Financial Performance - As of June 30, 2023, the company reported a net income of $1,100,922, driven by interest income of $2,171,759, offset by operating costs of $976,585 and stock compensation expense of $94,252[124]. - For the six months ended June 30, 2023, the company achieved a net income of $1,323,306, with interest income of $4,084,174 and total operating costs of $2,573,400[126]. - For the six months ended June 30, 2023, net cash used in operating activities was $238,829, influenced by interest earned and changes in operating assets and liabilities[127]. Cash and Financing - The company had cash outside its trust account amounting to $75,400 as of June 30, 2023, available for working capital needs[127]. - The company may need to obtain additional financing to complete its business combination or to meet obligations if cash on hand is insufficient[133]. - The Sponsor agreed to loan the Company an aggregate principal amount of $1,725,000 to extend the deadline for completing an initial business combination from June 21, 2023, to September 21, 2023[141]. Business Combination - The company extended the deadline for completing its initial business combination from June 21, 2023, to September 21, 2023, following a deposit of $1,725,000 into its Trust Account[119]. - The company entered into a Business Combination Agreement with JEPLAN Holdings, Inc. on June 16, 2023, involving a share exchange and merger[120]. - The company has until September 21, 2023, to consummate its initial business combination, raising concerns about its ability to continue as a going concern if not completed[134]. Share Structure and Equity - The Company has a total of 17,250,000 Class A ordinary shares subject to possible redemption, presented at redemption value as temporary equity[144]. - The Company has two classes of shares, Class A and Class B, with earnings and losses shared pro rata between them[145]. IPO and Underwriting - The company generated gross proceeds of $172,500,000 from its initial public offering of 17,250,000 units at $10.00 per unit[118]. - The Company paid a cash underwriting commission of 2% of the gross proceeds of the IPO, amounting to $3,450,000, and a deferred underwriting discount of 3.5%, totaling $6,037,500, upon completion of the initial Business Combination[142]. - The underwriter waived the deferred underwriting fee of $6,037,500 related to the proposed Business Combination with JEPLAN[142]. Accounting and Compliance - The Company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards[149]. - The Company has identified critical accounting policies that may affect reported amounts of assets and liabilities, which could materially differ from actual results[143]. Securities and Shareholder Rights - The Company has the right to register securities under a registration and shareholder rights agreement, allowing up to three demands for registration[137]. - The lock-up period for the initial shareholders' Founder Shares lasts until one year after the completion of the initial Business Combination[138].
AP Acquisition (APCA) - 2023 Q2 - Quarterly Report