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|
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
|
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Large accelerated filer
|
☐
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Accelerated filer
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☐
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☒
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Smaller reporting company
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Emerging growth company
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Page
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||
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1
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2
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3
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|
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4
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5
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|
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18
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|
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21
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|
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21
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|
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||
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22
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|
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22
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|
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23
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|
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23
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|
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23
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|
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23
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23
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24
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September 30,
2023
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December 31,
2022
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|||||||
(Unaudited)
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||||||||
ASSETS
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$
|
|
$
|
|
||||
Prepaid expenses
|
|
|
||||||
Total Current Assets
|
|
|
||||||
Cash and marketable securities held in trust account
|
|
|
||||||
Total Assets
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$
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$
|
|
||||
LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO REDEMPTION AND SHAREHOLDERS’ DEFICIT
|
||||||||
Current liabilities
|
||||||||
Accrued expenses
|
$
|
|
$
|
|
||||
Accrued offering costs
|
|
|
||||||
|
||||||||
Total current liabilities
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|
|
||||||
Warrant liabilities
|
|
|
||||||
Deferred underwriting fee payable
|
|
|
||||||
Total Liabilities
|
|
|
||||||
CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION
|
||||||||
Class A ordinary shares subject to possible redemption;
|
|
|
||||||
Shareholders’ Deficit
|
||||||||
Preference shares, $
|
|
|
||||||
Class A ordinary shares, $
|
|
|
||||||
Class B ordinary shares, $
|
|
|
||||||
Additional paid-in capital
|
|
|
||||||
Accumulated deficit
|
(
|
)
|
(
|
)
|
||||
Total Shareholders’ Deficit
|
(
|
)
|
(
|
)
|
||||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit
|
$
|
|
$
|
|
For the Three Months Ended
September 30,
|
For the Nine Months Ended
September 30,
|
|||||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||
Operating and formation costs
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Loss from operations
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Other income:
|
||||||||||||||||
Interest income - bank
|
||||||||||||||||
Reduction of deferred underwriting fee
|
||||||||||||||||
Interest earned on marketable securities held in Trust Account
|
|
|
|
|
||||||||||||
Unrealized gain on marketable securities held in Trust Account
|
|
|
|
|
||||||||||||
Change in fair value of warrant liabilities
|
|
|
|
|
||||||||||||
Transaction cost incurred in connection with Initial Public Offering
|
|
|
|
(
|
)
|
|||||||||||
Total other income, net
|
|
|
|
|
||||||||||||
Net (loss) income
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
|||||||
Basic and diluted weighted average shares outstanding, Class A ordinary shares
|
|
|||||||||||||||
Basic and diluted net (loss) income per share, Class A ordinary shares
|
$
|
(
|
)
|
$ | $ | $ | ||||||||||
Basic and diluted weighted average shares outstanding, Class B ordinary shares
|
|
|||||||||||||||
Basic and diluted net (loss) income per share, Class B ordinary shares
|
$
|
(
|
)
|
$ | $ | $ |
|
Ordinary Shares
|
Additional
|
Total
|
|||||||||||||||||||||||||
|
Class A
|
Class B
|
Paid-In
|
Accumulated
|
Shareholders’
|
|||||||||||||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
Deficit
|
|||||||||||||||||||||
Balance — January 1, 2023
|
|
$
|
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||||||||||||
Accretion for Class A ordinary
shares to redemption amount
|
—
|
|
—
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||||||||
Reduction of Deferred Underwriting
Fee
|
—
|
|
|
|
|
|||||||||||||||||||||||
Net income
|
—
|
|
—
|
|
|
|
|
|||||||||||||||||||||
Balance — March 31, 2023
|
|
$
|
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||||||||||||
Conversion of Class B shares to
Class A shares
|
|
|
(
|
)
|
(
|
)
|
|
|
|
|||||||||||||||||||
Accretion for Class A ordinary
shares to redemption amount
|
—
|
|
—
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||||||||
Net income
|
—
|
|
—
|
|
|
|
|
|||||||||||||||||||||
Balance — June 30, 2023
|
|
$
|
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||||||||||||
Accretion for Class A ordinary
shares to redemption amount
|
— | — | ( |
) | ( |
) | ||||||||||||||||||||||
Net loss |
— | ( |
) | ( |
) | |||||||||||||||||||||||
Balance — September 30, 2023 | $ |
$ |
$ |
$ |
( |
) | $ |
( |
) |
Class B
Ordinary Shares
|
Additional
Paid-in
Capital
|
Accumulated
Deficit
|
Total
Shareholders’
Equity (Deficit)
|
|||||||||||||||||
Shares
|
Amount
|
|||||||||||||||||||
Balance — January 1, 2022
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
||||||||||
Cash in excess of fair value of Private Placement Warrants
|
—
|
|
|
|
|
|||||||||||||||
Accretion for Class A ordinary shares to redemption amount
|
—
|
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||||
Net income
|
—
|
|
|
|
|
|||||||||||||||
Balance — March 31, 2022
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
|||||||||
Accretion for Class A ordinary shares to redemption amount
|
—
|
|
—
|
(
|
)
|
(
|
)
|
|||||||||||||
Net income
|
—
|
|
|
|
|
|||||||||||||||
Balance — June 30, 2022
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
|||||||||
Accretion for Class A ordinary shares to redemption amount |
— | ( |
) | ( |
) | |||||||||||||||
Net income |
— | |||||||||||||||||||
Balance — September 30, 2022 | $ |
$ |
$ |
( |
) | $ |
( |
) |
For the Nine Months Ended
September 30,
|
||||||||
2023 |
2022 |
|||||||
Cash Flows from Operating Activities:
|
||||||||
Net income
|
$
|
|
$
|
|
||||
Adjustments to reconcile net income to net cash used in operating activities:
|
||||||||
Interest earned on marketable securities held in Trust Account and Money Market
|
(
|
)
|
(
|
)
|
||||
Reduction of deferred underwriting fees
|
( |
) | ||||||
Unrealized gain on marketable securities held in Trust Account
|
|
(
|
)
|
|||||
Change in fair value of warrant liabilities
|
|
(
|
)
|
|||||
Transaction costs incurred in connection with IPO
|
|
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Prepaid expenses
|
|
( |
) | |||||
Accrued expenses
|
|
|
||||||
Net cash used in operating activities
|
(
|
)
|
(
|
)
|
||||
Cash Flows from Investing Activities:
|
||||||||
Extension payments into the Trust Account
|
(
|
)
|
(
|
)
|
||||
Cash withdrawn from Trust
Account in connection with redemption
|
||||||||
Net cash provided by (used in) investing activities
|
|
(
|
)
|
|||||
Cash Flows from Financing Activities:
|
||||||||
Proceeds from sale of Units, net of underwriting discounts paid
|
|
|
||||||
Proceeds from sale of Private Placements Warrants
|
|
|
||||||
Proceeds from advances from related party
|
||||||||
Repayment of advances from related party
|
( |
) | ||||||
Proceeds from promissory note - related party
|
|
|
||||||
Repayment of promissory note – related party
|
|
(
|
)
|
|||||
Payment of offering costs
|
(
|
)
|
(
|
)
|
||||
Redemption of ordinary shares
|
( |
) | ||||||
Net cash (used in) provided by financing activities
|
(
|
)
|
|
|||||
Net Change in Cash and Cash Equivalents
|
(
|
)
|
|
|||||
Cash and cash equivalents – Beginning of period
|
|
|
||||||
Cash and cash equivalents – End of period
|
$
|
|
$
|
|
||||
Non-Cash investing and financing activities:
|
||||||||
Offering costs included in accrued offering costs
|
$
|
|
$
|
|
||||
Change in value of Class A ordinary share subject to possible redemption
|
$
|
|
$
|
|
||||
Initial classification of Class A ordinary share subject to possible redemption
|
$ | $ | ||||||
Reduction of deferred underwriting fees
|
$ | $ | ||||||
Deferred underwriting fee payable
|
$
|
|
$
|
|
Gross proceeds
|
$
|
|
||
Less:
|
||||
Proceeds allocated to Public Warrants
|
(
|
)
|
||
Class A ordinary shares issuance costs
|
(
|
)
|
||
Plus:
|
||||
Accretion of carrying value to redemption value
|
||||
Remeasurement of carrying value to redemption value
|
|
|||
Class A ordinary shares subject to possible
redemption, December 31, 2022
|
$
|
|
||
Less: | ||||
Redemption of Class A shares
|
( |
) | ||
Plus: |
||||
Remeasurement of carrying value to redemption value
|
||||
Class A ordinary shares subject to possible redemption, September 30, 2023
|
$ |
For the Three Months Ended
September 30,
|
For the Nine Months Ended
September 30,
|
|||||||||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
|||||||||||||||||||||||||||||
Class A
|
Class B
|
Class A | Class B |
Class A
|
Class B
|
Class A | Class B |
|||||||||||||||||||||||||
Basic and diluted net income per ordinary share
|
||||||||||||||||||||||||||||||||
Numerator:
|
||||||||||||||||||||||||||||||||
Allocation of net income
|
$
|
(
|
)
|
$
|
(
|
)
|
$ | $ | $ |
$
|
|
$ | $ | |||||||||||||||||||
Denominator:
|
||||||||||||||||||||||||||||||||
Basic and diluted weighted average shares outstanding
|
|
|
|
|||||||||||||||||||||||||||||
Basic and diluted net income per ordinary share
|
$ | ( |
) | $ | ( |
) | $ | $ | $ |
$
|
|
$ | $ |
• |
Level 1, defined as observable inputs such as quoted prices
(unadjusted) for identical instruments in active markets;
|
• |
Level 2, defined as inputs other than quoted prices in active markets
that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and
|
• |
Level 3, defined as unobservable inputs in which little or no market
data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some
circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy
based on the lowest level input that is significant to the fair value measurement.
|
• |
in whole and not in part;
|
• |
at a price of $
|
• |
upon a minimum of
|
• |
if, and only if, if, and only
if, the closing price of the Class A ordinary shares equals or exceeds $
|
Description
|
Level
|
September 30,
2023
|
December 31,
2022
|
|||||||||
Assets:
|
||||||||||||
Money Market
|
1
|
$
|
|
$ | ||||||||
Cash and marketable securities held in Trust Account | 1 |
$ | $ | |||||||||
Liabilities:
|
||||||||||||
Warrant liability – Public Warrants
|
1
|
|
||||||||||
Warrant liability – Private Placement Warrants
|
3
|
|
September 30,
2023
|
December 31,
2022
|
|||||||
Stock price
|
$
|
|
$
|
|
||||
Exercise price
|
$
|
|
$
|
|
||||
Expected term (in years)
|
|
|
||||||
Volatility
|
|
%
|
|
%
|
||||
Risk-free rate
|
|
%
|
|
%
|
||||
Dividend yield
|
|
%
|
|
%
|
|
Private
Placement |
Public
|
Warrant Liabilities
|
|||||||||
Initial measurement on January 25, 2022
|
$
|
|
$
|
|
$
|
|
||||||
Change in fair value
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Transfer to Level 1
|
|
(
|
)
|
(
|
)
|
|||||||
Fair value as of December 31, 2022
|
$
|
|
$
|
|
$
|
|
||||||
Change in fair value
|
|
|
|
|||||||||
Fair value as of March 31, 2023
|
$
|
|
$
|
|
$
|
|
||||||
Change in fair value
|
( |
) | ( |
) | ||||||||
Fair value as of June 30, 2023 | $ | $ | $ | |||||||||
Change in fair value
|
||||||||||||
Fair value as of September 30, 2023
|
$ |
$ | $ |