April 19, 2023, the Company, the Sponsor, The Air Water Company, a Cayman Islands exempted company (“Holdings”), Project Hydro Merger Sub Inc., a Delaware corporation (“Merger Sub”), Air Water Ventures Ltd, a private company formed under the Laws of England and Wales (“AWV” or “Target”), and those shareholders of AWV party thereto (collectively, the “AWV Shareholders”), entered into a Business Combination Agreement (the “Business Combination Agreement”), pursuant to which, subject to the satisfaction or waiver of certain conditions precedent in the Business Combination Agreement, the following transactions will occur: (a) the split and subdivision of each AWV share into a number of AWV shares equal to the Exchange Ratio (as defined in the Business Combination Agreement) (the “Recapitalization”), (b) immediately following the Recapitalization, the acquisition by Holdings of all of the issued and outstanding share capital of AWV from the AWV Shareholders in exchange for the issuance of Holdings ordinary shares, pursuant to which AWV will become a direct wholly owned subsidiary of Holdings (the “Share Acquisition”), (c) immediately following the Share Acquisition, the merger of Merger Sub with and into the Company (the “Merger”), with the Company surviving the Merger and the security holders of the Company (other than the security holders of the Company electing to redeem their shares of Athena common stock or shares of Athena common stock held in treasury) becoming security holders of Holdings and (d) the other transactions contemplated by the Business Combination Agreement and the Ancillary Documents referred to therein (together with the Recapitalization, Merger and Share Acquisition, the “Transactions”). In consideration for the Share Acquisition, each AWV Shareholder will receive one Holdings ordinary share for each ordinary share they hold in AWV immediately prior to the Share Acquisition. In consideration for the Merger, each Athena shareholder will receive one Holdings ordinary share for each share of common stock they hold in Athena immediately prior to the Merger. In accordance with the terms and subject to the conditions of the Business Combination Agreement, the consideration to be received by the AWV Shareholders in connection with the Share Acquisition shall be the issuance of an aggregate number of Holdings common shares equal to (a) $300,000,000 plus the net amount of certain equity investments in AWV after April 19, 2023 divided by (b) $10.00. Sponsor Support Agreement In connection with the execution of the Business Combination Agreement, the Sponsor has entered into a Sponsor Support Agreement (the “Sponsor Support Agreement”) with Athena, Holdings and AWV, pursuant to which the Sponsor has agreed to, among other things, (a) waive its anti-dilution rights in the Charter with respect to the SPAC Class B common stock (together with the SPAC Class A common stock, the “Sponsor Securities”), (b) vote at any meeting of Athena shareholders to be called for approval of the Transactions all Sponsor Securities held of record or thereafter acquired in favor of the Shareholder Approval Matters (as defined below), (c) be bound by certain other covenants and agreements related to the Transactions and (d) be bound by certain transfer restrictions with respect to the Sponsor Securities and warrants exercisable for Sponsor Securities, in each case, on the terms and subject to the conditions set forth in the Sponsor Support Agreement. The Sponsor Support Agreement also provides that Sponsor has agreed irrevocably to waive its redemption rights in connection with the consummation of the Transactions with respect to any Sponsor Securities they may hold. Lock-Up Agreements In connection with the closing, the AWV Shareholders and members of AWV’s management will each enter into an agreement (the “AWV Shareholder Lock-Up Agreement” and the “Management Lock-Up Agreement,” respectfully) providing that each AWV Shareholder will not, subject to certain exceptions, transfer seventy-five percent of its Restricted Securities (as defined in the AWV Shareholder Lock-Up Agreement) during the period commencing from the closing date until the earlier of (i) six months after the closing, (ii) the first trading day following the date on which the last reported sale price of the Holdings ordinary shares equals or exceeds $12.00 per share (as adjusted) for any 20 trading days within any consecutive 30-trading day period commencing 30 days following the closing or (iii) the date following the closing on which Holdings completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction in which all of its stockholders have the right to exchange their shares of common stock for cash, securities or other property. In connection with the closing, the Sponsor and certain individuals who are members of Athena’s board of directors and/or management team (such individuals, the “Insiders”) will enter into an agreement (the “Sponsor Lock-Up Agreement”) providing that the Sponsor and the Insiders will not, subject to certain exceptions, transfer (i) the Base Restricted Securities (as defined below) during the period commencing from the closing date until the date that is the earlier of (x) six months after the closing and (y) the date following the closing on which Holdings completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of its stockholders having the right to exchange their shares of common stock for cash, securities or other property or (ii) the Special Restricted Securities (as defined below) during the period commencing from the closing date until the date that is the earliest of (w) 18 months after the closing, (x) with respect to fifty percent of the Special Restricted Securities, the first trading day following the date on which the last reported sale price of Holdings ordinary shares equals or exceeds $12.50 per share (as adjusted), (y) with respect to fifty percent of the Special Restricted Securities, the first trading day following the date on which the last reported sale price of Holdings ordinary shares equals or exceeds $15.00 per share (as adjusted) and (z) the date following the closing on which Holdings completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of its stockholders having the right to exchange their shares of common stock for cash, securities or other property. For purposes of the Sponsor Lock-Up Agreement, (a) the “Special Restricted Securities” means a number of Holdings ordinary shares to be received by the Sponsor and the Insiders pursuant to the Business Combination Agreement equal to the aggregate number of Holdings ordinary shares that AWV and Athena provide to PIPE Investors as an incentive to enter into the applicable Subscription Agreement, not to exceed 3,552,500 Holdings ordinary shares, and (b) the “Base Restricted Securities” means a number of Holdings ordinary shares to be received by the Sponsor and the Insiders pursuant to the Business Combination Agreement equal to 6,660,938 minus the number of Special Restricted Securities. New Registration Rights Agreement The Business Combination Agreement contemplates that, at the closing, Holdings, certain AWV equityholders, the Sponsor and Athena will enter into a Registration Rights Agreement (the “New Registration Rights Agreement”), pursuant to which Holdings will agree to register for resale certain shares of Holdings ordinary shares and other equity securities of Holdings that are held by the parties thereto from time to time. Pursuant to the New Registration Rights Agreement, Holdings will agree to file a shelf registration statement registering the sale or resale of all of the Registrable Securities (as defined in the New Registration Rights Agreement) no later than 30 days after the closing date. Holdings also agreed to provide customary “piggyback” registration rights, subject to certain requirements and customary conditions. The New Registration Rights Agreement also provides that Holdings will pay certain expenses relating to such registrations and indemnify the shareholders against certain liabilities. Warrant Assumption Agreement The Business Combination Agreement contemplates that, immediately prior to the merger effective time, Athena, Holdings and Continental Stock Transfer & Trust Company (the “Warrant Agent”) will enter into an Assignment, Assumption and Amendment Agreement, which amends (i) that certain Amended and Restated Private Warrant Agreement, dated as of March 29, 2022, by and between Athena and the Warrant Agent (the “Existing Private Warrant Agreement”), and (ii) that certain Amended and Restated Public Warrant Agreement, dated as of March 29, 2022, by and between Athena and the Warrant Agent (the “Existing Public Warrant Agreement” and, together with the Existing Private Warrant Agreement, the “Existing Warrant Agreements”) pursuant to which (a) Athena will assign to Holdings, and Holdings will assume, all of Athena’s right, title and interest in and to the Existing Warrant Agreements and (b) each Athena warrant shall be modified to no longer entitle the holder to purchase Athena shares of common stock and instead acquire an equal number of Holdings ordinary shares per Athena warrant. First Amendment to Business Combination Agreement On June 16, 2023, the Company and AWV entered into that certain First Amendment to the Business Combination Agreement (the “First BCA Amendment”). The First BCA Amendment amends the Business Combination Agreement to extend the SPAC Termination Notice Date (as defined in the Business Combination Agreement) from June 13, 2023 to July 21, 2023. Pursuant to the BCA Amendment, the Company may terminate the Business Combination Agreement by written notice to AWV on (or within three Business Days after) July 21, 2023 if, prior to such date, AWV and the Company have conducted good faith marketing efforts to potential PIPE investors regarding the PIPE investment, and following such marketing efforts the Company has determined, in its reasonable discretion, that the parties do not have a reasonable likelihood of consummating a PIPE investment of at least $30,000,000 in the aggregate and otherwise on terms reasonably satisfactory to the Company prior to the Outside Date. No other changes were made to the Business Combination Agreement. Second Amendment to Business Combination Agreement On July 20, 2023, the Company and AWV entered into the Second BCA Amendment. The Second BCA Amendment amends the Business Combination Agreement to extend the SPAC Termination Notice Date (as defined in the Business Combination Agreement) from July 21, 2023 to August 21, 2023. Pursuant to the Second BCA Amendment, the Company may terminate the Business Combination Agreement by written notice to AWV on (or within three Business Days after) August 21, 2023 if, prior to such date, AWV and the Company have conducted good faith marketing efforts to potential PIPE investors regarding the PIPE investment, and following such marketing efforts the Company has determined, in its reasonable discretion, that the parties do not have a reasonable likelihood of consummating a PIPE investment of at least $30,000,000 in the aggregate and otherwise on terms reasonably satisfactory to the Company prior to the Outside Date. Third Amendment to Business Combination Agreement On August 22, 2023, the Company and AWV entered into that the Third BCA Amendment. The Third BCA Amendment amends the Business Combination Agreement to extend the SPAC Termination Notice Date from August 21, 2023 to September 25, 2023. Pursuant to the Third BCA Amendment, the Company may terminate the Business Combination Agreement by written notice to AWV on (or within seven calendar days after) September 25, 2023 if, prior to such date, (i) the parties have not entered into one or more definitive written subscription agreements for a PIPE investment of at least $30,000,000 in the aggregate on terms reasonably satisfactory to the Company or (ii) the registration statement has not been filed with the SEC. Fourth Amendment to Business Combination Agreement On September 30, 2023, the Company and AWV entered into the Fourth BCA Amendment. Pursuant to the Fourth BCA Amendment, the Company may terminate the Business Combination Agreement by written notice to AWV up until such date that the parties have entered into one or more definitive written subscription agreements for a PIPE investment of at least $30,000,000 in the aggregate on terms reasonably satisfactory to the Company. |
Stockholders_ Deficit
Stockholders’ Deficit | 9 Months Ended |
Sep. 30, 2023 | |
Stockholders’ Deficit [Abstract] | |
Stockholders’ Deficit | Note 7 — Stockholders’ Deficit Preferred Stock no Class A common stock Class B common stock The Company’s Amended and Restated Certificate of Incorporation provides that the shares of Class B common stock will automatically convert into shares of Class A common stock at the time of the initial Business Combination on a one-for-one basis, subject to adjustment. In the case that additional Class A common stock, or equity-linked securities, are issued or deemed issued in excess of the amounts offered in the IPO and related to the closing of the initial Business Combination, the ratio at which Class B common stock shall convert into Class A common stock will be adjusted (unless the holders of a majority of the outstanding Class B common stock agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of shares of Class A common stock issuable upon conversion of all Class B common stock will equal, in the aggregate, on an as-converted basis, 25.28% of the sum of the total number of shares of Class A common stock outstanding upon the completion of the IPO (including the Public Shares, Private Placement Units and Founder Shares) plus all Class A common stock and equity-linked securities issued or deemed issued in connection with the initial Business Combination. Holders of Founder Shares may also elect to convert their Class B common stock into an equal number of shares of Class A common stock, subject to adjustment as provided above, at any time. Holders of common stock will have the right to elect all of the Company’s directors prior to a Business Combination. Holders of Class A common stock and Class B common stock will vote together as a single class on all other matters submitted to a vote of stockholders except as required by law. Warrants— The Company will not be obligated to deliver any shares of common stock pursuant to the exercise of a Warrant and will have no obligation to settle such Warrant exercise unless a registration statement under the Securities Act with respect to the shares of common stock underlying the Warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations with respect to registration. No Warrant will be exercisable for cash or on a cashless basis, and the Company will not be obligated to issue any shares to holders seeking to exercise their Warrants, unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising holder, or an exemption is available. The Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of its initial Business Combination, it will use its best efforts to file with the SEC a post-effective amendment to the registration statement for the IPO or a new registration statement for the registration, under the Securities Act, of the shares of Class A common stock issuable upon exercise of the Warrants. The Company will use its best efforts to cause the same to become effective 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 Agreements. No Warrants will be exercisable for cash unless the Company has an effective and current registration statement covering the offer and sale of the shares of common stock issuable upon exercise of the Warrants and a current prospectus relating to such shares of common stock. Notwithstanding the foregoing, if a registration statement covering the shares of Class A common stock issuable upon exercise of the Warrants is not effective by the 60th business day after the closing of the Company’s initial Business Combination, Warrant holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise Warrants on a cashless basis in accordance with Section 3(a)(9) of the Securities Act or another exemption. If that exemption, or another exemption, is not available, holders will not be able to exercise their Warrants on a cashless basis. Once the Warrants become exercisable, the Company may redeem the Warrants: ● in whole and not in part; ● at a price of $0.01 per Warrant; ● upon not less than 30 days’ prior written notice of redemption, to each Warrant holder; and ● if, and only if, the reported last sale price of the shares of common stock equals or exceeds $18.00 per share (as adjusted for share subdivisions, share consolidations, share capitalizations, rights issuances, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date the Company sends the notice of redemption to the Warrant holders. If and when the Warrants become redeemable by the Company, the Company may not exercise its redemption right if the issuance of shares upon exercise of the Warrants is not exempt from registration or qualification under applicable state blue sky laws or the Company is unable to effect such registration or qualification. If the Company calls the Warrants for redemption, management will have the option to require all holders that wish to exercise the Warrants to do so on a “cashless basis,” as described in the Public Warrant Agreement and the Private Warrant Agreement. The exercise price and number of shares of common stock issuable upon exercise of the Warrants may be adjusted in certain circumstances including in the event of a share dividend, or recapitalization, reorganization, merger or consolidation. However, except as described below, the Warrants will not be adjusted for issuances of shares of common stock at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the Warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of Warrants will not receive any of such funds with respect to their Warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such Warrants. Accordingly, the Warrants may expire worthless. In addition, if (x) the Company issues additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of its initial Business Combination at an issue price or effective issue price of less than $9.20 per share of common stock (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 Company’s initial Business Combination on the date of the consummation of such initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Company’s shares of common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the Warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of the Market Value and the Newly Issued Price. The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the IPO, except that the Private Placement Warrants and the shares of common stock issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable or saleable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be exercisable at the election of the holder on a “cashless basis”. Neither the Private Placement Warrants nor the Public Warrants contain any provision that change dependent upon the characteristics of the holder of the Warrant. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 8 — Fair Value Measurements The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). At September 30, 2023 and December 31, 2022, the assets held in the Trust Account were comprised of $25,389,479 and $259,984,974, respectively, held in money market funds. All of the Company’s investments held in the Trust Account are classified as trading securities. $922,114 and $0 has been withdrawn from the Trust Account to pay for franchise and income taxes of the Company as at September 30, 2023 and December 31, 2022, respectively. In connection with the Special Meeting, 23,176,961 shares of the Company’s Class A common stock, par value $0.0001 per share, were redeemed. On June 21, 2023, $239,604,919 was withdrawn from the trust account to pay the redeeming holders and the 23,176,961 shares of the Company’s Class A common stock that were redeemed were cancelled. The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at 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 Significant Significant September 30, 2023 Level (Level 1) (Level 2) (Level 3) Assets: Investment in Trust Account - Money Market Fund 1 $ 25,389,479 $ — $ — Quoted Significant Significant December 31, 2022 Level (Level 1) (Level 2) (Level 3) Assets: Investment in Trust Account - Money Market Fund 1 $ 259,984,974 $ — $ — |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 9 — Subsequent Events The Company has evaluated subsequent events and transactions that occurred after the balance sheet date through the date these unaudited condensed financial statements were issued and determined that there were no subsequent events that would require adjustment or disclosure, except as described below. Trust Deposits On October 6, 2023 the Company deposited $60,000 into the Trust Account allowing the Company to extend the period of time it has to consummate its initial Business Combination by one month from October 14, 2023 to November 14, 2023. The Monthly Extension is the fifth of up to nine potential monthly extensions permitted under the Charter (Note 1). On November 7, 2023 the Company deposited $60,000 into the Trust Account allowing the Company to extend the period of time it has to consummate its initial Business Combination by one month from November 14, 2023 to December 14, 2023. The Monthly Extension is the sixth of up to nine potential monthly extensions permitted under the Charter (Note 1). |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed financial statements of the Company are presented in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. Operating results for the three and nine months ended September 30, 2023, are not necessarily indicative of the results that may be expected through December 31, 2023, or any future period. The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the SEC on March 30, 2023 (the “Annual Report on Form 10-K”). |
Emerging Growth Company | Emerging Growth Company The Company is an emerging growth company as defined in Section 102(b)(1) of the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), which exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised, and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements and the reported amounts of income and expenses during the reporting periods. Making estimates requires management to exercise significant judgment. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those estimates. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of September 30, 2023 and December 31, 2022. |
Cash - Restricted | Cash - Restricted Cash that is encumbered or otherwise restricted as to its use is included in cash – restricted. As of September 30, 2023 and December 31, 2022, the balance was $565,422 and $0, respectively. Cash – restricted at September 30, 2023 represents cash that was withdrawn from the Trust Account to pay taxes but is yet to be utilized. |
Investments Held in Trust Account | Investments Held in Trust Account At September 30, 2023 and December 31, 2022, substantially all of the assets held in the Trust Account were held in mutual funds which are invested primarily in U.S. Treasury securities. All of the Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held in the Trust Account are included in interest income on investments held in Trust Account in the accompanying unaudited condensed statements of operations. The estimated fair values of investments held in the Trust Account are determined using available market information. On September 30, 2023 and December 31, 2022, the Company had $25,389,479 and $259,984,974, respectively, in investments held in Trust Account. |
Amounts withdrawn from Trust Account in excess of permitted withdrawals | Amounts withdrawn from Trust Account in excess of permitted withdrawals On June 21, 2023, the Company withdrew from the Trust Account an aggregate amount of $2.4 million to be used for tax purposes. It was determined as of June 30, 2023 that the withdrawal amount was approximately $328,000 in excess of the amount necessary for tax purposes. As a result, the overdrawn amount of $328,000 was allocated back to the contingently redeemable Class A common stock subject to possible redemption and was distributed back to the Trust Account on August 17, 2023. The remaining amount withdrawn for tax purposes has yet to be utilized as of September 30, 2023. |
Offering Costs associated with the Initial Public Offering | Offering Costs associated with the Initial Public Offering Offering costs for the IPO amounted to $14,420,146, consisting of $5,000,000 of underwriting fees, $8,956,250 of deferred underwriting fees payable (which are held in the Trust Account) and $463,896 of other costs. As described in Note 6, the $8,956,250 of deferred underwriting fee payable is contingent upon the consummation of a Business Combination by December 14, 2023, subject to the terms of the underwriting agreement. |
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 Deposit Insurance Corporation coverage limit of $250,000. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on an assessment of the assumptions that market participants would use in pricing the asset or liability. |
Income Taxes | Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC Topic 740, “ Income Taxes ASC 740 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. There were no unrecognized tax benefits as of September 30, 2023 and December 31, 2022. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties on September 30, 2023 and December 31, 2022. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since its inception. |
Class A Common Stock Subject to Possible Redemption | Class A Common Stock Subject to Possible Redemption The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity” (“ASC 480”). Shares of Class A common stock subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable Class A common stock (including Class A common stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, Class A common stock is classified as stockholders’ deficit. The Company’s Class A common stock sold in the IPO and over-allotment feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. In connection with the Special Meeting, 23,176,961 shares of the Company’s Class A common stock, par value $0.0001 per share, were redeemed. On June 21, 2023, $239,604,919 was withdrawn from the trust account to pay the redeeming holders and the 23,176,961 shares of the Company’s Class A common stock that were redeemed were cancelled. Accordingly, on September 30, 2023 and December 31, 2022, 2,198,039 and 25,375,000 shares of Class A common stock subject to possible redemption is presented as temporary equity, outside of the stockholders’ deficit section of the Company’s condensed balance sheets. Under ASC 480-10-S99, the Company has elected to recognize changes in redemption value immediately as they occur and adjusts the carrying value of the Class A common stock subject to possible redemption to equal the redemption value at the end of each reporting period. This method would view the end of the reporting period as if it were also the redemption date for the security. Immediately upon the closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption amount, which, resulted in charges against additional paid-in capital (to the extent available) and accumulated deficit. As of September 30, 2023 and December 31, 2022, the shares of Class A common stock subject to possible redemption reflected on the condensed balance sheets is reconciled on the following table: Gross proceeds $ 253,750,000 Less: Proceeds allocated to Public Warrants (9,261,875 ) Class A common stock issuance costs (13,893,811 ) Plus: Remeasurement of carrying value to redemption value 25,693,186 Class A common stock subject to possible redemption at December 31, 2021 256,287,500 Plus: Remeasurement of carrying value to redemption value 2,709,258 Class A common stock subject to possible redemption at December 31, 2022 258,996,758 Less: Redemptions (239,604,919 ) Plus: Remeasurement of carrying value to redemption value 4,604,016 Class A common stock subject to possible redemption at September 30, 2023 $ 23,995,855 |
Net Income (loss) per Common Share | Net Income (loss) per Common Share The Company has two classes of shares, which are referred to as Class A common stock and Class B common stock. Earnings and losses are shared pro rata between the two classes of common shares. Public Warrants (see Note 3) and Private Placement Warrants (see Note 4) to purchase 13,164,375 shares of Class A common stock at $11.50 per share were issued on December 14, 2021. At September 30, 2023 and December 31, 2022, no Public Warrants or Private Placement Warrants have been exercised. The 13,164,375 potential shares of Class A common stock for outstanding Public Warrants and Private Placement Warrants to purchase the Company’s stock were excluded from diluted earnings per share for the three and nine months ended September 30, 2023 and 2022 because they are contingently exercisable, and the contingencies have not yet been met. As a result, diluted net income (loss) per common share is the same as basic net income (loss) per common share for the period. The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net income (loss) per share for each class of stock. For the Three Months Ended September 30, 2023 2022 Common Stock Common Stock Class A Class B Class A Class B Basic and diluted net (loss) income per common share: Numerator: Allocation of net (loss) income $ (548,195 ) $ — $ 434,043 $ 146,412 Denominator: Weighted average shares outstanding 12,033,039 — 26,328,750 8,881,250 Basic and diluted net (loss) income per common share $ (0.05 ) $ — $ 0.02 $ 0.02 For the Nine Months Ended September 30, 2023 2022 Common Stock Common Stock Class A Class B Class A Class B Basic and diluted net income per common share: Numerator: Allocation of net income $ 986,600 $ 270,843 $ 163,910 $ 55,291 Denominator: Weighted average shares outstanding 20,338,741 5,583,433 26,328,750 8,881,250 Basic and diluted net income per common share $ 0.05 $ 0.05 $ 0.01 $ 0.01 |
Accounting for Warrants | Accounting for Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the instruments’ specific terms and applicable authoritative guidance in ASC 480 and ASC 815, “Derivatives and Hedging” (“ASC 815”). The assessment considers whether the instruments are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the instruments meet all of the requirements for equity classification under ASC 815, including whether the instruments are indexed to the Company’s own common shares and whether the instrument 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 quarterly period end date while the instruments are outstanding. As discussed in Note 7, the Company determined that its Warrants, issued pursuant to the public warrant agreement (as may be amended and restated, the “Public Warrant Agreement”) and private warrant agreement (as may be amended and restated, the “Private Warrant Agreement,” and together with the Public Warrant Agreement, the “Warrant Agreements”), qualify for equity accounting treatment. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13 – Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . The Company’s 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. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
Schedule of Shares of Class A Common Stock Reflected on the Condensed Balance Sheet are Reconciled | As of September 30, 2023 and December 31, 2022, the shares of Class A common stock subject to possible redemption reflected on the condensed balance sheets is reconciled on the following table: Gross proceeds $ 253,750,000 Less: Proceeds allocated to Public Warrants (9,261,875 ) Class A common stock issuance costs (13,893,811 ) Plus: Remeasurement of carrying value to redemption value 25,693,186 Class A common stock subject to possible redemption at December 31, 2021 256,287,500 Plus: Remeasurement of carrying value to redemption value 2,709,258 Class A common stock subject to possible redemption at December 31, 2022 258,996,758 Less: Redemptions (239,604,919 ) Plus: Remeasurement of carrying value to redemption value 4,604,016 Class A common stock subject to possible redemption at September 30, 2023 $ 23,995,855 |
Schedule of Reconciliation of the Numerator and Denominator Used to Compute Basic and Diluted Net Income (Loss) Per Share | The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net income (loss) per share for each class of stock. For the Three Months Ended September 30, 2023 2022 Common Stock Common Stock Class A Class B Class A Class B Basic and diluted net (loss) income per common share: Numerator: Allocation of net (loss) income $ (548,195 ) $ — $ 434,043 $ 146,412 Denominator: Weighted average shares outstanding 12,033,039 — 26,328,750 8,881,250 Basic and diluted net (loss) income per common share $ (0.05 ) $ — $ 0.02 $ 0.02 For the Nine Months Ended September 30, 2023 2022 Common Stock Common Stock Class A Class B Class A Class B Basic and diluted net income per common share: Numerator: Allocation of net income $ 986,600 $ 270,843 $ 163,910 $ 55,291 Denominator: Weighted average shares outstanding 20,338,741 5,583,433 26,328,750 8,881,250 Basic and diluted net income per common share $ 0.05 $ 0.05 $ 0.01 $ 0.01 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Measurements [Abstract] | |
Schedule of Assets that are Measured at Fair Value on a Recurring Basis | The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at 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 Significant Significant September 30, 2023 Level (Level 1) (Level 2) (Level 3) Assets: Investment in Trust Account - Money Market Fund 1 $ 25,389,479 $ — $ — Quoted Significant Significant December 31, 2022 Level (Level 1) (Level 2) (Level 3) Assets: Investment in Trust Account - Money Market Fund 1 $ 259,984,974 $ — $ — |
Organization and Business Ope_2
Organization and Business Operations (Details) - USD ($) | 1 Months Ended | 9 Months Ended | |||||||||||||||||
Nov. 07, 2023 | Jun. 21, 2023 | Dec. 14, 2021 | Jun. 21, 2023 | Aug. 16, 2022 | Dec. 28, 2021 | Sep. 30, 2023 | Oct. 06, 2023 | Sep. 07, 2023 | Aug. 21, 2023 | Aug. 08, 2023 | Jul. 20, 2023 | Jul. 17, 2023 | Jul. 07, 2023 | Jun. 16, 2023 | Jun. 14, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Aug. 31, 2021 | |
Organization and Business Operations [Line Items] | |||||||||||||||||||
Additional gross proceeds | $ 3,750,000 | ||||||||||||||||||
Generating gross proceeds | $ 37,500 | ||||||||||||||||||
Underwriters offering costs | $ 14,420,146 | ||||||||||||||||||
Underwriting fees | 5,000,000 | ||||||||||||||||||
Deferred underwriting fees payable | 8,956,250 | ||||||||||||||||||
Other offering cost | $ 463,896 | ||||||||||||||||||
Excise tax of the fair market value, percentage | 1% | 80% | |||||||||||||||||
Public per share (in Dollars per share) | $ 10.1 | ||||||||||||||||||
Net tangible assets | $ 5,000,001 | ||||||||||||||||||
Aggregate shares percentage | 15% | ||||||||||||||||||
Public shares percentage | 100% | ||||||||||||||||||
Equity investments value | $ 300,000,000 | ||||||||||||||||||
Common stock redemptions (in Shares) | 23,176,961 | ||||||||||||||||||
Amount withdrawn from trust account | $ 239,604,919 | ||||||||||||||||||
Deposited into trust account | $ 60,000 | $ 60,000 | $ 60,000 | $ 60,000 | |||||||||||||||
Investment amount | $ 30,000,000 | $ 30,000,000 | $ 30,000,000 | $ 30,000,000 | |||||||||||||||
Price per share in trust account (in Dollars per share) | $ 10.1 | ||||||||||||||||||
U.S federal excise tax | 1% | ||||||||||||||||||
Cash | $ 27,842 | $ 418,885 | $ 516,408 | ||||||||||||||||
Restricted cash | 565,422 | ||||||||||||||||||
Working capital deficit | 4,313,460 | ||||||||||||||||||
Investment held in trust account | 25,389,479 | $ 259,984,974 | |||||||||||||||||
Trust account interest income | 2,949,285 | ||||||||||||||||||
Working capital loans | $ 1,500,000 | ||||||||||||||||||
Convertible per unit (in Dollars per share) | $ 10 | ||||||||||||||||||
IPO [Member] | |||||||||||||||||||
Organization and Business Operations [Line Items] | |||||||||||||||||||
Shares of units (in Shares) | 25,000,000 | 3,750,000 | |||||||||||||||||
Price per share (in Dollars per share) | $ 10 | $ 10 | |||||||||||||||||
Gross proceeds | $ 250,000,000 | ||||||||||||||||||
Sale of additional units (in Shares) | 375,000 | ||||||||||||||||||
Underwriters offering costs | $ 14,420,146 | ||||||||||||||||||
Net proceeds | 252,500,000 | ||||||||||||||||||
Issued common stock not redeemed | 60,000 | ||||||||||||||||||
Outstanding common stock not redeemed | $ 60,000 | ||||||||||||||||||
Issued common stock not redemption per share (in Dollars per share) | $ 0.03 | ||||||||||||||||||
Outstanding common stock not redemption per share (in Dollars per share) | 0.03 | ||||||||||||||||||
Private Placement [Member] | |||||||||||||||||||
Organization and Business Operations [Line Items] | |||||||||||||||||||
Price per share (in Dollars per share) | $ 10 | ||||||||||||||||||
Private placement unit (in Shares) | 950,000 | ||||||||||||||||||
Generating gross proceeds | $ 9,500,000 | ||||||||||||||||||
Sale of additional units (in Shares) | 3,750 | ||||||||||||||||||
Purchase price unit (in Dollars per share) | $ 10 | ||||||||||||||||||
Class A Common Stock [Member] | |||||||||||||||||||
Organization and Business Operations [Line Items] | |||||||||||||||||||
Price per share (in Dollars per share) | $ 11.5 | ||||||||||||||||||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | |||||||||||||||||
Cancellation of common stock (in Shares) | 23,176,961 | ||||||||||||||||||
Shares issued (in Shares) | 8,881,250 | 8,881,250 | |||||||||||||||||
Conversion of shares (in Shares) | 8,881,250 | 8,881,250 | |||||||||||||||||
Common stock, shares issued (in Shares) | 9,835,000 | 953,750 | |||||||||||||||||
Common stock, shares outstanding (in Shares) | 9,835,000 | 953,750 | |||||||||||||||||
Percentage of outstanding shares | 81.70% | ||||||||||||||||||
Warrants exercisable (in Shares) | 1 | ||||||||||||||||||
Class A Common Stock [Member] | Common Stock Subject to Mandatory Redemption [Member] | |||||||||||||||||||
Organization and Business Operations [Line Items] | |||||||||||||||||||
Common stock, shares issued (in Shares) | 12,033,039 | ||||||||||||||||||
Common stock, shares outstanding (in Shares) | 12,033,039 | ||||||||||||||||||
Class A Common Stock [Member] | Warrant [Member] | |||||||||||||||||||
Organization and Business Operations [Line Items] | |||||||||||||||||||
Price per share (in Dollars per share) | $ 11.5 | ||||||||||||||||||
Class A Common Stock [Member] | IPO [Member] | |||||||||||||||||||
Organization and Business Operations [Line Items] | |||||||||||||||||||
Price per share (in Dollars per share) | $ 11.5 | ||||||||||||||||||
Class B Common Stock [Member] | |||||||||||||||||||
Organization and Business Operations [Line Items] | |||||||||||||||||||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||||||||
Common stock, shares issued (in Shares) | 0 | 8,881,250 | |||||||||||||||||
Common stock, shares outstanding (in Shares) | 0 | 8,881,250 | |||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||
Organization and Business Operations [Line Items] | |||||||||||||||||||
Dissolution expenses | $ 100,000 | ||||||||||||||||||
Deposited into trust account | $ 60,000 | $ 60,000 | |||||||||||||||||
Trust Account [Member] | |||||||||||||||||||
Organization and Business Operations [Line Items] | |||||||||||||||||||
Public per share (in Dollars per share) | $ 10.1 | ||||||||||||||||||
Price per share in trust account (in Dollars per share) | $ 10.1 | ||||||||||||||||||
Related Party [Member] | |||||||||||||||||||
Organization and Business Operations [Line Items] | |||||||||||||||||||
Working capital loans outstanding | $ 150,151 | $ 300,000 | |||||||||||||||||
Business Combination [Member] | |||||||||||||||||||
Organization and Business Operations [Line Items] | |||||||||||||||||||
Deferred underwriting fees payable | $ 8,956,250 | ||||||||||||||||||
Price per unit (in Dollars per share) | $ 10 | ||||||||||||||||||
Business Combination [Member] | IPO [Member] | |||||||||||||||||||
Organization and Business Operations [Line Items] | |||||||||||||||||||
Price per unit (in Dollars per share) | $ 10.1 | ||||||||||||||||||
Business Combination [Member] | |||||||||||||||||||
Organization and Business Operations [Line Items] | |||||||||||||||||||
Business Combination percentage | 50% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Aug. 17, 2023 | Dec. 14, 2021 | Jun. 21, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Summary of Significant Accounting Policies [Line Items] | ||||||||||
Cash restricted | $ 565,422 | $ 565,422 | $ 0 | |||||||
Investments held in trust account. | 25,389,479 | 25,389,479 | $ 259,984,974 | |||||||
Withdrew from the trust account | $ 328,000 | |||||||||
Temporary equity accretion to redemption value adjustment | (591,167) | $ (1,940,027) | $ (2,072,822) | $ (1,049,756) | ||||||
Offering costs | 14,420,146 | 14,420,146 | ||||||||
Underwriting fees | 5,000,000 | |||||||||
Deferred underwriting fees payable | 8,956,250 | |||||||||
Other costs | 463,896 | 463,896 | ||||||||
Federal deposit insurance corporation coverage limit | 250,000 | |||||||||
Redeeming holders amount | $ 239,604,919 | (239,604,919) | ||||||||
Common stock redeemed were cancelled (in Shares) | 23,176,961 | |||||||||
Trust Account [Member] | ||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||
Withdrew from the trust account | $ 2,400,000 | |||||||||
IPO [Member] | ||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||
Offering costs | $ 14,420,146 | 14,420,146 | ||||||||
Deferred underwriting fees payable | $ 8,956,250 | |||||||||
Class A Common Stock [Member] | ||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||
Temporary equity accretion to redemption value adjustment | $ 328,000 | |||||||||
Number of shares redeemed (in Shares) | 23,176,961 | 23,176,961 | ||||||||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||
Common stock subject to possible redemption (in Shares) | 2,198,039 | 2,198,039 | 25,375,000 | |||||||
Purchase shares (in Shares) | 13,164,375 | |||||||||
Price per share (in Dollars per share) | $ 11.5 | $ 10.92 | $ 10.92 | $ 10.21 | ||||||
Issued shares (in Shares) | 13,164,375 | |||||||||
Class A Common Stock Subject To Possible Redemption [Member] | ||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||
Common stock subject to possible redemption (in Shares) | 2,198,039 | 2,198,039 | 25,375,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Schedule of Shares of Class A Common Stock Reflected on the Condensed Balance Sheet are Reconciled - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Shares of Class A Common Stock Reflected on the Condensed Balance Sheet are Reconciled [Abstract] | |||
Gross proceeds | $ 253,750,000 | ||
Less: | |||
Proceeds allocated to Public Warrants | (9,261,875) | ||
Class A common stock issuance costs | (13,893,811) | ||
Plus: | |||
Remeasurement of carrying value to redemption value | $ 4,604,016 | $ 2,709,258 | 25,693,186 |
Class A common stock subject to possible redemption | 23,995,855 | $ 258,996,758 | $ 256,287,500 |
Less: | |||
Redemptions | $ (239,604,919) |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details) - Schedule of Reconciliation of the Numerator and Denominator Used to Compute Basic and Diluted Net Income (Loss) Per Share - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Class A Common Stock [Member] | ||||
Schedule of Reconciliation of the Numerator and Denominator used to Compute Basic and Diluted Net Income (Loss) Per Share [Line Items] | ||||
Allocation of net (loss) income | $ (548,195) | $ 434,043 | $ 986,600 | $ 163,910 |
Weighted average shares outstanding | 12,033,039 | 26,328,750 | 20,338,741 | 26,328,750 |
Basic net (loss) income per common share | $ (0.05) | $ 0.02 | $ 0.05 | $ 0.01 |
Class B Common Stock [Member] | ||||
Schedule of Reconciliation of the Numerator and Denominator used to Compute Basic and Diluted Net Income (Loss) Per Share [Line Items] | ||||
Allocation of net (loss) income | $ 146,412 | $ 270,843 | $ 55,291 | |
Weighted average shares outstanding | 8,881,250 | 5,583,433 | 8,881,250 | |
Basic net (loss) income per common share | $ 0.02 | $ 0.05 | $ 0.01 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Details) - Schedule of Reconciliation of the Numerator and Denominator Used to Compute Basic and Diluted Net Income (Loss) Per Share (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Class A Common Stock [Member] | ||||
Schedule of Reconciliation of the Numerator and Denominator used to Compute Basic and Diluted Net Income (Loss) Per Share [Line Items] | ||||
Diluted net income (loss) per share | $ (0.05) | $ 0.02 | $ 0.05 | $ 0.01 |
Class B Common Stock [Member] | ||||
Schedule of Reconciliation of the Numerator and Denominator used to Compute Basic and Diluted Net Income (Loss) Per Share [Line Items] | ||||
Diluted net income (loss) per share | $ 0.02 | $ 0.05 | $ 0.01 |
Initial Public Offering and O_2
Initial Public Offering and Over-Allotment (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2023 | Dec. 14, 2021 | |
Initial Public Offering and Over Allotment [Line Items] | ||
Class A common stock of price per share | $ 11.5 | |
IPO [Member] | ||
Initial Public Offering and Over Allotment [Line Items] | ||
Shares of units (in Shares) | 25,375,000 | |
Price of units | $ 10 | $ 10 |
Private Placement (Details)
Private Placement (Details) - Private Placement Warrants [Member] - USD ($) | Dec. 14, 2021 | Sep. 30, 2023 |
Private Placement [Member] | ||
Private Placement [Line Items] | ||
Private placement (in Shares) | 953,750 | |
Price of units | $ 10 | |
Over-Allotment Option [Member] | ||
Private Placement [Line Items] | ||
Gross proceeds (in Dollars) | $ 9,537,500 | |
Class A Common Stock [Member] | ||
Private Placement [Line Items] | ||
Price of units | $ 11.5 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 3 Months Ended | 7 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Aug. 31, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2021 | Jul. 30, 2023 | Jun. 21, 2023 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | ||||||||||
Founder shares, description | the Company effected a 1.36672326 for 1 stock split of its common stock, so that the Sponsor owned an aggregate of 10,062,500 Founder Shares. | |||||||||
Forfeit founder shares (in Shares) | 1,312,500 | |||||||||
Shares of over allotment (in Shares) | 1,181,250 | |||||||||
Borrowed amount | $ 104,402 | $ 104,402 | ||||||||
Working capital loans | $ 1,500,000 | |||||||||
Business combination entity price (in Dollars per share) | $ 10 | $ 10 | ||||||||
principal amount | $ 240,000 | |||||||||
Discount allocation | $ 149,849 | |||||||||
Sponsor fee | 10,000 | |||||||||
Excess previously paid to the sponsor | $ 30,000 | $ 30,000 | $ 10,000 | $ 90,000 | $ 100,000 | |||||
Class B Common Stock [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||
Class A Common Stock [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Common stock, par value (in Dollars per share) | $ 0.0001 | 0.0001 | $ 0.0001 | |||||||
Price per share (in Dollars per share) | $ 12 | |||||||||
Related Party [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Cover expenses | $ 300,000 | $ 150,151 | $ 150,151 | |||||||
Founder Shares [Member] | Sponsor [Member] | Class B Common Stock [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Purchase of shares (in Shares) | 7,362,500 | |||||||||
Common stock, par value (in Dollars per share) | $ 0.0001 | |||||||||
Aggregate price amount | $ 25,000 | |||||||||
Promissory Note With Related Party [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
principal amount | $ 60,000 | |||||||||
Promissory Note With Related Party [Member] | Sponsor [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Outstanding balance | 300,000 | 300,000 | ||||||||
Convertible Promissory Note With Related Party [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Outstanding balance | $ 300,000 | $ 300,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | 1 Months Ended | 9 Months Ended | |||||
Dec. 14, 2021 | Sep. 30, 2023 | Aug. 22, 2023 | Jul. 20, 2023 | Jun. 16, 2023 | Sep. 30, 2023 | May 17, 2023 | |
Commitments and Contingencies [Line Items] | |||||||
Deferred underwriting commissions | $ 8,956,250 | $ 8,956,250 | $ 8,956,250 | ||||
Equity investments amount | $ 300,000,000 | $ 300,000,000 | |||||
Price per unit (in Dollars per share) | $ 10 | ||||||
Securities transfer percentage | 75% | ||||||
Exceeds price per share (in Dollars per share) | $ 12 | ||||||
Restricted securities percentage | 50% | ||||||
Exceed ordinary shares (in Shares) | 3,552,500 | 3,552,500 | |||||
Agreement shares (in Shares) | 6,660,938 | ||||||
IPO [Member] | |||||||
Commitments and Contingencies [Line Items] | |||||||
Additional units of over allotments (in Shares) | 25,000,000 | 3,750,000 | |||||
Underwriting discount per unit (in Dollars per share) | $ 0.2 | ||||||
Underwriting discount | $ 5,000,000 | ||||||
Per unit of deferred underwriting commissions (in Dollars per share) | $ 0.35 | ||||||
Amount of underwriting discount | $ 8,881,250 | $ 8,881,250 | |||||
Over-Allotment Option [Member] | |||||||
Commitments and Contingencies [Line Items] | |||||||
Underwriting discount | 75,000 | $ 75,000 | |||||
Common Stock [Member] | |||||||
Commitments and Contingencies [Line Items] | |||||||
Ordinary price per share (in Dollars per share) | $ 15 | ||||||
Sponsor Lock-Up Agreement [Member] | Common Stock [Member] | |||||||
Commitments and Contingencies [Line Items] | |||||||
Ordinary price per share (in Dollars per share) | $ 12.5 | ||||||
Underwriting Agreement [Member] | |||||||
Commitments and Contingencies [Line Items] | |||||||
Total deferred fee | $8,956,250 | ||||||
First Amendment to Business Combination Agreement [Member] | |||||||
Commitments and Contingencies [Line Items] | |||||||
PIPE investment amount | $ 30,000,000 | ||||||
Second Amendment to Business Combination Agreement [Member] | |||||||
Commitments and Contingencies [Line Items] | |||||||
PIPE investment amount | $ 30,000,000 | ||||||
Third Amendment to Business Combination Agreement [Member] | |||||||
Commitments and Contingencies [Line Items] | |||||||
PIPE investment amount | $ 30,000,000 | ||||||
Fourth Amendment to Business Combination Agreement [Member] | |||||||
Commitments and Contingencies [Line Items] | |||||||
PIPE investment amount | $ 30,000,000 |
Stockholders_ Deficit (Details)
Stockholders’ Deficit (Details) - $ / shares | 1 Months Ended | 9 Months Ended | ||
Jun. 21, 2023 | Jun. 21, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | |
Stockholders’ Deficit [Line Items] | ||||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | ||
Preferred stock par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | ||
Preferred stock, shares issued | ||||
Preferred stock, shares outstanding | ||||
Common stock, shares outstanding | 3,552,500 | |||
Additional share description | In addition, if (x) the Company issues additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of its initial Business Combination at an issue price or effective issue price of less than $9.20 per share of common stock (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 Company’s initial Business Combination on the date of the consummation of such initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Company’s shares of common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the Warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of the Market Value and the Newly Issued Price. | |||
Over-Allotment Option [Member] | ||||
Stockholders’ Deficit [Line Items] | ||||
Forfeiture shares | 1,181,250 | |||
Public Warrants [Member] | ||||
Stockholders’ Deficit [Line Items] | ||||
Warrants outstanding | 12,687,500 | |||
Private Placement Warrants [Member] | ||||
Stockholders’ Deficit [Line Items] | ||||
Warrants outstanding | 953,750 | |||
Class A Common Stock [Member] | ||||
Stockholders’ Deficit [Line Items] | ||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | ||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | ||
Shares issued | 8,881,250 | 8,881,250 | ||
Conversion share | 8,881,250 | 8,881,250 | ||
Common stock, shares issued | 12,033,039 | 26,328,750 | ||
Common stock, shares outstanding | 12,033,039 | 26,328,750 | ||
Common stock subject to possible redemption, shares at redemption | 2,198,039 | 25,375,000 | ||
Common stock, shares outstanding | 9,835,000 | 953,750 | ||
Common stock percentage | 25.28% | |||
Class B Common Stock [Member] | ||||
Stockholders’ Deficit [Line Items] | ||||
Common stock, shares authorized | 10,000,000 | 10,000,000 | ||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock, voting rights descriptions | Holders of Class B common stock are entitled to one vote for each share. | |||
Common stock, shares outstanding | 0 | 8,881,250 | ||
Warrant [Member] | ||||
Stockholders’ Deficit [Line Items] | ||||
Warrants description | ●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 reported last sale price of the shares of common stock equals or exceeds $18.00 per share (as adjusted for share subdivisions, share consolidations, share capitalizations, rights issuances, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date the Company sends the notice of redemption to the Warrant holders. |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended |
Jun. 21, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | |
Fair Value Measurements [Line Items] | |||
Assets held in the trust account | $ 25,389,479 | $ 259,984,974 | |
Pay for franchise and income taxes | 922,114 | $ 0 | |
Amount withdrawn from trust account | $ 239,604,919 | $ 239,604,919 | |
Common stock redeemed were cancelled (in Shares) | 23,176,961 | ||
Class A Common Stock [Member] | |||
Fair Value Measurements [Line Items] | |||
Number of shares redeemed (in Shares) | 23,176,961 | ||
Shares redemption, per share (in Dollars per share) | $ 0.0001 |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details) - Schedule of Assets that are Measured at Fair Value on a Recurring Basis - Fair Value, Recurring [Member] - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Quoted Prices in Active Markets (Level 1) [Member] | ||
Assets: | ||
Investment in Trust Account - Money Market Fund | $ 25,389,479 | $ 259,984,974 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Investment in Trust Account - Money Market Fund | ||
Significant Other Unobservable Inputs (Level 3) [Member] | ||
Assets: | ||
Investment in Trust Account - Money Market Fund |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Nov. 07, 2023 | Oct. 06, 2023 |
Subsequent Events [Member] | ||
Subsequent Event [Line Items] | ||
Deposit | $ 60,000 | $ 60,000 |