Item 8.01 Other Events.
The information set forth above in Item 3.01 of
this Current Report on Form 8-K is incorporated by reference herein.
In the Redemption, the Class A Common Stock will
be redeemed at a per-share price, payable in cash, equal to the quotient obtained by dividing (A) the aggregate amount then on deposit
in the Company’s trust account, including interest not previously released to the Company to pay its taxes (less up to $100,000
of interest to pay dissolution expenses) (the “Redemption Amount”), by (B) the total number of then issued and outstanding
shares of Class A Common Stock, which Redemption will completely extinguish rights of the Company’s public stockholders (including
the right to receive further liquidating distributions, if any), subject to applicable law. There will be no redemption rights or liquidating
distributions with respect to the Redeemable Warrants, which will expire worthless upon the liquidation of the Company.
Following the redemptions in connection with the approval and implementation
of the Company’s Second Amended and Restated Certificate of Incorporation, which was filed with the Secretary of State of the State
of Delaware on December 12, 2022, the total amount held in the trust account was approximately $5,074,094.83, and a total of 502,390 shares
of Class A Common Stock were outstanding. The Company estimates that the total Redemption Amount will be approximately $5,023,900, and
the per-share Redemption Amount will be approximately $10.00.
Forward-Looking Statements
This Current Report on Form 8-K contains “forward-looking
statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation
Reform Act of 1995. Forward-looking statements may relate to a future potential business combination and any other statements relating
to future results, strategy and plans of BLTS (including certain statements which may be identified by the use of the words “plans”,
“expects”, “does not expect”, “estimated”, “is expected”, “budget”, “scheduled”,
“estimates”, “forecasts”, “intends”, “anticipates”, “does not anticipate”,
or “believes”, or variations of such words and phrases, or state that certain actions, events or results “may”,
“could”, “would”, “might”, “projects”, “will”, “will be taken”,
“occur” or “be achieved”). Forward-looking statements are based on the opinions and estimates of management of
BLTS, as of the date such statements are made, and they are subject to known and unknown risks, uncertainties, assumptions and other factors
that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied
by such forward-looking statements. These risks and uncertainties include, but are not limited to, the occurrence of any event, change
or other circumstances that could give rise to a delay in or the failure to close a future potential business combination, the amount
of redemptions, the ability to retain key personnel and the ability to achieve stockholder and regulatory approvals, industry trends,
legislation or regulatory requirements and developments in the global economy as well as the public health crisis related to the coronavirus
(COVID-19) pandemic and resulting significant negative effects to the global economy, disrupted global supply chains and significant volatility
and disruption of financial markets, increased operating costs and the impact of government shutdowns. Additional information on these
and other factors that may cause actual results and BLTS’ performance to differ materially is included in BLTS’ periodic reports
filed with the SEC, including, but not limited to, BLTS’ Annual Report on Form 10-K for the year ended December 31, 2021, and subsequent
Quarterly Reports on Form 10-Q. Copies of BLTS’ filings with the SEC are available publicly on the SEC’s website at www.sec.gov
or may be obtained by contacting BLTS. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak
only as of the date made. These forward-looking statements are made only as of the date hereof, and BLTS undertakes no obligations to
update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required
by law.