Financial Performance - For the year ended December 31, 2024, the company reported a net loss of approximately $2.3 million, which included $1.2 million in income from investments held in the Trust Account and $2.7 million in operating and formation expenses[143]. - For the year ended December 31, 2023, the company achieved a net income of approximately $4.0 million, driven by $4.7 million in income from investments held in the Trust Account[144]. - The company had a working capital deficit of approximately $6.4 million as of December 31, 2024[147]. - The company incurred net cash used in operating activities of approximately $1.4 million for the year ended December 31, 2024[148]. Business Combination and Extensions - The Company entered into a Merger Agreement with AERKOMM Inc. on March 29, 2024, to facilitate a business combination[86]. - The Company extended the Deadline Date for business combination from January 12, 2024, to February 12, 2024, with a monthly extension policy confirmed by the board[117]. - The Company approved the Second Extension Amendment allowing monthly extensions up to ten times until October 12, 2024[116]. - The Company held an Extraordinary Meeting on October 9, 2024, approving the Third Extension Amendment for monthly extensions until October 12, 2025[130]. - The company has until October 12, 2025, to consummate a business combination, or it will face mandatory liquidation[152]. Trust Account and Investments - As of November 13, 2023, the Company liquidated investments in the Trust Account, holding approximately $231.15 million in an interest-bearing demand deposit account[84]. - Following the redemptions, the balance in the Trust Account was approximately $48 million[106]. - As of December 31, 2024, the company had approximately $19 million in cash held in the Trust Account, intended for completing the initial business combination[151]. - The company plans to use substantially all funds in the Trust Account for the initial business combination and subsequent operations[151]. Shareholder Actions and Compliance - The Company received a Total Shareholders Notice from Nasdaq for not maintaining at least 400 total holders, with a compliance plan submitted by November 24, 2023[135]. - The company received a notice from Nasdaq on October 7, 2024, regarding non-compliance with Nasdaq IM 5101-2 due to not completing an initial business combination within 36 months[139]. - The company successfully requested a hearing before the Nasdaq Hearings Panel, which granted continued listing on the Nasdaq Global Market on August 5, 2024[138]. Funding and Investments - The Company completed its Initial Public Offering on October 12, 2021, raising total gross proceeds of $230 million from the sale of 23 million Units at $10.00 per Unit[82]. - The Company generated an additional $7.15 million from the sale of 7,150,000 Private Placement Warrants at $1.00 per Warrant[83]. - A PIPE Investment of $35 million was agreed upon at $11.50 per share, with efforts to secure a total of at least $65 million[94][95]. - The Company has engaged Benchmark as a non-exclusive PIPE placement agent for a private placement of approximately $30 million[99]. - The sponsor agreed to deposit a loan of $160,000 into the Trust Account for the first month of the extension[107]. - The sponsor deposited $160,000 into the Company's Trust Account for each monthly extension from April to November 2023[125]. - The sponsor's contribution will be $50,000 per month needed to complete a business combination following the Second Extension Amendment[128]. - The sponsor agreed to deposit $48,311 per month for extension contributions from October 2024 through April 2025[122]. Regulatory and Accounting Changes - The Company adopted ASU 2023-07, which requires annual and interim disclosures of significant segment expenses and other segment items, effective for fiscal years beginning after December 15, 2023[169]. - The adoption of ASU 2023-07 had no material impact on the Company's financial statements[169]. - ASU 2023-09, effective for fiscal years beginning after December 15, 2024, requires expanded disclosures of income taxes paid, with early adoption permitted[170]. - Management does not anticipate that ASU 2023-09 will materially affect the Company's financial statements[170]. - The Company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[172].

Financial Performance - As of September 30, 2024, the Company reported a net loss of approximately $2.3 million, primarily due to $2.2 million in operating and formation expenses and a $1.1 million loss from changes in fair value of derivative warrant liability, partially offset by $1 million in income from cash held in the Trust Account [217]. - For the three months ended September 30, 2024, the Company had a net loss of approximately $281,000, consisting of $631,000 in operating and formation expenses, partially offset by $350,000 in income from cash held in the Trust Account [216]. - For the nine months ended September 30, 2023, the Company reported a net income of approximately $3.6 million, driven by $4.1 million in income from investments held in the Trust Account and a gain of approximately $337,000 from the forfeiture of deferred underwriting fees [219]. - The Company incurred net cash used in operating activities of approximately $1.2 million for the nine months ended September 30, 2024 [224]. - The Company has a working capital deficit of approximately $5.8 million as of September 30, 2024 [223]. Business Combination and Extensions - The company entered into a Merger Agreement on March 29, 2024, to acquire AERKOMM Inc., with plans to migrate to Delaware [170]. - The Company has until October 12, 2025, to consummate a business combination, failing which it will face mandatory liquidation and dissolution [227]. - The Company has the right to extend the Deadline Date for consummating a business combination up to twelve times, with the latest extension to April 12, 2024 [187]. - The Company extended the deadline for consummating a business combination from January 12, 2024, to February 12, 2024 [196]. - The Company approved the Second Extension Amendment, allowing for monthly extensions up to ten times until October 12, 2024, with a monthly contribution of $50,000 required [194]. - The Company plans to continue extending the Deadline Date monthly, with the Sponsor expected to deposit the lesser of $50,000 or $0.03 per outstanding share for each extension [200]. - The Company held an extraordinary general meeting on October 9, 2024, where the Third Extension Amendment was approved, allowing for monthly extensions up to twelve times until October 12, 2025 [199]. Shareholder Activity - Shareholders redeemed approximately 18.34 million Class A ordinary shares for a total of about $189 million, leaving approximately $48 million in the Trust Account [184]. - A total of 1,817,650 public shares were redeemed at approximately $11.00 per share, resulting in an aggregate redemption amount of about $19.99 million [195]. - 1,235,698 shares were tendered for redemption at approximately $11.58 per share, totaling about $14.3 million during the October 9, 2024 meeting [207]. Investments and Financing - The company generated an additional $7.15 million from the sale of 7.15 million Private Placement Warrants at $1.00 per warrant [168]. - A PIPE Investment of $35 million was secured at $11.50 per share, with AERKOMM aiming for a total PIPE Investment of at least $65 million [173][174]. - The company has received $2.6 million in SAFE Investments as of August 12, 2024, with plans for further investments totaling at least $15 million [177][176]. - The Sponsor agreed to deposit up to $160,000 into the Trust Account for each month of extension, with the first deposit made on April 13, 2023 [185]. - The Sponsor deposited $160,000 into the Trust Account for each of the extensions from April to November 2023, totaling $1.28 million [201]. - The company signed a Capital Markets Advisory Agreement for a private placement of approximately $30 million, with Benchmark receiving a fee of 5% of gross proceeds [182]. Compliance and Regulatory Matters - The Company received a Total Shareholders Notice from Nasdaq for not meeting the Minimum Total Holders Rule, requiring a plan for compliance by November 24, 2023 [209]. - The Company was granted continued listing on the Nasdaq Global Market after a hearing on June 18, 2024, confirming compliance with the Minimum Total Holders Rule [212]. - Trading in the Company's securities was suspended on October 14, 2024, pending a hearing scheduled for December 10, 2024, due to non-compliance with Nasdaq listing requirements [213]. Internal Controls and Accounting - Disclosure controls and procedures were evaluated and deemed effective by the Certifying Officers as of the end of the reporting period [248]. - There have been no changes to internal control over financial reporting that materially affected the company during the quarterly period ended September 30, 2024 [250]. - No material recently issued accounting standards are expected to have a significant effect on the financial statements [244]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures [245]. Legal Matters - There is no pending or contemplated litigation against the company or its officers and directors [252].

IPO and Fundraising - The company completed its Initial Public Offering on October 12, 2021, raising total gross proceeds of $230 million from the sale of 23 million units at $10.00 per unit[136]. - Following the IPO, $231.15 million from net proceeds was placed in a Trust Account, initially invested in Treasury obligations and later moved to an interest-bearing demand deposit account[137]. - The underwriters fully exercised their overallotment option to purchase an additional 3,000,000 Units at an offering price of $10.00 per Unit, generating additional gross proceeds of $30,000,000[180]. - The cash underwriting discount paid to underwriters in the Initial Public Offering amounted to $4,000,000, with additional deferred commissions totaling $12,100,000[182]. - The company agreed to a fee reduction, forfeiting 66.94% of the deferred underwriting commissions, resulting in a total reduction of $8,100,000, contingent on the business combination valuation[183]. Business Combination and Mergers - On March 29, 2024, the company entered into a Merger Agreement to acquire AERKOMM Inc., transitioning from a Cayman Islands company to a Delaware corporation[138]. - The company secured a PIPE Investment of $35 million at $11.50 per share, with AERKOMM aiming for a minimum PIPE Investment of $45 million[139]. - The company has had substantive discussions with potential business combination targets but has not yet selected one[135]. - The company plans to utilize cash from its IPO and private placements to fund the initial business combination[135]. - The company extended its business combination deadline multiple times, with the latest extension moving the deadline to December 12, 2023[154]. - The board approved the Second Extension Amendment, allowing the company to extend the business combination deadline up to ten times until October 12, 2024, with a monthly contribution of $50,000 from the sponsor[155][162]. - The company has incurred significant costs related to acquisition plans and faces uncertainty regarding the consummation of a business combination by October 12, 2024, which could lead to mandatory liquidation[177]. Financial Performance - For the three months ended June 30, 2024, the company reported a net loss of approximately $1.3 million, including $730,000 in operating expenses and a loss of $932,000 from changes in fair value of warrant liability[168]. - For the six months ended June 30, 2024, the net loss was approximately $2.0 million, with $1.6 million in operating expenses and $1.1 million from changes in fair value of derivative warrant liability[169]. - For the six months ended June 30, 2023, the company reported a net income of approximately $3.1 million, driven by $3.5 million in income from investments held in the Trust Account[170]. - As of June 30, 2024, the company had approximately $32.4 million in cash held in the Trust Account, intended for the initial business combination[176]. - The company had a working capital deficit of approximately $5.0 million as of June 30, 2024[174]. Shareholder Activity - During the 2023 extraordinary meeting, shareholders redeemed 18,336,279 Class A ordinary shares for approximately $189 million, leaving about $48 million in the Trust Account[146]. - Holders of 1,817,650 public shares redeemed shares for approximately $19.99 million at a redemption price of about $11.00 per share[156][162]. - The sponsor agreed to deposit $160,000 into the Trust Account for each month of extension, totaling $1.12 million across seven extensions[147][154]. - The company has 23,000,000 Class A ordinary shares subject to possible redemption, which are classified outside of permanent equity due to redemption features[186]. Regulatory and Compliance - The company received a Total Shareholders Notice from Nasdaq for not meeting the Minimum Total Holders Rule, but was granted continued listing after a hearing[166][167]. - As of June 30, 2024, the company reported no off-balance sheet arrangements[185]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[192]. Accounting and Financial Reporting - The company evaluates its financial instruments to determine if they qualify as derivatives, with changes in fair value reported in the statements of operations[188]. - The FASB issued ASU 2023-09, effective for fiscal years beginning after December 15, 2024, which the company does not expect to materially impact its financial statements[191]. - As of June 30, 2024, the outstanding principal under the Amended and Restated Extension Promissory Note was $3,103,268[163].

IPO and Fundraising - The company completed its Initial Public Offering on October 12, 2021, raising total gross proceeds of $230 million from the sale of 23 million Units at $10.00 per Unit[144]. - The company generated an additional $7.15 million from the sale of 7.15 million Private Placement Warrants at $1.00 per warrant[145]. - As of the closing of the Initial Public Offering, approximately $231.15 million was placed in the Trust Account, which was initially invested in Treasury obligations[146]. - Underwriters fully exercised the over-allotment option to purchase an additional 3,000,000 Units at an offering price of $10.00 per Unit, generating additional gross proceeds of $30,000,000[188]. - The total deferred underwriting commissions were initially set at $12,100,000, with a reduction of $8,100,000 agreed upon in the Fee Reduction Agreement, resulting in a new total of $4,000,000[190]. Business Combination and Acquisitions - A Merger Agreement was entered into on March 29, 2024, for the acquisition of AERKOMM Inc., with plans to migrate to a Delaware corporation[147]. - The company secured a PIPE Investment of $35 million at $11.50 per share, with AERKOMM aiming for a minimum PIPE Investment of $45 million[148][149]. - AERKOMM will also pursue a SAFE Investment of at least $15 million, with specific milestones for securing the funds[150]. - The company has until October 12, 2024, to consummate a business combination, or it will face mandatory liquidation[184]. - The company plans to address liquidity concerns through the initial business combination, but there is no assurance of success within the Combination Period[186]. Shareholder Activity - Shareholders redeemed approximately 18.34 million Class A ordinary shares for a total of about $189 million, leaving approximately $48 million in the Trust Account[156]. - Holders of 1,817,650 public shares redeemed shares for approximately $19.99 million at a redemption price of about $11.00 per share[166]. Financial Performance - For the three months ended March 31, 2024, the company reported a net loss of approximately $722,000, with operating expenses of about $881,000[176]. - As of March 31, 2024, the company had approximately $32 million in cash held in the Trust Account, intended for the initial business combination[183]. - The company incurred a net cash used in operating activities of approximately $308,000 for the three months ended March 31, 2024[181]. - As of March 31, 2024, the outstanding principal under the Amended and Restated Extension Promissory Note was $2,330,768[172]. Compliance and Regulatory Matters - The company received a notice from Nasdaq regarding non-compliance with listing requirements, with a plan submitted to regain compliance by April 6, 2024[174]. - There have been no changes to internal control over financial reporting during the quarterly period ended March 31, 2024, that materially affected internal controls[206]. Trust Account and Extensions - The sponsor agreed to deposit $160,000 into the Trust Account for each month of extension, with multiple extensions granted through December 12, 2023[157][164]. - The board approved the Second Extension Amendment, allowing the company to extend the business combination deadline up to ten times until October 12, 2024[165]. - The sponsor will continue to deposit $50,000 into the Trust Account for each monthly extension[168]. Accounting and Financial Reporting - The company does not expect the adoption of ASU 2023-09 to have a material impact on its financial statements and disclosures[199]. - The company evaluates its financial instruments to determine if they are derivatives, with changes in fair value reported in the statements of operations[196]. - Management does not believe there are any material recently issued accounting standards that would have a material effect on the financial statements if adopted[200]. - All 23,000,000 Class A ordinary shares sold in the Initial Public Offering contain a redemption feature, classified outside of permanent equity due to SEC guidance[194]. - The company recognizes changes in redemption value immediately, adjusting the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period[195].

IPO and Trust Account - The company completed its Initial Public Offering (IPO) on October 12, 2021, raising total gross proceeds of $230 million from the sale of 23 million units at $10.00 per unit[72]. - Following the IPO, the company placed $231.15 million in a Trust Account, initially investing in Treasury obligations and money market funds[74]. - As of April 10, 2023, shareholders redeemed 18,336,279 Class A ordinary shares for approximately $189 million at a redemption price of $10.31 per share, leaving approximately $48 million in the Trust Account[77]. - The company redeemed approximately $209.0 million from the Trust Account during the year ended December 31, 2023[105]. - The company had cash held in the Trust Account of approximately $31.4 million as of December 31, 2023, intended for completing the initial business combination[107]. Business Combination and Extensions - The company has extended its business combination deadline multiple times, with the latest extension moving the deadline from November 12, 2023, to December 12, 2023[85]. - The sponsor has committed to deposit $160,000 into the Trust Account for each monthly extension, totaling $1.12 million from April to November 2023[90]. - The company has the right to extend the business combination deadline up to 18 times, allowing for extensions until October 12, 2024[88]. - The company plans to continue extending the deadline on a monthly basis, with the sponsor expected to deposit $50,000 for each extension[89]. - The company has not yet selected a business combination target but is in substantive discussions with potential targets[71]. - The company plans to use $50,000 per month to complete a Business Combination until October 12, 2024, following the approval of the Second Extension Amendment[94]. Financial Performance - For the year ended December 31, 2023, the company reported a net income of approximately $4.0 million, which included $4.7 million in income from investments held in the Trust Account[99]. - The company incurred operating and formation expenses of approximately $1.0 million for the year ended December 31, 2023[100]. - The company had a working capital deficit of approximately $3.1 million as of December 31, 2023[104]. - As of December 31, 2023, the outstanding principal under the Amended and Restated Extension Promissory Note was $1,889,768[95]. Compliance and Regulatory Matters - The company received a Total Shareholders Notice from Nasdaq on October 9, 2023, indicating non-compliance with the requirement of at least 400 total holders[97]. - The company has until April 6, 2024, to demonstrate compliance with Nasdaq Listing Rule 5450(a)(2) to avoid potential delisting[97]. - The company expects to continue incurring significant costs in pursuit of its acquisition plans, with uncertainty regarding the consummation of a business combination by the extended deadline[108]. Accounting and Reporting - The Company accounts for its promissory notes with conversion options under ASC 815, requiring bifurcation of conversion options from host instruments[124]. - Management does not anticipate any material impact on financial statements from recently issued accounting standards that are not yet effective[125]. - The Company qualifies as a smaller reporting company and is not obligated to provide detailed market risk disclosures[126].

Financial Performance - The company had a net income of approximately $477,000 for the three months ended September 30, 2023, consisting of approximately $646,000 in income from investments held in the Trust Account[145]. - For the nine months ended September 30, 2023, the company reported a net income of approximately $3.6 million, which included approximately $4.1 million in income from investments held in the Trust Account[147]. - The company incurred operating and formation expenses of approximately $673,000 for the nine months ended September 30, 2023[147]. - The company incurred expenses of approximately $0 and $30,000 for administrative services during the three months ended September 30, 2023 and 2022, respectively[164]. Cash and Investments - As of September 30, 2023, the company had approximately $50.0 million in cash held in the Trust Account, intended for the initial Business Combination[155]. - The company redeemed approximately $189 million in Class A ordinary shares, resulting in a balance of approximately $48 million in the Trust Account after redemptions[135]. - The underwriters fully exercised the over-allotment option to purchase an additional 3,000,000 Units at an offering price of $10.00 per Unit, generating additional gross proceeds of $30,000,000[160]. Compliance and Regulatory Matters - The company received a Total Shareholders Notice from Nasdaq on October 9, 2023, indicating non-compliance with the requirement of at least 400 total holders[140]. - The company has until April 12, 2024, to consummate a Business Combination, or it will face mandatory liquidation[156]. - The company has substantial doubt about its ability to continue as a going concern for a period of time within one year after the date of the unaudited condensed financial statements[157]. Business Combination and Extensions - The company extended its Combination Period to November 12, 2023, and subsequently to December 12, 2023, with a $160,000 contribution from the Sponsor for each extension[141][143]. - The company issued an Amended and Restated Promissory Note to the Sponsor with a principal amount of up to $2.5 million, which may be converted into warrants[137]. Shareholder and Equity Matters - All 23,000,000 Class A ordinary shares sold in the Initial Public Offering contain a redemption feature, classified outside of permanent equity[167]. - The company has not considered the effect of the exercise of the Public Warrants and Private Placement Warrants to purchase an aggregate of 18,650,000 shares in the calculation of diluted income per share[170]. - Derivative warrant liabilities are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets[171]. - The underwriters agreed to forfeit 66.94% of the aggregate deferred underwriting commissions of $12,100,000, resulting in a total reduction of $8,100,000[163]. Accounting and Reporting - The company does not have any off-balance sheet arrangements as of September 30, 2023[165]. - Management does not believe there are any material recently issued accounting standards that would have a material effect on the unaudited condensed financial statements[174]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[175].

Financial Position - As of June 30, 2023, the company had approximately $100,000 in cash held outside of the Trust Account and a working capital deficit of approximately $1.7 million[123]. - The company had cash held in the Trust Account of approximately $49 million as of June 30, 2023, which is intended to be used for the initial Business Combination[126]. - The company has a working capital deficit and liquidity concerns, raising doubts about its ability to continue as a going concern within one year after the issuance of its financial statements[128]. - After redemptions, the balance in the Trust Account was approximately $48 million[156]. Income and Expenses - For the six months ended June 30, 2023, the company reported a net income of approximately $3.1 million, driven by approximately $3.5 million in income from investments held in the Trust Account[134]. - For the three months ended June 30, 2023, the company reported a net income of approximately $1.7 million, including a gain of approximately $1.4 million from investments held in the Trust Account[132]. - The company incurred operating and formation expenses of approximately $503,000 for the six months ended June 30, 2023[134]. - The company has incurred significant costs in pursuit of acquisition plans and expects to continue doing so[127]. Business Combination - The company has until April 12, 2024, to consummate a Business Combination, or it will face mandatory liquidation[127]. - The company has not yet selected a Business Combination target and has not initiated substantive discussions with any potential targets[118]. Shareholder Actions - Shareholders approved the Extension Proposal, resulting in the redemption of 18,336,279 Class A ordinary shares at approximately $10.30 per share, totaling around $189 million[156]. - Following the Founder Conversion on May 9, 2023, the total outstanding shares increased to 8,665,842 Class A ordinary shares and 1,747,879 Class B ordinary shares[160]. Financing and Liabilities - The Sponsor advanced $160,000 for the first Contribution on April 13, 2023, and continued to deposit $160,000 for subsequent extensions through August 11, 2023[159]. - The Company issued an Extension Promissory Note with a principal amount of up to $1 million, which may be converted into warrants at a price of $1.00 per warrant[158]. - The Company has not considered the effect of the exercise of 18,650,000 Public and Private Placement Warrants in the diluted income per share calculation[148]. - Derivative warrant liabilities are classified as non-current liabilities, indicating that their liquidation is not expected to require current assets[149]. Accounting and Reporting - The Company does not anticipate any material impact from recently issued accounting standards on its financial statements[154]. - The Company evaluated its financial instruments to determine if they qualify as derivatives, with changes in fair value reported in the financial statements[149]. - The Company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[161].

Financial Performance - For the three months ended March 31, 2023, the company reported a net income of approximately $1.5 million, driven by $2.1 million in income from investments held in the Trust Account[125]. - The company incurred approximately $278,000 in operating and formation expenses for the three months ended March 31, 2023[125]. - The company had a working capital deficit of approximately $996,000 as of March 31, 2023[116]. Initial Public Offering - The company completed its Initial Public Offering on October 12, 2021, raising total gross proceeds of $230 million from the sale of 23 million Units[112]. - The underwriters of the Initial Public Offering fully exercised their over-allotment option, generating additional gross proceeds of $30 million[129]. Trust Account and Liquidity - As of March 31, 2023, the company had approximately $236.5 million in cash held in the Trust Account, intended for the initial Business Combination[119]. - The company plans to use substantially all funds in the Trust Account for the initial Business Combination and subsequent operations[119]. - The company has a liquidity condition that raises substantial doubt about its ability to continue as a going concern for one year after the issuance of its financial statements[121]. Business Combination - The company has until April 12, 2024, to consummate a Business Combination, or it will face mandatory liquidation[120]. - The company has not yet selected a Business Combination target and has not initiated substantive discussions with any potential targets[111]. Shareholder Actions - On April 10, 2023, shareholders approved the Extension Proposal, Founder Share Amendment Proposal, and Redemption Limitation Amendment Proposal[141]. - 18,336,279 Class A ordinary shares were redeemed at approximately $10.30 per share, totaling an aggregate redemption amount of approximately $189 million, leaving approximately $48 million in the Trust Account[142]. Sponsor Contributions - The Sponsor agreed to deposit a loan of up to $1 million into the Trust Account, with the first contribution of $160,000 made on April 13, 2023[144][145]. - The Board of Directors extended the Extended Date from May 12, 2023, to June 12, 2023, and requested an additional drawdown of $160,000 under the Extension Promissory Note[145]. - The Sponsor converted 4,002,121 Class B ordinary shares into Class A ordinary shares, resulting in a total of 8,665,842 Class A ordinary shares and 1,747,879 Class B ordinary shares outstanding[146].

Financial Performance - For the year ended December 31, 2022, the company reported a net income of approximately $9.3 million, influenced by a $7.5 million gain from the change in fair value of derivative warrant liabilities[272][281]. - The company reported a net income of $9,286,803 for the year ended December 31, 2022, compared to a net income of $9,337,120 for the period from March 1, 2021, through December 31, 2021[316]. - Basic net income per share for Class A ordinary shares was $0.32 for the year ended December 31, 2022, and $0.84 for the period from March 1, 2021, through December 31, 2021[316]. - The allocation of net income for Class A ordinary shares was $7,429,442 and for Class B was $1,857,361 for the year ended December 31, 2022[369]. - For the year ended December 31, 2022, the basic net income per ordinary share for Class A was $0.32 and for Class B was also $0.32, while diluted net income per ordinary share was $0.32 for both classes[369]. Cash and Investments - As of December 31, 2022, the company had approximately $234.4 million in cash held in the Trust Account, intended for the initial business combination[274]. - The company had approximately $234,364,451 in investments held in the Trust Account as of December 31, 2022, compared to $231,151,505 as of December 31, 2021[314]. - The company had a total cash balance of $70,236 at the end of 2022, down from $611,620 at the beginning of the period[323]. - The Company recorded a fair value of $234,364,451 for investments held in the Trust Account as of December 31, 2022, compared to $231,151,505 in 2021[402][403]. Business Combination and Operations - The company has until May 12, 2023, or April 12, 2024, if extensions are exercised, to complete a business combination, or it will face mandatory liquidation[275][276]. - The company has not yet selected a business combination target and has not initiated substantive discussions with any potential targets[265]. - The company plans to use substantially all funds in the Trust Account for the initial business combination and subsequent operations of the target business[274]. - The Company has until April 12, 2024, to complete a Business Combination, or it will cease operations and redeem Public Shares[335]. - The Company will proceed with a Business Combination if it has net tangible assets of at least $5,000,001 upon consummation[332]. Shareholder Activity - Shareholders redeemed 18,336,279 Class A ordinary shares at a redemption price of approximately $10.30 per share, totaling approximately $189 million[299]. - A total of 18,336,279 Class A ordinary shares were redeemed at approximately $10.30 per share, resulting in an aggregate redemption amount of approximately $189 million[412]. - After redemptions, the balance in the Company's Trust Account is approximately $48 million[412]. Liabilities and Expenses - The company incurred operating and formation expenses of approximately $1.4 million for the year ended December 31, 2022[281]. - The company incurred approximately $103,000 in administrative support expenses during the year ended December 31, 2022[288]. - The company had a working capital deficit of approximately $719,000 as of December 31, 2022[271]. - Total current liabilities increased to $1,022,731 as of December 31, 2022, from $396,793 as of December 31, 2021[314]. - The Company incurred significant costs in pursuit of its acquisition plans, raising substantial doubt about its ability to continue as a going concern[340]. Warrant and Share Information - As of December 31, 2022, there were 18,650,000 warrants outstanding, consisting of 11,500,000 Public Warrants and 7,150,000 Private Placement Warrants[386]. - The warrant liability for Public Warrants was $230,000 as of December 31, 2022, a significant decrease from $4,600,000 in 2021[402][403]. - The estimated fair value of Private Placement Warrants decreased from $3,289,000 at December 31, 2021 to $143,000 at December 31, 2022, reflecting a change of approximately 95.7%[408]. - The Company has authorized 200,000,000 Class A ordinary shares, with 23,000,000 issued and none outstanding as of December 31, 2022, all subject to possible redemption[398]. Market and Economic Conditions - Management continues to evaluate the impact of the COVID-19 pandemic and the ongoing geopolitical situation, which may affect the Company's financial position[342][343]. - The stock price increased from $9.70 in 2021 to $10.14 in 2022, representing a growth of approximately 4.5%[408]. - The volatility of the Company's ordinary shares decreased from 9.2% in 2021 to 2.6% in 2022[408]. - The risk-free interest rate increased significantly from 1.30% in 2021 to 3.91% in 2022[408].

Financial Performance - For the nine months ended September 30, 2022, the company reported a net income of approximately $7.3 million, primarily due to a gain of approximately $7.0 million from the change in fair value of derivative warrant liabilities[115] - The company incurred approximately $1.1 million in operating and formation expenses for the nine months ended September 30, 2022[115] - The company incurred approximately $30,000 in administrative support expenses for the three months ended September 30, 2022[122] Cash and Capital Structure - The company raised total gross proceeds of $230 million from the Initial Public Offering of 23,000,000 Units at $10.00 per Unit[100] - The underwriters fully exercised their over-allotment option, generating additional gross proceeds of $30 million to the company[120] - The company had cash held in the Trust Account of approximately $232.6 million as of September 30, 2022, intended for the initial Business Combination[107] - As of September 30, 2022, the company had approximately $235,000 in cash held outside of the Trust Account and a working capital deficit of approximately $353,000[104] Business Combination and Strategy - The company has until April 12, 2023, to consummate a Business Combination, after which mandatory liquidation may occur if not completed[108] - The company has not selected any Business Combination target and has not initiated substantive discussions with any potential targets[99] - The company has a working capital strategy that includes using funds from the Trust Account for financing operations and potential acquisitions[107] Regulatory and Accounting Considerations - Recent accounting pronouncements discussed in the unaudited condensed financial statements[124] - The company qualifies as a smaller reporting company, thus certain market risk disclosures are not applicable[125]