Financial Performance - For the three months ended September 30, 2025, the company reported a net loss of approximately $1,300,000, primarily due to a loss from the change in fair value of derivative liabilities of approximately $1.1 million [228]. - For the nine months ended September 30, 2025, the company had a net loss of approximately $1,700,000, which included a loss from the change in fair value of derivative liabilities of approximately $1.0 million [230]. - For the three months ended September 30, 2024, the company reported a net income of approximately $326,000, driven by gains from the change in fair value of derivative liabilities of approximately $882,000 [229]. Liquidity and Capital Structure - As of September 30, 2025, the company had cash of $1,001,325 and a working capital deficit of $357,128 [223]. - The company has determined that its liquidity condition raises substantial doubt about its ability to continue as a going concern [226]. - As of September 30, 2025, 455,736 Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity [234]. Business Operations and Future Plans - The company has until November 15, 2026, to consummate an initial Business Combination, after which it must cease operations and redeem Public Shares if not completed [225]. - The company does not expect to generate operating revenues until the closing and completion of its initial Business Combination [227]. Derivative Liabilities - The company recognized 22,050,000 warrants as derivative liabilities, which are subject to re-measurement at each balance sheet date until exercised [233]. - The company has not engaged in any off-balance sheet arrangements as of September 30, 2025 [243]. - No quantitative and qualitative disclosures about market risk are required for smaller reporting companies [246].

Financial Performance - For the three months ended June 30, 2025, the company reported a net income of approximately $5,800, driven by investment income of approximately $56,000 and a gain from the change in fair value of derivative liabilities of approximately $242,000[206]. - For the six months ended June 30, 2025, the company experienced a net loss of approximately $358,000, with general and administrative expenses totaling approximately $467,000[208]. - The company had a net loss of approximately $1.7 million for the six months ended June 30, 2024, primarily due to general and administrative expenses of approximately $1.1 million[209]. Cash and Working Capital - As of June 30, 2025, the company had cash of $2,856 and a working capital deficit of $1,257,022[201]. - As of June 30, 2025, 455,736 Class A ordinary shares were subject to possible redemption, presented at redemption value as temporary equity[213]. Business Operations and Future Plans - The company has until November 15, 2025, to consummate an initial Business Combination, after which it must cease operations and redeem Public Shares if not completed[203]. - The company has not generated any operating revenues since inception and will not do so until the closing of its initial Business Combination[205]. Liquidity and Going Concern - The company has determined that its liquidity condition raises substantial doubt about its ability to continue as a going concern[204]. Derivative Liabilities - The company recognized 22,050,000 warrants as derivative liabilities, which are subject to re-measurement at each balance sheet date until exercised[212]. Funding and Expenses - The company received $25,000 from CBG and CB Co-Investment to cover certain expenses in exchange for the issuance of founder shares[202]. - No quantitative and qualitative disclosures about market risk are required for smaller reporting companies[226].

Financial Position - As of March 31, 2025, the company had cash of $17,565 and a working capital deficit of $1,146,045[202]. - The fair value of converted loans was $14,375 as of March 31, 2025, included in contingently issuable private placement warrants[203]. - The company has no off-balance sheet arrangements as of March 31, 2025[222]. Operating Performance - For the three months ended March 31, 2025, the company reported a net loss of approximately $363,640, which included general and administrative expenses of approximately $192,000[208]. - For the three months ended March 31, 2024, the company had a net loss of approximately $1.2 million, primarily due to a loss from the change in fair value of derivative liabilities of approximately $1.0 million[209]. - The company does not expect to generate operating revenues until the closing and completion of its initial Business Combination[207]. Business Operations - The company has until November 15, 2025, to consummate an initial Business Combination, after which it must cease operations and redeem Public Shares if not completed[204]. - The company recognized 22,050,000 warrants as derivative liabilities, which will be subject to re-measurement at each balance sheet date until exercised[212]. - The company has determined that its liquidity condition raises substantial doubt about its ability to continue as a going concern[205]. Financing Activities - The company issued a loan of $1.15 million convertible into 1,150,000 warrants at a conversion price of $1.00 per warrant[203].

Financial Performance - For the year ended December 31, 2024, the company reported a net loss of approximately $1.4 million, with general and administrative expenses of approximately $2.1 million[331]. - For the year ended December 31, 2023, the company had a net income of approximately $7.6 million, driven by investment income of approximately $5.4 million[332]. Cash and Working Capital - As of December 31, 2024, the company had cash of $129,598 and a working capital deficit of $884,195[326]. Business Operations and Future Plans - The company has until November 15, 2025, to consummate an initial Business Combination, after which it must cease operations and redeem Public Shares if not completed[328]. - The company does not expect any adjustments to the carrying amounts of assets or liabilities if required to liquidate after November 15, 2025[329]. Financial Instruments and Liabilities - The fair value of the converted loan from CB Co-Investment was $4,600 as of December 31, 2024, included in contingently issuable private placement warrants[327]. - The company recognized 22,050,000 warrants as derivative liabilities, measured at fair value, with adjustments at each reporting period[335]. - As of December 31, 2024, 455,736 Class A ordinary shares were subject to possible redemption, presented at redemption value as temporary equity[336]. Off-Balance Sheet Arrangements - The company has not engaged in any off-balance sheet arrangements as of December 31, 2024 and 2023[346]. Regulatory Status - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards[347].

Financial Performance - For the three months ended September 30, 2024, the company reported a net income of approximately $624,000, driven by investment income of approximately $148,000 and a gain from the change in fair value of derivative liabilities of approximately $882,000 [224]. - For the nine months ended September 30, 2024, the company had a net loss of approximately $1.1 million, with general and administrative expenses totaling approximately $1.5 million [226]. - The company had a net income of approximately $4.1 million for the nine months ended September 30, 2023, primarily due to investment income of approximately $4.8 million [227]. Cash and Working Capital - As of September 30, 2024, the company had cash of $428,625 and a working capital deficit of $486,351 [218]. - As of September 30, 2024, 1,006,683 Class A ordinary shares were subject to possible redemption, presented at redemption value as temporary equity [232]. Business Operations and Future Plans - The company has until November 15, 2025, to consummate an initial Business Combination, after which it must cease operations and redeem Public Shares if not completed [220]. - The company does not expect any adjustments to the carrying amounts of assets or liabilities if required to liquidate after November 15, 2025 [221]. Derivative Liabilities and Financial Instruments - The fair value of converted loans was $11,500 as of September 30, 2024, included in contingently issuable private placement warrants [219]. - The company recognized 22,050,000 warrants as derivative liabilities, which are subject to re-measurement at each balance sheet date [231]. Internal Controls and Procedures - As of September 30, 2024, the company's disclosure controls and procedures were deemed effective by the principal executive officer and principal financial officer [247]. - The management assessed the effectiveness of internal control over financial reporting as of September 30, 2024, concluding it was effective based on the 2013 framework by COSO [248]. - No changes to internal control over financial reporting occurred during the fiscal quarter ended September 30, 2024, that materially affected or are likely to affect internal controls [249]. Off-Balance Sheet Arrangements - The company has not engaged in any off-balance sheet arrangements as of September 30, 2024 [241].

Financial Performance - For the three months ended June 30, 2024, the company reported a net loss of approximately $448,000, consisting of general and administrative expenses of approximately $563,000, offset by investment income of approximately $146,000 [166]. - For the six months ended June 30, 2024, the company had a net loss of approximately $1.7 million, which included a loss from the change in fair value of derivative liabilities of approximately $1.0 million [168]. - The company had a net income of approximately $4.6 million for the six months ended June 30, 2023, driven by a net gain from the change in fair value of derivative liabilities of approximately $1.2 million [169]. Cash and Working Capital - As of June 30, 2024, the company had cash of $2,267 and a working capital deficit of $897,928 [161]. - The fair value of converted loans as of June 30, 2024, was $57,500, included in contingently issuable private placement warrants [162]. - As of June 30, 2024, 1,006,683 Class A ordinary shares were subject to possible redemption, presented at redemption value as temporary equity [173]. Business Operations and Future Plans - The company has until November 15, 2024, to consummate an initial Business Combination, after which it must cease operations and redeem Public Shares if not completed [163]. - The company does not expect any adjustments to the carrying amounts of assets or liabilities if required to liquidate after November 15, 2024 [164]. Derivative Liabilities - The company recognized 22,050,000 warrants as derivative liabilities, which are subject to re-measurement at each balance sheet date [172]. Internal Controls and Procedures - As of June 30, 2024, the company's disclosure controls and procedures were deemed effective by the principal executive officer and principal financial officer [185]. - The management assessed the effectiveness of internal control over financial reporting as of June 30, 2024, concluding it was effective based on the 2013 framework by COSO [186]. - No changes occurred in internal control over financial reporting during the fiscal quarter ended June 30, 2024, that materially affected or are likely to affect internal controls [187]. Off-Balance Sheet Arrangements - The company has not engaged in any off-balance sheet arrangements as of June 30, 2024 [180].

Financial Position - As of March 31, 2024, the company reported a cash balance of $5,115 and a working capital deficit of $451,186[151]. - As of March 31, 2024, 1,006,683 Class A ordinary shares were subject to possible redemption, presented at redemption value as temporary equity[161]. - The company has not had any off-balance sheet arrangements as of March 31, 2024[167]. Financial Performance - For the three months ended March 31, 2024, the company incurred a net loss of approximately $1.2 million, primarily due to a loss from the change in fair value of derivative liabilities of approximately $1.0 million[156]. - The company had a net income of approximately $2.8 million for the three months ended March 31, 2023, driven by investment income on the Trust Account of approximately $2.6 million[157]. - The company reported general and administrative expenses of approximately $510,000 for the three months ended March 31, 2024[156]. Business Operations - The company has until November 15, 2024, to complete an initial Business Combination, or it must cease operations and liquidate[153]. - The company received $25,000 from CBG and CB Co-Investment to cover certain expenses in exchange for founder shares[152]. - The fair value of the converted loan from CB Co-Investment was $57,500, included in contingently issuable private placement warrants[152]. Risk Factors - The company filed its Annual Report on Form 10-K with the SEC on March 29, 2024, detailing risk factors that could materially affect actual results[174]. - The company emphasizes the importance of reviewing risk factors to understand potential impacts on business and financial condition[174]. - The company has no ongoing legal proceedings to report[174]. Derivative Liabilities - The company recognized 22,050,000 warrants as derivative liabilities, which are subject to re-measurement at each balance sheet date until exercised[160].

Financial Position - As of December 31, 2023, the company had cash of $3.898 million and a working capital deficit of $61.449 million[405]. - As of December 31, 2023, the fair value of converted loans was $5.865 million, included in contingently issuable private placement warrants[406]. - As of December 31, 2023, 4,151,134 Class A ordinary shares were subject to possible redemption, presented at redemption value as temporary equity[415]. Income and Revenue - For the year ended December 31, 2023, the company reported a net income of approximately $7.6 million, which included investment income on the Trust Account of approximately $5.4 million[410]. - The company had a net income of approximately $10.7 million for the year ended December 31, 2022, primarily from a net gain of approximately $9.0 million from the change in fair value of derivative liabilities[411]. - The company has not generated any operating revenues since inception and will not until the closing of its initial business combination[409]. Business Operations - The company has until November 15, 2024, to consummate an initial Business Combination, after which it must cease operations if not completed[407]. Internal Control and Compliance - The company’s internal control over financial reporting was assessed as effective as of December 31, 2023[429]. - Management assessed the effectiveness of internal control over financial reporting as of December 31, 2023, and determined it to be effective[431]. - There were no changes to internal control over financial reporting during the fiscal quarter ended December 31, 2023, that materially affected or are likely to materially affect it[433]. - The Annual Report on Form 10-K does not include an attestation report from the independent registered public accounting firm due to the company's status as an emerging growth company under the JOBS Act[432]. Accounting Standards - The company is evaluating the impact of new accounting standards under the JOBS Act, which may affect its financial statements[423]. - The company recognized 22,050,000 warrants as derivative liabilities, which are subject to re-measurement at each balance sheet date[414].

Financial Performance - As of September 30, 2023, the company had a net loss of approximately $472,000, with general and administrative expenses totaling approximately $260,000 and a loss from the change in fair value of derivative liabilities of approximately $791,000 [141]. - For the nine months ended September 30, 2023, the company reported a net income of approximately $4.1 million, driven by investment income on the Trust Account of approximately $4.8 million and a gain from the change in fair value of derivative liabilities of approximately $452,000 [143]. - The company had cash of approximately $33,000 and a working capital deficit of approximately $53,000 as of September 30, 2023 [136]. - The company had an outstanding balance of $2,244,600 under Working Capital Loans as of September 30, 2023 [137]. - As of September 30, 2023, diluted net income per share is the same as basic net income per share due to anti-dilutive effects of warrants, remaining at $0.00 for both three and nine months periods [152]. Initial Public Offering - The company raised gross proceeds of $230.0 million from its Initial Public Offering, with net proceeds of $234.6 million placed in a trust account [130][135]. - The company incurred offering costs of approximately $5.7 million related to the Initial Public Offering [130]. Business Operations - The company has not yet commenced operations and will not generate operating revenues until after the completion of its initial Business Combination [129][140]. - The company has until November 15, 2023, to consummate an initial Business Combination, with the possibility of extending this period up to February 15, 2024 [138]. Financial Liabilities - As of September 30, 2023, the company had an outstanding balance of $1,094,600 under the Additional Convertible Note [133]. Equity and Shareholder Information - The company recognized changes in redemption value for Class A ordinary shares subject to possible redemption, with 4,151,134 shares presented at redemption value as temporary equity as of September 30, 2023 [149]. - The company included Class B ordinary shares in the weighted average number for diluted income calculations after the over-allotment option was exercised [153]. Accounting and Compliance - The company is evaluating the impact of ASU 2022-03 on its financial statements, which will be effective for fiscal years beginning after December 15, 2023 [154]. - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards [157]. - Management concluded that disclosure controls and procedures were effective as of September 30, 2023, ensuring timely and accurate reporting [160]. - Internal control over financial reporting was assessed as effective as of September 30, 2023, based on established frameworks [161]. - No changes to internal control over financial reporting occurred during the fiscal quarter ended September 30, 2023, indicating stability [162]. Legal and Risk Factors - The company has no legal proceedings pending, reflecting a low risk profile [163]. - Risk factors that could materially affect results are detailed in the Annual Report on Form 10-K filed on March 17, 2023 [163]. - There were no off-balance sheet arrangements as of September 30, 2023, indicating a stable financial position [156].

Financial Position - As of June 30, 2023, the company had cash of approximately $37,000 and working capital of approximately $7,000[131]. - As of June 30, 2023, the company had an outstanding balance of $894,600 under the Additional Convertible Note[128]. - The company has no off-balance sheet arrangements as of June 30, 2023, and December 31, 2022[151]. Income and Earnings - For the three months ended June 30, 2023, the company reported a net income of approximately $1.8 million, driven by a net gain from the change in fair value of derivative liabilities of approximately $790,000 and investment income on the Trust Account of approximately $1.6 million[136]. - For the six months ended June 30, 2023, the company achieved a net income of approximately $4.6 million, with a net gain from the change in fair value of derivative liabilities of approximately $1.2 million and investment income on the Trust Account of approximately $4.3 million[138]. - Diluted net income per share for the three and six months ended June 30, 2023, is the same as basic net income per share due to anti-dilutive effects of warrants[149]. Initial Public Offering - The company completed its Initial Public Offering on November 15, 2021, raising gross proceeds of $230.0 million from the sale of 23,000,000 units at $10.00 per unit[125]. - The company incurred offering costs of approximately $5.7 million related to its Initial Public Offering[125]. Business Operations - The company has not yet commenced operations and will not generate operating revenues until after the completion of its initial Business Combination[124]. - The company has until November 15, 2023, to consummate an initial Business Combination, with the possibility of extending this period up to February 15, 2024[133]. Derivative Liabilities - The company recognized 22,050,000 warrants as derivative liabilities, which will be re-measured at each balance sheet date until exercised[143]. Reporting and Compliance - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards[152]. - The company is evaluating the benefits of reduced reporting requirements under the JOBS Act, which may exempt it from certain disclosures for five years post-IPO[153]. Expenses - The company reported general and administrative expenses of approximately $529,000 for the three months ended June 30, 2023[136]. - The company included Class B ordinary shares in the weighted average number for diluted income calculations after the over-allotment option was exercised[150].