Financial Overview - The Company raised a total of $70,207,500 from its Initial Public Offering and related transactions, which is held in a Trust Account invested in U.S. government securities[54]. - For the nine months ended September 30, 2023, the company reported a net income of $489,952, compared to a net loss of $21,136 for the same period in 2022[86]. - For the three months ended September 30, 2023, the company had a net income of $78,183, which is an improvement from a net loss of $20,022 in the same quarter of 2022[96]. - The company generated non-operating income of $1,846,529 from investments held in the Trust Account for the nine months ended September 30, 2023[86]. - As of September 30, 2023, the company had $57,955 in its operating bank account and a working capital deficit of $1,022,711[73]. - The company intends to use substantially all funds held in the trust account, estimated at $70,207,500, to complete its initial business combination[99]. Business Combination and Redemption - Public Stockholders can redeem their shares for a pro rata portion of the Trust Account, initially estimated at $10.175 per share, plus any accrued interest[55]. - The Company must have net tangible assets of at least $5,000,001 to proceed with a Business Combination, and a majority of shares must vote in favor[55]. - If a Business Combination is not completed by November 14, 2023, the Company will liquidate and redeem 100% of outstanding Public Shares[75]. - A special meeting of stockholders is scheduled for November 9, 2023, to vote on extending the deadline for completing a business combination from November 14, 2023, to February 14, 2024[81]. - The company has entered into a non-binding letter of intent for a business combination with OSR Holdings, a global healthcare holding company[79]. - The Sponsor and Initial Stockholders have agreed to waive their redemption rights concerning their shares in connection with the Business Combination[56]. Working Capital and Expenses - The Company believes it will not have sufficient working capital to meet its needs through the completion of a Business Combination or within nine months from the Initial Public Offering[74]. - The company expects to incur increased expenses due to being a public company, including legal and compliance costs[85]. - The company has a maximum estimated annual franchise tax obligation of $200,000 as a Delaware corporation[100]. Stock and Equity - As of September 30, 2023, the company has 6,900,000 shares of common stock subject to possible redemption, valued at $10.35 per share[148]. - The company sold 6,900,000 Units at a price of $10.00 per Unit during the Initial Public Offering, each consisting of one share of common stock and one redeemable warrant[143]. - As of November 6, 2023, there were 9,055,000 shares of common stock issued and outstanding[144]. - The company accounts for its common stock subject to possible redemption as temporary equity, with 6,900,000 shares presented at redemption value as of September 30, 2023[135]. - The company’s net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period[133]. Compliance and Policies - The Company adopted an insider trading policy to prevent insiders from trading during blackout periods and requires pre-clearance for trades[56]. - The company complies with ASC 340-10-S99-1 regarding offering costs, which are recorded as a reduction in equity[141]. - The estimated fair values of investments held in the Trust Account are determined using available market information[110]. - The company has not recognized any unrecognized tax benefits as of September 30, 2023, and December 31, 2022[140]. - The company has not incurred any Working Capital Loans as of December 31, 2022[117]. - The company’s promissory note was deemed repaid and settled upon the closing of the Initial Public Offering, and is no longer available as of September 30, 2023[116].

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 ...