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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
(Mark
One) |
|
|
|
☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d)
OF
THE SECURITIES EXCHANGE ACT OF 1934
For
the Quarterly Period Ended June 30, 2023 |
or
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d)
OF
THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from to |
Commission
File Number: 001-41070
ENERGEM
CORP.
(Exact
name of registrant as specified in its charter)
Cayman
Islands |
|
N/A |
(State
or other jurisdiction
of
incorporation or organization) |
|
(I.R.S.
Employer
Identification
No.) |
|
|
|
Level
3, Tower 11, Avenue 5, No. 8,
Jalan
Kerinchi, Bangsar South
Wilayah
Persekutuan Kuala Lumpur, Malaysia |
|
59200 |
(Address
of principal executive offices) |
|
(Zip
Code) |
+(60)
3270 47622
(Registrant’s
telephone number, including area code)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Units,
each consisting of one Class A ordinary share, par value $0.0001 per share, and one redeemable warrant |
|
ENCPU |
|
The
Nasdaq Stock Market LLC |
Class
A ordinary shares included as part of the units |
|
ENCP |
|
The
Nasdaq Stock Market LLC |
Redeemable
warrants included as part of the units, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 |
|
ENCPW |
|
The
Nasdaq Stock Market LLC |
Securities
registered pursuant to Section 12(g) of the Act: None
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data
File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding
12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large-accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting
company. See the definitions of “large-accelerated filer,” “accelerated filer,” “non-accelerated filer”
and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
|
Large-accelerated
filer ☐ |
Accelerated
filer ☐ |
|
|
|
|
Non-accelerated
filer ☐ |
Smaller
reporting company ☒ |
|
|
|
|
Emerging
growth company ☒ |
|
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☒ No ☐
As
of August 15, 2023, there were 528,075 Class A ordinary shares, par value $0.0001 per share, issued and outstanding excluding 1,216,932
Class A ordinary shares subject to possible redemption, 2,875,000 Class B ordinary shares, par value $0.0001 per share, issued and outstanding,
and no shares of preferred shares, $0.0001 par value, issued and outstanding.
ENERGEM
CORP
FORM
10-Q FOR THE QUARTER ENDED JUNE 30, 2023
TABLE
OF CONTENTS
PART
I — FINANCIAL INFORMATION
Item
1. Financial Statements
ENERGEM
CORP.
BALANCE
SHEETS
(uNAUDITED)
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
(Unaudited) | | |
(Audited) | |
ASSETS | |
| | | |
| | |
Current Assets-Cash | |
$ | 8,086 | | |
$ | 47,789 | |
Prepaid expenses | |
| 115,556 | | |
| 143,055 | |
Other Receivables | |
| - | | |
| 170,594 | |
Total Current Asset | |
| 123,642 | | |
| 361,438 | |
| |
| | | |
| | |
Cash and marketable securities held in the trust | |
| 20,670,271 | | |
| 19,535,946 | |
Total assets | |
$ | 20,793,913 | | |
$ | 19,897,384 | |
| |
| | | |
| | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accrued expenses | |
$ | 607,886 | | |
$ | 686,195 | |
Other payables | |
| 200,000 | | |
| 140,000 | |
Promissory Note – related party | |
| 88,542 | | |
| 88,542 | |
Working capital loan | |
| 209,682 | | |
| - | |
Extension Loan | |
| 682,373 | | |
| 170,594 | |
Total Current liabilities | |
| 1,788,483 | | |
| 1,085,331 | |
| |
| | | |
| | |
Deferred Underwriting Commission | |
| 4,025,000 | | |
| 4,025,000 | |
Total liabilities | |
| 5,813,483 | | |
| 5,110,331 | |
| |
| | | |
| | |
Commitments and Contingencies (Note 6) | |
| - | | |
| - | |
Class A ordinary shares subject to possible redemption; 1,895,481 shares at redemption value $10.91 per share and at $10.31 per share as of June 30, 2023 and December 31, 2022 respectively | |
| 20,670,271 | | |
| 19,706,540 | |
Shareholders’ Deficit | |
| | | |
| | |
Preferred share, $0.0001 par value; 1,000,000 shares authorized; -0- issued and outstanding | |
| - | | |
| - | |
Class A ordinary shares, $0.0001 par value; 479,000,000 shares authorized; 528,075 shares issued and outstanding (excluding 1,895,481 shares subject to possible redemption for June 30, 2023 and December 31, 2022) | |
| 53 | | |
| 53 | |
Class B ordinary shares, par value $0.0001; 20,000,000 shares authorized; 2,875,000 issued and outstanding | |
| 288 | | |
| 288 | |
Common stock, value | |
| | | |
| | |
Additional paid in capital | |
| - | | |
| - | |
Accumulated deficit | |
| (5,690,182 | ) | |
| (4,919,828 | ) |
Total shareholders’ deficit | |
| (5,689,841 | ) | |
| (4,919,487 | ) |
Total liabilities and shareholders’ deficit | |
$ | 20,793,913 | | |
$ | 19,897,384 | |
The
accompanying notes are an integral part of these unaudited financial statements.
Energem
CORP.
STATEMENTS
OF OPERATIONS
(UNAUDITED)
|
|
For the
Three Months
Ended |
|
|
For the
Six Months
Ended |
|
|
For the
Three Months
Ended |
|
|
For the
Six months
Ended |
|
|
|
June 30,
2023 |
|
|
June 30,
2023 |
|
|
June 30,
2022 |
|
|
June 30,
2022 |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
Formation and Operating costs |
|
$ |
31,653 |
|
|
$ |
258,576 |
|
|
$ |
170,609 |
|
|
$ |
241,714 |
|
Loss from operation |
|
|
(31,653 |
) |
|
|
(258,576 |
) |
|
|
(170,609 |
) |
|
|
(241,714 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest earned on marketable securities hold in the trust account |
|
|
241,790 |
|
|
|
451,951 |
|
|
|
157,620 |
|
|
|
169,325 |
|
Net Income (Loss) |
|
$ |
210,137 |
|
|
$ |
193,375 |
|
|
$ |
(12,989 |
) |
|
$ |
(72,389 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding, basic and diluted |
|
|
3,403,075 |
|
|
|
3,403,075 |
|
|
|
3,403,075 |
|
|
|
3,403,075 |
|
Weighted average shares outstanding, basic |
|
|
3,403,075 |
|
|
|
3,403,075 |
|
|
|
3,403,075 |
|
|
|
3,403,075 |
|
Basic and diluted net income (loss) per ordinary share |
|
$ |
0.06 |
|
|
$ |
0.06 |
|
|
$ |
(0.00 |
) |
|
$ |
(0.02 |
) |
Basic net income (loss) per ordinary share |
|
$ |
0.06 |
|
|
$ |
0.06 |
|
|
$ |
(0.00 |
) |
|
$ |
(0.02 |
) |
The
accompanying notes are an integral part of these unaudited financial statements.
ENERGEM
CORP.
STATEMENTS
OF CHANGES IN SHAREHOLDERS’ DEFICIT
(UNAUDITED)
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Class
A Ordinary
shares | | |
Class
B Ordinary
shares | | |
Additional Paid
in | | |
Accumulated | | |
Total Shareholders’ | |
| |
Shares | | |
Amount | | |
Shares(1) | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance – January 1, 2023 (Unaudited) | |
| 528,075 | | |
$ | 53 | | |
| 2,875,000 | | |
$ | 288 | | |
$ | - | | |
$ | (4,919,828 | ) | |
$ | (4,919,487 | ) |
Additional amount deposited into trust ($0.045 per outstanding Class A
Ordinary Shares) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (255,889 | ) | |
| (255,889 | ) |
Re-measurement for ordinary share to redemption amount | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (210,161 | ) | |
| (210,161 | ) |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (16,762 | ) | |
| (16,762 | ) |
Balance – March 31, 2023 (Unaudited) | |
| 528,075 | | |
$ | 53 | | |
| 2,875,000 | | |
$ | 288 | | |
$ | - | | |
$ | (5,402,640 | ) | |
$ | (5,402,299 | ) |
Additional amount deposited into
trust ($0.045 per outstanding Class A Ordinary Shares) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (255,889 | ) | |
| (255,889 | ) |
Re-measurement for ordinary share to redemption amount | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (241,790 | ) | |
| (241,790 | ) |
Net Income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 210,137 | | |
| 210,137 | |
Balance – June 30, 2023 | |
| 528,075 | | |
$ | 53 | | |
| 2,875,000 | | |
$ | 288 | | |
| - | | |
$ | (5,690,182 | ) | |
$ | (5,689,841 | ) |
| |
Class
A Ordinary
shares | | |
Class
B Ordinary
shares | | |
Additional Paid
in | | |
Accumulated | | |
Total Shareholders’ | |
| |
Shares | | |
Amount | | |
Shares(1) | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance – January1, 2022 (Unaudited) | |
| 528,075 | | |
$ | 53 | | |
| 2,875,000 | | |
$ | 288 | | |
$ | - | | |
$ | (3,453,173 | ) | |
$ | (3,452,832 | ) |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (59,400 | ) | |
| (59,400 | ) |
Balance – March 31, 2022 (Unaudited) | |
| 528,075 | | |
$ | 53 | | |
| 2,875,000 | | |
$ | 288 | | |
$ | - | | |
$ | (3,512,573 | ) | |
$ | (3,512,232 | ) |
Balance, value | |
| 528,075 | | |
$ | 53 | | |
| 2,875,000 | | |
$ | 288 | | |
$ | - | | |
$ | (3,512,573 | ) | |
$ | (3,512,232 | ) |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (12,989 | ) | |
| (12,989 | ) |
Net Income loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (12,989 | ) | |
| (12,989 | ) |
Balance – June 30, 2022 (Unaudited) | |
| 528,075 | | |
$ | 53 | | |
| 2,875,000 | | |
$ | 288 | | |
| - | | |
$ | (3,535,562 | ) | |
$ | (3,525,221 | ) |
Balance, value | |
| 528,075 | | |
$ | 53 | | |
| 2,875,000 | | |
$ | 288 | | |
| - | | |
$ | (3,535,562 | ) | |
$ | (3,525,221 | ) |
The
accompanying notes are an integral part of these unaudited financial statements.
ENERGEM
CORP.
STATEMENTS
OF CASH FLOWS
(UNAUDITED)
| |
For the Six Months Period Ended June 30, 2023 (Unaudited) | | |
For the Six Months Period Ended June 30, 2022 (Unaudited) | |
Cash flows from operating activities: | |
| | | |
| | |
Net Income (Loss) | |
$ | 193,375 | | |
| (72,389 | ) |
Adjustments to reconcile net income to net cash used in operating activities: | |
| | | |
| | |
Interest income from Trust Account | |
| (451,951 | ) | |
| (169,325 | ) |
Changes in operating assets and liabilities: | |
| | | |
| | |
Prepaid expenses | |
| 27,500 | | |
| (230,804 | ) |
Accrued expenses | |
| (78,309 | ) | |
| (40,336 | ) |
Other payables | |
| 60,000 | | |
| 60,000 | |
Net cash used in operating activities | |
| (249,385 | ) | |
| (452,854 | ) |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Investment of Cash in Trust Account | |
| (682,373 | ) | |
| - | |
Net cash used in investing activities | |
| (682,373 | ) | |
| - | |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Proceeds from extension loan | |
| 682,373 | | |
| - | |
Proceeds from working capital loan | |
| 209,682 | | |
| - | |
Net cash provided by financing activities | |
| 892,055 | | |
| - | |
| |
| | | |
| | |
Net change in cash | |
| (39,703 | ) | |
| (452,854 | ) |
Cash at the beginning of the period | |
| 47,789 | | |
| 715,727 | |
Cash at the end of the period | |
$ | 8,086 | | |
| 262,873 | |
| |
| | | |
| | |
Supplemental disclosure of non-cash financing activities: | |
| | | |
| | |
Deferred underwriting fee payable | |
$ | - | | |
| 4,025,000 | |
Value of Class A ordinary shares subject to redemption | |
$ | 20,670,271 | | |
| 116,725,000 | |
Re-measurement for ordinary share to redemption amount | |
$ | 451,951 | | |
| - | |
The
accompanying notes are an integral part of these unaudited financial statements.
ENERGEM
CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
1 — Description of Organization and Business Operations
Energem
Corp. (the “Company”) is a blank check company incorporated in the Cayman Islands on August 6, 2021. The Company was formed
for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation with, purchasing all or substantially
all of the assets of, entering into contractual arrangements with, or engaging in any other similar business combination with one or
more businesses or entities (the “Business Combination”). While the Company may pursue a business combination target in any
business or industry, it intends to focus on opportunities across the oil and gas and other potential
renewable energy business, as well as other adjacent services, industrials and technologies, while remaining opportunistic across the
energy value chain, including select opportunities within the traditional power generation and energy production verticals, which
complements the expertise of its management team.
The
Financing
As
of June 30, 2023, the Company had not commenced any operations. All activity for the period from August 6, 2021 through June 30, 2023,
relates to the Company’s formation and the Offering (as defined below). The Company will not generate any operating revenues until
after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form
of interest income on cash and cash equivalents from the proceeds derived from the Offering. The Company has selected December 31 as
its fiscal year end.
The
Company’s sponsor is Energem LLC, a Cayman Island limited liability company (the “Sponsor”). The registration statement
for the Company’s Initial Public Offering was declared effective on November 15, 2021. On November 16, 2021, the Company consummated
its Initial Public Offering of 10,000,000 units (the “Units” and, with respect to the Class A ordinary shares included in
the Units being offered, the “Public Shares”), at $10.00 per Unit, generating gross proceeds of $100,000,000, and incurring
offering costs of $8,304,871, of which $4,025,000 was for deferred underwriting commissions (see Note 6) at the Initial Public Offering
closing occurring on November 18, 2021. The Company granted the underwriter a 45-day option to purchase up to an additional 1,500,000
Units at the Initial Public Offering price to cover over-allotments.
Simultaneously
with the consummation of the closing of the Offering, the Company consummated the private placement of an aggregate of 475,575 units
(the “Placement Units”) to the Sponsor at a price of $10.00 per Private Placement Unit, generating total gross proceeds of
$4,755,750 (the “Private Placement”) (see Note 4).
On
November 18, 2021, the underwriters purchased an additional 1,500,000 Units pursuant to the exercise of the over-allotment option. The
Units were sold at an offering price of $10.00 per Unit, generating additional gross proceeds to the Company of $15,000,000. Also, in
connection with the partial exercise of the over-allotment option, the Sponsor purchased an additional 52,500 Placement Units at a purchase
price of $10.00 per unit generating total Private Placement proceeds of $5,280,750.
A
total of $116,725,000, comprised of the proceeds from the IPO and the proceeds of private placements that closed on November 18, net
of the underwriting commissions, discounts, and offering expenses, was deposited in a trust account (“Trust Account”) which
may be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940,
as amended, with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund
meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the consummation
of a Business Combination or (ii) the distribution of the Trust Account to the Company’s shareholders, as described below.
Following
the closing of the Initial Public Offering, $1,002,730 of cash was held outside of the Trust Account available for working capital purposes.
As of June 30, 2023 and December 31, 2022, we have available to us $8,086 and $47,789 of cash on our balance sheet and a working capital
deficit of $1,664,841 and $723,893 respectively.
ENERGEM
CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
1 — Description of Organization and Business Operations (Continued)
Trust
Account
The
Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering
and the sale of the Placement Units, although substantially all of the net proceeds are intended to be applied generally toward consummating
a Business Combination. NASDAQ rules provide that the Business Combination must be with one or more target businesses that together have
a fair market value equal to at least 80% of the balance in the Trust Account (less any deferred underwriting commissions and taxes payable
on interest earned on the Trust Account) at the time of the signing of a definitive agreement to enter a Business Combination. The Company
will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the outstanding voting
securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register
as an investment company under the Investment Company Act. There is no assurance that the Company will be able to successfully affect
a Business Combination.
Upon
the closing of the Initial Public Offering, management has agreed that an amount equal to at least $10.15 per Unit sold in the Initial
Public Offering, including proceeds of the Placement Units, will be held in a trust account (“Trust Account”), located in
the United States and invested only in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment
Company Act, with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund
selected by the Company meeting certain conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the
earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds held in the Trust Account, as described
below.
Shareholder
Approval
If,
however, shareholder approval of the transaction is required by applicable law or stock exchange listing requirements, or the Company
decides to obtain shareholder approval for business or other reasons, the Company will offer to redeem shares in conjunction with a proxy
solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks shareholder approval in connection
with a Business Combination, the Sponsor has agreed to vote its founder shares (as defined in Note 5) and any Public Shares purchased
during or after the Public Offering in favor of approving a Business Combination. Additionally, each Public Shareholder may elect to
redeem their Public Shares without voting, and if they do vote, irrespective of whether they vote for or against the proposed transaction.
Notwithstanding
the foregoing, if the Company seeks shareholder approval of a Business Combination and it does not conduct redemptions pursuant to the
tender offer rules, the Certificate of Incorporation will provide that a Public Shareholder, together with any affiliate of such shareholder
or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more
than an aggregate of 20% of the Public Shares, without the prior consent of the Company.
The
holders of the founder shares have agreed (a) to waive their redemption rights with respect to the founder shares and Public Shares held
by them in connection with the completion of a Business Combination and (b) not to propose an amendment to the Certificate of Incorporation
(i) to modify the substance or timing of the Company’s obligation to allow redemptions in connection with a Business Combination
or to redeem 100% of its Public Shares if the Company does not complete a Business Combination within the Combination Period (as defined
below) or (ii) with respect to any other provision relating to shareholders’ rights or pre-business combination activity, unless
the Company provides the Public Shareholders with the opportunity to redeem their Public Shares in conjunction with any such amendment.
ENERGEM
CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Share
Purchase Agreement
On
August 1, 2022, the Company, entered into a share purchase agreement (the “Share Purchase Agreement”) with Graphjet Technology
Sdn. Bhd., a Malaysian private limited company, Swee Guan Hoo, in his capacity as the representative for the shareholders of Energem
after the closing of the sale and purchase of the Graphjet Shares (the “Closing”) for Energem’s shareholders (the “Purchaser
Representative”), the individuals listed on the signature page of the Share Purchase Agreement under the heading “Selling
Shareholders” (each, a “Selling Shareholder” and together, the “Selling Shareholders”), and Lee Ping Wei
solely in his capacity as representative for the Selling Shareholders (the “Shareholder Representative”).
Pursuant
to the Share Purchase Agreement, subject to the terms and conditions therein, Energem will purchase 100% of the issued and outstanding
shares of Graphjet for Graphjet Class A Ordinary Shares (the “Consideration Shares”) such that Graphjet will become a wholly-owned
subsidiary of Energem (the “Business Combination”). The Share Purchase Agreement contains customary representations, warranties
and covenants by the parties thereto and the Closing is subject to certain conditions as further described in the Share Purchase Agreement.
Graphjet
converts palm kernel shells to essential raw materials such as graphene and graphite used to produce
batteries in the electric vehicle space among other products. The aggregate value of the Consideration Shares to be paid pursuant
to the Share Purchase Agreement to the Selling Shareholders, as of immediately prior to the Closing, for the purchase of all issued and
outstanding Graphjet Shares, shall be that number of Energem Class A ordinary shares equal to (i)
One Billion Three Hundred and Eighty Million U.S. Dollars ($1,380,000,000), minus (ii) the amount, if any, by which $30,000 (i.e.,
the target net working capital amount) exceeds the Net Working Capital Amount (but not less than zero) (as defined in the Share Purchase
Agreement), minus (iii) the Closing Net Indebtedness amount (as defined in the Share Purchase Agreement), minus (iv) the amount of any
Transaction Expenses (as defined in the Share Purchase Agreement), divided by ten dollars ($10.00).
Each
Selling Shareholder shall receive a number of Energem Class A ordinary shares equal to the aggregate Consideration Shares divided by
the number of Graphjet Shares outstanding immediately prior to the Closing, multiplied by the number of Graphjet Shares held by such
Selling Shareholder (the “Conversion Ratio”). The total consideration payable to the Selling Shareholders in accordance with
the Share Purchase Agreement is also referred to herein as the “Transaction Consideration”.
Charter
Amendment and Termination Date
On
November 16, 2022, the Company held an extraordinary general meeting of its pursuant to due notice (the “Extraordinary General
Meeting”). At the Extraordinary General Meeting, Company shareholders entitled to vote at the Extraordinary General Meeting cast
their votes and approved the Trust Amendment Proposal, pursuant to which the Trust Agreement was amended to extend the date on which
Continental must liquidate the Trust Account established in connection with the IPO if the Company has not completed its initial business
combination, from November 18, 2022 to August 18, 2023.
The
shareholders of the Company approved the Second Amended and Restated Memorandum and Articles of Association of the Company at the November
16, 2022, Extraordinary General Meeting, giving the Company the right to extend the date by which the Company must (i) consummate a merger,
capital share exchange, asset acquisition, share purchase, reorganization or similar business combination involving the Company and one
or more businesses (a “business combination”), (ii) cease its operations if it fails to complete such business combination,
and (iii) redeem or repurchase 100% of the Company’s Class A ordinary shares included as part of the units sold in the Company’s
IPO that closed on November 18, 2021 from November 18, 2022 (the “Termination Date”) by up to nine (9) one-month extensions
to August 18, 2023 (the “Extension Amendment Proposal”).
In
connection with the voting on the Extension Amendment Proposal and the Trust Amendment Proposal at the Extraordinary General Meeting,
holders of 9,604,519 shares of Class A ordinary shares exercised their right to redeem those shares for cash at an approximate price
of $10.21 per share, for an aggregate of approximately $98,062,139. Following the payment of the redemptions, the Trust Account had a
balance of approximately $20,670,271 as of June 30, 2023.
ENERGEM
CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
The
holders of the founder shares have agreed to waive their liquidation rights with respect to the founder shares if the Company fails to
complete a Business Combination within the Combination Period. However, if the holders of founder shares acquire Public Shares in or
after the Initial Public Offering, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company
fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred
underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within
the Combination Period, and, in such event, such amounts will be included with the other funds held in the Trust Account that will be
available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of
the assets remaining available for distribution will be less than the Initial Public Offering price per Unit ($10.00).
The
Company will have until August 18, 2023, in connection to the Extension Amendment Proposal to consummate a Business Combination. In
connection with approval of the Extension Amendment Proposal and the Trust Amendment Proposal, the Company caused $0.045 per outstanding
share of the Company’s Class A ordinary shares, giving effect to the redemptions disclosed above, or approximately $85,296.65 for
the remaining 1,895,481 Class A ordinary shares to be deposited in the Trust Account in connection with the exercise of the first monthly
extension of the Extended Date on November 17, 2022 in advance of the November 18, 2022 due date.
In
connection with the third monthly extension of the Termination Date, the Company caused $0.045 per outstanding share of Energem’s
Class A ordinary shares or approximately $85,297 for 1,895,481 Class A ordinary shares to be paid to the Trust Account on January 13,
2023, in advance of the January 18, 2023 due date.
In
connection with the fourth monthly extension of the Termination Date, the Company caused $0.045 per outstanding share of Energem’s
Class A ordinary shares or approximately $85,297 for 1,895,481 Class A ordinary shares to be paid to the Trust Account on February 10,
2023, in advance of the February 18, 2023 due date.
In
connection with the fifth monthly extension of the Termination Date, the Company caused $0.045 per outstanding share of Energem’s
Class A ordinary shares or approximately $85,297 for 1,895,481 Class A ordinary shares to be paid to the Trust Account on March 10, 2023,
in advance of the March 18, 2023 due date to extend the period to consummate the period to complete a business combination to April 18,
2023.
In
connection with the sixth monthly extension of the Termination Date, the Company caused $0.045 per outstanding share of Energem’s
Class A ordinary shares or approximately $85,297 for 1,895,481 Class A ordinary shares to be paid to the Trust Account on April 10, 2023,
in advance of the April 18, 2023 due date to extend the period to consummate the period to complete a business combination to May 18,
2023.
In
connection with the seventh monthly extension of the Termination Date, the Company caused $0.045 per outstanding share of Energem’s
Class A ordinary shares or approximately $85,297 for 1,895,481 Class A ordinary shares to be paid to the Trust Account on May 10, 2023,
in advance of the May 18, 2023 due date to extend the period to consummate the period to complete a business combination to June 18,
2023.
In
connection with the eighth monthly extension of the Termination Date, the Company caused $0.045 per outstanding share of Energem’s
Class A ordinary shares or approximately $85,297 for 1,895,481 Class A ordinary shares to be paid to the Trust Account on June 10, 2023,
in advance of the June 18, 2023 due date to extend the period to consummate the period to complete a business combination to July 18,
2023.
In
connection with the nineth monthly extension of the Termination Date, the Company caused $0.045 per outstanding share of Energem’s
Class A ordinary shares or approximately $85,297 for 1,895,481 Class A ordinary shares to be paid to the Trust Account on July 13, 2023,
in advance of the July 18, 2023 due date to extend the period to consummate the period to complete a business combination to August 18,
2023.
ENERGEM
CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
1 — Description of Organization and Business Operations (Continued)
In
order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims
by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed
entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (i) $10.15 per Public Share or (ii) such
lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.15
per Public Share due to reductions in the value of the trust assets, in each case net of the amount of interest which may be withdrawn
to pay taxes, except as to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account
and except as to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities,
including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, if an executed waiver
is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party
claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors
by endeavoring to have all vendors, service providers (except for the Company’s independent registered accounting firm), prospective
target businesses and other entities with which the Company does business, execute agreements with the Company waiving any right, title,
interest or claim of any kind in or to monies held in the Trust Account.
Liquidity
and Capital Resources
As
of June 30, 2023 and December 31, 2022, the Company had $8,086 and $47,789 of cash in its operating bank account respectively. The Company’s
liquidity needs prior to the consummation of the Initial Public Offering were satisfied through the payment of $25,000 from the Sponsor
to cover for certain offering costs on the Company’s behalf in exchange for issuance of Founder shares (as defined in Note 4).
After the consummation of the Initial Public Offering, the Company’s liquidity has been satisfied through the net proceeds from
the consummation of the Initial Public Offering and the Private Placement held outside of the Trust Account. In addition, to finance
transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s
officers and directors may, but are not obligated to, provide the Company Working Capital Loans (as defined in Note 4). As of June 30, 2023, there are $209,682 outstanding for Working Capital
Loan. As of December 31, 2022, there was no outstanding balance for the Working Capital Loan.
Based
on the foregoing, management believes that the Company may not have sufficient working capital and borrowing capacity to meet its
needs through the earlier of the consummation of a Business Combination or one year from this filing but that the financials have not been adjusted. Over this period, the Company
will be using the funds held outside of the Trust Account for paying existing accounts payable, identifying and evaluating
prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel
expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business
Combination.
Going
Concern Consideration
The
Company expects to incur significant costs in pursuit of its financing and acquisition plans. In connection with the Company’s
assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”) 2014-15,
“Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined
that if the Company is unsuccessful in consummating an initial business combination within the prescribed period of time from the
closing of the Initial Public Offering, the requirement that the Company cease all operations, redeem the public shares and
thereafter liquidate and dissolve raises substantial doubt about the ability to continue as a going concern. The balance sheet does
not include any adjustments that might result from the outcome of this uncertainty. Management has determined that the Company may
not have funds that are sufficient to fund the working capital needs of the Company for one year until the consummation of an
initial business combination or the winding up of the Company as stipulated in the Company’s amended and restated memorandum
of association but that the financials have not been adjusted. The accompanying financial statement has been prepared in conformity with generally accepted accounting principles
in the United States of America (“GAAP”), which contemplate continuation of the Company as a going concern.
ENERGEM
CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
2 — Summary of Significant Accounting Policies (Continued)
Basis
of Presentation
The
accompanying unaudited financial statements are presented in U.S. Dollars and conformity with accounting principles generally accepted
in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC.
Emerging
Growth Company
The
Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding
executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory
vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.
Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting
standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do
not have a class of securities registered under the Securities Exchange Act of 1934 (the “Exchange Act”)) are required to
comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended
transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable.
The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it
has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised
standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements
with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the
extended transition period difficult or impossible because of the potential differences in accounting standards used.
Use
of Estimates
The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting period.
Making
estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of
a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating
its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ
significantly from those estimates.
Cash
and Cash Equivalents
The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
The Company had no cash equivalents as of June 30, 2023 and December 31, 2022.
Marketable
Securities Held in Trust Account
As
of June 30, 2023, substantially all of the assets held in the Trust Account were held in government securities (United States Treasury
Bills). As of June 30, 2023 and December 31, 2022, the balance in the Trust Account was $20,670,271 and $19,706,540 respectively.
Income
Taxes
The
Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset
and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed
for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible
amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income.
Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
ASC
Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of
tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be
more-likely-than-not to be sustained upon examination by taxing authorities. The Company’s management determined the Cayman
Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to
unrecognized tax benefits, if any, as income tax expense. There were no
unrecognized tax benefits as of June 30, 2023 and December 31, 2022, and no
amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in
significant payments, accruals, or material deviation from its position.
The
Company is an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income
taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero
for the three and six month periods ended June 30, 2023 and 2022.
ENERGEM
CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
2 — Summary of Significant Accounting Policies (Continued)
Class A Ordinary Shares Subject to Possible Redemption
All of the Class A ordinary shares sold as part of
the Units in the Initial Public Offering contain a redemption feature which allows for the redemption of such Public Shares in connection
with the Company’s liquidation, if there is a shareholder vote or tender offer in connection with the Business Combination and in
connection with certain amendments to the Company’s amended and restated certificate of incorporation. In accordance with ASC 480,
conditionally redeemable Class A ordinary shares (including Class A ordinary shares that feature redemption rights that are either within
the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control)
are classified as temporary equity. Ordinary liquidation events, which involve the income and liquidation of all of the entity’s
equity instruments, are excluded from the provisions of ASC 480. Although the Company did not specify a maximum redemption threshold,
its charter provides that currently, the Company will not redeem its public shares in an amount that would cause its net tangible assets
(shareholders’ equity) to be less than $5,000,001. However, the threshold in its charter would not change the nature of the underlying
shares as redeemable and thus public shares would be required to be disclosed outside of permanent equity. The Company recognizes changes
in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value
at the end of each reporting period. Such changes are reflected in additional paid-in capital, or in the absence of additional capital,
in accumulated deficit.
As of June 30, 2023 and December 31, 2022, 1,895,481 Class A Ordinary Shares
outstanding are subject to possible redemption.
Net
loss per share
The
Company complies with accounting and disclosure requirements of ASC Topic 260, “Earnings Per Share.” Net loss per share
is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period, excluding ordinary
shares subject to forfeiture. As of June 30, 2023 and June 30, 2022, the Company did not have any dilutive securities and other contracts that could,
potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted loss
per share is the same as basic loss per share for the periods presented.
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution
which, at times may exceed the Federal depository insurance coverage of $250,000. On June 30, 2023 and December 31, 2022, the Company
had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.
Fair
Value of Financial Instruments
The
fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value
Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to
their short-term nature.
Risks
and Uncertainties
Management
is currently evaluating the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that
the virus could have a negative effect on the Company’s financial position, results of its operations, close of the Initial Public
Offering, and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements.
The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
ENERGEM
CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
3 —Public Offering
On
November 16, 2021, the Company consummated the IPO of 10,000,000 units (the “Units”). Each Unit consists of one Class A ordinary
share, $0.0001 par value per share (the “Class A Ordinary Shares”), and one warrant (the “Public Warrants”),
each whole Public Warrant entitling the holder thereof to purchase one Class A Ordinary Share at an exercise price of $11.50 per share.
The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds of $100,000,000.
Pursuant
to the Initial Public Offering and full exercise underwriter’s overallotment option, the Company sold 11,500,000 Units at a purchase
price of $10.00 per Unit. Each Unit consists of one ordinary share and one redeemable warrant (“Public Warrant”). Each Public
Warrant will entitle the holder to purchase one ordinary share at an exercise price of $11.50 per whole share.
All
of the Class A ordinary shares sold as part of the Units in the IPO contain a redemption feature which allows for the redemption of such
Public Shares in connection with the Company’s liquidation if there is a shareholder vote or tender offer in connection with the
Business Combination and in connection with certain amendments to the Company’s second amended and restated memorandum
and articles of association.
Note
4 — Private Placement
Simultaneously
with the Initial Public Offering and full exercise underwriter’s overallotment option, the Sponsor purchased an aggregate of 528,075
Private Placement Units at a price of $10.00 per Private Placement Unit for an aggregate purchase price of $5,280,750.
A
total of $116,725,000, comprised of the $111,444,250 of the net proceeds from the IPO (which amount includes $4,025,000 of the underwriters’
deferred discount) and a portion of the $5,280,750 proceeds of the sale of the Private Placement Units, was placed in a U.S.-based trust
account, maintained by Continental Stock Transfer & Trust Company, acting as trustee, on November 18, 2021. The
Placement Units are identical to the Units sold in the Proposed Offering, except for the placement warrants (“Placement Warrants”),
as described in Note 7. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the
sale of the Placement Units will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law)
and the Placement Warrants underlying the Placement Units will expire worthless.
Note
5 — Related Party Transactions
Class
B Ordinary Shares (Founder Shares)
On
August 16, 2021, the Sponsor purchased founder shares for an aggregate purchase price of $. The number of founder shares
equaled, on an as-converted basis, approximately % of the Company’s issued and outstanding shares after the Initial Public Offering.
On
September 7, 2021, the Sponsor transferred 5,000 ordinary shares to Cu Seng Kiu, our Chief Financial Officer, and 2,500 ordinary shares
to each of Li Sin Tan, our former independent director, Kok Seong Wong and Chong Kwang Fock. Following Ms. Tan’s resignation, the
2,500 ordinary shares were assigned to Ms. Doris Wong Sing Ee, leaving 2,862,500 founder shares held by our Sponsor.
ENERGEM
CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
The
initial shareholders have agreed not to transfer, assign or sell any of the Class B ordinary shares (except to certain permitted transferees)
until, with respect to 50% of the Class B ordinary shares, the earlier of (i) six months after the date of the consummation of a Business
Combination, or (ii) the date on which the closing price of the Company’s ordinary shares equals or exceeds $12.00 per share (as
adjusted for share splits, share dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day
period commencing after a Business Combination, with respect to the remaining 50% of the Class B ordinary shares, upon six months after
the date of the consummation of a Business Combination, or earlier, in each case, if, subsequent to a Business Combination, the Company
consummates a subsequent liquidation, merger, share exchange or other similar transaction which results in all of the Company’s
shareholders having the right to exchange their ordinary shares for cash, securities or other property.
Promissory
Note — Related Party
On
August 6, 2021, the Sponsor issued an unsecured promissory note to the Company, pursuant to which the Company may borrow up to an aggregate
principal amount of $, to be used for payment of costs related to the Proposed Offering. The note is non-interest bearing and
payable on the earlier of (i) December 31, 2021, or (ii) the consummation of the Proposed Offering. As of June 30, 2023, the
outstanding balance under the Working Capital Loan and Extension Agreement was $.
The was no outstanding balance as of December 31, 2022.
On
November 1, 2022, the Sponsor and the Company entered into a Working Capital Loan and Extension Agreement, pursuant to which the Company
may borrow up to an aggregate principal amount of $to fund the monthly extension payments (up
to nine (9) one-month extensions) through August 18, 2023 pursuant to the Extension Amendment Proposal. As of June 30, 2023 the outstanding
balance under Working Capital Loan and Extension Agreement was $.
There was no outstanding balance as of December 31, 2022.
Related
Party Loans
To
finance transaction costs in connection with a Business Combination, the Company’s Sponsor or an affiliate of the Sponsor, or the
Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital
Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes would either be repaid upon consummation
of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of notes may be converted upon consummation
of a Business Combination into additional Placement Units at a price of $10.00 per Unit. If a Business Combination does not close, the
Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the
Trust Account would be used to repay the Working Capital Loans.
No
compensation of any kind, including any finder’s fee, reimbursement, consulting fee or monies in respect of any payment of a loan,
will be paid by us to our sponsor, officers or directors or any affiliate of our sponsor, officers or directors prior to, or in connection
with any services rendered to effectuate, the consummation of an initial business combination (regardless of the type of transaction
that it is). However, these individuals will be reimbursed for any out-of-pocket expenses incurred in connection with activities on our
behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. Our audit committee
will review on a quarterly basis all payments that were made to our sponsor, officers, directors or our or their affiliates and will
determine which expenses and the amount of expenses that will be reimbursed. There is no cap or ceiling on the reimbursement of out-of-pocket
expenses incurred by such persons in connection with activities on our behalf. As of June 30, 2023, there was $209,682 borrowed under Working Capital Loan. There were no borrowings at December
31, 2022 under the Working Capital Loan.
ENERGEM
CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
5 — Related Party Transactions (Continued)
Administrative
Support Agreement
Commencing
on the date of the prospectus and until completion of the Company’s Business Combination or liquidation, the Company may
reimburse Energem LLC, the Sponsor, up to an amount of $10,000
per month for office space, secretarial and administrative support. The administrative expense was $30,000 for the three month periods ended June 30, 2023 and 2022. The administrative
expense was $60,000 for the six month period ended June 30, 2023 and 2022.
Note
6 — Commitments and Contingencies
Registration
Rights
The
holders of the insider shares and Placement Units that may be issued upon conversion of Working Capital Loans (and any shares of Ordinary
Shares issuable upon the exercise of the Placement Units or units issued upon conversion of the Working Capital Loans and upon conversion
of the Insider shares) will be entitled to registration rights pursuant to a registration rights agreement to be signed prior to or on
the effective date of Initial Public Offering requiring the Company to register such securities for resale. The holders of these securities
will be entitled to make up to three demands, excluding short form registration demands, that the Company register such securities. In
addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed after completion
of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities
Act. However, the registration rights agreement provides that the Company will not be required to effect or permit any registration or
cause any registration statement to become effective until the securities covered thereby are released from their lock-up restrictions.
The Company will bear the expenses incurred in connection with the filing of any such registration statements.
Underwriting
Agreement
The
Company granted the underwriter a 45-day option to purchase up to 1,500,000 additional Units to cover over-allotments at the Initial
Public Offering price, less the underwriting discounts and commissions. The aforementioned option was exercised on November 18, 2021.
The
underwriter was paid a cash underwriting discount of two percent (2.00%) of the gross proceeds of the Initial Public Offering, or $2,300,000.
In addition, the underwriter is entitled to a deferred fee of three point five percent (3.50%) of the gross proceeds of the Initial Public
Offering, or $4,025,000. The deferred fee was placed in the Trust Account and will be paid in cash upon the closing of a Business Combination,
subject to the terms of the underwriting agreement.
ENERGEM
CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
7 – Shareholders’ Equity
Preferred
Shares — The Company is authorized to issue 1,000,000 preferred shares with a par value of $0.0001 per share with such
designation, rights and preferences as may be determined from time to time by the Company’s Board of Directors. On June 30, 2023,
and December 31, 2022 there were no preferred shares issued or outstanding.
Class
A Ordinary shares — The Company is authorized to issue 479,000,000 shares of Class A ordinary shares with a par value of
$0.0001 per share. Holders of the Company’s Class A ordinary shares are entitled to one vote for each share. On June 30, 2023,
and December 31, 2022, there were 528,075 Class A ordinary shares issued and outstanding excluding 1,895,481 shares of Class A ordinary
shares subject to possible redemption.
Class
B Ordinary shares — The Company is authorized to issue 20,000,000 shares of Class B ordinary shares with a par value of
$0.0001 per share. Holders of the Company’s Class B ordinary shares are entitled to one vote for each share. On August 16, 2021,
the Sponsor purchased founder shares for an aggregate purchase price of $, or approximately $ per share. On September
7, 2021, our sponsor assigned 5,000 ordinary shares to Cu Seng Kiu, our Chief Financial Officer,
and 2,500 ordinary shares to each of Li Sin Tan, our former independent director, Kok Seong Wong and Chong Kwang Fock. Following Ms.
Tan’s resignation, the 2,500 ordinary shares were assigned to Ms. Doris Wong Sing Ee.
On
June 30, 2023, and December 31, 2022, there were 2,875,000 shares of Class B ordinary shares issued and outstanding, so that the Initial
Shareholders will own at least % of the issued and outstanding shares after the Proposed Offering (assuming the Initial Shareholders
do not purchase any Public Shares in the Proposed Offering and excluding the Placement Units). Class B ordinary shares will automatically
convert into Class A ordinary shares at the time of our initial Business Combination on a one-for-one basis.
Warrants
— Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the
Warrants. The Warrants will become exercisable on the later of (a) the consummation of a Business Combination or (b) 12 months from the
effective date of the registration statement relating to the initial public offering. No Warrants will be exercisable for cash unless
the Company has an effective and current registration statement covering the ordinary shares issuable upon exercise of the Warrants and
a current prospectus relating to such ordinary shares. Notwithstanding the foregoing, if a registration statement covering the ordinary
shares issuable upon the exercise of the Warrants is not effective within 90 days from the consummation of a Business Combination, the
holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed
to maintain an effective registration statement, exercise the Warrants on a cashless basis pursuant to an available exemption from registration
under the Securities Act. If an exemption from registration is not available, holders will not be able to exercise their Warrants on
a cashless basis. The Warrants will expire five years from the consummation of a Business Combination or earlier upon redemption or liquidation.
ENERGEM
CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
7 – Shareholders’ Equity (Continued)
The
Company may call the Warrants for redemption, in whole and not in part, at a price of $0.01 per warrant:
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at
any time while the Warrants are exercisable, |
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upon
not less than 30 days’ prior written notice of redemption to each Warrant holder, |
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if,
and only if, the reported last sale price of the ordinary shares equals or exceeds $18 per share, for any 20 trading days within
a 30-trading day period ending on the third trading day prior to the notice of redemption to Warrant holders, and |
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if,
and only if, there is a current registration statement in effect with respect to the ordinary shares underlying such warrants at
the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date
of redemption. |
The
Placement Warrants are identical to the Public Warrants underlying the Units sold in the initial public offering, except that so long
as the Placement Warrants are held by our sponsor or its permitted transferees, (i) the Placement
Warrants will not be redeemable by us, (ii) they (including the Class A ordinary shares issuable
upon exercise of these warrants) may not, subject to certain limited exceptions, be transferred, assigned or sold by our sponsor until
30 days after the completion of our initial business combination, (iii) they may be exercised by the holders on a cashless basis and
(iv) the holders thereof (including with respect to Class A ordinary shares issuable upon exercise of such warrants) are entitled to
registration rights.
If
the Company calls the Warrants for redemption, management will have the option to require all holders that wish to exercise the Warrants
to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of ordinary shares issuable
upon exercise of the warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend
or recapitalization, reorganization, merger, or consolidation. However, the warrants will not be adjusted for issuances of ordinary shares
at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants. If the Company
is unable to complete a Business Combination within the Combination Period, subject to extension, as provided in our registration statement,
and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to
their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect
to such warrants. Accordingly, the warrants may expire worthless.
The
exercise price is $11.50
per share, subject to adjustment as described
herein. In addition, if (x) the Company issues
additional shares of Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing
of our initial Business Combination at an issue price or effective issue price of less than $9.20 per share of Class A ordinary shares
(with such issue price or effective issue price to be determined in good faith by our board of directors and, in the case of any such
issuance to our sponsor or its affiliates, without taking into account any founder shares held by our sponsor or such affiliates, as
applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent
more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial Business Combination on the
date of the consummation of our initial Business Combination (net of redemptions), and (z) the volume weighted average trading price
of our Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which we consummate our
initial Business Combination (such price, the “Market Value”) is below $9.20 per share, then the exercise price of the warrants
will be adjusted (to the nearest cent) to be equal to 115% of the greater of the Market Value and the Newly Issued Price, and the $18.00
per share redemption trigger price described below under “Redemption of warrants” will be adjusted (to the nearest cent)
to be equal to 180% of the greater of the Market Value and the Newly Issued Price.
Note
8 – Subsequent Events
In
accordance with ASC Topic 855, “Subsequent Events,” which establishes general standards of accounting for and disclosure
of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events
or transactions that occurred subsequent to the balance sheet date. Based upon
this review, the Company identified the following subsequent events:
On
August 10, 2023, the Company held
an extraordinary general meeting of its shareholders pursuant to due notice (the “Second Extraordinary General Meeting”).
At the Second Extraordinary General Meeting, the Company shareholders entitled to vote at the Second Extraordinary General Meeting cast
their votes and approved the Trust Amendment Proposal, pursuant to which the Trust Agreement was amended to extend the date on which Continental
must liquidate the Trust Account established in connection with the IPO if the Company has not completed its initial business combination,
from August 18, 2023 to February 18, 2024, which was extended from November 18, 2022 to August 18, 2023 by the Company’s shareholders
on November 16, 2022 at an Extraordinary General Meeting (the “First Extended Termination Date”).
The
shareholders of the Company approved the Third Amended and Restated Memorandum and Articles of Association of the Company at the August
10, 2023, Extraordinary General Meeting, giving the Company the right to extend the date by which the Company must (i) consummate a merger,
capital share exchange, asset acquisition, share purchase, reorganization or similar business combination involving the Company and one
or more businesses (a “business combination”), (ii) cease its operations if it fails to complete such business combination,
and (iii) redeem or repurchase 100% of the Company’s Class A ordinary shares included as part of the units sold in the Company’s
IPO that closed on November 18, 2021 from August 18, 2023 pursuant to the First
Extended Termination Date by up to six (6) one-month extensions to February 18, 2024 (the “Second Extension Amendment Proposal”).
In
connection with the voting on the Second Extension Amendment Proposal and the corresponding Trust Amendment Proposal at the Second Extraordinary
General Meeting, holders of 678,549
Class A ordinary shares
exercised their right to redeem those shares for cash at an approximate price of $10.95
per share, for an aggregate of approximately $7,430,111.55.
The
holders of the founder shares have agreed to waive their liquidation rights with respect to the founder shares if the Company fails to
complete a Business Combination within the Combination Period. However, if the holders of founder shares acquire Public Shares in or
after the Initial Public Offering, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company
fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred
underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within
the Combination Period, and, in such event, such amounts will be included with the other funds held in the Trust Account that will be
available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of
the assets remaining available for distribution will be less than the Initial Public Offering price per Unit ($10.00).
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
References
to the “Company,” “us,” “our” or “we” refer to Energem Corp. The following discussion
and analysis of our financial condition and results of operations should be read in conjunction with our unaudited financial statements
and related notes included herein.
Cautionary
Note Regarding Forward-Looking Statements
All
statements other than statements of historical fact included in this Report including, without limitation, statements under “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” regarding the Company’s financial position, business
strategy and the plans and objectives of management for future operations, are forward-looking statements. When used in this Report,
words such as “anticipate,” “believe,” “estimate,” “expect,” “intend” and
similar expressions, as they relate to us or the Company’s management, identify forward-looking statements. Such forward-looking
statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s
management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors
detailed in our filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting
on the Company’s behalf are qualified in their entirety by this paragraph.
Overview
The
Company is a blank check company formed under the laws of the Cayman Islands on August 6, 2021, for the purpose of effecting a merger,
share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company
intends to effectuate its initial Business Combination using cash from the proceeds of the IPO and the Private Placement, the proceeds
of the sale of our securities in connection with our initial business combination, our shares, debt or a combination of cash, shares
and debt.
The
issuance of additional shares in connection with an initial business combination to the owners of the target or other investors:
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may
significantly dilute the equity interest of investors, which dilution would increase if the anti-dilution provisions in the Class
B ordinary shares resulted in the issuance of Class A ordinary shares on a greater than one-to-one basis upon conversion of the Class
B ordinary shares; |
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may
subordinate the rights of holders of our ordinary shares if preferred shares are issued with rights senior to those afforded our
ordinary shares; |
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could
cause a change in control if a substantial number of shares of our ordinary shares is issued, which may affect, among other things,
our ability to use our net operating loss carry forwards, if any, and could result in the resignation or removal of our present officers
and directors; |
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may
have the effect of delaying or preventing a change of control of us by diluting the share ownership or voting rights of a person
seeking to obtain control of us; and |
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may
adversely affect prevailing market prices for our Class A ordinary shares and/or warrants. |
Similarly,
if we issue debt securities or otherwise incur significant debt to bank or other lenders or the owners of a target, it could result in:
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default
and foreclosure on our assets if our operating revenues after an initial business combination are insufficient to repay our debt
obligations; |
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acceleration
of our obligations to repay the indebtedness even if we make all principal and interest payments when due if we breach certain covenants
that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation of that covenant; |
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our
immediate payment of all principal and accrued interest, if any, if the debt security is payable on demand; |
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our
inability to obtain necessary additional financing if the debt security contains covenants restricting our ability to obtain such
financing while the debt security is outstanding; |
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our
inability to pay dividends on our ordinary shares; |
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using
a substantial portion of our cash flow to pay principal and interest on our debt, which will reduce the funds available for dividends
on our ordinary shares if declared, our ability to pay expenses, make capital expenditures and acquisitions, and fund other general
corporate purposes; |
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limitations
on our flexibility in planning for and reacting to changes in our business and in the industry in which we operate; |
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increased
vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation; |
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limitations
on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, and execution
of our strategy; and |
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other
purposes and other disadvantages compared to our competitors who have less debt. |
We
expect to continue to incur significant costs in the pursuit of our initial business combination plans. We cannot assure you that our
plans to raise capital or to complete our initial business combination will be successful.
Share
Purchase Agreement
On
August 1, 2022, the Company, entered into the Share Purchase Agreement with Graphjet, the Purchaser Representative, the Selling Shareholders,
and the Shareholder Representative. Pursuant to the Share Purchase Agreement, subject to the terms and conditions therein, the Company
will purchase 100% of the issued and outstanding shares of Graphjet for the Consideration Shares such that Graphjet will become a wholly-owned
subsidiary of the Company. The Share Purchase Agreement contains customary representations, warranties and covenants by the parties thereto
and the Closing is subject to certain conditions as further described in the Share Purchase Agreement.
Graphjet
converts palm kernel shells to essential raw materials such as graphene and graphite used to produce
batteries in the electric vehicle space among other products. The aggregate value of the Consideration Shares to be paid pursuant
to the Share Purchase Agreement to the Selling Shareholders, as of immediately prior to the Closing, for the purchase of all issued and
outstanding Graphjet Shares, shall be that number of Energem Class A ordinary shares equal to (i) One Billion Three Hundred and Eighty
Million U.S. Dollars ($1,380,000,000), minus (ii) the amount, if any, by which $30,000 (i.e., the target net working capital amount)
exceeds the Net Working Capital Amount (but not less than zero) (as defined in the Share Purchase Agreement), minus (iii) the Closing
Net Indebtedness amount (as defined in the Share Purchase Agreement), minus (iv) the amount of any Transaction Expenses (as defined in
the Share Purchase Agreement), divided by ten dollars ($10.00).
Each
Selling Shareholder shall receive a number of Energem Class A ordinary shares equal to the aggregate Consideration Shares divided by
the number of Graphjet Shares outstanding immediately prior to the Closing, multiplied by the number of Graphjet Shares held by such
Selling Shareholder. The total consideration payable to the Selling Shareholders in accordance with the Share Purchase Agreement is also
referred to herein as the Transaction Consideration.
The
2022 Extraordinary General Meeting
As
previously reported on Form 8-K, on November 16, 2022, the Company held an annual meeting via an Extraordinary General Meeting at which
the shareholders cast their votes and approved the Trust Amendment Proposal, pursuant to which the Trust Agreement was amended to extend
the date on which Continental must liquidate the Trust Account established in connection with the IPO if the Company has not completed
its initial business combination, from November 18, 2022 to August 18, 2023.
At
the Extraordinary General Meeting, the shareholders of the Company approved the Second Amended and Restated Memorandum and Articles of
Association of the Company giving the Company the right to extend the date by which the Company must (i) consummate a merger, capital
share exchange, asset acquisition, share purchase, reorganization or similar business combination involving the Company and one or more
businesses, (ii) cease its operations if it fails to complete such business combination, and (iii) redeem or repurchase 100% of the Company’s
Class A ordinary shares included as part of the units sold in the Company’s IPO that closed on November 18, 2021 from November
18, 2022 by up to nine (9) one-month extensions to August 18, 2023.
In
connection with approval of the Extension Amendment Proposal and the Trust Amendment Proposal, the Company caused $0.045 per outstanding
share of the Company’s Class A ordinary shares, giving effect to the redemptions disclosed above, or approximately $85,297 for
the remaining 1,895,481 Class A ordinary shares to be deposited in the Trust Account in connection with the exercise of the first monthly
extension of the Extended Date on November 17, 2022 in advance of the November 18, 2022 due date.
In
connection with the second monthly extension of the Termination Date, the Company caused $0.045 per outstanding share of the Company’s
Class A ordinary shares or approximately $85,297 for 1,895,481 Class A ordinary shares to be paid to the Trust Account on December 15,
2022, in advance of the December 17, 2022 due date for the second monthly extension of the Termination Date.
In
connection with the third monthly extension of the Termination Date, the Company caused $0.045 per outstanding share of Energem’s
Class A ordinary shares or approximately $85,297 for 1,895,481 Class A ordinary shares to be paid to the Trust Account on January 13,
2023, in advance of the January 18, 2023 due date.
In
connection with the fourth monthly extension of the Termination Date, the Company caused $0.045 per outstanding share of Energem’s
Class A ordinary shares or approximately $85,297 for 1,895,481 Class A ordinary shares to be paid to the Trust Account on February 10,
2023, in advance of the February 18, 2023 due date.
In
connection with the fifth monthly extension of the Termination Date, the Company caused $0.045 per outstanding share of Energem’s
Class A ordinary shares or approximately $85,297 for 1,895,481 Class A ordinary shares to be paid to the Trust Account on March 10, 2023,
in advance of the March 18, 2023 due date to extend the period to consummate the period to complete a business combination to April 18,
2023.
In
connection with the sixth monthly extension of the Termination Date, the Company caused $0.045 per outstanding share of Energem’s
Class A ordinary shares or approximately $85,297 for 1,895,481 Class A ordinary shares to be paid to the Trust Account on April 10, 2023,
in advance of the April 18, 2023 due date to extend the period to consummate the period to complete a business combination to May 18,
2023.
In
connection with the seventh monthly extension of the Termination Date, the Company caused $0.045 per outstanding share of Energem’s
Class A ordinary shares or approximately $85,297 for 1,895,481 Class A ordinary shares to be paid to the Trust Account on May 10, 2023,
in advance of the May 18, 2023 due date to extend the period to consummate the period to complete a business combination to June 18,
2023.
In
connection with the eighth monthly extension of the Termination Date, the Company caused $0.045 per outstanding share of Energem’s
Class A ordinary shares or approximately $85,297 for 1,895,481 Class A ordinary shares to be paid to the Trust Account on June 10, 2023,
in advance of the June 18, 2023 due date to extend the period to consummate the period to complete a business combination to July 18,
2023.
In
connection with the nineth monthly extension of the Termination Date, the Company caused $0.045 per outstanding share of Energem’s
Class A ordinary shares or approximately $85,297 for 1,895,481 Class A ordinary shares to be paid to the Trust Account on July 13, 2023,
in advance of the July 18, 2023 due date to extend the period to consummate the period to complete a business combination to August 18,
2023.
See also Note 8 – Subsequent Events discussing the Second
Extension Amendment Proposal and the corresponding Trust Amendment Proposal at the Second Extraordinary General Meeting on August 10,
2023.
Results
of Operations
We
have neither engaged in any operations nor generated any revenues to date. Our only activities from inception to June 30, 2023, were
organizational activities, those necessary to prepare for the IPO identifying a target company for a business combination. We do not
expect to generate any operating revenues until after the completion of our initial business combination. We expect to generate non-operating
income in the form of interest income on cash and marketable securities held after the IPO. We expect that we will incur increased expenses
as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence
expenses in connection with completing a business combination.
For
the six months ended June 30, 2023, we had a net income of $193,375, which consists of formation and operating costs $258,576 and interest
earned on marketable securities hold in the trust account of $451,951. For the six months ended June 30, 2022, we had a net loss of $72,389
which consist of formation and operating costs of $241,714 and interest earned on marketable securities hold in the trust account of
$169,325. For the three months ended June 30, 2023, we had a net income of $210,137, which consists of formation and operating
costs $31,653 and interest earned on marketable securities hold in the trust account of $241,790. For the three months ended June 30,
2022, we had a net loss of $12,989, which consists of formation and operating costs $170,609 and interest earned on marketable securities
hold in the trust account $157,620. The interest for the three months ended and six months ended June 30, 2022 and 2023 has increased
significantly due to the rise in interest rates.
Liquidity
and Capital Resources
On
November 16, 2021, the Company consummated its IPO of 10,000,000 units (the “units” consisting
of one Class A ordinary share and one redeemable warrant entitling the holder to purchase one Class A ordinary share at $11.50 per share),
at $10.00 per unit, generating gross proceeds of $100,000,000, and incurring offering costs of $6,738,148, of which $4,025,000 was for
deferred underwriting commissions (see Note 6). The Company granted the underwriter a 45-day option to purchase up to an additional 1,500,000
units at the IPO price to cover over-allotments. Simultaneously with the consummation of the closing of the IPO, the Company consummated
the private placement of an aggregate of 475,575 units to the Sponsor, at a price of $10.00 per placement unit, generating total gross
proceeds of $4,755,750 (see Note 4).
On
November 18, 2021, the underwriters purchased an additional 1,500,000 units pursuant to the exercise of the over-allotment option.
The Company’s units sold at an offering price of $10.00 per unit,
generating additional gross proceeds to the Company of $15,000,000. Also, in connection with the partial exercise of the
over-allotment option, the Sponsor purchased an additional 52,500 placement units at a purchase price of $10.00 per unit.
As
of June 30, 2023, we had available to us $8,086 of cash on our balance sheet and a working capital deficit of $1,664,841. We intend to
use the funds held outside of the Trust Account for identifying and evaluating prospective acquisition candidates, performing business
due diligence on prospective target businesses, traveling to and from the offices, plants or similar locations of prospective target
businesses, reviewing corporate documents and material agreements of prospective target businesses, selecting the target business to
acquire and structuring, negotiating and consummating the business combination. The interest income earned on the investments in the
Trust Account are unavailable to fund operating expenses.
Based
on the foregoing, management believes that the Company may not have sufficient working capital and borrowing capacity to meet its
needs through the earlier of the consummation of a Business Combination or one year from this filing but that the financials have not been adjusted. Over this period, the Company
will be using the funds held outside of the Trust Account for paying existing accounts payable, identifying and evaluating
prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel
expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business
Combination.
The
Company’s Sponsor, officers and directors may, but are not obligated to, loan the Company funds from time to time or at any time,
in whatever amount they deem reasonable in their sole discretion, to meet the Company’s working capital needs. Accordingly, the
Company may not be able to obtain additional financing if needed. If the Company is unable to raise additional capital, it may be required
to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending
the pursuit of a potential transaction, and reducing overhead expenses.
On
August 6, 2021, Energem LLC, our sponsor, agreed to loan us up to an aggregate amount of up to $300,000 to cover expenses related to
our IPO of our units. As of June 30, 2023, a total of $88,542 is outstanding under the promissory note.
To
finance transaction costs in connection with a Business Combination, the Company’s Sponsor or an affiliate of the Sponsor, or the
Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital
Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes would either be repaid upon consummation
of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of notes may be converted upon consummation
of a Business Combination into additional Placement Units at a price of $10.00 per Unit. If a Business Combination does not close, the
Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the
Trust Account would be used to repay the Working Capital Loans.
No
compensation of any kind, including any finder’s fee, reimbursement, consulting fee or monies in respect of any payment of a loan,
will be paid by us to our sponsor, officers or directors or any affiliate of our sponsor, officers or directors prior to, or in connection
with any services rendered to effectuate, the consummation of an initial business combination (regardless of the type of transaction
that it is). However, these individuals will be reimbursed for any out-of-pocket expenses incurred in connection with activities on our
behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. Our audit committee
will review on a quarterly basis all payments that were made to our sponsor, officers, directors or our or their affiliates and will
determine which expenses and the amount of expenses that will be reimbursed. There is no cap or ceiling on the reimbursement of out-of-pocket
expenses incurred by such persons in connection with activities on our behalf. As of June 30, 2023, there are $209,682 borrowed under
Working Capital Loan.
Off-Balance
Sheet Financing Arrangements
We
have no obligations, assets or liabilities which would be considered off-balance sheet arrangements. We do not participate in transactions
that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which
would have been established for the purpose of facilitating off-balance sheet arrangements.
We
have not entered any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments
of other entities, or entered any non-financial assets.
Contractual
Obligations
We
do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities. Commencing on the date
of the prospectus and until completion of the Company’s business combination or liquidation, the Company may reimburse Energem
LLC, the Sponsor, up to an amount of $10,000 per month for office space, secretarial and administrative support.
The
underwriter is entitled to deferred commissions of $4,025,000 from the Units sold in the Initial Public Offering. The deferred commissions
will become payable to the underwriter from the amounts held in the Trust Account solely if we complete a Business Combination, subject
to the terms of the underwriting agreement.
Critical
Accounting Policies
The
preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United
States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure
of contingent assets and liabilities at the date of the financial statements, and income and expenses during the periods reported. Actual
results could materially differ from those estimates. We have not identified any critical accounting policies.
Recent
Accounting Pronouncements
Management
does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material
effect on our condensed consolidated financial statements.
Item
3. Quantitative and Qualitative Disclosures About Market Risk
As
of March 31, 2023, we were not subject to any market or interest rate risk. Following the consummation of our initial public offering,
the net proceeds received into the Trust Account, have been invested in U.S. government treasury bills, notes or bonds with a maturity
of 185 days or less or in certain money market funds that invest solely in U.S. treasuries. Due to the short-term nature of these investments,
we believe there will be no associated material exposure to interest rate risk.
Item
4. Controls and Procedures
Disclosure
controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our
reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in
the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to
ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated
to our management, including our Chief Executive Officer, to allow timely decisions regarding required disclosure.
Evaluation
of Disclosure Controls and Procedures
Disclosure
controls and procedures are designed to ensure that information required to be disclosed by us in our Exchange Act reports is recorded,
processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is
accumulated and communicated to our management, including our principal executive officer and principal financial officer or persons
performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
Under
the supervision and with the participation of our management, including our principal executive officer and principal financial and accounting
officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures as of the end of the fiscal quarter
ended June 30, 2023, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on this evaluation, our
principal executive officer and principal financial and accounting officer have concluded that during the period covered by this report,
our disclosure controls and procedures were effective at a reasonable assurance level and, accordingly, provided reasonable assurance
that the information required to be disclosed by us in reports filed under the Exchange Act is recorded, processed, summarized and reported
within the time periods specified in the SEC’s rules and forms.
Changes
in Internal Control over Financial Reporting
During
the most recently completed fiscal quarter ended June 30, 2023, there was no change in our internal control over financial reporting
that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
PART
II - OTHER INFORMATION
Item
1. Legal Proceedings
None.
Item
1A. Risk Factors
As
of the date of this Quarterly Report on Form 10-Q, there have been no material changes to the risk factors disclosed in our Annual Report
on Form 10-K covering the period from January 1, 2022 through December 31, 2022 filed with the SEC, except we may disclose changes to
such factors or disclose additional factors from time to time in our future filings with the SEC. Any of these factors could result in
a significant or material adverse effect on our results of operations or financial condition. Additional risk factors not presently known
to us or that we currently deem immaterial may also impair our business or results of operations.
Item
2. Unregistered Sale of Equity Securities and Use of Proceeds.
None.
Item
3. Defaults Upon Senior Securities
None.
Item
4. Mine Safety Disclosures
Not
Applicable.
Item
5. Other Information
None.
Item
6. Exhibits
The
following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.
*
Filed herewith
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
|
Energem
Corp. |
|
|
|
Date:
August 15, 2023 |
By:
|
/s/
Swee Guan Hoo |
|
|
Swee
Guan Hoo |
|
|
Chief
Executive Officer |
Exhibit
31.1
CERTIFICATIONS
I,
Swee Guan Hoo, certify that:
1. |
I
have reviewed this Quarterly Report on Form 10-Q of Energem Corp.; |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4. |
The
registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b) |
(Paragraph
omitted pursuant to SEC Release Nos. 33-8238/34-47986 and 33-8392/34-49313); |
|
|
|
|
c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal
control over financial reporting; and |
5. |
The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions): |
|
(a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
(b) |
Any
fraud, whether or not material, which involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date:
August 15, 2023 |
By:
|
/s/
Swee Guan Hoo |
|
|
Swee
Guan Hoo |
|
|
Chief
Executive Officer |
|
|
(Principal
Executive Officer) |
Exhibit
31.2
CERTIFICATIONS
I,
Cu Seng Kiu, certify that:
1. |
I
have reviewed this Quarterly Report on Form 10-Q of Energem Corp.; |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4. |
The
registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b) |
(Paragraph
omitted pursuant to SEC Release Nos. 33-8238/34-47986 and 33-8392/34-49313); |
|
|
|
|
c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal
control over financial reporting; and |
5. |
The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions): |
|
(a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
(b) |
Any
fraud, whether or not material, which involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date:
August 15, 2023 |
By:
|
/s/
Cu Seng Kiu |
|
|
Cu
Seng Kiu |
|
|
Chief
Financial Officer |
|
|
(Principal
Financial Officer) |
Exhibit
32.1
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADOTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report on Form 10-Q of Energem Corp. (the “Company”) for the quarter ended June 30, 2023, as
filed with the Securities and Exchange Commission (the “Report”), I, Swee Guan Hoo, Chief Executive Officer of the Company,
certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
|
1. |
The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
|
|
|
|
2. |
To
my knowledge, the information contained in the Report fairly presents, in all material respects, the financial condition and results
of operations of the Company as of and for the period covered by the report. |
Date:
August 15, 2023 |
By:
|
/s/
Swee Guan Hoo |
|
|
Swee
Guan Hoo |
|
|
Chief
Executive Officer |
|
|
(Principal
Executive Officer) |
Exhibit
32.2
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report on Form 10-Q of Energem Corp. (the “Company”) for the quarter ended June 30, 2023, as
filed with the Securities and Exchange Commission (the “Report”), I, Cu Seng Kiu, Chief Financial Officer of the Company,
certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
|
1. |
The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
|
|
|
|
2. |
To
my knowledge, the information contained in the Report fairly presents, in all material respects, the financial condition and results
of operations of the Company as of and for the period covered by the report. |
Date:
August 15, 2023 |
By:
|
/s/
Cu Seng Kiu |
|
|
Cu
Seng Kiu |
|
|
Chief
Financial Officer |
|
|
(Principal
Financial Officer) |
v3.23.2
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2023 |
Aug. 15, 2023 |
Document Type |
10-Q
|
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Amendment Flag |
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Document Quarterly Report |
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false
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Document Period End Date |
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|
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Document Fiscal Period Focus |
Q2
|
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Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
001-41070
|
|
Entity Registrant Name |
ENERGEM
CORP.
|
|
Entity Central Index Key |
0001879373
|
|
Entity Incorporation, State or Country Code |
E9
|
|
Entity Address, Address Line One |
Level
3, Tower 11, Avenue 5, No. 8
|
|
Entity Address, Address Line Two |
Jalan
Kerinchi, Bangsar South
|
|
Entity Address, Address Line Three |
Wilayah
Persekutuan
|
|
Entity Address, City or Town |
Kuala Lumpur
|
|
Entity Address, Country |
MY
|
|
Entity Address, Postal Zip Code |
59200
|
|
City Area Code |
(60)
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Local Phone Number |
3270 47622
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Entity Current Reporting Status |
Yes
|
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Entity Interactive Data Current |
Yes
|
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Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
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Entity Emerging Growth Company |
true
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Elected Not To Use the Extended Transition Period |
true
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Units, each consisting of one Class A ordinary share, par value $0.0001 per share, and one redeemable warrant [Member] |
|
|
Title of 12(b) Security |
Units,
each consisting of one Class A ordinary share, par value $0.0001 per share, and one redeemable warrant
|
|
Trading Symbol |
ENCPU
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Security Exchange Name |
NASDAQ
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Class A ordinary shares included as part of the units [Member] |
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Title of 12(b) Security |
Class
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Trading Symbol |
ENCP
|
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Security Exchange Name |
NASDAQ
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Redeemable warrants included as part of the units, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 [Member] |
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Title of 12(b) Security |
Redeemable
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ENCPW
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Security Exchange Name |
NASDAQ
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v3.23.2
Balance Sheets - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
ASSETS |
|
|
Current Assets-Cash |
$ 8,086
|
$ 47,789
|
Prepaid expenses |
115,556
|
143,055
|
Other Receivables |
|
170,594
|
Total Current Asset |
123,642
|
361,438
|
Cash and marketable securities held in the trust |
20,670,271
|
19,535,946
|
Total assets |
20,793,913
|
19,897,384
|
Current liabilities |
|
|
Accrued expenses |
607,886
|
686,195
|
Other payables |
200,000
|
140,000
|
Working capital loan |
209,682
|
|
Extension Loan |
682,373
|
170,594
|
Total Current liabilities |
1,788,483
|
1,085,331
|
Deferred Underwriting Commission |
4,025,000
|
4,025,000
|
Total liabilities |
5,813,483
|
5,110,331
|
Commitments and Contingencies (Note 6) |
|
|
Class A ordinary shares subject to possible redemption; 1,895,481 shares at redemption value $10.91 per share and at $10.31 per share as of June 30, 2023 and December 31, 2022 respectively |
20,670,271
|
19,706,540
|
Shareholders’ Deficit |
|
|
Preferred share, $0.0001 par value; 1,000,000 shares authorized; -0- issued and outstanding |
|
|
Additional paid in capital |
|
|
Accumulated deficit |
(5,690,182)
|
(4,919,828)
|
Total shareholders’ deficit |
(5,689,841)
|
(4,919,487)
|
Total liabilities and shareholders’ deficit |
20,793,913
|
19,897,384
|
Common Class A [Member] |
|
|
Shareholders’ Deficit |
|
|
Common stock, value |
53
|
53
|
Common Class B [Member] |
|
|
Shareholders’ Deficit |
|
|
Common stock, value |
288
|
288
|
Related Party [Member] |
|
|
Current liabilities |
|
|
Promissory Note – related party |
$ 88,542
|
$ 88,542
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v3.23.2
Balance Sheets (Parenthetical) - $ / shares
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Preferred stock par value |
$ 0.0001
|
$ 0.0001
|
Preferred stock shares authorized |
1,000,000
|
1,000,000
|
Preferred stock, shares outstanding |
0
|
0
|
Preferred stock, shares issued |
0
|
0
|
Common Class A [Member] |
|
|
Temporary equity, shares redemption |
1,895,481
|
1,895,481
|
Temporary equity, par value |
$ 10.91
|
$ 10.31
|
Common stock par value |
$ 0.0001
|
$ 0.0001
|
Common stock,shares authorized |
479,000,000
|
479,000,000
|
Common stock, shares outstanding |
528,075
|
528,075
|
Common stock, shares issued |
528,075
|
528,075
|
Common stock, shares redemption |
1,895,481
|
1,895,481
|
Common Class B [Member] |
|
|
Common stock par value |
$ 0.0001
|
$ 0.0001
|
Common stock,shares authorized |
20,000,000
|
20,000,000
|
Common stock, shares outstanding |
2,875,000
|
2,875,000
|
Common stock, shares issued |
2,875,000
|
2,875,000
|
X |
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v3.23.2
Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Formation and Operating costs |
$ 31,653
|
$ 170,609
|
$ 258,576
|
$ 241,714
|
Loss from operation |
(31,653)
|
(170,609)
|
(258,576)
|
(241,714)
|
Other Income |
|
|
|
|
Interest earned on marketable securities hold in the trust account |
241,790
|
157,620
|
451,951
|
169,325
|
Net Income (Loss) |
$ 210,137
|
$ (12,989)
|
$ 193,375
|
$ (72,389)
|
Weighted average shares outstanding, basic |
3,403,075
|
3,403,075
|
3,403,075
|
3,403,075
|
Weighted average shares outstanding, diluted |
3,403,075
|
3,403,075
|
3,403,075
|
3,403,075
|
Basic net income (loss) per ordinary share |
$ 0.06
|
$ (0.00)
|
$ 0.06
|
$ (0.02)
|
Diluted net income (loss) per ordinary share |
$ 0.06
|
$ (0.00)
|
$ 0.06
|
$ (0.02)
|
X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
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v3.23.2
Statements of Changes in Shareholders' Deficit (Unaudited) - USD ($)
|
Common Stock [Member]
Common Class A [Member]
|
Common Stock [Member]
Common Class B [Member]
|
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance, value at Dec. 31, 2021 |
$ 53
|
$ 288
|
|
$ (3,453,173)
|
$ (3,452,832)
|
Balance, shares at Dec. 31, 2021 |
528,075
|
2,875,000
|
|
|
|
Net Income loss |
|
|
|
(59,400)
|
(59,400)
|
Balance, value at Mar. 31, 2022 |
$ 53
|
$ 288
|
|
(3,512,573)
|
(3,512,232)
|
Balance, shares at Mar. 31, 2022 |
528,075
|
2,875,000
|
|
|
|
Balance, value at Dec. 31, 2021 |
$ 53
|
$ 288
|
|
(3,453,173)
|
(3,452,832)
|
Balance, shares at Dec. 31, 2021 |
528,075
|
2,875,000
|
|
|
|
Net Income loss |
|
|
|
|
(72,389)
|
Balance, value at Jun. 30, 2022 |
$ 53
|
$ 288
|
|
(3,535,562)
|
(3,525,221)
|
Balance, shares at Jun. 30, 2022 |
528,075
|
2,875,000
|
|
|
|
Balance, value at Mar. 31, 2022 |
$ 53
|
$ 288
|
|
(3,512,573)
|
(3,512,232)
|
Balance, shares at Mar. 31, 2022 |
528,075
|
2,875,000
|
|
|
|
Net Income loss |
|
|
|
(12,989)
|
(12,989)
|
Balance, value at Jun. 30, 2022 |
$ 53
|
$ 288
|
|
(3,535,562)
|
(3,525,221)
|
Balance, shares at Jun. 30, 2022 |
528,075
|
2,875,000
|
|
|
|
Balance, value at Dec. 31, 2022 |
$ 53
|
$ 288
|
|
(4,919,828)
|
(4,919,487)
|
Balance, shares at Dec. 31, 2022 |
528,075
|
2,875,000
|
|
|
|
Additional amount deposited into trust ($0.045 per outstanding Class A Ordinary Shares) |
|
|
|
(255,889)
|
(255,889)
|
Re-measurement for ordinary share to redemption amount |
|
|
|
(210,161)
|
(210,161)
|
Net Income loss |
|
|
|
(16,762)
|
(16,762)
|
Balance, value at Mar. 31, 2023 |
$ 53
|
$ 288
|
|
(5,402,640)
|
(5,402,299)
|
Balance, shares at Mar. 31, 2023 |
528,075
|
2,875,000
|
|
|
|
Balance, value at Dec. 31, 2022 |
$ 53
|
$ 288
|
|
(4,919,828)
|
(4,919,487)
|
Balance, shares at Dec. 31, 2022 |
528,075
|
2,875,000
|
|
|
|
Net Income loss |
|
|
|
|
193,375
|
Balance, value at Jun. 30, 2023 |
$ 53
|
$ 288
|
|
(5,690,182)
|
(5,689,841)
|
Balance, shares at Jun. 30, 2023 |
528,075
|
2,875,000
|
|
|
|
Balance, value at Mar. 31, 2023 |
$ 53
|
$ 288
|
|
(5,402,640)
|
(5,402,299)
|
Balance, shares at Mar. 31, 2023 |
528,075
|
2,875,000
|
|
|
|
Additional amount deposited into trust ($0.045 per outstanding Class A Ordinary Shares) |
|
|
|
(255,889)
|
(255,889)
|
Re-measurement for ordinary share to redemption amount |
|
|
|
(241,790)
|
(241,790)
|
Net Income loss |
|
|
|
210,137
|
210,137
|
Balance, value at Jun. 30, 2023 |
$ 53
|
$ 288
|
|
$ (5,690,182)
|
$ (5,689,841)
|
Balance, shares at Jun. 30, 2023 |
528,075
|
2,875,000
|
|
|
|
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v3.23.2
Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Cash flows from operating activities: |
|
|
Net Income (Loss) |
$ 193,375
|
$ (72,389)
|
Adjustments to reconcile net income to net cash used in operating activities: |
|
|
Interest income from Trust Account |
(451,951)
|
(169,325)
|
Changes in operating assets and liabilities: |
|
|
Prepaid expenses |
27,500
|
(230,804)
|
Accrued expenses |
(78,309)
|
(40,336)
|
Other payables |
60,000
|
60,000
|
Net cash used in operating activities |
(249,385)
|
(452,854)
|
Cash flows from investing activities: |
|
|
Investment of Cash in Trust Account |
(682,373)
|
|
Net cash used in investing activities |
(682,373)
|
|
Cash flows from financing activities: |
|
|
Proceeds from extension loan |
682,373
|
|
Proceeds from working capital loan |
209,682
|
|
Net cash provided by financing activities |
892,055
|
|
Net change in cash |
(39,703)
|
(452,854)
|
Cash at the beginning of the period |
47,789
|
715,727
|
Cash at the end of the period |
8,086
|
262,873
|
Supplemental disclosure of non-cash financing activities: |
|
|
Deferred underwriting fee payable |
|
4,025,000
|
Value of Class A ordinary shares subject to redemption |
20,670,271
|
116,725,000
|
Re-measurement for ordinary share to redemption amount |
$ 451,951
|
|
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v3.23.2
Description of Organization and Business Operations
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Description of Organization and Business Operations |
Note
1 — Description of Organization and Business Operations
Energem
Corp. (the “Company”) is a blank check company incorporated in the Cayman Islands on August 6, 2021. The Company was formed
for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation with, purchasing all or substantially
all of the assets of, entering into contractual arrangements with, or engaging in any other similar business combination with one or
more businesses or entities (the “Business Combination”). While the Company may pursue a business combination target in any
business or industry, it intends to focus on opportunities across the oil and gas and other potential
renewable energy business, as well as other adjacent services, industrials and technologies, while remaining opportunistic across the
energy value chain, including select opportunities within the traditional power generation and energy production verticals, which
complements the expertise of its management team.
The
Financing
As
of June 30, 2023, the Company had not commenced any operations. All activity for the period from August 6, 2021 through June 30, 2023,
relates to the Company’s formation and the Offering (as defined below). The Company will not generate any operating revenues until
after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form
of interest income on cash and cash equivalents from the proceeds derived from the Offering. The Company has selected December 31 as
its fiscal year end.
The
Company’s sponsor is Energem LLC, a Cayman Island limited liability company (the “Sponsor”). The registration statement
for the Company’s Initial Public Offering was declared effective on November 15, 2021. On November 16, 2021, the Company consummated
its Initial Public Offering of 10,000,000 units (the “Units” and, with respect to the Class A ordinary shares included in
the Units being offered, the “Public Shares”), at $10.00 per Unit, generating gross proceeds of $100,000,000, and incurring
offering costs of $8,304,871, of which $4,025,000 was for deferred underwriting commissions (see Note 6) at the Initial Public Offering
closing occurring on November 18, 2021. The Company granted the underwriter a 45-day option to purchase up to an additional 1,500,000
Units at the Initial Public Offering price to cover over-allotments.
Simultaneously
with the consummation of the closing of the Offering, the Company consummated the private placement of an aggregate of 475,575 units
(the “Placement Units”) to the Sponsor at a price of $10.00 per Private Placement Unit, generating total gross proceeds of
$4,755,750 (the “Private Placement”) (see Note 4).
On
November 18, 2021, the underwriters purchased an additional 1,500,000 Units pursuant to the exercise of the over-allotment option. The
Units were sold at an offering price of $10.00 per Unit, generating additional gross proceeds to the Company of $15,000,000. Also, in
connection with the partial exercise of the over-allotment option, the Sponsor purchased an additional 52,500 Placement Units at a purchase
price of $10.00 per unit generating total Private Placement proceeds of $5,280,750.
A
total of $116,725,000, comprised of the proceeds from the IPO and the proceeds of private placements that closed on November 18, net
of the underwriting commissions, discounts, and offering expenses, was deposited in a trust account (“Trust Account”) which
may be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940,
as amended, with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund
meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the consummation
of a Business Combination or (ii) the distribution of the Trust Account to the Company’s shareholders, as described below.
Following
the closing of the Initial Public Offering, $1,002,730 of cash was held outside of the Trust Account available for working capital purposes.
As of June 30, 2023 and December 31, 2022, we have available to us $8,086 and $47,789 of cash on our balance sheet and a working capital
deficit of $1,664,841 and $723,893 respectively.
ENERGEM
CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
1 — Description of Organization and Business Operations (Continued)
Trust
Account
The
Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering
and the sale of the Placement Units, although substantially all of the net proceeds are intended to be applied generally toward consummating
a Business Combination. NASDAQ rules provide that the Business Combination must be with one or more target businesses that together have
a fair market value equal to at least 80% of the balance in the Trust Account (less any deferred underwriting commissions and taxes payable
on interest earned on the Trust Account) at the time of the signing of a definitive agreement to enter a Business Combination. The Company
will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the outstanding voting
securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register
as an investment company under the Investment Company Act. There is no assurance that the Company will be able to successfully affect
a Business Combination.
Upon
the closing of the Initial Public Offering, management has agreed that an amount equal to at least $10.15 per Unit sold in the Initial
Public Offering, including proceeds of the Placement Units, will be held in a trust account (“Trust Account”), located in
the United States and invested only in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment
Company Act, with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund
selected by the Company meeting certain conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the
earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds held in the Trust Account, as described
below.
Shareholder
Approval
If,
however, shareholder approval of the transaction is required by applicable law or stock exchange listing requirements, or the Company
decides to obtain shareholder approval for business or other reasons, the Company will offer to redeem shares in conjunction with a proxy
solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks shareholder approval in connection
with a Business Combination, the Sponsor has agreed to vote its founder shares (as defined in Note 5) and any Public Shares purchased
during or after the Public Offering in favor of approving a Business Combination. Additionally, each Public Shareholder may elect to
redeem their Public Shares without voting, and if they do vote, irrespective of whether they vote for or against the proposed transaction.
Notwithstanding
the foregoing, if the Company seeks shareholder approval of a Business Combination and it does not conduct redemptions pursuant to the
tender offer rules, the Certificate of Incorporation will provide that a Public Shareholder, together with any affiliate of such shareholder
or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more
than an aggregate of 20% of the Public Shares, without the prior consent of the Company.
The
holders of the founder shares have agreed (a) to waive their redemption rights with respect to the founder shares and Public Shares held
by them in connection with the completion of a Business Combination and (b) not to propose an amendment to the Certificate of Incorporation
(i) to modify the substance or timing of the Company’s obligation to allow redemptions in connection with a Business Combination
or to redeem 100% of its Public Shares if the Company does not complete a Business Combination within the Combination Period (as defined
below) or (ii) with respect to any other provision relating to shareholders’ rights or pre-business combination activity, unless
the Company provides the Public Shareholders with the opportunity to redeem their Public Shares in conjunction with any such amendment.
ENERGEM
CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Share
Purchase Agreement
On
August 1, 2022, the Company, entered into a share purchase agreement (the “Share Purchase Agreement”) with Graphjet Technology
Sdn. Bhd., a Malaysian private limited company, Swee Guan Hoo, in his capacity as the representative for the shareholders of Energem
after the closing of the sale and purchase of the Graphjet Shares (the “Closing”) for Energem’s shareholders (the “Purchaser
Representative”), the individuals listed on the signature page of the Share Purchase Agreement under the heading “Selling
Shareholders” (each, a “Selling Shareholder” and together, the “Selling Shareholders”), and Lee Ping Wei
solely in his capacity as representative for the Selling Shareholders (the “Shareholder Representative”).
Pursuant
to the Share Purchase Agreement, subject to the terms and conditions therein, Energem will purchase 100% of the issued and outstanding
shares of Graphjet for Graphjet Class A Ordinary Shares (the “Consideration Shares”) such that Graphjet will become a wholly-owned
subsidiary of Energem (the “Business Combination”). The Share Purchase Agreement contains customary representations, warranties
and covenants by the parties thereto and the Closing is subject to certain conditions as further described in the Share Purchase Agreement.
Graphjet
converts palm kernel shells to essential raw materials such as graphene and graphite used to produce
batteries in the electric vehicle space among other products. The aggregate value of the Consideration Shares to be paid pursuant
to the Share Purchase Agreement to the Selling Shareholders, as of immediately prior to the Closing, for the purchase of all issued and
outstanding Graphjet Shares, shall be that number of Energem Class A ordinary shares equal to (i)
One Billion Three Hundred and Eighty Million U.S. Dollars ($1,380,000,000), minus (ii) the amount, if any, by which $30,000 (i.e.,
the target net working capital amount) exceeds the Net Working Capital Amount (but not less than zero) (as defined in the Share Purchase
Agreement), minus (iii) the Closing Net Indebtedness amount (as defined in the Share Purchase Agreement), minus (iv) the amount of any
Transaction Expenses (as defined in the Share Purchase Agreement), divided by ten dollars ($10.00).
Each
Selling Shareholder shall receive a number of Energem Class A ordinary shares equal to the aggregate Consideration Shares divided by
the number of Graphjet Shares outstanding immediately prior to the Closing, multiplied by the number of Graphjet Shares held by such
Selling Shareholder (the “Conversion Ratio”). The total consideration payable to the Selling Shareholders in accordance with
the Share Purchase Agreement is also referred to herein as the “Transaction Consideration”.
Charter
Amendment and Termination Date
On
November 16, 2022, the Company held an extraordinary general meeting of its pursuant to due notice (the “Extraordinary General
Meeting”). At the Extraordinary General Meeting, Company shareholders entitled to vote at the Extraordinary General Meeting cast
their votes and approved the Trust Amendment Proposal, pursuant to which the Trust Agreement was amended to extend the date on which
Continental must liquidate the Trust Account established in connection with the IPO if the Company has not completed its initial business
combination, from November 18, 2022 to August 18, 2023.
The
shareholders of the Company approved the Second Amended and Restated Memorandum and Articles of Association of the Company at the November
16, 2022, Extraordinary General Meeting, giving the Company the right to extend the date by which the Company must (i) consummate a merger,
capital share exchange, asset acquisition, share purchase, reorganization or similar business combination involving the Company and one
or more businesses (a “business combination”), (ii) cease its operations if it fails to complete such business combination,
and (iii) redeem or repurchase 100% of the Company’s Class A ordinary shares included as part of the units sold in the Company’s
IPO that closed on November 18, 2021 from November 18, 2022 (the “Termination Date”) by up to nine (9) one-month extensions
to August 18, 2023 (the “Extension Amendment Proposal”).
In
connection with the voting on the Extension Amendment Proposal and the Trust Amendment Proposal at the Extraordinary General Meeting,
holders of 9,604,519 shares of Class A ordinary shares exercised their right to redeem those shares for cash at an approximate price
of $10.21 per share, for an aggregate of approximately $98,062,139. Following the payment of the redemptions, the Trust Account had a
balance of approximately $20,670,271 as of June 30, 2023.
ENERGEM
CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
The
holders of the founder shares have agreed to waive their liquidation rights with respect to the founder shares if the Company fails to
complete a Business Combination within the Combination Period. However, if the holders of founder shares acquire Public Shares in or
after the Initial Public Offering, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company
fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred
underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within
the Combination Period, and, in such event, such amounts will be included with the other funds held in the Trust Account that will be
available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of
the assets remaining available for distribution will be less than the Initial Public Offering price per Unit ($10.00).
The
Company will have until August 18, 2023, in connection to the Extension Amendment Proposal to consummate a Business Combination. In
connection with approval of the Extension Amendment Proposal and the Trust Amendment Proposal, the Company caused $0.045 per outstanding
share of the Company’s Class A ordinary shares, giving effect to the redemptions disclosed above, or approximately $85,296.65 for
the remaining 1,895,481 Class A ordinary shares to be deposited in the Trust Account in connection with the exercise of the first monthly
extension of the Extended Date on November 17, 2022 in advance of the November 18, 2022 due date.
In
connection with the third monthly extension of the Termination Date, the Company caused $0.045 per outstanding share of Energem’s
Class A ordinary shares or approximately $85,297 for 1,895,481 Class A ordinary shares to be paid to the Trust Account on January 13,
2023, in advance of the January 18, 2023 due date.
In
connection with the fourth monthly extension of the Termination Date, the Company caused $0.045 per outstanding share of Energem’s
Class A ordinary shares or approximately $85,297 for 1,895,481 Class A ordinary shares to be paid to the Trust Account on February 10,
2023, in advance of the February 18, 2023 due date.
In
connection with the fifth monthly extension of the Termination Date, the Company caused $0.045 per outstanding share of Energem’s
Class A ordinary shares or approximately $85,297 for 1,895,481 Class A ordinary shares to be paid to the Trust Account on March 10, 2023,
in advance of the March 18, 2023 due date to extend the period to consummate the period to complete a business combination to April 18,
2023.
In
connection with the sixth monthly extension of the Termination Date, the Company caused $0.045 per outstanding share of Energem’s
Class A ordinary shares or approximately $85,297 for 1,895,481 Class A ordinary shares to be paid to the Trust Account on April 10, 2023,
in advance of the April 18, 2023 due date to extend the period to consummate the period to complete a business combination to May 18,
2023.
In
connection with the seventh monthly extension of the Termination Date, the Company caused $0.045 per outstanding share of Energem’s
Class A ordinary shares or approximately $85,297 for 1,895,481 Class A ordinary shares to be paid to the Trust Account on May 10, 2023,
in advance of the May 18, 2023 due date to extend the period to consummate the period to complete a business combination to June 18,
2023.
In
connection with the eighth monthly extension of the Termination Date, the Company caused $0.045 per outstanding share of Energem’s
Class A ordinary shares or approximately $85,297 for 1,895,481 Class A ordinary shares to be paid to the Trust Account on June 10, 2023,
in advance of the June 18, 2023 due date to extend the period to consummate the period to complete a business combination to July 18,
2023.
In
connection with the nineth monthly extension of the Termination Date, the Company caused $0.045 per outstanding share of Energem’s
Class A ordinary shares or approximately $85,297 for 1,895,481 Class A ordinary shares to be paid to the Trust Account on July 13, 2023,
in advance of the July 18, 2023 due date to extend the period to consummate the period to complete a business combination to August 18,
2023.
ENERGEM
CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
1 — Description of Organization and Business Operations (Continued)
In
order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims
by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed
entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (i) $10.15 per Public Share or (ii) such
lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.15
per Public Share due to reductions in the value of the trust assets, in each case net of the amount of interest which may be withdrawn
to pay taxes, except as to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account
and except as to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities,
including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, if an executed waiver
is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party
claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors
by endeavoring to have all vendors, service providers (except for the Company’s independent registered accounting firm), prospective
target businesses and other entities with which the Company does business, execute agreements with the Company waiving any right, title,
interest or claim of any kind in or to monies held in the Trust Account.
Liquidity
and Capital Resources
As
of June 30, 2023 and December 31, 2022, the Company had $8,086 and $47,789 of cash in its operating bank account respectively. The Company’s
liquidity needs prior to the consummation of the Initial Public Offering were satisfied through the payment of $25,000 from the Sponsor
to cover for certain offering costs on the Company’s behalf in exchange for issuance of Founder shares (as defined in Note 4).
After the consummation of the Initial Public Offering, the Company’s liquidity has been satisfied through the net proceeds from
the consummation of the Initial Public Offering and the Private Placement held outside of the Trust Account. In addition, to finance
transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s
officers and directors may, but are not obligated to, provide the Company Working Capital Loans (as defined in Note 4). As of June 30, 2023, there are $209,682 outstanding for Working Capital
Loan. As of December 31, 2022, there was no outstanding balance for the Working Capital Loan.
Based
on the foregoing, management believes that the Company may not have sufficient working capital and borrowing capacity to meet its
needs through the earlier of the consummation of a Business Combination or one year from this filing but that the financials have not been adjusted. Over this period, the Company
will be using the funds held outside of the Trust Account for paying existing accounts payable, identifying and evaluating
prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel
expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business
Combination.
Going
Concern Consideration
The
Company expects to incur significant costs in pursuit of its financing and acquisition plans. In connection with the Company’s
assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”) 2014-15,
“Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined
that if the Company is unsuccessful in consummating an initial business combination within the prescribed period of time from the
closing of the Initial Public Offering, the requirement that the Company cease all operations, redeem the public shares and
thereafter liquidate and dissolve raises substantial doubt about the ability to continue as a going concern. The balance sheet does
not include any adjustments that might result from the outcome of this uncertainty. Management has determined that the Company may
not have funds that are sufficient to fund the working capital needs of the Company for one year until the consummation of an
initial business combination or the winding up of the Company as stipulated in the Company’s amended and restated memorandum
of association but that the financials have not been adjusted. The accompanying financial statement has been prepared in conformity with generally accepted accounting principles
in the United States of America (“GAAP”), which contemplate continuation of the Company as a going concern.
ENERGEM
CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
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v3.23.2
Summary of Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
Note
2 — Summary of Significant Accounting Policies (Continued)
Basis
of Presentation
The
accompanying unaudited financial statements are presented in U.S. Dollars and conformity with accounting principles generally accepted
in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC.
Emerging
Growth Company
The
Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding
executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory
vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.
Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting
standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do
not have a class of securities registered under the Securities Exchange Act of 1934 (the “Exchange Act”)) are required to
comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended
transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable.
The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it
has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised
standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements
with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the
extended transition period difficult or impossible because of the potential differences in accounting standards used.
Use
of Estimates
The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting period.
Making
estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of
a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating
its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ
significantly from those estimates.
Cash
and Cash Equivalents
The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
The Company had no cash equivalents as of June 30, 2023 and December 31, 2022.
Marketable
Securities Held in Trust Account
As
of June 30, 2023, substantially all of the assets held in the Trust Account were held in government securities (United States Treasury
Bills). As of June 30, 2023 and December 31, 2022, the balance in the Trust Account was $20,670,271 and $19,706,540 respectively.
Income
Taxes
The
Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset
and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed
for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible
amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income.
Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
ASC
Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of
tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be
more-likely-than-not to be sustained upon examination by taxing authorities. The Company’s management determined the Cayman
Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to
unrecognized tax benefits, if any, as income tax expense. There were no
unrecognized tax benefits as of June 30, 2023 and December 31, 2022, and no
amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in
significant payments, accruals, or material deviation from its position.
The
Company is an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income
taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero
for the three and six month periods ended June 30, 2023 and 2022.
ENERGEM
CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
2 — Summary of Significant Accounting Policies (Continued)
Class A Ordinary Shares Subject to Possible Redemption
All of the Class A ordinary shares sold as part of
the Units in the Initial Public Offering contain a redemption feature which allows for the redemption of such Public Shares in connection
with the Company’s liquidation, if there is a shareholder vote or tender offer in connection with the Business Combination and in
connection with certain amendments to the Company’s amended and restated certificate of incorporation. In accordance with ASC 480,
conditionally redeemable Class A ordinary shares (including Class A ordinary shares that feature redemption rights that are either within
the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control)
are classified as temporary equity. Ordinary liquidation events, which involve the income and liquidation of all of the entity’s
equity instruments, are excluded from the provisions of ASC 480. Although the Company did not specify a maximum redemption threshold,
its charter provides that currently, the Company will not redeem its public shares in an amount that would cause its net tangible assets
(shareholders’ equity) to be less than $5,000,001. However, the threshold in its charter would not change the nature of the underlying
shares as redeemable and thus public shares would be required to be disclosed outside of permanent equity. The Company recognizes changes
in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value
at the end of each reporting period. Such changes are reflected in additional paid-in capital, or in the absence of additional capital,
in accumulated deficit.
As of June 30, 2023 and December 31, 2022, 1,895,481 Class A Ordinary Shares
outstanding are subject to possible redemption.
Net
loss per share
The
Company complies with accounting and disclosure requirements of ASC Topic 260, “Earnings Per Share.” Net loss per share
is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period, excluding ordinary
shares subject to forfeiture. As of June 30, 2023 and June 30, 2022, the Company did not have any dilutive securities and other contracts that could,
potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted loss
per share is the same as basic loss per share for the periods presented.
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution
which, at times may exceed the Federal depository insurance coverage of $250,000. On June 30, 2023 and December 31, 2022, the Company
had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.
Fair
Value of Financial Instruments
The
fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value
Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to
their short-term nature.
Risks
and Uncertainties
Management
is currently evaluating the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that
the virus could have a negative effect on the Company’s financial position, results of its operations, close of the Initial Public
Offering, and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements.
The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
ENERGEM
CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
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v3.23.2
Public Offering
|
6 Months Ended |
Jun. 30, 2023 |
Public Offering |
|
Public Offering |
Note
3 —Public Offering
On
November 16, 2021, the Company consummated the IPO of 10,000,000 units (the “Units”). Each Unit consists of one Class A ordinary
share, $0.0001 par value per share (the “Class A Ordinary Shares”), and one warrant (the “Public Warrants”),
each whole Public Warrant entitling the holder thereof to purchase one Class A Ordinary Share at an exercise price of $11.50 per share.
The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds of $100,000,000.
Pursuant
to the Initial Public Offering and full exercise underwriter’s overallotment option, the Company sold 11,500,000 Units at a purchase
price of $10.00 per Unit. Each Unit consists of one ordinary share and one redeemable warrant (“Public Warrant”). Each Public
Warrant will entitle the holder to purchase one ordinary share at an exercise price of $11.50 per whole share.
All
of the Class A ordinary shares sold as part of the Units in the IPO contain a redemption feature which allows for the redemption of such
Public Shares in connection with the Company’s liquidation if there is a shareholder vote or tender offer in connection with the
Business Combination and in connection with certain amendments to the Company’s second amended and restated memorandum
and articles of association.
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v3.23.2
Private Placement
|
6 Months Ended |
Jun. 30, 2023 |
Private Placement |
|
Private Placement |
Note
4 — Private Placement
Simultaneously
with the Initial Public Offering and full exercise underwriter’s overallotment option, the Sponsor purchased an aggregate of 528,075
Private Placement Units at a price of $10.00 per Private Placement Unit for an aggregate purchase price of $5,280,750.
A
total of $116,725,000, comprised of the $111,444,250 of the net proceeds from the IPO (which amount includes $4,025,000 of the underwriters’
deferred discount) and a portion of the $5,280,750 proceeds of the sale of the Private Placement Units, was placed in a U.S.-based trust
account, maintained by Continental Stock Transfer & Trust Company, acting as trustee, on November 18, 2021. The
Placement Units are identical to the Units sold in the Proposed Offering, except for the placement warrants (“Placement Warrants”),
as described in Note 7. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the
sale of the Placement Units will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law)
and the Placement Warrants underlying the Placement Units will expire worthless.
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v3.23.2
Related Party Transactions
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
Note
5 — Related Party Transactions
Class
B Ordinary Shares (Founder Shares)
On
August 16, 2021, the Sponsor purchased founder shares for an aggregate purchase price of $. The number of founder shares
equaled, on an as-converted basis, approximately % of the Company’s issued and outstanding shares after the Initial Public Offering.
On
September 7, 2021, the Sponsor transferred 5,000 ordinary shares to Cu Seng Kiu, our Chief Financial Officer, and 2,500 ordinary shares
to each of Li Sin Tan, our former independent director, Kok Seong Wong and Chong Kwang Fock. Following Ms. Tan’s resignation, the
2,500 ordinary shares were assigned to Ms. Doris Wong Sing Ee, leaving 2,862,500 founder shares held by our Sponsor.
ENERGEM
CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
The
initial shareholders have agreed not to transfer, assign or sell any of the Class B ordinary shares (except to certain permitted transferees)
until, with respect to 50% of the Class B ordinary shares, the earlier of (i) six months after the date of the consummation of a Business
Combination, or (ii) the date on which the closing price of the Company’s ordinary shares equals or exceeds $12.00 per share (as
adjusted for share splits, share dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day
period commencing after a Business Combination, with respect to the remaining 50% of the Class B ordinary shares, upon six months after
the date of the consummation of a Business Combination, or earlier, in each case, if, subsequent to a Business Combination, the Company
consummates a subsequent liquidation, merger, share exchange or other similar transaction which results in all of the Company’s
shareholders having the right to exchange their ordinary shares for cash, securities or other property.
Promissory
Note — Related Party
On
August 6, 2021, the Sponsor issued an unsecured promissory note to the Company, pursuant to which the Company may borrow up to an aggregate
principal amount of $, to be used for payment of costs related to the Proposed Offering. The note is non-interest bearing and
payable on the earlier of (i) December 31, 2021, or (ii) the consummation of the Proposed Offering. As of June 30, 2023, the
outstanding balance under the Working Capital Loan and Extension Agreement was $.
The was no outstanding balance as of December 31, 2022.
On
November 1, 2022, the Sponsor and the Company entered into a Working Capital Loan and Extension Agreement, pursuant to which the Company
may borrow up to an aggregate principal amount of $to fund the monthly extension payments (up
to nine (9) one-month extensions) through August 18, 2023 pursuant to the Extension Amendment Proposal. As of June 30, 2023 the outstanding
balance under Working Capital Loan and Extension Agreement was $.
There was no outstanding balance as of December 31, 2022.
Related
Party Loans
To
finance transaction costs in connection with a Business Combination, the Company’s Sponsor or an affiliate of the Sponsor, or the
Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital
Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes would either be repaid upon consummation
of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of notes may be converted upon consummation
of a Business Combination into additional Placement Units at a price of $10.00 per Unit. If a Business Combination does not close, the
Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the
Trust Account would be used to repay the Working Capital Loans.
No
compensation of any kind, including any finder’s fee, reimbursement, consulting fee or monies in respect of any payment of a loan,
will be paid by us to our sponsor, officers or directors or any affiliate of our sponsor, officers or directors prior to, or in connection
with any services rendered to effectuate, the consummation of an initial business combination (regardless of the type of transaction
that it is). However, these individuals will be reimbursed for any out-of-pocket expenses incurred in connection with activities on our
behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. Our audit committee
will review on a quarterly basis all payments that were made to our sponsor, officers, directors or our or their affiliates and will
determine which expenses and the amount of expenses that will be reimbursed. There is no cap or ceiling on the reimbursement of out-of-pocket
expenses incurred by such persons in connection with activities on our behalf. As of June 30, 2023, there was $209,682 borrowed under Working Capital Loan. There were no borrowings at December
31, 2022 under the Working Capital Loan.
ENERGEM
CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
5 — Related Party Transactions (Continued)
Administrative
Support Agreement
Commencing
on the date of the prospectus and until completion of the Company’s Business Combination or liquidation, the Company may
reimburse Energem LLC, the Sponsor, up to an amount of $10,000
per month for office space, secretarial and administrative support. The administrative expense was $30,000 for the three month periods ended June 30, 2023 and 2022. The administrative
expense was $60,000 for the six month period ended June 30, 2023 and 2022.
|
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v3.23.2
Commitments and Contingencies
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Note
6 — Commitments and Contingencies
Registration
Rights
The
holders of the insider shares and Placement Units that may be issued upon conversion of Working Capital Loans (and any shares of Ordinary
Shares issuable upon the exercise of the Placement Units or units issued upon conversion of the Working Capital Loans and upon conversion
of the Insider shares) will be entitled to registration rights pursuant to a registration rights agreement to be signed prior to or on
the effective date of Initial Public Offering requiring the Company to register such securities for resale. The holders of these securities
will be entitled to make up to three demands, excluding short form registration demands, that the Company register such securities. In
addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed after completion
of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities
Act. However, the registration rights agreement provides that the Company will not be required to effect or permit any registration or
cause any registration statement to become effective until the securities covered thereby are released from their lock-up restrictions.
The Company will bear the expenses incurred in connection with the filing of any such registration statements.
Underwriting
Agreement
The
Company granted the underwriter a 45-day option to purchase up to 1,500,000 additional Units to cover over-allotments at the Initial
Public Offering price, less the underwriting discounts and commissions. The aforementioned option was exercised on November 18, 2021.
The
underwriter was paid a cash underwriting discount of two percent (2.00%) of the gross proceeds of the Initial Public Offering, or $2,300,000.
In addition, the underwriter is entitled to a deferred fee of three point five percent (3.50%) of the gross proceeds of the Initial Public
Offering, or $4,025,000. The deferred fee was placed in the Trust Account and will be paid in cash upon the closing of a Business Combination,
subject to the terms of the underwriting agreement.
ENERGEM
CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
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v3.23.2
Shareholders’ Equity
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
Shareholders’ Equity |
Note
7 – Shareholders’ Equity
Preferred
Shares — The Company is authorized to issue 1,000,000 preferred shares with a par value of $0.0001 per share with such
designation, rights and preferences as may be determined from time to time by the Company’s Board of Directors. On June 30, 2023,
and December 31, 2022 there were no preferred shares issued or outstanding.
Class
A Ordinary shares — The Company is authorized to issue 479,000,000 shares of Class A ordinary shares with a par value of
$0.0001 per share. Holders of the Company’s Class A ordinary shares are entitled to one vote for each share. On June 30, 2023,
and December 31, 2022, there were 528,075 Class A ordinary shares issued and outstanding excluding 1,895,481 shares of Class A ordinary
shares subject to possible redemption.
Class
B Ordinary shares — The Company is authorized to issue 20,000,000 shares of Class B ordinary shares with a par value of
$0.0001 per share. Holders of the Company’s Class B ordinary shares are entitled to one vote for each share. On August 16, 2021,
the Sponsor purchased founder shares for an aggregate purchase price of $, or approximately $ per share. On September
7, 2021, our sponsor assigned 5,000 ordinary shares to Cu Seng Kiu, our Chief Financial Officer,
and 2,500 ordinary shares to each of Li Sin Tan, our former independent director, Kok Seong Wong and Chong Kwang Fock. Following Ms.
Tan’s resignation, the 2,500 ordinary shares were assigned to Ms. Doris Wong Sing Ee.
On
June 30, 2023, and December 31, 2022, there were 2,875,000 shares of Class B ordinary shares issued and outstanding, so that the Initial
Shareholders will own at least % of the issued and outstanding shares after the Proposed Offering (assuming the Initial Shareholders
do not purchase any Public Shares in the Proposed Offering and excluding the Placement Units). Class B ordinary shares will automatically
convert into Class A ordinary shares at the time of our initial Business Combination on a one-for-one basis.
Warrants
— Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the
Warrants. The Warrants will become exercisable on the later of (a) the consummation of a Business Combination or (b) 12 months from the
effective date of the registration statement relating to the initial public offering. No Warrants will be exercisable for cash unless
the Company has an effective and current registration statement covering the ordinary shares issuable upon exercise of the Warrants and
a current prospectus relating to such ordinary shares. Notwithstanding the foregoing, if a registration statement covering the ordinary
shares issuable upon the exercise of the Warrants is not effective within 90 days from the consummation of a Business Combination, the
holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed
to maintain an effective registration statement, exercise the Warrants on a cashless basis pursuant to an available exemption from registration
under the Securities Act. If an exemption from registration is not available, holders will not be able to exercise their Warrants on
a cashless basis. The Warrants will expire five years from the consummation of a Business Combination or earlier upon redemption or liquidation.
ENERGEM
CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
7 – Shareholders’ Equity (Continued)
The
Company may call the Warrants for redemption, in whole and not in part, at a price of $0.01 per warrant:
|
● |
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any time while the Warrants are exercisable, |
|
|
|
|
● |
upon
not less than 30 days’ prior written notice of redemption to each Warrant holder, |
|
|
|
|
● |
if,
and only if, the reported last sale price of the ordinary shares equals or exceeds $18 per share, for any 20 trading days within
a 30-trading day period ending on the third trading day prior to the notice of redemption to Warrant holders, and |
|
|
|
|
● |
if,
and only if, there is a current registration statement in effect with respect to the ordinary shares underlying such warrants at
the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date
of redemption. |
The
Placement Warrants are identical to the Public Warrants underlying the Units sold in the initial public offering, except that so long
as the Placement Warrants are held by our sponsor or its permitted transferees, (i) the Placement
Warrants will not be redeemable by us, (ii) they (including the Class A ordinary shares issuable
upon exercise of these warrants) may not, subject to certain limited exceptions, be transferred, assigned or sold by our sponsor until
30 days after the completion of our initial business combination, (iii) they may be exercised by the holders on a cashless basis and
(iv) the holders thereof (including with respect to Class A ordinary shares issuable upon exercise of such warrants) are entitled to
registration rights.
If
the Company calls the Warrants for redemption, management will have the option to require all holders that wish to exercise the Warrants
to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of ordinary shares issuable
upon exercise of the warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend
or recapitalization, reorganization, merger, or consolidation. However, the warrants will not be adjusted for issuances of ordinary shares
at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants. If the Company
is unable to complete a Business Combination within the Combination Period, subject to extension, as provided in our registration statement,
and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to
their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect
to such warrants. Accordingly, the warrants may expire worthless.
The
exercise price is $11.50
per share, subject to adjustment as described
herein. In addition, if (x) the Company issues
additional shares of Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing
of our initial Business Combination at an issue price or effective issue price of less than $9.20 per share of Class A ordinary shares
(with such issue price or effective issue price to be determined in good faith by our board of directors and, in the case of any such
issuance to our sponsor or its affiliates, without taking into account any founder shares held by our sponsor or such affiliates, as
applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent
more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial Business Combination on the
date of the consummation of our initial Business Combination (net of redemptions), and (z) the volume weighted average trading price
of our Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which we consummate our
initial Business Combination (such price, the “Market Value”) is below $9.20 per share, then the exercise price of the warrants
will be adjusted (to the nearest cent) to be equal to 115% of the greater of the Market Value and the Newly Issued Price, and the $18.00
per share redemption trigger price described below under “Redemption of warrants” will be adjusted (to the nearest cent)
to be equal to 180% of the greater of the Market Value and the Newly Issued Price.
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v3.23.2
Subsequent Events
|
6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
Subsequent Events |
Note
8 – Subsequent Events
In
accordance with ASC Topic 855, “Subsequent Events,” which establishes general standards of accounting for and disclosure
of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events
or transactions that occurred subsequent to the balance sheet date. Based upon
this review, the Company identified the following subsequent events:
On
August 10, 2023, the Company held
an extraordinary general meeting of its shareholders pursuant to due notice (the “Second Extraordinary General Meeting”).
At the Second Extraordinary General Meeting, the Company shareholders entitled to vote at the Second Extraordinary General Meeting cast
their votes and approved the Trust Amendment Proposal, pursuant to which the Trust Agreement was amended to extend the date on which Continental
must liquidate the Trust Account established in connection with the IPO if the Company has not completed its initial business combination,
from August 18, 2023 to February 18, 2024, which was extended from November 18, 2022 to August 18, 2023 by the Company’s shareholders
on November 16, 2022 at an Extraordinary General Meeting (the “First Extended Termination Date”).
The
shareholders of the Company approved the Third Amended and Restated Memorandum and Articles of Association of the Company at the August
10, 2023, Extraordinary General Meeting, giving the Company the right to extend the date by which the Company must (i) consummate a merger,
capital share exchange, asset acquisition, share purchase, reorganization or similar business combination involving the Company and one
or more businesses (a “business combination”), (ii) cease its operations if it fails to complete such business combination,
and (iii) redeem or repurchase 100% of the Company’s Class A ordinary shares included as part of the units sold in the Company’s
IPO that closed on November 18, 2021 from August 18, 2023 pursuant to the First
Extended Termination Date by up to six (6) one-month extensions to February 18, 2024 (the “Second Extension Amendment Proposal”).
In
connection with the voting on the Second Extension Amendment Proposal and the corresponding Trust Amendment Proposal at the Second Extraordinary
General Meeting, holders of 678,549
Class A ordinary shares
exercised their right to redeem those shares for cash at an approximate price of $10.95
per share, for an aggregate of approximately $7,430,111.55.
The
holders of the founder shares have agreed to waive their liquidation rights with respect to the founder shares if the Company fails to
complete a Business Combination within the Combination Period. However, if the holders of founder shares acquire Public Shares in or
after the Initial Public Offering, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company
fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred
underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within
the Combination Period, and, in such event, such amounts will be included with the other funds held in the Trust Account that will be
available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of
the assets remaining available for distribution will be less than the Initial Public Offering price per Unit ($10.00).
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v3.23.2
Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
The
accompanying unaudited financial statements are presented in U.S. Dollars and conformity with accounting principles generally accepted
in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC.
|
Emerging Growth Company |
Emerging
Growth Company
The
Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding
executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory
vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.
Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting
standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do
not have a class of securities registered under the Securities Exchange Act of 1934 (the “Exchange Act”)) are required to
comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended
transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable.
The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it
has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised
standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements
with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the
extended transition period difficult or impossible because of the potential differences in accounting standards used.
|
Use of Estimates |
Use
of Estimates
The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting period.
Making
estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of
a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating
its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ
significantly from those estimates.
|
Cash and Cash Equivalents |
Cash
and Cash Equivalents
The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
The Company had no cash equivalents as of June 30, 2023 and December 31, 2022.
|
Marketable Securities Held in Trust Account |
Marketable
Securities Held in Trust Account
As
of June 30, 2023, substantially all of the assets held in the Trust Account were held in government securities (United States Treasury
Bills). As of June 30, 2023 and December 31, 2022, the balance in the Trust Account was $20,670,271 and $19,706,540 respectively.
|
Income Taxes |
Income
Taxes
The
Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset
and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed
for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible
amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income.
Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
ASC
Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of
tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be
more-likely-than-not to be sustained upon examination by taxing authorities. The Company’s management determined the Cayman
Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to
unrecognized tax benefits, if any, as income tax expense. There were no
unrecognized tax benefits as of June 30, 2023 and December 31, 2022, and no
amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in
significant payments, accruals, or material deviation from its position.
The
Company is an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income
taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero
for the three and six month periods ended June 30, 2023 and 2022.
ENERGEM
CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
2 — Summary of Significant Accounting Policies (Continued)
|
Class A Ordinary Shares Subject to Possible Redemption |
Class A Ordinary Shares Subject to Possible Redemption
All of the Class A ordinary shares sold as part of
the Units in the Initial Public Offering contain a redemption feature which allows for the redemption of such Public Shares in connection
with the Company’s liquidation, if there is a shareholder vote or tender offer in connection with the Business Combination and in
connection with certain amendments to the Company’s amended and restated certificate of incorporation. In accordance with ASC 480,
conditionally redeemable Class A ordinary shares (including Class A ordinary shares that feature redemption rights that are either within
the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control)
are classified as temporary equity. Ordinary liquidation events, which involve the income and liquidation of all of the entity’s
equity instruments, are excluded from the provisions of ASC 480. Although the Company did not specify a maximum redemption threshold,
its charter provides that currently, the Company will not redeem its public shares in an amount that would cause its net tangible assets
(shareholders’ equity) to be less than $5,000,001. However, the threshold in its charter would not change the nature of the underlying
shares as redeemable and thus public shares would be required to be disclosed outside of permanent equity. The Company recognizes changes
in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value
at the end of each reporting period. Such changes are reflected in additional paid-in capital, or in the absence of additional capital,
in accumulated deficit.
As of June 30, 2023 and December 31, 2022, 1,895,481 Class A Ordinary Shares
outstanding are subject to possible redemption.
|
Net loss per share |
Net
loss per share
The
Company complies with accounting and disclosure requirements of ASC Topic 260, “Earnings Per Share.” Net loss per share
is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period, excluding ordinary
shares subject to forfeiture. As of June 30, 2023 and June 30, 2022, the Company did not have any dilutive securities and other contracts that could,
potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted loss
per share is the same as basic loss per share for the periods presented.
|
Concentration of Credit Risk |
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution
which, at times may exceed the Federal depository insurance coverage of $250,000. On June 30, 2023 and December 31, 2022, the Company
had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
The
fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value
Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to
their short-term nature.
|
Risks and Uncertainties |
Risks
and Uncertainties
Management
is currently evaluating the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that
the virus could have a negative effect on the Company’s financial position, results of its operations, close of the Initial Public
Offering, and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements.
The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
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- DefinitionDisclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.
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v3.23.2
Description of Organization and Business Operations (Details Narrative) - USD ($)
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6 Months Ended |
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Aug. 10, 2023 |
Jul. 13, 2023 |
Jun. 30, 2023 |
Jun. 10, 2023 |
May 10, 2023 |
Apr. 10, 2023 |
Mar. 10, 2023 |
Feb. 10, 2023 |
Jan. 13, 2023 |
Nov. 18, 2022 |
Nov. 17, 2022 |
Aug. 01, 2022 |
Nov. 18, 2021 |
Nov. 16, 2021 |
Sep. 07, 2021 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Nov. 16, 2022 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
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Number of shares issued in transaction |
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2,862,500
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|
Proceeds from issuance initial public offering |
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$ 111,444,250
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Gross proceeds from private placement |
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5,280,750
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Proceeds from stock offering and private placements |
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|
$ 116,725,000
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Cash |
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8,086
|
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$ 8,086
|
$ 47,789
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Working capital |
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$ 1,664,841
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$ 1,664,841
|
723,893
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|
Minimum market value net asset held in trust account, percentage |
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80.00%
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80.00%
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Minimum post-business combination ownership |
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50.00%
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50.00%
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Redeeming, shares |
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20.00%
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20.00%
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Business combination redeem |
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100.00%
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100.00%
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Offering cost |
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$ 25,000
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|
New issues of shares |
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|
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|
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9,604,519
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Shares price |
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$ 10.00
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$ 10.00
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New issues |
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|
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|
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|
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|
|
$ 98,062,139
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|
Trust Account balance |
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|
$ 20,670,271
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|
20,670,271
|
19,535,946
|
|
Working capital loan outstanding |
|
|
209,682
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209,682
|
$ 0
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Subsequent Event [Member] |
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Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
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|
Shares price |
$ 10.00
|
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Share holders [Member] |
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Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
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|
|
Trust Account balance |
|
|
$ 20,670,271
|
|
|
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|
|
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|
|
|
|
|
|
$ 20,670,271
|
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|
Purchase Agreement [Member] |
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Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
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|
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Purchase agreement and selling shareholders consideration description |
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(i)
One Billion Three Hundred and Eighty Million U.S. Dollars ($1,380,000,000), minus (ii) the amount, if any, by which $30,000 (i.e.,
the target net working capital amount) exceeds the Net Working Capital Amount (but not less than zero) (as defined in the Share Purchase
Agreement), minus (iii) the Closing Net Indebtedness amount (as defined in the Share Purchase Agreement), minus (iv) the amount of any
Transaction Expenses (as defined in the Share Purchase Agreement), divided by ten dollars ($10.00).
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Common Class A [Member] |
|
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|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business combination redeem |
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
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|
|
100.00%
|
|
100.00%
|
New issues of shares |
|
|
|
1,895,481
|
1,895,481
|
1,895,481
|
1,895,481
|
1,895,481
|
1,895,481
|
1,895,481
|
|
|
|
|
|
|
|
|
New issues |
|
|
|
$ 85,297
|
$ 85,297
|
$ 85,297
|
$ 85,297
|
$ 85,297
|
$ 85,297
|
|
$ 85,296.65
|
|
|
|
|
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|
|
Ordinary shares par value |
|
|
$ 0.0001
|
$ 0.045
|
$ 0.045
|
$ 0.045
|
$ 0.045
|
$ 0.045
|
$ 0.045
|
$ 0.045
|
|
|
|
|
|
$ 0.0001
|
$ 0.0001
|
|
Common Class A [Member] | Subsequent Event [Member] |
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Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
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|
Business combination redeem |
100.00%
|
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|
|
|
|
|
|
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New issues of shares |
|
1,895,481
|
|
|
|
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|
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|
|
|
|
|
|
|
|
New issues |
|
$ 85,297
|
|
|
|
|
|
|
|
|
|
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|
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|
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|
|
Ordinary shares par value |
|
$ 0.045
|
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|
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|
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|
Common Class A [Member] | Share holders [Member] |
|
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|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
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|
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Shares price |
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|
10.21
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|
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|
10.21
|
|
|
Common Class A [Member] | Share holders [Member] | Subsequent Event [Member] |
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|
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|
|
|
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|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
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|
|
|
|
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|
New issues of shares |
678,549
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|
|
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|
Shares price |
$ 10.95
|
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|
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|
|
New issues |
$ 7,430,111.55
|
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|
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|
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|
Common Class A [Member] | Purchase Agreement [Member] |
|
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|
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|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
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|
|
|
|
|
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|
|
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|
|
|
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|
|
Offering cost |
|
|
|
|
|
|
|
|
|
|
|
$ 1,380,000,000
|
|
|
|
|
|
|
Payments to suppliers |
|
|
|
|
|
|
|
|
|
|
|
$ 30,000
|
|
|
|
|
|
|
IPO [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
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|
|
|
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|
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|
|
|
|
|
|
|
|
|
Number of shares issued in transaction |
|
|
|
|
|
|
|
|
|
|
|
|
|
10,000,000
|
|
|
|
|
Sale of Stock, Price Per Share |
|
|
10.15
|
|
|
|
|
|
|
|
|
|
|
$ 10.00
|
|
$ 10.15
|
|
|
Proceeds from issuance initial public offering |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 100,000,000
|
|
|
|
|
Payments of stock issuance costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
8,304,871
|
|
|
|
|
Payments for underwriting expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 4,025,000
|
|
|
|
|
Cash held outside of trust account |
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,002,730
|
|
|
|
|
|
IPO [Member] | Common Class A [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued in transaction |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,000,000
|
|
|
Sale of Stock, Price Per Share |
|
|
10.00
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 10.00
|
|
|
Proceeds from issuance initial public offering |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 100,000,000
|
|
|
Ordinary shares par value |
|
|
$ 0.0001
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.0001
|
|
|
Over-Allotment Option [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued in transaction |
|
|
|
|
|
|
|
|
|
|
|
|
1,500,000
|
1,500,000
|
|
|
|
|
Sale of Stock, Price Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
$ 10.00
|
|
|
|
|
|
Gross proceeds from sale of options |
|
|
|
|
|
|
|
|
|
|
|
|
$ 15,000,000
|
|
|
|
|
|
Private Placement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued in transaction |
|
|
|
|
|
|
|
|
|
|
|
|
52,500
|
475,575
|
|
|
|
|
Sale of Stock, Price Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
$ 10.00
|
$ 10.00
|
|
|
|
|
Gross proceeds from private placement |
|
|
|
|
|
|
|
|
|
|
|
|
$ 5,280,750
|
$ 4,755,750
|
|
|
|
|
X |
- DefinitionCash held outside of trust account.
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- DefinitionThe amount of cash, securities, or other assets held by a third-party trustee pursuant to the terms of an agreement which assets are available to be used by beneficiaries to that agreement only within the specific terms thereof and which agreement is expected to terminate more than one year from the balance sheet date (or operating cycle, if longer) at which time the assets held-in-trust will be released or forfeited.
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v3.23.2
Summary of Significant Accounting Policies (Details Narrative) - USD ($)
|
6 Months Ended |
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Cash equivalents |
$ 0
|
$ 0
|
Balance, trust account |
20,670,271
|
19,706,540
|
Unrecognized tax benefits |
0
|
$ 0
|
Unrecognized tax penalties and interest accrued |
0
|
|
Temporary equity, accretion to redemption value |
5,000,001
|
|
Federal depository insurance coverage amount |
$ 250,000
|
|
Common Class A [Member] |
|
|
Temporary equity shares redemption |
1,895,481
|
1,895,481
|
X |
- DefinitionThe total amount of cash and securities held by third party trustees pursuant to terms of debt instruments or other agreements as of the date of each statement of financial position presented, which can be used by the trustee only to pay the noncurrent portion of specified obligations.
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v3.23.2
Public Offering (Details Narrative) - USD ($)
|
|
|
|
6 Months Ended |
|
|
|
|
|
|
|
|
Jun. 30, 2023 |
Nov. 16, 2021 |
Sep. 07, 2021 |
Jun. 30, 2023 |
Jun. 10, 2023 |
May 10, 2023 |
Apr. 10, 2023 |
Mar. 10, 2023 |
Feb. 10, 2023 |
Jan. 13, 2023 |
Dec. 31, 2022 |
Nov. 18, 2022 |
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued in transaction |
|
|
2,862,500
|
|
|
|
|
|
|
|
|
|
Sale of stock |
$ 111,444,250
|
|
|
|
|
|
|
|
|
|
|
|
Common Class A [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, par value |
$ 0.0001
|
|
|
$ 0.0001
|
$ 0.045
|
$ 0.045
|
$ 0.045
|
$ 0.045
|
$ 0.045
|
$ 0.045
|
$ 0.0001
|
$ 0.045
|
IPO [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued in transaction |
|
10,000,000
|
|
|
|
|
|
|
|
|
|
|
Sale of stock, price per share |
10.15
|
$ 10.00
|
|
$ 10.15
|
|
|
|
|
|
|
|
|
Sale of stock |
|
$ 100,000,000
|
|
|
|
|
|
|
|
|
|
|
IPO [Member] | Common Class A [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued in transaction |
|
|
|
10,000,000
|
|
|
|
|
|
|
|
|
Common stock, par value |
0.0001
|
|
|
$ 0.0001
|
|
|
|
|
|
|
|
|
Sale of stock, price per share |
10.00
|
|
|
$ 10.00
|
|
|
|
|
|
|
|
|
Sale of stock |
|
|
|
$ 100,000,000
|
|
|
|
|
|
|
|
|
Public Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Sale of stock, price per share |
11.50
|
|
|
$ 11.50
|
|
|
|
|
|
|
|
|
Public Warrant [Member] | Common Class A [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Sale of stock, price per share |
11.50
|
|
|
$ 11.50
|
|
|
|
|
|
|
|
|
IPO and Over-Allotment Option [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued in transaction |
|
|
|
11,500,000
|
|
|
|
|
|
|
|
|
Sale of stock, price per share |
$ 10.00
|
|
|
$ 10.00
|
|
|
|
|
|
|
|
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.2
Private Placement (Details Narrative) - USD ($)
|
Jun. 30, 2023 |
Nov. 18, 2021 |
Nov. 16, 2021 |
Subsidiary, Sale of Stock [Line Items] |
|
|
|
Issuance of private placement |
$ 5,280,750
|
|
|
Issuance of common stock |
116,725,000
|
|
|
Issuance of initial public offerings |
111,444,250
|
|
|
Underwriters [Member] |
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
Issuance of initial public offerings |
$ 4,025,000
|
|
|
Private Placement [Member] |
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
Number of shares issued |
|
528,075
|
|
Sale of stock, price per share |
|
$ 10.00
|
$ 10.00
|
Issuance of private placement |
|
$ 5,280,750
|
$ 4,755,750
|
X |
- DefinitionThe number of units sold in a private placement of each class of partners' capital account. Units represent shares of ownership of the general, limited, and preferred partners.
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v3.23.2
Related Party Transactions (Details Narrative) - USD ($)
|
|
|
3 Months Ended |
6 Months Ended |
|
|
|
Sep. 07, 2021 |
Sep. 07, 2021 |
Aug. 16, 2021 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Nov. 01, 2022 |
Aug. 06, 2021 |
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of shares issued, shares |
|
|
|
|
|
9,604,519
|
|
|
|
|
Number of shares issued, value |
|
|
|
|
|
$ 98,062,139
|
|
|
|
|
Shares issued transaction |
|
2,862,500
|
|
|
|
|
|
|
|
|
Related party transaction description |
|
|
|
|
|
The
initial shareholders have agreed not to transfer, assign or sell any of the Class B ordinary shares (except to certain permitted transferees)
until, with respect to 50% of the Class B ordinary shares, the earlier of (i) six months after the date of the consummation of a Business
Combination, or (ii) the date on which the closing price of the Company’s ordinary shares equals or exceeds $12.00 per share (as
adjusted for share splits, share dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day
period commencing after a Business Combination, with respect to the remaining 50% of the Class B ordinary shares, upon six months after
the date of the consummation of a Business Combination, or earlier, in each case, if, subsequent to a Business Combination, the Company
consummates a subsequent liquidation, merger, share exchange or other similar transaction which results in all of the Company’s
shareholders having the right to exchange their ordinary shares for cash, securities or other property.
|
|
|
|
|
Working capital loan outstanding |
|
|
|
$ 209,682
|
|
$ 209,682
|
|
$ 0
|
|
|
Administrative Support Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Administrative expense |
|
|
|
30,000
|
$ 30,000
|
60,000
|
$ 60,000
|
|
|
|
CuSengKiu [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Shares issued to officers |
5,000
|
|
|
|
|
|
|
|
|
|
LiSinTan [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Shares issued to officers |
2,500
|
|
|
|
|
|
|
|
|
|
Ms.Doris Wong SingEe [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Shares issued to officers |
2,500
|
|
|
|
|
|
|
|
|
|
Related Party Loans [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Maximum loans convertible into warrants |
|
|
|
$ 1,500,000
|
|
$ 1,500,000
|
|
|
|
|
Price of warrant |
|
|
|
$ 10.00
|
|
$ 10.00
|
|
|
|
|
Sponsor [Member] | Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
|
$ 1,500,000
|
$ 300,000
|
Working capital loan |
|
|
|
$ 682,373
|
|
$ 682,373
|
|
|
|
|
Sponsor [Member] | Office Space Administrative and Support Services [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Related party, amount of transaction |
|
|
|
|
|
$ 10,000
|
|
|
|
|
Common Class B [Member] | Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Ownership percentage |
|
|
20.00%
|
20.00%
|
|
20.00%
|
|
20.00%
|
|
|
Common Class B [Member] | Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of shares issued, shares |
|
|
2,875,000
|
|
|
|
|
|
|
|
Number of shares issued, value |
|
|
$ 25,000
|
|
|
|
|
|
|
|
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v3.23.2
Commitments and Contingencies (Details Narrative) - USD ($)
|
|
|
|
|
6 Months Ended |
Jun. 30, 2023 |
Nov. 18, 2021 |
Nov. 16, 2021 |
Sep. 07, 2021 |
Jun. 30, 2023 |
Other Commitments [Line Items] |
|
|
|
|
|
Number of shares issued in transaction |
|
|
|
2,862,500
|
|
Proceeds from issuance initial public offering |
$ 111,444,250
|
|
|
|
|
Underwriters Agreement [Member] | Underwritting Discount [Member] |
|
|
|
|
|
Other Commitments [Line Items] |
|
|
|
|
|
Percentage of underwriting discount |
|
|
|
|
2.00%
|
Proceeds from issuance initial public offering |
|
|
|
|
$ 2,300,000
|
Underwriters Agreement [Member] | Underwritting Deferred Fee [Member] |
|
|
|
|
|
Other Commitments [Line Items] |
|
|
|
|
|
Proceeds from issuance initial public offering |
|
|
|
|
$ 4,025,000
|
Percentage of gross offering proceeds payable |
|
|
|
|
3.50%
|
Over-Allotment Option [Member] |
|
|
|
|
|
Other Commitments [Line Items] |
|
|
|
|
|
Number of shares issued in transaction |
|
1,500,000
|
1,500,000
|
|
|
X |
- DefinitionPercentage of gross offering proceeds payable.
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v3.23.2
Shareholders’ Equity (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
|
|
|
6 Months Ended |
|
Jun. 10, 2023 |
May 10, 2023 |
Apr. 10, 2023 |
Mar. 10, 2023 |
Feb. 10, 2023 |
Jan. 13, 2023 |
Nov. 18, 2022 |
Nov. 17, 2022 |
Sep. 07, 2021 |
Aug. 16, 2021 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares authorized |
|
|
|
|
|
|
|
|
|
|
1,000,000
|
1,000,000
|
Preferred stock, par value |
|
|
|
|
|
|
|
|
|
|
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares issued |
|
|
|
|
|
|
|
|
|
|
0
|
0
|
Preferred stock, shares outstanding |
|
|
|
|
|
|
|
|
|
|
0
|
0
|
Number of shares issued, shares |
|
|
|
|
|
|
|
|
|
|
9,604,519
|
|
Number of shares issued, value |
|
|
|
|
|
|
|
|
|
|
$ 98,062,139
|
|
Shares issued price per share |
|
|
|
|
|
|
|
|
|
|
$ 10.00
|
|
[custom:ShareAdjustmentDescription] |
|
|
|
|
|
|
|
|
|
|
the Company issues
additional shares of Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing
of our initial Business Combination at an issue price or effective issue price of less than $9.20 per share of Class A ordinary shares
(with such issue price or effective issue price to be determined in good faith by our board of directors and, in the case of any such
issuance to our sponsor or its affiliates, without taking into account any founder shares held by our sponsor or such affiliates, as
applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent
more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial Business Combination on the
date of the consummation of our initial Business Combination (net of redemptions), and (z) the volume weighted average trading price
of our Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which we consummate our
initial Business Combination (such price, the “Market Value”) is below $9.20 per share, then the exercise price of the warrants
will be adjusted (to the nearest cent) to be equal to 115% of the greater of the Market Value and the Newly Issued Price, and the $18.00
per share redemption trigger price described below under “Redemption of warrants” will be adjusted (to the nearest cent)
to be equal to 180% of the greater of the Market Value and the Newly Issued Price
|
|
Public Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Sale of Stock, Price Per Share |
|
|
|
|
|
|
|
|
|
|
$ 11.50
|
|
Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Warrant term |
|
|
|
|
|
|
|
|
|
|
5 years
|
|
Warrant description |
|
|
|
|
|
|
|
|
|
|
the reported last sale price of the ordinary shares equals or exceeds $18 per share, for any 20 trading days within
a 30-trading day period ending on the third trading day prior to the notice of redemption to Warrant holders, and
|
|
CuSengKiu [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued to officers |
|
|
|
|
|
|
|
|
5,000
|
|
|
|
LiSinTan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued to officers |
|
|
|
|
|
|
|
|
2,500
|
|
|
|
Ms.Doris Wong SingEe [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued to officers |
|
|
|
|
|
|
|
|
2,500
|
|
|
|
Common Class A [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, shares authorized |
|
|
|
|
|
|
|
|
|
|
479,000,000
|
479,000,000
|
Common stock, par value |
$ 0.045
|
$ 0.045
|
$ 0.045
|
$ 0.045
|
$ 0.045
|
$ 0.045
|
$ 0.045
|
|
|
|
$ 0.0001
|
$ 0.0001
|
Common stock voting rights description |
|
|
|
|
|
|
|
|
|
|
Holders of the Company’s Class A ordinary shares are entitled to one vote for each share
|
|
Common stock, shares issued |
|
|
|
|
|
|
|
|
|
|
528,075
|
528,075
|
Common stock, shares, outstanding |
|
|
|
|
|
|
|
|
|
|
528,075
|
528,075
|
Temporary equity shares redemption |
|
|
|
|
|
|
|
|
|
|
1,895,481
|
1,895,481
|
Number of shares issued, shares |
1,895,481
|
1,895,481
|
1,895,481
|
1,895,481
|
1,895,481
|
1,895,481
|
1,895,481
|
|
|
|
|
|
Number of shares issued, value |
$ 85,297
|
$ 85,297
|
$ 85,297
|
$ 85,297
|
$ 85,297
|
$ 85,297
|
|
$ 85,296.65
|
|
|
|
|
Common Class A [Member] | Public Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Sale of Stock, Price Per Share |
|
|
|
|
|
|
|
|
|
|
$ 11.50
|
|
Common Class B [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, shares authorized |
|
|
|
|
|
|
|
|
|
|
20,000,000
|
20,000,000
|
Common stock, par value |
|
|
|
|
|
|
|
|
|
|
$ 0.0001
|
$ 0.0001
|
Common stock voting rights description |
|
|
|
|
|
|
|
|
|
|
Holders of the Company’s Class B ordinary shares are entitled to one vote for each share
|
|
Common stock, shares issued |
|
|
|
|
|
|
|
|
|
|
2,875,000
|
2,875,000
|
Common stock, shares, outstanding |
|
|
|
|
|
|
|
|
|
|
2,875,000
|
2,875,000
|
Common Class B [Member] | Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Ownership percentage |
|
|
|
|
|
|
|
|
|
20.00%
|
20.00%
|
20.00%
|
Common Class B [Member] | Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued, shares |
|
|
|
|
|
|
|
|
|
2,875,000
|
|
|
Number of shares issued, value |
|
|
|
|
|
|
|
|
|
$ 25,000
|
|
|
Shares issued price per share |
|
|
|
|
|
|
|
|
|
$ 0.009
|
|
|
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v3.23.2
Subsequent Events (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
|
|
|
6 Months Ended |
|
Aug. 10, 2023 |
Jul. 13, 2023 |
Jun. 10, 2023 |
May 10, 2023 |
Apr. 10, 2023 |
Mar. 10, 2023 |
Feb. 10, 2023 |
Jan. 13, 2023 |
Nov. 18, 2022 |
Nov. 17, 2022 |
Jun. 30, 2023 |
Nov. 16, 2022 |
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Business combination redeem |
|
|
|
|
|
|
|
|
|
|
100.00%
|
|
Number of new shares issued |
|
|
|
|
|
|
|
|
|
|
9,604,519
|
|
Shares price |
|
|
|
|
|
|
|
|
|
|
$ 10.00
|
|
Stock issued during period value new issues |
|
|
|
|
|
|
|
|
|
|
$ 98,062,139
|
|
Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Shares price |
$ 10.00
|
|
|
|
|
|
|
|
|
|
|
|
Common Class A [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Business combination redeem |
|
|
|
|
|
|
|
|
|
|
100.00%
|
100.00%
|
Number of new shares issued |
|
|
1,895,481
|
1,895,481
|
1,895,481
|
1,895,481
|
1,895,481
|
1,895,481
|
1,895,481
|
|
|
|
Stock issued during period value new issues |
|
|
$ 85,297
|
$ 85,297
|
$ 85,297
|
$ 85,297
|
$ 85,297
|
$ 85,297
|
|
$ 85,296.65
|
|
|
Common Class A [Member] | Share holders [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Shares price |
|
|
|
|
|
|
|
|
|
|
$ 10.21
|
|
Common Class A [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Business combination redeem |
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
Number of new shares issued |
|
1,895,481
|
|
|
|
|
|
|
|
|
|
|
Stock issued during period value new issues |
|
$ 85,297
|
|
|
|
|
|
|
|
|
|
|
Common Class A [Member] | Subsequent Event [Member] | Share holders [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of new shares issued |
678,549
|
|
|
|
|
|
|
|
|
|
|
|
Shares price |
$ 10.95
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued during period value new issues |
$ 7,430,111.55
|
|
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionRedemptions In Connection With Business Combination To Redeem Percentage.
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