Financial Position - The net proceeds from the initial public offering and private placement amounted to $70,610,000, with $70,207,500 placed in the trust account[137]. - As of June 30, 2023, the company had a working capital deficit of $482,395 and only $1,181 in its operating bank account[138]. - The company has no long-term debt or capital lease obligations, only a monthly fee agreement[141]. - The proceeds in the trust account are invested in U.S. government treasury obligations with a maturity of 185 days or less[137]. - The company is evaluating the impact of the COVID-19 pandemic on its financial position, but the specific impact is not determinable at this time[122]. Shareholder Equity - The company is authorized to issue 100,000,000 shares of common stock with a par value of $0.0001[124]. - The company may significantly dilute the equity interest of existing investors if additional shares are issued[136]. Operational Expenses - The company incurs a monthly fee of $7,500 to an affiliate of its Sponsor for office space and administrative support, starting from March 1, 2023[141]. Business Combination - The company intends to effectuate its initial business combination using cash from the proceeds of its initial public offering and private placement units[135]. - The company has not identified any subsequent events that would require adjustment or disclosure in the financial statements[132].

The fair value of certain of the Company's assets and liabilities, which qualify as financial instruments under ASC 820, "Fair Value Measurements and Disclosures," approximates the carrying amounts represented in the condensed balance sheets. The fair values of cash, prepaid expenses, accrued offering costs and expenses, and amounts due to related parties are estimated to approximate the carrying values as of March 31, 2023 due to the short maturities of such instruments. Concentration of Credit Risk Warran ...

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentivebased compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to § 240.10D1(b ...