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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended May 31, 2024
☐
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: 001-41271
EVERGREEN CORPORATION
(Exact
name of registrant as specified in its charter)
Cayman |
|
N/A |
(State
or other jurisdiction of
incorporation
or organization) |
|
(I.R.S.
Employer
Identification
Number) |
Lot
1.02, Level 1,
Glo
Damansara, 699,
Jalan
Damansara,
Taman
Tun Dr Ismail,
60000
Kuala Lumpur,
Malaysia
(Address
of principal executive offices)
Registrant’s
telephone number, including area code: 786-406-6082
Not
applicable
(Former
name or former address, if changed since last report)
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 every Interactive Date File required to be submitted and 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 such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer,” “smaller
reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
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 Exchange Act). Yes ☒ No ☐
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Ordinary
Shares |
|
EVGR |
|
The
NASDAQ Stock Market LLC |
Warrants |
|
EVGRW |
|
The
NASDAQ Stock Market LLC |
Units |
|
EVGRU |
|
The
NASDAQ Stock Market LLC |
As
of July 12, 2024, there were 532,500 Class A ordinary shares (excluding 4,663,957
Class A ordinary shares subject to redemption) and 2,875,000
Class B ordinary shares issued and outstanding.
EVERGREEN
CORPORATION
Quarterly
Report on Form 10-Q
TABLE
OF CONTENTS
PART
I - FINANCIAL INFORMATION
Item
1. Financial Statements
Evergreen
Corporation
BALANCE
SHEETs
(Unaudited)
| |
May
31, 2024 | | |
November
30, 2023 | |
ASSETS | |
| | | |
| | |
Current Assets | |
| | | |
| | |
Cash | |
$ | 4,176 | | |
$ | 146,933 | |
Prepaid expenses | |
| 43,669 | | |
| 44,977 | |
Total Current Assets | |
| 47,845 | | |
| 191,910 | |
| |
| | | |
| | |
Cash and Marketable Securities held in trust account | |
| 53,579,162 | | |
| 82,949,890 | |
| |
| | | |
| | |
Total Assets | |
$ | 53,627,007 | | |
$ | 83,141,800 | |
| |
| | | |
| | |
LIABILITIES AND SHAREHOLDERS’ DEFICIT | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accounts payable | |
$ | 160,000 | | |
$ | 100,000 | |
Accrued expenses | |
| 474,785 | | |
| 393,600 | |
Extension loan | |
| 3,820,000 | | |
| 2,940,000 | |
Working capital loan | |
| 810,500 | | |
| 650,000 | |
Total Current Liabilities | |
| 5,265,285 | | |
| 4,083,600 | |
| |
| | | |
| | |
Deferred underwriter commission | |
| 4,025,000 | | |
| 4,025,000 | |
| |
| | | |
| | |
Total Liabilities | |
| 9,290,285 | | |
| 8,108,600 | |
| |
| | | |
| | |
Commitments and Contingencies | |
| - | | |
| - | |
| |
| | | |
| | |
Class A ordinary shares subject to possible redemption; 4,663,957
(at $11.49
per share) as of May 31, 2024 and 7,495,670
shares (at $11.07
per share) as of November 30, 2023 | |
| 53,579,162 | | |
| 82,949,890 | |
Shareholders’ Deficit | |
| | | |
| | |
Preference Shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding as of May 31, 2024 and November 30, 2023 | |
| - | | |
| - | |
Class A ordinary shares, $0.0001 par value; 479,000,000 shares authorized; 532,500 shares issued and outstanding (excluding 4,663,957 and 7,495,670 shares subject to possible redemption) as of May 31, 2024 and November 30, 2023, respectively | |
| 53 | | |
| 53 | |
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 2,875,000 shares issued and outstanding as of May 31, 2024, and November 30, 2023 | |
| 288 | | |
| 288 | |
Common stock, value | |
| 288 | | |
| 288 | |
| |
| | | |
| | |
Additional paid-in capital | |
| - | | |
| - | |
Accumulated deficit | |
| (9,242,781 | ) | |
| (7,917,031 | ) |
Total Shareholders’ Deficit | |
| (9,242,440 | ) | |
| (7,916,690 | ) |
Total Liabilities and Shareholders’ Deficit | |
$ | 53,627,007 | | |
$ | 83,141,800 | |
The
accompanying notes are an integral part of these unaudited financial statements
Evergreen
Corporation
STATEMENTS
OF OPERATIONS
(UNAUDITED)
| |
For the Three Months Ended May
31, 2024 | | |
For the Six Months Ended May
31, 2024 | | |
For the Three Months Ended May
31, 2023 | | |
For the Six Months Ended May
31, 2023 | |
| |
| | |
| | |
| | |
| |
Formation and operating costs | |
$ | 199,358 | | |
$ | 445,750 | | |
$ | 431,065 | | |
$ | 597,360 | |
Loss from Operations | |
| (199,358 | ) | |
| (445,750 | ) | |
| (431,065 | ) | |
| (597,360 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other Income | |
| | | |
| | | |
| | | |
| | |
Interest earned on marketable securities held in trust account | |
| 1,033,580 | | |
| 2,113,665 | | |
| 1,392,934 | | |
| 2,586,357 | |
Net Income | |
$ | 834,222 | | |
$ | 1,667,915 | | |
$ | 961,869 | | |
$ | 1,988,997 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted average shares outstanding of Class A ordinary shares | |
| 7,304,510 | | |
| 7,668,339 | | |
| 12,032,500 | | |
| 12,032,500 | |
Basic and diluted net income (loss) per ordinary share | |
$ | 0.08 | | |
$ | 0.16 | | |
$ | 0.06 | | |
$ | 0.13 | |
Weighted average shares outstanding of Class B ordinary share | |
| 2,875,000 | | |
| 2,875,000 | | |
| 2,875,000 | | |
| 2,875,000 | |
Basic and diluted net income (loss) per ordinary share | |
$ | 0.08 | | |
$ | 0.16 | | |
$ | 0.06 | | |
$ | 0.13 | |
The
accompanying notes are an integral part of these unaudited financial statements
Evergreen
Corporation
STATEMENTS
OF CHANGES IN SHAREHOLDERS’ DEFICIT
FOR
THE SIX MONTHS ENDED MAY 31, 2024
AND
FOR
THE SIX MONTHS ENDED MAY 31, 2023
(UNAUDITED)
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
| |
Class A Ordinary Shares | | |
Class B Ordinary Shares | | |
Additional Paid in | | |
Accumulated | | |
Total Shareholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance – November 30, 2023 | |
| 532,500 | | |
$ | 53 | | |
| 2,875,000 | | |
$ | 288 | | |
$ | - | | |
$ | (7,917,031 | ) | |
$ | (7,916,690 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Re-measurement for common stock to redemption amount | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,080,085 | ) | |
| (1,080,085 | ) |
Additional amount deposited into trust | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (480,000 | ) | |
| (480,000 | ) |
Net Income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 833,693 | | |
| 833,693 | |
Balance – February 29, 2024 | |
| 532,500 | | |
$ | 53 | | |
| 2,875,000 | | |
$ | 288 | | |
$ | - | | |
$ | (8,643,423 | ) | |
$ | (8,643,082 | ) |
Re-measurement for common stock to redemption amount | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,033,580 | ) | |
| (1,033,580 | ) |
Additional amount deposited into trust | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (400,000 | ) | |
| (400,000 | ) |
Net Income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 834,222 | | |
| 834,222 | |
Balance – May 31, 2024 | |
| 532,500 | | |
$ | 53 | | |
| 2,875,000 | | |
$ | 288 | | |
| - | | |
$ | (9,242,781 | ) | |
$ | (9,242,440 | ) |
| |
Class A Ordinary Shares | | |
Class B Ordinary Shares | | |
Additional Paid in | | |
Accumulated | | |
Total Shareholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance – November 30, 2022 | |
| 532,500 | | |
$ | 53 | | |
| 2,875,000 | | |
$ | 288 | | |
$ | - | | |
$ | (3,633,593 | ) | |
$ | (3,633,252 | ) |
Balance | |
| 532,500 | | |
$ | 53 | | |
| 2,875,000 | | |
$ | 288 | | |
$ | - | | |
$ | (3,633,593 | ) | |
$ | (3,633,252 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Re-measurement for common stock to redemption amount | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,193,423 | ) | |
| (1,193,423 | ) |
Additional amount deposited into trust | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,150,000 | ) | |
| (1,150,000 | ) |
Net Income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,027,128 | | |
| 1,027,128 | |
Balance – February 28, 2023 | |
| 532,500 | | |
$ | 53 | | |
| 2,875,000 | | |
$ | 288 | | |
$ | - | | |
$ | (4,949,888 | ) | |
$ | (4,949,547 | ) |
Balance | |
| 532,500 | | |
$ | 53 | | |
| 2,875,000 | | |
$ | 288 | | |
$ | - | | |
$ | (4,949,888 | ) | |
$ | (4,949,547 | ) |
Re-measurement for common stock to redemption amount | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,392,934 | ) | |
| (1,392,934 | ) |
Additional amount deposited into trust | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,150,000 | ) | |
| (1,150,000 | ) |
Net Income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 961,869 | | |
| 961,869 | |
Balance – May 31, 2023 | |
| 532,500 | | |
$ | 53 | | |
| 2,875,000 | | |
$ | 288 | | |
$ | - | | |
$ | (6,530,953 | ) | |
$ | (6,530,612 | ) |
Balance | |
| 532,500 | | |
$ | 53 | | |
| 2,875,000 | | |
$ | 288 | | |
$ | - | | |
$ | (6,530,953 | ) | |
$ | (6,530,612 | ) |
The
accompanying notes are an integral part of these unaudited financial statements
Evergreen
Corporation
STATEMENTS
OF CASH FLOWS
(UNAUDITED)
| |
For the Six Months Ended May 31, 2024 | | |
For the Six Months Ended May 31, 2023 | |
Cash flows from operating activities: | |
| | | |
| | |
Net income | |
$ | 1,667,915 | | |
$ | 1,988,997 | |
Adjustments to reconcile net income to net cash used in operating activities: | |
| | | |
| | |
Interest earned on marketable securities held in Trust Account | |
| (2,113,665 | ) | |
| (2,586,357 | ) |
Changes in operating assets and liabilities: | |
| | | |
| | |
Prepaid expenses | |
| 1,308 | | |
| 80,003 | |
Accounts payable | |
| 60,000 | | |
| 26,351 | |
Accrued expenses | |
| 81,185 | | |
| 150,714 | |
Net cash used in operating activities | |
| (303,257 | ) | |
| (340,292 | ) |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Cash withdrawn from Trust Account in connection with redemption | |
| 32,364,393 | | |
| - | |
Investment of cash in Trust Account | |
| (880,000 | ) | |
| (2,300,000 | ) |
Net cash provided by (used in) investing activities | |
| 31,484,393 | | |
| (2,300,000 | ) |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Redemption of ordinary shares | |
| (32,364,393 | ) | |
| - | |
Proceeds from working capital loan | |
| 160,500 | | |
| 50,000 | |
Proceeds from extension loan | |
| 880,000 | | |
| 2,300,000 | |
Net cash (used in) provided by financing activities | |
| (31,323,893 | ) | |
| 2,350,000 | |
| |
| | | |
| | |
Net change in cash | |
| (142,757 | ) | |
| (290,292 | ) |
Cash at the beginning of the period | |
| 146,933 | | |
| 301,228 | |
Cash at the end of the period | |
$ | 4,176 | | |
$ | 10,936 | |
| |
| | | |
| | |
Supplemental disclosure of non-cash investing and financing activities: | |
| | | |
| | |
Remeasurement of Common Stock subject to redemption | |
$ | 2,113,665 | | |
$ | 2,586,357 | |
Extension Funds attributable to Common Stock subject to redemption | |
$ | 880,000 | | |
$ | 2,300,000 | |
The
accompanying notes are an integral part of these unaudited financial statements
EVERGREEN
CORPORATION
NOTES
TO FINANCIAL STATEMENTS
UNAUDITED
May
31, 2024
Note
1 — Description of Organization and Business Operations
Evergreen
Corporation (the “Company”) was incorporated in Cayman Islands on October 21, 2021. The Company was formed for the purpose
of effecting a merger, capital share exchange, asset acquisition, share purchase, reorganization or similar business combination with
one or more businesses (the “Business Combination”). The Company is not limited to a particular industry or sector for purposes
of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject
to all of the risks associated with early stage and emerging growth companies.
As
of May 31, 2024, the Company had not commenced any operations. All activity for the period from October 21, 2021 (inception) through
May 31, 2024 relates to the Company’s formation and initial public offering (“Initial Public Offering”), which is described
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 from the proceeds derived from the Initial Public Offering.
The Company has selected November 30 as its fiscal year end.
The
registration statement for the Company’s Initial Public Offering was declared effective on February 8, 2022. On February 11, 2022,
the Company consummated the Initial Public Offering of 10,000,000 units (“Units” and, with respect to the ordinary shares
included in the Units being offered, the “Public Shares”), generating gross proceeds of $100,000,000 which is described in
Note 3.
The
Initial Public Offering transaction costs amounted to $8,557,887 consisting of $1,800,000 of underwriting fees paid in cash, $4,025,000
of deferred underwriting fees payable (which are held in a trust account with Continental Stock Transfer & Trust Company acting as
trustee (the “Trust Account”)), $1,725,000 funded to the trust account and $1,007,887 of costs related to the Initial Public
Offering. Cash of $1,519,359 was held outside of the Trust Account on February 11, 2022 and was available for working capital purposes.
As described in Note 6, the $4,025,000 deferred underwriting fees are contingent upon the consummation of the Business Combination.
Simultaneously
with the closing of the Initial Public Offering, the Company consummated the private sale (the “Private Placement”) of an
aggregate of 480,000 units (the “Private Placement Units”) to Evergreen LLC (the “Sponsor”) at a purchase price
of $10.00 per Private Placement Unit, generating gross proceeds to the Company in the amount of $4,800,000.
On
February 11, 2022, the underwriters purchased an additional 1,500,000 Option Units pursuant to the exercise of the over-allotment option.
The Option 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 full exercise of the over-allotment option, the Sponsor purchased an additional 52,500 Option Private Placement
Units at a purchase price of $10.00 per unit.
Following
the closing of the Initial Public Offering on February 11, 2022, an amount of $116,725,000 ($10.15 per Unit) from the net proceeds of
the sale of the Units in the Initial Public Offering and the Private Placement was placed 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 (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 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, as described below.
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 Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward
consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully.
The Company must complete one or more initial Business Combinations with one or more operating businesses or assets with a fair market
value equal to at least 80% of the value of the net assets held in the Trust Account (as defined below) (excluding the deferred underwriting
commissions and taxes payable on the interest earned on the Trust Account). The Company will only complete a Business Combination if
the post transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a
controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment
Company Act. 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 Private Placement Warrants, will be held in the Trust Account 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.
Note
1 — Description of Organization and Business Operations (Continued)
The
Company will provide the holders of the outstanding Public Shares (the “Public Shareholders”) with the opportunity to redeem
all or a portion of their Public Shares either (i) in connection with a shareholders meeting called to approve the Business Combination
or (ii) by means of a tender offer in connection with the Business Combination. The decision as to whether the Company will seek shareholder
approval of a Business Combination or conduct a tender offer will be made by the Company. The Public Shareholders will be entitled to
redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.15 per Public
Share, plus any pro rata interest then in the Trust Account, net of taxes payable). There will be no redemption rights upon the completion
of a Business Combination with respect to the Company’s warrants. The Public Shares subject to redemption will be recorded at a
redemption value and classified as temporary equity upon the completion of the Initial Public Offering in accordance with the Accounting
Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity”.
If
the Company seeks shareholder approval of the Business Combination, the Company will proceed with a Business Combination if a majority
of the outstanding shares voted are voted in favor of the Business Combination, or such other vote as required by law or stock exchange
rule. If a shareholder vote is not required by applicable law or stock exchange listing requirements and the Company does not decide
to hold a shareholder vote for business or other reasons, the Company will, pursuant to its second amended and restated certificate of
incorporation (the “Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the U.S.
Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination.
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.
Note
1 — Description of Organization and Business Operations (Continued)
If
the Company has not completed a Business Combination within 12 months (or 15 months, or 18 months, as applicable from the closing of
the Initial Public Offering (the “Combination Period”), the Company will (i) cease all operations except for the purpose
of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a
per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the
funds held in the Trust Account and not previously released to pay taxes (less up to $100,000 of interest to pay dissolution expenses),
divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Shareholders’ rights
as shareholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible
following such redemption, subject to the approval of the Company’s remaining shareholders and the Company’s board of directors,
dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors
and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to the Company’s
warrants, which will expire worthless if the Company fails to complete a Business Combination within the Combination Period.
The
holders of the Founders 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).
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, in the event that 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.
Subsequent
to the approval by the shareholders of Evergreen Corporation (“EVGR” or the Company) of the Amendment to EVGR’s Amended
and Restated Memorandum and Articles of Association (the “Charter Amendment”), on July 18, 2023, EVGR filed the Charter
Amendment with the Registrar of Companies in the Cayman Islands. Pursuant to the Charter Amendment, EVGR has the right to extend the
period which it has to complete a business combination by up to twelve (12) times for an additional one (1) month each time from August
11, 2023 to August 11, 2024 by depositing into its trust account, for each one-month extension, the lesser of (a) $160,000 and (b) $0.055
for each Class A ordinary share outstanding after giving effect to the redemption of public shares in connection with the Charter Amendment
in accordance with the terms of EVGR’s amended and restated memorandum and articles of association. In connection with the Charter
Amendment, EVGR’ shareholders elected to redeem an aggregate of 4,004,330 ordinary shares.
Subsequent
to the approval by the shareholders of EVGR of the Amendment to EVGR’s Amended and Restated Memorandum and Articles of Association
(the “Charter Amendment”), on May 9, 2024, EVGR filed the Charter Amendment with the Registrar of Companies in the
Cayman Islands. Pursuant to the Charter Amendment, EVGR has the right to extend the period which it has to complete a business combination
by up to nine (9) times for an additional one (1) month each time from May 11, 2024 to February 11, 2025 by depositing into its trust
account, for each one-month extension, the lesser of (a) $80,000 and (b) $0.03 for each Class A ordinary share outstanding after giving
effect to the redemption of public shares in connection with the Charter Amendment in accordance with the terms of EVGR’s amended
and restated memorandum and articles of association. EVGR’s shareholders elected to redeem an aggregate of 2,831,713 ordinary shares
or $32,364,393 in connection with the Charter Amendment.
Note
1 — Description of Organization and Business Operations (Continued)
Going
Concern and Management’s Plan
The
Company expects to incur significant costs in pursuit of its acquisition plans and will not generate any operating revenues until after
the completion of its initial business combination. In addition, the Company expects to have negative cash flows from operations as it
pursues an initial business combination target. 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” the Company does not currently have adequate liquidity to sustain operations, which consist
solely of pursuing a Business Combination.
The
Company may raise additional capital through loans or additional investments from the Sponsor or its shareholders, officers, directors,
or third parties. The Company’s officers and directors and the Sponsor may, but are not obligated to (except as described above),
loan the Company funds, from time to time, in whatever amount they deem reasonable in their sole discretion, to meet the Company’s
working capital needs.
As
is customary for a special purpose acquisition company, if the Company is not able to consummate a Business Combination during the Combination
Period, it will cease all operations and redeem the Public Shares. Management plans to continue its efforts to consummate a Business
Combination during the Combination Period.
While
the Company expects to have access to additional sources of capital if necessary, there is no current commitment on the part of any financing
source to provide additional capital and no assurances can be provided that such additional capital will ultimately be available. The
liquidity condition and mandatory liquidation raise substantial doubt about the Company’s ability to continue as a going concern
until the earlier of the consummation of the Business Combination or the date the Company is required to liquidate. There is no assurance
that the Company’s plans to raise additional capital (to the extent ultimately necessary) or to consummate a Business Combination
will be successful or successful within the Combination Period. The financial statements do not include any adjustments that might result
from the outcome of this uncertainty.
Note
2 — Summary of Significant Accounting Policies
Basis
of Presentation
The
accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States
of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC.
Certain
information and note disclosures normally included in the annual financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the
disclosures made are adequate to make the information not misleading. The interim financial statements as of May 31, 2024 and for the
six months ended May 31, 2024 and May 31, 2023, respectively, are unaudited. In the opinion of management, the financial statements include
all adjustments, consisting only of normal recurring adjustments, necessary to provide a fair statement of the results for the interim
periods. Interim results are not necessarily indicative of results to be expected for any other interim period or for the full year.
The accompanying balance sheet as of November 30, 2023, is derived from the audited financial statements presented in the Company’s
Annual Report on Form 10-K for fiscal the year ended November 30, 2023.
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 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.
Note
2 — Summary of Significant Accounting Policies (Continued)
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 highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash
equivalents are carried at cost, which approximates fair value. The Company had $4,176 and $146,933 in cash as of May 31, 2024 and November
30, 2023, respectively. The Company had no cash equivalents as of May 31, 2024 and November 30, 2023.
Cash
and Marketable Securities Held in Trust Account
As
of May 31, 2024 and November 30, 2023, substantially all of the assets held in the Trust Account were held in money market. As of May
31, 2024 and November 30, 2023, there were $53,579,162 and $82,949,890 cash held in the Trust Account.
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 May 31, 2024 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 considered to be 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.
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. 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 May 31, 2024 and November 30, 2023, 4,663,957 and 7,495,670 Class A Ordinary Shares outstanding are subject to possible redemption,
respectively.
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. As of May 31, 2024, the Company had not experienced
losses on this account and management believes the Company is not exposed to significant risks on such account.
Net
Income (Loss) Per Share
Net
income per share is computed by dividing net income by the weighted average number of ordinary shares outstanding for the period. The
calculation of diluted income (loss) per share does not consider the effect of the warrants issued in connection with the Initial Public
Offering and warrants issued as components of the Private Placement Units (the “Placement Warrants”) since the exercise of
the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive.
The
Company’s statements of operations includes a presentation income per share for ordinary shares subject to possible redemption
in a manner similar to the two-class method of income per share. Net income per ordinary share, basic and diluted, for redeemable Class
A ordinary shares is calculated by dividing the net income allocable to Class A ordinary shares subject to possible redemption, by the
weighted average number of redeemable Class A ordinary shares outstanding since original issuance. Net income per shares, basic and diluted,
for non-redeemable Class A and Class B ordinary shares is calculated by dividing net income allocable to non-redeemable ordinary shares,
by the weighted average number of non-redeemable ordinary shares outstanding for the periods. Non-redeemable Class B ordinary shares
include the founder shares as these ordinary shares do not have any redemption features and do not participate in the income earned on
the Trust Account.
Note
2 — Summary of Significant Accounting Policies (Continued)
Schedule of Net Loss Per Share
| |
Three Months Ended May 31, 2024 | | |
Six Months Ended May 31, 2024 | | |
Three Months
Ended
May 31, 2023 | | |
Six Months
Ended
May 31, 2023 | |
Class A ordinary shares | |
| | | |
| | | |
| | | |
| | |
Numerator: net income allocable to redeemable Class A ordinary shares | |
$ | 598,613 | | |
$ | 1,213,101 | | |
$ | 776,367 | | |
$ | 1,605,407 | |
| |
| | | |
| | | |
| | | |
| | |
Denominator: weighted average number of Class A ordinary shares | |
| 7,304,510 | | |
| 7,668,339 | | |
| 12,032,500 | | |
| 12,032,500 | |
Basic and diluted net income per redeemable Class A ordinary share | |
$ | 0.08 | | |
$ | 0.16 | | |
$ | 0.06 | | |
$ | 0.13 | |
| |
| | | |
| | | |
| | | |
| | |
Class B ordinary shares | |
| | | |
| | | |
| | | |
| | |
Numerator: net income allocable to Class B ordinary shares | |
$ | 235,609 | | |
$ | 454,814 | | |
$ | 185,502 | | |
$ | 383,560 | |
Numerator: net income (loss) allocable to ordinary shares | |
$ | 235,609 | | |
$ | 454,814 | | |
$ | 185,502 | | |
$ | 383,560 | |
| |
| | | |
| | | |
| | | |
| | |
Denominator: weighted average number of Class B ordinary shares | |
| 2,875,000 | | |
| 2,875,000 | | |
| 2,875,000 | | |
| 2,875,000 | |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted net income per Class B ordinary share | |
$ | 0.08 | | |
$ | 0.16 | | |
$ | 0.06 | | |
$ | 0.13 | |
Offering
Costs Associated with the Initial Public Offering
The
Company complies with the requirements of the Financial Accounting Standards Board ASC 340-10-S99-1 and SEC Staff Accounting Bulletin
(“SAB”) Topic 5A, “Expenses of Offering.” Offering costs of $4,532,887 consist principally of costs incurred
in connection with formation of the Company and preparation for the Initial Public Offering. These costs, together with the underwriter
discount of $4,025,000, were charged to additional paid-in capital upon completion of the Initial Public Offering.
Fair
Value of Financial Instruments
The
Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction
between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs
used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets
or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:
●
Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;
●
Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted
prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active;
and
●
Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions,
such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
The
following table presents information about the Company’s financial assets that are measured at fair value on a recurring basis
as of May 31, 2024 and November 30, 2023:
Schedule of Financial Assets Measured at Fair Value on a Recurring Basis
| |
Level | | |
March
31, 2024 | | |
November 30, 2023 | |
Assets: | |
| | | |
| | | |
| | |
Cash and marketable securities held in trust account | |
| 1 | | |
$ | 53,579,162 | | |
$ | 82,949,890 | |
Recent
Accounting Standards
Management
does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a
material effect on the Company’s financial statements.
Note
3 —Initial Public Offering
Pursuant
to the Initial Public Offering, the Company sold 11,500,000 Units at a purchase price of $10.00 per Unit generating gross proceeds to
the Company in the amount of $115,000,000. Each Unit consists of one ordinary share and one redeemable warrant (“Public Warrant”).
Each Public Warrant entitles the holder purchase one ordinary share at an exercise price of $11.50 per whole share.
Note
4 — Private Placement
Simultaneously
with the closing of the Initial Public Offering, the Company consummated the private sale (the “Private Placement”) of an
aggregate of 532,500 units (the “Private Placement Units”) to Evergreen LLC (the “Sponsor”) at a purchase price
of $10.00 per Private Placement Unit, generating gross proceeds to the Company in the amount of $5,325,000 on February 11, 2022.
A
portion of the proceeds from the Private Placement Units was added to the proceeds from the Initial Public Offering held in the Trust
Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private
Placement Units held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable
law) and the Private Placement Units will be worthless.
The
Private Placement Warrants (including the Class A ordinary shares issuable upon exercise of the Private Placement Warrants) will not
be transferable, assignable or salable until 30 days after the completion of an Initial Business Combination, subject to certain exceptions.
Note
5 — Related Party Transactions
Founder
Shares
On
November 22, 2021, the Sponsor purchased 2,875,000 of the Company’s Class B ordinary shares (the “Founder Shares”)
in exchange for $25,000. The Founder Shares include an aggregate of up to 375,000 shares subject to forfeiture to the extent that the
underwriters’ over-allotment is not exercised in full or in part, so that the number of Founder Shares will equal, on an as-converted
basis, approximately 20% of the Company’s issued and outstanding ordinary shares after the Initial Public Offering. The Founder
Shares are no longer subject to forfeiture due to full exercise of the over-allotment by the underwriter.
The
holders of the Founder shares have agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until
the earlier to occur of: (A) six months after the completion of a Business Combination and (B) subsequent to a Business Combination,
(x) if the last reported sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits,
share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period, or
(y) the date on which the Company completes a liquidation, merger, capital share exchange or other similar transaction that results in
all of the Public Shareholders having the right to exchange their ordinary shares for cash, securities or other property.
Note
5 — Related Party Transactions (Continued)
Related
Party Loans
In
order 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, loan the Company funds as may be required (“Working
Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes may be repaid upon completion of
a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of the notes may be converted upon completion
of a Business Combination into units at a price of $10.00 per unit. Such units would be identical to the Private Placement Units. In
the event that 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. As of May 31, 2024
and November 30, 2023 there are $810,500 and $650,000 outstanding under Working Capital Loan, respectively. The Company has transferred
$121,000 from working capital for extension purpose on January 5, 2024.
Extension
Loan
On
February 7, 2023, the Company issued an unsecured promissory note to its Sponsor, in the amount of $1,150,000, which amount was deposited
into the trust account to extend the available time to complete a business combination to May 11, 2023. None of the funds held in trust
will be released from the trust account, other than interest income to pay any tax obligations, until the earlier of the completion of
an initial business combination within the required time period or our entry into liquidation if the Company has not consummated a business
combination by May 11, 2023 (or August 11, 2023, if further extended). On April 21, 2023 the Company issued an unsecured, non-interest
bearing promissory note in the principal amount of $50,000 to Evergreen LLC, the Company’s sponsor for working capital purpose.
On June 7, 2023, the Company issued an unsecured, non-interest bearing promissory note in the principal amount of $1,350,000 to Evergreen
LLC, the Company’s sponsor for extension and working capital purposes in which $1,150,000 was deposited to the trust account to
extend the time of business combination period to August 11, 2023.
On
July 18, 2023, the Company filed the Charter Amendment with Registrar of Companies in the Cayman Islands. Pursuant to the Charter Amendment,
the Company has the right to extend the period which it has to complete a business combination by up to twelve (12) times for an additional
one (1) month each time from August 11, 2023 to August 11, 2024 by depositing into its trust account, for each one-month extension, the
lesser of (a) $160,000 and (b) $0.055 for each Class A ordinary share outstanding after giving effect to the redemption of public shares
in connection with the Charter Amendment in accordance with the terms of the Company’s amended and restated memorandum and articles
of association. On September 21, 2023, the Company issued an unsecured, non-interest bearing promissory note in the principal amount
of $570,000 to Evergreen LLC, the Company’s sponsor for extension and working capital purpose. $160,000 was deposited into the
trust account in July and August for extension loans. On September 25, 2023, the Company issued an unsecured, non-interest bearing promissory
note in the principal amount of up to $2,000,000 to Evergreen LLC, the Company’s sponsor for extension and working capital purpose.
$160,000 was deposited into the trust account in October, November and December 2023, January, February, March and April 2024, for extension
loans.
On
May 9, 2024, the Company filed the Charter Amendment with the Registrar of Companies in the
Cayman Islands. Pursuant to the Charter Amendment, EVGR has the right to extend the period which it has to complete a business
combination by up to nine (9) times for an additional one (1) month each time from May 11, 2024 to February 11, 2025 by depositing
into its trust account, for each one-month extension, the lesser of (a) $80,000 and
(b) $0.03 for
each Class A ordinary share outstanding after giving effect to the redemption of public shares in connection with the Charter
Amendment in accordance with the terms of EVGR’s amended and restated memorandum and articles of association. The Company has
deposited $80,000 into
the Trust Account in May 2024 for extension loan. The
total due to the Company for the extension loans as of May 31, 2024 and November 30, 2023 is $3,820,000 and
$2,940,000,
respectively.
Administrative
Support Agreement
Commencing
on the date the Units are first listed on the Nasdaq, the Company has agreed to pay the Sponsor a total of $ per month for office
space, utilities and secretarial and administrative support for up to 18 months. Upon completion of the Initial Business Combination
or the Company’s liquidation, the Company will cease paying these monthly fees. As of May 31, 2024 and November 30, 2023, $
and $, respectively, have not been paid to the Sponsor under the Administrative Support Agreement and included in accounts payable.
Note
6 — Commitments and Contingencies
Registration
Rights
The
holders of the Founder Shares, Private Placement Units and warrants that may be issued upon conversion of Working Capital Loans (and
any ordinary shares issuable upon the exercise of the Private Placement Warrants or warrants issued upon conversion of the Working Capital
Loans and upon conversion of the Founder 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
(in the case of the Founder Shares, only after conversion to Class A ordinary shares). 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 subsequent to 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.
Underwriters
Agreement
The
Company granted the underwriters a 45-day option from the date of Initial Public Offering to purchase up to 1,500,000 additional Units
to cover over-allotments, if any, at the Initial Public Offering price less the underwriting discounts and commissions.
The
underwriters were entitled to a cash underwriting discount of $0.20 per Unit, or $2,000,000 in the aggregate (or $2,300,000 in the aggregate
if the underwriters’ over-allotment option was exercised in full), payable upon the closing of the Initial Public Offering. The
underwriters agreed to reimburse us for expenses incurred by us in connection with the offering in an amount equal to $500,000, payable
to us at the closing of the offering. In addition, the underwriters were entitled to a deferred fee of $0.35 per Unit, or $3,500,000
in the aggregate (or $ in the aggregate if the underwriters’ over-allotment option was exercised in full). The deferred
fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes
a Business Combination, subject to the terms of the underwriting agreement.
On
February 11, 2022, the underwriters purchased an additional 1,500,000 Option Units pursuant to the full exercise of the over-allotment
option. The Option Units were sold at an offering price of $10.00 per Unit, generating additional gross proceeds to the Company of $15,000,000.
Note
7 – Shareholders’ Equity
Preference
Shares — The Company is authorized to issue 1,000,000 preference 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. As of May 31, 2024
and November 30, 2023, there were no preference shares issued or outstanding.
Class
A Ordinary Shares — Our memorandum and articles of association authorize the Company to issue 479,000,000 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. As of May 31, 2024 and November 30, 2023, there were 532,500 Class A ordinary shares issued and outstanding (excluding 4,663,957
and 7,495,670 shares subject to possible redemption, respectively).
Class
B Ordinary Shares — The Company is authorized to issue 20,000,000 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. As of May 31, 2024 and November
30, 2023 there were 2,875,000 Class B ordinary shares issued and outstanding, such that the Initial Shareholders would maintain ownership
of at least 20% of the issued and outstanding shares after the Proposed Public Offering.
Only
holders of the Class B ordinary shares will have the right to vote on the election of directors prior to the Business Combination. Holders
of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all matters submitted to a
vote of our shareholders except as otherwise required by law. In connection with our initial business combination, we may enter into
a shareholders agreement or other arrangements with the shareholders of the target or other investors to provide for voting or other
corporate governance arrangements that differ from those in effect upon completion of our initial public offering.
The
Class B ordinary shares will automatically convert into Class A ordinary shares at the time of a Business Combination, or earlier at
the option of the holder, on a one-for-one basis, subject to adjustment. In the case that additional Class A ordinary shares, or equity-linked
securities, are issued or deemed issued in excess of the amounts issued in the Initial Public Offering and related to the closing of
a Business Combination, the ratio at which Class B ordinary shares shall convert into Class A ordinary shares will be adjusted (unless
the holders of a majority of the then-outstanding Class B ordinary shares agree to waive such adjustment with respect to any such issuance
or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal,
in the aggregate, on an as-converted basis, 20% of the sum of the total number of all ordinary shares outstanding upon the completion
of Initial Public Offering plus all Class A ordinary shares and equity-linked securities issued or deemed issued in connection with a
Business Combination (net of the number of Class A ordinary shares redeemed in connection with a Business Combination), excluding any
shares or equity-linked securities issued or issuable to any seller of an interest in the target to us in a Business Combination.
Warrants
— Public Warrants may only be exercised for a whole number of shares. No fractional warrants will be issued upon separation
of the Units and only whole warrants will trade. The Public Warrants will become exercisable on the later of (a) 30 days after the completion
of a Business Combination and (b) 12 months from the closing of the Initial Public Offering. The Public Warrants will expire five years
after the completion of a Business Combination or earlier upon redemption or liquidation.
The
Company will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a warrant and will have no obligation
to settle such warrant exercise unless a registration statement under the Securities Act covering the issuance of the Class A ordinary
shares issuable upon exercise of the warrants is then effective and a current prospectus relating to those Class A ordinary shares is
available, subject to the Company satisfying its obligations with respect to registration, or a valid exemption from registration is
available. No warrant will be exercisable for cash or on a cashless basis, and the Company will not be obligated to issue any shares
to holders seeking to exercise their warrants, unless the issuance of the shares upon such exercise is registered or qualified under
the securities laws of the state of residence of the exercising holder, or an exemption from registration is available.
The
Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of a Business Combination,
the Company will use its commercially reasonable efforts to file, and within 60 business days following a Business Combination to have
declared effective, a registration statement covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants
and to maintain a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed. Notwithstanding
the above, if the Class A ordinary shares is at the time of any exercise of a warrant not listed on a national securities exchange such
that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at
its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with
Section 3(a)(9) of the Securities Act and, in the event the Company so elects, the Company will not be required to file or maintain in
effect a registration statement, but will use its commercially reasonable efforts to register or qualify the shares under applicable
blue sky laws to the extent an exemption is not available.
Note
7 – Shareholders’ Equity (Continued)
Redemption
of Warrants When the Price per Share of Class A Ordinary shares Equals or Exceeds $18.00 — Once the warrants become exercisable,
the Company may redeem the outstanding Public Warrants:
|
● |
in
whole and not in part; |
|
|
|
|
● |
at
a price of $0.01 per Public Warrant; |
|
|
|
|
● |
upon
a minimum of 30 days’ prior written notice of redemption, or the 30-day redemption period to each warrant holder; and |
|
|
|
|
● |
if,
and only if, the last reported sale price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share
splits, share dividends, reorganization, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending
on the third trading day prior to the date on which the Company sends the notice of redemption to warrant holders. |
If
and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register
or qualify the underlying securities for sale under all applicable state securities laws.
If
the Company calls the Public Warrants for redemption, as described above, its management will have the option to require any holder that
wishes to exercise the Public 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 Public Warrants may be adjusted in certain circumstances including
in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, except
as described below, the Public 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 Public Warrants. If the Company is unable to complete a Business Combination
within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of Public Warrants will not receive
any of such funds with respect to their Public Warrants, nor will they receive any distribution from the Company’s assets held
outside of the Trust Account with respect to such Public Warrants. Accordingly, the Public Warrants may expire worthless.
The
Private Placement Warrants will be identical to the Public Warrants underlying the Units being sold in the Initial Public Offering.
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 up to the date the unaudited financial statements were available to issue. Based upon this review, the Company
identified the following subsequent events:
The
Company has deposited $80,000 on June 10, 2024 in the Company’s Trust Account to extended the period of time from June 11, 2024
to July 11, 2024 to complete the business combination.
The Company has deposited $80,000 on July 9, 2024 in the Company’s
Trust Account to extended the period of time from July 11, 2024 to August 11, 2024 to complete the business combination.
Item
2. Management’s Discussion and Analysis of Financial Statements
References
to the “Company,” “us,” “our” or “we” refer to Evergreen Corporation. The following discussion
and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and related
notes included herein
Cautionary
Note Regarding Forward-Looking Statements
All
statements other than statements of historical fact included in this Quarterly Report on Form 10-Q (the “Report”) including,
without limitation, statements under this “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.
The
following discussion and analysis of our financial condition and results of operations should be read in conjunction with the financial
statements and the notes thereto contained elsewhere in this Report. Certain information contained in the discussion and analysis set
forth below includes forward-looking statements that involve risks and uncertainties.
Overview
We
are a blank check company formed under the laws of the Cayman Islands on October 21, 2021. We were formed for the purpose of entering
into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar business combination
with one or more target businesses. While our efforts to identify a target business may span many industries and regions worldwide, we
focus on companies with operations in vision sensing technologies. We intend to effectuate our initial Business Combination using cash
from the proceeds of our Initial Public Offering and the private placement of the Private Units, the proceeds of the sale of our shares
in connection with our initial Business Combination, shares issued to the owners of the target, debt issued to bank or other lenders
or the owners of the target, or a combination of the foregoing.
We
expect to continue to incur significant costs in the pursuit of our initial Business Combination. We cannot assure you that our plans
to complete our initial Business Combination will be successful.
Extraordinary
General Meeting of Shareholders
On
July 18, 2023, the Company held an Extraordinary General Meeting of Shareholders. As approved by its stockholders at the General Meeting,
Evergreen Corporation and Continental Stock Transfer & Trust Company entered into an amendment, dated July 24, 2023, to the Investment
Management Trust Agreement, dated February 8, 2022, by and between Continental Stock Transfer & Trust Company and the Company.
Subsequent
to the approval by the shareholders of the Company of the Amendment to the Company’s Amended and Restated Memorandum and Articles
of Association (the “Charter Amendment”), on July 18, 2023, Evergreen Corporation filed the Charter Amendment with
the Registrar of Companies in the Cayman Islands. Pursuant to the Charter Amendment, the Company has the right to extend the period which
it has to complete a business combination by up to twelve (12) times for an additional one (1) month each time from August 11, 2023 to
August 11, 2024 by depositing into its trust account, for each one-month extension, the lesser of (a) $160,000 and (b) $0.055 for each
Class A ordinary share outstanding after giving effect to the redemption of public shares in connection with the Charter Amendment in
accordance with the terms of the Company’s amended and restated memorandum and articles of association.
The
shareholders of Evergreen Corporation elected to redeem an aggregate of 4,004,330 ordinary shares in connection with the General
Meeting on July 18, 2023.
On
May 9, 2024, the Company held an Extraordinary General Meeting of Shareholders. As approved by its stockholders at the General Meeting,
the Company and Continental Stock Transfer & Trust Company entered into an amendment, dated May 9, 2024, to the Investment Management
Trust Agreement, dated February 8, 2022, by and between Continental Stock Transfer & Trust Company and the Company.
Subsequent
to the approval by the shareholders of the Company of the Amendment to the Company’s Amended and Restated Memorandum and Articles
of Association (the “Charter Amendment”), on May 9, 2024, the Company filed the Charter Amendment with the Registrar
of Companies in the Cayman Islands. Pursuant to the Charter Amendment, the Company has the right to extend the period which it has to
complete a business combination by up to nine (9) times for an additional one (1) month each time from May 11, 2024 to February 11, 2025
by depositing into its trust account, for each one-month extension, the lesser of (a) $80,000 and (b) $0.03 for each Class A ordinary
share outstanding after giving effect to the redemption of public shares in connection with the Charter Amendment in accordance with
the terms of the Company’s amended and restated memorandum and articles of association.
The shareholders of Evergreen Corporation elected to redeem an aggregate of 2,831,713
ordinary shares in connection with the General Meeting on May 9, 2024.
Results
of Operations
We
have neither engaged in any operations nor generated any revenues to date. Our only activities from inception through May 31, 2024 were
organizational activities, those necessary to prepare for our Initial Public Offering, described below, and, after our Initial Public
Offering, identifying a target company for an initial business combination. We do not expect to generate any operating revenues until
after the completion of our initial business combination. We generate non-operating income in the form of interest income on marketable
securities held in the Trust Accounts. We incur expenses as a result of being a public company (for legal, financial reporting, accounting
and auditing compliance), as well as for due diligence expenses.
For
the three months ended May 31, 2024, we had a net income of $834,222, which consists of formation and operating costs of $199,358, and
interest earned on investments held of $1,033,580. For the six months ended May 31, 2024, we had a net income of $1,667,915, which consists
of formation and operating costs of $445,750 and interest earned on investment held of $2,113,665. For the three months ended May 31,
2023, we had a net income of $961,869, which consists of formation and operating costs of $431,065, and interest earned on investments
held of $1,392,934. For the six months ended May 31, 2023, we had a net income of $1,988,997, which consists of formation and operating
costs of $597,360, and interest earned on investments held in the Trust Account of $2,586,357.
Liquidity,
Capital Resources and Going Concern Consideration
On
February 11, 2022, we consummated our Initial Public Offering of 11,500,000 Units at a price of $10.00 per Unit, generating gross proceeds
of $115,000,000. Simultaneously with the consummation of the initial public offering, we completed the private placement of an aggregate
of 532,500 units to our sponsor at a purchase price of $10.00 per private placement unit, generating total gross proceeds of $5,325,000.
For
the six months ended May 31, 2024, cash used in operating activities was $303,257 and for the six months ended May 31, 2023, the cash
used in operating activities was $340,292.
As
of May 31, 2024, we had investments of $53,579,162 held in the Trust Accounts. We intend to use substantially all of the funds held in
the Trust Accounts, including any amounts representing interest earned on the Trust Accounts (less taxes paid and deferred underwriting
commissions) to complete our initial business combination. We may withdraw interest to pay taxes. During the six months ended May 31,
2024, we did not withdraw any interest earned on the Trust Accounts. To the extent that our capital stock or debt is used, in whole or
in part, as consideration to complete our initial business combination, the remaining proceeds held in the Trust Accounts will be used
as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.
As
of May 31, 2024, we had cash of $4,176 outside of the Trust Accounts. We intend to use the funds held outside the Trust Accounts primarily
to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices,
plants or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material
agreements of prospective target businesses, and structure, negotiate and complete our initial business combination.
In
order to fund working capital deficiencies or finance transaction costs in connection with our initial business combination, our Sponsor
or an affiliate of our Sponsor or certain of our officers and directors may, but are not obligated to, loan us funds as may be required.
If we complete our initial business combination, we would repay such loaned amounts. In the event that our initial business combination
does not close, we may use a portion of the working capital held outside the Trust Accounts to repay such loaned amounts but no proceeds
from our Trust Accounts would be used for such repayment. Up to $1,500,000 of such loans may be convertible into units identical to the
Placement Units, at a price of $10.00 per unit at the option of the lender. As of May 31, 2024 and November 30, 2023, the company has
borrowed $810,500 and $650,000 under working capital loan respectively. The Company has transferred $121,000 for extension purpose on
January 5, 2024.
We
believe we will need to raise additional funds in order to meet the expenditure required for operating our business. However, if our
estimate of the costs of identifying a target business, undertaking in-depth due diligence and negotiating our initial business combination
are less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our initial
business combination. Moreover, we may need to obtain additional financing either to complete our initial business combination or because
we become obligated to redeem a significant number of our Public Shares upon consummation of our initial business combination, in which
case we may issue additional securities or incur debt in connection with such Business Combination. Subject to compliance with applicable
securities laws, we would only complete such financing simultaneously with the completion of our initial business combination. If we
are unable to complete our initial business combination because we do not have sufficient funds available to us, we will be forced to
cease operations and liquidate the Trust Accounts. In addition, following our initial business combination, if cash on hand is insufficient,
we may need to obtain additional financing in order to meet our obligations.
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,” the liquidity condition
and mandatory liquidation raise substantial doubt about the Company’s ability to continue as a going concern until the earlier
of the consummation of the Business Combination or the date the Company is required to liquidate.
These
financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities
that might be necessary should the Company be unable to continue as a going concern.
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 into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or
commitments of other entities, or entered into any non-financial agreements involving assets.
Item
3. Quantitative and Qualitative Disclosures About Market Risk
As
a smaller reporting company we are not required to make disclosures under this Item.
Item
4. Controls and Procedures
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 fiscal quarter ended May
31, 2024, 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 not effective.
Changes
in Internal Control over Financial Reporting
During
the fiscal quarter ended May 31, 2024, there has been 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, as amended, filed with the SEC on February 28, 2024. 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. We may disclose changes to such risk factors or disclose additional
risk factors from time to time in our future filings with the SEC.
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None.
ITEM
3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM
4. MINE SAFETY DISCLOSURES
None.
ITEM
5. OTHER INFORMATION
None.
ITEM
6. EXHIBITS
Exhibit
Number |
|
Description |
3.1 |
|
Amended and Restated Memorandum and Articles of Association, dated May 9, 2024 (incorporated by reference to exhibit 3.1 to the Current Report on Form 8-K filed with the SEC on May 15, 2024). |
10.1 |
|
Amendment to the Investment Management Trust Agreement, dated May 9, 2024, by and between EVGR and Continental Stock Transfer & Trust Company (incorporated by reference to exhibit 10.1 to the Current Report on Form 8-K filed with the SEC on May 15, 2024). |
31.1 |
|
Certification of the Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes Oxley Act of 2002. |
31.2 |
|
Certification of the Principal Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes Oxley Act of 2002. |
32.1* |
|
Certification of the Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002. |
32.2* |
|
Certification of the Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002. |
101.INS |
|
Inline
XBRL Instance Document. |
101.SCH |
|
Inline
XBRL Taxonomy Extension Schema Document |
101.CAL |
|
Inline
XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF |
|
Inline
XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB |
|
Inline
XBRL Taxonomy Extension Label Linkbase Document |
101.PRE |
|
Inline
XBRL Taxonomy Extension Presentation Linkbase Document |
104 |
|
Cover
Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
* Furnished herewith
SIGNATURES
In
accordance with 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.
|
EVERGREEN
CORPORATION |
|
|
Dated:
July 12, 2024 |
|
/s/ Liew Choon Lian |
|
Name: |
Liew
Choon Lian |
|
Title: |
Chairman
of the Board of Directors and |
|
|
Chief
Executive Officer |
|
|
(Principal
Executive Officer) |
|
|
|
Dated:
July 12, 2024 |
|
/s/ Izmet Iskandar Bin Mohd Ramli |
|
Name: |
Izmet
Iskandar Bin Mohd Ramli |
|
Title: |
Chief
Financial Officer |
|
|
(Principal
Financial and Accounting Officer) |
Exhibit
31.1
CERTIFICATION
OF CHIEF EXECUTIVE OFFICER
PURSUANT
TO RULE 13A-14(A) UNDER THE SECURITIES EXCHANGE ACT OF 1934,
AS
ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Liew Choon Lian, certify that:
1. |
I
have reviewed this quarterly report on Form 10-Q of Evergreen Corporation; |
|
|
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(s) 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)) for the registrant 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 my supervision, to
ensure that material information relating to the registrant, is made known to us by others within those entities, particularly during
the period in which this report is being prepared; and |
|
|
|
|
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 my 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 (the registrant’s fourth fiscal quarter in the case of an annual report) 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(s) 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, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date: July 12, 2024 |
|
|
/s/
Liew Choon Lian |
|
Liew Choon Lian |
|
Chief Executive Officer |
|
(Principal Executive Officer) |
Exhibit
31.2
CERTIFICATION
OF CHIEF FINANCIAL OFFICER
PURSUANT
TO RULE 13A-14(A) UNDER THE SECURITIES EXCHANGE ACT OF 1934,
AS
ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Izmet Iskandar Bin Mohd Ramli, certify that:
1. |
I
have reviewed this quarterly report on Form 10-Q of Evergreen Corporation; |
|
|
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(s) 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)) for the registrant 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 my supervision, to
ensure that material information relating to the registrant, is made known to us by others within those entities, particularly during
the period in which this report is being prepared; and |
|
|
|
|
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 my 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 (the registrant’s fourth fiscal quarter in the case of an annual report) 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(s) 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, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date: July 12, 2024 |
|
|
/s/
Izmet Iskandar Bin Mohd Ramli |
|
Izmet Iskandar Bin Mohd
Ramli |
|
Chief Financial Officer |
|
(Principal Financial and Accounting Officer) |
Exhibit
32.1
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 of Evergreen Corporation (the “Company”) on Form 10-Q for the quarterly period ended
May 31, 2024, as filed with the Securities and Exchange Commission (the “Report”), I, Liew Choon Lian, Chief Executive Officer
of the Company, certify, pursuant to 18 U.S.C. §1350, as added by §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; 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: July 12, 2024 |
|
|
/s/
Liew Choon Lian |
|
Liew Choon Lian |
|
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 of Evergreen Corporation (the “Company”) on Form 10-Q for the quarterly period May 31,
2024, as filed with the Securities and Exchange Commission (the “Report”), I, Izmet Iskandar Bin Mohd Ramli, Chief Financial
Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as added by §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; 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: July 12, 2024 |
|
|
/s/
Izmet Iskandar Bin Mohd Ramli |
|
Izmet Iskandar Bin Mohd
Ramli |
|
Chief Financial Officer |
|
(Principal Accounting and Financial Officer) |
v3.24.2
Cover - shares
|
6 Months Ended |
|
May 31, 2024 |
Jul. 12, 2024 |
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|
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|
|
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|
|
Entity File Number |
001-41271
|
|
Entity Registrant Name |
EVERGREEN CORPORATION
|
|
Entity Central Index Key |
0001900402
|
|
Entity Tax Identification Number |
00-0000000
|
|
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E9
|
|
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Lot
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|
|
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Glo
Damansara, 699
|
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Jalan
Damansara
|
|
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|
|
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MY
|
|
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60000
|
|
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786
|
|
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|
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EVGR
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v3.24.2
Balance Sheets (Unaudited) - USD ($)
|
May 31, 2024 |
Nov. 30, 2023 |
Current Assets |
|
|
Cash |
$ 4,176
|
$ 146,933
|
Prepaid expenses |
43,669
|
44,977
|
Total Current Assets |
47,845
|
191,910
|
Cash and Marketable Securities held in trust account |
53,579,162
|
82,949,890
|
Total Assets |
53,627,007
|
83,141,800
|
Current liabilities |
|
|
Accounts payable |
160,000
|
100,000
|
Accrued expenses |
474,785
|
393,600
|
Extension loan |
3,820,000
|
2,940,000
|
Working capital loan |
810,500
|
650,000
|
Total Current Liabilities |
5,265,285
|
4,083,600
|
Deferred underwriter commission |
4,025,000
|
4,025,000
|
Total Liabilities |
9,290,285
|
8,108,600
|
Commitments and Contingencies |
|
|
Class A ordinary shares subject to possible redemption; 4,663,957 (at $11.49 per share) as of May 31, 2024 and 7,495,670 shares (at $11.07 per share) as of November 30, 2023 |
53,579,162
|
82,949,890
|
Shareholders’ Deficit |
|
|
Preference Shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding as of May 31, 2024 and November 30, 2023 |
|
|
Additional paid-in capital |
|
|
Accumulated deficit |
(9,242,781)
|
(7,917,031)
|
Total Shareholders’ Deficit |
(9,242,440)
|
(7,916,690)
|
Total Liabilities and Shareholders’ Deficit |
53,627,007
|
83,141,800
|
Common Class A [Member] |
|
|
Shareholders’ Deficit |
|
|
Common stock, value |
53
|
53
|
Common Class B [Member] |
|
|
Shareholders’ Deficit |
|
|
Common stock, value |
$ 288
|
$ 288
|
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v3.24.2
Balance Sheets (Unaudited) (Parenthetical) - $ / shares
|
May 31, 2024 |
Nov. 30, 2023 |
Preferred stock, par value |
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares authorized |
1,000,000
|
1,000,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Common Class A [Member] |
|
|
Ordinary shares possible redemption |
4,663,957
|
7,495,670
|
Ordinary shares redemption price per share |
$ 11.49
|
$ 11.07
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
479,000,000
|
479,000,000
|
Common stock shares, issued |
532,500
|
532,500
|
Common stock shares, outstanding |
532,500
|
532,500
|
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, issued |
2,875,000
|
2,875,000
|
Common stock shares, outstanding |
2,875,000
|
2,875,000
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.24.2
Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
May 31, 2024 |
May 31, 2023 |
May 31, 2024 |
May 31, 2023 |
Formation and operating costs |
$ 199,358
|
$ 431,065
|
$ 445,750
|
$ 597,360
|
Loss from Operations |
(199,358)
|
(431,065)
|
(445,750)
|
(597,360)
|
Other Income |
|
|
|
|
Interest earned on marketable securities held in trust account |
1,033,580
|
1,392,934
|
2,113,665
|
2,586,357
|
Net Income |
$ 834,222
|
$ 961,869
|
$ 1,667,915
|
$ 1,988,997
|
Common Class A [Member] |
|
|
|
|
Other Income |
|
|
|
|
Weighted average shares outstanding of ordinary shares, basic |
7,304,510
|
12,032,500
|
7,668,339
|
12,032,500
|
Weighted average shares outstanding of ordinary shares, diluted |
7,304,510
|
12,032,500
|
7,668,339
|
12,032,500
|
Basic net income (loss) per ordinary share |
$ 0.08
|
$ 0.06
|
$ 0.16
|
$ 0.13
|
Diluted net income (loss) per ordinary share |
$ 0.08
|
$ 0.06
|
$ 0.16
|
$ 0.13
|
Common Class B [Member] |
|
|
|
|
Other Income |
|
|
|
|
Weighted average shares outstanding of ordinary shares, basic |
2,875,000
|
2,875,000
|
2,875,000
|
2,875,000
|
Weighted average shares outstanding of ordinary shares, diluted |
2,875,000
|
2,875,000
|
2,875,000
|
2,875,000
|
Basic net income (loss) per ordinary share |
$ 0.08
|
$ 0.06
|
$ 0.16
|
$ 0.13
|
Diluted net income (loss) per ordinary share |
$ 0.08
|
$ 0.06
|
$ 0.16
|
$ 0.13
|
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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v3.24.2
Statements of Changes in Shareholders' Deficit (Unaudited) - USD ($)
|
Common Class A [Member]
Common Stock [Member]
|
Common Class B [Member]
Common Stock [Member]
|
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance at Nov. 30, 2022 |
$ 53
|
$ 288
|
|
$ (3,633,593)
|
$ (3,633,252)
|
Balance, shares at Nov. 30, 2022 |
532,500
|
2,875,000
|
|
|
|
Re-measurement for common stock to redemption amount |
|
|
|
(1,193,423)
|
(1,193,423)
|
Additional amount deposited into trust |
|
|
|
(1,150,000)
|
(1,150,000)
|
Net Income |
|
|
|
1,027,128
|
1,027,128
|
Balance at Feb. 28, 2023 |
$ 53
|
$ 288
|
|
(4,949,888)
|
(4,949,547)
|
Balance, shares at Feb. 28, 2023 |
532,500
|
2,875,000
|
|
|
|
Balance at Nov. 30, 2022 |
$ 53
|
$ 288
|
|
(3,633,593)
|
(3,633,252)
|
Balance, shares at Nov. 30, 2022 |
532,500
|
2,875,000
|
|
|
|
Net Income |
|
|
|
|
1,988,997
|
Balance at May. 31, 2023 |
$ 53
|
$ 288
|
|
(6,530,953)
|
(6,530,612)
|
Balance, shares at May. 31, 2023 |
532,500
|
2,875,000
|
|
|
|
Balance at Feb. 28, 2023 |
$ 53
|
$ 288
|
|
(4,949,888)
|
(4,949,547)
|
Balance, shares at Feb. 28, 2023 |
532,500
|
2,875,000
|
|
|
|
Re-measurement for common stock to redemption amount |
|
|
|
(1,392,934)
|
(1,392,934)
|
Additional amount deposited into trust |
|
|
|
(1,150,000)
|
(1,150,000)
|
Net Income |
|
|
|
961,869
|
961,869
|
Balance at May. 31, 2023 |
$ 53
|
$ 288
|
|
(6,530,953)
|
(6,530,612)
|
Balance, shares at May. 31, 2023 |
532,500
|
2,875,000
|
|
|
|
Balance at Nov. 30, 2023 |
$ 53
|
$ 288
|
|
(7,917,031)
|
(7,916,690)
|
Balance, shares at Nov. 30, 2023 |
532,500
|
2,875,000
|
|
|
|
Re-measurement for common stock to redemption amount |
|
|
|
(1,080,085)
|
(1,080,085)
|
Additional amount deposited into trust |
|
|
|
(480,000)
|
(480,000)
|
Net Income |
|
|
|
833,693
|
833,693
|
Balance at Feb. 29, 2024 |
$ 53
|
$ 288
|
|
(8,643,423)
|
(8,643,082)
|
Balance, shares at Feb. 29, 2024 |
532,500
|
2,875,000
|
|
|
|
Balance at Nov. 30, 2023 |
$ 53
|
$ 288
|
|
(7,917,031)
|
(7,916,690)
|
Balance, shares at Nov. 30, 2023 |
532,500
|
2,875,000
|
|
|
|
Net Income |
|
|
|
|
1,667,915
|
Balance at May. 31, 2024 |
$ 53
|
$ 288
|
|
(9,242,781)
|
(9,242,440)
|
Balance, shares at May. 31, 2024 |
532,500
|
2,875,000
|
|
|
|
Balance at Feb. 29, 2024 |
$ 53
|
$ 288
|
|
(8,643,423)
|
(8,643,082)
|
Balance, shares at Feb. 29, 2024 |
532,500
|
2,875,000
|
|
|
|
Re-measurement for common stock to redemption amount |
|
|
|
(1,033,580)
|
(1,033,580)
|
Additional amount deposited into trust |
|
|
|
(400,000)
|
(400,000)
|
Net Income |
|
|
|
834,222
|
834,222
|
Balance at May. 31, 2024 |
$ 53
|
$ 288
|
|
$ (9,242,781)
|
$ (9,242,440)
|
Balance, shares at May. 31, 2024 |
532,500
|
2,875,000
|
|
|
|
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v3.24.2
Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
May 31, 2024 |
May 31, 2023 |
Cash flows from operating activities: |
|
|
Net income |
$ 1,667,915
|
$ 1,988,997
|
Adjustments to reconcile net income to net cash used in operating activities: |
|
|
Interest earned on marketable securities held in Trust Account |
(2,113,665)
|
(2,586,357)
|
Changes in operating assets and liabilities: |
|
|
Prepaid expenses |
1,308
|
80,003
|
Accounts payable |
60,000
|
26,351
|
Accrued expenses |
81,185
|
150,714
|
Net cash used in operating activities |
(303,257)
|
(340,292)
|
Cash flows from investing activities: |
|
|
Cash withdrawn from Trust Account in connection with redemption |
32,364,393
|
|
Investment of cash in Trust Account |
(880,000)
|
(2,300,000)
|
Net cash provided by (used in) investing activities |
31,484,393
|
(2,300,000)
|
Cash flows from financing activities: |
|
|
Redemption of ordinary shares |
(32,364,393)
|
|
Proceeds from working capital loan |
160,500
|
50,000
|
Proceeds from extension loan |
880,000
|
2,300,000
|
Net cash (used in) provided by financing activities |
(31,323,893)
|
2,350,000
|
Net change in cash |
(142,757)
|
(290,292)
|
Cash at the beginning of the period |
146,933
|
301,228
|
Cash at the end of the period |
4,176
|
10,936
|
Supplemental disclosure of non-cash investing and financing activities: |
|
|
Remeasurement of Common Stock subject to redemption |
2,113,665
|
2,586,357
|
Extension Funds attributable to Common Stock subject to redemption |
$ 880,000
|
$ 2,300,000
|
X |
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v3.24.2
Description of Organization and Business Operations
|
6 Months Ended |
May 31, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Description of Organization and Business Operations |
Note
1 — Description of Organization and Business Operations
Evergreen
Corporation (the “Company”) was incorporated in Cayman Islands on October 21, 2021. The Company was formed for the purpose
of effecting a merger, capital share exchange, asset acquisition, share purchase, reorganization or similar business combination with
one or more businesses (the “Business Combination”). The Company is not limited to a particular industry or sector for purposes
of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject
to all of the risks associated with early stage and emerging growth companies.
As
of May 31, 2024, the Company had not commenced any operations. All activity for the period from October 21, 2021 (inception) through
May 31, 2024 relates to the Company’s formation and initial public offering (“Initial Public Offering”), which is described
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 from the proceeds derived from the Initial Public Offering.
The Company has selected November 30 as its fiscal year end.
The
registration statement for the Company’s Initial Public Offering was declared effective on February 8, 2022. On February 11, 2022,
the Company consummated the Initial Public Offering of 10,000,000 units (“Units” and, with respect to the ordinary shares
included in the Units being offered, the “Public Shares”), generating gross proceeds of $100,000,000 which is described in
Note 3.
The
Initial Public Offering transaction costs amounted to $8,557,887 consisting of $1,800,000 of underwriting fees paid in cash, $4,025,000
of deferred underwriting fees payable (which are held in a trust account with Continental Stock Transfer & Trust Company acting as
trustee (the “Trust Account”)), $1,725,000 funded to the trust account and $1,007,887 of costs related to the Initial Public
Offering. Cash of $1,519,359 was held outside of the Trust Account on February 11, 2022 and was available for working capital purposes.
As described in Note 6, the $4,025,000 deferred underwriting fees are contingent upon the consummation of the Business Combination.
Simultaneously
with the closing of the Initial Public Offering, the Company consummated the private sale (the “Private Placement”) of an
aggregate of 480,000 units (the “Private Placement Units”) to Evergreen LLC (the “Sponsor”) at a purchase price
of $10.00 per Private Placement Unit, generating gross proceeds to the Company in the amount of $4,800,000.
On
February 11, 2022, the underwriters purchased an additional 1,500,000 Option Units pursuant to the exercise of the over-allotment option.
The Option 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 full exercise of the over-allotment option, the Sponsor purchased an additional 52,500 Option Private Placement
Units at a purchase price of $10.00 per unit.
Following
the closing of the Initial Public Offering on February 11, 2022, an amount of $116,725,000 ($10.15 per Unit) from the net proceeds of
the sale of the Units in the Initial Public Offering and the Private Placement was placed 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 (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 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, as described below.
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 Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward
consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully.
The Company must complete one or more initial Business Combinations with one or more operating businesses or assets with a fair market
value equal to at least 80% of the value of the net assets held in the Trust Account (as defined below) (excluding the deferred underwriting
commissions and taxes payable on the interest earned on the Trust Account). The Company will only complete a Business Combination if
the post transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a
controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment
Company Act. 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 Private Placement Warrants, will be held in the Trust Account 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.
Note
1 — Description of Organization and Business Operations (Continued)
The
Company will provide the holders of the outstanding Public Shares (the “Public Shareholders”) with the opportunity to redeem
all or a portion of their Public Shares either (i) in connection with a shareholders meeting called to approve the Business Combination
or (ii) by means of a tender offer in connection with the Business Combination. The decision as to whether the Company will seek shareholder
approval of a Business Combination or conduct a tender offer will be made by the Company. The Public Shareholders will be entitled to
redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.15 per Public
Share, plus any pro rata interest then in the Trust Account, net of taxes payable). There will be no redemption rights upon the completion
of a Business Combination with respect to the Company’s warrants. The Public Shares subject to redemption will be recorded at a
redemption value and classified as temporary equity upon the completion of the Initial Public Offering in accordance with the Accounting
Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity”.
If
the Company seeks shareholder approval of the Business Combination, the Company will proceed with a Business Combination if a majority
of the outstanding shares voted are voted in favor of the Business Combination, or such other vote as required by law or stock exchange
rule. If a shareholder vote is not required by applicable law or stock exchange listing requirements and the Company does not decide
to hold a shareholder vote for business or other reasons, the Company will, pursuant to its second amended and restated certificate of
incorporation (the “Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the U.S.
Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination.
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.
Note
1 — Description of Organization and Business Operations (Continued)
If
the Company has not completed a Business Combination within 12 months (or 15 months, or 18 months, as applicable from the closing of
the Initial Public Offering (the “Combination Period”), the Company will (i) cease all operations except for the purpose
of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a
per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the
funds held in the Trust Account and not previously released to pay taxes (less up to $100,000 of interest to pay dissolution expenses),
divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Shareholders’ rights
as shareholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible
following such redemption, subject to the approval of the Company’s remaining shareholders and the Company’s board of directors,
dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors
and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to the Company’s
warrants, which will expire worthless if the Company fails to complete a Business Combination within the Combination Period.
The
holders of the Founders 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).
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, in the event that 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.
Subsequent
to the approval by the shareholders of Evergreen Corporation (“EVGR” or the Company) of the Amendment to EVGR’s Amended
and Restated Memorandum and Articles of Association (the “Charter Amendment”), on July 18, 2023, EVGR filed the Charter
Amendment with the Registrar of Companies in the Cayman Islands. Pursuant to the Charter Amendment, EVGR has the right to extend the
period which it has to complete a business combination by up to twelve (12) times for an additional one (1) month each time from August
11, 2023 to August 11, 2024 by depositing into its trust account, for each one-month extension, the lesser of (a) $160,000 and (b) $0.055
for each Class A ordinary share outstanding after giving effect to the redemption of public shares in connection with the Charter Amendment
in accordance with the terms of EVGR’s amended and restated memorandum and articles of association. In connection with the Charter
Amendment, EVGR’ shareholders elected to redeem an aggregate of 4,004,330 ordinary shares.
Subsequent
to the approval by the shareholders of EVGR of the Amendment to EVGR’s Amended and Restated Memorandum and Articles of Association
(the “Charter Amendment”), on May 9, 2024, EVGR filed the Charter Amendment with the Registrar of Companies in the
Cayman Islands. Pursuant to the Charter Amendment, EVGR has the right to extend the period which it has to complete a business combination
by up to nine (9) times for an additional one (1) month each time from May 11, 2024 to February 11, 2025 by depositing into its trust
account, for each one-month extension, the lesser of (a) $80,000 and (b) $0.03 for each Class A ordinary share outstanding after giving
effect to the redemption of public shares in connection with the Charter Amendment in accordance with the terms of EVGR’s amended
and restated memorandum and articles of association. EVGR’s shareholders elected to redeem an aggregate of 2,831,713 ordinary shares
or $32,364,393 in connection with the Charter Amendment.
Note
1 — Description of Organization and Business Operations (Continued)
Going
Concern and Management’s Plan
The
Company expects to incur significant costs in pursuit of its acquisition plans and will not generate any operating revenues until after
the completion of its initial business combination. In addition, the Company expects to have negative cash flows from operations as it
pursues an initial business combination target. 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” the Company does not currently have adequate liquidity to sustain operations, which consist
solely of pursuing a Business Combination.
The
Company may raise additional capital through loans or additional investments from the Sponsor or its shareholders, officers, directors,
or third parties. The Company’s officers and directors and the Sponsor may, but are not obligated to (except as described above),
loan the Company funds, from time to time, in whatever amount they deem reasonable in their sole discretion, to meet the Company’s
working capital needs.
As
is customary for a special purpose acquisition company, if the Company is not able to consummate a Business Combination during the Combination
Period, it will cease all operations and redeem the Public Shares. Management plans to continue its efforts to consummate a Business
Combination during the Combination Period.
While
the Company expects to have access to additional sources of capital if necessary, there is no current commitment on the part of any financing
source to provide additional capital and no assurances can be provided that such additional capital will ultimately be available. The
liquidity condition and mandatory liquidation raise substantial doubt about the Company’s ability to continue as a going concern
until the earlier of the consummation of the Business Combination or the date the Company is required to liquidate. There is no assurance
that the Company’s plans to raise additional capital (to the extent ultimately necessary) or to consummate a Business Combination
will be successful or successful within the Combination Period. The financial statements do not include any adjustments that might result
from the outcome of this uncertainty.
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v3.24.2
Summary of Significant Accounting Policies
|
6 Months Ended |
May 31, 2024 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
Note
2 — Summary of Significant Accounting Policies
Basis
of Presentation
The
accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States
of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC.
Certain
information and note disclosures normally included in the annual financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the
disclosures made are adequate to make the information not misleading. The interim financial statements as of May 31, 2024 and for the
six months ended May 31, 2024 and May 31, 2023, respectively, are unaudited. In the opinion of management, the financial statements include
all adjustments, consisting only of normal recurring adjustments, necessary to provide a fair statement of the results for the interim
periods. Interim results are not necessarily indicative of results to be expected for any other interim period or for the full year.
The accompanying balance sheet as of November 30, 2023, is derived from the audited financial statements presented in the Company’s
Annual Report on Form 10-K for fiscal the year ended November 30, 2023.
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 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.
Note
2 — Summary of Significant Accounting Policies (Continued)
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 highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash
equivalents are carried at cost, which approximates fair value. The Company had $4,176 and $146,933 in cash as of May 31, 2024 and November
30, 2023, respectively. The Company had no cash equivalents as of May 31, 2024 and November 30, 2023.
Cash
and Marketable Securities Held in Trust Account
As
of May 31, 2024 and November 30, 2023, substantially all of the assets held in the Trust Account were held in money market. As of May
31, 2024 and November 30, 2023, there were $53,579,162 and $82,949,890 cash held in the Trust Account.
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 May 31, 2024 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 considered to be 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.
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. 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 May 31, 2024 and November 30, 2023, 4,663,957 and 7,495,670 Class A Ordinary Shares outstanding are subject to possible redemption,
respectively.
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. As of May 31, 2024, the Company had not experienced
losses on this account and management believes the Company is not exposed to significant risks on such account.
Net
Income (Loss) Per Share
Net
income per share is computed by dividing net income by the weighted average number of ordinary shares outstanding for the period. The
calculation of diluted income (loss) per share does not consider the effect of the warrants issued in connection with the Initial Public
Offering and warrants issued as components of the Private Placement Units (the “Placement Warrants”) since the exercise of
the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive.
The
Company’s statements of operations includes a presentation income per share for ordinary shares subject to possible redemption
in a manner similar to the two-class method of income per share. Net income per ordinary share, basic and diluted, for redeemable Class
A ordinary shares is calculated by dividing the net income allocable to Class A ordinary shares subject to possible redemption, by the
weighted average number of redeemable Class A ordinary shares outstanding since original issuance. Net income per shares, basic and diluted,
for non-redeemable Class A and Class B ordinary shares is calculated by dividing net income allocable to non-redeemable ordinary shares,
by the weighted average number of non-redeemable ordinary shares outstanding for the periods. Non-redeemable Class B ordinary shares
include the founder shares as these ordinary shares do not have any redemption features and do not participate in the income earned on
the Trust Account.
Note
2 — Summary of Significant Accounting Policies (Continued)
Schedule of Net Loss Per Share
| |
Three Months Ended May 31, 2024 | | |
Six Months Ended May 31, 2024 | | |
Three Months
Ended
May 31, 2023 | | |
Six Months
Ended
May 31, 2023 | |
Class A ordinary shares | |
| | | |
| | | |
| | | |
| | |
Numerator: net income allocable to redeemable Class A ordinary shares | |
$ | 598,613 | | |
$ | 1,213,101 | | |
$ | 776,367 | | |
$ | 1,605,407 | |
| |
| | | |
| | | |
| | | |
| | |
Denominator: weighted average number of Class A ordinary shares | |
| 7,304,510 | | |
| 7,668,339 | | |
| 12,032,500 | | |
| 12,032,500 | |
Basic and diluted net income per redeemable Class A ordinary share | |
$ | 0.08 | | |
$ | 0.16 | | |
$ | 0.06 | | |
$ | 0.13 | |
| |
| | | |
| | | |
| | | |
| | |
Class B ordinary shares | |
| | | |
| | | |
| | | |
| | |
Numerator: net income allocable to Class B ordinary shares | |
$ | 235,609 | | |
$ | 454,814 | | |
$ | 185,502 | | |
$ | 383,560 | |
Numerator: net income (loss) allocable to ordinary shares | |
$ | 235,609 | | |
$ | 454,814 | | |
$ | 185,502 | | |
$ | 383,560 | |
| |
| | | |
| | | |
| | | |
| | |
Denominator: weighted average number of Class B ordinary shares | |
| 2,875,000 | | |
| 2,875,000 | | |
| 2,875,000 | | |
| 2,875,000 | |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted net income per Class B ordinary share | |
$ | 0.08 | | |
$ | 0.16 | | |
$ | 0.06 | | |
$ | 0.13 | |
Offering
Costs Associated with the Initial Public Offering
The
Company complies with the requirements of the Financial Accounting Standards Board ASC 340-10-S99-1 and SEC Staff Accounting Bulletin
(“SAB”) Topic 5A, “Expenses of Offering.” Offering costs of $4,532,887 consist principally of costs incurred
in connection with formation of the Company and preparation for the Initial Public Offering. These costs, together with the underwriter
discount of $4,025,000, were charged to additional paid-in capital upon completion of the Initial Public Offering.
Fair
Value of Financial Instruments
The
Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction
between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs
used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets
or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:
●
Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;
●
Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted
prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active;
and
●
Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions,
such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
The
following table presents information about the Company’s financial assets that are measured at fair value on a recurring basis
as of May 31, 2024 and November 30, 2023:
Schedule of Financial Assets Measured at Fair Value on a Recurring Basis
| |
Level | | |
March
31, 2024 | | |
November 30, 2023 | |
Assets: | |
| | | |
| | | |
| | |
Cash and marketable securities held in trust account | |
| 1 | | |
$ | 53,579,162 | | |
$ | 82,949,890 | |
Recent
Accounting Standards
Management
does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a
material effect on the Company’s financial statements.
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v3.24.2
Initial Public Offering
|
6 Months Ended |
May 31, 2024 |
Initial Public Offering |
|
Initial Public Offering |
Note
3 —Initial Public Offering
Pursuant
to the Initial Public Offering, the Company sold 11,500,000 Units at a purchase price of $10.00 per Unit generating gross proceeds to
the Company in the amount of $115,000,000. Each Unit consists of one ordinary share and one redeemable warrant (“Public Warrant”).
Each Public Warrant entitles the holder purchase one ordinary share at an exercise price of $11.50 per whole share.
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v3.24.2
Private Placement
|
6 Months Ended |
May 31, 2024 |
Private Placement |
|
Private Placement |
Note
4 — Private Placement
Simultaneously
with the closing of the Initial Public Offering, the Company consummated the private sale (the “Private Placement”) of an
aggregate of 532,500 units (the “Private Placement Units”) to Evergreen LLC (the “Sponsor”) at a purchase price
of $10.00 per Private Placement Unit, generating gross proceeds to the Company in the amount of $5,325,000 on February 11, 2022.
A
portion of the proceeds from the Private Placement Units was added to the proceeds from the Initial Public Offering held in the Trust
Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private
Placement Units held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable
law) and the Private Placement Units will be worthless.
The
Private Placement Warrants (including the Class A ordinary shares issuable upon exercise of the Private Placement Warrants) will not
be transferable, assignable or salable until 30 days after the completion of an Initial Business Combination, subject to certain exceptions.
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v3.24.2
Related Party Transactions
|
6 Months Ended |
May 31, 2024 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
Note
5 — Related Party Transactions
Founder
Shares
On
November 22, 2021, the Sponsor purchased 2,875,000 of the Company’s Class B ordinary shares (the “Founder Shares”)
in exchange for $25,000. The Founder Shares include an aggregate of up to 375,000 shares subject to forfeiture to the extent that the
underwriters’ over-allotment is not exercised in full or in part, so that the number of Founder Shares will equal, on an as-converted
basis, approximately 20% of the Company’s issued and outstanding ordinary shares after the Initial Public Offering. The Founder
Shares are no longer subject to forfeiture due to full exercise of the over-allotment by the underwriter.
The
holders of the Founder shares have agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until
the earlier to occur of: (A) six months after the completion of a Business Combination and (B) subsequent to a Business Combination,
(x) if the last reported sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits,
share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period, or
(y) the date on which the Company completes a liquidation, merger, capital share exchange or other similar transaction that results in
all of the Public Shareholders having the right to exchange their ordinary shares for cash, securities or other property.
Note
5 — Related Party Transactions (Continued)
Related
Party Loans
In
order 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, loan the Company funds as may be required (“Working
Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes may be repaid upon completion of
a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of the notes may be converted upon completion
of a Business Combination into units at a price of $10.00 per unit. Such units would be identical to the Private Placement Units. In
the event that 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. As of May 31, 2024
and November 30, 2023 there are $810,500 and $650,000 outstanding under Working Capital Loan, respectively. The Company has transferred
$121,000 from working capital for extension purpose on January 5, 2024.
Extension
Loan
On
February 7, 2023, the Company issued an unsecured promissory note to its Sponsor, in the amount of $1,150,000, which amount was deposited
into the trust account to extend the available time to complete a business combination to May 11, 2023. None of the funds held in trust
will be released from the trust account, other than interest income to pay any tax obligations, until the earlier of the completion of
an initial business combination within the required time period or our entry into liquidation if the Company has not consummated a business
combination by May 11, 2023 (or August 11, 2023, if further extended). On April 21, 2023 the Company issued an unsecured, non-interest
bearing promissory note in the principal amount of $50,000 to Evergreen LLC, the Company’s sponsor for working capital purpose.
On June 7, 2023, the Company issued an unsecured, non-interest bearing promissory note in the principal amount of $1,350,000 to Evergreen
LLC, the Company’s sponsor for extension and working capital purposes in which $1,150,000 was deposited to the trust account to
extend the time of business combination period to August 11, 2023.
On
July 18, 2023, the Company filed the Charter Amendment with Registrar of Companies in the Cayman Islands. Pursuant to the Charter Amendment,
the Company has the right to extend the period which it has to complete a business combination by up to twelve (12) times for an additional
one (1) month each time from August 11, 2023 to August 11, 2024 by depositing into its trust account, for each one-month extension, the
lesser of (a) $160,000 and (b) $0.055 for each Class A ordinary share outstanding after giving effect to the redemption of public shares
in connection with the Charter Amendment in accordance with the terms of the Company’s amended and restated memorandum and articles
of association. On September 21, 2023, the Company issued an unsecured, non-interest bearing promissory note in the principal amount
of $570,000 to Evergreen LLC, the Company’s sponsor for extension and working capital purpose. $160,000 was deposited into the
trust account in July and August for extension loans. On September 25, 2023, the Company issued an unsecured, non-interest bearing promissory
note in the principal amount of up to $2,000,000 to Evergreen LLC, the Company’s sponsor for extension and working capital purpose.
$160,000 was deposited into the trust account in October, November and December 2023, January, February, March and April 2024, for extension
loans.
On
May 9, 2024, the Company filed the Charter Amendment with the Registrar of Companies in the
Cayman Islands. Pursuant to the Charter Amendment, EVGR has the right to extend the period which it has to complete a business
combination by up to nine (9) times for an additional one (1) month each time from May 11, 2024 to February 11, 2025 by depositing
into its trust account, for each one-month extension, the lesser of (a) $80,000 and
(b) $0.03 for
each Class A ordinary share outstanding after giving effect to the redemption of public shares in connection with the Charter
Amendment in accordance with the terms of EVGR’s amended and restated memorandum and articles of association. The Company has
deposited $80,000 into
the Trust Account in May 2024 for extension loan. The
total due to the Company for the extension loans as of May 31, 2024 and November 30, 2023 is $3,820,000 and
$2,940,000,
respectively.
Administrative
Support Agreement
Commencing
on the date the Units are first listed on the Nasdaq, the Company has agreed to pay the Sponsor a total of $ per month for office
space, utilities and secretarial and administrative support for up to 18 months. Upon completion of the Initial Business Combination
or the Company’s liquidation, the Company will cease paying these monthly fees. As of May 31, 2024 and November 30, 2023, $
and $, respectively, have not been paid to the Sponsor under the Administrative Support Agreement and included in accounts payable.
|
X |
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v3.24.2
Commitments and Contingencies
|
6 Months Ended |
May 31, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Note
6 — Commitments and Contingencies
Registration
Rights
The
holders of the Founder Shares, Private Placement Units and warrants that may be issued upon conversion of Working Capital Loans (and
any ordinary shares issuable upon the exercise of the Private Placement Warrants or warrants issued upon conversion of the Working Capital
Loans and upon conversion of the Founder 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
(in the case of the Founder Shares, only after conversion to Class A ordinary shares). 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 subsequent to 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.
Underwriters
Agreement
The
Company granted the underwriters a 45-day option from the date of Initial Public Offering to purchase up to 1,500,000 additional Units
to cover over-allotments, if any, at the Initial Public Offering price less the underwriting discounts and commissions.
The
underwriters were entitled to a cash underwriting discount of $0.20 per Unit, or $2,000,000 in the aggregate (or $2,300,000 in the aggregate
if the underwriters’ over-allotment option was exercised in full), payable upon the closing of the Initial Public Offering. The
underwriters agreed to reimburse us for expenses incurred by us in connection with the offering in an amount equal to $500,000, payable
to us at the closing of the offering. In addition, the underwriters were entitled to a deferred fee of $0.35 per Unit, or $3,500,000
in the aggregate (or $ in the aggregate if the underwriters’ over-allotment option was exercised in full). The deferred
fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes
a Business Combination, subject to the terms of the underwriting agreement.
On
February 11, 2022, the underwriters purchased an additional 1,500,000 Option Units pursuant to the full exercise of the over-allotment
option. The Option Units were sold at an offering price of $10.00 per Unit, generating additional gross proceeds to the Company of $15,000,000.
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v3.24.2
Shareholders’ Equity
|
6 Months Ended |
May 31, 2024 |
Equity [Abstract] |
|
Shareholders’ Equity |
Note
7 – Shareholders’ Equity
Preference
Shares — The Company is authorized to issue 1,000,000 preference 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. As of May 31, 2024
and November 30, 2023, there were no preference shares issued or outstanding.
Class
A Ordinary Shares — Our memorandum and articles of association authorize the Company to issue 479,000,000 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. As of May 31, 2024 and November 30, 2023, there were 532,500 Class A ordinary shares issued and outstanding (excluding 4,663,957
and 7,495,670 shares subject to possible redemption, respectively).
Class
B Ordinary Shares — The Company is authorized to issue 20,000,000 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. As of May 31, 2024 and November
30, 2023 there were 2,875,000 Class B ordinary shares issued and outstanding, such that the Initial Shareholders would maintain ownership
of at least 20% of the issued and outstanding shares after the Proposed Public Offering.
Only
holders of the Class B ordinary shares will have the right to vote on the election of directors prior to the Business Combination. Holders
of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all matters submitted to a
vote of our shareholders except as otherwise required by law. In connection with our initial business combination, we may enter into
a shareholders agreement or other arrangements with the shareholders of the target or other investors to provide for voting or other
corporate governance arrangements that differ from those in effect upon completion of our initial public offering.
The
Class B ordinary shares will automatically convert into Class A ordinary shares at the time of a Business Combination, or earlier at
the option of the holder, on a one-for-one basis, subject to adjustment. In the case that additional Class A ordinary shares, or equity-linked
securities, are issued or deemed issued in excess of the amounts issued in the Initial Public Offering and related to the closing of
a Business Combination, the ratio at which Class B ordinary shares shall convert into Class A ordinary shares will be adjusted (unless
the holders of a majority of the then-outstanding Class B ordinary shares agree to waive such adjustment with respect to any such issuance
or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal,
in the aggregate, on an as-converted basis, 20% of the sum of the total number of all ordinary shares outstanding upon the completion
of Initial Public Offering plus all Class A ordinary shares and equity-linked securities issued or deemed issued in connection with a
Business Combination (net of the number of Class A ordinary shares redeemed in connection with a Business Combination), excluding any
shares or equity-linked securities issued or issuable to any seller of an interest in the target to us in a Business Combination.
Warrants
— Public Warrants may only be exercised for a whole number of shares. No fractional warrants will be issued upon separation
of the Units and only whole warrants will trade. The Public Warrants will become exercisable on the later of (a) 30 days after the completion
of a Business Combination and (b) 12 months from the closing of the Initial Public Offering. The Public Warrants will expire five years
after the completion of a Business Combination or earlier upon redemption or liquidation.
The
Company will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a warrant and will have no obligation
to settle such warrant exercise unless a registration statement under the Securities Act covering the issuance of the Class A ordinary
shares issuable upon exercise of the warrants is then effective and a current prospectus relating to those Class A ordinary shares is
available, subject to the Company satisfying its obligations with respect to registration, or a valid exemption from registration is
available. No warrant will be exercisable for cash or on a cashless basis, and the Company will not be obligated to issue any shares
to holders seeking to exercise their warrants, unless the issuance of the shares upon such exercise is registered or qualified under
the securities laws of the state of residence of the exercising holder, or an exemption from registration is available.
The
Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of a Business Combination,
the Company will use its commercially reasonable efforts to file, and within 60 business days following a Business Combination to have
declared effective, a registration statement covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants
and to maintain a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed. Notwithstanding
the above, if the Class A ordinary shares is at the time of any exercise of a warrant not listed on a national securities exchange such
that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at
its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with
Section 3(a)(9) of the Securities Act and, in the event the Company so elects, the Company will not be required to file or maintain in
effect a registration statement, but will use its commercially reasonable efforts to register or qualify the shares under applicable
blue sky laws to the extent an exemption is not available.
Note
7 – Shareholders’ Equity (Continued)
Redemption
of Warrants When the Price per Share of Class A Ordinary shares Equals or Exceeds $18.00 — Once the warrants become exercisable,
the Company may redeem the outstanding Public Warrants:
|
● |
in
whole and not in part; |
|
|
|
|
● |
at
a price of $0.01 per Public Warrant; |
|
|
|
|
● |
upon
a minimum of 30 days’ prior written notice of redemption, or the 30-day redemption period to each warrant holder; and |
|
|
|
|
● |
if,
and only if, the last reported sale price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share
splits, share dividends, reorganization, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending
on the third trading day prior to the date on which the Company sends the notice of redemption to warrant holders. |
If
and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register
or qualify the underlying securities for sale under all applicable state securities laws.
If
the Company calls the Public Warrants for redemption, as described above, its management will have the option to require any holder that
wishes to exercise the Public 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 Public Warrants may be adjusted in certain circumstances including
in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, except
as described below, the Public 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 Public Warrants. If the Company is unable to complete a Business Combination
within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of Public Warrants will not receive
any of such funds with respect to their Public Warrants, nor will they receive any distribution from the Company’s assets held
outside of the Trust Account with respect to such Public Warrants. Accordingly, the Public Warrants may expire worthless.
The
Private Placement Warrants will be identical to the Public Warrants underlying the Units being sold in the Initial Public Offering.
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v3.24.2
Subsequent Events
|
6 Months Ended |
May 31, 2024 |
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 up to the date the unaudited financial statements were available to issue. Based upon this review, the Company
identified the following subsequent events:
The
Company has deposited $80,000 on June 10, 2024 in the Company’s Trust Account to extended the period of time from June 11, 2024
to July 11, 2024 to complete the business combination.
The Company has deposited $80,000 on July 9, 2024 in the Company’s
Trust Account to extended the period of time from July 11, 2024 to August 11, 2024 to complete the business combination.
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v3.24.2
Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
May 31, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
The
accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States
of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC.
Certain
information and note disclosures normally included in the annual financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the
disclosures made are adequate to make the information not misleading. The interim financial statements as of May 31, 2024 and for the
six months ended May 31, 2024 and May 31, 2023, respectively, are unaudited. In the opinion of management, the financial statements include
all adjustments, consisting only of normal recurring adjustments, necessary to provide a fair statement of the results for the interim
periods. Interim results are not necessarily indicative of results to be expected for any other interim period or for the full year.
The accompanying balance sheet as of November 30, 2023, is derived from the audited financial statements presented in the Company’s
Annual Report on Form 10-K for fiscal the year ended November 30, 2023.
|
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 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.
Note
2 — Summary of Significant Accounting Policies (Continued)
|
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 highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash
equivalents are carried at cost, which approximates fair value. The Company had $4,176 and $146,933 in cash as of May 31, 2024 and November
30, 2023, respectively. The Company had no cash equivalents as of May 31, 2024 and November 30, 2023.
|
Cash and Marketable Securities Held in Trust Account |
Cash
and Marketable Securities Held in Trust Account
As
of May 31, 2024 and November 30, 2023, substantially all of the assets held in the Trust Account were held in money market. As of May
31, 2024 and November 30, 2023, there were $53,579,162 and $82,949,890 cash held in the Trust Account.
|
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 May 31, 2024 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 considered to be 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.
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. 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 May 31, 2024 and November 30, 2023, 4,663,957 and 7,495,670 Class A Ordinary Shares outstanding are subject to possible redemption,
respectively.
|
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. As of May 31, 2024, the Company had not experienced
losses on this account and management believes the Company is not exposed to significant risks on such account.
|
Net Income (Loss) Per Share |
Net
Income (Loss) Per Share
Net
income per share is computed by dividing net income by the weighted average number of ordinary shares outstanding for the period. The
calculation of diluted income (loss) per share does not consider the effect of the warrants issued in connection with the Initial Public
Offering and warrants issued as components of the Private Placement Units (the “Placement Warrants”) since the exercise of
the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive.
The
Company’s statements of operations includes a presentation income per share for ordinary shares subject to possible redemption
in a manner similar to the two-class method of income per share. Net income per ordinary share, basic and diluted, for redeemable Class
A ordinary shares is calculated by dividing the net income allocable to Class A ordinary shares subject to possible redemption, by the
weighted average number of redeemable Class A ordinary shares outstanding since original issuance. Net income per shares, basic and diluted,
for non-redeemable Class A and Class B ordinary shares is calculated by dividing net income allocable to non-redeemable ordinary shares,
by the weighted average number of non-redeemable ordinary shares outstanding for the periods. Non-redeemable Class B ordinary shares
include the founder shares as these ordinary shares do not have any redemption features and do not participate in the income earned on
the Trust Account.
Note
2 — Summary of Significant Accounting Policies (Continued)
Schedule of Net Loss Per Share
| |
Three Months Ended May 31, 2024 | | |
Six Months Ended May 31, 2024 | | |
Three Months
Ended
May 31, 2023 | | |
Six Months
Ended
May 31, 2023 | |
Class A ordinary shares | |
| | | |
| | | |
| | | |
| | |
Numerator: net income allocable to redeemable Class A ordinary shares | |
$ | 598,613 | | |
$ | 1,213,101 | | |
$ | 776,367 | | |
$ | 1,605,407 | |
| |
| | | |
| | | |
| | | |
| | |
Denominator: weighted average number of Class A ordinary shares | |
| 7,304,510 | | |
| 7,668,339 | | |
| 12,032,500 | | |
| 12,032,500 | |
Basic and diluted net income per redeemable Class A ordinary share | |
$ | 0.08 | | |
$ | 0.16 | | |
$ | 0.06 | | |
$ | 0.13 | |
| |
| | | |
| | | |
| | | |
| | |
Class B ordinary shares | |
| | | |
| | | |
| | | |
| | |
Numerator: net income allocable to Class B ordinary shares | |
$ | 235,609 | | |
$ | 454,814 | | |
$ | 185,502 | | |
$ | 383,560 | |
Numerator: net income (loss) allocable to ordinary shares | |
$ | 235,609 | | |
$ | 454,814 | | |
$ | 185,502 | | |
$ | 383,560 | |
| |
| | | |
| | | |
| | | |
| | |
Denominator: weighted average number of Class B ordinary shares | |
| 2,875,000 | | |
| 2,875,000 | | |
| 2,875,000 | | |
| 2,875,000 | |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted net income per Class B ordinary share | |
$ | 0.08 | | |
$ | 0.16 | | |
$ | 0.06 | | |
$ | 0.13 | |
|
Offering Costs Associated with the Initial Public Offering |
Offering
Costs Associated with the Initial Public Offering
The
Company complies with the requirements of the Financial Accounting Standards Board ASC 340-10-S99-1 and SEC Staff Accounting Bulletin
(“SAB”) Topic 5A, “Expenses of Offering.” Offering costs of $4,532,887 consist principally of costs incurred
in connection with formation of the Company and preparation for the Initial Public Offering. These costs, together with the underwriter
discount of $4,025,000, were charged to additional paid-in capital upon completion of the Initial Public Offering.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
The
Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction
between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs
used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets
or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:
●
Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;
●
Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted
prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active;
and
●
Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions,
such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
The
following table presents information about the Company’s financial assets that are measured at fair value on a recurring basis
as of May 31, 2024 and November 30, 2023:
Schedule of Financial Assets Measured at Fair Value on a Recurring Basis
| |
Level | | |
March
31, 2024 | | |
November 30, 2023 | |
Assets: | |
| | | |
| | | |
| | |
Cash and marketable securities held in trust account | |
| 1 | | |
$ | 53,579,162 | | |
$ | 82,949,890 | |
|
Recent Accounting Standards |
Recent
Accounting Standards
Management
does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a
material effect on the Company’s financial statements.
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v3.24.2
Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
May 31, 2024 |
Accounting Policies [Abstract] |
|
Schedule of Net Loss Per Share |
Schedule of Net Loss Per Share
| |
Three Months Ended May 31, 2024 | | |
Six Months Ended May 31, 2024 | | |
Three Months
Ended
May 31, 2023 | | |
Six Months
Ended
May 31, 2023 | |
Class A ordinary shares | |
| | | |
| | | |
| | | |
| | |
Numerator: net income allocable to redeemable Class A ordinary shares | |
$ | 598,613 | | |
$ | 1,213,101 | | |
$ | 776,367 | | |
$ | 1,605,407 | |
| |
| | | |
| | | |
| | | |
| | |
Denominator: weighted average number of Class A ordinary shares | |
| 7,304,510 | | |
| 7,668,339 | | |
| 12,032,500 | | |
| 12,032,500 | |
Basic and diluted net income per redeemable Class A ordinary share | |
$ | 0.08 | | |
$ | 0.16 | | |
$ | 0.06 | | |
$ | 0.13 | |
| |
| | | |
| | | |
| | | |
| | |
Class B ordinary shares | |
| | | |
| | | |
| | | |
| | |
Numerator: net income allocable to Class B ordinary shares | |
$ | 235,609 | | |
$ | 454,814 | | |
$ | 185,502 | | |
$ | 383,560 | |
Numerator: net income (loss) allocable to ordinary shares | |
$ | 235,609 | | |
$ | 454,814 | | |
$ | 185,502 | | |
$ | 383,560 | |
| |
| | | |
| | | |
| | | |
| | |
Denominator: weighted average number of Class B ordinary shares | |
| 2,875,000 | | |
| 2,875,000 | | |
| 2,875,000 | | |
| 2,875,000 | |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted net income per Class B ordinary share | |
$ | 0.08 | | |
$ | 0.16 | | |
$ | 0.06 | | |
$ | 0.13 | |
|
Schedule of Financial Assets Measured at Fair Value on a Recurring Basis |
The
following table presents information about the Company’s financial assets that are measured at fair value on a recurring basis
as of May 31, 2024 and November 30, 2023:
Schedule of Financial Assets Measured at Fair Value on a Recurring Basis
| |
Level | | |
March
31, 2024 | | |
November 30, 2023 | |
Assets: | |
| | | |
| | | |
| | |
Cash and marketable securities held in trust account | |
| 1 | | |
$ | 53,579,162 | | |
$ | 82,949,890 | |
|
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v3.24.2
Description of Organization and Business Operations (Details Narrative) - USD ($)
|
|
6 Months Ended |
|
|
|
|
|
|
|
|
|
|
|
Feb. 11, 2022 |
Feb. 11, 2022 |
May 31, 2024 |
May 09, 2024 |
Apr. 30, 2024 |
Mar. 31, 2024 |
Feb. 29, 2024 |
Jan. 31, 2024 |
Dec. 31, 2023 |
Nov. 30, 2023 |
Oct. 31, 2023 |
Aug. 31, 2023 |
Jul. 31, 2023 |
Jul. 18, 2023 |
Deferred underwriting fee payable |
|
|
$ 4,025,000
|
|
|
|
|
|
|
$ 4,025,000
|
|
|
|
|
Cash |
|
|
$ 4,176
|
|
|
|
|
|
|
$ 146,933
|
|
|
|
|
Minimum market value net asset held in trust account, percentage |
|
|
80.00%
|
|
|
|
|
|
|
|
|
|
|
|
Minimum post-business combination ownership |
|
|
50.00%
|
|
|
|
|
|
|
|
|
|
|
|
Restricted redemption rights percentage |
|
|
20.00%
|
|
|
|
|
|
|
|
|
|
|
|
Redemption percentage of outstanding shares |
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
Sale of stock, description |
|
|
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”).
|
|
|
|
|
|
|
|
|
|
|
|
EVGRs Shareholders [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redemption share value |
|
|
|
$ 32,364,393
|
|
|
|
|
|
|
|
|
|
|
Common Class A [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redemption share value |
|
|
|
$ 80,000
|
|
|
|
|
|
|
|
|
|
$ 160,000
|
Redemption price per share |
|
|
|
$ 0.03
|
|
|
|
|
|
|
|
|
|
$ 0.055
|
Redemption share |
|
|
4,663,957
|
2,831,713
|
|
|
|
|
|
7,495,670
|
|
|
|
4,004,330
|
Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dissolution expenses |
|
|
$ 100,000
|
|
|
|
|
|
|
|
|
|
|
|
Evergreen LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets held in trust |
|
|
$ 80,000
|
|
$ 160,000
|
$ 160,000
|
$ 160,000
|
$ 160,000
|
$ 160,000
|
$ 160,000
|
$ 160,000
|
$ 160,000
|
$ 160,000
|
|
IPO [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of stock, number of shares issued in transaction |
10,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross proceeds from public offering |
$ 100,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction costs |
8,557,887
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting fees |
1,800,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred underwriting fee payable |
4,025,000
|
$ 4,025,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets held in trust |
1,725,000
|
1,725,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issuance costs |
1,007,887
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
$ 1,519,359
|
$ 1,519,359
|
|
|
|
|
|
|
|
|
|
|
|
|
Initial public offering price |
$ 10.15
|
$ 10.15
|
$ 10.00
|
|
|
|
|
|
|
|
|
|
|
|
Net proceeds from public offering |
$ 116,725,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Private Placement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of stock, number of shares issued in transaction |
|
532,500
|
|
|
|
|
|
|
|
|
|
|
|
|
Initial public offering price |
$ 10.00
|
$ 10.00
|
|
|
|
|
|
|
|
|
|
|
|
|
Net proceeds from public offering |
|
$ 5,325,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Private Placement [Member] | Evergreen LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of stock, number of shares issued in transaction |
480,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Initial public offering price |
$ 10.00
|
$ 10.00
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of private placement |
$ 4,800,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Over-Allotment Option [Member] | Underwriters [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of stock, number of shares issued in transaction |
1,500,000
|
1,500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting fees |
|
|
$ 2,000,000
|
|
|
|
|
|
|
|
|
|
|
|
Deferred underwriting fee payable |
|
|
$ 3,500,000
|
|
|
|
|
|
|
|
|
|
|
|
Initial public offering price |
$ 10.00
|
$ 10.00
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from over-allotment option |
$ 15,000,000
|
$ 15,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Over-Allotment Option [Member] | Underwriters [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of stock, number of shares issued in transaction |
|
|
1,500,000
|
|
|
|
|
|
|
|
|
|
|
|
Option Private Placement Units [Member] | Evergreen LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of stock, number of shares issued in transaction |
52,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Initial public offering price |
$ 10.00
|
$ 10.00
|
|
|
|
|
|
|
|
|
|
|
|
|
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v3.24.2
Schedule of Net Loss Per Share (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
May 31, 2024 |
May 31, 2023 |
May 31, 2024 |
May 31, 2023 |
Common Class A [Member] |
|
|
|
|
Numerator: net income (loss) allocable to ordinary shares |
$ 598,613
|
$ 776,367
|
$ 1,213,101
|
$ 1,605,407
|
Denominator: Weighted average number of ordinary shares, basic |
7,304,510
|
12,032,500
|
7,668,339
|
12,032,500
|
Denominator: Weighted average number of ordinary shares, diluted |
7,304,510
|
12,032,500
|
7,668,339
|
12,032,500
|
Basic net income (loss) per ordinary share |
$ 0.08
|
$ 0.06
|
$ 0.16
|
$ 0.13
|
Diluted net income (loss) per ordinary share |
$ 0.08
|
$ 0.06
|
$ 0.16
|
$ 0.13
|
Common Class B [Member] |
|
|
|
|
Numerator: net income (loss) allocable to ordinary shares |
$ 235,609
|
$ 185,502
|
$ 454,814
|
$ 383,560
|
Denominator: Weighted average number of ordinary shares, basic |
2,875,000
|
2,875,000
|
2,875,000
|
2,875,000
|
Denominator: Weighted average number of ordinary shares, diluted |
2,875,000
|
2,875,000
|
2,875,000
|
2,875,000
|
Basic net income (loss) per ordinary share |
$ 0.08
|
$ 0.06
|
$ 0.16
|
$ 0.13
|
Diluted net income (loss) per ordinary share |
$ 0.08
|
$ 0.06
|
$ 0.16
|
$ 0.13
|
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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Schedule of Financial Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($)
|
May 31, 2024 |
Nov. 30, 2023 |
Platform Operator, Crypto Asset [Line Items] |
|
|
Cash and marketable securities held in trust account |
$ 53,579,162
|
$ 82,949,890
|
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|
|
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|
|
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$ 53,579,162
|
$ 82,949,890
|
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|
May 31, 2024 |
May 09, 2024 |
Nov. 30, 2023 |
Jul. 18, 2023 |
Cash |
$ 4,176
|
|
$ 146,933
|
|
Cash equivalents |
0
|
|
0
|
|
Trust account, balance |
53,579,162
|
|
82,949,890
|
|
Cash FDIC insured amount |
250,000
|
|
|
|
Deferred offering costs |
4,532,887
|
|
|
|
Deferred underwriter discount |
$ 4,025,000
|
|
$ 4,025,000
|
|
Common Class A [Member] |
|
|
|
|
Ordinary shares possible redemption |
4,663,957
|
2,831,713
|
7,495,670
|
4,004,330
|
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v3.24.2
Related Party Transactions (Details Narrative) - USD ($)
|
|
|
6 Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jun. 07, 2023 |
Nov. 22, 2021 |
May 31, 2024 |
Aug. 11, 2024 |
May 09, 2024 |
Apr. 30, 2024 |
Mar. 31, 2024 |
Feb. 29, 2024 |
Jan. 31, 2024 |
Jan. 05, 2024 |
Dec. 31, 2023 |
Nov. 30, 2023 |
Oct. 31, 2023 |
Sep. 25, 2023 |
Sep. 21, 2023 |
Aug. 31, 2023 |
Jul. 31, 2023 |
Jul. 18, 2023 |
Apr. 21, 2023 |
Feb. 07, 2023 |
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Working capital loans |
|
|
$ 810,500
|
|
|
|
|
|
|
|
|
$ 650,000
|
|
|
|
|
|
|
|
|
Working capital loan for extension |
|
|
|
|
|
|
|
|
|
$ 121,000
|
|
|
|
|
|
|
|
|
|
|
Loans Payable to Bank, Current |
|
|
3,820,000
|
|
|
|
|
|
|
|
|
2,940,000
|
|
|
|
|
|
|
|
|
Evergreen LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible debt |
|
|
$ 1,500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible price |
|
|
$ 10.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Evergreen LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured promissory note |
$ 1,350,000
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 2,000,000
|
$ 570,000
|
|
|
|
$ 50,000
|
$ 1,150,000
|
Deposited to the trust account |
$ 1,150,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposited into the trust account |
|
|
$ 80,000
|
|
|
$ 160,000
|
$ 160,000
|
$ 160,000
|
$ 160,000
|
|
$ 160,000
|
160,000
|
$ 160,000
|
|
|
$ 160,000
|
$ 160,000
|
|
|
|
Evergreen LLC [Member] | Administrative Services Arrangement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sponsor fees |
|
|
10,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sponsor fees have not been paid |
|
|
$ 160,000
|
|
|
|
|
|
|
|
|
$ 100,000
|
|
|
|
|
|
|
|
|
Common Class B [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued and outstanding, percent |
|
|
20.00%
|
|
|
|
|
|
|
|
|
20.00%
|
|
|
|
|
|
|
|
|
Common Class B [Member] | Evergreen LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of new stock issued during the period |
|
2,875,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase price |
|
$ 25,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock shares subject to forfeiture |
|
375,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued and outstanding, percent |
|
20.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related party transaction description |
|
The
holders of the Founder shares have agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until
the earlier to occur of: (A) six months after the completion of a Business Combination and (B) subsequent to a Business Combination,
(x) if the last reported sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits,
share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period, or
(y) the date on which the Company completes a liquidation, merger, capital share exchange or other similar transaction that results in
all of the Public Shareholders having the right to exchange their ordinary shares for cash, securities or other property.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Class A [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redemption share value |
|
|
|
|
$ 80,000
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 160,000
|
|
|
Redemption price per share |
|
|
|
|
$ 0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.055
|
|
|
Common Class A [Member] | Forecast [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redemption share value |
|
|
|
$ 160,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redemption price per share |
|
|
|
$ 0.055
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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v3.24.2
Commitments and Contingencies (Details Narrative) - USD ($)
|
|
6 Months Ended |
|
Feb. 11, 2022 |
Feb. 11, 2022 |
May 31, 2024 |
Nov. 30, 2023 |
Loss Contingencies [Line Items] |
|
|
|
|
Deferred underwriter commission |
|
|
$ 4,025,000
|
$ 4,025,000
|
Over-Allotment Option [Member] | Underwriters [Member] |
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
Sale of stock, number of shares issued in transaction |
1,500,000
|
1,500,000
|
|
|
Underwriting discount per unit |
|
|
$ 0.20
|
|
Underwriting discount |
|
|
$ 2,000,000
|
|
Aggregate amonunt of underwriting discount |
|
|
2,300,000
|
|
Reimburse of offering expense |
|
|
$ 500,000
|
|
Underwriter deferred fee in unit |
|
|
$ 0.35
|
|
Deferred underwriter commission |
|
|
$ 3,500,000
|
|
Aggregate amount of deferred fees |
|
|
$ 4,025,000
|
|
Sale of stock, price per share |
$ 10.00
|
$ 10.00
|
|
|
Proceeds from over-allotment option |
$ 15,000,000
|
$ 15,000,000
|
|
|
Over-Allotment Option [Member] | Underwriters [Member] | Maximum [Member] |
|
|
|
|
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|
|
|
|
Sale of stock, number of shares issued in transaction |
|
|
1,500,000
|
|
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v3.24.2
Shareholders’ Equity (Details Narrative) - $ / shares
|
6 Months Ended |
|
|
|
May 31, 2024 |
May 09, 2024 |
Nov. 30, 2023 |
Jul. 18, 2023 |
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
|
|
Warrant [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Warrant expire term |
5 years
|
|
|
|
Warrant price |
$ 0.01
|
|
|
|
Price per share |
$ 18.00
|
|
|
|
Common Class A [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Common stock, shares authorized |
479,000,000
|
|
479,000,000
|
|
Common stock, par value |
$ 0.0001
|
|
$ 0.0001
|
|
Common stock, voting rights |
Holders of the Company’s Class A ordinary shares are entitled to one vote for each
share.
|
|
|
|
Common stock, shares issued |
532,500
|
|
532,500
|
|
Common stock, shares outstanding |
532,500
|
|
532,500
|
|
Ordinary shares possible redemption |
4,663,957
|
2,831,713
|
7,495,670
|
4,004,330
|
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 |
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
|
|
Percentage of shares issued and outstanding |
20.00%
|
|
20.00%
|
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