IPO and Fundraising - The company completed its IPO on December 27, 2022, raising gross proceeds of 69.0millionfromthesaleof6,900,000PublicUnitsatanofferingpriceof10.00 per unit[11]. - The company also completed a Private Placement on the same day, generating gross proceeds of 3,857,500fromthesaleof385,750PrivateUnitsatapurchasepriceof10.00 per unit[12]. - The total proceeds from the IPO and Private Placement amounted to 70,207,500,whichwereplacedinaTrustAccountforthebenefitofpublicshareholders[13].BusinessOperationsandStrategy−Thecompanyhasnotgeneratedanyrevenuesinceitsinceptionandhasincurredlossesduetoformationandoperatingcosts[15].−Thecompanyintendstoacquireemerginggrowthcompaniesthatareeithercash−generativeorhavethepotentialtogeneratecash[25].−Themanagementteamaimstocreateshareholdervaluebyimprovingoperatingefficiencyandimplementingrevenue−drivenstrategies[21].−Thecompanyplanstoevaluatepotentialacquisitiontargetsbasedoncriteriasuchasorganicgrowthpotential,costsavings,andopportunitiesforfollow−onacquisitions[22].−Themanagementteamhasextensiveexperienceincapitalmarketsandbusinessacquisitions,enhancingthecompany′sabilitytoidentifysuitabletargets[20].BusinessCombinationTimelineandConditions−ThecompanyhasuntilSeptember27,2023,toconsummateitsinitialbusinesscombination,withtheoptiontoextendthisperiodbyuptosixmonths[30].−Ifthecompanyfailstocompletethebusinesscombinationwithinthespecifiedtime,itwillredeem1001,000 to the Sponsor for office space and administrative support[41]. Valuation and Shareholder Impact - The fair market value of the target business will be determined by the board of directors based on accepted financial standards[32]. - The company may issue a substantial number of new shares in a business combination, potentially resulting in existing shareholders owning less than a majority of the post-transaction company[34]. - The company is not required to obtain a third-party opinion on the fair market value of the target business unless the board cannot make that determination[33].
