Financing Activities - 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 gross proceeds of $7.15 million from the sale of 7.15 million Private Placement Warrants at $1.00 per Warrant[83]. - The Company and AERKOMM entered into a PIPE Investment for an aggregate cash amount of $35 million at $11.50 per share of AERKOMM's common stock[94]. - The Company has engaged Benchmark as a non-exclusive PIPE placement agent for a private placement of approximately $30 million[99]. - The Company aims to secure a minimum PIPE Investment Amount of at least $45 million, excluding amounts from SAFE Agreements[95]. - The Company has made provisions for the sponsor to deposit up to $160,000 into the Trust Account for extensions of the combination period[107]. Shareholder Actions - The Company held an extraordinary meeting on April 10, 2023, where shareholders approved the Extension Proposal, resulting in the redemption of approximately 18.34 million Class A ordinary shares for about $189 million[106]. - A total of 1,817,650 public shares were redeemed at approximately $11.00 per share, resulting in an aggregate redemption amount of approximately $19.99 million[118]. - The holders of 1,235,698 public shares redeemed shares at approximately $11.58 per share, totaling approximately $14.30 million[121]. Financial Performance - For the year ended December 31, 2024, the company reported a net loss of approximately $2.3 million, with $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]. - As of December 31, 2024, the company had approximately $3,500 in cash held outside of the Trust Account and a working capital deficit of approximately $6.4 million[147]. - As of December 31, 2024, the company held approximately $19 million in cash within the Trust Account, intended for completing the initial business combination[151]. - 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 Compliance - The Company entered into a Merger Agreement with AERKOMM on March 29, 2024, with subsequent amendments made to the agreement[86][88]. - 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 extended the Combination Period to November 12, 2023, with a similar $160,000 deposit for the seventh extension[114]. - The Company approved the Second Extension Amendment allowing monthly extensions up to ten times until October 12, 2024, with a monthly contribution of $50,000 required[116]. - The company had until October 12, 2025, to consummate a business combination, with uncertainty regarding the ability to do so[152]. - The company received a notice from Nasdaq on October 7, 2024, regarding non-compliance with initial business combination requirements, leading to a request for a hearing[139]. - The company successfully requested a hearing before the Nasdaq Hearings Panel, which was held on December 10, 2024, following a previous delisting notice[141]. Going Concern and Regulatory Matters - The company plans to address liquidity concerns through the initial business combination, but there is no assurance of success within the Combination Period[154]. - The company has incurred significant costs in pursuit of acquisition plans, raising doubts about its ability to continue as a going concern if a business combination is not completed[153]. - The Company adopted ASU 2023-07 on December 31, 2024, which requires annual and interim disclosures of significant segment expenses and other segment items, but it had no material impact on the financial statements[169]. - ASU 2023-09, effective after December 15, 2024, will require expanded disclosures of income taxes paid, but management does not expect it to materially affect the financial statements[170]. - The Company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[172]. Trust Account and Extensions - After redemptions, the balance in the Trust Account was approximately $48 million[106]. - The sponsor deposited $160,000 into the Trust Account for each of the extensions from April to November 2023, totaling $1.28 million[125]. - The outstanding principal under the Third Amended and Restated Extension Promissory Note was $3,856,641 as of December 31, 2024[133]. - The Company issued the Third Amended and Restated Extension Promissory Note with a principal amount of up to $4.5 million to the sponsor[131]. - Following the founder conversion, the Company had 8,665,842 Class A ordinary shares and 1,747,879 Class B ordinary shares outstanding[134].

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, 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 [219]. - The Company had net cash used in operating activities of approximately $1.2 million for the nine months ended September 30, 2024 [224]. - The Company experienced 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 extended the business combination deadline from January 12, 2024, to February 12, 2024, with a $50,000 deposit into the Trust Account for this extension [196]. - The Second Extension Amendment was approved, allowing the Company to extend the business combination deadline monthly up to ten times until October 12, 2024, with a monthly contribution of $50,000 [194]. - The Company plans to continue extending the Deadline Date monthly, with deposits of 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 Actions - Shareholders redeemed 18,336,279 Class A ordinary shares for approximately $189 million, leaving a balance of about $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 approximately $19.99 million [195]. - 1,235,698 shares were tendered for redemption at approximately $11.58 per share, totaling approximately $14.3 million during the October 9, 2024 meeting [207]. Compliance and Listing - The Company received a Total Shareholders Notice from Nasdaq for not meeting the Minimum Total Holders Rule, with a deadline to regain compliance by April 6, 2024 [209]. - The Company successfully appealed a Total Shareholders Notice from Nasdaq and was granted continued listing on the Nasdaq Global Market on August 5, 2024 [212]. - Trading in the Company's securities was suspended on October 14, 2024, due to non-compliance with Nasdaq listing requirements, with a hearing scheduled for December 10, 2024 [213]. - The Company submitted its initial listing application for a change of control combination on the Nasdaq Global Market on October 7, 2024 [214]. Investments and Funding - The company generated an additional $7.15 million from the sale of 7.15 million Private Placement Warrants at $1.00 each [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]. - The Sponsor deposited $160,000 into the Trust Account for each of the first six extensions from April to September 2023 [202]. - The outstanding principal under the Fourth Amended and Restated Extension Promissory Note was $3,548,268 as of September 30, 2024 [205]. Management and Internal Controls - Management does not believe there are any material recently issued accounting standards that would have a material 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]. - There have been no changes to internal control over financial reporting during the quarterly period ended September 30, 2024, that materially affected internal controls [250]. - The management team is not aware of any pending or contemplated litigation against the company or its officers [252].

Financial Proceeds - The company raised total gross proceeds of $230 million from the Initial Public Offering of 23,000,000 Units at $10.00 per Unit [157]. - The company generated gross proceeds of $7.15 million from the sale of 7,150,000 Private Placement Warrants at $1.00 per warrant [158]. - The underwriters fully exercised their overallotment option, generating additional gross proceeds of $30 million from the sale of 3,000,000 additional Units at an offering price of $10.00 per Unit [211]. - The company has placed $231.15 million from the IPO and Private Placement in a Trust Account, initially invested in Treasury obligations [159]. Business Combination and Extensions - The company has extended the Combination Period multiple times, with the latest extension moving the deadline to December 12, 2023 [180]. - 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 [181]. - The company has until October 12, 2024, to complete a business combination, or it will face mandatory liquidation [207]. - The company entered into a Merger Agreement to acquire AERKOMM Inc., with a PIPE Investment of $35 million at $11.50 per share [161]. - AERKOMM aims to secure a minimum PIPE Investment Amount of at least $45 million, excluding amounts from SAFE Agreements [162]. Shareholder Activity - During the 2023 extraordinary meeting, holders of 18,336,279 Class A ordinary shares redeemed their shares for approximately $189 million, leaving about $48 million in the Trust Account [171]. - Holders of 1,817,650 public shares redeemed shares for approximately $19.99 million at a redemption price of about $11.00 per share [182]. 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 [195]. - 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 [196]. - 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 [198]. Cash and Working Capital - As of June 30, 2024, the company had approximately $8,000 in cash outside the Trust Account and a working capital deficit of approximately $5.0 million [203]. - 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 [206]. Compliance and Regulatory Matters - The company received a Total Shareholders Notice from Nasdaq for not meeting the Minimum Total Holders Rule, with a compliance deadline of April 6, 2024 [192]. - The company successfully appealed to Nasdaq for continued listing after failing to regain compliance with the Minimum Total Holders Rule [193]. Going Concern and Future Plans - There is substantial doubt about the company's ability to continue as a going concern if a business combination does not occur within one year from the issuance of the financial statements [208]. - The company plans to address uncertainties through the initial business combination, but there is no assurance of success within the Combination Period [209]. Agreements and Accounting - The Sponsor Support Agreement ensures the sponsor will vote in favor of the Merger Agreement and against any alternative proposals [166]. - The Registration Rights Agreement will allow for the resale of certain shares and warrants held by the Holders, terminating after five years or when no Registrable Securities are held [169]. - The company agreed to a fee reduction, forfeiting 66.94% of the deferred underwriting commissions, resulting in a total reduction of $8.1 million [214]. - The company has no off-balance sheet arrangements as of June 30, 2024 [216]. - All 23,000,000 Class A ordinary shares sold in the Initial Public Offering contain a redemption feature, classified outside of permanent equity [218]. - The company evaluates its financial instruments to determine if they are derivatives, with changes in fair value reported in the statements of operations [220]. - Recent accounting pronouncements, such as ASU 2023-09, are not expected to have a material impact on the company's financial statements [223].

IPO and Financial Proceeds - 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[149]. - The company placed $231.15 million from the IPO and private placement proceeds into a Trust Account, initially invested in Treasury obligations[151]. - 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[194]. - The total cash underwriting discount paid to underwriters upon the closing of the Initial Public Offering was $4,000,000, with an additional deferred underwriting commission of $12,100,000[195]. - Under the Fee Reduction Agreement, underwriters agreed to forfeit 66.94% of the deferred underwriting commissions, resulting in a total reduction of $8,100,000[196]. Business Combination and Mergers - A merger agreement was signed on March 29, 2024, for the acquisition of AERKOMM Inc., with plans to migrate to a Delaware corporation[152]. - The company secured a PIPE investment of $35 million at $11.50 per share concurrently with the merger agreement[153]. - AERKOMM aims to achieve a minimum PIPE investment of $45 million, excluding amounts from SAFE agreements[154]. - The company has not yet selected a business combination target but is in discussions with potential candidates[148]. - The board approved the Second Extension Amendment, allowing the company to extend the business combination deadline up to ten times until October 12, 2024[177]. - If a business combination is not consummated by October 12, 2024, a mandatory liquidation will occur[190]. Financial Performance and Position - The company had a net loss of approximately $722,000 for the three months ended March 31, 2024, with operating expenses of about $881,000[182]. - As of March 31, 2024, the company had approximately $32 million in cash held in the Trust Account, intended for the initial business combination[189]. - The outstanding principal under the Amended and Restated Extension Promissory Note was $2,330,768 as of March 31, 2024[178]. - The company incurred a net cash used in operating activities of approximately $308,000 for the three months ended March 31, 2024[187]. - The company had a working capital deficit of approximately $4.1 million as of March 31, 2024[186]. Shareholder Actions and Trust Account - Shareholders redeemed approximately 18.34 million Class A ordinary shares for about $189 million, leaving approximately $48 million in the Trust Account[161]. - Holders of 1,817,650 public shares redeemed shares for approximately $19.99 million at a redemption price of about $11.00 per share[171]. - The sponsor agreed to deposit $160,000 into the Trust Account for each month of extension, totaling $1.12 million over seven extensions[162][168][169]. - The company plans to continue monthly extensions, with the sponsor depositing $50,000 into the Trust Account for each extension[173]. Compliance and Regulatory Matters - The company received a notice from Nasdaq regarding non-compliance with listing rules, requiring a plan for regaining compliance by April 6, 2024[180]. - There have been no changes to internal control over financial reporting that materially affected the company during the quarterly period ended March 31, 2024[211]. - Management does not believe there are any material recently issued accounting standards that would have a material effect on the financial statements[206]. - There is no litigation currently pending or contemplated against the company or its officers[213]. Accounting and Reporting - All 23,000,000 Class A ordinary shares sold in the Initial Public Offering contain a redemption feature, classified outside of permanent equity[200]. - 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[201]. - The company entered into an agreement with IX Acquisition Services LLC to pay up to $10,000 per month for administrative services, which has been waived for the year ended December 31, 2023[197].

IPO and Fundraising - The company raised a total of $230 million from its Initial Public Offering (IPO) by issuing 23,000,000 Units at $10.00 per Unit[70] - The company generated gross proceeds of $7.15 million from the sale of 7,150,000 Private Placement Warrants at $1.00 per warrant[71] - Following the IPO, approximately $231.15 million was placed in a Trust Account, initially invested in Treasury obligations[72] Shareholder Redemptions - Shareholders redeemed 18,336,279 Class A ordinary shares for approximately $189 million at a redemption price of $10.31 per share[76] - The holders of 1,817,650 public shares redeemed their shares for approximately $19.99 million at a redemption price of $11.00 per share[87] Combination Period and Extensions - The company has extended its Combination Period multiple times, with the latest extension moving the deadline to December 12, 2023[85] - The sponsor has committed to deposit $160,000 into the Trust Account for each monthly extension of the Combination Period[90] - The company has the right to extend the Deadline Date up to 18 times for an additional month each time, potentially until October 12, 2024[88] - The company plans to continue extending the Deadline Date on a monthly basis, with the sponsor expected to deposit $50,000 for each extension[89] - The company approved a Second Extension Amendment Proposal to extend the date for consummating a Business Combination until October 12, 2024[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[99] - As of December 31, 2023, the company had a working capital deficit of approximately $3.1 million[104] - The company had net cash used in operating activities of approximately $605,000 for the year ended December 31, 2023[105] Liquidity and Compliance - The company plans to address liquidity concerns through the initial business combination, with a deadline of October 12, 2024, for consummating a business combination[108] - 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 provided a plan to Nasdaq on November 24, 2023, to regain compliance with the listing rule, with a compliance deadline of April 6, 2024[97] Accounting and Reporting - As of December 31, 2023, the outstanding principal under the Amended and Restated Extension Promissory Note was $1,889,768[95] - The Company accounts for its promissory notes with conversion options according to ASC 815, requiring bifurcation of conversion options from host instruments[122] - Management does not anticipate any material impact from recently issued accounting standards on financial statements[123] - The Company is classified as a smaller reporting company and is not required to provide additional market risk disclosures[124]

Financial Performance - The company had net income of approximately $477,000 for the three months ended September 30, 2023, consisting of $646,000 in income from investments held in the Trust Account, offset by $169,000 in operating and formation expenses[140]. - For the nine months ended September 30, 2023, the company reported net income of approximately $3.6 million, which included $4.1 million in income from investments held in the Trust Account and a gain of $337,000 from the forfeiture of deferred underwriting fees[142]. - The company incurred net cash used in operating activities of approximately $455,000 for the nine months ended September 30, 2023[147]. 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 completion of its initial Business Combination[149]. - 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[154]. Shareholder Actions - On April 10, 2023, shareholders approved the Extension Proposal, resulting in the redemption of approximately 18,336,279 Class A ordinary shares for an aggregate amount of approximately $189 million[131]. - The company received a Total Shareholders Notice from Nasdaq on October 9, 2023, indicating non-compliance with the requirement of maintaining at least 400 total holders for continued listing[136]. Business Combination and Liquidity - The company extended its Combination Period to November 12, 2023, and subsequently to December 12, 2023, with contributions of $160,000 made by the Sponsor under the Extension Promissory Note[137][138]. - The company has until April 12, 2024, to consummate a Business Combination, failing which it will face mandatory liquidation[150]. - The company plans to address liquidity uncertainty through the initial Business Combination, but there is no assurance of success within the Combination Period[152]. Liabilities and Financial Position - The company had a working capital deficit of approximately $2.4 million as of September 30, 2023[146]. - As of September 30, 2023, the outstanding principal under the Extension Promissory Note was $1,354,768[134]. - The company has raised 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[151]. Accounting and Compliance - Management does not believe there are any material recently issued accounting standards that would have a material effect on the unaudited condensed financial statements[167]. - As of September 30, 2023, the company did not have any off-balance sheet arrangements[158]. - Derivative warrant liabilities are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets[164]. - 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[163]. Expenses - The company incurred expenses of approximately $0 and $30,000 for administrative support services during the three months ended September 30, 2023 and 2022, respectively[157]. - 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[156].

Financial Performance - 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 [132]. - 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 [131]. - Net income per ordinary share is calculated by dividing net income by the weighted-average number of ordinary shares outstanding, excluding the effect of 18,650,000 warrants in the diluted income per share calculation [145]. Initial Public Offering - The company raised total gross proceeds of $230 million from the Initial Public Offering of 23,000,000 Units at $10.00 per Unit, including an over-allotment option [118]. - The underwriters of the Initial Public Offering were paid a cash underwriting discount of $4 million upon closing [138]. - The company entered into a Fee Reduction Agreement, reducing the deferred underwriting commissions by approximately $8.1 million, contingent on the valuation of the Business Combination target [139]. Business Combination - The company has until April 12, 2024, to consummate a Business Combination, or it will face mandatory liquidation [126]. - The company has incurred significant costs in pursuit of acquisition plans and has raised substantial doubt about its ability to continue as a going concern if a Business Combination is not completed [127]. - The company has not selected any Business Combination target and has not initiated substantive discussions with any potential targets [117]. Cash and Trust Account - As of June 30, 2023, the company had approximately $49 million in cash held in the Trust Account, intended for the initial Business Combination [125]. - Holders of 18,336,279 Class A ordinary shares redeemed their shares for cash at approximately $10.30 per share, totaling an aggregate redemption amount of approximately $189 million, leaving approximately $48 million in the Trust Account [153]. Shareholder Actions - As of April 10, 2023, shareholders approved the Extension Proposal, Redemption Limitation Amendment Proposal, and Founder Share Amendment Proposal during the 2023 Extraordinary Meeting [151]. - Following the Founder Conversion on May 9, 2023, the company had 8,665,842 Class A ordinary shares and 1,747,879 Class B ordinary shares issued and outstanding [157]. Financial Instruments and Reporting - The company evaluated its financial instruments and classified derivative warrant liabilities as non-current liabilities [146]. - There have been no changes to internal control over financial reporting that materially affected the company during the quarterly period ended June 30, 2023 [164]. - Management does not anticipate any material effect from recently issued accounting standards on the unaudited condensed financial statements [150]. Other Financial Activities - The company incurred operating and formation expenses of approximately $503,000 for the six months ended June 30, 2023 [132]. - The Sponsor advanced $160,000 for the first Contribution on April 13, 2023, and continued to deposit $160,000 for subsequent extensions, totaling five extensions by August 11, 2023 [156]. - The company issued the 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 [155]. Legal Matters - There is no pending or contemplated litigation against the company or its officers and directors [166].

Financial Overview - The company raised total gross proceeds of $230 million from the Initial Public Offering of 23,000,000 Units at $10.00 per Unit [108]. - 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 [114]. - 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 [120]. - The company incurred a working capital deficit of approximately $996,000 as of March 31, 2023 [112]. - The underwriters fully exercised their over-allotment option, generating an additional $30 million in gross proceeds [124]. - The company has incurred operating and formation expenses of approximately $278,000 for the three months ended March 31, 2023 [120]. - The company has no off-balance sheet arrangements as of March 31, 2023 [122]. - The company has entered into a Fee Reduction Agreement, reducing deferred underwriting commissions by approximately $8.1 million [126]. Business Combination and Redemption - The company has until April 12, 2024, to consummate a Business Combination, or it will face mandatory liquidation [115]. - The company plans to use substantially all funds in the Trust Account for the initial Business Combination and subsequent operations [114]. - Holders of 18,336,279 Class A ordinary shares redeemed their shares for cash at approximately $10.30 per share, totaling an aggregate redemption amount of approximately $189 million [138]. - After redemptions, the balance in the Trust Account was approximately $48 million [138]. - The Sponsor advanced $160,000 for the first Contribution on April 13, 2023, and subsequently deposited another $160,000 into the Trust Account on May 12, 2023 [141]. - On April 10, 2023, shareholders approved the Extension Proposal, Redemption Limitation Amendment Proposal, and Founder Share Amendment Proposal [136]. - Following the Founder Conversion on May 9, 2023, there were 8,665,842 Class A ordinary shares and 1,747,879 Class B ordinary shares issued and outstanding [142].

Financial Performance - For the year ended December 31, 2022, the company reported a net income of approximately $9.3 million, which included a gain of approximately $7.5 million from the change in fair value of derivative warrant liabilities[340][349]. - The Company reported an accumulated deficit of $(13,192,169) as of December 31, 2022, compared to $(19,266,026) as of December 31, 2021[378]. - For the year ended December 31, 2022, the net income was $9,286,803, compared to $9,337,120 for the previous year[379]. - The total other income for the year ended December 31, 2022, was $10,729,865, an increase from $9,952,967 in the prior year[379]. - The basic net income per share for Class A ordinary shares was $0.32 for the year ended December 31, 2022, down from $0.84 in 2021[379]. Cash and Assets - 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[342]. - The company had cash of $70,236 at the end of the period, a decrease from $611,620 at the beginning of the period[383]. - The balance in the Company's Trust Account after redemptions is approximately $48 million[364]. - The total number of Class B ordinary shares issued to the Sponsor was 5,750,000, with an aggregate payment of $25,000[431]. - The Company held investments in the Trust Account amounting to $234,364,451, an increase from $231,151,505 as of December 31, 2021, representing a growth of approximately 1.0%[458][459]. Business Combination and Operations - The company has until May 12, 2023, or April 12, 2024, if extensions are exercised, to consummate a business combination, or it will face mandatory liquidation[343][345]. - The company has not yet selected a business combination target and has not initiated substantive discussions with any potential targets[332]. - The Company received shareholder approval to extend the deadline for completing an initial business combination from April 12, 2023, to May 12, 2023[364]. - The Company has the option to extend the deadline for completing a Business Combination to April 12, 2024, if all extensions are exercised[389]. - The Company will redeem Public Shares at a per-share price equal to the aggregate amount in the Trust Account if a Business Combination is not completed, which may be less than the Initial Public Offering price of $10.05[397]. Shareholder Actions and Redemptions - Approximately 18,336,279 Class A ordinary shares were redeemed for cash at a price of approximately $10.30 per share, totaling an aggregate redemption amount of approximately $189 million[364]. - The Company received shareholder approval for a redemption of 18,336,279 Class A ordinary shares at approximately $10.30 per share, totaling an aggregate redemption amount of approximately $189 million[469]. - Following the redemptions, the balance in the Company's Trust Account is approximately $48 million[469]. Liabilities and Financial Health - The company had a working capital deficit of approximately $719,000 as of December 31, 2022[339]. - The Company’s financial statements indicate substantial doubt about its ability to continue as a going concern due to insufficient cash and working capital[370]. - Total liabilities decreased from $20,385,793 in December 31, 2021, to $13,495,731 in December 31, 2022[377]. - The total liabilities as of December 31, 2022, were $373,000, which included public warrants liability of $230,000 and private placement warrants liability of $143,000[458]. Initial Public Offering (IPO) - The company raised total gross proceeds of $230 million from the Public Offering of 23 million Units at $10.00 per Unit, including $30 million from the full exercise of the underwriters' over-allotment option[333][352]. - The Initial Public Offering was completed on October 12, 2021, selling 23,000,000 Units at a price of $10.00 per Unit[428]. - The company incurred transaction costs of $30,639,304 related to the Initial Public Offering[388]. - The gross proceeds from the Initial Public Offering were $230,000,000, with offering costs allocated to Class A ordinary shares totaling $28,518,755[419]. Warrants and Derivative Liabilities - Derivative warrant liabilities were recorded as $373,000 as of December 31, 2022, down from $7,889,000 in the previous year[377]. - The fair value of the Private Placement Warrants decreased from $3,289,000 as of December 31, 2021, to $143,000 as of December 31, 2022, indicating a significant decline of approximately 95.7%[465]. - The Company recognized gains of approximately $7.5 million related to changes in the fair value of warrant liabilities for the year ended December 31, 2022[465]. - The estimated fair value of the Public Warrants was measured based on the listed market price under the ticker IXAQW starting November 2021[461]. Administrative and Operating Expenses - The company incurred operating and formation expenses of approximately $1.4 million for the year ended December 31, 2022[349]. - The company incurred approximately $103,000 in administrative support expenses during the year ended December 31, 2022[354]. - The Company has incurred and expects to continue to incur significant costs in pursuit of its acquisition plans[400].

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 during the three months ended September 30, 2022[122]. Cash and Proceeds - 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 - The company has until April 12, 2023, to consummate a Business Combination, after which a 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]. Concerns and Risks - The company has significant costs expected in pursuit of acquisition plans, raising concerns about its ability to continue as a going concern[109]. - The company qualifies as a smaller reporting company, thus market risk disclosures are not applicable[125]. Accounting and Financial Statements - Recent accounting pronouncements discussed in the unaudited condensed financial statements[124].