Financial Performance - The company had net income of approximately 477,000forthethreemonthsendedSeptember30,2023,consistingof646,000 in income from investments held in the Trust Account, offset by 169,000inoperatingandformationexpenses[140].−FortheninemonthsendedSeptember30,2023,thecompanyreportednetincomeofapproximately3.6 million, which included 4.1millioninincomefrominvestmentsheldintheTrustAccountandagainof337,000 from the forfeiture of deferred underwriting fees[142]. - The company incurred net cash used in operating activities of approximately 455,000fortheninemonthsendedSeptember30,2023[147].CashandInvestments−AsofSeptember30,2023,thecompanyhadapproximately50.0 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 10.00perUnit,generatingadditionalgrossproceedsof30,000,000[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 189million[131].−ThecompanyreceivedaTotalShareholdersNoticefromNasdaqonOctober9,2023,indicatingnon−compliancewiththerequirementofmaintainingatleast400totalholdersforcontinuedlisting[136].BusinessCombinationandLiquidity−ThecompanyextendeditsCombinationPeriodtoNovember12,2023,andsubsequentlytoDecember12,2023,withcontributionsof160,000 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 2.4millionasofSeptember30,2023[146].−AsofSeptember30,2023,theoutstandingprincipalundertheExtensionPromissoryNotewas1,354,768[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 0and30,000 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,resultinginatotalreductionof8,100,000[156].
