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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
(Mark
One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended June 30, 2024
or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from_________ to___________
Commission
File Number: 001-41012
FINNOVATE
ACQUISITION CORP.
(Exact
name of registrant as specified in its charter)
Cayman
Islands |
|
N/A |
(State
or other jurisdiction of
incorporation
or organization) |
|
(I.R.S.
Employer
Identification
No.) |
265
Franklin Street
Suite
1702
Boston,
MA |
|
02110 |
(Address
of principal executive offices) |
|
(Zip
Code) |
+1
424-253-0908
(Registrant’s
telephone number, including area code)
Not
Applicable
(Former
name, former address and former fiscal year, if changed since last report)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol (s) |
|
Name
of each exchange on which registered |
Units,
each consisting of one Class A ordinary share and three-quarters of one warrant |
|
FNVTU |
|
The
Nasdaq Stock Market LLC |
Class
A ordinary shares, par value $0.0001 per share |
|
FNVT |
|
The
Nasdaq Stock Market LLC |
Redeemable
warrants, each warrant exercisable for one Class A ordinary share at an exercise price of $11.50 |
|
FNVTW |
|
The
Nasdaq Stock Market LLC |
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 Data File required to be submitted 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 the definitions of “large accelerated filer”, “accelerated filer”,
“smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
Accelerated Filer |
☐ |
Accelerated
Filer |
☐ |
Non-Accelerated
Filer |
☒ |
Smaller
Reporting Company |
☒ |
|
|
Emerging
Growth Company |
☒ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes
☒ No ☐
As
of August 19, 2024, there were 6,711,005 Class A ordinary shares, par value $0.0001 per share, and 1 Class B ordinary share, par
value $0.0001 per share, of the registrant issued and outstanding.
FINNOVATE ACQUISTION CORP.
FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 30,
2024
TABLE
OF CONTENTS
PART
I. FINANCIAL STATEMENTS
Item
1. Financial Statements.
FINNOVATE
ACQUISITION CORP.
CONDENSED
BALANCE SHEETS
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
As of | |
| |
June 30, 2024 (Unaudited) | | |
December 31, 2023 | |
Assets | |
| | | |
| | |
Current Assets | |
| | | |
| | |
Cash | |
$ | 35,523 | | |
$ | 37 | |
Prepaid expenses | |
| 60,889 | | |
| 37,389 | |
Total Current Assets | |
| 96,412 | | |
| 37,426 | |
Investments held in Trust Account | |
| 25,736,479 | | |
| 51,200,344 | |
Total Assets | |
$ | 25,832,891 | | |
$ | 51,237,770 | |
| |
| | | |
| | |
Liabilities, Redeemable Ordinary Shares and Shareholders’ Deficit | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 1,721,119 | | |
$ | 1,435,205 | |
Working Capital Loan – related party | |
| 974,210 | | |
| 542,503 | |
Promissory Note payable | |
| 200,000 | | |
| - | |
Promissory Note payable – related party | |
| 1,175,000 | | |
| 800,000 | |
Due to related party | |
| 74,600 | | |
| 56,600 | |
Total Liabilities | |
| 4,144,929 | | |
| 2,834,308 | |
| |
| | | |
| | |
Commitments and Contingencies | |
| - | | |
| - | |
| |
| | | |
| | |
Class A Ordinary Shares subject to possible redemption, 2,248,506 and 4,623,332 shares at redemption value of $11.45 and $11.07 at June 30, 2024 and December 31, 2023, respectively | |
| 25,736,479 | | |
| 51,200,344 | |
| |
| | | |
| | |
Shareholders’ Deficit | |
| | | |
| | |
Preference shares, $0.0001 par value; 5,000,000 shares authorized; no shares issued and outstanding | |
| - | | |
| - | |
Class A Ordinary Shares, $0.0001 par value; 500,000,000 shares authorized; 4,462,499 issued and outstanding (excluding 2,248,506 and 4,623,332 shares subject to possible redemption) at June 30, 2024 and December 31, 2023, respectively | |
| 446 | | |
| 446 | |
Class B Ordinary Shares, $0.0001 par value; 50,000,000 shares authorized; 1 issued and outstanding at June 30, 2024 and December 31, 2023 | |
| - | | |
| - | |
Common stock, value | |
| - | | |
| - | |
| |
| | | |
| | |
Accumulated deficit | |
| (4,048,963 | ) | |
| (2,797,328 | ) |
Total Shareholders’ Deficit | |
| (4,048,517 | ) | |
| (2,796,882 | ) |
Total Liabilities, Redeemable Ordinary Shares and Shareholders’ Deficit | |
$ | 25,832,891 | | |
$ | 51,237,770 | |
The
accompanying notes are an integral part of these unaudited condensed financial statements.
FINNOVATE
ACQUISITION CORP.
CONDENSED
STATEMENTS OF OPERATIONS
FOR
THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND JUNE 30, 2023
(UNAUDITED)
| |
June 30, 2024 | | |
June 30, 2023 | | |
June 30, 2024 | | |
June 30, 2023 | |
| |
For the Three Months Ended | | |
For the Six Months Ended | |
| |
June 30, 2024 | | |
June 30, 2023 | | |
June 30, 2024 | | |
June 30, 2023 | |
Operating, general and administrative expenses | |
$ | 455,763 | | |
$ | 543,867 | | |
$ | 776,966 | | |
$ | 846,131 | |
Loss from operations | |
| (455,763 | ) | |
| (543,867 | ) | |
| (776,966 | ) | |
| (846,131 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income | |
| | | |
| | | |
| | | |
| | |
Interest earned on Investments held in Trust Account | |
| 405,982 | | |
| 1,341,938 | | |
| 969,111 | | |
| 3,250,819 | |
Interest earned on Bank Account | |
| 162 | | |
| 254 | | |
| 331 | | |
| 1,671 | |
Total other income | |
| 406,144 | | |
| 1,342,192 | | |
| 969,442 | | |
| 3,252,490 | |
| |
| | | |
| | | |
| | | |
| | |
Net (Loss) Income | |
$ | (49,619 | ) | |
$ | 798,325 | | |
$ | 192,476 | | |
$ | 2,406,359 | |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted weighted average shares outstanding, redeemable Class A Ordinary Shares | |
| 3,057,513 | | |
| 12,374,953 | | |
| 3,840,422 | | |
| 14,873,595 | |
Basic and diluted net (loss) income per redeemable Class A Ordinary Share | |
$ | (0.01 | ) | |
$ | 0.06 | | |
$ | 0.02 | | |
$ | 0.13 | |
Basic and diluted weighted average shares outstanding, non-redeemable Ordinary Shares | |
| 4,462,500 | | |
$ | 1,753,435 | | |
| 4,462,500 | | |
| 3,002,072 | |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted net (loss) income per non-redeemable Ordinary Share | |
$ | (0.01 | ) | |
$ | 0.06 | | |
$ | 0.02 | | |
$ | 0.13 | |
The
accompanying notes are an integral part of these unaudited condensed financial statements.
FINNOVATE
ACQUISITION CORP.
CONDENSED
STATEMENTS OF CHANGES IN SHAREHOLDERS’ DEFICIT
FOR
THE SIX MONTHS ENDED JUNE 30, 2024 AND JUNE 30, 2023
(UNAUDITED)
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
| |
Ordinary Shares | | |
Additional | | |
| | |
Total | |
| |
Class A | | |
Class B | | |
Paid-in | | |
Accumulated | | |
Shareholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
Balance – December 31, 2023 | |
| 4,462,499 | | |
$ | 446 | | |
| 1 | | |
$ | - | | |
$ | - | | |
$ | (2,797,328 | ) | |
$ | (2,796,882 | ) |
Remeasurement of redeemable Class A Ordinary Shares to redemption value | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (563,129 | ) | |
| (563,129 | ) |
Extension contribution | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (300,000 | ) | |
| (300,000 | ) |
Net income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 242,095 | | |
| 242,095 | |
Balance - March 31, 2024 | |
| 4,462,499 | | |
$ | 446 | | |
| 1 | | |
$ | - | | |
| - | | |
$ | (3,418,362 | ) | |
$ | (3,417,916 | ) |
Remeasurement of redeemable Class A Ordinary Shares to redemption value | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (405,982 | ) | |
| (405,982 | ) |
Extension contribution | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (175,000 | ) | |
| (175,000 | ) |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (49,619 | ) | |
| (49,619 | ) |
Balance – June 30, 2024 | |
| 4,462,499 | | |
$ | 446 | | |
| 1 | | |
$ | - | | |
| - | | |
$ | (4,048,963 | ) | |
$ | (4,048,517 | ) |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
capital | | |
deficit | | |
Deficit | |
| |
Ordinary Shares | | |
Additional | | |
| | |
Total | |
| |
Class A | | |
Class B | | |
paid-in | | |
Accumulated | | |
Shareholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
capital | | |
deficit | | |
Deficit | |
Balance - December 31, 2022 | |
| 150,000 | | |
$ | 15 | | |
| 4,312,500 | | |
$ | 431 | | |
$ | - | | |
$ | (455,795 | ) | |
$ | (455,349 | ) |
Remeasurement of redeemable Class A Ordinary Shares to redemption value | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,908,881 | ) | |
| (1,908,881 | ) |
Net income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,608,034 | | |
| 1,608,034 | |
Balance - March 31, 2023 | |
| 150,000 | | |
$ | 15 | | |
| 4,312,500 | | |
$ | 431 | | |
$ | - | | |
$ | (756,642 | ) | |
$ | (756,196 | ) |
Balance | |
| 150,000 | | |
$ | 15 | | |
| 4,312,500 | | |
$ | 431 | | |
$ | - | | |
$ | (756,642 | ) | |
$ | (756,196 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Conversion of Sponsor Shares | |
| 4,312,499 | | |
| 431 | | |
| (4,312,499 | ) | |
| (431 | ) | |
| - | | |
| - | | |
| - | |
Promissory Note forgiveness | |
| - | | |
| - | | |
| - | | |
| - | | |
| 449,765 | | |
| - | | |
| 449,765 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Remeasurement of Class A Ordinary Shares to redemption value | |
| - | | |
| - | | |
| - | | |
| - | | |
| (449,765 | ) | |
| (892,173 | ) | |
| (1,341,938 | ) |
Extension contribution | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (300,000 | ) | |
| (300,000 | ) |
Net Income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 798,325 | | |
| 798,325 | |
Net income (loss) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 798,325 | | |
| 798,325 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance – June 30, 2023 | |
| 4,462,499 | | |
$ | 446 | | |
| 1 | | |
$ | - | | |
$ | - | | |
$ | (1,150,490 | ) | |
$ | (1,150,044 | ) |
Balance | |
| 4,462,499 | | |
$ | 446 | | |
| 1 | | |
$ | - | | |
$ | - | | |
$ | (1,150,490 | ) | |
$ | (1,150,044 | ) |
The
accompanying notes are an integral part of these unaudited condensed financial statements.
FINNOVATE
ACQUISITION CORP.
CONDENSED
STATEMENTS OF CASH FLOWS
FOR
THE SIX MONTHS ENDED JUNE 30, 2024 AND JUNE 30, 2023
(UNAUDITED)
| |
June 30, 2024 | | |
June 30, 2023 | |
| |
For the Six Months Ended | |
| |
June 30, 2024 | | |
June 30, 2023 | |
Cash flows from operating activities: | |
| | | |
| | |
Net income | |
$ | 192,476 | | |
$ | 2,406,359 | |
Interest earned on Investments held in Trust Account | |
| (969,111 | ) | |
| (3,250,819 | ) |
Changes in operating assets and liabilities: | |
| | | |
| | |
Prepaid expenses | |
| (23,500 | ) | |
| 95,557 | |
Accounts payable and accrued expenses | |
| 285,914 | | |
| 501,808 | |
Due to related party | |
| 18,000 | | |
| 3,000 | |
Net cash used by operating activities | |
$ | (496,221 | ) | |
$ | (244,095 | ) |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Cash withdrawn from Trust Account in connection with redemption | |
| 26,907,976 | | |
| 132,616,922 | |
Extension contribution | |
| (475,000 | ) | |
| — | |
Net cash provided by investing activities | |
| 26,432,976 | | |
| 132,616,922 | |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Redemption of Class A Ordinary Shares | |
| (26,907,976 | ) | |
| (132,616,922 | ) |
Proceeds from Promissory Note | |
| 431,707 | | |
| — | |
Proceeds from affiliate Promissory Note | |
| 200,000 | | |
| — | |
Proceeds from Promissory Note – related party | |
| 375,000 | | |
| — | |
Net cash provided used in financing activities | |
| (25,901,269 | ) | |
| (132,616,922 | ) |
| |
| | | |
| | |
Net change in cash | |
$ | 35,486 | | |
| (244,095 | ) |
Cash at beginning of period | |
| 37 | | |
| 244,179 | |
Cash at end of period | |
$ | 35,523 | | |
$ | 84 | |
| |
| | | |
| | |
Supplemental disclosure of cash flow information: | |
| | | |
| | |
Remeasurement of redeemable Class A Ordinary Shares to redemption value | |
$ | 969,111 | | |
$ | 3,250,819 | |
Promissory Note forgiveness | |
$ | — | | |
$ | 449,765 | |
The
accompanying notes are an integral part of these unaudited condensed financial statements.
FINNOVATE
ACQUISITION CORP.
NOTES
TO CONDENSED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE
1 – ORGANIZATION AND BUSINESS BACKGROUND
Organization
and General
Finnovate
Acquisition Corp. (the “Company”) was incorporated in the Cayman Islands on March 15, 2021. The Company was 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 businesses or entities (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 June 30, 2024, the Company had not commenced any operations. All activity for the period from March 15, 2021 (inception) through June
30, 2024 relates to the Company’s formation and its initial public offering (the “Initial Public Offering” or “IPO”)
described below, and, since the IPO, the search for a target for its Business Combination. The Company will not generate any operating
revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income in the
form of interest income from the proceeds derived from the IPO. The Company has selected December 31 as its fiscal year end.
IPO
On
November 8, 2021, the Company completed the sale of 15,000,000 units (the “Units” and, with respect to the shares of Class
A Ordinary Shares, par value $0.0001 per share (the “Class A Ordinary Shares”) included in the Units being offered, the “Public
Shares”) at $10.00 per Unit. On November 12, 2021, the Company closed on the full over-allotment, resulting in the sale of an additional
2,250,000 Units. The IPO and subsequent exercise of the over-allotment generated gross proceeds of $172,500,000, which is described in
Note 3. Each Unit consists of one share of Class A Ordinary Shares and three-quarters of one redeemable warrant (“Public Warrant”).
Simultaneously
with the closing of the IPO, the Company completed the sale of 7,900,000 private placement warrants (the “Private Placement Warrants”)
at a price of $1.00 per Private Placement Warrant in a private placement (the “Private Placement”) to Finnovate Sponsor,
LP (the “Sponsor”) as well as to EarlyBirdCapital, Inc. (“EarlyBirdCapital”). On November 12, 2021, pursuant
to the full exercise of the over-allotment option, the Sponsor purchased an additional 900,000 Private Placement Warrants. The IPO and
subsequent exercise of the over-allotment generated gross proceeds of $8,800,000 from the sale of the Private Placement Warrants.
Following
the closing of the IPO on November 8, 2021 and the subsequent exercise of the over-allotment option, $175,950,000 ($10.20 per Unit) from
the net proceeds of the sale of the Units in the IPO and the sale of the Private Placement Warrants was placed in a trust account (“Trust
Account”), located in the United States at a nationally recognized financial institution, with Continental Stock Transfer &
Trust Company (“Continental”) acting as trustee, and invested only in in United States “government securities”
within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”) having
a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company
Act which invest only in direct U.S. Department of the Treasury (the “Treasury”) obligations. Pursuant to the trust agreement, the trustee will not be permitted
to invest in other securities or assets. The Trust Account is intended as a holding place for funds pending the earliest to occur of
either: (i) the completion of the Business Combination; (ii) the redemption of any Public Shares properly tendered in connection with
a shareholder vote to amend the Amended and Restated Memorandum and Articles of Association (the “Amended and Restated Memorandum”)
to (A) modify the substance or timing of the Company’s obligation to allow redemption in connection with the Business Combination
or to redeem the Public Shares if the Company does not complete the initial Business Combination within the Combination Period or (B)
with respect to any other provision relating to shareholders’ rights or pre-Business Combination activity and (iii) the redemption
of all of the Public Shares if the Company is unable to complete the Business Combination by November 8, 2024, subject to applicable
law. If the Company does not invest the proceeds as discussed above, the Company may be deemed to be subject to the Investment Company
Act.
Initial
Business Combination
The
Company’s executive officers and directors (“Management” or “Management Team”) has broad discretion with
respect to the specific application of the net proceeds of the IPO and the sale of the 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 a Business Combination with one or more
operating businesses or assets that together have an aggregate fair market value equal to at least 80% of the net assets held in the
Trust Account as defined below (excluding the underwriting commissions and taxes payable on the income earned on the Trust Account) at
the time of the Company’s signing of a definitive agreement in connection with its Business Combination. 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 an interest in the target business or assets sufficient for it not to be required to register as an
investment company under the Investment Company Act.
The
Company will provide its holders of its Public Shares, including the holders of its Founder Shares (as defined below) prior to the Initial
Public Offering (the “Initial Shareholders”) and Management Team to the extent its Initial Shareholders and/or the members
of the Management Team purchase Public Shares, provided that each Initial Shareholder’s and member of its Management Team’s
status as a “Public Shareholder” will only exist with respect to such Public Shares (the “Public Shareholders”)
with the opportunity to redeem all or a portion of their Public Shares upon the completion of the Business Combination at a per-share
price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account calculated as of two business days prior to
the consummation of the Business Combination, including interest earned on the funds held in the Trust Account and not previously released
to the Company to pay taxes (which interest shall be net of taxes payable), divided by the number of then issued and outstanding Public
Shares, subject to the limitations described herein.
The
amount in the Trust Account is approximately $11.45 per Public Share as of June 30, 2024. The per-share amount the Company will distribute
to investors who properly redeem their shares will not be reduced by the underwriting commissions the Company will pay to the underwriter.
The redemption rights will include the requirement that a beneficial holder must identify itself in order to validly redeem its shares.
There will be no redemption rights upon the completion of the Business Combination with respect to the warrants. The Company’s
initial shareholders, directors and officers have entered into a letter agreement with the Company, pursuant to which they have agreed
to waive their redemption rights with respect to the 4,312,500 shares of Class B ordinary shares, par value $0.0001 per share (“Class
B Ordinary Shares”) purchased in March 2021 (the “Founder Shares,” described in more detail in Note 5) and Public Shares
held by them in connection with the completion of the Business Combination.
The
Company will only proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 either prior to or
upon such consummation of a Business Combination and, if the Company seeks shareholder approval, a majority of the shares voted are voted
in favor of the Business Combination. If a shareholder vote is not required by applicable law or stock exchange rules and the Company
does not decide to hold a shareholder vote for business or other reasons, the Company will, pursuant to its Amended and Restated Memorandum,
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 rules, 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, and any Public Shares purchased during or after the IPO, in favor of approving a Business Combination. Additionally,
each Public Shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction
or do not vote at all.
Notwithstanding
the above, if the Company seeks shareholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender
offer rules, the Amended and Restated Memorandum provides 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 15% or more of the Public Shares, without the prior consent of the Company.
The
Sponsor has agreed (a) to waive its redemption rights with respect to its Founder Shares and Public Shares held by it in connection with
the completion of a Business Combination and (b) not to propose an amendment to the Amended and Restated Memorandum (i) to modify the
substance or timing of the Company’s obligation to allow redemption in connection with the Company’s Business Combination
or to redeem 100% of its Public Shares if the Company does not complete a Business Combination 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.
The
Company has until November 8, 2024 to complete a Business Combination (the “Combination Period”). If the Company is
unable to complete a Business Combination within 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 the Company to pay its tax obligations (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 (“Board” or “Board of Directors”), dissolve and liquidate, subject in each case to the Company’s
obligations under Cayman Islands 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
Sponsor has agreed to waive its liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination
within the Combination Period. However, if the Sponsor acquires Public Shares in or after the IPO, 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 underwriter has agreed to waive its right to its underwriting commission (see Note 8) 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 IPO 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 (1) $10.20 per Public Share or (2) such
lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in
the value of the trust assets, in each case net of the interest which may be withdrawn to pay franchise and income taxes. This liability
will not apply with respect to 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 underwriter of the IPO 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 the Company’s independent registered public accounting
firm), prospective target businesses and other entities with which the Company does business, execute agreements with the Company waiving
any right, title, interest or claim of any kind in or to monies held in the Trust Account.
Liquidity,
Capital Resources and Going Concern
As
of June 30, 2024, the Company had $35,523 in its operating bank account and a working capital deficit of $4,048,517. The Company’s
liquidity needs up to June 30, 2024 had been satisfied by payment from the Sponsor for the Founder Shares, a loan under an unsecured
promissory note from the Sponsor of up to $250,000 (the “March 2021 Promissory Note”), drawdowns against the available Working
Capital Loan ( as defined below), as well as advances and payments made on behalf of the Company by related parties.
The March 2021 Promissory Note was fully repaid as of November 8, 2021.
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 with funds as may be required (the
“Working Capital Loan”, as described in more detail in Note 5). As of June 30, 2024 and December 31, 2023, the Company had nothing
outstanding under the Working Capital Loan, respectively.
On
June 2, 2023, the Company issued a promissory note (the “June 2023 Promissory Note”) in the aggregate principal amount
of up to $1,200,000
to the Sponsor, the proceeds from which will be deposited into the Trust Account for the benefit of each Public Share that was not
redeemed in connection with the Company’s May 8, 2023 shareholder vote to approve an extension of the Company’s
termination date from May 8, 2023 to May 8, 2024 (the “2023 Extension”). The Sponsor agreed to pay $
per month until the completion of an initial Business Combination, commencing on May 8, 2023 and continuing through May 8, 2024. The
June 2023 Promissory Note bears no interest and is due and payable upon the earlier to occur of (i) the date on which the Company
consummates its Business Combination and (ii) the date that the winding up of the Company is effective. At the election of the
Sponsor, up to $1,200,000
of the unpaid principal amount of the June 2023 Promissory Note may be converted into warrants of the Company (the “Conversion
Warrants”) at a conversion price of $1.00
per warrant. The Conversion Warrants shall be identical to the Private Placement Warrants issued by the Company at the IPO. The
Company has determined that the fair value of the June 2023 Promissory Note is its face value as the note was not issued with a
substantial premium. The Sponsor funded the first three months of the June 2023 Promissory Note in its first payment. As of June 30,
2024 and December 31, 2023, the outstanding balance of the June 30, 2023 Promissory Note was $1,100,000
and $800,000, respectively, which is included in the Promissory Note payable – related party account on the accompanying condensed balance sheets, and
no interest was accrued.
If
the Company is not able to consummate a Business Combination before November 8, 2024, the Company will commence an automatic winding
up, dissolution and liquidation. Management has determined that automatic liquidation, should a Business Combination not occur, and potential
subsequent dissolution also raises substantial doubt about the Company’s ability to continue as a going concern. While Management
intends to complete a Business Combination on or before November 8, 2024, it is uncertain whether the Company will be able to do so.
No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after November
8, 2024.
On
November 8, 2023, the Company issued a promissory note in the principal amount of up to $1,500,000 to Sunorange (the “November
2023 Promissory Note”). The note is non-interest bearing and is due on the earlier of consummation of the Business Combination
or liquidation. The November 2023 Promissory Note was issued in connection with advances made by Sunorange since May 8, 2023 and advances
Sunorange may make in the future to the Company for working capital expenses. The November 2023 Promissory Note is non-interest bearing
and payable upon the earlier of (i) the date of the consummation of the Business Combination or (ii) the date of the Company’s
liquidation. As of June 30, 2024, the Company had $974,210 outstanding under the November 2023 Promissory Note included in the Working
Capital Loan – related party line of the accompany condensed balance sheets.
On
January 26, 2024, the Company issued an unsecured promissory note (the “January 2024 Promissory Note”) in the aggregate principal
amount of up to $1,500,000 to Scage, a party to the Business Combination Agreement entered into by the Company, Scage, and other parties
on August 21, 2023 (the “Scage Business Combination Agreement”), for the Company’s working capital needs. The January
2024 Promissory Note does not bear interest and matures upon the earlier of the closing of an initial Business Combination by the Company
and the Company’s liquidation. As of June 30, 2024, the Company had $200,000 outstanding under the January 2024 Promissory Note.
On
May 15, 2024, the Company issued an unsecured promissory note (the “May 2024 Promissory Note”) in the aggregate
principal amount of up to $225,000
to the Sponsor, which will be deposited into the Trust Account for the benefit of each Public Share that was not redeemed in
connection with the May 8, 2024 shareholder vote to approve an extension of the Company’s termination date from May 8, 2024 to
November, 8, 2024 (the “2024 Extension”). The
Sponsor agreed to pay $37,500
per month until the completion of an initial Business Combination, commencing on May 8, 2024 and continuing through November 8,
2024. The May 2024 Promissory Note bears no interest and is due and payable upon the earlier to occur of (i) the date on which we
consummate our Business Combination and (ii) the date that our winding up is effective. As of June 30, 2024 and December 31,
2023, the Company had $75,000
and $0, respectively, outstanding under the May 2024 Promissory Note, which is included in the Promissory Note payable –
related party account on the accompanying condensed balance sheets.
These
conditions, involving liquidity concerns and mandatory liquidation, raise substantial doubt about the Company’s ability to
continue as a going concern for a period of time within one year after the date that the accompanying unaudited condensed financial
statements are issued. There is no assurance that the Company’s plan to consummate a Business Combination will be successful
or successful within the Combination Period. The accompanying unaudited condensed financial statements do not include any
adjustments that might result from the outcome of this uncertainty.
Sunorange
Investment
On
April 27, 2023, the Company entered into an agreement (the “Investment Agreement”) with the Sponsor and Sunorange Limited
(the “Sunorange”), pursuant to which Sunorange and its designees acquired partnership interests in the Sponsor and Class
B Ordinary Shares directly held by certain Company directors, which combined interests entitled Sunorange to receive, in the aggregate,
3,557,813 Class B Ordinary Shares and 6,160,000 Private Placement Warrants (collectively, the “Insider Securities”), and
the Company introduced a change in Management and the Board as follows: (i) Calvin Kung replaced David Gershon as Chairman of the Board
and Chief Executive Officer, and Wang Chiu (Tommy) Wong replaced Ron Golan as Chief Financial Officer and director on the Board, effective
upon closing of the Sunorange Investment (as defined herein); (ii) Jonathan Ophir and Uri Chaitchik tendered their resignations as Chief
Investment Officer and Senior Consultant, respectively, effective upon closing of the Sunorange Investment; and (iii) Mitch Garber, Gustavo
Schwed and Nadav Zohar tendered their resignations as directors, effective upon expiration of all applicable waiting periods under Section
14(f) of the Exchange Act and Rule 14f-1 thereunder (such period of time being referred to herein as the “Waiting Period”),
and whose vacancies were filled by individuals to be designated by Sunorange and effective upon expiration of the Waiting Period (such
new officers and directors collectively referred to herein as the “New Management”). Sunorange’s acquisition of interests
in the Insider Securities, the change to New Management and other transactions contemplated by the Investment Agreement are hereinafter
referred to as the “Sunorange Investment.”
On
May 8, 2023, the Company completed the closing of the Sunorange Investment after the Company’s shareholders approved certain proposals
discussed below, and after certain closing conditions were met, including but not limited to: (i) a minimum of $30 million remaining
in the Company’s Trust Account after accounting for all redemptions in connection with the Company’s extraordinary general
meeting of shareholders on May 8, 2023 (the “2023 EGM”); (ii) the Company obtaining or extending a D&O
insurance policy on terms satisfactory to the parties; (iii) the conversion of Class B Ordinary Shares into Class A Ordinary Shares as
needed to retain shareholders and meet continued listing requirements of The Nasdaq Stock Market LLC (“Nasdaq”) in the event
that the 2023 Extension is approved; (iv) the amendment of the Sponsor’s existing limited partnership agreement; (v) the transfer
of 61,875 Class B Ordinary Shares from certain Company directors to Sunorange or its designees and (vi) the cancellation of the outstanding
Working Capital Loan from the Sponsor and the reduction of certain advisory fees to be due upon the closing of an initial Business Combination.
In
connection with the closing of the Sunorange Investment, on May 8, 2023, Sunorange caused $300,000 to be deposited into the Trust Account
to support the first three months of the 2023 Extension from May 9, 2023 through August 8, 2023 (see Note 5). Sunorange also agreed to
cause to be deposited into the Trust Account an additional $ for each successive month, or portion thereof, that is needed by
the Company to complete an initial Business Combination until May 8, 2024.
As
of June 30, 2024, $1,275,000 has been deposited into the Trust Account in support of the 2023 Extension and 2024 Extension.
Business
Combination Agreement
On
August 21, 2023, the Company and Scage International Limited (“Scage”) entered into the Scage Business Combination Agreement.
Scage is a zero-emission solution provider in China, focusing on the development and commercialization of heavy-duty NEV trucks and e-fuel
solutions. Upon consummation of the two mergers and the other transaction contemplated by the Business Combination Agreement (the “Scage
Business Combination”), Scage Future, a newly formed holding company (“Pubco”) will seek to be listed on Nasdaq. The
outstanding securities of Scage and the Company will be converted into the right to receive securities of Pubco. The transaction represents
a post-Business Combination valuation of $1.0 billion ($1,000,000,000) for Scage upon closing of the Scage Business Combination, subject
to adjustment.
On
August 29, 2023, the Company engaged a third-party consultant to provide the Company with an introduction to potential targets for its
Business Combination. Pursuant to the terms of the agreement, the Company has agreed to pay a contingent fee of 0.5% of the implied enterprise
value of the target if the Company consummates a Business Combination.
Lock-Up
Agreements
Simultaneously
with the execution of the Business Combination Agreement, Pubco, Scage, the Company and certain shareholders of Scage (“Key Scage
Shareholders”), as shareholders holding shares of Scage sufficient to constitute the Required Company Shareholder Approval (as
that term is defined in the Business Combination Agreement) as the holder of record or the beneficial owner within the meaning of Rule
135-3 of the Exchange Act, each entered into Lock-Up Agreements (each, a “Key Seller Lock-Up Agreement”). It is a condition
to the Closing that all stockholders of Scage between signing and Closing enter into a Lock-Up Agreement (each, a “Seller Lock-Up
Agreement”).
Pursuant
to each Key Seller Lock-Up Agreement, each Key Scage Shareholder agreed not to, during the period commencing from the date and time at
which the Closing is actually held (the “Closing Date”) and ending on (A) the 6-month anniversary of the Closing Date with
respect to 40% of the restricted securities and (B) the 36-month anniversary of the Closing Date with respect to the remaining 60% of
the restricted securities, (i) lend, offer, pledge, hypothecate, encumber, donate, assign, sell, offer to sell, contract or agree to
sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase,
or otherwise transfer or dispose of or agree to transfer or dispose of, directly or indirectly, or establish or increase of a put equivalent
position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act and the rules and regulations
of the SEC promulgated thereunder, or otherwise transfer or dispose of, directly or indirectly, any restricted securities, (ii) enter
into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the
Lock-up Securities (as that term is defined in the Business Combination Agreement), whether any such transaction is to be settled by
delivery of such restricted securities, in cash or otherwise, or (iii) publicly disclose the intention to do any of the foregoing, whether
any such transaction described in clauses (i), (ii) or (iii) above is to be settled by delivery of restricted securities or other securities,
in cash or otherwise (any of the foregoing described in clauses (i), (ii) or (iii), a “Prohibited Transfer”) (subject to
early release if Pubco consummates a Change of Control (as that term is defined in the Business Combination Agreement)).
Pursuant
to each Seller Lock-Up Agreement, the remaining Scage shareholders agreed not to make a Prohibited Transfer during the period commencing
from the Closing Date and ending on the 6-month anniversary of the Closing Date (subject to early release if Pubco consummates a Change
of Control).
Shareholder
Support Agreement
Simultaneously
with the execution of the Business Combination Agreement, the Company, Scage, and Key Scage Shareholders entered into a Shareholder Support
Agreement (the “Shareholder Support Agreement”), pursuant to which, among other things, Key Scage Shareholders have agreed
(a) to support the adoption of the Business Combination Agreement and the approval of the transactions contemplated therein, subject
to certain customary conditions, and (b) not to transfer any of their subject shares (or enter into any arrangement with respect thereto),
subject to certain customary conditions.
Sponsor
Support Agreement
Simultaneously
with the execution of the Business Combination Agreement, the Company, Scage, Pubco and the Sponsor entered into a Sponsor Support Agreement
(the “Sponsor Support Agreement”), pursuant to which the Sponsor agreed to vote all of its shares of the Company in favor
of the Business Combination Agreement and the transactions contemplated therein. The Sponsor Support Agreement also prevents transfers
of securities of the Company held by the Sponsor between the date of the Sponsor Support Agreement and the termination of the Sponsor
Support Agreement.
Insider
Letter Amendment
Simultaneously
with the execution of the Business Combination Agreement, the Company, Scage, the Sponsor, Pubco, Calvin Kung, Wang Chiu Wong, Chunyi
Hao, Tiemei Li, and Sanjay Prasad entered into an amendment (the “Insider Letter Amendment”) to that certain letter agreement,
dated November 8, 2021 (the “Insider Letter”), by and among the Company, the Sponsor and the directors, officers or other
initial shareholders of the Company named therein, pursuant to which Pubco and Scage are added as parties to the Insider Letter.
Non-Competition
and Non-Solicitation Agreement
Simultaneously
with the execution of the Business Combination Agreement, certain shareholders and officers (each, a “Subject Party”) of
the Company each entered into a noncompetition and non-solicitation agreement with the Company, Pubco, Scage, and the Sponsor (collectively,
the “Non-Competition and Non-Solicitation Agreement”). Under the Non-Competition and Non-Solicitation Agreement, the Subject
Party agrees not to compete with Pubco, the Sponsor, the Company, Scage, and their respective affiliates during the three-year period
following the Closing and, during such three-year restricted period, not to solicit employees or customers of such entities. The Non-Competition
and Non-Solicitation Agreement also contains customary confidentiality and non-disparagement provisions.
Assignment,
Assumption, and Amendment to Warrant Agreement
Prior
to the Closing, the Company, Pubco and Continental, as warrant agent (the “Warrant Agent”), will enter the Assignment, Assumption,
and Amendment to Warrant Agreement (the “Warrant Amendment”), which will amend that certain Warrant Agreement, dated as of
November 8, 2021, relating to the Company warrants (the “Warrant Agreement”), filed with the SEC on November 8, 2021. Pursuant
to the Warrant Amendment: (i) Pubco will assume the obligations of the Company under the Warrant Agreement, such that, among other things,
Pubco will be added as a party thereto and (ii) references to the Company’s Class A Ordinary Shares in the Warrant Agreement shall
mean Pubco ordinary shares.
First
Amendment to the BCA
On
June 18, 2024, the parties to the Business Combination Agreement entered into the First Amendment to Scage Business Combination
Agreement (the “First Amendment”). The First Amendment provides for, among other things, the:
|
● |
reduction
of the aggregate consideration to the shareholders of the Company from $1,000,000,000 to $800,000,000; |
|
● |
correction
of a scrivener’s error to clarify that the Company is not an investment company; |
|
● |
the
establishment of an American depositary share (“ADS”) facility by the Pubco so that the ordinary shares to be issued
by Pubco pursuant to the Business Combination Agreement may be represented by ADSs; |
|
● |
extension
of the deadline for the Reorganization (as defined in the Scage Business Combination Agreement) from September 30, 2023 to July 20,
2024; and |
|
● |
extend
the Outside Date (as defined in the Scage Business Combination Agreement) from February 29, 2024 to October 31, 2024. |
Risks
and Uncertainties
Our
results of operations and our ability to complete an initial Business Combination may be adversely affected by various factors that could
cause economic uncertainty and volatility in the financial markets, many of which are beyond our control. Our business could be impacted
by, among other things, downturns in the financial markets or in economic conditions, increases in oil prices, inflation, increases in
interest rates, supply chain disruptions, declines in consumer confidence and spending, the ongoing effects of the COVID-19 pandemic,
including resurgences and the emergence of new variants, and geopolitical instability, such as the military conflicts in Ukraine and
the Middle East. We cannot at this time fully predict the likelihood of one or more of the above events, their duration or magnitude
or the extent to which they may negatively impact our business and our ability to complete an initial Business Combination.
Management
is currently evaluating the impact of such risks and has concluded that while it is reasonably possible that they could have a
negative effect on the Company’s financial position, results of its operations, close of the IPO and/or search for a target
company, the specific impact is not readily determinable as of the date of the accompanying unaudited condensed financial
statements. The accompanying unaudited condensed 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 unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted
in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form
10-Q and Article 8 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements
prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial
reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position,
results of operations, or cash flows. In the opinion of Management, the accompanying unaudited condensed financial statements include
all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating
results and cash flows for the periods presented.
The
accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K
for the year ended December 31, 2023, as filed with the SEC on April 1, 2024 (the “2023 Annual Report”). The interim results
for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the year ending December
31, 2024 or for any future periods.
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 independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act of
2002, 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 accompanying unaudited condensed financial statements with another
public company, which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended
transition period, difficult or impossible because of the potential differences in accounting standards used.
Use
of Estimates
The
preparation of financial statements in conformity with GAAP requires the Company’s 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 accompanying unaudited condensed financial
statements, which Management considered in formulating its estimate, could change in the near term due to one or more future
confirming events. Accordingly, the actual results could differ significantly from those estimates.
Cash
and Cash Equivalents
The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
The Company had cash of $35,523 and $37 as of June 30, 2024 and December 31, 2023, respectively.
Investment
Held in Trust Account
As
of June 30, 2024 and December 31, 2023, the assets held in the Trust Account consisted of cash equivalents in the amount of $25,736,479
and $51,200,344,
respectively. The Company’s portfolio of investments is comprised of cash in an interest-bearing demand deposit account and
thus have a readily determinable fair value. The funds are presented on the accompanying condensed balance sheets at fair value at
the end of each reporting period. Gains and losses resulting from the change in fair value of these securities is included in
“income on investments held in the Trust Account” in the accompanying unaudited condensed statements of operations. The
estimated fair values of investments held in the Trust Account are determined using available market information.
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentrations 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 June 30, 2024, the Company has not experienced
losses on this account, and Management believes the Company is not exposed to significant risks on such account.
Offering
Costs Associated with the Initial Public Offering
The
Company complies with the requirements of the Accounting Standards Codification (“ASC”) 340-10-S99-1 and SEC Staff
Accounting Bulletin (“SAB”) Topic 5A — “Expenses of Offering”. Offering costs consist principally of
professional and registration fees incurred through the accompanying condensed balance sheets date that are related to the IPO.
Offering costs were charged to Shareholder’s Equity upon completion of the IPO and subsequent exercise of the over-allotment.
Accordingly, following the IPO on November 8, 2021 and subsequent exercise of the over-allotment on November 12, 2021, offering
costs totaling $4,171,912
(consisting of $3,450,000
of underwriting fee, and $721,912
of other offering costs) have been charged to Shareholders’ Equity.
Fair
Value Measurements
The
fair value of the Company’s assets and liabilities which qualify as financial instruments under Financial Accounting Standards Board’s (“FASB”) ASC Topic 820, “Fair
Value Measurements and Disclosures” (“ASC 820”), approximates the carrying amounts represented in the accompanying
condensed balance sheets, primarily due to their short-term nature.
The
fair value of the Company’s financial assets and liabilities reflects Management’s estimate of amounts that the Company would
have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction
between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company
seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable
inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is
used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and
liabilities:
Level
1 — |
Valuations
based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.
Valuation adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and
regularly available in an active market, valuation of these securities does not entail a significant degree of judgment. |
|
|
Level
2 — |
Valuations
based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active
for identical or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived
principally from or corroborated by market through correlation or other means. |
|
|
Level
3 — |
Valuations
based on inputs that are unobservable and significant to the overall fair value measurement. |
Class
A Ordinary Shares Subject to Possible Redemption
The
Company accounts for its Class A Ordinary Shares subject to possible redemption in accordance with the guidance in FASB ASC Topic 480
“Distinguishing Liabilities from Equity” (“ASC 480”). Ordinary shares subject to mandatory redemption are classified
as a liability instrument and are measured at fair value. Conditionally redeemable Class A Ordinary Shares and Class B Ordinary Shares
(collectively, “Ordinary Shares”) (including 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) is classified
as temporary equity. At all other times, Ordinary Shares are classified as shareholder’s equity. The Company’s Class A Ordinary
Shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence
of uncertain future events. Accordingly, Class A Ordinary Shares subject to possible redemption are presented at redemption value as
temporary equity, outside of the shareholder’s equity section of the accompanying balance sheets.
Immediately
upon the closing of the IPO, the Company recognized the accretion from initial book value to redemption amount. Increases or decreases
in the carrying amount of redeemable Ordinary Shares are affected by charges against additional paid-in capital and accumulated deficit.
As
a result of the shareholder vote held on May 8, 2023, 12,626,668 shareholders exercised their right to redemption, which left a remainder
of 4,623,332 Class A Ordinary Shares subject to possible redemption. These shareholders were paid an aggregate of $132,616,922, or $10.50
per share, on May 18, 2023.
As
a result of the shareholder vote held on May 2, 2024, 2,374,826 shareholders exercised their right to redemption, which left a remainder
of 2,248,506 Class A Ordinary Shares subject to possible redemption. These shareholders were paid an aggregate of $26,907,976, or $11.33
per share, upon redemption.
As
of June 30, 2024 and December 31, 2023, the Class A Ordinary Shares subject to possible redemption reflected in the accompanying
condensed balance sheets is reconciled in the following table:
SCHEDULE
OF POSSIBLE REDEMPTION
| |
June 30, 2024 | | |
December 31, 2023 | |
As of beginning of the period | |
$ | 51,200,344 | | |
$ | 178,531,059 | |
Plus: | |
| | | |
| | |
Remeasurement of carrying value to redemption value | |
| 969,111 | | |
| 4,486,207 | |
Extension Contributions | |
| 475,000 | | |
| 800,000 | |
Less: | |
| | | |
| | |
Redemptions of Class A Ordinary Shares subject to possible redemption | |
| (26,907,976 | ) | |
| (132,616,922 | ) |
| |
$ | 25,736,479 | | |
$ | 51,200,344 | |
Warrants
The
Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s
specific terms and applicable authoritative guidance in ASC 480 and ASC 815. The assessment considers whether the warrants are freestanding
financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480 and whether the warrants meet all of
the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own Ordinary
Shares and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s
control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted
at the time warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.
For
issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component
of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all of the criteria for equity
classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet
date thereafter. The Company accounts for its outstanding warrants as equity-classified instruments.
Income
Taxes
The
Company follows the asset and liability method of accounting for income taxes under FASB ASC Topic 740, “Income Taxes”
(“ASC 740”). Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable
to differences between the accompanying unaudited condensed financial statements carrying amounts of existing assets and liabilities
and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to
taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax
assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation
allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
ASC
740 prescribes a recognition threshold and a measurement attribute for the accompanying unaudited condensed 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 recognizes accrued
interest and penalties related to unrecognized tax benefits as income tax expense. There were no
unrecognized tax benefits and no
amounts accrued for interest and penalties as of June 30, 2024 and December 31, 2023. 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
subject to income tax examinations by major taxing authorities since inception.
There
is currently no taxation imposed on income by the government of the Cayman Islands. In accordance with Cayman income tax
regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the accompanying unaudited
condensed financial statements. The Company’s Management does not expect that the total amount of unrecognized tax benefits
will materially change over the next twelve months.
Net
Income (Loss) Per Ordinary Share
The
Company complies with accounting and disclosure requirements of the FASB ASC Topic 260, “Earnings Per Share” (“ASC
260”). Net income (loss) per share is computed by dividing net income (loss) by the weighted average number of Ordinary Shares
outstanding during the period. The Company has two classes of shares, redeemable Ordinary Shares and non-redeemable Ordinary Shares.
The Company’s redeemable Ordinary Shares are comprised of Class A shares sold in the IPO. The Company’s non-redeemable
shares are comprised of Class A shares held by EarlyBirdCapital and Class B shares purchased by the Sponsor which were converted
into Class A shares with their original legend in May 2023. Earnings and losses are shared pro rata between the two classes of
shares. The accompanying unaudited condensed statements of operations applies the two-class method in calculating net income (loss)
per share. Basic and diluted net income (loss) per share for redeemable Ordinary Shares and non-redeemable Ordinary Shares is
calculated by dividing net income (loss), allocated proportionally to each class of Ordinary Shares, attributable to the Company by
the weighted average number of shares of redeemable and non-redeemable Ordinary Shares outstanding.
The
calculation of diluted income (loss) per ordinary share does not consider the effect of the rights issued in connection with the IPO
since exercise of the rights is contingent upon the occurrence of future events and the inclusion of such rights would be anti-dilutive.
Accretion of the carrying value of Class A Ordinary Shares to redemption value is excluded from net income (loss) per redeemable share
because the redemption value approximates fair value. As a result, diluted income (loss) per share is the same as basic income per share
for the period presented.
Accordingly,
basic and diluted income (loss) per Ordinary Share for the three months ended June 30, 2024 and June 30, 2023 is calculated as follows:
SCHEDULE
OF BASIC AND DILUTED LOSS PER ORDINARY SHARE
| |
Redeemable Ordinary Shares | | |
Non-Redeemable Ordinary Shares | | |
Redeemable Ordinary Shares | | |
Non-Redeemable Ordinary Shares | |
| |
For the three months ended June 30, 2024 | | |
For the three months ended June 30, 2023 | |
| |
Redeemable Ordinary Shares | | |
Non-Redeemable Ordinary Shares | | |
Redeemable Ordinary Shares | | |
Non-Redeemable Ordinary Shares | |
Basic and diluted net (loss) income per share | |
| | | |
| | | |
| | | |
| | |
Numerator: | |
| | | |
| | | |
| | | |
| | |
Allocation of net (loss) income | |
$ | (20,174 | ) | |
$ | (29,445 | ) | |
$ | 699,247 | | |
$ | 99,078 | |
| |
| | | |
| | | |
| | | |
| | |
Denominator: | |
| | | |
| | | |
| | | |
| | |
Weighted-average shares outstanding | |
| 3,057,513 | | |
| 4,462,500 | | |
| 12,374,953 | | |
| 1,753,435 | |
Basic and diluted net (loss) income per share | |
$ | (0.01 | ) | |
$ | (0.01 | ) | |
$ | 0.06 | | |
$ | 0.06 | |
Basic
and diluted income per Ordinary Share for the six months ended June 30, 2024 and the period from June 30, 2023 is calculated as follows:
| |
Redeemable Ordinary Shares | | |
Non-Redeemable Ordinary Shares | | |
Redeemable Ordinary Shares | | |
Non-Redeemable Ordinary Shares | |
| |
For the six months ended June 30, 2024 | | |
For the six months ended June 30, 2023 | |
| |
Redeemable Ordinary Shares | | |
Non-Redeemable Ordinary Shares | | |
Redeemable Ordinary Shares | | |
Non-Redeemable Ordinary Shares | |
Basic and diluted net income per share | |
| | | |
| | | |
| | | |
| | |
Numerator: | |
| | | |
| | | |
| | | |
| | |
Allocation of net income | |
$ | 89,028 | | |
$ | 103,448 | | |
$ | 2,002,231 | | |
$ | 404,128 | |
| |
| | | |
| | | |
| | | |
| | |
Denominator: | |
| | | |
| | | |
| | | |
| | |
Weighted-average shares outstanding | |
| 3,840,422 | | |
| 4,462,500 | | |
| 14,873,595 | | |
| 3,002,072 | |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted net income per share | |
$ | 0.02 | | |
$ | 0.02 | | |
$ | 0.13 | | |
$ | 0.13 | |
Recent
Accounting Standards
In
August 2020, the FASB issued ASU No. 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity’s Own
Equity” (“ASU 2020-06”). The update simplifies the accounting for convertible instruments by removing certain
separation models in FASB ASU Subtopic 470-20, “Debt—Debt with Conversion and Other Options” (“ASU
470-20”) for convertible instruments and introducing other changes. As a result of ASU 2020-06, more convertible debt
instruments will be accounted for as a single liability measured at its amortized cost and more convertible preference shares will
be accounted for as a single-equity instrument measured at its historical cost, as long as no features require bifurcation and
recognition as derivatives. The amendments are effective for smaller reporting companies for fiscal years beginning after December
15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years
beginning after December 15, 2020, including interim periods within those fiscal years. The Company adopted ASU 2020-06 on January
1, 2024. There was no material impact on its financial position, results of operations or cash flows.
In
June 2022, the FASB issued ASU Topic 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities
Subject to Contractual Sale Restrictions” (“ASU 2022-03”). ASU 2022-03 amends ASC 820 to clarify that a
contractual sales restriction is not considered in measuring an equity security at fair value and to introduce new disclosure
requirements for equity securities subject to contractual sale restrictions that are measured at fair value. ASU 2022-03 applies to
both holders and issuers of equity and Equity-Linked Securities measured at fair value. The amendments in ASU 2022-03 are effective
for the Company in fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. Early adoption is
permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Company
adopted ASU 2022-03 on January 1, 2024. There was no material impact on its financial position, results of operations or cash
flows.
In
December 2023, the FASB issued ASU Topic 2023-09, “Income Taxes (Topic 740) — Improvements to Income Tax Disclosures”
(“ASU 2023-09”) in order to enhance the transparency and usefulness of income tax disclosures. The guidance is
applicable to all entities subject to income tax, and it will require disclosure of certain categories within the rate
reconciliation to improve consistency as well as disclosure of reconciling items which meet a certain quantitative threshold which
will improve transparency. Additionally, entities must disclose the amount of taxes paid to federal, state and foreign
municipalities. For public business entities ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The
Company is currently evaluating the impact of its pending adoption of ASU 2023-09 on its financial position, results of operations
or financial statement disclosure.
Management
does not believe that any other recently issued, but not effective, accounting standards, if currently adopted, would have a material
effect on the accompanying unaudited condensed financial statements.
NOTE
3 – INITIAL PUBLIC OFFERING
On
November 8, 2021, the Company completed its IPO of 15,000,000 Units at a price of $10.00 per Unit. The Company granted the underwriter
a 45-day option from the date of the IPO to purchase up to 2,250,000 additional Units to cover over-allotments, if any, at the IPO price
less the underwriting discounts and commissions. On November 12, 2021, the Company closed on the underwriters’ full exercise of
their over-allotment option which resulted in the sale of an additional 2,250,000 Units. The IPO and subsequent over-allotment exercise
generated gross proceeds of $172,500,000.
Each
Unit consists of one share of Class A Ordinary Shares and three-quarters of one redeemable Public Warrant. Each whole Public Warrant
entitles the holder thereof to purchase one share of Class A Ordinary Shares at a price of $11.50 per share, subject to adjustment (see
Note 9).
Following
the closing of the IPO on November 8, 2021 and subsequent exercise of the over-allotment, an aggregate of $175,950,000 ($10.20 per Unit)
from the net proceeds of the sale of the Units and the sale of the Private Placement Warrants in the IPO and over-allotment exercise
was deposited into the Trust Account. As of June 30, 2024, the net proceeds deposited into the Trust Account are invested in an interest-bearing
demand deposit account.
NOTE
4 – PRIVATE PLACEMENT WARRANTS
The
Sponsor and EarlyBirdCapital agreed to purchase an aggregate of 7,900,000 Private Placement Warrants (7,400,000 bought by the Sponsor,
and 500,000 bought by EarlyBirdCapital) at a price of $1.00 per Private Placement Warrant in a Private Placement that occurred simultaneously
with the closing of the IPO. Simultaneously with the closing of the sale of the Over-Allotment Units on November 12, 2021, the Company
completed an additional private sale of an aggregate of 900,000 warrants (the “Additional Private Placement Warrants”) to
the Sponsor, which purchased 843,038 such warrants, and the underwriter, which purchased 56,962 such warrants. As a result of the IPO
and subsequent over-allotment exercise, an aggregate of 8,800,000 Private Placement Warrants were sold (8,243,038 to the Sponsor and
556,962 to EarlyBirdCapital) for gross proceeds of $8,800,000.
Each
whole Private Placement Warrant is exercisable for one whole share of Class A Ordinary Shares at a price of $11.50 per share. A portion
of the proceeds from the sale of the Private Placement Warrants to the Sponsor have been added to the proceeds from the IPO to be 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 Warrants 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 Warrants will expire worthless.
NOTE
5 – RELATED PARTY TRANSACTIONS
Founder
Shares
In
March 2021, the Sponsor paid $ (approximately $ per share) in consideration for shares of Class B Ordinary Shares
with par value of $. Up to 562,500 of these Founder Shares were subject to forfeiture by the Sponsor if the underwriter’s
over-allotment option was not exercised, so that the number of Founder Shares will collectively represent approximately 20% of the Company’s
issued and outstanding shares after the IPO. On November 12, 2021, the underwriter fully exercised the over-allotment option which resulted
in the 562,500 shares no longer being subject to forfeiture.
The
Sponsor and the Company’s directors and executive officers have agreed, subject to certain limited exceptions, not to transfer,
assign or sell any of the Founder Shares until the earlier of (A) one year 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 reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period
commencing at least 150 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, share
exchange, reorganization or other similar transaction that results in all of the Company’s shareholders having the right to exchange
their shares of Class A Ordinary Shares for cash, securities or other property.
On
May 8, 2023, the Company issued an aggregate of 4,237,499 (the “Sponsor Shares”) of the Company’s Class A Ordinary
Shares to the Sponsor upon the conversion of an equal number of shares of Class B Ordinary Shares (the “Sponsor Conversion”).
Combined with the Director Share conversion discussed below, the Sponsor Conversion left 1 Class B Ordinary Share outstanding. These
Sponsor Shares continue to hold the same legend as they did prior to their conversion. Accordingly, these shares are accounted for as
Class A Ordinary Shares at their par value.
EarlyBirdCapital
Founder Shares
In
March 2021, the Company issued to EarlyBirdCapital and its designees an aggregate of 150,000 Class A Ordinary Shares (“EBC Founder
Shares”) at a price of $0.0001 per share. The Company estimated the fair value of the EBC Founder Shares to be $870 based upon
the price of the Founder Shares issued to the Sponsor. The holders of the EBC Founder Shares have agreed not to transfer, assign or sell
any such shares until the completion of a Business Combination. In addition, the holders have agreed (i) to waive their conversion rights
(or right to participate in any tender offer) with respect to such shares in connection with the completion of a Business Combination
and (ii) to waive their rights to liquidating distributions from the Trust Account with respect to such shares if the Company fails to
complete a Business Combination within the Combination Period.
The
EBC Founder Shares have been deemed compensation by the Financial Industry Regulatory Authority (“FINRA”) and are therefore
subject to a lock-up for a period of 180 days immediately following the effective date of the registration statement related to the IPO
pursuant to FINRA Rule 5110(e)(1). Pursuant to FINRA Rule 5110(e)(1), these securities will not be the subject of any hedging, short
sale, derivative, put or call transaction that would result in the economic disposition of the securities by any person for a period
of 180 days immediately following the effective date of the registration statements related to the IPO, nor may they be sold, transferred,
assigned, pledged or hypothecated for a period of 180 days immediately following the effective date of the registration statements related
to the IPO except to any underwriter and selected dealer participating in the IPO and their officers or partners, associated persons
or affiliates.
Director
Shares
In
October 2021, the Sponsor transferred 75,000 Founder Shares to the independent directors of the Company (“Director Shares”)
at a price of $0.0001 per share. The Company estimated the fair value of the Director Shares to be $450,676 based upon the price of the
Founder Shares issued to the Sponsor.
On
May 8, 2023, the Company issued an aggregate of 75,000 Class A Ordinary Shares (together with the Sponsor Shares, the “Converted
Class A Ordinary Shares”) to the Directors and the holders of the Company’s 75,000 Class B Ordinary Shares upon the conversion
of an equal number of shares of Class B Ordinary Shares (together with the Sponsor Conversion, the “Conversion”). On the
same day, in connection with the closing of the Sunorange Investment, 61,875 of the Converted Class A Ordinary Shares held by the Directors
were transferred to designees of Sunorange.
The
conversion of these Director Shares from Class B to Class A was not the result of a Business Combination, and the Company has previously
recognized $450,676 in expenses related to these Director Shares. As such, these shares will continue to be held at their book value.
Related
Party Loans
In
March 2021, the Sponsor issued an unsecured Promissory Note to the Company, pursuant to which the Company was permitted to borrow an
aggregate principal amount of $250,000. The Promissory Note was non-interest bearing, and the Promissory Note was fully repaid as of
November 8, 2021, upon the closing of the IPO.
In
addition, in order to fund working capital deficiencies or finance transaction costs in connection with a Business Combination, the
Sponsor or an affiliate of the Sponsor may, but is not obligated to, provide the Company with a Working Capital Loans. Any such
loans would be on an interest-free basis. If the Company completes a Business Combination, the Company may repay the Working Capital
Loans out of the proceeds of the Trust Account released to the Company. 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. At the lender’s discretion, up to $1,500,000 of
such Working Capital Loans may be convertible into warrants of the post-Business Combination entity at a price of $1.00
per warrant. The warrants would be identical to the Private Placement Warrants. On May 8, 2023, in connection with the Sunorange
Investment, the outstanding balance under the existing Promissory Note was forgiven. This was deemed to be a benefit to the Company
under SAB Topic 5T. In order to recognize this benefit, the Company de-recognized the outstanding Promissory Note and reclassified
it to additional paid-in capital, as an in-substance capital contribution. As of June 30, 2024 and December 31, 2023, the Company
had no
outstanding borrowings under the Working Capital Loan, respectively.
On
June 2, 2023, the Company issued the June 2023 Promissory Note in the aggregate principal amount of up to $1,200,000 to the Sponsor,
which will be deposited into the Trust Account for the benefit of each Public Share that was not redeemed in connection with the Company’s
May 8, 2023 shareholder vote to approve the 2023 Extension. The Sponsor agreed to pay $100,000 per month until the completion of an initial
Business Combination, commencing on May 8, 2023 and continuing through May 8, 2024. The June 2023 Promissory Note bears no interest and
is due and payable upon the earlier to occur of (i) the date on which the Company consummates its Business Combination and (ii) the date
that the winding up of the Company is effective. At the election of the Sponsor, up to $1,200,000 of the unpaid principal amount of the
June 2023 Promissory Note may be converted into Conversion Warrants at a conversion price of $1.00 per warrant. The Conversion Warrants
shall be identical to the Placement Warrants issued by the Company at the IPO. The Company has determined that the fair value of the
June 2023 Promissory Note is its face value as the note was not issued with a substantial premium. The Sponsor funded the first three
months of the June 2023 Promissory Note in its first payment. As of June 30, 2024 and December 31, 2023, the balance outstanding on the June 2023 Promissory Note was $1,100,000
and $800,000, respectively.
On
May 15, 2024, the Company issued the May 2024 Promissory Note in the aggregate principal amount of up to $225,000
to the Sponsor, which will be deposited into
the Trust Account for the benefit of each Public Share that was not redeemed in connection with the May 8, 2024 shareholder vote to approve
the 2024 Extension. The Sponsor agreed to pay $37,500
per month until the completion of an initial
Business Combination, commencing on May 8, 2024 and continuing through November 8, 2024. As of June 30, 2024 and December 31, 2023, the
balance outstanding on the May 2024 Promissory Note was $and $,
respectively.
On
November 8, 2023, the Company issued the November 2023 Promissory Note the amount of $1,500,000 to Sunorange Investment. The November
2023 Promissory Note is non-interest bearing and is due at the earlier of consummation of the Business Combination or liquidation. Prior
to the November 2023 Promissory Note being in place, related parties were making advances to the Company and on behalf of the Company
for the purposes of paying its vendors. All advances made by the related parties between May 8, 2023 and the date of execution are retroactively
covered by the November 2023 Promissory Note. As of June 30, 2024 and December 31, 2023, $974,210 and $542,503, respectively, was outstanding
under the November 2023 Promissory Note.
Administrative
Services Agreement
Commencing
on the date that the Company’s securities are first listed on a U.S. national securities exchange, the Company has committed to
pay a total of $ per month to the Sponsor for office space, utilities and administrative support services. This administrative service
arrangement will terminate upon completion of the Business Combination or liquidation of the Company. As of June 30, 2024, the Company
has accrued $74,600 under the agreement in Due to related party and expensed $9,000 and $18,000 in Operating, general and administrative
expenses for the three and six month periods then ended.
NOTE
6 —PROMISSORY NOTE
On
January 26, 2024, the Company issued an unsecured promissory note in the aggregate principal amount of up to $1,500,000 to Scage for
the Company’s working capital needs. The January 2024 Promissory Note does not bear interest and matures upon the earlier of the
closing of an initial Business Combination by the Company and the Company’s liquidation. As of June 30, 2024, $200,000 was outstanding
under the January 2024 Promissory Note.
NOTE
7 —INVESTMENTS HELD IN TRUST ACCOUNT
As
of June 30, 2024, investments in the Company’s Trust Account consisted of $25,736,479
in an interest-bearing demand deposit account.
NOTE
8 – COMMITMENTS AND CONTINGENCIES
Registration
Rights
The
holders of the Founder Shares and Private Placement Warrants (and any shares of Class A Ordinary Shares issuable upon the exercise of
the Private Placement Warrants and warrants that may be 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 signed on the effective date of the
IPO, requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to shares
of Class A Ordinary Shares). The holders of these securities will be entitled to make up to three demands, excluding short form demands,
that the Company register such securities. In addition, the holders will have certain “piggy-back” registration rights with
respect to registration statements filed subsequent to the 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 permit any registration statement filed under the Securities Act to become effective until termination of the
applicable lock-up period. The Company will bear the expenses incurred in connection with the filing of any such registration statements.
Underwriting
Agreement
The
Company granted the underwriter a 45-day option from the date of the IPO to purchase up to 2,250,000 additional Units to cover over-allotments,
if any, at the IPO price less the underwriting discounts and commissions. The underwriter fully exercised this option which closed subsequent
to the IPO.
EarlyBirdCapital
earned an underwriting discount of $0.20 per Unit, or $3,450,000 in the aggregate, upon the closing of the IPO and subsequent exercise
of the full over-allotment option.
Business
Combination Marketing Agreement
The
Company has engaged EarlyBirdCapital as an advisor in connection with the Business Combination to assist in holding meetings with shareholders
to discuss the potential Business Combination and the target business’ attributes, introduce the Company to potential investors
that are interested in purchasing securities in connection with the Business Combination, assist in obtaining shareholder approval for
the Business Combination and assist with press releases and public filings in connection with the Business Combination. The Company will
pay EarlyBirdCapital a cash fee for such services solely in the event of consummation of the Business Combination in an amount equal
to 1.75%, or $3,018,750) of the gross proceeds of the IPO (exclusive of any applicable finders’ fees which might become payable).
This fee will become payable to EarlyBirdCapital upon consummation of the Business Combination. No liability will be recorded for such
fee until it becomes probable that the fee will be paid.
Consulting
Agreement
The
Company has engaged a third-party consultant to provide the Company with assistance in various aspects of any potential Business
Combination. Pursuant to the terms of the agreement, the Company has agreed to pay a contingent fee of at least $3,500,000
if the Company consummates a Business Combination. No expense has been recorded in the accompanying unaudited condensed financial
statements related to this agreement, nor is any due.
On
August 29, 2023, the Company engaged a third-party consultant to provide the Company with an introduction to potential targets for its
Business Combination. Pursuant to the terms of the agreement, the Company has agreed to pay a contingent fee of 0.5% of the implied enterprise
value of the target if the Company consummates a Business Combination. As the Business Combination is not considered probable, no expense
has been recorded in the accompanying unaudited condensed financial statements related to this agreement.
Legal
Agreement
The
Company has engaged a third-party legal firm to provide the Company with assistance in various aspects of any potential Business Combination.
Pursuant to the terms of the agreement, the Company has agreed to contingent payments upon the achievement of certain milestones. As
of June 30, 2024, the Company has incurred and paid roughly $20,000 related to this agreement. An additional $90,000 could be earned
by the legal firm as outlined in the contractual milestones. The remaining milestones are not yet considered probable and as such have
not been accrued for.
NOTE
9 – SHAREHOLDERS’ DEFICIT
Preference
Shares
The Company is authorized to issue 5,000,000 preference shares, with a par value of $0.0001 per share, with such designations,
voting and other rights and preferences as may be determined from time to time by the Company’s Board of Directors. As of June
30, 2024 and December 31, 2023, there were no preference shares issued or outstanding.
Class
A Ordinary Shares
The Company is authorized to issue 500,000,000 shares of Class A Ordinary Shares with a par value of $0.0001
per share. Holders of Class A Ordinary Shares are entitled to one vote for each share. As of June 30, 2024 and December 31, 2023, there
were 4,462,499 shares of Class A Ordinary Shares issued and outstanding (excluding 2,248,506 and 4,623,332 shares subject to possible
redemption), respectively.
Class
B Ordinary Shares
The Company is authorized to issue 50,000,000 shares of Class B Ordinary Shares with a par value of $0.0001
per share. As of June 30, 2024 and December 31, 2023, there was 1 Class B Ordinary Shares issued and outstanding.
Holders
of Class A Ordinary Shares and Class B Ordinary Shares will vote together as a single class on all matters submitted to a vote of shareholders
except as required by law. Under the terms of the Sunorange Investment, the Class B Ordinary Shares were converted to Class A Ordinary
Shares although the Sponsor will retain at least one Class B Ordinary Share.
Any
Founder Shares outstanding at the time of the Business Combination will automatically convert into shares of Class A Ordinary Shares
on a one-for-one basis, subject to adjustment. In the case that additional shares of Class A Ordinary Shares, or Equity-Linked Securities,
are issued or deemed issued in excess of the amounts offered in the IPO and related to the closing of a Business Combination, the ratio
at which shares of Class B Ordinary Shares shall convert into shares of Class A Ordinary Shares will be adjusted (unless the holders
of a majority of the outstanding shares of Class B Ordinary Shares agree to waive such adjustment with respect to any such issuance or
deemed issuance) so that the number of shares of Class A Ordinary Shares issuable upon conversion of all shares of Class B Ordinary Shares
will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all shares of Ordinary Shares outstanding
upon the completion of the IPO plus all shares of Class A Ordinary Shares and Equity-Linked Securities issued or deemed issued in connection
with a Business Combination (excluding any shares or Equity-Linked Securities issued, or to be issued, to any seller 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) 12 months from the closing
of the IPO and (b) 30 days after the completion of a Business Combination.
The
Company will not be obligated to deliver any shares of 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 with respect to the shares of Class
A Ordinary Shares underlying the warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying
its obligations with respect to registration, or a valid exemption from registration is available. No warrant will be exercisable, and
the Company will not be obligated to issue any shares of Class A Ordinary Shares upon exercise of a warrant unless the share of Class
A Ordinary Shares issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws
of the state of residence of the registered holder of the warrants.
The
Company has agreed that as soon as practicable, but in no event later than 20 business days after the closing of a Business Combination,
it will use its commercially reasonable efforts to file with the SEC a registration statement for the registration, under the Securities
Act, of the shares of Class A Ordinary Shares issuable upon exercise of the warrants, and the Company will use its commercially reasonable
efforts to cause the same to become effective within 60 business days after the closing of a Business Combination, and to maintain the
effectiveness of such registration statement and a current prospectus relating to those shares of Class A Ordinary Shares until the warrants
expire or are redeemed, as specified in the warrant agreement; provided that 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 they satisfy 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 it will use its commercially reasonably
efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. If a registration
statement covering the shares of Class A Ordinary Shares issuable upon exercise of the warrants is not effective by the 60th day after
the closing of a Business Combination, warrant holders may, until such time as there is an effective registration statement and during
any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless
basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption, but the Company will use its commercially
reasonably efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.
Redemption
of Warrants
Once the warrants become exercisable, the Company may redeem the Public Warrants:
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in
whole and not in part; |
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at
a price of $0.01 per warrant; |
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upon
not less than 30 days’ prior written notice of redemption to each warrant holder; and |
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if,
and only if, the closing price of the Class A Ordinary Shares equals or exceeds $18.00 per share for any 20 trading days within a
30-trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders. |
If
and when the Public Warrants become redeemable by the Company, it may exercise its redemption right even if the Company is unable to
register or qualify the underlying securities for sale under all applicable state securities laws.
In
addition, if (x) the Company issues additional Class A Ordinary Shares or Equity-Linked Securities for capital raising purposes in connection
with the closing of the Business Combination at a Newly Issued Price of less than $9.20 per Class A ordinary share, (y) the aggregate
gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding
of our Business Combination on the date of the consummation of the Business Combination (net of redemptions), and (z) the Market Value
is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater
of (i) the Market Value or (ii) the Newly Issued Price, and the $18.00 per share redemption trigger price will be adjusted (to the nearest
cent) to be equal to 180% of the greater of (i) the Market Value or (ii) the Newly Issued Price.
The
Private Placement Warrants are identical to the Public Warrants underlying the Units being sold in the IPO.
NOTE
10 — SUBSEQUENT EVENTS
The
Company evaluated subsequent events and transactions that occurred after the accompanying condensed balance sheets date up to the
date that the accompanying unaudited condensed financial statements were issued. Based upon this review the Company did not identify
any subsequent events, other than those described below, that would have required adjustment or disclosure in the accompanying
unaudited condensed financial statements.
As
previously disclosed in a Current Report on Form 8-K filed by the Company with the SEC on May 10, 2024, the Company originally received
a determination from the Nasdaq Listing Qualifications Department (the “Staff”) on October 9, 2023, indicating that the Company
did not comply with the requirement to maintain a minimum 400 public holders as required by Nasdaq Listing Rule 5450(a) (the “Minimum
Public Holders Requirement”). On May 6, 2024, the Company received a delisting determination from the Staff with respect to the
Minimum Public Holders Requirement. On May 13, 2024, the Company requested a hearing to appeal the determination, and the hearing was
held on June 25, 2024.
On
July 3, 2024, the Company received written notice from Nasdaq indicating that the Nasdaq Hearings Panel (the “Panel”) had
granted the Company’s request for continued listing on Nasdaq, subject to the Company completing a Business Combination with an
operating entity and evidencing compliance with the criteria for initial listing on Nasdaq, including the applicable holders requirement,
by November 4, 2024.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Cautionary
Note Regarding Forward-Looking Statements
All
statements other than statements of historical fact included in this Quarterly Report on Form 10-Q for the quarterly period ended
June 30, 2024 (this “Report”) including, without limitation, statements under this Item regarding our 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 our Management, identify forward-looking
statements. Such forward-looking statements are based on the beliefs of our Management, as well as assumptions made by, and
information currently available to, our 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 our 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 unaudited
condensed financial statements and the notes thereto included in this Report under “Item 1. Financial Statements.”
Overview
We
are a blank check company incorporated in the Cayman Islands on March 15, 2021 and formed for the purpose of entering into a Business
Combination with one or more businesses.
We
consummated our Initial Public Offering on November 8, 2021 and are currently in the process of consummating the Scage Business Combination.
The
issuance of additional shares in an initial Business Combination:
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may
significantly dilute the equity interest of investors in the Initial Public Offering, which dilution would increase if the anti-dilution
provisions in our Class B Ordinary Shares resulted in the issuance of our Class A Ordinary Shares on a greater than one-to-one basis
upon conversion of our Class B Ordinary Shares; |
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may
subordinate the rights of holders of our Class A Ordinary Shares if shares of preferred shares are issued with rights senior to those
afforded our Class A Ordinary Shares; |
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could
cause a change in control if a substantial number of shares of our Class A Ordinary Shares are issued, which may affect, among other
things, our ability to use our net operating loss carry forwards, if any, and could result in the resignation or removal of our present
officers and directors; |
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may
have the effect of delaying or preventing a change of control of us by diluting the share ownership or voting rights of a person
seeking to obtain control of us; and |
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may
adversely affect prevailing market prices for our Class A Ordinary Shares and/or Warrants. |
Similarly,
if we issue debt securities, or otherwise incur significant debt, it could result in:
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default
and foreclosure on our assets if our operating revenues after an initial Business Combination are insufficient to repay our debt
obligations; |
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acceleration
of our obligations to repay the indebtedness even if we make all principal and interest payments when due if we breach certain covenants
that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation of such covenants; |
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our
immediate payment of all principal and accrued interest, if any, if the debt is payable on demand; |
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our
inability to obtain necessary additional financing if the debt contains covenants restricting our ability to obtain such financing
while the debt is outstanding; |
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our
inability to pay dividends on our ordinary or preferred shares; |
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using
a substantial portion of our cash flow to pay principal and interest on our debt, which will reduce the funds available for dividends
on our Ordinary Shares if declared and our ability to pay expenses, make capital expenditures and acquisitions and fund other general
corporate purposes; |
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limitations
on our flexibility in planning for and reacting to changes in our business and in the industry in which we operate; |
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increased
vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation;
and |
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limitations
on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements and execution
of our strategy and for other purposes, and other disadvantages compared to our competitors who have less debt. |
We
completed the sale of 15,000,000 Units at $10.00 per Unit on November 8, 2021. Simultaneous with the closing of the Initial Public Offering,
we completed the sale of 7,900,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant in a Private Placement
to our Sponsor as well as to EarlyBirdCapital, generating gross proceeds of $7,900,000 from the sale of the Private Placement Warrants.
On
November 12, 2021, we closed on the full exercise of the underwriters’ over-allotment option, which resulted in the sale of an
additional 2,250,000 Units for additional gross proceeds to us of $22,500,000 and aggregate IPO and over-allotment gross proceeds of
$172,500,000. Simultaneously with the exercise of the over-allotment, the Sponsor purchased an additional 900,000 Private Placement Warrants,
which resulted in additional gross proceeds of $900,000 and aggregate Private Placement proceeds from the Initial Public Offering and
over-allotment of $8,800,000.
Following
the closing of the IPO on November 8, 2021 and the subsequent exercise of the over-allotment option, $175,950,000 ($10.20 per Unit) from
the net proceeds of the sale of the Units in the IPO and the sale of the Private Placement Warrants was placed in the Trust Account,
located in the United States at a nationally recognized financial institution, with Continental acting
as trustee and until November 2, 2023 invested only in in United States “government securities” within the meaning of Section
2(a)(16) of the Investment Company Act having a maturity of 185 days or less or in money market funds meeting certain conditions under
Rule 2a-7 promulgated under the Investment Company Act which invest only in direct Treasury obligations. Pursuant to
the Trust Agreement, the trustee will not be permitted to invest in other securities or assets. As of November 2, 2023, the funds in
the Trust Account were moved to an interest-bearing demand deposit account.
On
January 24, 2024, the SEC adopted new rules and regulations for special purpose acquisition companies (“SPACs”), which became effective on July 1, 2024 (the “2024 SPAC Rules”). The 2024 SPAC Rules require, among other matters, (i) additional
disclosures relating to SPAC Business Combination transactions; (ii) additional disclosures relating to dilution and to conflicts
of interest involving sponsors and their affiliates in both SPAC initial public offerings and Business Combination transactions; (iii)
additional disclosures regarding projections included in SEC filings in connection with proposed Business Combination transactions;
and (iv) the requirement that both the SPAC and its target company be co-registrants for Business Combination registration statements.
In addition, the SEC’s adopting release provided guidance describing circumstances in which a SPAC could become subject to regulation
under the Investment Company Act, including its duration, asset composition, business purpose, and the activities of the SPAC and its
management team in furtherance of such goals. The 2024 SPAC Rules may materially affect our ability to negotiate and complete our initial
Business Combination and may increase the costs and time related thereto.
Amendment
to Scage Business Combination Agreement
On
June 18, 2024, the parties to the Scage Business Combination Agreement entered into the First Amendment to Business Combination Agreement
(the “First Amendment”). The First Amendment provides for, among other things, the:
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reduction
of the aggregate consideration to the shareholders of the Company from $1,000,000,000 to $800,000,000; |
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correction
of a scrivener’s error to clarify that the Company is not an investment company; |
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the
establishment of an American Depositary Shares (“ADS”) facility by the Pubco so that the ordinary shares to be issued
by Pubco pursuant to the Scage Business Combination Agreement may be represented by ADSs; |
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extension
of the deadline for the Reorganization (as defined in the Scage Business Combination Agreement) from September 30, 2023 to July 20,
2024; and |
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extend
the Outside Date (as defined in the Scage Business Combination Agreement) from February 29, 2024 to October 31, 2024. |
Nasdaq
Compliance—Minimum Public Holders Requirement and Nasdaq Hearing
On
May 6, 2024, we received a notice from the Staff of Nasdaq notifying us that since we were first notified
on October 9, 2023, we had not regained compliance with Minimum Public Holders Requirement by the end of the 180-day extension period
ended April 8, 2024. On May 13, 2024, we requested a hearing before the Panel to appeal the determination, and the hearing was held on
June 25, 2024.
Recent
Developments
On
July 3, 2024, we received written notice from Nasdaq indicating that the Panel had granted our request for continued listing on Nasdaq,
subject to us completing a Business Combination with an operating entity and evidencing compliance with the criteria for initial listing
on Nasdaq, including the applicable Minimum Public Holders Requirement, by November 4, 2024.
Sunorange
Investment
On
April 27, 2023, we entered into the Investment Agreement with the Sponsor and Sunorange, pursuant to which Sunorange and its designees
shall acquire partnership interests in the Sponsor and Class B Ordinary Shares directly held by certain of our directors, which combined
interests will entitle Sunorange to receive, in the aggregate, the Insider Securities, consisting of 3,557,813 Class B Ordinary Shares
and 6,160,000 Private Placement Warrants, and we shall introduce a change in Management and the Board as follows: (i) Calvin Kung shall
replace David Gershon as Chairman of the Board and Chief Executive Officer and Wang Chiu (Tommy) Wong shall replace Ron Golan as Chief
Financial Officer and director on the Board, effective upon closing of the Sunorange Investment; (ii) Jonathan Ophir and Uri Chaitchik
shall tender their resignations as Chief Investment Officer and Senior Consultant, respectively, effective upon closing of the Sunorange
Investment; and (iii) Mitch Garber, Gustavo Schwed and Nadav Zohar shall tender their resignations as directors, to be effective upon
expiration of the Waiting Period and whose vacancies shall be filled by New Management.
On
May 8, 2023, we completed the closing of the Sunorange Investment after our shareholders approved of certain proposals at the 2023 EGM,
and after certain closing conditions were met, including but not limited to: (i) a minimum of $30 million remaining in the Trust Account
after accounting for all redemptions in connection with the 2023 EGM; (ii) us obtaining or extending a directors and officers insurance
policy on terms satisfactory to the parties; (iii) the conversion of Class B Ordinary Shares into Class A Ordinary Shares as needed to
retain shareholders and meet continued listing requirements of Nasdaq in the event that the 2023 Extension is approved; (iv) the amendment
of the Sponsor’s existing limited partnership agreement; (v) the transfer of 61,875 Class B Ordinary Shares from certain of our
directors to Sunorange or its designees and (vi) the cancellation of the outstanding Working Capital Loan from the Sponsor and the reduction
of certain advisory fees to be due upon the closing of an initial Business Combination.
In
connection with the closing of the Sunorange Investment, on May 8, 2023, Sunorange caused $300,000 to be deposited into the Trust Account
to support the first three months of the 2023 Extension. Sunorange has agreed to deposit into the Trust Account an additional $100,000
for each successive month, or portion thereof, that is needed by us to complete an initial Business Combination until May 8, 2024.
On
May 15, 2024, the Company issued the May 2024 Promissory Note in the aggregate principal amount of up to $225,000 to the Sponsor, which
will be deposited into the Trust Account for the benefit of each Public Share that was not redeemed in connection with the May 8, 2024
shareholder vote to approve the 2024 Extension. The Sponsor agreed to pay $37,500 per month until the completion of an initial Business
Combination, commencing on May 8, 2024 and continuing through November 8, 2024.
As
of June 30, 2024, $1,275,000 has been deposited into the Trust Account in support of the 2023 Extension and the 2024
Extension.
2024
Extension of Our Combination Period
On
May 2, 2024, we held the 2024 EGM to amend our Amended and Restated Memorandum to approve the 2024 Extension.
There
were 9,085,832 of our Ordinary Shares issued and outstanding on April 4, 2024, the record date for the 2024 EGM. At the 2024 EGM, there
were 7,997,433 Ordinary Shares present in person or by proxy, representing approximately 88.02% of the total Ordinary Shares outstanding
as of the record date, which constituted a quorum.
Shareholders
holding 2,374,826 Class A Ordinary Shares exercised their right to redeem such shares for a pro rata portion of the funds in our Trust
Account. These shares were redeemed for approximately $11.33 per share for a total redemption value paid from the Trust Account of approximately
$26,907,976.
In
connection with the 2024 EGM, Sunorange will contribute to us loans of the lesser of (i) $37,500 or (ii) $0.025 for each Public Share
that is not redeemed for each calendar month (commencing on May 8, 2024 and ending on the 8th day of each subsequent month), or portion
thereof, that is needed by us to complete an initial Business Combination until November 8, 2024.
On
May 15, 2024, we issued the May 2024 Promissory Note in the aggregate principal amount of up to $225,000 to the Sponsor, which will be
deposited into the Trust Account for the benefit of each Public Share that was not redeemed in connection with our May 8, 2024 shareholder
vote to approve the 2024 Extension. The Sponsor agreed to pay $37,500 per month until the completion of an initial Business Combination,
commencing on May 8, 2024 and continuing through November 8, 2024. The May 2024 Promissory Note bears no interest and is due and payable
upon the earlier to occur of (i) the date on which we consummate our Business Combination and (ii) the date that our winding up is effective.
As of June 30, 2024, an aggregate of $1,275,000 into the Trust Account to support the 2023 and 2024 Extension on behalf of the Company.
As of June 30, 2024 and August 15, 2024, the outstanding balance of the May 2024 Promissory Note was $75,000 and $75,000, respectively,
and no interest was accrued.
2023
Extension of Our Combination Period
On
May 8, 2023, we held the 2023 EGM to amend our Amended and Restated Memorandum to: (i) approve the 2023 Extension and (ii) to entitle
holders of Class B Ordinary Shares to convert such shares into Class A Ordinary Shares prior to the closing of an initial Business Combination
at the election of the holder.
There
were 21,712,500 of our Ordinary Shares issued and outstanding on April 14, 2023, the record date for the 2023 EGM. At the 2023 EGM, there
were 14,402,264 ordinary shares present in person or by proxy, representing approximately 66.33% of the total Ordinary Shares outstanding
as of the record date, which constituted a quorum.
Shareholders
holding 12,626,668 Class A Ordinary Shares exercised their right to redeem such shares for a pro rata portion of the funds in our Trust
Account. These shares were redeemed for approximately $10.50 per share for a total redemption value paid from the Trust Account of approximately
$132,616,922.
In
connection with the 2023 EGM and pursuant to the Investment Agreement, Sunorange will contribute to us loans of the lesser of (i) $100,000
or (ii) $0.033 for each Public Share that is not redeemed for each calendar month (commencing on May 8, 2023 and ending on the 8th day
of each subsequent month), or portion thereof, that is needed by us to complete an initial Business Combination until May 8, 2024.
On
June 2, 2023, we issued the June 2023 Promissory Note in the aggregate principal amount of up to $1,200,000 to the Sponsor, which
will be deposited into the Trust Account for the benefit of each Public Share that was not redeemed in connection with our May 8,
2023 shareholder vote to approve the 2023 Extension. The Sponsor agreed to pay $100,000 per month until the completion of an initial
Business Combination, commencing on May 8, 2023 and continuing through May 8, 2024. The June 2023 Promissory Note bears no interest
and is due and payable upon the earlier to occur of (i) the date on which we consummate our Business Combination and (ii) the date
that our winding up is effective. At the election of the Sponsor, up to $1,200,000 of the unpaid principal amount of the June 2023
Promissory Note may be converted into Conversion Warrants at a conversion price of $1.00 per Warrant. The Conversion Warrants shall
be identical to the Private Placement Warrants issued by us at the IPO. We have determined that the fair value of the June 2023
Promissory Note is its face value as the note was not issued with a substantial premium. The Sponsor funded the first three months
of the June 2023 Promissory Note in its first payment. As of December 31, 2023, June 30, 2024 and August 15, 2024, the outstanding
balance of the June 2023 Promissory Note was $800,000, $1,100,000 and $1,100,000, respectively, and no interest was
accrued.
Founder
Share Conversion
On
May 8, 2023, we issued an aggregate of 4,237,499 Founder Shares to the Sponsor upon the Founder Share Conversion.
Also
on May 8, 2023, we issued an aggregate of 75,000 Class A Ordinary Shares to our former independent directors and the holders of our 75,000
Class B Ordinary Shares upon the conversion of an equal number of shares of Class B Ordinary Shares. On the same day, in connection with
the closing of the Sunorange Investment, the Class A Ordinary Shares held by the directors were transferred to designees of Sunorange.
The
Class A Ordinary Shares issued in connection with the Founder Share Conversion are subject to the same restrictions as applied to
the Class B Ordinary Shares before the Founder Share Conversion, including, among other things, certain transfer restrictions,
waiver of redemption rights and the obligation to vote in favor of an initial Business Combination as described in our Registration
Statement on Form S-1 initially filed with the SEC on October 15, 2021, as amended, and declared effective on November 3, 2021 (the “IPO Registration Statement”). Following the Conversion, there were 9,085,831 Class A
Ordinary Shares issued and outstanding and one Class B Ordinary Share issued and outstanding. As a result of the Founder Share
Conversion, the Sponsor and certain designees of Sunorange hold, in the aggregate, approximately 47.5% of our Class A Ordinary
Shares that are outstanding.
Scage
Business Combination
On
August 21, 2023, we entered into the Scage Business Combination Agreement with Pubco, First Merger Sub, Second Merger Sub and Scage.
The Scage Business Combination Agreement was unanimously approved by our Board of Directors. If the Scage Business Combination Agreement
is approved by our stockholders, and the Scage Business Combination is consummated, (i) First Merger Sub will merge with and into Scage,
with Scage surviving the First Merger as a wholly-owned subsidiary of Pubco and the outstanding securities of Scage being converted into
the right to receive securities of Pubco; and (ii) immediately following the First Merger, Second Merger Sub will merge with and into
our Company, with our Company surviving the Second Merger as a wholly-owned subsidiary of Pubco and the outstanding securities of our
Company being converted into the right to receive securities of Pubco.
For
a full description of the Scage Business Combination Agreement and the proposed Scage Business Combination, please see “Item 1.
Business” of our 2023 Annual Report.
Results
of Operations
As
of June 30, 2024, we have not commenced any operations. All activity for the period from March 15, 2021 (inception) through June 30,
2024, relates to our formation and Initial Public Offering that occurred on November 8, 2021, and, since the completion of the Initial
Public Offering, searching for a target to consummate an initial Business Combination. We will not generate any operating revenues until
after the completion of an initial Business Combination, at the earliest. We will generate non-operating income in the form of interest
income from the proceeds derived from the Initial Public Offering and placed in the Trust Account. There has been no significant change
in our financial or trading position and no material adverse change has occurred since the date of our audited financial statements,
December 31, 2023.
For
the three months ended June 30, 2024, we had a net loss of $49,619 consisting of $455,763 in operating, general and administrative expenses
offset by $406,144 in interest gained on the bank account and the investment held in Trust Account. For the six months ended June 30,
2024, we had net income of $192,476, consisting of $969,442 in interest gained on the bank account and the investment held in Trust Account
offset by $776,966 in operating, general and administrative expenses.
For
the three months ended June 30, 2023, we had net income of $798,325, consisting of $1,342,192 in interest gained on the bank account
and the investment held in Trust Account offset by $543,867 in formation, general and administrative expenses. For the six months ended
June 30, 2023, we had net income of $2,406,359, consisting of $3,252,490 in interest gained on the bank account and the investment held
in Trust Account offset by $846,131 in formation, general and administrative expenses.
Factors
That May Adversely Affect our Results of Operations
Our
results of operations and our ability to complete an initial Business Combination may be adversely affected by various factors that could
cause economic uncertainty and volatility in the financial markets, many of which are beyond our control. Our business could be impacted
by, among other things, downturns in the financial markets or in economic conditions, increases in oil prices, inflation, increases in
interest rates, supply chain disruptions, declines in consumer confidence and spending, public health considerations, and geopolitical
instability, such as the military conflicts in Ukraine and the Middle East. We cannot at this time predict the likelihood of one or more
of the above events, their duration or magnitude or the extent to which they may negatively impact our business and our ability to complete
an initial Business Combination.
Liquidity,
Capital Resources and Going Concern
As
of June 30, 2024, we had cash outside our Trust Account of $35,523 available for working capital needs. All remaining cash was held in
the Trust Account and is generally unavailable for our use prior to our initial Business Combination.
For
the six months ended June 30, 2024, we used $496,221 in operating activities, which was largely driven by $969,111 in interest earned
on our investments held in the Trust Account offset by $192,476 in net income and a $280,414 change in operating assets and liabilities.
For
the six months ended June 30, 2024, we were provided $26,432,976 in our investing activities, which was driven by $26,907,976 in shareholder
redemptions offset by $475,000 in extension contributions.
For
the six months ended June 30, 2024, we used $25,901,269 in our financing activities, which was the largely the result of $26,907,976
paid out in redemptions to shareholders offset by $1,006,707 in proceeds from our promissory notes.
As
noted above, pursuant to our Initial Public Offering on November 8, 2021 and the full exercise of the over-allotment option on November
12, 2021, we sold 17,250,000 Units at a price of $10.00 per Unit, generating gross proceeds to us of $172,500,000. These funds as well
as a portion of the $8,800,000 in proceeds from the sale of Private Placement Warrants were placed in the Trust Account such that the
Trust Account held an aggregate of $175,900,000, or $10.20 per Unit, as of November 12, 2021. These funds are to be invested in U.S.
government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 180 days or
less or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the
Investment Company Act, as determined by the Company. As of June 30, 2024, $25,736,479 of the Initial Public Offering proceeds as well
as interest earned thereon were held in the Trust Account.
On
November 1, 2023, we instructed Continental to liquidate the investments held in the Trust Account and instead to hold the funds in
the Trust Account in an interest-bearing demand deposit account at Morgan Stanley with Continental continuing to act as trustee,
until the earlier of the consummation of our initial Business Combination or our liquidation. As a result, following the liquidation
of investments in the Trust Account, the remaining proceeds from the Initial Public Offering and Private Placement are no longer
invested in U.S. government securities or money market funds invested in U.S. government securities.
In
order to fund working capital deficiencies or finance transaction costs in connection with an intended initial Business Combination,
our Initial Shareholders or their affiliates 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 (subject to the conversion rights
described below). In the event that our initial Business Combination does not close, we may use a portion of the working capital held
outside the Trust Account to repay such loaned amounts, but no proceeds from our Trust Account would be used for such repayment. Up to
$1,500,000 of such loans may at the option of the lender determined at the time of the loan be convertible into Warrants at a price of
$1.00 per Warrant of the post-initial Business Combination entity. The Warrants would be identical to the Private Placement Warrants,
including as to exercise price, exercisability and exercise period of the underlying Warrants. As of June 30, 2024 and December 31, 2023,
we had no outstanding borrowings under the Working Capital Loan.
On
May 8, 2023, in connection with the Sunorange Investment, the Working Capital Loan and all amounts outstanding thereunder were canceled
in full. This was deemed to be a benefit to us under SAB Topic 5T. In order to recognize this benefit, we de-recognized the outstanding
promissory note and reclassified it to additional paid-in capital, as an in-substance capital contribution.
On
November 8, 2023, we issued the November 2023 Promissory Note in the principal amount of up to $1,500,000 to Sunorange. The November
2023 Promissory Note was issued in connection with advances made by Sunorange since May 8, 2023 and advances Sunorange may make in the
future to us for working capital expenses. The November 2023 Promissory Note is non-interest bearing and payable upon the earlier of
(i) the date of the consummation of the Business Combination or (ii) the date of our liquidation. As of June 30, 2024, we had $974,210
outstanding under the November 2023 Promissory Note.
On
January 26, 2024, we issued the January 2024 Promissory Note in the aggregate principal amount of up to $1,500,000 to Scage, for the
Company’s working capital needs, including but not limited to any payment obligations to support the 2023 Extension. The note does
not bear interest and matures upon the earlier of the closing of an initial Business Combination by the Company and the Company’s
liquidation. As of June 30, 2024, we had $200,000 outstanding under the January 2024 Promissory Note.
We
could use a portion of the funds not being placed in the Trust Account to pay commitment fees for financing, fees to consultants to assist
us with our search for a target business or as a down payment or to fund a “no-shop” provision (a provision designed to keep
target businesses from “shopping” around for transactions with other companies or investors on terms more favorable to such
target businesses) with respect to a particular proposed initial Business Combination, although we do not have any current intention
to do so. If we entered into an agreement where we paid for the right to receive exclusivity from a target business, the amount that
would be used as a down payment or to fund a “no-shop” provision would be determined based on the terms of the specific initial
Business Combination and the amount of our available funds at the time. Our forfeiture of such funds (whether as a result of our breach
or otherwise) could result in our not having sufficient funds to continue searching for, or conducting due diligence with respect to,
prospective target businesses.
As
agreed by the shareholders at the 2023 EGM and the 2024 EGM, we have until November 8, 2024 to complete a Business Combination.
If
we are not able to consummate a Business Combination before November 8, 2024, we will commence an automatic winding up, dissolution and
liquidation. Our Management has determined that the automatic liquidation, should a Business Combination not occur, and potential subsequent
dissolution also raise substantial doubt about our ability to continue as a going concern for a period of time within one year after
the date that the unaudited condensed financial statements are issued. While Management intends to complete a Business Combination on
or before November 8, 2024, it is uncertain whether we will be able to do so. No adjustments have been made to the carrying amounts of
assets or liabilities should we be required to liquidate after November 8, 2024.
Off-Balance
Sheet Financing Arrangements
We
did not have any off-balance sheet arrangements as of June 30, 2024, as defined in Item 303(a)(4)(ii) of Regulation S-K.
Contractual
Obligations
As
of June 30, 2024, we did not have any long-term debt, capital or operating lease obligations.
We
have entered into an Administrative Services Agreement pursuant to which we are paying our sponsor for office space, utilities and administrative
support services, in an amount of up to $3,000 per month.
We
have engaged EarlyBirdCapital as an advisor in connection with our initial Business Combination to assist us in holding meetings with
our shareholders to discuss the potential initial Business Combination and the target business’ attributes, introduce us to potential
investors that are interested in purchasing our securities in connection with our initial Business Combination, assist us in obtaining
shareholder approval for the initial Business Combination and assist us with our press releases and public filings in connection with
the initial Business Combination. In connection with the Sunorange Investment, we have agreed to pay EarlyBirdCapital a reduced cash
fee for such services upon the consummation of our initial Business Combination in an amount equal to 1.75% of the gross proceeds of
our IPO (exclusive of any applicable finders’ fees which might become payable).
We
previously engaged a third-party consultant to provide us with assistance in various aspects of our potential Business Combination. Pursuant
to the terms of the agreement, we have agreed to pay a contingent fee of at least $3,500,000 if we consummate a Business Combination.
No expense for which has been included in the unaudited condensed financial statements related to this agreement. No expense has been
recorded in the unaudited condensed financial statements related to this agreement, nor is any due.
On
August 29, 2023, the Company engaged a third-party consultant to provide the Company with introduction to potential targets for its Business
Combination. Pursuant to the terms of the agreement, the Company has agreed to pay a contingent fee of 0.5% of the implied enterprise
value of the target if the Company consummates a Business Combination. As this agreement was a subsequent event and the Business
Combination is not considered probable, no expense for which has been included in the unaudited condensed financial statements related
to this agreement.
Critical
Accounting Estimates
The
preparation of financial statements and related disclosures in conformity with GAAP requires Management to make estimates and assumptions
that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the unaudited
condensed financial statements, and income and expenses during the periods reported. Actual results could materially differ from those
estimates. As of the end of the reporting period, we have not identified any critical accounting estimates.
Critical
Accounting Policies
Management’s
discussion and analysis of our results of operations and liquidity and capital resources are based on our audited financial
information. We describe our significant accounting policies in “Note 2 - Summary of Significant Accounting Policies” of
the notes to the financial statements included in this Report under “Item 1. Financial Statements” with those considered
critical outlined below. Our audited financial statements have been prepared in accordance with GAAP. Certain of our accounting
policies require that Management applies significant judgments in defining the appropriate assumptions integral to financial
estimates. On an ongoing basis, Management reviews the accounting policies, assumptions, estimates and judgments to ensure that our
unaudited condensed financial statements are presented fairly and in accordance with GAAP. Judgments are based on historical
experience, terms of existing contracts, industry trends and information available from outside sources, as appropriate. However, by
their nature, judgments are subject to an inherent degree of uncertainty, and, therefore, actual results could differ from our
estimates.
Class
A Ordinary Shares Subject to Possible Redemption
We
account for our Class A Ordinary Shares subject to possible redemption in accordance with the guidance in FASB ASC Topic 480 “Distinguishing
Liabilities from Equity.” Ordinary Shares subject to mandatory redemption are classified as a liability instrument and are measured
at fair value. Conditionally redeemable Ordinary Shares (including 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. At all other times, Ordinary Shares are classified as shareholder’s equity. Our Class A Ordinary
Shares feature certain redemption rights that are considered to be outside of our control and subject to occurrence of uncertain future
events. Accordingly, Class A Ordinary Shares subject to possible redemption are presented at redemption value as temporary equity, outside
of the shareholder’s equity section of the balance sheet.
Immediately
upon the closing of the Initial Public Offering, we recognized the accretion from initial book value to redemption amount. Increases
or decreases in the carrying amount of redeemable Ordinary Shares are affected by charges against additional paid-in capital and accumulated
deficit.
Net
Income Per Ordinary Share
We
comply with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” Net income (loss) per
share is computed by dividing net income (loss) by the weighted average number of Ordinary Shares outstanding during the period. We
have two classes of shares, redeemable Ordinary Shares and non-redeemable Ordinary Shares. Our redeemable Ordinary Shares are
comprised of Class A Ordinary Shares sold in the Initial Public Offering. Our non-redeemable shares are comprised of Class A
Ordinary Shares held by EarlyBirdCapital and Class B Ordinary Shares purchased by the sponsor which were converted to Class A
Ordinary Shares with the same original legend in May 2023. Earnings and losses are shared pro rata between the two classes of
shares. Our unaudited condensed statements of operations included in this Report under “Item 1. Financial Statements”
applies the two-class method in calculating net income (loss) per share. Basic and diluted net income (loss) per share for
redeemable Ordinary Shares and non-redeemable Ordinary Shares is calculated by dividing net income (loss), allocated proportionally
to each class of Ordinary Shares, attributable to us by the weighted average number of shares of redeemable and non-redeemable
Ordinary Shares outstanding.
The
calculation of diluted income (loss) per Ordinary Share does not consider the effect of the Warrants issued in connection with the Initial
Public Offering since exercise of the Warrants is contingent upon the occurrence of future events and the inclusion of such rights would
be anti-dilutive. Accretion of the carrying value of Class A Ordinary Shares to redemption value is excluded from net income (loss) per
redeemable share because the redemption value approximates fair value. As a result, diluted income (loss) per share is the same as basic
income (loss) per share for the period presented.
Recent
Accounting Standards
In
August 2020, the FASB issued ASU 2020-06. The update simplifies the accounting for convertible instruments by removing certain
separation models in ASU 470-20 for convertible
instruments and introducing other changes. As a result of ASU 2020-06, more convertible debt instruments will be accounted for as a
single liability measured at its amortized cost and more convertible preference shares will be accounted for as a single-equity
instrument measured at its historical cost, as long as no features require bifurcation and recognition as derivatives. The
amendments are effective for smaller reporting companies for fiscal years beginning after December 15, 2023, including interim
periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020,
including interim periods within those fiscal years. We adopted ASU 2020-06 on January 1, 2024. There was no material
impact on our financial position, results of operations or cash flows.
In
June 2022, the FASB issued ASU 2022-03. The ASU amends ASC 820 to clarify that a contractual sales restriction is not considered
in measuring an equity security at fair value and to introduce new disclosure requirements for equity securities subject to contractual
sale restrictions that are measured at fair value. The ASU applies to both holders and issuers of equity and Equity-Linked Securities
measured at fair value. The amendments in ASU 2022-03 are effective for the Company in fiscal years beginning after December 15, 2023
and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have
not yet been issued or made available for issuance. We adopted ASU 2022-03 on January 1, 2024. There was no material impact
on our financial position, results of operations or cash flows.
In
December 2023, the FASB issued ASU 2023-09 in order to enhance the transparency and usefulness of income tax disclosures. The
guidance is applicable to all entities subject to income tax, and it will require disclosure of certain categories within the rate
reconciliation to improve consistency as well as disclosure of reconciling items which meet a certain quantitative threshold which
will improve transparency. Additionally, entities must disclose the amount of taxes paid to federal, state and foreign
municipalities. For public business entities ASU 2023-09 is effective for annual periods beginning after December 15, 2024. We are
currently evaluating the impact of its pending adoption of ASU 2023-09 on our financial position, results of operations or financial
statement disclosure.
We
do not believe that any other recently issued, but not effective, accounting standards, if currently adopted, would have a material effect
on our unaudited condensed financial statements contained in this Report under “Item 1. Financial Statements.”
JOBS
Act
The
JOBS Act contains provisions that, among other things, relax certain reporting requirements for qualifying public companies. We qualify
as an “emerging growth company” under the JOBS Act and are allowed to comply with new or revised accounting pronouncements
based on the effective date for private (not publicly traded) companies. We are electing to delay the adoption of new or revised accounting
standards, and as a result, we may not comply with new or revised accounting standards on the relevant dates on which adoption of such
standards is required for non-emerging growth companies. As a result, our unaudited condensed financial statements may not be comparable
to companies that comply with new or revised accounting pronouncements as of public company effective dates.
Additionally,
we are in the process of evaluating the benefits of relying on the other reduced reporting requirements provided by the JOBS Act. Subject
to certain conditions set forth in the JOBS Act, if, as an “emerging growth company,” we choose to rely on such exemptions
we may not be required to, among other things, (i) provide an independent registered public accounting firm’s attestation report
on our system of internal controls over financial reporting pursuant to Section 404, (ii) provide all of the compensation disclosure
that may be required of non-emerging growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act, (iii)
comply with any requirement that may be adopted by the PCAOB regarding mandatory audit firm rotation or a supplement to the independent
registered public accounting firm’s report providing additional information about the audit and the financial statements (auditor
discussion and analysis) and (iv) disclose certain executive compensation related items such as the correlation between executive compensation
and performance and comparisons of the CEO’s compensation to median employee compensation. These exemptions will apply for a period
of five years following the completion of our Initial Public Offering or until we are no longer an “emerging growth company,”
whichever is earlier.
Item
3. Quantitative and Qualitative Disclosures About Market Risk.
We
are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information otherwise
required under this Item.
Item
4. Controls and Procedures.
Evaluation
of Disclosure Controls and Procedures
Disclosure
controls and procedures are controls and other procedures designed to ensure that information required to be disclosed in our reports
filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s
rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information
required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to Management, including
our Chief Executive Officer and Chief Financial Officer (together, the “Certifying Officers”), 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 Certifying Officers, we carried out an evaluation of the
effectiveness of the design and operation of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under
the Exchange Act. Based on the foregoing, our Certifying Officers concluded that our disclosure controls and procedures were not effective
as of the end of the quarterly period ended June 30, 2024, due to material weaknesses in our internal control over financial reporting
of complex financial instruments, recognition of billed and unbilled professional fees, recognition of prepaid expenses, classification
of related party payables and accounting for related party notes payable as further described below.
A
material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there
is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or
detected on a timely basis. Specifically, we concluded that our controls over recognition of billed and unbilled professional fees,
recognition of prepaid expenses, the classification of related party payables, and accounting for related party notes payable was
not effectively designed or maintained. Our Management performed additional analysis as deemed necessary to ensure that our
unaudited condensed financial statements included in this Report under “Item 1. Financial Statements” were prepared in
accordance with GAAP. Accordingly, Management believes that the unaudited condensed financial statements included in this Report
present fairly, in all material respects, our financial position, results of operations and cash flows of the periods
presented.
In
light of the material weakness described above, our Management Team has performed additional accounting and financial analyses and other
post-closing procedures. We have enhanced, and will continue to enhance, internal controls and procedures, including access to accounting
literature, identification and consideration of third-party professionals with whom to consult regarding complex accounting applications
and implantation of additional layers of reviews in the financial close process. While we have processes to properly identify and evaluate
the appropriate accounting technical pronouncements and other literature for all significant or unusual transactions, we plan to continue
to improve these processes to ensure that the nuances of such transactions are effectively evaluated in the context of the increasingly
complex accounting standards.
We
do not expect that our disclosure controls and procedures will prevent all errors and all instances of fraud. Disclosure controls and
procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the
disclosure controls and procedures are met. Further, the design of disclosure controls and procedures must reflect the fact that there
are resource constraints, and the benefits must be considered relative to their costs. Because of the inherent limitations in all disclosure
controls and procedures, no evaluation of disclosure controls and procedures can provide absolute assurance that we have detected all
our control deficiencies and instances of fraud, if any. The design of disclosure controls and procedures also is based partly on certain
assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated
goals under all potential future conditions.
Changes
in Internal Control over Financial Reporting
Other
than as discussed above, there have been no changes to our internal control over financial reporting during the quarterly period ended
June 30, 2024 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART
II - OTHER INFORMATION
Item
1. Legal Proceedings.
To
the knowledge of our Management Team, there is no material litigation currently pending or contemplated against us, any of our officers
or directors in their capacity as such or against any of our property.
Item
1A. Risk Factors.
As
a smaller reporting company under Rule 12b-2 of the Exchange Act, we are not required to include risk factors in this Report. For additional
risks relating to our operations, other than as set forth below, see the section titled “Risk Factors” contained in our (i) IPO Registration Statement, (ii) 2023 Annual Report and (iii) Quarterly Reports on Form 10-Q for the quarterly
periods ended March 31, 2023, June 30, 2023, and September 30, 2023, and March 31, 2024, as filed with the SEC on May 22, 2023, November
6, 2023, December 14, 2023, and May 20, 2024, respectively. Any of these factors could result in a significant or material adverse effect
on our results of operations or financial condition. Additional risks could arise that may also affect our business or ability to consummate
an initial Business Combination. We may disclose changes to such risk factors or disclose additional risk factors from time to time in
our future filings with the SEC.
For
risks related to Scage and the Scage Business Combination, please see the Registration Statement on Form F-4 to be filed with the SEC
in connection with the Scage Business Combination.
If
we fail to consummate our initial Business Combination by November 3, 2024, our securities will be suspended from trading on Nasdaq and
subject to potential delisting, which may have a material adverse effect on the trading of our securities and our ability to consummate
an initial Business Combination.
Our
IPO Registration Statement was declared effective by the SEC on November 3, 2021 and our securities are currently listed on the Nasdaq
Capital Market. Pursuant to our Amended and Restated Charter, we have until November 8, 2024 (or such shorter period of time as determined
by our Board) to consummate our initial Business Combination. Nasdaq’s rules and guidance currently provide that SPACs (such as
us) must satisfy certain listing conditions, including that a SPAC must complete one or more Business Combinations meeting certain conditions
within 36 months of the effectiveness of its initial public offering registration statement (the “36-Month Requirement”).
If a SPAC does not meet the 36-Month Requirement, it will receive a Staff Delisting Determination from Nasdaq which, among other things,
informs the SPAC that (i) its securities will be suspended as of a date certain; (ii) it has a right to request review of the Staff Delisting
Determination by a Hearings Panel; and (iii) a timely request for such review will stay the suspension and delisting action pending the
issuance of a written decision of the Hearings Panel. The Hearings Panel may, where it deems appropriate, grant an exception to the continued
listing standards for a period not to exceed 180 days from the date of the Staff Delisting Determination. The basis for the Staff Delisting
Determination may be cured if, for example, a SPAC completes an initial Business Combination during the period of the stay.
On
July 8, 2024, Nasdaq filed with the SEC a proposal to change the rules applicable to the foregoing procedures (the “Proposed Nasdaq
Rules”) that includes removing the stay referred to above so that a SPAC’s securities will be immediately suspended from
trading on Nasdaq through the pendency of the Hearings Panel’s review. In addition, under the Proposed Nasdaq Rules, the scope
of the Hearings Panel’s review would be limited, as the Hearings Panel may only reverse a Staff Delisting Determination where it
determines that the Staff Delisting Determination was in error and that the SPAC never failed to satisfy the 36-Month Requirement. In
such cases, the Hearings Panel would not be able to consider facts indicating that the SPAC had regained compliance since the date of
the Staff Delisting Determination, nor may the Hearings Panel grant an exception allowing the SPAC additional time to regain compliance.
If a SPAC completes a Business Combination after receiving a Staff Delisting Determination and/or demonstrates compliance with all applicable
initial listing requirements, the combined company could apply to list its securities on Nasdaq pursuant to the normal application review
process. The Proposed Nasdaq Rules contained a list of deficiencies that would immediately result in a Staff Delisting Determination,
which includes noncompliance with the 36-Month Requirement.
On
July 15, 2024, the SEC issued a release approving the immediate effectiveness of the Proposed Nasdaq Rules. The Proposed Nasdaq Rules
will become operative on October 7, 2024.
Accordingly,
unless we are able to consummate our initial Business Combination on or prior to November , 2024, our securities will be suspended from
trading on Nasdaq and subject to potential delisting. If Nasdaq were to suspend our securities from trading, or delist our securities,
our securities could potentially be quoted on an over-the-counter market. If this were to occur, we could face significant material adverse
consequences, including:
| ● | our
ability to complete an initial Business Combination with a target company contemplating a
Nasdaq listing, as we would be a less attractive acquiror absent a listing on a national
exchange; |
| ● | a
limited availability of market quotations for our securities; |
| ● | reduced
liquidity for our securities; |
| ● | a
determination that our Class A Ordinary Shares are a “penny stock,” which will
require brokers trading in our Class A Ordinary Shares to adhere to more stringent rules
and possibly result in a reduced level of trading activity in the secondary trading market
for our securities; |
| ● | a
limited amount of news and analyst coverage; and |
| ● | a
decreased ability to issue additional securities or obtain additional financing in the future. |
In
addition, if our securities are delisted from Nasdaq, offers and sales of our securities by us may be subject to regulation and we may
be subject to additional compliance costs in each state in which we offer or sell our securities.
Our
Public Shareholders’ exercise of redemption rights with respect to a large number of Public Shares may affect our ability to complete
an initial Business Combination in the most desirable manner that will optimize the capital structure of the combined company, or at
all.
Over
the past two years, the redemption rate of shares held by public shareholders of SPACs at the time of a shareholder meeting that
approves an amendment to the articles of the SPAC or the initial Business Combination of the SPAC has been very high, thereby
increasing the likelihood that we, too, may be subject to significant redemptions that may affect our ability to complete an initial
Business Combination. In addition, the amount of the deferred fee payable to the EarlyBirdCapital in connection with the Business
Combination Marketing Agreement will not be reduced for any Public Shares that are redeemed in connection with an extension or a
Business Combination. If we are able to consummate an initial Business Combination, the per-share value of Public Shares held by
non-redeeming Public Shareholders following the Business Combination will reflect our obligation to pay, and the payment of, such
deferred fee to EarlyBirdCapital.
In
connection with the (i) 2023 EGM, 12,626,668 Public Shares were redeemed at a price per Public Share of approximately $10.50, and (ii)
2024 EGM, 2,374,826 Public Shares were redeemed at a price per Public Share of approximately $11.33, thereby reducing the number of outstanding
Public Shares to 2,248,506, and reducing the total amount held in the Trust Account to approximately $25,736,479 (as of June 30, 2024).
Due
to the high rates of redemptions of Public Shares in connection with shareholder votes on extensions or Business Combinations of SPACs,
we may need to rely upon significant PIPE or other outside financing to provide cash to our post- Business Combination company. Obtaining
financing in connection with initial Business Combinations of SPACs has in recent times been very difficult, with many financings available
only on terms that are onerous to the surviving company of the Business Combination. The failure to secure additional financing on reasonable
terms could have a material adverse effect on the continued development or growth of the target business. None of the Sponsors or our
other shareholders is required to provide any financing to us in connection with or after our initial Business Combination. Raising additional
third-party financing may involve dilutive equity issuances or the incurrence of indebtedness at higher than desirable levels or on onerous
terms. The above considerations may limit our ability to complete a Business Combination in the most desirable manner that will optimize
the capital structure of the combined company, or at all. If we are unable to complete an initial Business Combination, our Public Shareholders
may only receive approximately $11.45 per Public Share on the liquidation of our Trust Account, as of June 30, 2024, and our warrants
will expire worthless. In certain circumstances, our Public Shareholders may receive less than $11.45 per share on the redemption of
their Public Shares.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds.
Unregistered
Sales of Equity Securities
None.
Use
of Proceeds
For
a description of the use of proceeds generated in our Initial Public Offering and Private Placement, see Part II, Item 2 of our Quarterly
Report on Form 10-Q for the quarterly period ended September 30, 2022, as filed with the SEC on November 10, 2022. There has been no
material change in the planned use of proceeds from our Initial Public Offering and Private Placement as described in the IPO Registration
Statement. The specific investments in our Trust Account may change from time to time.
On
November 1, 2023, we instructed Continental to liquidate the investments held in the Trust Account and instead to hold the funds in the
Trust Account in an interest-bearing demand deposit account at Morgan Stanley, with Continental continuing to act as trustee, until the
earlier of the consummation of our initial Business Combination or our liquidation. As a result, following the liquidation of investments
in the Trust Account, the remaining proceeds from the Initial Public Offering and Private Placement are no longer invested in U.S. government
securities or money market funds invested in U.S. government securities.
Purchases
of Equity Securities by the Issuer and Affiliated Purchasers
On
May 2, 2024, we held the 2024 EGM and our shareholders approved the 2024 Extension. In connection with the vote to approve the 2024 Extension,
Public Shareholders holding 2,374,826 Public Shares properly exercised their right to redeem such shares for a pro rata portion of the
funds in the Trust Account. We paid cash in the aggregate amount of $26,907,976, or approximately $11.33 per share to such redeeming
Public Shareholders.
The
following table contains monthly information about the repurchases of our equity securities for the three months ended June 30, 2024:
Period | |
(a) Total number of shares (or units) purchased | | |
(b) Average price paid per share (or unit) | | |
(c) Total number of shares (or units) purchased as part of publicly announced plans or programs | | |
(d) Maximum number (or approximate dollar value) of shares (or units) that may yet be purchased under the plans or programs | |
April 1 – April 30, 2024 | |
| — | | |
| — | | |
| — | | |
| — | |
| |
| | | |
| | | |
| | | |
| | |
May 1 – May 31, 2024 | |
| 2,374,826 | | |
$ | 11.33 | | |
| — | | |
| — | |
| |
| | | |
| | | |
| | | |
| | |
June 1 – June 30, 2024 | |
| — | | |
| — | | |
| — | | |
| — | |
Item
3. Defaults Upon Senior Securities.
None.
Item
4. Mine Safety Disclosures.
Not
applicable.
Item
5. Other Information.
Trading
Arrangements
During
the quarterly period ended June 30, 2024, none of our directors or officers (as defined in Rule 16a-1(f) promulgated under the Exchange
Act) adopted or terminated any “Rule 10b5-1 trading arrangement” or any “non-Rule 10b5-1 trading arrangement,”
as each term is defined in Item 408 of Regulation S-K.
Additional Information
None.
Item
6. Exhibits.
The
following exhibits are filed as part of, or incorporated by reference into, this Report.
No. |
|
Description
of Exhibit |
2.1 |
|
First
Amendment to Business Combination Agreement, dated as of June 18, 2024, by and among Finnovate Acquisition Corp., Scage Future, Hero
1, Hero 2 and Scage International Limited.(5) |
3.1 |
|
Amended and Restated Memorandum and Articles of Association.(1) |
3.2 |
|
First Amendment to the Amended and Restated Memorandum and Articles of Association.(2) |
3.3 |
|
Second Amendment to the Amended and Restated Memorandum and Articles of Association.(3) |
10.1 |
|
Promissory
Note, dated May 15, 2024, issued to Finnovate Sponsor, L.P.(4) |
31.1 |
|
Certification of the Principal Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, 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) or 15d-14(a) of the Securities Exchange Act of 1934, 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 (Embedded as Inline XBRL document and contained in Exhibit 101).* |
* |
Filed
herewith. |
** |
Furnished
herewith. |
(1) |
Incorporated
herein by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed with the SEC on November 8, 2021. |
(2) |
Incorporated
herein by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K/A filed with SEC on May 24, 2023. |
(3) |
Incorporated
herein by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed with the SEC on May 8, 2024. |
(4) |
Incorporated
herein by reference to Exhibit 10.2 of the Company’s Quarterly Report on Form 10-Q filed with the SEC on May 20, 2024. |
(5) |
Incorporated
herein by reference to Exhibit 2.1 of the Company’s Current Report on Form 8-K filed with the SEC on June 18, 2024. |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
FINNOVATE
ACQUISITION CORPORATION
SIGNATURE |
|
TITLE |
|
DATE |
|
|
|
|
|
/s/
Calvin Kung |
|
Chairman
and Chief Executive Officer |
|
August
19, 2024 |
Calvin
Kung |
|
(Principal Executive Officer) |
|
|
|
|
|
|
|
/s/
Wang Chiu (Tommy) Wong |
|
Chief
Financial Officer |
|
August
19, 2024 |
Wang
Chiu (Tommy) Wong |
|
(Principal Financial and Accounting Officer) |
|
|
Exhibit
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
ADOPTED PURSUANT TO
SECTION
302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Calvin Kung, certify that:
1. |
I
have reviewed this Quarterly Report on Form 10-Q of Finnovate Acquisition Corp.; |
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
4. |
The
registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, is made known to us by others within those entities, particularly
during the period in which this report is being prepared; |
|
b) |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (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 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:
August 19, 2024 |
By: |
/s/
Calvin Kung |
|
|
Calvin
Kung |
|
|
Chief
Executive Officer |
|
|
(Principal
Executive Officer) |
Exhibit
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
ADOPTED PURSUANT TO
SECTION
302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Wang Chiu (Tommy) Wong, certify that:
1. |
I
have reviewed this Quarterly Report on Form 10-Q of Finnovate Acquisition Corp.; |
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
4. |
The
registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, is made known to us by others within those entities, particularly
during the period in which this report is being prepared; |
|
b) |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (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 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:
August 19, 2024 |
By: |
/s/
Wang Chiu (Tommy) Wong |
|
|
Wang
Chiu (Tommy) Wong |
|
|
Chief
Financial Officer |
|
|
(Principal
Financial Officer) |
Exhibit
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
In
connection with the Quarterly Report on Form 10-Q of Finnovate Acquisition Corp. (the “Company”) for the quarterly period
ended June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Calvin Kung,
Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that to my knowledge:
1. |
The Report fully complies
with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. |
The information contained
in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and
for the period covered by the Report. |
Date:
August 19, 2024 |
By: |
/s/
Calvin Kung |
|
|
Calvin
Kung |
|
|
Chief
Executive Officer |
|
|
(Principal
Executive Officer) |
Exhibit
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
In
connection with the Quarterly Report on Form 10-Q of Finnovate Acquisition Corp. (the “Company”) for the quarterly period
ended June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Wang Chiu
(Tommy) Wong, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906
of the Sarbanes-Oxley Act of 2002, that to my knowledge:
1. |
The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. |
The
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company as of and for the period covered by the Report. |
Date:
August 19, 2024 |
By: |
/s/
Wang Chiu (Tommy) Wong |
|
|
Wang
Chiu (Tommy) Wong |
|
|
Chief
Financial Officer |
|
|
(Principal
Financial Officer) |
v3.24.2.u1
Cover - $ / shares
|
6 Months Ended |
|
Jun. 30, 2024 |
Aug. 19, 2024 |
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
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|
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|
|
Document Period End Date |
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|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
001-41012
|
|
Entity Registrant Name |
FINNOVATE
ACQUISITION CORP.
|
|
Entity Central Index Key |
0001857855
|
|
Entity Tax Identification Number |
00-0000000
|
|
Entity Incorporation, State or Country Code |
E9
|
|
Entity Address, Address Line One |
265
Franklin Street
|
|
Entity Address, Address Line Two |
Suite
1702
|
|
Entity Address, City or Town |
Boston
|
|
Entity Address, State or Province |
MA
|
|
Entity Address, Postal Zip Code |
02110
|
|
City Area Code |
+1
424
|
|
Local Phone Number |
253-0908
|
|
Entity Current Reporting Status |
Yes
|
|
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Yes
|
|
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|
|
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true
|
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|
|
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|
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Title of 12(b) Security |
Units,
each consisting of one Class A ordinary share and three-quarters of one warrant
|
|
Trading Symbol |
FNVTU
|
|
Security Exchange Name |
NASDAQ
|
|
Class Ordinary Shares Par Value 0. 0001 Per Share [Member] |
|
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Class
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|
|
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|
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NASDAQ
|
|
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NASDAQ
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|
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v3.24.2.u1
Condensed Balance Sheets - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Current Assets |
|
|
Cash |
$ 35,523
|
$ 37
|
Prepaid expenses |
60,889
|
37,389
|
Total Current Assets |
96,412
|
37,426
|
Investments held in Trust Account |
25,736,479
|
51,200,344
|
Total Assets |
25,832,891
|
51,237,770
|
Current liabilities |
|
|
Accounts payable and accrued expenses |
1,721,119
|
1,435,205
|
Working Capital Loan – related party |
974,210
|
542,503
|
Promissory Note payable |
200,000
|
|
Promissory Note payable – related party |
1,175,000
|
800,000
|
Due to related party |
74,600
|
56,600
|
Total Liabilities |
4,144,929
|
2,834,308
|
Commitments and Contingencies |
|
|
Class A Ordinary Shares subject to possible redemption, 2,248,506 and 4,623,332 shares at redemption value of $11.45 and $11.07 at June 30, 2024 and December 31, 2023, respectively |
25,736,479
|
51,200,344
|
Shareholders’ Deficit |
|
|
Preference shares, $0.0001 par value; 5,000,000 shares authorized; no shares issued and outstanding |
|
|
Accumulated deficit |
(4,048,963)
|
(2,797,328)
|
Total Shareholders’ Deficit |
(4,048,517)
|
(2,796,882)
|
Total Liabilities, Redeemable Ordinary Shares and Shareholders’ Deficit |
25,832,891
|
51,237,770
|
Common Class A [Member] |
|
|
Shareholders’ Deficit |
|
|
Common stock, value |
446
|
446
|
Common Class B [Member] |
|
|
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v3.24.2.u1
Condensed Balance Sheets (Parenthetical) - $ / shares
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Preferred stock, par value |
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares authorized |
5,000,000
|
5,000,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Common Class A [Member] |
|
|
Temporary equity, shares outstanding |
2,248,506
|
4,623,332
|
Temporary equity, redemption price per share |
$ 11.45
|
$ 11.07
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
500,000,000
|
500,000,000
|
Common stock, shares issued |
4,462,499
|
4,462,499
|
Common stock, shares outstanding |
4,462,499
|
4,462,499
|
Shares subject to possible redemption |
2,248,506
|
4,623,332
|
Common Class B [Member] |
|
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
50,000,000
|
50,000,000
|
Common stock, shares issued |
1
|
1
|
Common stock, shares outstanding |
1
|
1
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.24.2.u1
Condensed Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Operating, general and administrative expenses |
$ 455,763
|
$ 543,867
|
$ 776,966
|
$ 846,131
|
Loss from operations |
(455,763)
|
(543,867)
|
(776,966)
|
(846,131)
|
Other income |
|
|
|
|
Interest earned on Investments held in Trust Account |
405,982
|
1,341,938
|
969,111
|
3,250,819
|
Interest earned on Bank Account |
162
|
254
|
331
|
1,671
|
Total other income |
406,144
|
1,342,192
|
969,442
|
3,252,490
|
Net (Loss) Income |
$ (49,619)
|
$ 798,325
|
$ 192,476
|
$ 2,406,359
|
Non-Redeemable Ordinary Shares [Member] |
|
|
|
|
Other income |
|
|
|
|
Basic net (loss) income per ordinary share |
$ (0.01)
|
$ 0.06
|
$ 0.02
|
$ 0.13
|
Diluted net (loss) income per ordinary share |
$ (0.01)
|
$ 0.06
|
$ 0.02
|
$ 0.13
|
Common Class A [Member] |
|
|
|
|
Other income |
|
|
|
|
Basic weighted average shares outstanding |
3,057,513
|
12,374,953
|
3,840,422
|
14,873,595
|
Diluted weighted average shares outstanding |
3,057,513
|
12,374,953
|
3,840,422
|
14,873,595
|
Redeemable Ordinary Shares [Member] |
|
|
|
|
Other income |
|
|
|
|
Basic weighted average shares outstanding |
3,057,513
|
12,374,953
|
3,840,422
|
14,873,595
|
Diluted weighted average shares outstanding |
3,057,513
|
12,374,953
|
3,840,422
|
14,873,595
|
Basic net (loss) income per ordinary share |
$ (0.01)
|
$ 0.06
|
$ 0.02
|
$ 0.13
|
Diluted net (loss) income per ordinary share |
$ (0.01)
|
$ 0.06
|
$ 0.02
|
$ 0.13
|
Common Class B [Member] |
|
|
|
|
Other income |
|
|
|
|
Basic weighted average shares outstanding |
4,462,500
|
1,753,435
|
4,462,500
|
3,002,072
|
Diluted weighted average shares outstanding |
4,462,500
|
1,753,435
|
4,462,500
|
3,002,072
|
X |
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v3.24.2.u1
Condensed Statements of Changes in Shareholders' Deficit (Unaudited) - USD ($)
|
Common Stock [Member]
Common Class A [Member]
|
Common Stock [Member]
Common Class B [Member]
|
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance at Dec. 31, 2022 |
$ 15
|
$ 431
|
|
$ (455,795)
|
$ (455,349)
|
Balance, shares at Dec. 31, 2022 |
150,000
|
4,312,500
|
|
|
|
Remeasurement of Class A Ordinary Shares to redemption value |
|
|
|
(1,908,881)
|
(1,908,881)
|
Net income (loss) |
|
|
|
1,608,034
|
1,608,034
|
Balance at Mar. 31, 2023 |
$ 15
|
$ 431
|
|
(756,642)
|
(756,196)
|
Balance, shares at Mar. 31, 2023 |
150,000
|
4,312,500
|
|
|
|
Balance at Dec. 31, 2022 |
$ 15
|
$ 431
|
|
(455,795)
|
(455,349)
|
Balance, shares at Dec. 31, 2022 |
150,000
|
4,312,500
|
|
|
|
Net income (loss) |
|
|
|
|
2,406,359
|
Balance at Jun. 30, 2023 |
$ 446
|
|
|
(1,150,490)
|
(1,150,044)
|
Balance, shares at Jun. 30, 2023 |
4,462,499
|
1
|
|
|
|
Balance at Mar. 31, 2023 |
$ 15
|
$ 431
|
|
(756,642)
|
(756,196)
|
Balance, shares at Mar. 31, 2023 |
150,000
|
4,312,500
|
|
|
|
Remeasurement of Class A Ordinary Shares to redemption value |
|
|
(449,765)
|
(892,173)
|
(1,341,938)
|
Extension contribution |
|
|
|
(300,000)
|
(300,000)
|
Net income (loss) |
|
|
|
798,325
|
798,325
|
Conversion of Sponsor Shares |
$ 431
|
$ (431)
|
|
|
|
Conversion of Sponsor Shares, shares |
4,312,499
|
(4,312,499)
|
|
|
|
Promissory Note forgiveness |
|
|
449,765
|
|
449,765
|
Balance at Jun. 30, 2023 |
$ 446
|
|
|
(1,150,490)
|
(1,150,044)
|
Balance, shares at Jun. 30, 2023 |
4,462,499
|
1
|
|
|
|
Balance at Dec. 31, 2023 |
$ 446
|
|
|
(2,797,328)
|
(2,796,882)
|
Balance, shares at Dec. 31, 2023 |
4,462,499
|
1
|
|
|
|
Remeasurement of Class A Ordinary Shares to redemption value |
|
|
|
(563,129)
|
(563,129)
|
Extension contribution |
|
|
|
(300,000)
|
(300,000)
|
Net income (loss) |
|
|
|
242,095
|
242,095
|
Balance at Mar. 31, 2024 |
$ 446
|
|
|
(3,418,362)
|
(3,417,916)
|
Balance, shares at Mar. 31, 2024 |
4,462,499
|
1
|
|
|
|
Balance at Dec. 31, 2023 |
$ 446
|
|
|
(2,797,328)
|
(2,796,882)
|
Balance, shares at Dec. 31, 2023 |
4,462,499
|
1
|
|
|
|
Net income (loss) |
|
|
|
|
192,476
|
Balance at Jun. 30, 2024 |
$ 446
|
|
|
(4,048,963)
|
(4,048,517)
|
Balance, shares at Jun. 30, 2024 |
4,462,499
|
1
|
|
|
|
Balance at Mar. 31, 2024 |
$ 446
|
|
|
(3,418,362)
|
(3,417,916)
|
Balance, shares at Mar. 31, 2024 |
4,462,499
|
1
|
|
|
|
Remeasurement of Class A Ordinary Shares to redemption value |
|
|
|
(405,982)
|
(405,982)
|
Extension contribution |
|
|
|
(175,000)
|
(175,000)
|
Net income (loss) |
|
|
|
(49,619)
|
(49,619)
|
Balance at Jun. 30, 2024 |
$ 446
|
|
|
$ (4,048,963)
|
$ (4,048,517)
|
Balance, shares at Jun. 30, 2024 |
4,462,499
|
1
|
|
|
|
X |
- DefinitionRemeasurement of class redeemable shares to redemption value.
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v3.24.2.u1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Cash flows from operating activities: |
|
|
Net income |
$ 192,476
|
$ 2,406,359
|
Interest earned on Investments held in Trust Account |
(969,111)
|
(3,250,819)
|
Changes in operating assets and liabilities: |
|
|
Prepaid expenses |
(23,500)
|
95,557
|
Accounts payable and accrued expenses |
285,914
|
501,808
|
Due to related party |
18,000
|
3,000
|
Net cash used by operating activities |
(496,221)
|
(244,095)
|
Cash flows from investing activities: |
|
|
Cash withdrawn from Trust Account in connection with redemption |
26,907,976
|
132,616,922
|
Extension contribution |
(475,000)
|
|
Net cash provided by investing activities |
26,432,976
|
132,616,922
|
Cash flows from financing activities: |
|
|
Redemption of Class A Ordinary Shares |
(26,907,976)
|
(132,616,922)
|
Proceeds from Promissory Note |
431,707
|
|
Proceeds from affiliate Promissory Note |
200,000
|
|
Proceeds from Promissory Note – related party |
375,000
|
|
Net cash provided used in financing activities |
(25,901,269)
|
(132,616,922)
|
Net change in cash |
35,486
|
(244,095)
|
Cash at beginning of period |
37
|
244,179
|
Cash at end of period |
35,523
|
84
|
Supplemental disclosure of cash flow information: |
|
|
Remeasurement of redeemable Class A Ordinary Shares to redemption value |
969,111
|
3,250,819
|
Promissory Note forgiveness |
|
$ 449,765
|
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v3.24.2.u1
Pay vs Performance Disclosure - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Pay vs Performance Disclosure [Table] |
|
|
|
|
|
|
Net Income (Loss) |
$ (49,619)
|
$ 242,095
|
$ 798,325
|
$ 1,608,034
|
$ 192,476
|
$ 2,406,359
|
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v3.24.2.u1
ORGANIZATION AND BUSINESS BACKGROUND
|
6 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
ORGANIZATION AND BUSINESS BACKGROUND |
NOTE
1 – ORGANIZATION AND BUSINESS BACKGROUND
Organization
and General
Finnovate
Acquisition Corp. (the “Company”) was incorporated in the Cayman Islands on March 15, 2021. The Company was 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 businesses or entities (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 June 30, 2024, the Company had not commenced any operations. All activity for the period from March 15, 2021 (inception) through June
30, 2024 relates to the Company’s formation and its initial public offering (the “Initial Public Offering” or “IPO”)
described below, and, since the IPO, the search for a target for its Business Combination. The Company will not generate any operating
revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income in the
form of interest income from the proceeds derived from the IPO. The Company has selected December 31 as its fiscal year end.
IPO
On
November 8, 2021, the Company completed the sale of 15,000,000 units (the “Units” and, with respect to the shares of Class
A Ordinary Shares, par value $0.0001 per share (the “Class A Ordinary Shares”) included in the Units being offered, the “Public
Shares”) at $10.00 per Unit. On November 12, 2021, the Company closed on the full over-allotment, resulting in the sale of an additional
2,250,000 Units. The IPO and subsequent exercise of the over-allotment generated gross proceeds of $172,500,000, which is described in
Note 3. Each Unit consists of one share of Class A Ordinary Shares and three-quarters of one redeemable warrant (“Public Warrant”).
Simultaneously
with the closing of the IPO, the Company completed the sale of 7,900,000 private placement warrants (the “Private Placement Warrants”)
at a price of $1.00 per Private Placement Warrant in a private placement (the “Private Placement”) to Finnovate Sponsor,
LP (the “Sponsor”) as well as to EarlyBirdCapital, Inc. (“EarlyBirdCapital”). On November 12, 2021, pursuant
to the full exercise of the over-allotment option, the Sponsor purchased an additional 900,000 Private Placement Warrants. The IPO and
subsequent exercise of the over-allotment generated gross proceeds of $8,800,000 from the sale of the Private Placement Warrants.
Following
the closing of the IPO on November 8, 2021 and the subsequent exercise of the over-allotment option, $175,950,000 ($10.20 per Unit) from
the net proceeds of the sale of the Units in the IPO and the sale of the Private Placement Warrants was placed in a trust account (“Trust
Account”), located in the United States at a nationally recognized financial institution, with Continental Stock Transfer &
Trust Company (“Continental”) acting as trustee, and invested only in in United States “government securities”
within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”) having
a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company
Act which invest only in direct U.S. Department of the Treasury (the “Treasury”) obligations. Pursuant to the trust agreement, the trustee will not be permitted
to invest in other securities or assets. The Trust Account is intended as a holding place for funds pending the earliest to occur of
either: (i) the completion of the Business Combination; (ii) the redemption of any Public Shares properly tendered in connection with
a shareholder vote to amend the Amended and Restated Memorandum and Articles of Association (the “Amended and Restated Memorandum”)
to (A) modify the substance or timing of the Company’s obligation to allow redemption in connection with the Business Combination
or to redeem the Public Shares if the Company does not complete the initial Business Combination within the Combination Period or (B)
with respect to any other provision relating to shareholders’ rights or pre-Business Combination activity and (iii) the redemption
of all of the Public Shares if the Company is unable to complete the Business Combination by November 8, 2024, subject to applicable
law. If the Company does not invest the proceeds as discussed above, the Company may be deemed to be subject to the Investment Company
Act.
Initial
Business Combination
The
Company’s executive officers and directors (“Management” or “Management Team”) has broad discretion with
respect to the specific application of the net proceeds of the IPO and the sale of the 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 a Business Combination with one or more
operating businesses or assets that together have an aggregate fair market value equal to at least 80% of the net assets held in the
Trust Account as defined below (excluding the underwriting commissions and taxes payable on the income earned on the Trust Account) at
the time of the Company’s signing of a definitive agreement in connection with its Business Combination. 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 an interest in the target business or assets sufficient for it not to be required to register as an
investment company under the Investment Company Act.
The
Company will provide its holders of its Public Shares, including the holders of its Founder Shares (as defined below) prior to the Initial
Public Offering (the “Initial Shareholders”) and Management Team to the extent its Initial Shareholders and/or the members
of the Management Team purchase Public Shares, provided that each Initial Shareholder’s and member of its Management Team’s
status as a “Public Shareholder” will only exist with respect to such Public Shares (the “Public Shareholders”)
with the opportunity to redeem all or a portion of their Public Shares upon the completion of the Business Combination at a per-share
price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account calculated as of two business days prior to
the consummation of the Business Combination, including interest earned on the funds held in the Trust Account and not previously released
to the Company to pay taxes (which interest shall be net of taxes payable), divided by the number of then issued and outstanding Public
Shares, subject to the limitations described herein.
The
amount in the Trust Account is approximately $11.45 per Public Share as of June 30, 2024. The per-share amount the Company will distribute
to investors who properly redeem their shares will not be reduced by the underwriting commissions the Company will pay to the underwriter.
The redemption rights will include the requirement that a beneficial holder must identify itself in order to validly redeem its shares.
There will be no redemption rights upon the completion of the Business Combination with respect to the warrants. The Company’s
initial shareholders, directors and officers have entered into a letter agreement with the Company, pursuant to which they have agreed
to waive their redemption rights with respect to the 4,312,500 shares of Class B ordinary shares, par value $0.0001 per share (“Class
B Ordinary Shares”) purchased in March 2021 (the “Founder Shares,” described in more detail in Note 5) and Public Shares
held by them in connection with the completion of the Business Combination.
The
Company will only proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 either prior to or
upon such consummation of a Business Combination and, if the Company seeks shareholder approval, a majority of the shares voted are voted
in favor of the Business Combination. If a shareholder vote is not required by applicable law or stock exchange rules and the Company
does not decide to hold a shareholder vote for business or other reasons, the Company will, pursuant to its Amended and Restated Memorandum,
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 rules, 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, and any Public Shares purchased during or after the IPO, in favor of approving a Business Combination. Additionally,
each Public Shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction
or do not vote at all.
Notwithstanding
the above, if the Company seeks shareholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender
offer rules, the Amended and Restated Memorandum provides 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 15% or more of the Public Shares, without the prior consent of the Company.
The
Sponsor has agreed (a) to waive its redemption rights with respect to its Founder Shares and Public Shares held by it in connection with
the completion of a Business Combination and (b) not to propose an amendment to the Amended and Restated Memorandum (i) to modify the
substance or timing of the Company’s obligation to allow redemption in connection with the Company’s Business Combination
or to redeem 100% of its Public Shares if the Company does not complete a Business Combination 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.
The
Company has until November 8, 2024 to complete a Business Combination (the “Combination Period”). If the Company is
unable to complete a Business Combination within 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 the Company to pay its tax obligations (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 (“Board” or “Board of Directors”), dissolve and liquidate, subject in each case to the Company’s
obligations under Cayman Islands 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
Sponsor has agreed to waive its liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination
within the Combination Period. However, if the Sponsor acquires Public Shares in or after the IPO, 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 underwriter has agreed to waive its right to its underwriting commission (see Note 8) 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 IPO 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 (1) $10.20 per Public Share or (2) such
lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in
the value of the trust assets, in each case net of the interest which may be withdrawn to pay franchise and income taxes. This liability
will not apply with respect to 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 underwriter of the IPO 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 the Company’s independent registered public accounting
firm), prospective target businesses and other entities with which the Company does business, execute agreements with the Company waiving
any right, title, interest or claim of any kind in or to monies held in the Trust Account.
Liquidity,
Capital Resources and Going Concern
As
of June 30, 2024, the Company had $35,523 in its operating bank account and a working capital deficit of $4,048,517. The Company’s
liquidity needs up to June 30, 2024 had been satisfied by payment from the Sponsor for the Founder Shares, a loan under an unsecured
promissory note from the Sponsor of up to $250,000 (the “March 2021 Promissory Note”), drawdowns against the available Working
Capital Loan ( as defined below), as well as advances and payments made on behalf of the Company by related parties.
The March 2021 Promissory Note was fully repaid as of November 8, 2021.
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 with funds as may be required (the
“Working Capital Loan”, as described in more detail in Note 5). As of June 30, 2024 and December 31, 2023, the Company had nothing
outstanding under the Working Capital Loan, respectively.
On
June 2, 2023, the Company issued a promissory note (the “June 2023 Promissory Note”) in the aggregate principal amount
of up to $1,200,000
to the Sponsor, the proceeds from which will be deposited into the Trust Account for the benefit of each Public Share that was not
redeemed in connection with the Company’s May 8, 2023 shareholder vote to approve an extension of the Company’s
termination date from May 8, 2023 to May 8, 2024 (the “2023 Extension”). The Sponsor agreed to pay $
per month until the completion of an initial Business Combination, commencing on May 8, 2023 and continuing through May 8, 2024. The
June 2023 Promissory Note bears no interest and is due and payable upon the earlier to occur of (i) the date on which the Company
consummates its Business Combination and (ii) the date that the winding up of the Company is effective. At the election of the
Sponsor, up to $1,200,000
of the unpaid principal amount of the June 2023 Promissory Note may be converted into warrants of the Company (the “Conversion
Warrants”) at a conversion price of $1.00
per warrant. The Conversion Warrants shall be identical to the Private Placement Warrants issued by the Company at the IPO. The
Company has determined that the fair value of the June 2023 Promissory Note is its face value as the note was not issued with a
substantial premium. The Sponsor funded the first three months of the June 2023 Promissory Note in its first payment. As of June 30,
2024 and December 31, 2023, the outstanding balance of the June 30, 2023 Promissory Note was $1,100,000
and $800,000, respectively, which is included in the Promissory Note payable – related party account on the accompanying condensed balance sheets, and
no interest was accrued.
If
the Company is not able to consummate a Business Combination before November 8, 2024, the Company will commence an automatic winding
up, dissolution and liquidation. Management has determined that automatic liquidation, should a Business Combination not occur, and potential
subsequent dissolution also raises substantial doubt about the Company’s ability to continue as a going concern. While Management
intends to complete a Business Combination on or before November 8, 2024, it is uncertain whether the Company will be able to do so.
No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after November
8, 2024.
On
November 8, 2023, the Company issued a promissory note in the principal amount of up to $1,500,000 to Sunorange (the “November
2023 Promissory Note”). The note is non-interest bearing and is due on the earlier of consummation of the Business Combination
or liquidation. The November 2023 Promissory Note was issued in connection with advances made by Sunorange since May 8, 2023 and advances
Sunorange may make in the future to the Company for working capital expenses. The November 2023 Promissory Note is non-interest bearing
and payable upon the earlier of (i) the date of the consummation of the Business Combination or (ii) the date of the Company’s
liquidation. As of June 30, 2024, the Company had $974,210 outstanding under the November 2023 Promissory Note included in the Working
Capital Loan – related party line of the accompany condensed balance sheets.
On
January 26, 2024, the Company issued an unsecured promissory note (the “January 2024 Promissory Note”) in the aggregate principal
amount of up to $1,500,000 to Scage, a party to the Business Combination Agreement entered into by the Company, Scage, and other parties
on August 21, 2023 (the “Scage Business Combination Agreement”), for the Company’s working capital needs. The January
2024 Promissory Note does not bear interest and matures upon the earlier of the closing of an initial Business Combination by the Company
and the Company’s liquidation. As of June 30, 2024, the Company had $200,000 outstanding under the January 2024 Promissory Note.
On
May 15, 2024, the Company issued an unsecured promissory note (the “May 2024 Promissory Note”) in the aggregate
principal amount of up to $225,000
to the Sponsor, which will be deposited into the Trust Account for the benefit of each Public Share that was not redeemed in
connection with the May 8, 2024 shareholder vote to approve an extension of the Company’s termination date from May 8, 2024 to
November, 8, 2024 (the “2024 Extension”). The
Sponsor agreed to pay $37,500
per month until the completion of an initial Business Combination, commencing on May 8, 2024 and continuing through November 8,
2024. The May 2024 Promissory Note bears no interest and is due and payable upon the earlier to occur of (i) the date on which we
consummate our Business Combination and (ii) the date that our winding up is effective. As of June 30, 2024 and December 31,
2023, the Company had $75,000
and $0, respectively, outstanding under the May 2024 Promissory Note, which is included in the Promissory Note payable –
related party account on the accompanying condensed balance sheets.
These
conditions, involving liquidity concerns and mandatory liquidation, raise substantial doubt about the Company’s ability to
continue as a going concern for a period of time within one year after the date that the accompanying unaudited condensed financial
statements are issued. There is no assurance that the Company’s plan to consummate a Business Combination will be successful
or successful within the Combination Period. The accompanying unaudited condensed financial statements do not include any
adjustments that might result from the outcome of this uncertainty.
Sunorange
Investment
On
April 27, 2023, the Company entered into an agreement (the “Investment Agreement”) with the Sponsor and Sunorange Limited
(the “Sunorange”), pursuant to which Sunorange and its designees acquired partnership interests in the Sponsor and Class
B Ordinary Shares directly held by certain Company directors, which combined interests entitled Sunorange to receive, in the aggregate,
3,557,813 Class B Ordinary Shares and 6,160,000 Private Placement Warrants (collectively, the “Insider Securities”), and
the Company introduced a change in Management and the Board as follows: (i) Calvin Kung replaced David Gershon as Chairman of the Board
and Chief Executive Officer, and Wang Chiu (Tommy) Wong replaced Ron Golan as Chief Financial Officer and director on the Board, effective
upon closing of the Sunorange Investment (as defined herein); (ii) Jonathan Ophir and Uri Chaitchik tendered their resignations as Chief
Investment Officer and Senior Consultant, respectively, effective upon closing of the Sunorange Investment; and (iii) Mitch Garber, Gustavo
Schwed and Nadav Zohar tendered their resignations as directors, effective upon expiration of all applicable waiting periods under Section
14(f) of the Exchange Act and Rule 14f-1 thereunder (such period of time being referred to herein as the “Waiting Period”),
and whose vacancies were filled by individuals to be designated by Sunorange and effective upon expiration of the Waiting Period (such
new officers and directors collectively referred to herein as the “New Management”). Sunorange’s acquisition of interests
in the Insider Securities, the change to New Management and other transactions contemplated by the Investment Agreement are hereinafter
referred to as the “Sunorange Investment.”
On
May 8, 2023, the Company completed the closing of the Sunorange Investment after the Company’s shareholders approved certain proposals
discussed below, and after certain closing conditions were met, including but not limited to: (i) a minimum of $30 million remaining
in the Company’s Trust Account after accounting for all redemptions in connection with the Company’s extraordinary general
meeting of shareholders on May 8, 2023 (the “2023 EGM”); (ii) the Company obtaining or extending a D&O
insurance policy on terms satisfactory to the parties; (iii) the conversion of Class B Ordinary Shares into Class A Ordinary Shares as
needed to retain shareholders and meet continued listing requirements of The Nasdaq Stock Market LLC (“Nasdaq”) in the event
that the 2023 Extension is approved; (iv) the amendment of the Sponsor’s existing limited partnership agreement; (v) the transfer
of 61,875 Class B Ordinary Shares from certain Company directors to Sunorange or its designees and (vi) the cancellation of the outstanding
Working Capital Loan from the Sponsor and the reduction of certain advisory fees to be due upon the closing of an initial Business Combination.
In
connection with the closing of the Sunorange Investment, on May 8, 2023, Sunorange caused $300,000 to be deposited into the Trust Account
to support the first three months of the 2023 Extension from May 9, 2023 through August 8, 2023 (see Note 5). Sunorange also agreed to
cause to be deposited into the Trust Account an additional $ for each successive month, or portion thereof, that is needed by
the Company to complete an initial Business Combination until May 8, 2024.
As
of June 30, 2024, $1,275,000 has been deposited into the Trust Account in support of the 2023 Extension and 2024 Extension.
Business
Combination Agreement
On
August 21, 2023, the Company and Scage International Limited (“Scage”) entered into the Scage Business Combination Agreement.
Scage is a zero-emission solution provider in China, focusing on the development and commercialization of heavy-duty NEV trucks and e-fuel
solutions. Upon consummation of the two mergers and the other transaction contemplated by the Business Combination Agreement (the “Scage
Business Combination”), Scage Future, a newly formed holding company (“Pubco”) will seek to be listed on Nasdaq. The
outstanding securities of Scage and the Company will be converted into the right to receive securities of Pubco. The transaction represents
a post-Business Combination valuation of $1.0 billion ($1,000,000,000) for Scage upon closing of the Scage Business Combination, subject
to adjustment.
On
August 29, 2023, the Company engaged a third-party consultant to provide the Company with an introduction to potential targets for its
Business Combination. Pursuant to the terms of the agreement, the Company has agreed to pay a contingent fee of 0.5% of the implied enterprise
value of the target if the Company consummates a Business Combination.
Lock-Up
Agreements
Simultaneously
with the execution of the Business Combination Agreement, Pubco, Scage, the Company and certain shareholders of Scage (“Key Scage
Shareholders”), as shareholders holding shares of Scage sufficient to constitute the Required Company Shareholder Approval (as
that term is defined in the Business Combination Agreement) as the holder of record or the beneficial owner within the meaning of Rule
135-3 of the Exchange Act, each entered into Lock-Up Agreements (each, a “Key Seller Lock-Up Agreement”). It is a condition
to the Closing that all stockholders of Scage between signing and Closing enter into a Lock-Up Agreement (each, a “Seller Lock-Up
Agreement”).
Pursuant
to each Key Seller Lock-Up Agreement, each Key Scage Shareholder agreed not to, during the period commencing from the date and time at
which the Closing is actually held (the “Closing Date”) and ending on (A) the 6-month anniversary of the Closing Date with
respect to 40% of the restricted securities and (B) the 36-month anniversary of the Closing Date with respect to the remaining 60% of
the restricted securities, (i) lend, offer, pledge, hypothecate, encumber, donate, assign, sell, offer to sell, contract or agree to
sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase,
or otherwise transfer or dispose of or agree to transfer or dispose of, directly or indirectly, or establish or increase of a put equivalent
position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act and the rules and regulations
of the SEC promulgated thereunder, or otherwise transfer or dispose of, directly or indirectly, any restricted securities, (ii) enter
into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the
Lock-up Securities (as that term is defined in the Business Combination Agreement), whether any such transaction is to be settled by
delivery of such restricted securities, in cash or otherwise, or (iii) publicly disclose the intention to do any of the foregoing, whether
any such transaction described in clauses (i), (ii) or (iii) above is to be settled by delivery of restricted securities or other securities,
in cash or otherwise (any of the foregoing described in clauses (i), (ii) or (iii), a “Prohibited Transfer”) (subject to
early release if Pubco consummates a Change of Control (as that term is defined in the Business Combination Agreement)).
Pursuant
to each Seller Lock-Up Agreement, the remaining Scage shareholders agreed not to make a Prohibited Transfer during the period commencing
from the Closing Date and ending on the 6-month anniversary of the Closing Date (subject to early release if Pubco consummates a Change
of Control).
Shareholder
Support Agreement
Simultaneously
with the execution of the Business Combination Agreement, the Company, Scage, and Key Scage Shareholders entered into a Shareholder Support
Agreement (the “Shareholder Support Agreement”), pursuant to which, among other things, Key Scage Shareholders have agreed
(a) to support the adoption of the Business Combination Agreement and the approval of the transactions contemplated therein, subject
to certain customary conditions, and (b) not to transfer any of their subject shares (or enter into any arrangement with respect thereto),
subject to certain customary conditions.
Sponsor
Support Agreement
Simultaneously
with the execution of the Business Combination Agreement, the Company, Scage, Pubco and the Sponsor entered into a Sponsor Support Agreement
(the “Sponsor Support Agreement”), pursuant to which the Sponsor agreed to vote all of its shares of the Company in favor
of the Business Combination Agreement and the transactions contemplated therein. The Sponsor Support Agreement also prevents transfers
of securities of the Company held by the Sponsor between the date of the Sponsor Support Agreement and the termination of the Sponsor
Support Agreement.
Insider
Letter Amendment
Simultaneously
with the execution of the Business Combination Agreement, the Company, Scage, the Sponsor, Pubco, Calvin Kung, Wang Chiu Wong, Chunyi
Hao, Tiemei Li, and Sanjay Prasad entered into an amendment (the “Insider Letter Amendment”) to that certain letter agreement,
dated November 8, 2021 (the “Insider Letter”), by and among the Company, the Sponsor and the directors, officers or other
initial shareholders of the Company named therein, pursuant to which Pubco and Scage are added as parties to the Insider Letter.
Non-Competition
and Non-Solicitation Agreement
Simultaneously
with the execution of the Business Combination Agreement, certain shareholders and officers (each, a “Subject Party”) of
the Company each entered into a noncompetition and non-solicitation agreement with the Company, Pubco, Scage, and the Sponsor (collectively,
the “Non-Competition and Non-Solicitation Agreement”). Under the Non-Competition and Non-Solicitation Agreement, the Subject
Party agrees not to compete with Pubco, the Sponsor, the Company, Scage, and their respective affiliates during the three-year period
following the Closing and, during such three-year restricted period, not to solicit employees or customers of such entities. The Non-Competition
and Non-Solicitation Agreement also contains customary confidentiality and non-disparagement provisions.
Assignment,
Assumption, and Amendment to Warrant Agreement
Prior
to the Closing, the Company, Pubco and Continental, as warrant agent (the “Warrant Agent”), will enter the Assignment, Assumption,
and Amendment to Warrant Agreement (the “Warrant Amendment”), which will amend that certain Warrant Agreement, dated as of
November 8, 2021, relating to the Company warrants (the “Warrant Agreement”), filed with the SEC on November 8, 2021. Pursuant
to the Warrant Amendment: (i) Pubco will assume the obligations of the Company under the Warrant Agreement, such that, among other things,
Pubco will be added as a party thereto and (ii) references to the Company’s Class A Ordinary Shares in the Warrant Agreement shall
mean Pubco ordinary shares.
First
Amendment to the BCA
On
June 18, 2024, the parties to the Business Combination Agreement entered into the First Amendment to Scage Business Combination
Agreement (the “First Amendment”). The First Amendment provides for, among other things, the:
|
● |
reduction
of the aggregate consideration to the shareholders of the Company from $1,000,000,000 to $800,000,000; |
|
● |
correction
of a scrivener’s error to clarify that the Company is not an investment company; |
|
● |
the
establishment of an American depositary share (“ADS”) facility by the Pubco so that the ordinary shares to be issued
by Pubco pursuant to the Business Combination Agreement may be represented by ADSs; |
|
● |
extension
of the deadline for the Reorganization (as defined in the Scage Business Combination Agreement) from September 30, 2023 to July 20,
2024; and |
|
● |
extend
the Outside Date (as defined in the Scage Business Combination Agreement) from February 29, 2024 to October 31, 2024. |
Risks
and Uncertainties
Our
results of operations and our ability to complete an initial Business Combination may be adversely affected by various factors that could
cause economic uncertainty and volatility in the financial markets, many of which are beyond our control. Our business could be impacted
by, among other things, downturns in the financial markets or in economic conditions, increases in oil prices, inflation, increases in
interest rates, supply chain disruptions, declines in consumer confidence and spending, the ongoing effects of the COVID-19 pandemic,
including resurgences and the emergence of new variants, and geopolitical instability, such as the military conflicts in Ukraine and
the Middle East. We cannot at this time fully predict the likelihood of one or more of the above events, their duration or magnitude
or the extent to which they may negatively impact our business and our ability to complete an initial Business Combination.
Management
is currently evaluating the impact of such risks and has concluded that while it is reasonably possible that they could have a
negative effect on the Company’s financial position, results of its operations, close of the IPO and/or search for a target
company, the specific impact is not readily determinable as of the date of the accompanying unaudited condensed financial
statements. The accompanying unaudited condensed financial statements do not include any adjustments that might result from the
outcome of this uncertainty.
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- DefinitionThe entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.
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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation
The
accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted
in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form
10-Q and Article 8 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements
prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial
reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position,
results of operations, or cash flows. In the opinion of Management, the accompanying unaudited condensed financial statements include
all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating
results and cash flows for the periods presented.
The
accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K
for the year ended December 31, 2023, as filed with the SEC on April 1, 2024 (the “2023 Annual Report”). The interim results
for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the year ending December
31, 2024 or for any future periods.
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 independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act of
2002, 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 accompanying unaudited condensed financial statements with another
public company, which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended
transition period, difficult or impossible because of the potential differences in accounting standards used.
Use
of Estimates
The
preparation of financial statements in conformity with GAAP requires the Company’s 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 accompanying unaudited condensed financial
statements, which Management considered in formulating its estimate, could change in the near term due to one or more future
confirming events. Accordingly, the actual results could differ significantly from those estimates.
Cash
and Cash Equivalents
The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
The Company had cash of $35,523 and $37 as of June 30, 2024 and December 31, 2023, respectively.
Investment
Held in Trust Account
As
of June 30, 2024 and December 31, 2023, the assets held in the Trust Account consisted of cash equivalents in the amount of $25,736,479
and $51,200,344,
respectively. The Company’s portfolio of investments is comprised of cash in an interest-bearing demand deposit account and
thus have a readily determinable fair value. The funds are presented on the accompanying condensed balance sheets at fair value at
the end of each reporting period. Gains and losses resulting from the change in fair value of these securities is included in
“income on investments held in the Trust Account” in the accompanying unaudited condensed statements of operations. The
estimated fair values of investments held in the Trust Account are determined using available market information.
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentrations 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 June 30, 2024, the Company has not experienced
losses on this account, and Management believes the Company is not exposed to significant risks on such account.
Offering
Costs Associated with the Initial Public Offering
The
Company complies with the requirements of the Accounting Standards Codification (“ASC”) 340-10-S99-1 and SEC Staff
Accounting Bulletin (“SAB”) Topic 5A — “Expenses of Offering”. Offering costs consist principally of
professional and registration fees incurred through the accompanying condensed balance sheets date that are related to the IPO.
Offering costs were charged to Shareholder’s Equity upon completion of the IPO and subsequent exercise of the over-allotment.
Accordingly, following the IPO on November 8, 2021 and subsequent exercise of the over-allotment on November 12, 2021, offering
costs totaling $4,171,912
(consisting of $3,450,000
of underwriting fee, and $721,912
of other offering costs) have been charged to Shareholders’ Equity.
Fair
Value Measurements
The
fair value of the Company’s assets and liabilities which qualify as financial instruments under Financial Accounting Standards Board’s (“FASB”) ASC Topic 820, “Fair
Value Measurements and Disclosures” (“ASC 820”), approximates the carrying amounts represented in the accompanying
condensed balance sheets, primarily due to their short-term nature.
The
fair value of the Company’s financial assets and liabilities reflects Management’s estimate of amounts that the Company would
have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction
between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company
seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable
inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is
used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and
liabilities:
Level
1 — |
Valuations
based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.
Valuation adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and
regularly available in an active market, valuation of these securities does not entail a significant degree of judgment. |
|
|
Level
2 — |
Valuations
based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active
for identical or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived
principally from or corroborated by market through correlation or other means. |
|
|
Level
3 — |
Valuations
based on inputs that are unobservable and significant to the overall fair value measurement. |
Class
A Ordinary Shares Subject to Possible Redemption
The
Company accounts for its Class A Ordinary Shares subject to possible redemption in accordance with the guidance in FASB ASC Topic 480
“Distinguishing Liabilities from Equity” (“ASC 480”). Ordinary shares subject to mandatory redemption are classified
as a liability instrument and are measured at fair value. Conditionally redeemable Class A Ordinary Shares and Class B Ordinary Shares
(collectively, “Ordinary Shares”) (including 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) is classified
as temporary equity. At all other times, Ordinary Shares are classified as shareholder’s equity. The Company’s Class A Ordinary
Shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence
of uncertain future events. Accordingly, Class A Ordinary Shares subject to possible redemption are presented at redemption value as
temporary equity, outside of the shareholder’s equity section of the accompanying balance sheets.
Immediately
upon the closing of the IPO, the Company recognized the accretion from initial book value to redemption amount. Increases or decreases
in the carrying amount of redeemable Ordinary Shares are affected by charges against additional paid-in capital and accumulated deficit.
As
a result of the shareholder vote held on May 8, 2023, 12,626,668 shareholders exercised their right to redemption, which left a remainder
of 4,623,332 Class A Ordinary Shares subject to possible redemption. These shareholders were paid an aggregate of $132,616,922, or $10.50
per share, on May 18, 2023.
As
a result of the shareholder vote held on May 2, 2024, 2,374,826 shareholders exercised their right to redemption, which left a remainder
of 2,248,506 Class A Ordinary Shares subject to possible redemption. These shareholders were paid an aggregate of $26,907,976, or $11.33
per share, upon redemption.
As
of June 30, 2024 and December 31, 2023, the Class A Ordinary Shares subject to possible redemption reflected in the accompanying
condensed balance sheets is reconciled in the following table:
SCHEDULE
OF POSSIBLE REDEMPTION
| |
June 30, 2024 | | |
December 31, 2023 | |
As of beginning of the period | |
$ | 51,200,344 | | |
$ | 178,531,059 | |
Plus: | |
| | | |
| | |
Remeasurement of carrying value to redemption value | |
| 969,111 | | |
| 4,486,207 | |
Extension Contributions | |
| 475,000 | | |
| 800,000 | |
Less: | |
| | | |
| | |
Redemptions of Class A Ordinary Shares subject to possible redemption | |
| (26,907,976 | ) | |
| (132,616,922 | ) |
| |
$ | 25,736,479 | | |
$ | 51,200,344 | |
Warrants
The
Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s
specific terms and applicable authoritative guidance in ASC 480 and ASC 815. The assessment considers whether the warrants are freestanding
financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480 and whether the warrants meet all of
the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own Ordinary
Shares and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s
control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted
at the time warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.
For
issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component
of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all of the criteria for equity
classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet
date thereafter. The Company accounts for its outstanding warrants as equity-classified instruments.
Income
Taxes
The
Company follows the asset and liability method of accounting for income taxes under FASB ASC Topic 740, “Income Taxes”
(“ASC 740”). Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable
to differences between the accompanying unaudited condensed financial statements carrying amounts of existing assets and liabilities
and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to
taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax
assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation
allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
ASC
740 prescribes a recognition threshold and a measurement attribute for the accompanying unaudited condensed 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 recognizes accrued
interest and penalties related to unrecognized tax benefits as income tax expense. There were no
unrecognized tax benefits and no
amounts accrued for interest and penalties as of June 30, 2024 and December 31, 2023. 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
subject to income tax examinations by major taxing authorities since inception.
There
is currently no taxation imposed on income by the government of the Cayman Islands. In accordance with Cayman income tax
regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the accompanying unaudited
condensed financial statements. The Company’s Management does not expect that the total amount of unrecognized tax benefits
will materially change over the next twelve months.
Net
Income (Loss) Per Ordinary Share
The
Company complies with accounting and disclosure requirements of the FASB ASC Topic 260, “Earnings Per Share” (“ASC
260”). Net income (loss) per share is computed by dividing net income (loss) by the weighted average number of Ordinary Shares
outstanding during the period. The Company has two classes of shares, redeemable Ordinary Shares and non-redeemable Ordinary Shares.
The Company’s redeemable Ordinary Shares are comprised of Class A shares sold in the IPO. The Company’s non-redeemable
shares are comprised of Class A shares held by EarlyBirdCapital and Class B shares purchased by the Sponsor which were converted
into Class A shares with their original legend in May 2023. Earnings and losses are shared pro rata between the two classes of
shares. The accompanying unaudited condensed statements of operations applies the two-class method in calculating net income (loss)
per share. Basic and diluted net income (loss) per share for redeemable Ordinary Shares and non-redeemable Ordinary Shares is
calculated by dividing net income (loss), allocated proportionally to each class of Ordinary Shares, attributable to the Company by
the weighted average number of shares of redeemable and non-redeemable Ordinary Shares outstanding.
The
calculation of diluted income (loss) per ordinary share does not consider the effect of the rights issued in connection with the IPO
since exercise of the rights is contingent upon the occurrence of future events and the inclusion of such rights would be anti-dilutive.
Accretion of the carrying value of Class A Ordinary Shares to redemption value is excluded from net income (loss) per redeemable share
because the redemption value approximates fair value. As a result, diluted income (loss) per share is the same as basic income per share
for the period presented.
Accordingly,
basic and diluted income (loss) per Ordinary Share for the three months ended June 30, 2024 and June 30, 2023 is calculated as follows:
SCHEDULE
OF BASIC AND DILUTED LOSS PER ORDINARY SHARE
| |
Redeemable Ordinary Shares | | |
Non-Redeemable Ordinary Shares | | |
Redeemable Ordinary Shares | | |
Non-Redeemable Ordinary Shares | |
| |
For the three months ended June 30, 2024 | | |
For the three months ended June 30, 2023 | |
| |
Redeemable Ordinary Shares | | |
Non-Redeemable Ordinary Shares | | |
Redeemable Ordinary Shares | | |
Non-Redeemable Ordinary Shares | |
Basic and diluted net (loss) income per share | |
| | | |
| | | |
| | | |
| | |
Numerator: | |
| | | |
| | | |
| | | |
| | |
Allocation of net (loss) income | |
$ | (20,174 | ) | |
$ | (29,445 | ) | |
$ | 699,247 | | |
$ | 99,078 | |
| |
| | | |
| | | |
| | | |
| | |
Denominator: | |
| | | |
| | | |
| | | |
| | |
Weighted-average shares outstanding | |
| 3,057,513 | | |
| 4,462,500 | | |
| 12,374,953 | | |
| 1,753,435 | |
Basic and diluted net (loss) income per share | |
$ | (0.01 | ) | |
$ | (0.01 | ) | |
$ | 0.06 | | |
$ | 0.06 | |
Basic
and diluted income per Ordinary Share for the six months ended June 30, 2024 and the period from June 30, 2023 is calculated as follows:
| |
Redeemable Ordinary Shares | | |
Non-Redeemable Ordinary Shares | | |
Redeemable Ordinary Shares | | |
Non-Redeemable Ordinary Shares | |
| |
For the six months ended June 30, 2024 | | |
For the six months ended June 30, 2023 | |
| |
Redeemable Ordinary Shares | | |
Non-Redeemable Ordinary Shares | | |
Redeemable Ordinary Shares | | |
Non-Redeemable Ordinary Shares | |
Basic and diluted net income per share | |
| | | |
| | | |
| | | |
| | |
Numerator: | |
| | | |
| | | |
| | | |
| | |
Allocation of net income | |
$ | 89,028 | | |
$ | 103,448 | | |
$ | 2,002,231 | | |
$ | 404,128 | |
| |
| | | |
| | | |
| | | |
| | |
Denominator: | |
| | | |
| | | |
| | | |
| | |
Weighted-average shares outstanding | |
| 3,840,422 | | |
| 4,462,500 | | |
| 14,873,595 | | |
| 3,002,072 | |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted net income per share | |
$ | 0.02 | | |
$ | 0.02 | | |
$ | 0.13 | | |
$ | 0.13 | |
Recent
Accounting Standards
In
August 2020, the FASB issued ASU No. 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity’s Own
Equity” (“ASU 2020-06”). The update simplifies the accounting for convertible instruments by removing certain
separation models in FASB ASU Subtopic 470-20, “Debt—Debt with Conversion and Other Options” (“ASU
470-20”) for convertible instruments and introducing other changes. As a result of ASU 2020-06, more convertible debt
instruments will be accounted for as a single liability measured at its amortized cost and more convertible preference shares will
be accounted for as a single-equity instrument measured at its historical cost, as long as no features require bifurcation and
recognition as derivatives. The amendments are effective for smaller reporting companies for fiscal years beginning after December
15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years
beginning after December 15, 2020, including interim periods within those fiscal years. The Company adopted ASU 2020-06 on January
1, 2024. There was no material impact on its financial position, results of operations or cash flows.
In
June 2022, the FASB issued ASU Topic 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities
Subject to Contractual Sale Restrictions” (“ASU 2022-03”). ASU 2022-03 amends ASC 820 to clarify that a
contractual sales restriction is not considered in measuring an equity security at fair value and to introduce new disclosure
requirements for equity securities subject to contractual sale restrictions that are measured at fair value. ASU 2022-03 applies to
both holders and issuers of equity and Equity-Linked Securities measured at fair value. The amendments in ASU 2022-03 are effective
for the Company in fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. Early adoption is
permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Company
adopted ASU 2022-03 on January 1, 2024. There was no material impact on its financial position, results of operations or cash
flows.
In
December 2023, the FASB issued ASU Topic 2023-09, “Income Taxes (Topic 740) — Improvements to Income Tax Disclosures”
(“ASU 2023-09”) in order to enhance the transparency and usefulness of income tax disclosures. The guidance is
applicable to all entities subject to income tax, and it will require disclosure of certain categories within the rate
reconciliation to improve consistency as well as disclosure of reconciling items which meet a certain quantitative threshold which
will improve transparency. Additionally, entities must disclose the amount of taxes paid to federal, state and foreign
municipalities. For public business entities ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The
Company is currently evaluating the impact of its pending adoption of ASU 2023-09 on its financial position, results of operations
or financial statement disclosure.
Management
does not believe that any other recently issued, but not effective, accounting standards, if currently adopted, would have a material
effect on the accompanying unaudited condensed financial statements.
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v3.24.2.u1
INITIAL PUBLIC OFFERING
|
6 Months Ended |
Jun. 30, 2024 |
Initial Public Offering |
|
INITIAL PUBLIC OFFERING |
NOTE
3 – INITIAL PUBLIC OFFERING
On
November 8, 2021, the Company completed its IPO of 15,000,000 Units at a price of $10.00 per Unit. The Company granted the underwriter
a 45-day option from the date of the IPO to purchase up to 2,250,000 additional Units to cover over-allotments, if any, at the IPO price
less the underwriting discounts and commissions. On November 12, 2021, the Company closed on the underwriters’ full exercise of
their over-allotment option which resulted in the sale of an additional 2,250,000 Units. The IPO and subsequent over-allotment exercise
generated gross proceeds of $172,500,000.
Each
Unit consists of one share of Class A Ordinary Shares and three-quarters of one redeemable Public Warrant. Each whole Public Warrant
entitles the holder thereof to purchase one share of Class A Ordinary Shares at a price of $11.50 per share, subject to adjustment (see
Note 9).
Following
the closing of the IPO on November 8, 2021 and subsequent exercise of the over-allotment, an aggregate of $175,950,000 ($10.20 per Unit)
from the net proceeds of the sale of the Units and the sale of the Private Placement Warrants in the IPO and over-allotment exercise
was deposited into the Trust Account. As of June 30, 2024, the net proceeds deposited into the Trust Account are invested in an interest-bearing
demand deposit account.
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v3.24.2.u1
PRIVATE PLACEMENT WARRANTS
|
6 Months Ended |
Jun. 30, 2024 |
Private Placement Warrants |
|
PRIVATE PLACEMENT WARRANTS |
NOTE
4 – PRIVATE PLACEMENT WARRANTS
The
Sponsor and EarlyBirdCapital agreed to purchase an aggregate of 7,900,000 Private Placement Warrants (7,400,000 bought by the Sponsor,
and 500,000 bought by EarlyBirdCapital) at a price of $1.00 per Private Placement Warrant in a Private Placement that occurred simultaneously
with the closing of the IPO. Simultaneously with the closing of the sale of the Over-Allotment Units on November 12, 2021, the Company
completed an additional private sale of an aggregate of 900,000 warrants (the “Additional Private Placement Warrants”) to
the Sponsor, which purchased 843,038 such warrants, and the underwriter, which purchased 56,962 such warrants. As a result of the IPO
and subsequent over-allotment exercise, an aggregate of 8,800,000 Private Placement Warrants were sold (8,243,038 to the Sponsor and
556,962 to EarlyBirdCapital) for gross proceeds of $8,800,000.
Each
whole Private Placement Warrant is exercisable for one whole share of Class A Ordinary Shares at a price of $11.50 per share. A portion
of the proceeds from the sale of the Private Placement Warrants to the Sponsor have been added to the proceeds from the IPO to be 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 Warrants 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 Warrants will expire worthless.
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v3.24.2.u1
RELATED PARTY TRANSACTIONS
|
6 Months Ended |
Jun. 30, 2024 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE
5 – RELATED PARTY TRANSACTIONS
Founder
Shares
In
March 2021, the Sponsor paid $ (approximately $ per share) in consideration for shares of Class B Ordinary Shares
with par value of $. Up to 562,500 of these Founder Shares were subject to forfeiture by the Sponsor if the underwriter’s
over-allotment option was not exercised, so that the number of Founder Shares will collectively represent approximately 20% of the Company’s
issued and outstanding shares after the IPO. On November 12, 2021, the underwriter fully exercised the over-allotment option which resulted
in the 562,500 shares no longer being subject to forfeiture.
The
Sponsor and the Company’s directors and executive officers have agreed, subject to certain limited exceptions, not to transfer,
assign or sell any of the Founder Shares until the earlier of (A) one year 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 reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period
commencing at least 150 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, share
exchange, reorganization or other similar transaction that results in all of the Company’s shareholders having the right to exchange
their shares of Class A Ordinary Shares for cash, securities or other property.
On
May 8, 2023, the Company issued an aggregate of 4,237,499 (the “Sponsor Shares”) of the Company’s Class A Ordinary
Shares to the Sponsor upon the conversion of an equal number of shares of Class B Ordinary Shares (the “Sponsor Conversion”).
Combined with the Director Share conversion discussed below, the Sponsor Conversion left 1 Class B Ordinary Share outstanding. These
Sponsor Shares continue to hold the same legend as they did prior to their conversion. Accordingly, these shares are accounted for as
Class A Ordinary Shares at their par value.
EarlyBirdCapital
Founder Shares
In
March 2021, the Company issued to EarlyBirdCapital and its designees an aggregate of 150,000 Class A Ordinary Shares (“EBC Founder
Shares”) at a price of $0.0001 per share. The Company estimated the fair value of the EBC Founder Shares to be $870 based upon
the price of the Founder Shares issued to the Sponsor. The holders of the EBC Founder Shares have agreed not to transfer, assign or sell
any such shares until the completion of a Business Combination. In addition, the holders have agreed (i) to waive their conversion rights
(or right to participate in any tender offer) with respect to such shares in connection with the completion of a Business Combination
and (ii) to waive their rights to liquidating distributions from the Trust Account with respect to such shares if the Company fails to
complete a Business Combination within the Combination Period.
The
EBC Founder Shares have been deemed compensation by the Financial Industry Regulatory Authority (“FINRA”) and are therefore
subject to a lock-up for a period of 180 days immediately following the effective date of the registration statement related to the IPO
pursuant to FINRA Rule 5110(e)(1). Pursuant to FINRA Rule 5110(e)(1), these securities will not be the subject of any hedging, short
sale, derivative, put or call transaction that would result in the economic disposition of the securities by any person for a period
of 180 days immediately following the effective date of the registration statements related to the IPO, nor may they be sold, transferred,
assigned, pledged or hypothecated for a period of 180 days immediately following the effective date of the registration statements related
to the IPO except to any underwriter and selected dealer participating in the IPO and their officers or partners, associated persons
or affiliates.
Director
Shares
In
October 2021, the Sponsor transferred 75,000 Founder Shares to the independent directors of the Company (“Director Shares”)
at a price of $0.0001 per share. The Company estimated the fair value of the Director Shares to be $450,676 based upon the price of the
Founder Shares issued to the Sponsor.
On
May 8, 2023, the Company issued an aggregate of 75,000 Class A Ordinary Shares (together with the Sponsor Shares, the “Converted
Class A Ordinary Shares”) to the Directors and the holders of the Company’s 75,000 Class B Ordinary Shares upon the conversion
of an equal number of shares of Class B Ordinary Shares (together with the Sponsor Conversion, the “Conversion”). On the
same day, in connection with the closing of the Sunorange Investment, 61,875 of the Converted Class A Ordinary Shares held by the Directors
were transferred to designees of Sunorange.
The
conversion of these Director Shares from Class B to Class A was not the result of a Business Combination, and the Company has previously
recognized $450,676 in expenses related to these Director Shares. As such, these shares will continue to be held at their book value.
Related
Party Loans
In
March 2021, the Sponsor issued an unsecured Promissory Note to the Company, pursuant to which the Company was permitted to borrow an
aggregate principal amount of $250,000. The Promissory Note was non-interest bearing, and the Promissory Note was fully repaid as of
November 8, 2021, upon the closing of the IPO.
In
addition, in order to fund working capital deficiencies or finance transaction costs in connection with a Business Combination, the
Sponsor or an affiliate of the Sponsor may, but is not obligated to, provide the Company with a Working Capital Loans. Any such
loans would be on an interest-free basis. If the Company completes a Business Combination, the Company may repay the Working Capital
Loans out of the proceeds of the Trust Account released to the Company. 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. At the lender’s discretion, up to $1,500,000 of
such Working Capital Loans may be convertible into warrants of the post-Business Combination entity at a price of $1.00
per warrant. The warrants would be identical to the Private Placement Warrants. On May 8, 2023, in connection with the Sunorange
Investment, the outstanding balance under the existing Promissory Note was forgiven. This was deemed to be a benefit to the Company
under SAB Topic 5T. In order to recognize this benefit, the Company de-recognized the outstanding Promissory Note and reclassified
it to additional paid-in capital, as an in-substance capital contribution. As of June 30, 2024 and December 31, 2023, the Company
had no
outstanding borrowings under the Working Capital Loan, respectively.
On
June 2, 2023, the Company issued the June 2023 Promissory Note in the aggregate principal amount of up to $1,200,000 to the Sponsor,
which will be deposited into the Trust Account for the benefit of each Public Share that was not redeemed in connection with the Company’s
May 8, 2023 shareholder vote to approve the 2023 Extension. The Sponsor agreed to pay $100,000 per month until the completion of an initial
Business Combination, commencing on May 8, 2023 and continuing through May 8, 2024. The June 2023 Promissory Note bears no interest and
is due and payable upon the earlier to occur of (i) the date on which the Company consummates its Business Combination and (ii) the date
that the winding up of the Company is effective. At the election of the Sponsor, up to $1,200,000 of the unpaid principal amount of the
June 2023 Promissory Note may be converted into Conversion Warrants at a conversion price of $1.00 per warrant. The Conversion Warrants
shall be identical to the Placement Warrants issued by the Company at the IPO. The Company has determined that the fair value of the
June 2023 Promissory Note is its face value as the note was not issued with a substantial premium. The Sponsor funded the first three
months of the June 2023 Promissory Note in its first payment. As of June 30, 2024 and December 31, 2023, the balance outstanding on the June 2023 Promissory Note was $1,100,000
and $800,000, respectively.
On
May 15, 2024, the Company issued the May 2024 Promissory Note in the aggregate principal amount of up to $225,000
to the Sponsor, which will be deposited into
the Trust Account for the benefit of each Public Share that was not redeemed in connection with the May 8, 2024 shareholder vote to approve
the 2024 Extension. The Sponsor agreed to pay $37,500
per month until the completion of an initial
Business Combination, commencing on May 8, 2024 and continuing through November 8, 2024. As of June 30, 2024 and December 31, 2023, the
balance outstanding on the May 2024 Promissory Note was $and $,
respectively.
On
November 8, 2023, the Company issued the November 2023 Promissory Note the amount of $1,500,000 to Sunorange Investment. The November
2023 Promissory Note is non-interest bearing and is due at the earlier of consummation of the Business Combination or liquidation. Prior
to the November 2023 Promissory Note being in place, related parties were making advances to the Company and on behalf of the Company
for the purposes of paying its vendors. All advances made by the related parties between May 8, 2023 and the date of execution are retroactively
covered by the November 2023 Promissory Note. As of June 30, 2024 and December 31, 2023, $974,210 and $542,503, respectively, was outstanding
under the November 2023 Promissory Note.
Administrative
Services Agreement
Commencing
on the date that the Company’s securities are first listed on a U.S. national securities exchange, the Company has committed to
pay a total of $ per month to the Sponsor for office space, utilities and administrative support services. This administrative service
arrangement will terminate upon completion of the Business Combination or liquidation of the Company. As of June 30, 2024, the Company
has accrued $74,600 under the agreement in Due to related party and expensed $9,000 and $18,000 in Operating, general and administrative
expenses for the three and six month periods then ended.
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PROMISSORY NOTE
|
6 Months Ended |
Jun. 30, 2024 |
Promissory Note |
|
PROMISSORY NOTE |
NOTE
6 —PROMISSORY NOTE
On
January 26, 2024, the Company issued an unsecured promissory note in the aggregate principal amount of up to $1,500,000 to Scage for
the Company’s working capital needs. The January 2024 Promissory Note does not bear interest and matures upon the earlier of the
closing of an initial Business Combination by the Company and the Company’s liquidation. As of June 30, 2024, $200,000 was outstanding
under the January 2024 Promissory Note.
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v3.24.2.u1
COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE
8 – COMMITMENTS AND CONTINGENCIES
Registration
Rights
The
holders of the Founder Shares and Private Placement Warrants (and any shares of Class A Ordinary Shares issuable upon the exercise of
the Private Placement Warrants and warrants that may be 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 signed on the effective date of the
IPO, requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to shares
of Class A Ordinary Shares). The holders of these securities will be entitled to make up to three demands, excluding short form demands,
that the Company register such securities. In addition, the holders will have certain “piggy-back” registration rights with
respect to registration statements filed subsequent to the 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 permit any registration statement filed under the Securities Act to become effective until termination of the
applicable lock-up period. The Company will bear the expenses incurred in connection with the filing of any such registration statements.
Underwriting
Agreement
The
Company granted the underwriter a 45-day option from the date of the IPO to purchase up to 2,250,000 additional Units to cover over-allotments,
if any, at the IPO price less the underwriting discounts and commissions. The underwriter fully exercised this option which closed subsequent
to the IPO.
EarlyBirdCapital
earned an underwriting discount of $0.20 per Unit, or $3,450,000 in the aggregate, upon the closing of the IPO and subsequent exercise
of the full over-allotment option.
Business
Combination Marketing Agreement
The
Company has engaged EarlyBirdCapital as an advisor in connection with the Business Combination to assist in holding meetings with shareholders
to discuss the potential Business Combination and the target business’ attributes, introduce the Company to potential investors
that are interested in purchasing securities in connection with the Business Combination, assist in obtaining shareholder approval for
the Business Combination and assist with press releases and public filings in connection with the Business Combination. The Company will
pay EarlyBirdCapital a cash fee for such services solely in the event of consummation of the Business Combination in an amount equal
to 1.75%, or $3,018,750) of the gross proceeds of the IPO (exclusive of any applicable finders’ fees which might become payable).
This fee will become payable to EarlyBirdCapital upon consummation of the Business Combination. No liability will be recorded for such
fee until it becomes probable that the fee will be paid.
Consulting
Agreement
The
Company has engaged a third-party consultant to provide the Company with assistance in various aspects of any potential Business
Combination. Pursuant to the terms of the agreement, the Company has agreed to pay a contingent fee of at least $3,500,000
if the Company consummates a Business Combination. No expense has been recorded in the accompanying unaudited condensed financial
statements related to this agreement, nor is any due.
On
August 29, 2023, the Company engaged a third-party consultant to provide the Company with an introduction to potential targets for its
Business Combination. Pursuant to the terms of the agreement, the Company has agreed to pay a contingent fee of 0.5% of the implied enterprise
value of the target if the Company consummates a Business Combination. As the Business Combination is not considered probable, no expense
has been recorded in the accompanying unaudited condensed financial statements related to this agreement.
Legal
Agreement
The
Company has engaged a third-party legal firm to provide the Company with assistance in various aspects of any potential Business Combination.
Pursuant to the terms of the agreement, the Company has agreed to contingent payments upon the achievement of certain milestones. As
of June 30, 2024, the Company has incurred and paid roughly $20,000 related to this agreement. An additional $90,000 could be earned
by the legal firm as outlined in the contractual milestones. The remaining milestones are not yet considered probable and as such have
not been accrued for.
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SHAREHOLDERS’ DEFICIT
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
SHAREHOLDERS’ DEFICIT |
NOTE
9 – SHAREHOLDERS’ DEFICIT
Preference
Shares
The Company is authorized to issue 5,000,000 preference shares, with a par value of $0.0001 per share, with such designations,
voting and other rights and preferences as may be determined from time to time by the Company’s Board of Directors. As of June
30, 2024 and December 31, 2023, there were no preference shares issued or outstanding.
Class
A Ordinary Shares
The Company is authorized to issue 500,000,000 shares of Class A Ordinary Shares with a par value of $0.0001
per share. Holders of Class A Ordinary Shares are entitled to one vote for each share. As of June 30, 2024 and December 31, 2023, there
were 4,462,499 shares of Class A Ordinary Shares issued and outstanding (excluding 2,248,506 and 4,623,332 shares subject to possible
redemption), respectively.
Class
B Ordinary Shares
The Company is authorized to issue 50,000,000 shares of Class B Ordinary Shares with a par value of $0.0001
per share. As of June 30, 2024 and December 31, 2023, there was 1 Class B Ordinary Shares issued and outstanding.
Holders
of Class A Ordinary Shares and Class B Ordinary Shares will vote together as a single class on all matters submitted to a vote of shareholders
except as required by law. Under the terms of the Sunorange Investment, the Class B Ordinary Shares were converted to Class A Ordinary
Shares although the Sponsor will retain at least one Class B Ordinary Share.
Any
Founder Shares outstanding at the time of the Business Combination will automatically convert into shares of Class A Ordinary Shares
on a one-for-one basis, subject to adjustment. In the case that additional shares of Class A Ordinary Shares, or Equity-Linked Securities,
are issued or deemed issued in excess of the amounts offered in the IPO and related to the closing of a Business Combination, the ratio
at which shares of Class B Ordinary Shares shall convert into shares of Class A Ordinary Shares will be adjusted (unless the holders
of a majority of the outstanding shares of Class B Ordinary Shares agree to waive such adjustment with respect to any such issuance or
deemed issuance) so that the number of shares of Class A Ordinary Shares issuable upon conversion of all shares of Class B Ordinary Shares
will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all shares of Ordinary Shares outstanding
upon the completion of the IPO plus all shares of Class A Ordinary Shares and Equity-Linked Securities issued or deemed issued in connection
with a Business Combination (excluding any shares or Equity-Linked Securities issued, or to be issued, to any seller 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) 12 months from the closing
of the IPO and (b) 30 days after the completion of a Business Combination.
The
Company will not be obligated to deliver any shares of 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 with respect to the shares of Class
A Ordinary Shares underlying the warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying
its obligations with respect to registration, or a valid exemption from registration is available. No warrant will be exercisable, and
the Company will not be obligated to issue any shares of Class A Ordinary Shares upon exercise of a warrant unless the share of Class
A Ordinary Shares issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws
of the state of residence of the registered holder of the warrants.
The
Company has agreed that as soon as practicable, but in no event later than 20 business days after the closing of a Business Combination,
it will use its commercially reasonable efforts to file with the SEC a registration statement for the registration, under the Securities
Act, of the shares of Class A Ordinary Shares issuable upon exercise of the warrants, and the Company will use its commercially reasonable
efforts to cause the same to become effective within 60 business days after the closing of a Business Combination, and to maintain the
effectiveness of such registration statement and a current prospectus relating to those shares of Class A Ordinary Shares until the warrants
expire or are redeemed, as specified in the warrant agreement; provided that 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 they satisfy 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 it will use its commercially reasonably
efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. If a registration
statement covering the shares of Class A Ordinary Shares issuable upon exercise of the warrants is not effective by the 60th day after
the closing of a Business Combination, warrant holders may, until such time as there is an effective registration statement and during
any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless
basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption, but the Company will use its commercially
reasonably efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.
Redemption
of Warrants
Once the warrants become exercisable, the Company may redeem the Public Warrants:
|
● |
in
whole and not in part; |
|
|
|
|
● |
at
a price of $0.01 per warrant; |
|
|
|
|
● |
upon
not less than 30 days’ prior written notice of redemption to each warrant holder; and |
|
|
|
|
● |
if,
and only if, the closing price of the Class A Ordinary Shares equals or exceeds $18.00 per share for any 20 trading days within a
30-trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders. |
If
and when the Public Warrants become redeemable by the Company, it may exercise its redemption right even if the Company is unable to
register or qualify the underlying securities for sale under all applicable state securities laws.
In
addition, if (x) the Company issues additional Class A Ordinary Shares or Equity-Linked Securities for capital raising purposes in connection
with the closing of the Business Combination at a Newly Issued Price of less than $9.20 per Class A ordinary share, (y) the aggregate
gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding
of our Business Combination on the date of the consummation of the Business Combination (net of redemptions), and (z) the Market Value
is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater
of (i) the Market Value or (ii) the Newly Issued Price, and the $18.00 per share redemption trigger price will be adjusted (to the nearest
cent) to be equal to 180% of the greater of (i) the Market Value or (ii) the Newly Issued Price.
The
Private Placement Warrants are identical to the Public Warrants underlying the Units being sold in the IPO.
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v3.24.2.u1
SUBSEQUENT EVENTS
|
6 Months Ended |
Jun. 30, 2024 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
10 — SUBSEQUENT EVENTS
The
Company evaluated subsequent events and transactions that occurred after the accompanying condensed balance sheets date up to the
date that the accompanying unaudited condensed financial statements were issued. Based upon this review the Company did not identify
any subsequent events, other than those described below, that would have required adjustment or disclosure in the accompanying
unaudited condensed financial statements.
As
previously disclosed in a Current Report on Form 8-K filed by the Company with the SEC on May 10, 2024, the Company originally received
a determination from the Nasdaq Listing Qualifications Department (the “Staff”) on October 9, 2023, indicating that the Company
did not comply with the requirement to maintain a minimum 400 public holders as required by Nasdaq Listing Rule 5450(a) (the “Minimum
Public Holders Requirement”). On May 6, 2024, the Company received a delisting determination from the Staff with respect to the
Minimum Public Holders Requirement. On May 13, 2024, the Company requested a hearing to appeal the determination, and the hearing was
held on June 25, 2024.
On
July 3, 2024, the Company received written notice from Nasdaq indicating that the Nasdaq Hearings Panel (the “Panel”) had
granted the Company’s request for continued listing on Nasdaq, subject to the Company completing a Business Combination with an
operating entity and evidencing compliance with the criteria for initial listing on Nasdaq, including the applicable holders requirement,
by November 4, 2024.
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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
The
accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted
in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form
10-Q and Article 8 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements
prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial
reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position,
results of operations, or cash flows. In the opinion of Management, the accompanying unaudited condensed financial statements include
all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating
results and cash flows for the periods presented.
The
accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K
for the year ended December 31, 2023, as filed with the SEC on April 1, 2024 (the “2023 Annual Report”). The interim results
for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the year ending December
31, 2024 or for any future periods.
|
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 independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act of
2002, 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 accompanying unaudited condensed financial statements with another
public company, which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended
transition period, difficult or impossible because of the potential differences in accounting standards used.
|
Use of Estimates |
Use
of Estimates
The
preparation of financial statements in conformity with GAAP requires the Company’s 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 accompanying unaudited condensed financial
statements, which Management considered in formulating its estimate, could change in the near term due to one or more future
confirming events. Accordingly, the actual results could differ significantly from those estimates.
|
Cash and Cash Equivalents |
Cash
and Cash Equivalents
The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
The Company had cash of $35,523 and $37 as of June 30, 2024 and December 31, 2023, respectively.
|
Investment Held in Trust Account |
Investment
Held in Trust Account
As
of June 30, 2024 and December 31, 2023, the assets held in the Trust Account consisted of cash equivalents in the amount of $25,736,479
and $51,200,344,
respectively. The Company’s portfolio of investments is comprised of cash in an interest-bearing demand deposit account and
thus have a readily determinable fair value. The funds are presented on the accompanying condensed balance sheets at fair value at
the end of each reporting period. Gains and losses resulting from the change in fair value of these securities is included in
“income on investments held in the Trust Account” in the accompanying unaudited condensed statements of operations. The
estimated fair values of investments held in the Trust Account are determined using available market information.
|
Concentration of Credit Risk |
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentrations 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 June 30, 2024, the Company has not experienced
losses on this account, and Management believes the Company is not exposed to significant risks on such account.
|
Offering Costs Associated with the Initial Public Offering |
Offering
Costs Associated with the Initial Public Offering
The
Company complies with the requirements of the Accounting Standards Codification (“ASC”) 340-10-S99-1 and SEC Staff
Accounting Bulletin (“SAB”) Topic 5A — “Expenses of Offering”. Offering costs consist principally of
professional and registration fees incurred through the accompanying condensed balance sheets date that are related to the IPO.
Offering costs were charged to Shareholder’s Equity upon completion of the IPO and subsequent exercise of the over-allotment.
Accordingly, following the IPO on November 8, 2021 and subsequent exercise of the over-allotment on November 12, 2021, offering
costs totaling $4,171,912
(consisting of $3,450,000
of underwriting fee, and $721,912
of other offering costs) have been charged to Shareholders’ Equity.
|
Fair Value Measurements |
Fair
Value Measurements
The
fair value of the Company’s assets and liabilities which qualify as financial instruments under Financial Accounting Standards Board’s (“FASB”) ASC Topic 820, “Fair
Value Measurements and Disclosures” (“ASC 820”), approximates the carrying amounts represented in the accompanying
condensed balance sheets, primarily due to their short-term nature.
The
fair value of the Company’s financial assets and liabilities reflects Management’s estimate of amounts that the Company would
have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction
between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company
seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable
inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is
used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and
liabilities:
Level
1 — |
Valuations
based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.
Valuation adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and
regularly available in an active market, valuation of these securities does not entail a significant degree of judgment. |
|
|
Level
2 — |
Valuations
based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active
for identical or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived
principally from or corroborated by market through correlation or other means. |
|
|
Level
3 — |
Valuations
based on inputs that are unobservable and significant to the overall fair value measurement. |
|
Class A Ordinary Shares Subject to Possible Redemption |
Class
A Ordinary Shares Subject to Possible Redemption
The
Company accounts for its Class A Ordinary Shares subject to possible redemption in accordance with the guidance in FASB ASC Topic 480
“Distinguishing Liabilities from Equity” (“ASC 480”). Ordinary shares subject to mandatory redemption are classified
as a liability instrument and are measured at fair value. Conditionally redeemable Class A Ordinary Shares and Class B Ordinary Shares
(collectively, “Ordinary Shares”) (including 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) is classified
as temporary equity. At all other times, Ordinary Shares are classified as shareholder’s equity. The Company’s Class A Ordinary
Shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence
of uncertain future events. Accordingly, Class A Ordinary Shares subject to possible redemption are presented at redemption value as
temporary equity, outside of the shareholder’s equity section of the accompanying balance sheets.
Immediately
upon the closing of the IPO, the Company recognized the accretion from initial book value to redemption amount. Increases or decreases
in the carrying amount of redeemable Ordinary Shares are affected by charges against additional paid-in capital and accumulated deficit.
As
a result of the shareholder vote held on May 8, 2023, 12,626,668 shareholders exercised their right to redemption, which left a remainder
of 4,623,332 Class A Ordinary Shares subject to possible redemption. These shareholders were paid an aggregate of $132,616,922, or $10.50
per share, on May 18, 2023.
As
a result of the shareholder vote held on May 2, 2024, 2,374,826 shareholders exercised their right to redemption, which left a remainder
of 2,248,506 Class A Ordinary Shares subject to possible redemption. These shareholders were paid an aggregate of $26,907,976, or $11.33
per share, upon redemption.
As
of June 30, 2024 and December 31, 2023, the Class A Ordinary Shares subject to possible redemption reflected in the accompanying
condensed balance sheets is reconciled in the following table:
SCHEDULE
OF POSSIBLE REDEMPTION
| |
June 30, 2024 | | |
December 31, 2023 | |
As of beginning of the period | |
$ | 51,200,344 | | |
$ | 178,531,059 | |
Plus: | |
| | | |
| | |
Remeasurement of carrying value to redemption value | |
| 969,111 | | |
| 4,486,207 | |
Extension Contributions | |
| 475,000 | | |
| 800,000 | |
Less: | |
| | | |
| | |
Redemptions of Class A Ordinary Shares subject to possible redemption | |
| (26,907,976 | ) | |
| (132,616,922 | ) |
| |
$ | 25,736,479 | | |
$ | 51,200,344 | |
|
Warrants |
Warrants
The
Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s
specific terms and applicable authoritative guidance in ASC 480 and ASC 815. The assessment considers whether the warrants are freestanding
financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480 and whether the warrants meet all of
the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own Ordinary
Shares and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s
control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted
at the time warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.
For
issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component
of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all of the criteria for equity
classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet
date thereafter. The Company accounts for its outstanding warrants as equity-classified instruments.
|
Income Taxes |
Income
Taxes
The
Company follows the asset and liability method of accounting for income taxes under FASB ASC Topic 740, “Income Taxes”
(“ASC 740”). Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable
to differences between the accompanying unaudited condensed financial statements carrying amounts of existing assets and liabilities
and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to
taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax
assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation
allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
ASC
740 prescribes a recognition threshold and a measurement attribute for the accompanying unaudited condensed 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 recognizes accrued
interest and penalties related to unrecognized tax benefits as income tax expense. There were no
unrecognized tax benefits and no
amounts accrued for interest and penalties as of June 30, 2024 and December 31, 2023. 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
subject to income tax examinations by major taxing authorities since inception.
There
is currently no taxation imposed on income by the government of the Cayman Islands. In accordance with Cayman income tax
regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the accompanying unaudited
condensed financial statements. The Company’s Management does not expect that the total amount of unrecognized tax benefits
will materially change over the next twelve months.
|
Net Income (Loss) Per Ordinary Share |
Net
Income (Loss) Per Ordinary Share
The
Company complies with accounting and disclosure requirements of the FASB ASC Topic 260, “Earnings Per Share” (“ASC
260”). Net income (loss) per share is computed by dividing net income (loss) by the weighted average number of Ordinary Shares
outstanding during the period. The Company has two classes of shares, redeemable Ordinary Shares and non-redeemable Ordinary Shares.
The Company’s redeemable Ordinary Shares are comprised of Class A shares sold in the IPO. The Company’s non-redeemable
shares are comprised of Class A shares held by EarlyBirdCapital and Class B shares purchased by the Sponsor which were converted
into Class A shares with their original legend in May 2023. Earnings and losses are shared pro rata between the two classes of
shares. The accompanying unaudited condensed statements of operations applies the two-class method in calculating net income (loss)
per share. Basic and diluted net income (loss) per share for redeemable Ordinary Shares and non-redeemable Ordinary Shares is
calculated by dividing net income (loss), allocated proportionally to each class of Ordinary Shares, attributable to the Company by
the weighted average number of shares of redeemable and non-redeemable Ordinary Shares outstanding.
The
calculation of diluted income (loss) per ordinary share does not consider the effect of the rights issued in connection with the IPO
since exercise of the rights is contingent upon the occurrence of future events and the inclusion of such rights would be anti-dilutive.
Accretion of the carrying value of Class A Ordinary Shares to redemption value is excluded from net income (loss) per redeemable share
because the redemption value approximates fair value. As a result, diluted income (loss) per share is the same as basic income per share
for the period presented.
Accordingly,
basic and diluted income (loss) per Ordinary Share for the three months ended June 30, 2024 and June 30, 2023 is calculated as follows:
SCHEDULE
OF BASIC AND DILUTED LOSS PER ORDINARY SHARE
| |
Redeemable Ordinary Shares | | |
Non-Redeemable Ordinary Shares | | |
Redeemable Ordinary Shares | | |
Non-Redeemable Ordinary Shares | |
| |
For the three months ended June 30, 2024 | | |
For the three months ended June 30, 2023 | |
| |
Redeemable Ordinary Shares | | |
Non-Redeemable Ordinary Shares | | |
Redeemable Ordinary Shares | | |
Non-Redeemable Ordinary Shares | |
Basic and diluted net (loss) income per share | |
| | | |
| | | |
| | | |
| | |
Numerator: | |
| | | |
| | | |
| | | |
| | |
Allocation of net (loss) income | |
$ | (20,174 | ) | |
$ | (29,445 | ) | |
$ | 699,247 | | |
$ | 99,078 | |
| |
| | | |
| | | |
| | | |
| | |
Denominator: | |
| | | |
| | | |
| | | |
| | |
Weighted-average shares outstanding | |
| 3,057,513 | | |
| 4,462,500 | | |
| 12,374,953 | | |
| 1,753,435 | |
Basic and diluted net (loss) income per share | |
$ | (0.01 | ) | |
$ | (0.01 | ) | |
$ | 0.06 | | |
$ | 0.06 | |
Basic
and diluted income per Ordinary Share for the six months ended June 30, 2024 and the period from June 30, 2023 is calculated as follows:
| |
Redeemable Ordinary Shares | | |
Non-Redeemable Ordinary Shares | | |
Redeemable Ordinary Shares | | |
Non-Redeemable Ordinary Shares | |
| |
For the six months ended June 30, 2024 | | |
For the six months ended June 30, 2023 | |
| |
Redeemable Ordinary Shares | | |
Non-Redeemable Ordinary Shares | | |
Redeemable Ordinary Shares | | |
Non-Redeemable Ordinary Shares | |
Basic and diluted net income per share | |
| | | |
| | | |
| | | |
| | |
Numerator: | |
| | | |
| | | |
| | | |
| | |
Allocation of net income | |
$ | 89,028 | | |
$ | 103,448 | | |
$ | 2,002,231 | | |
$ | 404,128 | |
| |
| | | |
| | | |
| | | |
| | |
Denominator: | |
| | | |
| | | |
| | | |
| | |
Weighted-average shares outstanding | |
| 3,840,422 | | |
| 4,462,500 | | |
| 14,873,595 | | |
| 3,002,072 | |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted net income per share | |
$ | 0.02 | | |
$ | 0.02 | | |
$ | 0.13 | | |
$ | 0.13 | |
|
Recent Accounting Standards |
Recent
Accounting Standards
In
August 2020, the FASB issued ASU No. 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity’s Own
Equity” (“ASU 2020-06”). The update simplifies the accounting for convertible instruments by removing certain
separation models in FASB ASU Subtopic 470-20, “Debt—Debt with Conversion and Other Options” (“ASU
470-20”) for convertible instruments and introducing other changes. As a result of ASU 2020-06, more convertible debt
instruments will be accounted for as a single liability measured at its amortized cost and more convertible preference shares will
be accounted for as a single-equity instrument measured at its historical cost, as long as no features require bifurcation and
recognition as derivatives. The amendments are effective for smaller reporting companies for fiscal years beginning after December
15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years
beginning after December 15, 2020, including interim periods within those fiscal years. The Company adopted ASU 2020-06 on January
1, 2024. There was no material impact on its financial position, results of operations or cash flows.
In
June 2022, the FASB issued ASU Topic 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities
Subject to Contractual Sale Restrictions” (“ASU 2022-03”). ASU 2022-03 amends ASC 820 to clarify that a
contractual sales restriction is not considered in measuring an equity security at fair value and to introduce new disclosure
requirements for equity securities subject to contractual sale restrictions that are measured at fair value. ASU 2022-03 applies to
both holders and issuers of equity and Equity-Linked Securities measured at fair value. The amendments in ASU 2022-03 are effective
for the Company in fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. Early adoption is
permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Company
adopted ASU 2022-03 on January 1, 2024. There was no material impact on its financial position, results of operations or cash
flows.
In
December 2023, the FASB issued ASU Topic 2023-09, “Income Taxes (Topic 740) — Improvements to Income Tax Disclosures”
(“ASU 2023-09”) in order to enhance the transparency and usefulness of income tax disclosures. The guidance is
applicable to all entities subject to income tax, and it will require disclosure of certain categories within the rate
reconciliation to improve consistency as well as disclosure of reconciling items which meet a certain quantitative threshold which
will improve transparency. Additionally, entities must disclose the amount of taxes paid to federal, state and foreign
municipalities. For public business entities ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The
Company is currently evaluating the impact of its pending adoption of ASU 2023-09 on its financial position, results of operations
or financial statement disclosure.
Management
does not believe that any other recently issued, but not effective, accounting standards, if currently adopted, would have a material
effect on the accompanying unaudited condensed financial statements.
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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
SCHEDULE OF POSSIBLE REDEMPTION |
As
of June 30, 2024 and December 31, 2023, the Class A Ordinary Shares subject to possible redemption reflected in the accompanying
condensed balance sheets is reconciled in the following table:
SCHEDULE
OF POSSIBLE REDEMPTION
| |
June 30, 2024 | | |
December 31, 2023 | |
As of beginning of the period | |
$ | 51,200,344 | | |
$ | 178,531,059 | |
Plus: | |
| | | |
| | |
Remeasurement of carrying value to redemption value | |
| 969,111 | | |
| 4,486,207 | |
Extension Contributions | |
| 475,000 | | |
| 800,000 | |
Less: | |
| | | |
| | |
Redemptions of Class A Ordinary Shares subject to possible redemption | |
| (26,907,976 | ) | |
| (132,616,922 | ) |
| |
$ | 25,736,479 | | |
$ | 51,200,344 | |
|
SCHEDULE OF BASIC AND DILUTED LOSS PER ORDINARY SHARE |
Accordingly,
basic and diluted income (loss) per Ordinary Share for the three months ended June 30, 2024 and June 30, 2023 is calculated as follows:
SCHEDULE
OF BASIC AND DILUTED LOSS PER ORDINARY SHARE
| |
Redeemable Ordinary Shares | | |
Non-Redeemable Ordinary Shares | | |
Redeemable Ordinary Shares | | |
Non-Redeemable Ordinary Shares | |
| |
For the three months ended June 30, 2024 | | |
For the three months ended June 30, 2023 | |
| |
Redeemable Ordinary Shares | | |
Non-Redeemable Ordinary Shares | | |
Redeemable Ordinary Shares | | |
Non-Redeemable Ordinary Shares | |
Basic and diluted net (loss) income per share | |
| | | |
| | | |
| | | |
| | |
Numerator: | |
| | | |
| | | |
| | | |
| | |
Allocation of net (loss) income | |
$ | (20,174 | ) | |
$ | (29,445 | ) | |
$ | 699,247 | | |
$ | 99,078 | |
| |
| | | |
| | | |
| | | |
| | |
Denominator: | |
| | | |
| | | |
| | | |
| | |
Weighted-average shares outstanding | |
| 3,057,513 | | |
| 4,462,500 | | |
| 12,374,953 | | |
| 1,753,435 | |
Basic and diluted net (loss) income per share | |
$ | (0.01 | ) | |
$ | (0.01 | ) | |
$ | 0.06 | | |
$ | 0.06 | |
Basic
and diluted income per Ordinary Share for the six months ended June 30, 2024 and the period from June 30, 2023 is calculated as follows:
| |
Redeemable Ordinary Shares | | |
Non-Redeemable Ordinary Shares | | |
Redeemable Ordinary Shares | | |
Non-Redeemable Ordinary Shares | |
| |
For the six months ended June 30, 2024 | | |
For the six months ended June 30, 2023 | |
| |
Redeemable Ordinary Shares | | |
Non-Redeemable Ordinary Shares | | |
Redeemable Ordinary Shares | | |
Non-Redeemable Ordinary Shares | |
Basic and diluted net income per share | |
| | | |
| | | |
| | | |
| | |
Numerator: | |
| | | |
| | | |
| | | |
| | |
Allocation of net income | |
$ | 89,028 | | |
$ | 103,448 | | |
$ | 2,002,231 | | |
$ | 404,128 | |
| |
| | | |
| | | |
| | | |
| | |
Denominator: | |
| | | |
| | | |
| | | |
| | |
Weighted-average shares outstanding | |
| 3,840,422 | | |
| 4,462,500 | | |
| 14,873,595 | | |
| 3,002,072 | |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted net income per share | |
$ | 0.02 | | |
$ | 0.02 | | |
$ | 0.13 | | |
$ | 0.13 | |
|
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|
v3.24.2.u1
ORGANIZATION AND BUSINESS BACKGROUND (Details Narrative) - USD ($)
|
|
|
|
|
|
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|
|
1 Months Ended |
6 Months Ended |
|
|
|
|
|
|
Jun. 18, 2024 |
May 15, 2024 |
Aug. 21, 2023 |
Jun. 02, 2023 |
May 08, 2023 |
Apr. 27, 2023 |
Nov. 12, 2021 |
Nov. 08, 2021 |
Mar. 31, 2021 |
Jun. 30, 2024 |
May 02, 2024 |
Jan. 26, 2024 |
Dec. 31, 2023 |
Nov. 08, 2023 |
Aug. 29, 2023 |
May 18, 2023 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase price, per unit |
|
|
|
|
|
|
$ 10.20
|
|
|
|
|
|
|
|
|
|
Issuance or sale of equity |
|
|
|
|
|
|
$ 172,500,000
|
$ 172,500,000
|
|
|
|
|
|
|
|
|
Proceeds deposited into trust account |
|
|
|
|
|
|
$ 175,950,000
|
|
|
$ 25,736,479
|
|
|
$ 51,200,344
|
|
|
|
Fair value of a target business rate |
|
|
|
|
|
|
|
|
|
80.00%
|
|
|
|
|
|
|
Percentage of voting interests acquired |
|
|
|
|
|
|
|
|
|
50.00%
|
|
|
|
|
|
|
Share price |
|
|
|
|
|
|
|
|
|
$ 11.45
|
|
|
|
|
|
|
Net intangible assets |
|
|
|
|
|
|
|
|
|
$ 5,000,001
|
|
|
|
|
|
|
Redemption price percentage |
|
|
|
|
|
|
|
|
|
15.00%
|
|
|
|
|
|
|
Business combination interest to pay dissolution expenses |
|
|
|
|
|
|
|
|
|
$ 100,000
|
|
|
|
|
|
|
Share price per unit |
|
|
|
|
|
|
|
|
|
$ 10.20
|
|
|
|
|
|
|
Cash in bank |
|
|
|
|
|
|
|
|
|
$ 35,523
|
|
|
37
|
|
|
|
Working capital |
|
|
|
|
|
|
|
|
|
4,048,517
|
|
|
|
|
|
|
Working capital loan outstanding |
|
|
|
|
|
|
|
|
|
0
|
|
|
0
|
|
|
|
Monthly payments of sponsor |
|
|
|
$ 100,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Extension note payable - related party |
|
|
|
|
|
|
|
|
|
1,100,000
|
|
|
800,000
|
|
|
|
Scage International Limited [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business combination valuation |
|
|
$ 1,000,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business combination contingent fee percentage |
|
|
|
|
|
|
|
|
|
|
|
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|
|
0.50%
|
|
Trust Account [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
$ 1,275,000
|
|
|
|
|
|
|
Investment Agreemet [Member] | Investor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monthly payments of sponsor |
|
|
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|
$ 100,000
|
|
|
|
|
|
|
|
|
|
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|
Closing investment description |
|
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|
the Company’s shareholders approved certain proposals
discussed below, and after certain closing conditions were met, including but not limited to: (i) a minimum of $30 million remaining
in the Company’s Trust Account after accounting for all redemptions in connection with the Company’s extraordinary general
meeting of shareholders on May 8, 2023 (the “2023 EGM”); (ii) the Company obtaining or extending a D&O
insurance policy on terms satisfactory to the parties; (iii) the conversion of Class B Ordinary Shares into Class A Ordinary Shares as
needed to retain shareholders and meet continued listing requirements of The Nasdaq Stock Market LLC (“Nasdaq”) in the event
that the 2023 Extension is approved; (iv) the amendment of the Sponsor’s existing limited partnership agreement; (v) the transfer
of 61,875 Class B Ordinary Shares from certain Company directors to Sunorange or its designees and (vi) the cancellation of the outstanding
Working Capital Loan from the Sponsor and the reduction of certain advisory fees to be due upon the closing of an initial Business Combination.
|
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|
|
|
|
|
|
|
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|
Deposits |
|
|
|
|
$ 300,000
|
|
|
|
|
|
|
|
|
|
|
|
Key Seller Lock Up Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
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|
Bussiness combination control obtained description |
|
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|
(A) the 6-month anniversary of the Closing Date with
respect to 40% of the restricted securities and (B) the 36-month anniversary of the Closing Date with respect to the remaining 60% of
the restricted securities, (i) lend, offer, pledge, hypothecate, encumber, donate, assign, sell, offer to sell, contract or agree to
sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase,
or otherwise transfer or dispose of or agree to transfer or dispose of, directly or indirectly, or establish or increase of a put equivalent
position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act and the rules and regulations
of the SEC promulgated thereunder, or otherwise transfer or dispose of, directly or indirectly, any restricted securities, (ii) enter
into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the
Lock-up Securities (as that term is defined in the Business Combination Agreement), whether any such transaction is to be settled by
delivery of such restricted securities, in cash or otherwise, or (iii) publicly disclose the intention to do any of the foregoing, whether
any such transaction described in clauses (i), (ii) or (iii) above is to be settled by delivery of restricted securities or other securities,
in cash or otherwise (any of the foregoing described in clauses (i), (ii) or (iii), a “Prohibited Transfer”) (subject to
early release if Pubco consummates a Change of Control (as that term is defined in the Business Combination Agreement))
|
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|
Business Combination Agreement [Member] | Scage International Limited [Member] |
|
|
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|
|
|
|
|
|
|
|
|
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|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business combination valuation |
$ 800,000,000
|
|
$ 1,000,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sponsor [Member] |
|
|
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|
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|
|
|
|
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|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
|
|
$ 75,000
|
|
|
0
|
|
|
|
March 2021 Promissory Note [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
|
|
250,000
|
|
|
|
|
|
|
Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
$ 1,200,000
|
|
|
|
|
$ 250,000
|
|
|
|
|
|
|
|
November 2023 Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,500,000
|
|
|
November 2023 Promissory Note [Member] | Sunorange [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,500,000
|
|
|
Working capital notes for advances by affiliates |
|
|
|
|
|
|
|
|
|
974,210
|
|
|
|
|
|
|
January 2024 Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
|
|
200,000
|
|
$ 1,500,000
|
|
|
|
|
May 2024 Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
|
|
$ 75,000
|
|
|
$ 0
|
|
|
|
Monthly payments of sponsor |
|
$ 37,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
May 2024 Promissory Note [Member] | Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
225,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monthly payments of sponsor |
|
$ 37,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Promissory note description |
|
The
Sponsor agreed to pay $37,500
per month until the completion of an initial Business Combination, commencing on May 8, 2024 and continuing through November 8,
2024. The May 2024 Promissory Note bears no interest and is due and payable upon the earlier to occur of (i) the date on which we
consummate our Business Combination and (ii) the date that our winding up is effective.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
May 2024 Promissory Note [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
$ 225,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Private Placement Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants issued |
|
|
|
|
|
|
8,800,000
|
7,900,000
|
|
|
|
|
|
|
|
|
Share price |
|
|
|
|
|
|
|
$ 1.00
|
|
|
|
|
|
|
|
|
Private Placement Warrants [Member] | Investment Agreemet [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants issued |
|
|
|
|
|
6,160,000
|
|
|
|
|
|
|
|
|
|
|
Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase price, per unit |
|
|
|
|
|
|
|
|
|
$ 1.00
|
|
|
|
|
|
|
Warrant [Member] | Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion price |
|
|
|
$ 1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Class A [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, par value |
|
|
|
|
|
|
|
|
|
$ 0.0001
|
|
|
$ 0.0001
|
|
|
|
Purchase price, per unit |
|
|
|
|
|
|
|
|
$ 12.00
|
|
|
|
|
|
|
|
Common stock shares issues |
|
|
|
|
4,237,499
|
|
|
|
|
|
|
|
|
|
|
|
Share price |
|
|
|
|
|
|
|
$ 11.50
|
|
|
$ 11.33
|
|
|
|
|
$ 10.50
|
Common stock shares outstanding |
|
|
|
|
|
|
|
|
|
4,462,499
|
|
|
4,462,499
|
|
|
|
Common Class B [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, par value |
|
|
|
|
|
|
|
|
|
$ 0.0001
|
|
|
$ 0.0001
|
|
|
|
Common stock shares outstanding |
|
|
|
|
|
|
|
|
4,312,500
|
1
|
|
|
1
|
|
|
|
Common Class B [Member] | Investment Agreemet [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock shares issues |
|
|
|
|
|
3,557,813
|
|
|
|
|
|
|
|
|
|
|
Common Class B [Member] | Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, par value |
|
|
|
|
|
|
|
|
$ 0.0001
|
|
|
|
|
|
|
|
Purchase price, per unit |
|
|
|
|
|
|
|
|
$ 0.006
|
|
|
|
|
|
|
|
Common stock shares issues |
|
|
|
|
|
|
|
|
4,312,500
|
|
|
|
|
|
|
|
IPO [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares sold |
|
|
|
|
|
|
2,250,000
|
15,000,000
|
|
|
|
|
|
|
|
|
Purchase price, per unit |
|
|
|
|
|
|
|
$ 10.00
|
|
|
|
|
|
|
|
|
Share price per unit |
|
|
|
|
|
|
|
|
|
$ 10.00
|
|
|
|
|
|
|
IPO [Member] | Private Placement Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase price, per unit |
|
|
|
|
|
|
|
$ 1.00
|
|
|
|
|
|
|
|
|
Common stock shares issues |
|
|
|
|
|
|
|
7,900,000
|
|
|
|
|
|
|
|
|
IPO [Member] | Common Class A [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, par value |
|
|
|
|
|
|
|
$ 0.0001
|
$ 0.0001
|
|
|
|
|
|
|
|
Over-Allotment Option [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares sold |
|
|
|
|
|
|
2,250,000
|
|
|
|
|
|
|
|
|
|
Over-Allotment Option [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares sold |
|
|
|
|
|
|
|
2,250,000
|
|
|
|
|
|
|
|
|
Over-Allotment Option [Member] | Private Placement Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants issued |
|
|
|
|
|
|
900,000
|
|
|
|
|
|
|
|
|
|
Private Placement Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of private placement |
|
|
|
|
|
|
$ 8,800,000
|
|
|
|
|
|
|
|
|
|
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SCHEDULE OF POSSIBLE REDEMPTION (Details) - USD ($)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Dec. 31, 2023 |
Accounting Policies [Abstract] |
|
|
Beginning of the period |
$ 51,200,344
|
$ 178,531,059
|
Remeasurement of carrying value to redemption value |
969,111
|
4,486,207
|
Extension contribution |
475,000
|
800,000
|
Redemptions of Class A ordinary shares subject to possible redemption |
(26,907,976)
|
(132,616,922)
|
Ending of the period |
$ 25,736,479
|
$ 51,200,344
|
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SCHEDULE OF BASIC AND DILUTED LOSS PER ORDINARY SHARE (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Redeemable Ordinary Shares [Member] |
|
|
|
|
Allocation of net income |
$ (20,174)
|
$ 699,247
|
$ 89,028
|
$ 2,002,231
|
Weighted average shares outstanding - basic |
3,057,513
|
12,374,953
|
3,840,422
|
14,873,595
|
Weighted average shares outstanding - diluted |
3,057,513
|
12,374,953
|
3,840,422
|
14,873,595
|
Basic net (loss) income per share |
$ (0.01)
|
$ 0.06
|
$ 0.02
|
$ 0.13
|
Diluted net (loss) income per share |
$ (0.01)
|
$ 0.06
|
$ 0.02
|
$ 0.13
|
Non-Redeemable Ordinary Shares [Member] |
|
|
|
|
Allocation of net income |
$ (29,445)
|
$ 99,078
|
$ 103,448
|
$ 404,128
|
Weighted average shares outstanding - basic |
4,462,500
|
1,753,435
|
4,462,500
|
3,002,072
|
Weighted average shares outstanding - diluted |
4,462,500
|
1,753,435
|
4,462,500
|
3,002,072
|
Basic net (loss) income per share |
$ (0.01)
|
$ 0.06
|
$ 0.02
|
$ 0.13
|
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$ (0.01)
|
$ 0.06
|
$ 0.02
|
$ 0.13
|
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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
May 02, 2024 |
May 08, 2023 |
Nov. 12, 2021 |
Jun. 30, 2024 |
Dec. 31, 2023 |
May 18, 2023 |
Nov. 08, 2021 |
Cash |
|
|
|
$ 35,523
|
$ 37
|
|
|
Cash equivalents |
|
|
|
25,736,479
|
51,200,344
|
|
|
Cash FDIC insured amount |
|
|
|
$ 250,000
|
|
|
|
Deferred offering costs |
|
|
$ 4,171,912
|
|
|
|
|
Underwriting fee |
|
|
3,450,000
|
|
|
|
|
Other offering costs |
|
|
$ 721,912
|
|
|
|
|
Share price |
|
|
|
$ 11.45
|
|
|
|
Unrecognized tax benefits |
|
|
|
$ 0
|
0
|
|
|
Accrued for interest and penalties |
|
|
|
$ 0
|
$ 0
|
|
|
Common Class A [Member] |
|
|
|
|
|
|
|
Ordinary shares redeemed |
2,374,826
|
12,626,668
|
|
|
|
|
|
Shares subject to possible redemption |
2,248,506
|
4,623,332
|
|
2,248,506
|
4,623,332
|
|
|
Ordinary shares redemption value |
$ 26,907,976
|
|
|
|
|
$ 132,616,922
|
|
Share price |
$ 11.33
|
|
|
|
|
$ 10.50
|
$ 11.50
|
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|
v3.24.2.u1
INITIAL PUBLIC OFFERING (Details Narrative) - USD ($)
|
Nov. 12, 2021 |
Nov. 08, 2021 |
Jun. 30, 2024 |
May 02, 2024 |
Dec. 31, 2023 |
May 18, 2023 |
Mar. 31, 2021 |
Shares issued, price per share |
$ 10.20
|
|
|
|
|
|
|
Proceeds from sale of units |
$ 172,500,000
|
$ 172,500,000
|
|
|
|
|
|
Share price |
|
|
$ 11.45
|
|
|
|
|
Proceeds deposited into trust account |
$ 175,950,000
|
|
$ 25,736,479
|
|
$ 51,200,344
|
|
|
Common Class A [Member] |
|
|
|
|
|
|
|
Shares issued, price per share |
|
|
|
|
|
|
$ 12.00
|
Share price |
|
$ 11.50
|
|
$ 11.33
|
|
$ 10.50
|
|
IPO [Member] |
|
|
|
|
|
|
|
Sale of stock, number of shares issued in transaction |
2,250,000
|
15,000,000
|
|
|
|
|
|
Shares issued, price per share |
|
$ 10.00
|
|
|
|
|
|
Over-Allotment Option [Member] |
|
|
|
|
|
|
|
Sale of stock, number of shares issued in transaction |
2,250,000
|
|
|
|
|
|
|
Over-Allotment Option [Member] | Maximum [Member] |
|
|
|
|
|
|
|
Sale of stock, number of shares issued in transaction |
|
2,250,000
|
|
|
|
|
|
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v3.24.2.u1
PRIVATE PLACEMENT WARRANTS (Details Narrative) - USD ($)
|
Nov. 12, 2021 |
Jun. 30, 2024 |
Nov. 08, 2021 |
Share price |
|
$ 11.45
|
|
Private Placement [Member] |
|
|
|
Proceeds from private placement |
$ 8,800,000
|
|
|
Private Placement [Member] | Early Bird Capital [Member] |
|
|
|
Warrants purchased |
556,962
|
|
500,000
|
Warrants exercisable price per share |
|
$ 11.50
|
|
Private Placement Warrants [Member] |
|
|
|
Warrants purchased |
8,800,000
|
|
7,900,000
|
Share price |
|
|
$ 1.00
|
Private Placement Warrants [Member] | Over-Allotment Option [Member] |
|
|
|
Warrants purchased |
900,000
|
|
|
Private Placement Warrants [Member] | Sponsor [Member] |
|
|
|
Warrants purchased |
8,243,038
|
|
7,400,000
|
Private Placement Warrants [Member] | Sponsor [Member] | Over-Allotment Option [Member] |
|
|
|
Warrants purchased |
843,038
|
|
|
Private Placement Warrants [Member] | Underwriter [Member] | Over-Allotment Option [Member] |
|
|
|
Warrants purchased |
56,962
|
|
|
X |
- DefinitionExercise price per share or per unit of warrants or rights outstanding.
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v3.24.2.u1
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
|
|
|
|
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
|
|
May 15, 2024 |
Jun. 02, 2023 |
May 08, 2023 |
Nov. 12, 2021 |
Oct. 31, 2021 |
Mar. 31, 2021 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Nov. 08, 2023 |
Shares issued price, per share |
|
|
|
$ 10.20
|
|
|
|
|
|
|
|
|
Percentage of issued and outstanding shares after IPO |
|
|
|
|
|
20.00%
|
|
|
|
|
|
|
Share price per unit |
|
|
|
|
|
|
$ 10.20
|
|
$ 10.20
|
|
|
|
Working capital loan |
|
|
|
|
|
|
$ 0
|
|
$ 0
|
|
$ 0
|
|
Monthly payments of sponsor |
|
$ 100,000
|
|
|
|
|
|
|
|
|
|
|
Operating, general and administrative expenses |
|
|
|
|
|
|
455,763
|
$ 543,867
|
776,966
|
$ 846,131
|
|
|
Administrative Services Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Operating, general and administrative expenses |
|
|
|
|
|
|
9,000
|
|
18,000
|
|
|
|
Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
$ 1,200,000
|
|
|
|
$ 250,000
|
|
|
|
|
|
|
June 2023 Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Promissory note description |
|
The June 2023 Promissory Note bears no interest and
is due and payable upon the earlier to occur of (i) the date on which the Company consummates its Business Combination and (ii) the date
that the winding up of the Company is effective.
|
|
|
|
|
|
|
|
|
|
|
May 2024 Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
|
|
|
|
|
$ 75,000
|
|
75,000
|
|
0
|
|
Monthly payments of sponsor |
$ 37,500
|
|
|
|
|
|
|
|
|
|
|
|
November 2023 Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
|
|
|
|
|
|
|
|
|
|
$ 1,500,000
|
Director [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of shares of founder shares to sponsor |
|
|
|
|
$ 450,676
|
|
|
|
|
|
|
|
Issuance of ordinary shares to founder, shares |
|
|
|
|
75,000
|
|
|
|
|
|
|
|
Share price per unit |
|
|
|
|
$ 0.0001
|
|
|
|
|
|
|
|
Sponsor [Member] | Administrative Services Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Payment for office space |
|
|
|
|
|
|
|
|
$ 3,000
|
|
|
|
Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued price, per share |
|
|
|
|
|
|
$ 1.00
|
|
$ 1.00
|
|
|
|
Warrant [Member] | Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Conversion price |
|
$ 1.00
|
|
|
|
|
|
|
|
|
|
|
Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Shares forfeited |
|
|
|
|
|
562,500
|
|
|
|
|
|
|
Debt conversion original debt amount |
|
|
|
|
|
|
|
|
$ 1,500,000
|
|
|
|
Maximum [Member] | May 2024 Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
225,000
|
|
|
|
|
|
|
|
|
|
|
|
Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
|
|
|
|
|
$ 75,000
|
|
75,000
|
|
0
|
|
Sponsor [Member] | June 2023 Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
$ 1,200,000
|
|
|
|
|
1,100,000
|
|
1,100,000
|
|
800,000
|
|
Monthly payments of sponsor |
|
$ 100,000
|
|
|
|
|
|
|
|
|
|
|
Sponsor [Member] | May 2024 Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
225,000
|
|
|
|
|
|
|
|
|
|
|
|
Monthly payments of sponsor |
$ 37,500
|
|
|
|
|
|
|
|
|
|
|
|
Promissory note description |
The
Sponsor agreed to pay $37,500
per month until the completion of an initial Business Combination, commencing on May 8, 2024 and continuing through November 8,
2024. The May 2024 Promissory Note bears no interest and is due and payable upon the earlier to occur of (i) the date on which we
consummate our Business Combination and (ii) the date that our winding up is effective.
|
|
|
|
|
|
|
|
|
|
|
|
Sponsor [Member] | Warrant [Member] | June 2023 Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Conversion price |
|
$ 1.00
|
|
|
|
|
|
|
|
|
|
|
Underwriter [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of options exercised |
|
|
|
$ 562,500
|
|
|
|
|
|
|
|
|
Related Party [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Working capital loan |
|
|
|
|
|
|
0
|
|
0
|
|
0
|
|
Due to related party |
|
|
|
|
|
|
974,210
|
|
974,210
|
|
$ 542,503
|
|
Related Party [Member] | Administrative Services Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Due to related party |
|
|
|
|
|
|
$ 74,600
|
|
$ 74,600
|
|
|
|
Common Class B [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, par value |
|
|
|
|
|
|
$ 0.0001
|
|
$ 0.0001
|
|
$ 0.0001
|
|
Stock conversion |
|
|
1
|
|
|
|
|
|
|
|
|
|
Common Class B [Member] | Director [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of ordinary shares to founder, shares |
|
|
75,000
|
|
|
|
|
|
|
|
|
|
Closing balance, shares |
|
|
61,875
|
|
|
|
|
|
|
|
|
|
Common Class B [Member] | Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of shares of founder shares to sponsor |
|
|
|
|
|
$ 25,000
|
|
|
|
|
|
|
Shares issued price, per share |
|
|
|
|
|
$ 0.006
|
|
|
|
|
|
|
Issuance of ordinary shares to founder, shares |
|
|
|
|
|
4,312,500
|
|
|
|
|
|
|
Common stock, par value |
|
|
|
|
|
$ 0.0001
|
|
|
|
|
|
|
Common Class A [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued price, per share |
|
|
|
|
|
12.00
|
|
|
|
|
|
|
Issuance of ordinary shares to founder, shares |
|
|
4,237,499
|
|
|
|
|
|
|
|
|
|
Common stock, par value |
|
|
|
|
|
|
$ 0.0001
|
|
$ 0.0001
|
|
$ 0.0001
|
|
Common Class A [Member] | Director [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of ordinary shares to founder, shares |
|
|
75,000
|
|
|
|
|
|
|
|
|
|
Common Class A [Member] | EBC Founder Shares [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, par value |
|
|
|
|
|
$ 0.0001
|
|
|
|
|
|
|
Issuance of shares of class A ordinary shares to sponsor, shares |
|
|
|
|
|
150,000
|
|
|
|
|
|
|
Estimated the fair value of EBC founder shares |
|
|
|
|
|
$ 870
|
|
|
|
|
|
|
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v3.24.2.u1
INVESTMENTS HELD IN TRUST ACCOUNT (Details Narrative) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Nov. 12, 2021 |
Schedule of Investments [Line Items] |
|
|
|
Asset, Held-in-Trust, Noncurrent |
$ 25,736,479
|
$ 51,200,344
|
$ 175,950,000
|
Money Market Funds [Member] |
|
|
|
Schedule of Investments [Line Items] |
|
|
|
Asset, Held-in-Trust, Noncurrent |
$ 25,736,479
|
|
|
X |
- DefinitionThe amount of cash, securities, or other assets held by a third-party trustee pursuant to the terms of an agreement which assets are available to be used by beneficiaries to that agreement only within the specific terms thereof and which agreement is expected to terminate more than one year from the balance sheet date (or operating cycle, if longer) at which time the assets held-in-trust will be released or forfeited.
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v3.24.2.u1
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)
|
|
6 Months Ended |
|
|
Nov. 08, 2021 |
Jun. 30, 2024 |
Aug. 29, 2023 |
Nov. 12, 2021 |
Loss Contingencies [Line Items] |
|
|
|
|
Cash fee percentage |
|
1.75%
|
|
|
Professional Fees |
|
$ 3,018,750
|
|
|
Payment for legal agreement |
|
20,000
|
|
|
Contractual milestones |
|
90,000
|
|
|
Scage International Limited [Member] |
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
Business combination contingent fee percentage |
|
|
0.50%
|
|
Early Bird Capital [Member] |
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
Underwritting discount per unit |
|
|
|
$ 0.20
|
Underwritting discount on shares |
|
|
|
$ 3,450,000
|
Minimum [Member] | Third Party Consultant [Member] |
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
Business combination contingent fee |
|
$ 3,500,000
|
|
|
Over-Allotment Option [Member] | Maximum [Member] |
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
Options to purchase units |
2,250,000
|
|
|
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v3.24.2.u1
SHAREHOLDERS’ DEFICIT (Details Narrative) - $ / shares
|
6 Months Ended |
|
|
|
|
Jun. 30, 2024 |
May 02, 2024 |
Dec. 31, 2023 |
May 08, 2023 |
Mar. 31, 2021 |
Class of Stock [Line Items] |
|
|
|
|
|
Preferred stock, shares authorized |
5,000,000
|
|
5,000,000
|
|
|
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] |
|
|
|
|
|
Warrants exercise price per share |
$ 0.01
|
|
|
|
|
Warrants description |
the closing price of the Class A Ordinary Shares equals or exceeds $18.00 per share for any 20 trading days within a
30-trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders
|
|
|
|
|
Public Warrants [Member] |
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
Warrants description |
In
addition, if (x) the Company issues additional Class A Ordinary Shares or Equity-Linked Securities for capital raising purposes in connection
with the closing of the Business Combination at a Newly Issued Price of less than $9.20 per Class A ordinary share, (y) the aggregate
gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding
of our Business Combination on the date of the consummation of the Business Combination (net of redemptions), and (z) the Market Value
is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater
of (i) the Market Value or (ii) the Newly Issued Price, and the $18.00 per share redemption trigger price will be adjusted (to the nearest
cent) to be equal to 180% of the greater of (i) the Market Value or (ii) the Newly Issued Price.
|
|
|
|
|
Common Class A [Member] |
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
Common stock, shares authorized |
500,000,000
|
|
500,000,000
|
|
|
Ordinary shares, par value |
$ 0.0001
|
|
$ 0.0001
|
|
|
Description of common stock voting rights |
one vote for each share
|
|
|
|
|
Ordinary shares, shares issued |
4,462,499
|
|
4,462,499
|
|
|
Ordinary shares, shares outstanding |
4,462,499
|
|
4,462,499
|
|
|
Shares subject to possible redemption |
2,248,506
|
2,248,506
|
4,623,332
|
4,623,332
|
|
Common Class B [Member] |
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
Common stock, shares authorized |
50,000,000
|
|
50,000,000
|
|
|
Ordinary shares, par value |
$ 0.0001
|
|
$ 0.0001
|
|
|
Description of common stock voting rights |
Holders
of Class A Ordinary Shares and Class B Ordinary Shares will vote together as a single class on all matters submitted to a vote of shareholders
except as required by law. Under the terms of the Sunorange Investment, the Class B Ordinary Shares were converted to Class A Ordinary
Shares although the Sponsor will retain at least one Class B Ordinary Share.
|
|
|
|
|
Ordinary shares, shares issued |
1
|
|
1
|
|
|
Ordinary shares, shares outstanding |
1
|
|
1
|
|
4,312,500
|
Conversion of stock percentage |
20.00%
|
|
|
|
|
X |
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