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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
| ☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the quarterly period ended June 30, 2023
OR
| ☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the transition period from __________ to __________
two
(Exact
name of registrant as specified in its charter)
| Cayman
Islands |
|
001-40292 |
|
98-1577238 |
(State
or other jurisdiction of
incorporation
or organization) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
900
Kearney St, Suite 610
San
Francisco, California |
|
94133 |
| (Address
Of Principal Executive Offices) |
|
(Zip
Code) |
(415)
480-1752
Registrant’s
telephone number, including area code
Not
Applicable
(Former
name or former address, 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 |
| Class
A ordinary shares, par value $0.0001 per share |
|
TWOA |
|
The
New York Stock Exchange |
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, 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 11, 2023, 5,000,013 Class A ordinary shares, par value $0.0001 per share, and 5,359,375 Class B ordinary shares, par value $0.0001
per share, were issued and outstanding, respectively.
TWO
Form
10-Q
Table
of Contents
PART
I. FINANCIAL INFORMATION
Item
1. Interim Condensed Financial Statements
TWO
CONDENSED
BALANCE SHEETS
| | |
JUNE 30, 2023 | | |
DECEMBER 31, 2022 | |
| | |
(unaudited) | | |
| |
| ASSETS | |
| | |
| |
| Current assets: | |
| | | |
| | |
| Cash | |
$ | 24,967 | | |
$ | 336,252 | |
| Prepaid expenses | |
| 270,595 | | |
| 86,399 | |
| Total current assets | |
| 295,562 | | |
| 422,651 | |
| Marketable securities held in Trust Account | |
| 51,954,200 | | |
| 217,265,704 | |
| Total Assets | |
$ | 52,249,762 | | |
$ | 217,688,355 | |
| | |
| | | |
| | |
| LIABILITIES, ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION, AND SHAREHOLDERS’ DEFICIT | |
| | | |
| | |
| Current liabilities: | |
| | | |
| | |
| Accounts payable | |
$ | - | | |
$ | 1,991 | |
| Accrued expenses | |
| 645,096 | | |
| 608,096 | |
| Note payable-related party | |
| 668,414 | | |
| - | |
| Total current liabilities | |
| 1,313,510 | | |
| 610,087 | |
| Deferred underwriting commissions | |
| - | | |
| 7,503,125 | |
| Total liabilities | |
| 1,313,510 | | |
| 8,113,212 | |
| | |
| | | |
| | |
| Commitments and Contingencies | |
| - | | |
| - | |
| | |
| | | |
| | |
| Class A ordinary shares subject to possible redemption, $0.0001 par value; 5,000,013 and 21,437,500 shares at $10.37 and $10.13 per share at June 30, 2023 and December 31, 2022, respectively | |
| 51,854,200 | | |
| 217,165,704 | |
| | |
| | | |
| | |
| Shareholders’ deficit | |
| | | |
| | |
| Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding | |
| - | | |
| - | |
| Class A ordinary shares, $0.0001
par value; 400,000,000
shares authorized; none
issued or outstanding (excluding 5,000,013 and 21,437,500
shares subject to possible redemption
at June 30, 2023 and December 31, 2022, respectively) | |
| - | | |
| - | |
| Class B ordinary shares, $0.0001 par value; 10,000,000 shares authorized; 5,359,375 shares issued and outstanding | |
| 536 | | |
| 536 | |
| Ordinary shares | |
| 536 | | |
| 536 | |
| Additional paid-in capital | |
| - | | |
| - | |
| Accumulated deficit | |
| (918,484 | ) | |
| (7,591,097 | ) |
| Total shareholders’ deficit | |
| (917,948 | ) | |
| (7,590,561 | ) |
| Total Liabilities, Ordinary Shares Subject to Possible Redemption, and Shareholders’ Deficit | |
$ | 52,249,762 | | |
$ | 217,688,355 | |
The
accompanying notes are an integral part of these unaudited condensed financial statements.
TWO
UNAUDITED
CONDENSED STATEMENTS OF OPERATIONS
| | |
For The Three Months Ended
June 30, 2023 | | |
For The Three Months Ended
June 30, 2022 | | |
For The Six Months Ended
June 30, 2023 | | |
For The Six Months Ended
June 30, 2022 | |
| | |
| | |
| | |
| | |
| |
| General and administrative expenses | |
$ | 433,603 | | |
$ | 170,491 | | |
$ | 830,512 | | |
$ | 443,859 | |
| Loss from operations | |
| (433,603 | ) | |
| (170,491 | ) | |
| (830,512 | ) | |
| (443,859 | ) |
| Gain on marketable securities (net), dividends and interest, held in Trust Account | |
| 1,291,070 | | |
| 305,707 | | |
| 2,925,264 | | |
| 179,394 | |
| Income tax expense | |
| - | | |
| - | | |
| - | | |
| - | |
| Net income (loss) | |
$ | 857,467 | | |
$ | 135,216 | | |
$ | 2,094,752 | | |
$ | (264,465 | ) |
| Weighted average shares outstanding of Class A ordinary shares subject to possible redemption, basic and diluted | |
| 5,000,013 | | |
| 22,066,250 | | |
| 13,173,349 | | |
| 22,066,250 | |
| Basic and diluted net income (loss) per share, Class A ordinary shares subject to possible redemption | |
$ | 0.08 | | |
$ | 0.00 | | |
$ | 0.11 | | |
$ | (0.01 | ) |
| Weighted average shares outstanding of Class B non-redeemable ordinary shares, basic and diluted | |
| 5,359,375 | | |
| 5,359,375 | | |
| 5,359,375 | | |
| 5,359,375 | |
| Basic and diluted net income (loss) per share, Class B non-redeemable ordinary shares | |
$ | 0.08 | | |
$ | 0.00 | | |
$ | 0.11 | | |
$ | (0.01 | ) |
The
accompanying notes are an integral part of these unaudited condensed financial statements.
TWO
UNAUDITED
CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS’ DEFICIT
For
the Three and Six Months Ended June 30, 2023
| | |
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 as of January 1, 2023 | |
| - | | |
$ | - | | |
| 5,359,375 | | |
$ | 536 | | |
$ | - | | |
$ | (7,591,097 | ) | |
$ | (7,590,561 | ) |
| Remeasurement of Class A ordinary shares to redemption value | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 5,868,931 | | |
| 5,868,931 | |
| Net income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,237,285 | | |
| 1,237,285 | |
| Balance as of March 31, 2023 | |
| - | | |
$ | - | | |
| 5,359,375 | | |
$ | 536 | | |
$ | - | | |
$ | (484,881 | ) | |
$ | (484,345 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Remeasurement of Class A ordinary shares to redemption value | |
| | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,291,070 | ) | |
| (1,291,070 | ) |
| Net income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 857,467 | | |
| 857,467 | |
| Balance as of June 30, 2023 | |
| - | | |
$ | - | | |
| 5,359,375 | | |
$ | 536 | | |
$ | - | | |
$ | (918,484 | ) | |
$ | (917,948 | ) |
For
the Three and Six Months Ended June 30, 2022
| | |
Ordinary Shares | | |
Additional | | |
| | |
Total | |
| | |
Class A | | |
Class B | | |
Paid-In | | |
Accumulated | | |
Shareholders’ | |
| | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
| Balance as of January 1, 2022 | |
| 628,750 | | |
$ | 63 | | |
| 5,359,375 | | |
| 536 | | |
$ | - | | |
$ | (6,297,679 | ) | |
$ | (6,297,080 | ) |
| Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (399,681 | ) | |
| (399,681 | ) |
| Balance as of March 31, 2022 | |
| 628,750 | | |
$ | 63 | | |
| 5,359,375 | | |
$ | 536 | | |
$ | - | | |
$ | (6,697,360 | ) | |
$ | (6,696,761 | ) |
| Balance , value | |
| 628,750 | | |
$ | 63 | | |
| 5,359,375 | | |
$ | 536 | | |
$ | - | | |
$ | (6,697,360 | ) | |
$ | (6,696,761 | ) |
| Remeasurement of Class A ordinary shares to redemption value | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 114,951 | | |
| 114,951 | |
| Net income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 135,216 | | |
| 135,216 | |
| Net income (loss) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 135,216 | | |
| 135,216 | |
| Balance as of June 30, 2022 | |
| 628,750 | | |
$ | 63 | | |
| 5,359,375 | | |
$ | 536 | | |
$ | - | | |
$ | (6,447,193 | ) | |
$ | (6,446,594 | ) |
| Balance, value | |
| 628,750 | | |
$ | 63 | | |
| 5,359,375 | | |
$ | 536 | | |
$ | - | | |
$ | (6,447,193 | ) | |
$ | (6,446,594 | ) |
The
accompanying notes are an integral part of these unaudited condensed financial statements.
TWO
UNAUDITED
CONDENSED STATEMENTS OF CASH FLOWS
| | |
For The Six Months Ended
June 30, 2023 | | |
For The Six Months Ended
June 30, 2022 | |
| Cash Flows from Operating Activities | |
| | | |
| | |
| Net income (loss) | |
$ | 2,094,752 | | |
$ | (264,465 | ) |
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | |
| | | |
| | |
| Gain on marketable securities (net), dividends and interest, held in Trust Account | |
| (2,925,264 | ) | |
| (179,394 | ) |
| Changes in operating assets and liabilities: | |
| | | |
| | |
| Prepaid and other assets | |
| (184,196 | ) | |
| 103,124 | |
| Accounts payable | |
| (1,991 | ) | |
| (151,762 | ) |
| Accrued expenses | |
| 37,000 | | |
| 81,835 | |
| Net cash used in operating activities | |
| (979,699 | ) | |
| (410,662 | ) |
| | |
| | | |
| | |
| Cash Flows from Investing Activities | |
| | | |
| | |
| Trust Account Withdrawal - redemption | |
| 168,236,768 | | |
| - | |
| Net cash provided by investing activities | |
| 168,236,768 | | |
| - | |
| | |
| | | |
| | |
| Cash Flows from Financing Activities | |
| | | |
| | |
| Redemption of 16,437,487 Class A shares | |
| (168,236,768 | ) | |
| - | |
| Proceeds from note payable - related party | |
| 668,414 | | |
| - | |
| Offering costs paid, net of reimbursement from underwriter | |
| - | | |
| (85,000 | ) |
| Net cash used in financing activities | |
| (167,568,354 | ) | |
| (85,000 | ) |
| | |
| | | |
| | |
| Net decrease in cash | |
| (311,285 | ) | |
| (495,662 | ) |
| Cash - beginning of period | |
| 336,252 | | |
| 983,362 | |
| Cash - end of period | |
$ | 24,967 | | |
$ | 487,700 | |
| | |
| | | |
| | |
| Supplemental disclosure of noncash investing and financing activities: | |
| | | |
| | |
| Deferred underwriting fees payable | |
$ | (7,503,125 | ) | |
$ | - | |
The
accompanying notes are an integral part of these unaudited condensed financial statements.
TWO
NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Note
1-Description of Organization and Business Operations
two
(the “Company”) was incorporated as a Cayman Islands exempted company on January 15, 2021 for the purpose of effecting a
merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses
(the “Business Combination”). The Company is an emerging growth company and, as such, the Company is subject to all of the
risks associated with emerging growth companies.
As
of June 30, 2023, the Company had not commenced any operations. All activity for the period from January 15, 2021 (inception) through
June 30, 2023 relates to the Company’s formation and the initial public offering (the “Initial Public Offering”) described
below, and since the Initial Public Offering, the search for a Business Combination. The Company will not generate any operating revenues
until after the completion of its initial Business Combination, at the earliest. The Company generates non-operating income from investments
in the Trust Account derived from the proceeds of the Initial Public Offering.
The
Company’s sponsor was originally two sponsor, a Cayman Islands exempted limited company (the “Original Sponsor”), until
March 31, 2023 and has been HC Proptech Partners III, LLC (the “New Sponsor”) since March 31, 2023. The registration statement
for the Company’s Initial Public Offering was declared effective March 29, 2021. On April 1, 2021, the Company consummated its
Initial Public Offering of 20,000,000 Class A ordinary shares (the “Public Shares”), at an offering price of $10.00 per Public
Share, generating gross proceeds of $200.0 million, and incurring offering costs of approximately $11.1 million (net of a required reimbursement
from the underwriter), of which $7.0 million was for deferred underwriting commissions (see Note 5). The underwriter was granted a 45-day
option from the date of the final prospectus relating to the Initial Public Offering to purchase up to 3,000,000 additional shares to
cover over-allotments, if any, at $10.00 per share. The underwriter partially exercised the over-allotment option and on April 13, 2021,
purchased an additional 1,437,500 Class A ordinary shares (the “Additional Shares”), generating gross proceeds of approximately
$14.4 million (the “Over-Allotment”), and the Company incurred additional offering costs of approximately $755,000 (net of
a required reimbursement from the underwriter), of which approximately $503,000 was for deferred underwriting fees.
Simultaneously
with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of 600,000
Class A ordinary shares (the “Private Placement Shares”), at a price of $10.00 per Private Placement Share to the Original
Sponsor, generating gross proceeds of approximately $6.0 million (see Note 4). Simultaneously with the closing of the Over-Allotment
on April 13, 2021, the Company consummated the second closing of the Private Placement, resulting in the purchase of an aggregate of
an additional 28,750 Private Placement Shares by the Original Sponsor, generating gross proceeds to the Company of $287,500.
Upon
the closing of the Initial Public Offering, the Over-Allotment and the Private Placements, $214.4 million ($10.00 per share) of the net
proceeds of the sale of the Public Shares in the Initial Public Offering and of the Private Placement Shares in the Private Placement
were placed in a trust account (“Trust Account”), located in the United States with Continental Stock Transfer & Trust
Company acting as trustee, and were originally invested 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 that invest
only in direct U.S. government treasury obligations and later moved to cash demand accounts, until the earlier of (i) the completion
of a Business Combination and (ii) the distribution of the Trust Account as described below.
The
Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering
and the sale of Private Placement Shares, although substantially all of the net proceeds are intended to be applied generally toward
consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully.
The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the assets
held in the Trust Account (excluding the deferred underwriting commissions and taxes payable on income earned on the Trust Account) at
the time of the agreement to enter into the initial Business Combination. However, the Company will only complete a Business Combination
if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires
a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company
Act of 1940.
TWO
NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
The
Company will provide its holders of its Public Shares (the “Public Shareholders”) with the opportunity to redeem all or a
portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a shareholder meeting called
to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder
approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Shareholders
will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially at $10.00 per
Public Share). The per-share amount to be distributed to Public Shareholders who redeem their Public Shares will not be reduced by the
deferred underwriting commissions the Company to the underwriter, as such commissions were waived by the underwriters on February 14,
2023 (as discussed in Note 5). These Public Shares have been classified as temporary equity in accordance with the Financial Accounting
Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 480, “Distinguishing Liabilities
from Equity.” In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least
$5,000,001 and the approval of an ordinary resolution. If a shareholder vote is not required by law and the Company does not decide to
hold a shareholder vote for business or other legal reasons, the Company will, pursuant to an Amended and Restated Memorandum and Articles
of Association (the “Amended and Restated Memorandum and Articles of Association”), 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 transactions is required by law, or the Company decides
to obtain shareholder approval for business or legal 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. Additionally, each Public Shareholder may elect to redeem their
Public Shares irrespective of whether they vote for or against the proposed transaction. If the Company seeks shareholder approval in
connection with a Business Combination, the initial shareholders (as defined below) agreed to vote their Founder Shares (as defined below
in Note 4), Private Placement Shares and any Public Shares purchased during or after the Initial Public Offering in favor of a Business
Combination. Subsequent to the consummation of the Initial Public Offering, the Company will adopt an insider trading policy which requires
insiders to (i) refrain from purchasing shares during certain blackout periods and when they are in possession of any material non-public
information and (ii) to clear all trades with the Company’s legal counsel prior to execution. In addition, the initial shareholders
agreed to waive their redemption rights with respect to their Founder Shares, Private Placement Shares and Public Shares in connection
with the completion of a Business Combination.
Notwithstanding
the foregoing, the Amended and Restated Memorandum and Articles of Association provide that a Public Shareholder, together with any affiliate
of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under
Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its
shares with respect to more than an aggregate of 15% or more of the Class A ordinary shares sold in the Initial Public Offering, without
the prior consent of the Company.
The
Company’s Sponsor, officers and directors (the “initial shareholders”) agreed not to propose an amendment to the Amended
and Restated Memorandum and Articles of Association (A) that would modify the substance or timing of the Company’s obligation to
allow redemption in connection with the Company’s initial business combination or to redeem 100% of its Public Shares if the Company
does not complete a Business Combination by January 1, 2024 (the “Combination Period”) or (B) with respect to any shareholders’
rights prior to the initial Business Combination, unless the Company provides the Public Shareholders with the opportunity to redeem
their Class A ordinary shares in conjunction with any such amendment.
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 the Company’s income taxes, if
any (less up to $100,000 of interest to pay dissolution expenses), divided by the number of the then-outstanding Public Shares, which
redemption will completely extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidation
distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining
shareholders and the board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii) to the Company’s
obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.
TWO
NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
The
Original Sponsor, the New Sponsor, officers and directors agreed to waive their liquidation rights with respect to the Founder Shares
and any Private Placement Shares they hold if the Company fails to complete a Business Combination within the Combination Period. However,
if the initial shareholders or members of the Company’s management team acquire Public Shares in or after the Initial Public Offering,
they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to
complete a Business Combination within the Combination Period. The underwriter agreed to waive their rights to its deferred underwriting
commission (see Note 5) held in the Trust Account and 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 residual assets remaining available for distribution (including Trust Account assets) will be only $10.00 per share initially
held in the Trust Account. In order to protect the amounts held in the Trust Account, the Original Sponsor and New Sponsor agreed to
be liable to the Company if and to the extent any claims by a vendor 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.
This liability will not apply with respect to any claims by a third party who executed a waiver of any right, title, interest or claim
of any kind in or to any monies held in the Trust Account or to any claims under the Company’s indemnity of the underwriter of
the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities
Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the New 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
New Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers
(except for the Company’s independent registered public accounting firm), prospective target businesses or 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.
On March 31, 2023, the Company held its extraordinary
general meeting of shareholders at which the shareholders approved an amendment to the Company’s Amended and Restated Memorandum
and Articles of Association to extend the date by which the Company must consummate a Business Combination from April 1, 2023 (the date
which was 24 months from the closing date of the Company’s Initial Public Offering) to January 1, 2024 (the date which is 33 months
from the closing date of the Initial Public Offering).
In
connection with the extraordinary general meeting of shareholders, on March 31, 2023 shareholders
holding 16,437,487
Class A ordinary shares exercised their right to redeem their shares for a pro rata
portion of the funds in the Trust Account. As a result, approximately $168.2 million
(approximately $10.23 per
share) was removed from the Trust Account to pay such holders and approximately $51.1 million
remained in the Trust Account. Following the redemptions, the Company had 5,000,013 shares
of Class A ordinary shares stock outstanding.
On March 31, 2023, the Original Sponsor sold up
to 4,854,375
Class B ordinary shares of the Company to the New Sponsor, which became the Company’s sponsor by assuming the rights and
obligations of the Original Sponsor to the Company.
Liquidity
and Going Concern
As
of June 30, 2023, the Company had $24,967
in its operating bank account and a working capital deficit of $1,017,948.
The
Company’s liquidity needs to date have been satisfied through $25,000
paid by the Original Sponsor to cover certain expenses in exchange for the issuance of the Founder Shares, a loan of approximately
$from
the Original Sponsor pursuant to the Note (as defined in Note 4), and the proceeds from the consummation of the Private Placement
not held in the Trust Account of $2.5
million (net of a required reimbursement from the underwriter). The Company repaid the Note in full on April 5, 2021. No additional
borrowing is available under the Note. In addition, in order to finance transaction costs in connection with a Business Combination,
the Original Sponsor, the New Sponsor, any of their affiliates, or certain of the Company’s officers and directors may, but
are not obligated to, provide the Company Working Capital Loans (as defined in Note 4). As of June 30, 2023 and December 31, 2022,
there was $0
and $0
advanced by the Sponsor on a non-convertible Working Capital Loans, respectively.
On August 7, 2023 the Company entered into a promissory note with the Sponsor of an amount up to $1,500,000, of which approximately $668,000
was advanced to the Company and is outstanding as of June 30, 2023. As of December 31, 2022 $0 was outstanding under this agreement.
Management
has determined that the Company may not have sufficient liquidity to meet its anticipated obligations through the earlier of its consummation
of an initial business combination or its liquidation date. Over this time period, the Company will be using these funds for paying existing
accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective
target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating
and consummating the Business Combination.
In
connection with the Company’s assessment of going concern considerations in accordance with FASB ASC Topic 205-40,
“Presentation of Financial Statements—Going Concern,” management has determined that the liquidity issue, timing
of the mandatory liquidation and subsequent dissolution raises substantial doubt about the Company’s ability to continue as a
going concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to
liquidate after January 1, 2024. The unaudited condensed financial statements do not include any adjustment that might be necessary
if the Company is unable to continue as a going concern. The Company plans to complete a business combination prior to the mandatory
liquidation date.
TWO
NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Note
2-Summary of Significant Accounting Policies and Basis of Presentation
Basis
of Presentation
The
accompanying unaudited condensed financial statements are presented in U.S. dollars in conformity with accounting principles generally
accepted in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of
the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited
condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement
of the balances and results for the periods presented. Operating results for the three and six months ended June 30, 2023 are not necessarily
indicative of the results that may be expected through December 31, 2023 or any future periods.
The
accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements included in
the amended Annual Report on Form 10-K filed by the Company with the SEC on March 27, 2023, which contains the audited financial statements and notes thereto. The
financial information as of December 31, 2022, is derived from the audited financial statements presented in the Company’s Annual
Report on Form 10-K for the year ended December 31, 2022.
Emerging
Growth Company
As
an emerging growth company, the Company may take advantage of certain exemptions from various reporting requirements that are applicable
to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the
auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act 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 Jumpstart Our Business Startups Act of 2012 (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 an emerging growth company can
elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any
such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when
a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth
company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.
This
may make comparison of the Company’s financial statements with another public company that is neither an emerging growth company
nor an emerging growth company that 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 unaudited condensed financial statements in conformity with GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited
condensed 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 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 no cash equivalents as of June 30, 2023 and December 31, 2022.
TWO
NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Investments
Held in Trust Account
The
Company’s portfolio of investments was originally comprised of U.S. government securities, within the meaning set forth in Section 2(a)(16)
of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government
securities and generally have a readily determinable fair value, or a combination thereof. When the Company’s investments held
in the Trust Account are comprised of U.S. government securities, the investments are classified as trading securities. When the Company’s
investments held in the Trust Account are comprised of money market funds, the investments are recognized at fair value. Trading securities
and investments in money market funds are presented on the 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 are included in gain on marketable securities (net), dividends
and interest, held in 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.
In
March 2023, the Company instructed the trustee of the Trust Account 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 until the earlier of consummation of a Business
Combination and liquidation of the Company. The funds are still held in this account as of June 30, 2023.
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution,
which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. Any loss incurred or a lack of access
to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows.
Fair
Value of Financial Instruments
The
fair value of the Company’s assets and liabilities, which qualify as financial instruments under the FASB ASC 820, “Fair
Value Measurements and Disclosures,” equals or approximates the carrying amounts represented in the condensed balance sheets, primarily
due to their short-term nature.
Fair
Value Measurements
Fair
value is defined as the price that would be received for sale of an asset or paid for transfer of a liability in an orderly transaction
between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs
used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets
or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:
| ● |
Level
1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; |
| |
|
| ● |
Level
2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted
prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active;
and |
| |
|
| ● |
Level
3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions,
such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
In
some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In
those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input
that is significant to the fair value measurement.
Offering
Costs Associated with the Initial Public Offering
Offering
costs consist of legal, accounting, and other costs incurred that were directly related to the Initial Public Offering and were charged
against the carrying value of the Class A ordinary shares subject to possible redemption upon the completion of the Initial Public Offering.
TWO
NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
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 ASC 480. Class A ordinary
shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally
redeemable Class A ordinary shares (including Class A ordinary shares that feature redemption rights that are either within the control
of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified
as temporary equity. At all other times, Class A ordinary shares are classified as shareholders’ equity. As part of the Private
Placement, the Company issued 628,750 Private Placement Shares to the Original Sponsor. These Private Placement Shares will not be transferable,
assignable or salable until 30 days after the completion of our initial Business Combination. They are also considered non-redeemable
and are presented as permanent equity in the Company’s condensed balance sheets. On December
30, 2022, the Sponsor unconditionally and irrevocably forfeited all 628,750 Private Placement Shares to the Company for no value and
the Company cancelled the Private Placement Shares effective as of the same date. The Company’s Class A ordinary shares
sold in the Initial Public Offering 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, as of June 30, 2023 and December 31, 2022, 5,000,013 and 21,437,500
Class A ordinary shares, respectively, subject to possible redemption are presented as temporary equity, outside of the shareholders’
deficit section of the Company’s condensed balance sheets.
Under
ASC 480-10S99, the Company has elected to recognize changes in the redemption value immediately as they occur and adjust the carrying
value of the security to equal the redemption value at the end of each reporting period. This method would view the end of the reporting
period as if it were also the redemption date for the security. Effective with the closing of the Initial Public Offering (including
the exercise of the over-allotment option), the Company recognized the accretion from initial book value to redemption amount which resulted
in charges against additional paid-in capital (to the extent available) and accumulated deficit. Subsequently, the Company recognized
changes in the redemption value as an increase in redemption value of Class A ordinary shares subject to possible redemption as reflected
on the accompanying unaudited condensed statements of changes in shareholders’ deficit.
Income
Taxes
The
Company follows accounting for income taxes under FASB ASC 740, “Income Taxes,” which prescribes a recognition threshold
and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in
a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing
authorities. There were no unrecognized tax benefits as of June 30, 2023 and December 31, 2022. The Company’s management determined
that the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related
to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of June 30,
2023 and December 31, 2022. 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 has been 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 federal income tax regulations,
income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s 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 FASB ASC Topic 260, “Earnings Per Share.” The Company has
two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro
rata between the two classes of shares, which assumes a business combination as the most likely outcome. Net income (loss) per ordinary
share is calculated by dividing the net income (loss) by the weighted average shares of ordinary shares outstanding for the respective
period.
At
June 30, 2023 and 2022, the Company did not have any dilutive securities and other contracts that could potentially be exercised or
converted into ordinary shares and then share in the earnings of the Company. As a result, diluted net income (loss) per ordinary
share is the same as basic net income (loss) per ordinary share for the three and six months ended June 30, 2023 and 2022. Accretion associated with the redeemable Class A ordinary shares is excluded from earnings per
share as the redemption value approximates fair value.
TWO
NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
The
table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net income (loss) per share
for each class of ordinary shares:
Summary of Calculation of Basic and Diluted Net Income (Loss) per Ordinary Share
| | |
Class A | | |
Class B | | |
Class A | | |
Class B | | |
Class A | | |
Class B | | |
Class A | | |
Class B | |
| | |
For The Three Months Ended June, | | |
For The Six Months Ended June, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| | |
Class A | | |
Class B | | |
Class A | | |
Class B | | |
Class A | | |
Class B | | |
Class A | | |
Class B | |
| Basic and diluted net income (loss) per ordinary share: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Numerator: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Allocation of net income (loss) | |
$ | 413,861 | | |
$ | 443,606 | | |
$ | 108,793 | | |
$ | 26,423 | | |
$ | 1,488,982 | | |
$ | 605,770 | | |
$ | (212,785 | ) | |
$ | (51,680 | ) |
| Denominator: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic and diluted weighted average ordinary shares outstanding | |
| 5,000,013 | | |
| 5,359,375 | | |
| 22,066,250 | | |
| 5,359,375 | | |
| 13,173,349 | | |
| 5,359,375 | | |
| 22,066,250 | | |
| 5,359,375 | |
| Basic and diluted net income (loss) per ordinary share | |
$ | 0.08 | | |
$ | 0.08 | | |
$ | 0.00 | | |
$ | 0.00 | | |
$ | 0.11 | | |
$ | 0.11 | | |
$ | (0.01 | ) | |
$ | (0.01 | ) |
Recent
Accounting Pronouncements
The
Company’s management does not believe that any recently issued, but not yet effective, accounting standards updates, if currently
adopted, would have a material effect on the accompanying unaudited condensed financial statements.
Note
3-Initial Public Offering
On
April 1, 2021, the Company consummated its Initial Public Offering of 20,000,000 Public Shares, at an offering price of $10.00 per Public
Share, generating gross proceeds of $200.0 million, and incurring offering costs of approximately $11.1 million (net of a required reimbursement
from the underwriter), of which $7.0 million was for deferred underwriting commissions.
The
Company granted the underwriter a 45-day option from the final prospectus relating to the Initial Public Offering to purchase up to 3,000,000
additional Public Shares to cover over-allotments, if any, at the Initial Public Offering price less the underwriting discounts and commissions.
The underwriter partially exercised the over-allotment option and on April 13, 2021, purchased 1,437,500 Additional Shares, generating
gross proceeds of approximately $14.4 million, and the Company incurred additional offering costs of approximately $755,000 (net of a
required reimbursement from the underwriter), of which approximately $503,000 was for deferred underwriting fees.
Note
4-Related Party Transactions
Founder
Shares
On
January 21, 2021, the Original Sponsor paid $,
or approximately $per
share, to cover expenses in consideration for
Class B ordinary shares, par value $
(the “Founder Shares”). Up to 750,000
Founder Shares were subject to forfeiture to the extent that the over-allotment option was not exercised in full by the underwriter,
so that the Founder Shares would represent 20.0%
of the Company’s issued and outstanding shares after the Initial Public Offering. On March 8, 2021, the Original Sponsor
transferred
Founder Shares to each of Michelle Gill, Ryan Petersen and Laura de Petra, and
Founder Shares to Pierre Lamond. Such shares were subject to forfeiture in the event the underwriter’s over-allotment
was not exercised in full. The underwriters partially exercised their over-allotment option on April 13, 2021 and on April 19, 2021, the
Original Sponsor surrendered
Class B ordinary shares for no consideration resulting in 5,359,375
Class B ordinary shares issued and outstanding with no
shares subject to forfeiture. On March 31, 2023,
Class B ordinary shares were purchased from the Original Sponsor by the New Sponsor, and
were transferred in connection with non-redemption agreements.
TWO
NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
The
initial shareholders agreed, subject to limited exceptions, not to transfer, assign or sell any of their Founder Shares until the earlier
to occur of (A) one year after the completion of the initial Business Combination and (B) subsequent to the initial Business Combination,
(x) if the closing price of Class A ordinary shares equals or exceeds $ per share (as adjusted for share splits, share capitalizations,
reorganizations, recapitalizations and the like) for any trading days within any -trading day period commencing at least days
after the initial 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 Public Shareholders having the right to exchange their ordinary shares for cash,
securities or other property.
Private
Placement Shares
Simultaneously
with the closing of the Initial Public Offering, the Company consummated the Private Placement of 600,000 Private Placement Shares, at
a price of $10.00 per Private Placement Share to the Original Sponsor, generating gross proceeds of approximately $ million. If the
over-allotment option was exercised, the Original Sponsor could have purchased an additional amount of up to 60,000 Private Placement
Shares at a price of $10.00 per share. A portion of the proceeds from the Private Placement Shares was added to the proceeds from the
Initial Public Offering held in the Trust Account. Simultaneously with the closing of the Over-Allotment on April 13, 2021, the Company
consummated the second closing of the Private Placement, resulting in the purchase of an aggregate of an additional 28,750 Private Placement
Shares by the Original Sponsor, generating gross proceeds to the Company of $. On December
30, 2022, the Sponsor unconditionally and irrevocably forfeited all Private Placement Shares to the Company for no value and
the Company cancelled the Private Placement Shares effective as of the same date.
The
Original Sponsor, the New Sponsor and the Company’s officers and directors agreed, subject to limited exceptions, not to transfer,
assign or sell any of their Private Placement Shares until 30 days after the completion of the initial Business Combination.
Sponsor
Loan
On
January 21, 2021, the Original Sponsor agreed to loan the Company up to $300,000 pursuant to a promissory note (the “Note”).
This loan was non-interest bearing and payable upon the completion of the Initial Public Offering. The Company borrowed approximately
$81,000 under the Note and repaid the Note in full on April 5, 2021. additional borrowing is available under the Note.
Working
Capital Loans
In
addition, in order to finance transaction costs in connection with a Business Combination, the Original Sponsor, the New Sponsor,
any of their affiliates, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company
funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would
repay the Working Capital Loans. 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. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without
interest, or, at the lender’s discretion, up to $1.5
million of such Working Capital Loans may be convertible into private placement shares at a price of $10.00
per share. As of June 30, 2023 and December 31, 2022, the Company had $0
and $0
of convertible Working Capital Loans outstanding, respectively.
Note Payable – Related Party
On August 7, 2023, the Company issued a promissory note to the Sponsor
in an amount up to $1,500,000, of which $668,000 had previously been advanced by the Sponsor, and is recorded in the unaudited condensed
financial statements. The note accrues no interest and is payable upon the consummation of the initial business combination or the date
of the liquidation of the Company.
As of June 30, 2023 and December 31, 2023 the Company had $668,000 and
$0, respectively, of related party notes payable outstanding.
Administrative
Services Agreement
On
March 29, 2021, the Company entered into that certain administrative services agreement (the “Administrative Services Agreement”)
with the Original Sponsor pursuant to which, commencing on the date the Company’s securities were first listed on the New York
Stock Exchange, the Company agreed to pay the Original Sponsor a total of $ per month for office space, secretarial and administrative
services. On March 31, 2023, pursuant to an assignment and assumption agreement, the Original Sponsor assigned the Administrative Services
Agreement to the New Sponsor. Upon completion of the initial Business Combination or the Company’s liquidation, the Company will
cease paying these monthly fees. During the three and six months ended June 30, 2023 and 2022, the Company incurred $30,000 and $60,000
in expenses for these services, which are included in general and administrative expenses on the accompanying unaudited condensed statements
of operations. No amount was due as of June 30, 2023 and December 31, 2022.
TWO
NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Note
5-Commitments and Contingencies
Registration
Rights
The
holders of Founder Shares, Private Placement Shares, and Class A ordinary shares that may be issued upon conversion of Working Capital
Loans were entitled to registration rights pursuant to a registration rights agreement signed upon consummation of the Initial Public
Offering. These holders were entitled to make up to three demands, excluding short form demands, that the Company registers such securities.
In addition, these holders will have certain “piggy-back” registration rights with respect to registration statements filed
subsequent to the completion of the initial Business Combination. The Company will bear the expenses incurred in connection with the
filing of any such registration statements.
Underwriting
Agreement
The
underwriter was entitled to an underwriting discount of $0.20 per share, or $4.0 million in the aggregate, paid upon the closing of the
Initial Public Offering. In addition, $0.35 per share, or approximately $7.0 million in the aggregate was deferred underwriting commissions
to the underwriter.
The
underwriter partially exercised the over-allotment option and was entitled to an additional fee of approximately $755,000 (net of a required
reimbursement from the underwriter), of which approximately $503,000 was for deferred underwriting commissions.
On
February 14, 2023, the representative of the underwriters executed a waiver agreement to forfeit any rights or claims they have, or may
in the future have, to the deferred underwriting commissions. The Company reduced the deferred underwriting fee payable on the unaudited
condensed balance sheets by the full amount of $7,503,125 which was charged directly to accumulated deficit in the unaudited condensed
statement of changes in shareholders’ deficit.
Risks
and Uncertainties
Various
social and political circumstances in the United States and around the world (including wars and other forms of conflict, including rising
trade tensions between the United States and China, and other uncertainties regarding actual and potential shifts in the United States
and foreign, trade, economic and other policies with other countries, terrorist acts, security operations and catastrophic events such
as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics), may also contribute to increased market volatility
and economic uncertainties or deterioration in the United States and worldwide. Specifically, the rising conflict between Russia and
Ukraine, and resulting market volatility could adversely affect the Company’s ability to complete a business combination. In response
to the conflict between Russia and Ukraine, the United States and other countries have imposed sanctions or other restrictive actions
against Russia. Any of the above factors, including sanctions, export controls, tariffs, trade wars and other governmental actions, could
have a material adverse effect on the Company’s ability to complete a business combination and the value of the Company’s
securities.
Management
continues to evaluate the impact of these types of risks on the industry and has concluded that while it is reasonably possible that
these types of risks could have a negative effect on the Company’s financial position, results of its operations and/or search
for a target company, the specific impact is not readily determinable as of the date of these unaudited condensed financial statements.
The unaudited condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Note
6-Class A Ordinary Shares Subject to Possible Redemption
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 future events. The Company is authorized to issue 400,000,000 Class A ordinary shares with a par value
of $0.0001 per share. Holders of the Company’s Class A ordinary shares are entitled to one vote for each share. As of June 30,
2023 and December 31, 2022, there were 5,000,013 and 21,437,500 Class A ordinary shares outstanding, respectively, of which 5,000,013
and 21,437,500 shares were subject to possible redemption, respectively.
On March 31, 2023 stockholders holding 16,437,487 Class A ordinary shares exercised their right to redeem their
shares for a pro rata portion of the funds in the Trust Account. As a result, approximately $168.2 million (approximately $10.23 per share) was removed from the Trust Account to pay such holders and approximately $51.1 million remained in the Trust
Account. Following the redemptions, the Company has 5,000,013 Class A outstanding.
TWO
NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Class
A ordinary shares subject to possible redemption reflected on the condensed balance sheets are reconciled on the following table:
Summary of Class A Ordinary Shares Subject to Possible Redemption
| Class A ordinary shares subject to possible redemption, December 31, 2022 | |
$ | 217,165,704 | |
| Class A ordinary shares tendered for redemption | |
| (168,236,768 | ) |
| Plus: | |
| | |
| Waiver of Class A shares issuance costs | |
| 7,503,125 | |
| Less: | |
| | |
| Change in redemption value of Class A ordinary shares
subject to possible redemption amount | |
| (4,577,861 | ) |
| Class A ordinary shares subject to possible redemption, June 30, 2023 | |
$ | 51,854,200 | |
Note
7-Shareholders’ Deficit
Preference
Shares - The Company is authorized to issue 1,000,000 preference shares with a par value $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, 2023 and December 31, 2022, there were no preference shares issued or outstanding.
Class
A Ordinary Shares - The Company is authorized to issue 400,000,000 Class A ordinary shares with a par value of $0.0001 per share.
As of June 30, 2023 and December 31, 2022, there were 5,000,013 and 21,437,500 Class A ordinary shares outstanding, respectively, all
of which shares were subject to possible redemption and have been classified as temporary equity, respectively (see Note 6).
Class
B Ordinary Shares - The Company is authorized to issue 10,000,000 Class B ordinary shares with a par value of $0.0001 per share.
Holders are entitled to one vote for each share of Class B ordinary shares. On January 21, 2021, 5,750,000 Class B ordinary shares were
issued to the Company’s Sponsor. Of the 5,750,000 Class B ordinary shares, an aggregate of up to 750,000 shares were subject to
forfeiture to the Company for no consideration to the extent that the underwriter’s over-allotment option was not exercised in
full or in part, so that the initial shareholders will collectively own 20% of the Company’s issued and outstanding ordinary shares
(excluding the Private Placement Shares) after the Initial Public Offering. The underwriters partially exercised their over-allotment
option on April 13, 2021, 390,625 Class B ordinary shares were forfeited for no consideration resulting in 5,359,375 Class B ordinary
shares issued and outstanding with no shares subject to forfeiture. On June 30, 2023, 3,347,611 Class B ordinary shares were purchased
from the Original Sponsor by the New Sponsor, and were transferred in connection with the non-redemption agreements.
Holders
of the Class A ordinary shares and holders of the Class B ordinary shares will vote together as a single class on all matters submitted
to a vote of the Company’s shareholders, except as required by law or stock exchange rule; provided that only holders of the Class
B ordinary shares have the right to vote on the election of the Company’s directors prior to the initial Business Combination.
The
Class B ordinary shares will automatically convert into Class A ordinary shares on the first business day following the consummation
of the initial Business Combination at a ratio such that the number of Class A ordinary shares issuable upon conversion of all Founder
Shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of (i) the total number of ordinary shares issued and outstanding
upon completion of the Initial Public Offering (excluding the Private Placement Shares), plus (ii) the sum of the total number of Class
A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or
deemed issued, by the Company in connection with or in relation to the consummation of the initial Business Combination, excluding any
Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, deemed issued,
or to be issued, to any seller in the initial Business Combination and any Private Placement Shares that may be issued upon conversion
of Working Capital Loans. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one
to one.
TWO
NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Note
8-Fair Value Measurements
The
following tables present information about the Company’s assets that are measured at fair value on a recurring basis as of June
30, 2023 and December 31, 2022 and indicate the fair value hierarchy of the valuation techniques that the Company utilized to determine
such fair value:
Summary of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis
June
30, 2023
| | |
Quoted | | |
Significant | | |
Significant | |
| | |
Prices | | |
Other | | |
Other | |
| | |
in Active | | |
Observable | | |
Unobservable | |
| | |
Markets | | |
Inputs | | |
Inputs | |
| Description | |
(Level 1) | | |
(Level 2) | | |
(Level 3) | |
| Marketable securities held in Trust Account: | |
| | | |
| | | |
| | |
| U.S. Treasury Trust Funds | |
$ | 51,954,200 | | |
$ | — | | |
$ | — | |
December
31, 2022
| | |
Quoted | | |
Significant | | |
Significant | |
| | |
Prices | | |
Other | | |
Other | |
| | |
in Active | | |
Observable | | |
Unobservable | |
| | |
Markets | | |
Inputs | | |
Inputs | |
| Description | |
(Level 1) | | |
(Level 2) | | |
(Level 3) | |
| Marketable securities held in Trust Account: | |
| | | |
| | | |
| | |
| U.S. Treasury Securities (1) | |
$ | 217,265,704 | | |
$ | — | | |
$ | — | |
Transfers
to/from Levels 1, 2, and 3 are recognized at the beginning of the reporting period. There were no transfers between levels of the hierarchy
for the three and six months ended June 30, 2023 and 2022.
Level
1 assets include investments in Treasury Bills and treasury focused treasury trust funds. The Company uses inputs such as actual trade
data, quoted market prices from dealers or brokers, and other similar sources to determine the fair value of its investments.
Note
9-Subsequent Events
Management
has evaluated subsequent events and transactions that occurred up to the date the unaudited condensed financial statements were issued.
Based upon this review, the Company did not identify any subsequent events, other than the items discussed below, that would have required
adjustment or disclosure in the unaudited condensed financial statements.
On August 7, 2023, the Company issued a promissory note to the Sponsor
in an amount up to $1,500,000, of which $668,000 had previously been advanced by the Sponsor, and is recorded in the unaudited condensed
financial statements. The note accrues no interest and is payable upon the consummation of the initial business combination or the date
of the liquidation of the Company.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
References
to the “Company,” “two” “our,” “us” or “we” refer to two. The following discussion
and analysis of the Company’s financial condition and results of operations should be read in conjunction with the condensed financial
statements and the notes thereto contained elsewhere in this report. Certain information contained in the discussion and analysis set
forth below includes forward-looking statements that involve risks and uncertainties.
Cautionary
Note Regarding Forward-Looking Statements
This
Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Exchange Act. We have based these forward-looking statements on our current expectations and projections
about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us
that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results,
levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify
forward-looking statements by terminology such as “may,” “should,” “could,” “would,”
“expect,” “plan,” “anticipate,” “believe,” “estimate,” “continue,”
or the negative of such terms or other similar expressions. Factors that might cause or contribute to such a discrepancy include, but
are not limited to, those described in our other SEC filings.
Overview
We
are a blank check company incorporated as a Cayman Islands exempted company on January 15, 2021. We were formed for the purpose of effecting
a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses
(the “Business Combination”). We are an emerging growth company and, as such, we are subject to all of the risks associated
with emerging growth companies.
Our
sponsor was originally two sponsor, a Cayman Islands exempted limited company (the “Original Sponsor”), until March 31, 2023
and has been HC Proptech Partners III, LLC (the “New Sponsor”) since March 31, 2023. The registration statement for our initial
public offering (the “Initial Public Offering”) was declared effective March 29, 2021. On April 1, 2021, we consummated our
Initial Public Offering of 20,000,000 Class A ordinary shares (the “Public Shares”), at an offering price of $10.00 per Public
Share, generating gross proceeds of $200.0 million, and incurring offering costs of approximately $11.1 million (net of a required reimbursement
from the underwriter), of which $7.0 million was for deferred underwriting commissions. The underwriter was granted a 45-day option from
the date of the final prospectus relating to the Initial Public Offering to purchase up to 3,000,000 additional shares to cover over-allotments,
if any, at $10.00 per share. The underwriter partially exercised the over-allotment option and on April 13, 2021 purchased an additional
1,437,500 Class A ordinary shares (the “Additional Shares”), generating gross proceeds of approximately $14.4 million (the
“Over-Allotment”), and we incurred additional offering costs of approximately $755,000 (net of a required reimbursement from
the underwriter), of which approximately $503,000 was for deferred underwriting fees.
Simultaneously
with the closing of the Initial Public Offering, we consummated the private placement (“Private Placement”) of 600,000 Class
A ordinary shares (the “Private Placement Shares”), at a price of $10.00 per Private Placement Share to the Original Sponsor,
generating gross proceeds of approximately $6.0 million. Simultaneously with the closing of the Over-Allotment on April 13, 2021, we
consummated the second closing of the Private Placement, resulting in the purchase of an aggregate of an additional 28,750 Private Placement
Shares by the Original Sponsor, generating gross proceeds to the Company of $287,500.
Upon
the closing of the Initial Public Offering, the Over-Allotment, and the Private Placements, $214.4 million ($10.00 per share) of the
net proceeds of the sale of the Public Shares in the Initial Public Offering and of the Private Placement Shares in the Private Placement
were placed in a trust account (“Trust Account”), located in the United States with Continental Stock Transfer & Trust
Company acting as trustee, and were originally invested 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 that invest
only in direct U.S. government treasury obligations and later moved to cash demand accounts, until the earlier of (i) the completion
of a Business Combination and (ii) the distribution of the Trust Account as described below.
Our
management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale
of Private Placement Shares, although substantially all of the net proceeds are intended to be applied generally toward consummating
a Business Combination. There is no assurance that we will be able to complete a Business Combination successfully. We must complete
one or more initial Business Combinations having an aggregate fair market value of at least 80% of the assets held in the Trust Account
(excluding the deferred underwriting commissions and taxes payable on income earned on the Trust Account) at the time of the agreement
to enter into the initial Business Combination. However, we will only complete a Business Combination if the post-transaction company
owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target
sufficient for it not to be required to register as an investment company under the Investment Company Act.
If
we are unable to complete a Business Combination by January 1, 2024, we 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 our income taxes, if any (less up to $100,000 of interest to pay
dissolution expenses), divided by the number of the then-outstanding Public Shares, which redemption will completely extinguish Public
Shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii) as promptly
as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the board of directors, liquidate
and dissolve, subject in the case of clauses (ii) and (iii) to the Company’s obligations under Cayman Islands law to provide for
claims of creditors and the requirements of other applicable law.
On
March 31, 2023, the Company held its extraordinary general meeting of shareholders at which the shareholders approved an amendment to
the Company’s Amended and Restated Memorandum and Articles of Association to extend the date by which the Company must consummate
a Business Combination from April 1, 2023 (the date which was 24 months from the closing date of the Company’s Initial Public Offering)
to January 1, 2024 (the date which is 33 months from the closing date of the Initial Public Offering).
On
March 31, 2023, the Original Sponsor sold up to 4,854,375 Class B ordinary shares of the Company to the New Sponsor, which became
the Company’s sponsor by assuming the rights and obligations of the Original Sponsor to the Company.
Liquidity
and Going Concern
As
of June 30, 2023, we had approximately $25,000 in cash and a working capital deficit of approximately $1,020,000.
The
Company’s liquidity needs to date have been satisfied through $25,000 paid by the Original Sponsor to cover certain expenses in
exchange for the issuance of the Founder Shares, a loan of approximately $81,000 from the Original Sponsor pursuant to the Note (as defined
in Note 4), and the proceeds from the consummation of the Private Placement not held in the Trust Account of $2.5 million (net of a required
reimbursement from the underwriter). The Company repaid the Note in full on April 5, 2021. No additional borrowing is available under
the Note. In addition, in order to finance transaction costs in connection with a Business Combination, the Original Sponsor, the New
Sponsor, any of their affiliates, or certain of the Company’s officers and directors may, but are not obligated to, provide the
Company Working Capital Loans (as defined in Note 4). As of June 30, 2023 and December 31, 2022, there was $0 and $0 advanced by the
Sponsor on a non-convertible Working Capital Loans, respectively.
On August 7, 2023, the Company issued a promissory note to the Sponsor
in an amount up to $1,500,000, of $668,000 had previously been advanced by the Sponsor, and is recorded in the unaudited condensed financial
statements. The note accrues no interest and is payable upon the consummation of the initial business combination or the date of the liquidation
of the Company.
Our
management has determined that we may not have sufficient liquidity to meet our anticipated obligations through the earlier of our consummation
of an initial Business Combination or our liquidation date. Over this time period, we will be using these funds for paying existing accounts
payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target
businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and
consummating the Business Combination.
In
connection with our assessment of going concern considerations in accordance with FASB Accounting Standards Update
(“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going
Concern,” our management has determined that the liquidity issue and the mandatory liquidation and subsequent dissolution
raises substantial doubt about our ability to continue as a going concern. No adjustments have been made to the carrying amounts of
assets or liabilities should the Company be required to liquidate after January 1, 2024. The unaudited condensed financial
statements do not include any adjustment that might be necessary if we are unable to continue as a going concern. We plan to
complete a Business Combination prior to the mandatory liquidation date.
Various
social and political circumstances in the United States and around the world (including wars and other forms of conflict, including rising
trade tensions between the United States and China, and other uncertainties regarding actual and potential shifts in the United States
and foreign, trade, economic and other policies with other countries, terrorist acts, security operations and catastrophic events such
as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics), may also contribute to increased market volatility
and economic uncertainties or deterioration in the United States and worldwide. Specifically, the rising conflict between Russia and
Ukraine, and resulting market volatility could adversely affect our ability to complete a Business Combination. In response to the conflict
between Russia and Ukraine, the United States and other countries have imposed sanctions or other restrictive actions against Russia.
Any of the above factors, including sanctions, export controls, tariffs, trade wars and other governmental actions, could have a material
adverse effect on our ability to complete a Business Combination and the value of our securities.
Management
continues to evaluate the impact of these types of risks on the industry and has concluded that while it is reasonably possible that
these types of risks could have a negative effect on our financial position, results of our operations and/or search for a target company,
the specific impact is not readily determinable as of the date of these unaudited condensed financial statements. The unaudited condensed
financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Results
of Operations
Our
entire activity from inception to June 30, 2023 was for our formation and the Initial Public Offering, and subsequent to the Initial
Public Offering, the search for a target for our initial Business Combination. We will not be generating any operating revenues until
the closing and completion of our initial Business Combination.
For
the three months ended June 30, 2023, we had net income of approximately $857,000, which consisted of approximately $1,291,000 in
gain on marketable securities (net), dividends and interest, held in Trust Account, partially offset by approximately
$434,000 in general and administrative expenses.
For
the six months ended June 30, 2023, we had net income of approximately $2,095,000, which consisted of approximately $2,926,000 in gain
on marketable securities (net), dividends and interest, held in Trust Account, partially offset by approximately $831,000 in general
and administrative expenses.
For
the three months ended June 30, 2022, we had net income of approximately $135,000, which consisted of approximately $170,000 in general
and administrative expenses, and $305,000 in gain (loss) on marketable securities (net), dividends and interest, held in Trust Account.
For
the six months ended June 30, 2022, we had a net loss of approximately $265,000, which consisted of approximately $179,000 in gain
on marketable securities (net), dividends and interest, held in Trust Account, partially offset by approximately $444,000 in general
and administrative expenses.
Contractual
Obligations
Registration
Rights
The
holders of Founder Shares, Private Placement Shares, and Class A ordinary shares that may be issued upon conversion of Working Capital
Loans were entitled to registration rights pursuant to a registration rights agreement signed upon consummation of the Initial Public
Offering. These holders were entitled to make up to three demands, excluding short form demands, that we register such securities. In
addition, these holders will have certain “piggy-back” registration rights with respect to registration statements filed
subsequent to the completion of the initial Business Combination. We will bear the expenses incurred in connection with the filing of
any such registration statements.
Underwriting
Agreement
The
underwriter was entitled to an underwriting discount of $0.20 per share, or $4.0 million in the aggregate, paid upon the closing of the
Initial Public Offering. In addition, $0.35 per share, or approximately $7.0 million in the aggregate was deferred underwriting commissions
to the underwriter.
The
underwriter partially exercised the over-allotment option and was entitled to an additional fee of approximately $755,000 (net of a required
reimbursement from the underwriter), of which approximately $503,000 was for deferred underwriting commissions.
On
February 14, 2023, the representative of the underwriters waived any rights to receive the deferred underwriting commissions.
Administrative
Services Agreement
On
March 29, 2021, we entered into that certain administrative services agreement (the “Administrative Services Agreement”)
with the Original Sponsor pursuant to which, commencing on the date our securities were first listed on the New York Stock Exchange,
we agreed to pay the Original Sponsor a total of $10,000 per month for office space, secretarial and administrative services. On March
31, 2023, pursuant to an assignment and assumption agreement, the Original Sponsor assigned the Administrative Services Agreement to
the New Sponsor. Upon completion of the initial Business Combination or our liquidation, we will cease paying these monthly fees. During
the three and six months ended June 30, 2023 and 2022, we incurred $30,000 and $60,000 in expenses for these services, respectively,
which are included in administrative expenses-related party on the accompanying unaudited condensed statements of operations. No amount
was due as of June 30, 2023 and December 31, 2022.
Critical
Accounting Policies and Estimates
The
preparation of unaudited condensed financial statements and related disclosures in conformity with accounting principles generally
accepted in the United States 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. We have identified the
following as our critical accounting policies:
Class
A Ordinary Shares Subject to Possible Redemption
We
account for our Class A ordinary shares subject to possible redemption (our Public Shares) in accordance with the guidance in ASC 480.
Class A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value.
Conditionally redeemable Class A ordinary shares (including Class A ordinary shares that feature redemption rights that are either within
the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control)
are classified as temporary equity. At all other times, Class A ordinary shares are classified as shareholders’ equity. As part
of the Private Placement, the Company issued 628,750 Private Placement Shares to the Original Sponsor. These Private Placement Shares
will not be transferable, assignable or salable until 30 days after the completion of our initial Business Combination. They are also
considered non-redeemable and are presented as permanent equity in the Company’s condensed balance sheets. On December 30, 2022,
the Sponsor unconditionally and irrevocably forfeited all 628,750 Private Placement Shares to the Company for no value and the Company
cancelled the Private Placement Shares effective as of the same date. Our Class A ordinary shares sold in the Initial Public Offering
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, as of June 30, 2023 and December 31, 2022, 5,000,013 and 21,437,500 Class A ordinary shares, respectively,
subject to possible redemption are presented as temporary equity, outside of the shareholders’ deficit section of the Company’s
condensed balance sheets.
Under
ASC 480-10S99, we have elected to recognize changes in the redemption value immediately as they occur and adjust the carrying value of
the security to equal the redemption value at the end of each reporting period. This method would view the end of the reporting period
as if it were also the redemption date for the security. Effective upon the closing of the Initial Public Offering, the Company recognized
the accretion from initial book value to redemption amount value. The change in the carrying value of redeemable Class A ordinary shares
resulted in charges against additional paid-in capital and accumulated deficit. Subsequently, we recognized changes in the redemption
value as an increase in redemption value of Class A ordinary shares subject to possible redemption as reflected on the accompanying unaudited
condensed statements of changes in shareholders’ deficit.
Investments
Held in the Trust Account
Our
portfolio of investments is comprised of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment
Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities and
generally have a readily determinable fair value, or a combination thereof. When our investments held in the Trust Account are comprised
of U.S. government securities, the investments are classified as trading securities. When our investments held in the Trust Account are
comprised of money market funds, the investments are recognized at fair value. Trading securities and investments in money market funds
are presented on the 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 are included in gain on marketable securities (net), dividends and interest, held in 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.
Offering
Costs Associated with the Initial Public Offering
Offering
costs consisted of legal, accounting, underwriting fees and other costs incurred through the balance sheet date that were directly related
to the Initial Public Offering and that were charged against the carrying value of the Class A ordinary shares subject to possible redemption
upon the completion of the Initial Public Offering in April 2021.
Net
Income (Loss) Per Ordinary Share
We
comply with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” We have two classes of shares,
which are referred to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro rata between the two classes
of shares, which assumes a Business Combination as the most likely outcome. Net income (loss) per ordinary share is calculated by dividing
the net income (loss) by the weighted average shares of ordinary shares outstanding for the respective period.
At
June 30, 2023 and December 31, 2022, we did not have any dilutive securities and other contracts that could potentially be exercised
or converted into ordinary shares and then share in our earnings. As a result, diluted net income (loss) per ordinary share is the same
as basic net income (loss) per ordinary share for the three and six months ended June 30, 2023 and 2022. Accretion associated with the
redeemable Class A ordinary shares is excluded from earnings per share as the redemption value approximates fair value.
Recent
Accounting Pronouncements
Our
management does not believe that any recently issued, but not yet effective, accounting standards updates, if currently adopted, would
have a material effect on the accompanying unaudited condensed financial statements.
JOBS
Act
The
Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) contains provisions that, among other things, relax certain
reporting requirements for qualifying public companies. We qualify as an “emerging growth company” and under the JOBS
Act 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, the 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 auditor’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 auditor’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 designed to ensure that information required to be disclosed by us in our Exchange Act reports is recorded,
processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is
accumulated and communicated to our management, including our principal executive officer and principal financial officer or persons
performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
Under
the supervision and with the participation of our management, including our Chief Executive Officer and our Chief Financial Officer,
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 this evaluation, our Chief Executive Officer and Chief Financial Officer
have concluded that as of the end of the period covered by this Quarterly Report on Form 10-Q, our disclosure controls and procedures
were effective at June 30, 2023.
Changes
in Internal Control over Financial Reporting
There
were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange
Act) during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal
control over financial reporting.
PART
II. OTHER INFORMATION
Item
1. Legal Proceedings
None.
Item
1A. Risk Factors
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
2. Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities.
(a)
Sales of Unregistered Securities – Not Applicable.
(b)
Use of Proceeds - Not Applicable.
(c)
Issuer Purchases of Securities
On
March 31, 2023, the Company held its extraordinary general meeting of shareholders at which the shareholders approved an amendment to
the Company’s Amended and Restated Memorandum and Articles of Association to extend the date by which the Company must consummate
a Business Combination from April 1, 2023 (the date which was 24 months from the closing date of the Company’s Initial Public Offering)
to January 1, 2024 (the date which is 33 months from the closing date of the Initial Public Offering) (the “Charter Amendment”).
In connection with the shareholder vote to approve the Charter Amendment, 16,437,487 Public Shares
were redeemed at approximately $10.23 per share, resulting in a reduction of approximately
$168,236,768 in the amount held in the Trust Account.
The
following table contains monthly information about the repurchases of our equity securities for the three months ended June 30, 2023:
| 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, 2023 | |
| 16,437,487 | | |
$ | 10.23 | | |
| — | | |
| — | |
| | |
| | | |
| | | |
| | | |
| | |
| May 1 – May 31, 2023 | |
| — | | |
| — | | |
| — | | |
| — | |
| | |
| | | |
| | | |
| | | |
| | |
| June 1 – June 30, 2023 | |
| — | | |
| — | | |
| — | | |
| — | |
Item
3. Defaults upon Senior Securities
None.
Item
4. Mine Safety Disclosures.
Not
applicable.
Item
5. Other Information.
On August 7, 2023, the Company issued a promissory note to the Sponsor in
an amount up to $1,500,000, of which $668,000 had previously been advanced by the Sponsor, and is recorded in the unaudited condensed
financial statements. The note accrues no interest and is payable upon the consummation of the initial business combination or the date
of the liquidation of the Company.
Item
6. Exhibits.
SIGNATURES
In
accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
| |
two |
| |
|
|
| Date:
August 11, 2023 |
By: |
/s/
Thomas Hennessy |
| |
Name:
|
Thomas
Hennessy |
| |
Title: |
Chief
Executive Officer |
| |
|
(Principal
Executive Officer) |
| |
|
|
| Date:
August 11, 2023 |
By: |
/s/
Nicholas Geeza |
| |
Name: |
Nicholas
Geeza |
| |
Title: |
Chief
Financial Officer |
| |
|
(Principal
Financial and Accounting Officer) |
Exhibit
31.1
CERTIFICATION
OF CHIEF EXECUTIVE OFFICER
PURSUANT
TO RULE 13A-14(A) UNDER THE SECURITIES EXCHANGE ACT OF 1934,
AS
ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Thomas Hennessy, certify that:
| 1. |
I
have reviewed this quarterly report on Form 10-Q of two; |
| 2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
| 3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
| 4. |
The
registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and internal control over financial reporting (as defined
in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
| |
a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to
ensure that material information relating to the registrant, is made known to us by others within those entities, particularly during
the period in which this report is being prepared; and |
| |
b) |
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 my conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
| |
d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
| 5. |
The
registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or
persons performing the equivalent functions): |
| |
a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
| |
b) |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date:
August 11, 2023
| |
/s/
Thomas Hennessy |
| |
Thomas
Hennessy |
| |
Chief
Executive Officer |
| |
(Principal
Executive Officer) |
Exhibit
31.2
CERTIFICATION
OF CHIEF FINANCIAL OFFICER
PURSUANT
TO RULE 13A-14(A) UNDER THE SECURITIES EXCHANGE ACT OF 1934,
AS
ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Nicholas Geeza, certify that:
| 1. |
I
have reviewed this quarterly report on Form 10-Q of two; |
| 2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
| 3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
| 4. |
The
registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and internal control over financial reporting (as defined
in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
| |
a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to
ensure that material information relating to the registrant, is made known to us by others within those entities, particularly during
the period in which this report is being prepared; and |
| |
b) |
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 my conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
| |
d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
| 5. |
The
registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or
persons performing the equivalent functions): |
| |
a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
| |
b) |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date:
August 11, 2023
| |
/s/
Nicholas Geeza |
| |
Nicholas
Geeza |
| |
Chief
Financial Officer |
| |
(Principal
Financial and Accounting Officer) |
Exhibit
32.1
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of two (the “Company”) on Form 10-Q for the quarterly period ended June 30, 2023, as
filed with the Securities and Exchange Commission (the “Report”), I, Thomas Hennessy, Chief Executive Officer of the Company,
certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that, to the best of my
knowledge:
| |
1. |
The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
| |
2. |
The
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company. |
Date:
August 11, 2023
| |
/s/
Thomas Hennessy |
| |
Thomas
Hennessy |
| |
Chief
Executive Officer |
| |
(Principal
Executive Officer) |
Exhibit
32.2
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of two (the “Company”) on Form 10-Q for the quarterly period ended June 30, 2023, as
filed with the Securities and Exchange Commission (the “Report”), I, Nicholas Geeza, Chief Financial Officer of the Company,
certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that, to the best of my
knowledge:
| |
1. |
The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
| |
2. |
The
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company. |
Date:
August 11, 2023
| |
/s/
Nicholas Geeza |
| |
Nicholas
Geeza |
| |
Chief
Financial Officer |
| |
(Principal
Financial and Accounting Officer) |
v3.23.2
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2023 |
Aug. 11, 2023 |
| Document Type |
10-Q
|
|
| Amendment Flag |
false
|
|
| Document Quarterly Report |
true
|
|
| Document Transition Report |
false
|
|
| Document Period End Date |
Jun. 30, 2023
|
|
| Document Fiscal Period Focus |
Q2
|
|
| Document Fiscal Year Focus |
2023
|
|
| Current Fiscal Year End Date |
--12-31
|
|
| Entity File Number |
001-40292
|
|
| Entity Registrant Name |
two
|
|
| Entity Central Index Key |
0001843988
|
|
| Entity Tax Identification Number |
98-1577238
|
|
| Entity Incorporation, State or Country Code |
E9
|
|
| Entity Address, Address Line One |
900
Kearney St
|
|
| Entity Address, Address Line Two |
Suite 610
|
|
| Entity Address, City or Town |
San
Francisco
|
|
| Entity Address, State or Province |
CA
|
|
| Entity Address, Postal Zip Code |
94133
|
|
| City Area Code |
(415)
|
|
| Local Phone Number |
480-1752
|
|
| Title of 12(b) Security |
Class
A ordinary shares, par value $0.0001 per share
|
|
| Trading Symbol |
TWOA
|
|
| Security Exchange Name |
NYSE
|
|
| Entity Current Reporting Status |
No
|
|
| Entity Interactive Data Current |
Yes
|
|
| Entity Filer Category |
Non-accelerated Filer
|
|
| Entity Small Business |
true
|
|
| Entity Emerging Growth Company |
true
|
|
| Elected Not To Use the Extended Transition Period |
false
|
|
| Entity Shell Company |
true
|
|
| Common Class A [Member] |
|
|
| Entity Common Stock, Shares Outstanding |
|
5,000,013
|
| Common Class B [Member] |
|
|
| Entity Common Stock, Shares Outstanding |
|
5,359,375
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v3.23.2
Condensed Balance Sheets - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
| Current assets: |
|
|
| Cash |
$ 24,967
|
$ 336,252
|
| Prepaid expenses |
270,595
|
86,399
|
| Total current assets |
295,562
|
422,651
|
| Marketable securities held in Trust Account |
51,954,200
|
217,265,704
|
| Total Assets |
52,249,762
|
217,688,355
|
| Current liabilities: |
|
|
| Accounts payable |
|
1,991
|
| Accrued expenses |
645,096
|
608,096
|
| Total current liabilities |
1,313,510
|
610,087
|
| Deferred underwriting commissions |
|
7,503,125
|
| Total liabilities |
1,313,510
|
8,113,212
|
| Commitments and Contingencies |
|
|
| Class A ordinary shares subject to possible redemption, $0.0001 par value; 5,000,013 and 21,437,500 shares at $10.37 and $10.13 per share at June 30, 2023 and December 31, 2022, respectively |
51,854,200
|
217,165,704
|
| Shareholders’ deficit |
|
|
| Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding |
|
|
| Additional paid-in capital |
|
|
| Accumulated deficit |
(918,484)
|
(7,591,097)
|
| Total shareholders’ deficit |
(917,948)
|
(7,590,561)
|
| Total Liabilities, Ordinary Shares Subject to Possible Redemption, and Shareholders’ Deficit |
52,249,762
|
217,688,355
|
| Common Class A [Member] |
|
|
| Current liabilities: |
|
|
| Class A ordinary shares subject to possible redemption, $0.0001 par value; 5,000,013 and 21,437,500 shares at $10.37 and $10.13 per share at June 30, 2023 and December 31, 2022, respectively |
51,854,200
|
217,165,704
|
| Shareholders’ deficit |
|
|
| Ordinary shares |
|
|
| Common Class B [Member] |
|
|
| Shareholders’ deficit |
|
|
| Ordinary shares |
536
|
536
|
| Related Party [Member] |
|
|
| Current liabilities: |
|
|
| Note payable-related party |
$ 668,414
|
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v3.23.2
Condensed Balance Sheets (Parenthetical) - $ / shares
|
Jun. 30, 2023 |
Dec. 31, 2022 |
| Preferred stock par or stated value per share |
$ 0.0001
|
$ 0.0001
|
| Preferred stock shares authorized |
1,000,000
|
1,000,000
|
| Preferred stock shares issued |
0
|
0
|
| Preferred stock shares outstanding |
0
|
0
|
| Common Class A [Member] |
|
|
| Temporary equity, par value |
$ 0.0001
|
$ 0.0001
|
| Temporary equity, shares issued |
5,000,013
|
21,437,500
|
| Temporary equity shares outstanding |
5,000,013
|
21,437,500
|
| Temporary equity, redemption price per share |
$ 10.37
|
$ 10.13
|
| Common stock par or stated value per share |
$ 0.0001
|
$ 0.0001
|
| Common stock shares authorized |
400,000,000
|
400,000,000
|
| Common stock shares issued |
0
|
0
|
| Common stock shares outstanding |
0
|
0
|
| Common Class B [Member] |
|
|
| Common stock par or stated value per share |
$ 0.0001
|
$ 0.0001
|
| Common stock shares authorized |
10,000,000
|
10,000,000
|
| Common stock shares issued |
5,359,375
|
5,359,375
|
| Common stock shares outstanding |
5,359,375
|
5,359,375
|
| X |
- DefinitionFace amount or stated value per share of common stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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v3.23.2
Condensed Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
| General and administrative expenses |
$ 433,603
|
$ 170,491
|
$ 830,512
|
$ 443,859
|
| Loss from operations |
(433,603)
|
(170,491)
|
(830,512)
|
(443,859)
|
| Gain on marketable securities (net), dividends and interest, held in Trust Account |
1,291,070
|
305,707
|
2,925,264
|
179,394
|
| Income (loss) before taxes |
857,467
|
135,216
|
2,094,752
|
(264,465)
|
| Income tax expense |
|
|
|
|
| Net income (loss) |
$ 857,467
|
$ 135,216
|
$ 2,094,752
|
$ (264,465)
|
| Common Class A [Member] |
|
|
|
|
| Weighted average shares outstanding of ordinary shares subject to possible redemption, basic |
5,000,013
|
22,066,250
|
13,173,349
|
22,066,250
|
| Weighted average shares outstanding of ordinary shares subject to possible redemption, diluted |
5,000,013
|
22,066,250
|
13,173,349
|
22,066,250
|
| Basic net income (loss) per share, ordinary shares subject to possible redemption |
$ 0.08
|
$ 0.00
|
$ 0.11
|
$ (0.01)
|
| Diluted net income (loss) per share, ordinary shares subject to possible redemption |
$ 0.08
|
$ 0.00
|
$ 0.11
|
$ (0.01)
|
| Common Class B [Member] |
|
|
|
|
| Weighted average shares outstanding of ordinary shares subject to possible redemption, basic |
5,359,375
|
5,359,375
|
5,359,375
|
5,359,375
|
| Weighted average shares outstanding of ordinary shares subject to possible redemption, diluted |
5,359,375
|
5,359,375
|
5,359,375
|
5,359,375
|
| Basic net income (loss) per share, ordinary shares subject to possible redemption |
$ 0.08
|
$ 0.00
|
$ 0.11
|
$ (0.01)
|
| Diluted net income (loss) per share, ordinary shares subject to possible redemption |
$ 0.08
|
$ 0.00
|
$ 0.11
|
$ (0.01)
|
| X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
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-Paragraph 3
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|
v3.23.2
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 , value at Dec. 31, 2021 |
$ 63
|
$ 536
|
|
$ (6,297,679)
|
$ (6,297,080)
|
| Balance, shares at Dec. 31, 2021 |
628,750
|
5,359,375
|
|
|
|
| Net income (loss) |
|
|
|
(399,681)
|
(399,681)
|
| Balance, value at Mar. 31, 2022 |
$ 63
|
$ 536
|
|
(6,697,360)
|
(6,696,761)
|
| Balance, shares at Mar. 31, 2022 |
628,750
|
5,359,375
|
|
|
|
| Balance , value at Dec. 31, 2021 |
$ 63
|
$ 536
|
|
(6,297,679)
|
(6,297,080)
|
| Balance, shares at Dec. 31, 2021 |
628,750
|
5,359,375
|
|
|
|
| Net income (loss) |
|
|
|
|
(264,465)
|
| Balance, value at Jun. 30, 2022 |
$ 63
|
$ 536
|
|
(6,447,193)
|
(6,446,594)
|
| Balance, shares at Jun. 30, 2022 |
|
5,359,375
|
|
|
|
| Balance , value at Mar. 31, 2022 |
$ 63
|
$ 536
|
|
(6,697,360)
|
(6,696,761)
|
| Balance, shares at Mar. 31, 2022 |
628,750
|
5,359,375
|
|
|
|
| Remeasurement of Class A ordinary shares to redemption value |
|
|
|
114,951
|
114,951
|
| Net income (loss) |
|
|
|
135,216
|
135,216
|
| Balance, value at Jun. 30, 2022 |
63
|
$ 536
|
|
(6,447,193)
|
(6,446,594)
|
| Balance, shares at Jun. 30, 2022 |
|
5,359,375
|
|
|
|
| Balance , value at Dec. 31, 2022 |
|
$ 536
|
|
(7,591,097)
|
(7,590,561)
|
| Balance, shares at Dec. 31, 2022 |
|
5,359,375
|
|
|
|
| Remeasurement of Class A ordinary shares to redemption value |
|
|
|
5,868,931
|
5,868,931
|
| Net income (loss) |
|
|
|
1,237,285
|
1,237,285
|
| Balance, value at Mar. 31, 2023 |
|
$ 536
|
|
(484,881)
|
(484,345)
|
| Balance, shares at Mar. 31, 2023 |
|
5,359,375
|
|
|
|
| Balance , value at Dec. 31, 2022 |
|
$ 536
|
|
(7,591,097)
|
(7,590,561)
|
| Balance, shares at Dec. 31, 2022 |
|
5,359,375
|
|
|
|
| Net income (loss) |
|
|
|
|
2,094,752
|
| Balance, value at Jun. 30, 2023 |
|
$ 536
|
|
(918,484)
|
(917,948)
|
| Balance, shares at Jun. 30, 2023 |
|
5,359,375
|
|
|
|
| Balance , value at Mar. 31, 2023 |
|
$ 536
|
|
(484,881)
|
(484,345)
|
| Balance, shares at Mar. 31, 2023 |
|
5,359,375
|
|
|
|
| Remeasurement of Class A ordinary shares to redemption value |
|
|
|
(1,291,070)
|
(1,291,070)
|
| Net income (loss) |
|
|
|
857,467
|
857,467
|
| Balance, value at Jun. 30, 2023 |
|
$ 536
|
|
$ (918,484)
|
$ (917,948)
|
| Balance, shares at Jun. 30, 2023 |
|
5,359,375
|
|
|
|
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v3.23.2
Condensed Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
| Cash Flows from Operating Activities |
|
|
|
|
| Net income (loss) |
$ 857,467
|
$ 135,216
|
$ 2,094,752
|
$ (264,465)
|
| Adjustments to reconcile net income (loss) to net cash used in operating activities: |
|
|
|
|
| Gain on marketable securities (net), dividends and interest, held in Trust Account |
(1,291,070)
|
(305,707)
|
(2,925,264)
|
(179,394)
|
| Changes in operating assets and liabilities: |
|
|
|
|
| Prepaid and other assets |
|
|
(184,196)
|
103,124
|
| Accounts payable |
|
|
(1,991)
|
(151,762)
|
| Accrued expenses |
|
|
37,000
|
81,835
|
| Net cash used in operating activities |
|
|
(979,699)
|
(410,662)
|
| Trust Account Withdrawal - redemption |
|
|
168,236,768
|
|
| Cash Flows from Financing Activities |
|
|
|
|
| Redemption of 16,437,487 Class A shares |
|
|
(168,236,768)
|
|
| Proceeds from note payable - related party |
|
|
668,414
|
|
| Offering costs paid, net of reimbursement from underwriter |
|
|
|
(85,000)
|
| Net cash used in financing activities |
|
|
(167,568,354)
|
(85,000)
|
| Net decrease in cash |
|
|
(311,285)
|
(495,662)
|
| Cash - beginning of period |
|
|
336,252
|
983,362
|
| Cash - end of period |
$ 24,967
|
$ 487,700
|
24,967
|
487,700
|
| Supplemental disclosure of noncash investing and financing activities: |
|
|
|
|
| Deferred underwriting fees payable |
|
|
$ (7,503,125)
|
|
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v3.23.2
Description of Organization and Business Operations
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Description of Organization and Business Operations |
Note
1-Description of Organization and Business Operations
two
(the “Company”) was incorporated as a Cayman Islands exempted company on January 15, 2021 for the purpose of effecting a
merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses
(the “Business Combination”). The Company is an emerging growth company and, as such, the Company is subject to all of the
risks associated with emerging growth companies.
As
of June 30, 2023, the Company had not commenced any operations. All activity for the period from January 15, 2021 (inception) through
June 30, 2023 relates to the Company’s formation and the initial public offering (the “Initial Public Offering”) described
below, and since the Initial Public Offering, the search for a Business Combination. The Company will not generate any operating revenues
until after the completion of its initial Business Combination, at the earliest. The Company generates non-operating income from investments
in the Trust Account derived from the proceeds of the Initial Public Offering.
The
Company’s sponsor was originally two sponsor, a Cayman Islands exempted limited company (the “Original Sponsor”), until
March 31, 2023 and has been HC Proptech Partners III, LLC (the “New Sponsor”) since March 31, 2023. The registration statement
for the Company’s Initial Public Offering was declared effective March 29, 2021. On April 1, 2021, the Company consummated its
Initial Public Offering of 20,000,000 Class A ordinary shares (the “Public Shares”), at an offering price of $10.00 per Public
Share, generating gross proceeds of $200.0 million, and incurring offering costs of approximately $11.1 million (net of a required reimbursement
from the underwriter), of which $7.0 million was for deferred underwriting commissions (see Note 5). The underwriter was granted a 45-day
option from the date of the final prospectus relating to the Initial Public Offering to purchase up to 3,000,000 additional shares to
cover over-allotments, if any, at $10.00 per share. The underwriter partially exercised the over-allotment option and on April 13, 2021,
purchased an additional 1,437,500 Class A ordinary shares (the “Additional Shares”), generating gross proceeds of approximately
$14.4 million (the “Over-Allotment”), and the Company incurred additional offering costs of approximately $755,000 (net of
a required reimbursement from the underwriter), of which approximately $503,000 was for deferred underwriting fees.
Simultaneously
with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of 600,000
Class A ordinary shares (the “Private Placement Shares”), at a price of $10.00 per Private Placement Share to the Original
Sponsor, generating gross proceeds of approximately $6.0 million (see Note 4). Simultaneously with the closing of the Over-Allotment
on April 13, 2021, the Company consummated the second closing of the Private Placement, resulting in the purchase of an aggregate of
an additional 28,750 Private Placement Shares by the Original Sponsor, generating gross proceeds to the Company of $287,500.
Upon
the closing of the Initial Public Offering, the Over-Allotment and the Private Placements, $214.4 million ($10.00 per share) of the net
proceeds of the sale of the Public Shares in the Initial Public Offering and of the Private Placement Shares in the Private Placement
were placed in a trust account (“Trust Account”), located in the United States with Continental Stock Transfer & Trust
Company acting as trustee, and were originally invested 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 that invest
only in direct U.S. government treasury obligations and later moved to cash demand accounts, until the earlier of (i) the completion
of a Business Combination and (ii) the distribution of the Trust Account as described below.
The
Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering
and the sale of Private Placement Shares, although substantially all of the net proceeds are intended to be applied generally toward
consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully.
The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the assets
held in the Trust Account (excluding the deferred underwriting commissions and taxes payable on income earned on the Trust Account) at
the time of the agreement to enter into the initial Business Combination. However, the Company will only complete a Business Combination
if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires
a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company
Act of 1940.
TWO
NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
The
Company will provide its holders of its Public Shares (the “Public Shareholders”) with the opportunity to redeem all or a
portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a shareholder meeting called
to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder
approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Shareholders
will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially at $10.00 per
Public Share). The per-share amount to be distributed to Public Shareholders who redeem their Public Shares will not be reduced by the
deferred underwriting commissions the Company to the underwriter, as such commissions were waived by the underwriters on February 14,
2023 (as discussed in Note 5). These Public Shares have been classified as temporary equity in accordance with the Financial Accounting
Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 480, “Distinguishing Liabilities
from Equity.” In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least
$5,000,001 and the approval of an ordinary resolution. If a shareholder vote is not required by law and the Company does not decide to
hold a shareholder vote for business or other legal reasons, the Company will, pursuant to an Amended and Restated Memorandum and Articles
of Association (the “Amended and Restated Memorandum and Articles of Association”), 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 transactions is required by law, or the Company decides
to obtain shareholder approval for business or legal 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. Additionally, each Public Shareholder may elect to redeem their
Public Shares irrespective of whether they vote for or against the proposed transaction. If the Company seeks shareholder approval in
connection with a Business Combination, the initial shareholders (as defined below) agreed to vote their Founder Shares (as defined below
in Note 4), Private Placement Shares and any Public Shares purchased during or after the Initial Public Offering in favor of a Business
Combination. Subsequent to the consummation of the Initial Public Offering, the Company will adopt an insider trading policy which requires
insiders to (i) refrain from purchasing shares during certain blackout periods and when they are in possession of any material non-public
information and (ii) to clear all trades with the Company’s legal counsel prior to execution. In addition, the initial shareholders
agreed to waive their redemption rights with respect to their Founder Shares, Private Placement Shares and Public Shares in connection
with the completion of a Business Combination.
Notwithstanding
the foregoing, the Amended and Restated Memorandum and Articles of Association provide that a Public Shareholder, together with any affiliate
of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under
Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its
shares with respect to more than an aggregate of 15% or more of the Class A ordinary shares sold in the Initial Public Offering, without
the prior consent of the Company.
The
Company’s Sponsor, officers and directors (the “initial shareholders”) agreed not to propose an amendment to the Amended
and Restated Memorandum and Articles of Association (A) that would modify the substance or timing of the Company’s obligation to
allow redemption in connection with the Company’s initial business combination or to redeem 100% of its Public Shares if the Company
does not complete a Business Combination by January 1, 2024 (the “Combination Period”) or (B) with respect to any shareholders’
rights prior to the initial Business Combination, unless the Company provides the Public Shareholders with the opportunity to redeem
their Class A ordinary shares in conjunction with any such amendment.
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 the Company’s income taxes, if
any (less up to $100,000 of interest to pay dissolution expenses), divided by the number of the then-outstanding Public Shares, which
redemption will completely extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidation
distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining
shareholders and the board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii) to the Company’s
obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.
TWO
NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
The
Original Sponsor, the New Sponsor, officers and directors agreed to waive their liquidation rights with respect to the Founder Shares
and any Private Placement Shares they hold if the Company fails to complete a Business Combination within the Combination Period. However,
if the initial shareholders or members of the Company’s management team acquire Public Shares in or after the Initial Public Offering,
they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to
complete a Business Combination within the Combination Period. The underwriter agreed to waive their rights to its deferred underwriting
commission (see Note 5) held in the Trust Account and 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 residual assets remaining available for distribution (including Trust Account assets) will be only $10.00 per share initially
held in the Trust Account. In order to protect the amounts held in the Trust Account, the Original Sponsor and New Sponsor agreed to
be liable to the Company if and to the extent any claims by a vendor 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.
This liability will not apply with respect to any claims by a third party who executed a waiver of any right, title, interest or claim
of any kind in or to any monies held in the Trust Account or to any claims under the Company’s indemnity of the underwriter of
the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities
Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the New 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
New Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers
(except for the Company’s independent registered public accounting firm), prospective target businesses or 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.
On March 31, 2023, the Company held its extraordinary
general meeting of shareholders at which the shareholders approved an amendment to the Company’s Amended and Restated Memorandum
and Articles of Association to extend the date by which the Company must consummate a Business Combination from April 1, 2023 (the date
which was 24 months from the closing date of the Company’s Initial Public Offering) to January 1, 2024 (the date which is 33 months
from the closing date of the Initial Public Offering).
In
connection with the extraordinary general meeting of shareholders, on March 31, 2023 shareholders
holding 16,437,487
Class A ordinary shares exercised their right to redeem their shares for a pro rata
portion of the funds in the Trust Account. As a result, approximately $168.2 million
(approximately $10.23 per
share) was removed from the Trust Account to pay such holders and approximately $51.1 million
remained in the Trust Account. Following the redemptions, the Company had 5,000,013 shares
of Class A ordinary shares stock outstanding.
On March 31, 2023, the Original Sponsor sold up
to 4,854,375
Class B ordinary shares of the Company to the New Sponsor, which became the Company’s sponsor by assuming the rights and
obligations of the Original Sponsor to the Company.
Liquidity
and Going Concern
As
of June 30, 2023, the Company had $24,967
in its operating bank account and a working capital deficit of $1,017,948.
The
Company’s liquidity needs to date have been satisfied through $25,000
paid by the Original Sponsor to cover certain expenses in exchange for the issuance of the Founder Shares, a loan of approximately
$from
the Original Sponsor pursuant to the Note (as defined in Note 4), and the proceeds from the consummation of the Private Placement
not held in the Trust Account of $2.5
million (net of a required reimbursement from the underwriter). The Company repaid the Note in full on April 5, 2021. No additional
borrowing is available under the Note. In addition, in order to finance transaction costs in connection with a Business Combination,
the Original Sponsor, the New Sponsor, any of their affiliates, or certain of the Company’s officers and directors may, but
are not obligated to, provide the Company Working Capital Loans (as defined in Note 4). As of June 30, 2023 and December 31, 2022,
there was $0
and $0
advanced by the Sponsor on a non-convertible Working Capital Loans, respectively.
On August 7, 2023 the Company entered into a promissory note with the Sponsor of an amount up to $1,500,000, of which approximately $668,000
was advanced to the Company and is outstanding as of June 30, 2023. As of December 31, 2022 $0 was outstanding under this agreement.
Management
has determined that the Company may not have sufficient liquidity to meet its anticipated obligations through the earlier of its consummation
of an initial business combination or its liquidation date. Over this time period, the Company will be using these funds for paying existing
accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective
target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating
and consummating the Business Combination.
In
connection with the Company’s assessment of going concern considerations in accordance with FASB ASC Topic 205-40,
“Presentation of Financial Statements—Going Concern,” management has determined that the liquidity issue, timing
of the mandatory liquidation and subsequent dissolution raises substantial doubt about the Company’s ability to continue as a
going concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to
liquidate after January 1, 2024. The unaudited condensed financial statements do not include any adjustment that might be necessary
if the Company is unable to continue as a going concern. The Company plans to complete a business combination prior to the mandatory
liquidation date.
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v3.23.2
Summary of Significant Accounting Policies and Basis of Presentation
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Accounting Policies [Abstract] |
|
| Summary of Significant Accounting Policies and Basis of Presentation |
Note
2-Summary of Significant Accounting Policies and Basis of Presentation
Basis
of Presentation
The
accompanying unaudited condensed financial statements are presented in U.S. dollars in conformity with accounting principles generally
accepted in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of
the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited
condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement
of the balances and results for the periods presented. Operating results for the three and six months ended June 30, 2023 are not necessarily
indicative of the results that may be expected through December 31, 2023 or any future periods.
The
accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements included in
the amended Annual Report on Form 10-K filed by the Company with the SEC on March 27, 2023, which contains the audited financial statements and notes thereto. The
financial information as of December 31, 2022, is derived from the audited financial statements presented in the Company’s Annual
Report on Form 10-K for the year ended December 31, 2022.
Emerging
Growth Company
As
an emerging growth company, the Company may take advantage of certain exemptions from various reporting requirements that are applicable
to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the
auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act 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 Jumpstart Our Business Startups Act of 2012 (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 an emerging growth company can
elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any
such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when
a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth
company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.
This
may make comparison of the Company’s financial statements with another public company that is neither an emerging growth company
nor an emerging growth company that 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 unaudited condensed financial statements in conformity with GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited
condensed 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 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 no cash equivalents as of June 30, 2023 and December 31, 2022.
TWO
NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Investments
Held in Trust Account
The
Company’s portfolio of investments was originally comprised of U.S. government securities, within the meaning set forth in Section 2(a)(16)
of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government
securities and generally have a readily determinable fair value, or a combination thereof. When the Company’s investments held
in the Trust Account are comprised of U.S. government securities, the investments are classified as trading securities. When the Company’s
investments held in the Trust Account are comprised of money market funds, the investments are recognized at fair value. Trading securities
and investments in money market funds are presented on the 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 are included in gain on marketable securities (net), dividends
and interest, held in 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.
In
March 2023, the Company instructed the trustee of the Trust Account 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 until the earlier of consummation of a Business
Combination and liquidation of the Company. The funds are still held in this account as of June 30, 2023.
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution,
which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. Any loss incurred or a lack of access
to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows.
Fair
Value of Financial Instruments
The
fair value of the Company’s assets and liabilities, which qualify as financial instruments under the FASB ASC 820, “Fair
Value Measurements and Disclosures,” equals or approximates the carrying amounts represented in the condensed balance sheets, primarily
due to their short-term nature.
Fair
Value Measurements
Fair
value is defined as the price that would be received for sale of an asset or paid for transfer of a liability in an orderly transaction
between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs
used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets
or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:
| ● |
Level
1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; |
| |
|
| ● |
Level
2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted
prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active;
and |
| |
|
| ● |
Level
3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions,
such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
In
some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In
those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input
that is significant to the fair value measurement.
Offering
Costs Associated with the Initial Public Offering
Offering
costs consist of legal, accounting, and other costs incurred that were directly related to the Initial Public Offering and were charged
against the carrying value of the Class A ordinary shares subject to possible redemption upon the completion of the Initial Public Offering.
TWO
NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
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 ASC 480. Class A ordinary
shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally
redeemable Class A ordinary shares (including Class A ordinary shares that feature redemption rights that are either within the control
of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified
as temporary equity. At all other times, Class A ordinary shares are classified as shareholders’ equity. As part of the Private
Placement, the Company issued 628,750 Private Placement Shares to the Original Sponsor. These Private Placement Shares will not be transferable,
assignable or salable until 30 days after the completion of our initial Business Combination. They are also considered non-redeemable
and are presented as permanent equity in the Company’s condensed balance sheets. On December
30, 2022, the Sponsor unconditionally and irrevocably forfeited all 628,750 Private Placement Shares to the Company for no value and
the Company cancelled the Private Placement Shares effective as of the same date. The Company’s Class A ordinary shares
sold in the Initial Public Offering 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, as of June 30, 2023 and December 31, 2022, 5,000,013 and 21,437,500
Class A ordinary shares, respectively, subject to possible redemption are presented as temporary equity, outside of the shareholders’
deficit section of the Company’s condensed balance sheets.
Under
ASC 480-10S99, the Company has elected to recognize changes in the redemption value immediately as they occur and adjust the carrying
value of the security to equal the redemption value at the end of each reporting period. This method would view the end of the reporting
period as if it were also the redemption date for the security. Effective with the closing of the Initial Public Offering (including
the exercise of the over-allotment option), the Company recognized the accretion from initial book value to redemption amount which resulted
in charges against additional paid-in capital (to the extent available) and accumulated deficit. Subsequently, the Company recognized
changes in the redemption value as an increase in redemption value of Class A ordinary shares subject to possible redemption as reflected
on the accompanying unaudited condensed statements of changes in shareholders’ deficit.
Income
Taxes
The
Company follows accounting for income taxes under FASB ASC 740, “Income Taxes,” which prescribes a recognition threshold
and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in
a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing
authorities. There were no unrecognized tax benefits as of June 30, 2023 and December 31, 2022. The Company’s management determined
that the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related
to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of June 30,
2023 and December 31, 2022. 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 has been 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 federal income tax regulations,
income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s 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 FASB ASC Topic 260, “Earnings Per Share.” The Company has
two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro
rata between the two classes of shares, which assumes a business combination as the most likely outcome. Net income (loss) per ordinary
share is calculated by dividing the net income (loss) by the weighted average shares of ordinary shares outstanding for the respective
period.
At
June 30, 2023 and 2022, the Company did not have any dilutive securities and other contracts that could potentially be exercised or
converted into ordinary shares and then share in the earnings of the Company. As a result, diluted net income (loss) per ordinary
share is the same as basic net income (loss) per ordinary share for the three and six months ended June 30, 2023 and 2022. Accretion associated with the redeemable Class A ordinary shares is excluded from earnings per
share as the redemption value approximates fair value.
TWO
NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
The
table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net income (loss) per share
for each class of ordinary shares:
Summary of Calculation of Basic and Diluted Net Income (Loss) per Ordinary Share
| | |
Class A | | |
Class B | | |
Class A | | |
Class B | | |
Class A | | |
Class B | | |
Class A | | |
Class B | |
| | |
For The Three Months Ended June, | | |
For The Six Months Ended June, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| | |
Class A | | |
Class B | | |
Class A | | |
Class B | | |
Class A | | |
Class B | | |
Class A | | |
Class B | |
| Basic and diluted net income (loss) per ordinary share: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Numerator: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Allocation of net income (loss) | |
$ | 413,861 | | |
$ | 443,606 | | |
$ | 108,793 | | |
$ | 26,423 | | |
$ | 1,488,982 | | |
$ | 605,770 | | |
$ | (212,785 | ) | |
$ | (51,680 | ) |
| Denominator: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic and diluted weighted average ordinary shares outstanding | |
| 5,000,013 | | |
| 5,359,375 | | |
| 22,066,250 | | |
| 5,359,375 | | |
| 13,173,349 | | |
| 5,359,375 | | |
| 22,066,250 | | |
| 5,359,375 | |
| Basic and diluted net income (loss) per ordinary share | |
$ | 0.08 | | |
$ | 0.08 | | |
$ | 0.00 | | |
$ | 0.00 | | |
$ | 0.11 | | |
$ | 0.11 | | |
$ | (0.01 | ) | |
$ | (0.01 | ) |
Recent
Accounting Pronouncements
The
Company’s management does not believe that any recently issued, but not yet effective, accounting standards updates, if currently
adopted, would have a material effect on the accompanying unaudited condensed financial statements.
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v3.23.2
Initial Public Offering
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Initial Public Offering |
|
| Initial Public Offering |
Note
3-Initial Public Offering
On
April 1, 2021, the Company consummated its Initial Public Offering of 20,000,000 Public Shares, at an offering price of $10.00 per Public
Share, generating gross proceeds of $200.0 million, and incurring offering costs of approximately $11.1 million (net of a required reimbursement
from the underwriter), of which $7.0 million was for deferred underwriting commissions.
The
Company granted the underwriter a 45-day option from the final prospectus relating to the Initial Public Offering to purchase up to 3,000,000
additional Public Shares to cover over-allotments, if any, at the Initial Public Offering price less the underwriting discounts and commissions.
The underwriter partially exercised the over-allotment option and on April 13, 2021, purchased 1,437,500 Additional Shares, generating
gross proceeds of approximately $14.4 million, and the Company incurred additional offering costs of approximately $755,000 (net of a
required reimbursement from the underwriter), of which approximately $503,000 was for deferred underwriting fees.
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v3.23.2
Related Party Transactions
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Related Party Transactions [Abstract] |
|
| Related Party Transactions |
Note
4-Related Party Transactions
Founder
Shares
On
January 21, 2021, the Original Sponsor paid $,
or approximately $per
share, to cover expenses in consideration for
Class B ordinary shares, par value $
(the “Founder Shares”). Up to 750,000
Founder Shares were subject to forfeiture to the extent that the over-allotment option was not exercised in full by the underwriter,
so that the Founder Shares would represent 20.0%
of the Company’s issued and outstanding shares after the Initial Public Offering. On March 8, 2021, the Original Sponsor
transferred
Founder Shares to each of Michelle Gill, Ryan Petersen and Laura de Petra, and
Founder Shares to Pierre Lamond. Such shares were subject to forfeiture in the event the underwriter’s over-allotment
was not exercised in full. The underwriters partially exercised their over-allotment option on April 13, 2021 and on April 19, 2021, the
Original Sponsor surrendered
Class B ordinary shares for no consideration resulting in 5,359,375
Class B ordinary shares issued and outstanding with no
shares subject to forfeiture. On March 31, 2023,
Class B ordinary shares were purchased from the Original Sponsor by the New Sponsor, and
were transferred in connection with non-redemption agreements.
TWO
NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
The
initial shareholders agreed, subject to limited exceptions, not to transfer, assign or sell any of their Founder Shares until the earlier
to occur of (A) one year after the completion of the initial Business Combination and (B) subsequent to the initial Business Combination,
(x) if the closing price of Class A ordinary shares equals or exceeds $ per share (as adjusted for share splits, share capitalizations,
reorganizations, recapitalizations and the like) for any trading days within any -trading day period commencing at least days
after the initial 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 Public Shareholders having the right to exchange their ordinary shares for cash,
securities or other property.
Private
Placement Shares
Simultaneously
with the closing of the Initial Public Offering, the Company consummated the Private Placement of 600,000 Private Placement Shares, at
a price of $10.00 per Private Placement Share to the Original Sponsor, generating gross proceeds of approximately $ million. If the
over-allotment option was exercised, the Original Sponsor could have purchased an additional amount of up to 60,000 Private Placement
Shares at a price of $10.00 per share. A portion of the proceeds from the Private Placement Shares was added to the proceeds from the
Initial Public Offering held in the Trust Account. Simultaneously with the closing of the Over-Allotment on April 13, 2021, the Company
consummated the second closing of the Private Placement, resulting in the purchase of an aggregate of an additional 28,750 Private Placement
Shares by the Original Sponsor, generating gross proceeds to the Company of $. On December
30, 2022, the Sponsor unconditionally and irrevocably forfeited all Private Placement Shares to the Company for no value and
the Company cancelled the Private Placement Shares effective as of the same date.
The
Original Sponsor, the New Sponsor and the Company’s officers and directors agreed, subject to limited exceptions, not to transfer,
assign or sell any of their Private Placement Shares until 30 days after the completion of the initial Business Combination.
Sponsor
Loan
On
January 21, 2021, the Original Sponsor agreed to loan the Company up to $300,000 pursuant to a promissory note (the “Note”).
This loan was non-interest bearing and payable upon the completion of the Initial Public Offering. The Company borrowed approximately
$81,000 under the Note and repaid the Note in full on April 5, 2021. additional borrowing is available under the Note.
Working
Capital Loans
In
addition, in order to finance transaction costs in connection with a Business Combination, the Original Sponsor, the New Sponsor,
any of their affiliates, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company
funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would
repay the Working Capital Loans. 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. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without
interest, or, at the lender’s discretion, up to $1.5
million of such Working Capital Loans may be convertible into private placement shares at a price of $10.00
per share. As of June 30, 2023 and December 31, 2022, the Company had $0
and $0
of convertible Working Capital Loans outstanding, respectively.
Note Payable – Related Party
On August 7, 2023, the Company issued a promissory note to the Sponsor
in an amount up to $1,500,000, of which $668,000 had previously been advanced by the Sponsor, and is recorded in the unaudited condensed
financial statements. The note accrues no interest and is payable upon the consummation of the initial business combination or the date
of the liquidation of the Company.
As of June 30, 2023 and December 31, 2023 the Company had $668,000 and
$0, respectively, of related party notes payable outstanding.
Administrative
Services Agreement
On
March 29, 2021, the Company entered into that certain administrative services agreement (the “Administrative Services Agreement”)
with the Original Sponsor pursuant to which, commencing on the date the Company’s securities were first listed on the New York
Stock Exchange, the Company agreed to pay the Original Sponsor a total of $ per month for office space, secretarial and administrative
services. On March 31, 2023, pursuant to an assignment and assumption agreement, the Original Sponsor assigned the Administrative Services
Agreement to the New Sponsor. Upon completion of the initial Business Combination or the Company’s liquidation, the Company will
cease paying these monthly fees. During the three and six months ended June 30, 2023 and 2022, the Company incurred $30,000 and $60,000
in expenses for these services, which are included in general and administrative expenses on the accompanying unaudited condensed statements
of operations. No amount was due as of June 30, 2023 and December 31, 2022.
TWO
NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
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v3.23.2
Commitments and Contingencies
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Commitments and Contingencies Disclosure [Abstract] |
|
| Commitments and Contingencies |
Note
5-Commitments and Contingencies
Registration
Rights
The
holders of Founder Shares, Private Placement Shares, and Class A ordinary shares that may be issued upon conversion of Working Capital
Loans were entitled to registration rights pursuant to a registration rights agreement signed upon consummation of the Initial Public
Offering. These holders were entitled to make up to three demands, excluding short form demands, that the Company registers such securities.
In addition, these holders will have certain “piggy-back” registration rights with respect to registration statements filed
subsequent to the completion of the initial Business Combination. The Company will bear the expenses incurred in connection with the
filing of any such registration statements.
Underwriting
Agreement
The
underwriter was entitled to an underwriting discount of $0.20 per share, or $4.0 million in the aggregate, paid upon the closing of the
Initial Public Offering. In addition, $0.35 per share, or approximately $7.0 million in the aggregate was deferred underwriting commissions
to the underwriter.
The
underwriter partially exercised the over-allotment option and was entitled to an additional fee of approximately $755,000 (net of a required
reimbursement from the underwriter), of which approximately $503,000 was for deferred underwriting commissions.
On
February 14, 2023, the representative of the underwriters executed a waiver agreement to forfeit any rights or claims they have, or may
in the future have, to the deferred underwriting commissions. The Company reduced the deferred underwriting fee payable on the unaudited
condensed balance sheets by the full amount of $7,503,125 which was charged directly to accumulated deficit in the unaudited condensed
statement of changes in shareholders’ deficit.
Risks
and Uncertainties
Various
social and political circumstances in the United States and around the world (including wars and other forms of conflict, including rising
trade tensions between the United States and China, and other uncertainties regarding actual and potential shifts in the United States
and foreign, trade, economic and other policies with other countries, terrorist acts, security operations and catastrophic events such
as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics), may also contribute to increased market volatility
and economic uncertainties or deterioration in the United States and worldwide. Specifically, the rising conflict between Russia and
Ukraine, and resulting market volatility could adversely affect the Company’s ability to complete a business combination. In response
to the conflict between Russia and Ukraine, the United States and other countries have imposed sanctions or other restrictive actions
against Russia. Any of the above factors, including sanctions, export controls, tariffs, trade wars and other governmental actions, could
have a material adverse effect on the Company’s ability to complete a business combination and the value of the Company’s
securities.
Management
continues to evaluate the impact of these types of risks on the industry and has concluded that while it is reasonably possible that
these types of risks could have a negative effect on the Company’s financial position, results of its operations and/or search
for a target company, the specific impact is not readily determinable as of the date of these unaudited condensed financial statements.
The unaudited condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty.
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v3.23.2
Class A Ordinary Shares Subject to Possible Redemption
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Class Ordinary Shares Subject To Possible Redemption |
|
| Class A Ordinary Shares Subject to Possible Redemption |
Note
6-Class A Ordinary Shares Subject to Possible Redemption
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 future events. The Company is authorized to issue 400,000,000 Class A ordinary shares with a par value
of $0.0001 per share. Holders of the Company’s Class A ordinary shares are entitled to one vote for each share. As of June 30,
2023 and December 31, 2022, there were 5,000,013 and 21,437,500 Class A ordinary shares outstanding, respectively, of which 5,000,013
and 21,437,500 shares were subject to possible redemption, respectively.
On March 31, 2023 stockholders holding 16,437,487 Class A ordinary shares exercised their right to redeem their
shares for a pro rata portion of the funds in the Trust Account. As a result, approximately $168.2 million (approximately $10.23 per share) was removed from the Trust Account to pay such holders and approximately $51.1 million remained in the Trust
Account. Following the redemptions, the Company has 5,000,013 Class A outstanding.
TWO
NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Class
A ordinary shares subject to possible redemption reflected on the condensed balance sheets are reconciled on the following table:
Summary of Class A Ordinary Shares Subject to Possible Redemption
| Class A ordinary shares subject to possible redemption, December 31, 2022 | |
$ | 217,165,704 | |
| Class A ordinary shares tendered for redemption | |
| (168,236,768 | ) |
| Plus: | |
| | |
| Waiver of Class A shares issuance costs | |
| 7,503,125 | |
| Less: | |
| | |
| Change in redemption value of Class A ordinary shares
subject to possible redemption amount | |
| (4,577,861 | ) |
| Class A ordinary shares subject to possible redemption, June 30, 2023 | |
$ | 51,854,200 | |
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v3.23.2
Shareholders’ Deficit
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Equity [Abstract] |
|
| Shareholders’ Deficit |
Note
7-Shareholders’ Deficit
Preference
Shares - The Company is authorized to issue 1,000,000 preference shares with a par value $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, 2023 and December 31, 2022, there were no preference shares issued or outstanding.
Class
A Ordinary Shares - The Company is authorized to issue 400,000,000 Class A ordinary shares with a par value of $0.0001 per share.
As of June 30, 2023 and December 31, 2022, there were 5,000,013 and 21,437,500 Class A ordinary shares outstanding, respectively, all
of which shares were subject to possible redemption and have been classified as temporary equity, respectively (see Note 6).
Class
B Ordinary Shares - The Company is authorized to issue 10,000,000 Class B ordinary shares with a par value of $0.0001 per share.
Holders are entitled to one vote for each share of Class B ordinary shares. On January 21, 2021, 5,750,000 Class B ordinary shares were
issued to the Company’s Sponsor. Of the 5,750,000 Class B ordinary shares, an aggregate of up to 750,000 shares were subject to
forfeiture to the Company for no consideration to the extent that the underwriter’s over-allotment option was not exercised in
full or in part, so that the initial shareholders will collectively own 20% of the Company’s issued and outstanding ordinary shares
(excluding the Private Placement Shares) after the Initial Public Offering. The underwriters partially exercised their over-allotment
option on April 13, 2021, 390,625 Class B ordinary shares were forfeited for no consideration resulting in 5,359,375 Class B ordinary
shares issued and outstanding with no shares subject to forfeiture. On June 30, 2023, 3,347,611 Class B ordinary shares were purchased
from the Original Sponsor by the New Sponsor, and were transferred in connection with the non-redemption agreements.
Holders
of the Class A ordinary shares and holders of the Class B ordinary shares will vote together as a single class on all matters submitted
to a vote of the Company’s shareholders, except as required by law or stock exchange rule; provided that only holders of the Class
B ordinary shares have the right to vote on the election of the Company’s directors prior to the initial Business Combination.
The
Class B ordinary shares will automatically convert into Class A ordinary shares on the first business day following the consummation
of the initial Business Combination at a ratio such that the number of Class A ordinary shares issuable upon conversion of all Founder
Shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of (i) the total number of ordinary shares issued and outstanding
upon completion of the Initial Public Offering (excluding the Private Placement Shares), plus (ii) the sum of the total number of Class
A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or
deemed issued, by the Company in connection with or in relation to the consummation of the initial Business Combination, excluding any
Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, deemed issued,
or to be issued, to any seller in the initial Business Combination and any Private Placement Shares that may be issued upon conversion
of Working Capital Loans. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one
to one.
TWO
NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18
Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18
Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 18
-Subparagraph (d)
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v3.23.2
Fair Value Measurements
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Fair Value Measurements |
Note
8-Fair Value Measurements
The
following tables present information about the Company’s assets that are measured at fair value on a recurring basis as of June
30, 2023 and December 31, 2022 and indicate the fair value hierarchy of the valuation techniques that the Company utilized to determine
such fair value:
Summary of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis
June
30, 2023
| | |
Quoted | | |
Significant | | |
Significant | |
| | |
Prices | | |
Other | | |
Other | |
| | |
in Active | | |
Observable | | |
Unobservable | |
| | |
Markets | | |
Inputs | | |
Inputs | |
| Description | |
(Level 1) | | |
(Level 2) | | |
(Level 3) | |
| Marketable securities held in Trust Account: | |
| | | |
| | | |
| | |
| U.S. Treasury Trust Funds | |
$ | 51,954,200 | | |
$ | — | | |
$ | — | |
December
31, 2022
| | |
Quoted | | |
Significant | | |
Significant | |
| | |
Prices | | |
Other | | |
Other | |
| | |
in Active | | |
Observable | | |
Unobservable | |
| | |
Markets | | |
Inputs | | |
Inputs | |
| Description | |
(Level 1) | | |
(Level 2) | | |
(Level 3) | |
| Marketable securities held in Trust Account: | |
| | | |
| | | |
| | |
| U.S. Treasury Securities (1) | |
$ | 217,265,704 | | |
$ | — | | |
$ | — | |
| (1) |
Excludes
$3,586 of cash balance held within the Trust Account |
Transfers
to/from Levels 1, 2, and 3 are recognized at the beginning of the reporting period. There were no transfers between levels of the hierarchy
for the three and six months ended June 30, 2023 and 2022.
Level
1 assets include investments in Treasury Bills and treasury focused treasury trust funds. The Company uses inputs such as actual trade
data, quoted market prices from dealers or brokers, and other similar sources to determine the fair value of its investments.
|
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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v3.23.2
Subsequent Events
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Subsequent Events [Abstract] |
|
| Subsequent Events |
Note
9-Subsequent Events
Management
has evaluated subsequent events and transactions that occurred up to the date the unaudited condensed financial statements were issued.
Based upon this review, the Company did not identify any subsequent events, other than the items discussed below, that would have required
adjustment or disclosure in the unaudited condensed financial statements.
On August 7, 2023, the Company issued a promissory note to the Sponsor
in an amount up to $1,500,000, of which $668,000 had previously been advanced by the Sponsor, and is recorded in the unaudited condensed
financial statements. The note accrues no interest and is payable upon the consummation of the initial business combination or the date
of the liquidation of the Company.
|
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-Topic 855
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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v3.23.2
Summary of Significant Accounting Policies and Basis of Presentation (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Accounting Policies [Abstract] |
|
| Basis of Presentation |
Basis
of Presentation
The
accompanying unaudited condensed financial statements are presented in U.S. dollars in conformity with accounting principles generally
accepted in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of
the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited
condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement
of the balances and results for the periods presented. Operating results for the three and six months ended June 30, 2023 are not necessarily
indicative of the results that may be expected through December 31, 2023 or any future periods.
The
accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements included in
the amended Annual Report on Form 10-K filed by the Company with the SEC on March 27, 2023, which contains the audited financial statements and notes thereto. The
financial information as of December 31, 2022, is derived from the audited financial statements presented in the Company’s Annual
Report on Form 10-K for the year ended December 31, 2022.
|
| Emerging Growth Company |
Emerging
Growth Company
As
an emerging growth company, the Company may take advantage of certain exemptions from various reporting requirements that are applicable
to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the
auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act 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 Jumpstart Our Business Startups Act of 2012 (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 an emerging growth company can
elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any
such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when
a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth
company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.
This
may make comparison of the Company’s financial statements with another public company that is neither an emerging growth company
nor an emerging growth company that 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 unaudited condensed financial statements in conformity with GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited
condensed 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 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 no cash equivalents as of June 30, 2023 and December 31, 2022.
|
| Investments Held in Trust Account |
Investments
Held in Trust Account
The
Company’s portfolio of investments was originally comprised of U.S. government securities, within the meaning set forth in Section 2(a)(16)
of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government
securities and generally have a readily determinable fair value, or a combination thereof. When the Company’s investments held
in the Trust Account are comprised of U.S. government securities, the investments are classified as trading securities. When the Company’s
investments held in the Trust Account are comprised of money market funds, the investments are recognized at fair value. Trading securities
and investments in money market funds are presented on the 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 are included in gain on marketable securities (net), dividends
and interest, held in 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.
In
March 2023, the Company instructed the trustee of the Trust Account 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 until the earlier of consummation of a Business
Combination and liquidation of the Company. The funds are still held in this account as of June 30, 2023.
|
| Concentration of Credit Risk |
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution,
which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. Any loss incurred or a lack of access
to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows.
|
| Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
The
fair value of the Company’s assets and liabilities, which qualify as financial instruments under the FASB ASC 820, “Fair
Value Measurements and Disclosures,” equals or approximates the carrying amounts represented in the condensed balance sheets, primarily
due to their short-term nature.
|
| Fair Value Measurements |
Fair
Value Measurements
Fair
value is defined as the price that would be received for sale of an asset or paid for transfer of a liability in an orderly transaction
between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs
used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets
or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:
| ● |
Level
1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; |
| |
|
| ● |
Level
2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted
prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active;
and |
| |
|
| ● |
Level
3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions,
such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
In
some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In
those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input
that is significant to the fair value measurement.
|
| Offering Costs Associated with the Initial Public Offering |
Offering
Costs Associated with the Initial Public Offering
Offering
costs consist of legal, accounting, and other costs incurred that were directly related to the Initial Public Offering and were charged
against the carrying value of the Class A ordinary shares subject to possible redemption upon the completion of the Initial Public Offering.
|
| 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 ASC 480. Class A ordinary
shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally
redeemable Class A ordinary shares (including Class A ordinary shares that feature redemption rights that are either within the control
of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified
as temporary equity. At all other times, Class A ordinary shares are classified as shareholders’ equity. As part of the Private
Placement, the Company issued 628,750 Private Placement Shares to the Original Sponsor. These Private Placement Shares will not be transferable,
assignable or salable until 30 days after the completion of our initial Business Combination. They are also considered non-redeemable
and are presented as permanent equity in the Company’s condensed balance sheets. On December
30, 2022, the Sponsor unconditionally and irrevocably forfeited all 628,750 Private Placement Shares to the Company for no value and
the Company cancelled the Private Placement Shares effective as of the same date. The Company’s Class A ordinary shares
sold in the Initial Public Offering 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, as of June 30, 2023 and December 31, 2022, 5,000,013 and 21,437,500
Class A ordinary shares, respectively, subject to possible redemption are presented as temporary equity, outside of the shareholders’
deficit section of the Company’s condensed balance sheets.
Under
ASC 480-10S99, the Company has elected to recognize changes in the redemption value immediately as they occur and adjust the carrying
value of the security to equal the redemption value at the end of each reporting period. This method would view the end of the reporting
period as if it were also the redemption date for the security. Effective with the closing of the Initial Public Offering (including
the exercise of the over-allotment option), the Company recognized the accretion from initial book value to redemption amount which resulted
in charges against additional paid-in capital (to the extent available) and accumulated deficit. Subsequently, the Company recognized
changes in the redemption value as an increase in redemption value of Class A ordinary shares subject to possible redemption as reflected
on the accompanying unaudited condensed statements of changes in shareholders’ deficit.
|
| Income Taxes |
Income
Taxes
The
Company follows accounting for income taxes under FASB ASC 740, “Income Taxes,” which prescribes a recognition threshold
and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in
a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing
authorities. There were no unrecognized tax benefits as of June 30, 2023 and December 31, 2022. The Company’s management determined
that the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related
to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of June 30,
2023 and December 31, 2022. 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 has been 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 federal income tax regulations,
income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s 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 FASB ASC Topic 260, “Earnings Per Share.” The Company has
two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro
rata between the two classes of shares, which assumes a business combination as the most likely outcome. Net income (loss) per ordinary
share is calculated by dividing the net income (loss) by the weighted average shares of ordinary shares outstanding for the respective
period.
At
June 30, 2023 and 2022, the Company did not have any dilutive securities and other contracts that could potentially be exercised or
converted into ordinary shares and then share in the earnings of the Company. As a result, diluted net income (loss) per ordinary
share is the same as basic net income (loss) per ordinary share for the three and six months ended June 30, 2023 and 2022. Accretion associated with the redeemable Class A ordinary shares is excluded from earnings per
share as the redemption value approximates fair value.
TWO
NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
The
table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net income (loss) per share
for each class of ordinary shares:
Summary of Calculation of Basic and Diluted Net Income (Loss) per Ordinary Share
| | |
Class A | | |
Class B | | |
Class A | | |
Class B | | |
Class A | | |
Class B | | |
Class A | | |
Class B | |
| | |
For The Three Months Ended June, | | |
For The Six Months Ended June, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| | |
Class A | | |
Class B | | |
Class A | | |
Class B | | |
Class A | | |
Class B | | |
Class A | | |
Class B | |
| Basic and diluted net income (loss) per ordinary share: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Numerator: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Allocation of net income (loss) | |
$ | 413,861 | | |
$ | 443,606 | | |
$ | 108,793 | | |
$ | 26,423 | | |
$ | 1,488,982 | | |
$ | 605,770 | | |
$ | (212,785 | ) | |
$ | (51,680 | ) |
| Denominator: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic and diluted weighted average ordinary shares outstanding | |
| 5,000,013 | | |
| 5,359,375 | | |
| 22,066,250 | | |
| 5,359,375 | | |
| 13,173,349 | | |
| 5,359,375 | | |
| 22,066,250 | | |
| 5,359,375 | |
| Basic and diluted net income (loss) per ordinary share | |
$ | 0.08 | | |
$ | 0.08 | | |
$ | 0.00 | | |
$ | 0.00 | | |
$ | 0.11 | | |
$ | 0.11 | | |
$ | (0.01 | ) | |
$ | (0.01 | ) |
|
| Recent Accounting Pronouncements |
Recent
Accounting Pronouncements
The
Company’s management does not believe that any recently issued, but not yet effective, accounting standards updates, if currently
adopted, would have a material effect on the accompanying unaudited condensed financial statements.
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v3.23.2
Summary of Significant Accounting Policies and Basis of Presentation (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Accounting Policies [Abstract] |
|
| Summary of Calculation of Basic and Diluted Net Income (Loss) per Ordinary Share |
The
table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net income (loss) per share
for each class of ordinary shares:
Summary of Calculation of Basic and Diluted Net Income (Loss) per Ordinary Share
| | |
Class A | | |
Class B | | |
Class A | | |
Class B | | |
Class A | | |
Class B | | |
Class A | | |
Class B | |
| | |
For The Three Months Ended June, | | |
For The Six Months Ended June, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| | |
Class A | | |
Class B | | |
Class A | | |
Class B | | |
Class A | | |
Class B | | |
Class A | | |
Class B | |
| Basic and diluted net income (loss) per ordinary share: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Numerator: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Allocation of net income (loss) | |
$ | 413,861 | | |
$ | 443,606 | | |
$ | 108,793 | | |
$ | 26,423 | | |
$ | 1,488,982 | | |
$ | 605,770 | | |
$ | (212,785 | ) | |
$ | (51,680 | ) |
| Denominator: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic and diluted weighted average ordinary shares outstanding | |
| 5,000,013 | | |
| 5,359,375 | | |
| 22,066,250 | | |
| 5,359,375 | | |
| 13,173,349 | | |
| 5,359,375 | | |
| 22,066,250 | | |
| 5,359,375 | |
| Basic and diluted net income (loss) per ordinary share | |
$ | 0.08 | | |
$ | 0.08 | | |
$ | 0.00 | | |
$ | 0.00 | | |
$ | 0.11 | | |
$ | 0.11 | | |
$ | (0.01 | ) | |
$ | (0.01 | ) |
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-Paragraph 1
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v3.23.2
Class A Ordinary Shares Subject to Possible Redemption (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Class Ordinary Shares Subject To Possible Redemption |
|
| Summary of Class A Ordinary Shares Subject to Possible Redemption |
Class
A ordinary shares subject to possible redemption reflected on the condensed balance sheets are reconciled on the following table:
Summary of Class A Ordinary Shares Subject to Possible Redemption
| Class A ordinary shares subject to possible redemption, December 31, 2022 | |
$ | 217,165,704 | |
| Class A ordinary shares tendered for redemption | |
| (168,236,768 | ) |
| Plus: | |
| | |
| Waiver of Class A shares issuance costs | |
| 7,503,125 | |
| Less: | |
| | |
| Change in redemption value of Class A ordinary shares
subject to possible redemption amount | |
| (4,577,861 | ) |
| Class A ordinary shares subject to possible redemption, June 30, 2023 | |
$ | 51,854,200 | |
|
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v3.23.2
Fair Value Measurements (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Summary of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis |
The
following tables present information about the Company’s assets that are measured at fair value on a recurring basis as of June
30, 2023 and December 31, 2022 and indicate the fair value hierarchy of the valuation techniques that the Company utilized to determine
such fair value:
Summary of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis
June
30, 2023
| | |
Quoted | | |
Significant | | |
Significant | |
| | |
Prices | | |
Other | | |
Other | |
| | |
in Active | | |
Observable | | |
Unobservable | |
| | |
Markets | | |
Inputs | | |
Inputs | |
| Description | |
(Level 1) | | |
(Level 2) | | |
(Level 3) | |
| Marketable securities held in Trust Account: | |
| | | |
| | | |
| | |
| U.S. Treasury Trust Funds | |
$ | 51,954,200 | | |
$ | — | | |
$ | — | |
December
31, 2022
| | |
Quoted | | |
Significant | | |
Significant | |
| | |
Prices | | |
Other | | |
Other | |
| | |
in Active | | |
Observable | | |
Unobservable | |
| | |
Markets | | |
Inputs | | |
Inputs | |
| Description | |
(Level 1) | | |
(Level 2) | | |
(Level 3) | |
| Marketable securities held in Trust Account: | |
| | | |
| | | |
| | |
| U.S. Treasury Securities (1) | |
$ | 217,265,704 | | |
$ | — | | |
$ | — | |
| (1) |
Excludes
$3,586 of cash balance held within the Trust Account |
|
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-Section 50
-Paragraph 2
-Subparagraph (a)
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-Paragraph 2
-Subparagraph (b)
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v3.23.2
Description of Organization and Business Operations (Details Narrative) - USD ($)
|
|
|
|
3 Months Ended |
6 Months Ended |
|
|
|
|
Mar. 31, 2023 |
Apr. 13, 2021 |
Apr. 01, 2021 |
Mar. 31, 2023 |
Jun. 30, 2023 |
Aug. 07, 2023 |
Dec. 31, 2022 |
Apr. 19, 2021 |
Jan. 21, 2021 |
| Date of incorporation |
|
|
|
|
Jan. 15, 2021
|
|
|
|
|
| Deferred underwriting commission |
|
|
|
|
$ 7,000,000.0
|
|
|
|
|
| Payment to acquire restricted investments |
|
|
$ 214,400,000
|
|
|
|
|
|
|
| Restricted investment value per share |
|
|
$ 10.00
|
|
|
|
|
|
|
| Term of restricted investments |
|
|
185 days
|
|
|
|
|
|
|
| Temporary equity, redemption price per share |
|
|
$ 10.00
|
|
|
|
|
|
|
| Minimum networth needed for carrying out business combination |
|
|
|
|
5,000,001
|
|
|
|
|
| Percentage of the public shares to be redeemed in case business combination is not consummated |
|
|
100.00%
|
|
|
|
|
|
|
| Period within which public shares shall be redeemed after the threshold period for the consummation of business combination |
|
|
10 days
|
|
|
|
|
|
|
| Expenses payable on liquidation |
|
|
$ 100,000
|
|
|
|
|
|
|
| Per Share Amount Available For Distribution At The Time Of Liquidation |
|
|
$ 10.00
|
|
|
|
|
|
|
| price per share |
$ 10.23
|
|
|
$ 10.23
|
|
|
|
|
|
| Cash in operating bank account |
|
|
|
|
24,967
|
|
|
|
|
| Net working capital |
|
|
|
|
1,017,948
|
|
|
|
|
| Proceeds from the consummation of private placement unrestricted |
|
|
|
|
2,500,000
|
|
|
|
|
| Working capital loan outstanding |
|
|
|
|
|
|
$ 0
|
|
|
| Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
| Advance amount |
|
|
|
|
668,000
|
|
$ 0
|
|
|
| Promissory Note [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
| Debt Instrument, Face Amount |
|
|
|
|
|
$ 1,500,000
|
|
|
|
| Advance amount |
|
|
|
|
|
$ 668,000
|
|
|
|
| Sponsor [Member] | Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
| Proceeds from related party debt |
|
|
|
|
$ 81,000
|
|
|
|
|
| Minimum [Member] |
|
|
|
|
|
|
|
|
|
| Fair value of net assets of the prospective acquire as a percentage of assets in the trust account |
|
|
80.00%
|
|
|
|
|
|
|
| Percentage of outstanding voting securities |
|
|
50.00%
|
|
|
|
|
|
|
| Over-Allotment Option [Member] |
|
|
|
|
|
|
|
|
|
| Stock issued during period, shares |
|
|
3,000,000
|
|
|
|
|
|
|
| Offering costs |
|
$ 755,000
|
|
|
|
|
|
|
|
| Deferred underwriting commission |
|
$ 503,000
|
|
|
|
|
|
|
|
| Private Placement [Member] |
|
|
|
|
|
|
|
|
|
| Number of shares sold |
|
|
628,750
|
|
|
|
|
|
|
| Common Class A [Member] |
|
|
|
|
|
|
|
|
|
| Stock issued during period, shares |
|
|
|
16,437,487
|
|
|
|
|
|
| Temporary equity, redemption price per share |
|
|
|
|
$ 10.37
|
|
$ 10.13
|
|
|
| Percentage of the public shares eligible to be transferred without any restriction |
|
|
15.00%
|
|
|
|
|
|
|
| Stock issued during period value new issues |
|
|
|
$ 168,200,000
|
|
|
|
|
|
| Proceeds from issuance of common stock |
|
|
|
$ 51,100,000
|
|
|
|
|
|
| Common Stock Shares Outstanding |
|
|
|
|
0
|
|
0
|
|
|
| Common Class A [Member] | Founder [Member] |
|
|
|
|
|
|
|
|
|
| Stock issued during the period for services value |
|
|
|
|
$ 25,000
|
|
|
|
|
| Common Class A [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
| Common Stock Shares Outstanding |
5,000,013
|
|
|
5,000,013
|
5,000,013
|
|
21,437,500
|
|
|
| Common Class A [Member] | IPO [Member] |
|
|
|
|
|
|
|
|
|
| Stock issued during period, shares |
|
|
20,000,000
|
|
|
|
|
|
|
| Sale of stock issue price per share |
|
|
$ 10.00
|
|
|
|
|
|
|
| Proceeds from initial public offering |
|
|
$ 200,000,000.0
|
|
|
|
|
|
|
| Offering costs |
|
|
11,100,000
|
|
|
|
|
|
|
| Deferred underwriting commission |
|
|
$ 7,000,000.0
|
|
|
|
|
|
|
| Common Class A [Member] | Over-Allotment Option [Member] |
|
|
|
|
|
|
|
|
|
| Stock issued during period, shares |
|
1,437,500
|
|
|
|
|
|
|
|
| Proceeds from initial public offering |
|
$ 14,400,000
|
|
|
|
|
|
|
|
| Offering costs |
|
755,000
|
|
|
|
|
|
|
|
| Deferred underwriting commission |
|
$ 503,000
|
|
|
|
|
|
|
|
| Common stock shares subscribed but not issued |
|
|
3,000,000
|
|
|
|
|
|
|
| Common Class A [Member] | Private Placement [Member] |
|
|
|
|
|
|
|
|
|
| Stock issued during period, shares |
|
28,750
|
600,000
|
|
|
|
|
|
|
| Sale of stock issue price per share |
|
|
$ 10.00
|
|
|
|
|
|
|
| Proceeds from private placement |
|
$ 287,500
|
$ 6,000,000.0
|
|
|
|
|
|
|
| Common Class B [Member] |
|
|
|
|
|
|
|
|
|
| Common Stock Shares Outstanding |
|
5,359,375
|
|
|
5,359,375
|
|
5,359,375
|
5,359,375
|
5,750,000
|
| Common Class B [Member] | HC Proptech Partners III, LLC [Member] |
|
|
|
|
|
|
|
|
|
| Number of shares sold |
4,854,375
|
|
|
|
|
|
|
|
|
| Common Class B [Member] | Sponsor [Member] |
|
|
|
|
|
|
|
|
|
| Stock issued during period, shares |
3,347,611
|
|
|
|
1,506,764
|
|
|
|
|
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v3.23.2
Summary of Calculation of Basic and Diluted Net Income (Loss) per Ordinary Share (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
| Common Class A [Member] |
|
|
|
|
| Allocation of net income (loss) |
$ 413,861
|
$ 108,793
|
$ 1,488,982
|
$ (212,785)
|
| Basic weighted average ordinary shares outstanding |
5,000,013
|
22,066,250
|
13,173,349
|
22,066,250
|
| Diluted weighted average ordinary shares outstanding |
5,000,013
|
22,066,250
|
13,173,349
|
22,066,250
|
| Basic net income (loss) per ordinary share |
$ 0.08
|
$ 0.00
|
$ 0.11
|
$ (0.01)
|
| Diluted net income (loss) per ordinary share |
$ 0.08
|
$ 0.00
|
$ 0.11
|
$ (0.01)
|
| Common Class B [Member] |
|
|
|
|
| Allocation of net income (loss) |
$ 443,606
|
$ 26,423
|
$ 605,770
|
$ (51,680)
|
| Basic weighted average ordinary shares outstanding |
5,359,375
|
5,359,375
|
5,359,375
|
5,359,375
|
| Diluted weighted average ordinary shares outstanding |
5,359,375
|
5,359,375
|
5,359,375
|
5,359,375
|
| Basic net income (loss) per ordinary share |
$ 0.08
|
$ 0.00
|
$ 0.11
|
$ (0.01)
|
| Diluted net income (loss) per ordinary share |
$ 0.08
|
$ 0.00
|
$ 0.11
|
$ (0.01)
|
| X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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v3.23.2
Summary of Significant Accounting Policies and Basis of Presentation (Details Narrative) - USD ($)
|
|
|
6 Months Ended |
|
Dec. 30, 2022 |
Apr. 01, 2021 |
Jun. 30, 2023 |
Dec. 31, 2022 |
| Cash and Cash Equivalents [Line Items] |
|
|
|
|
| Cash equivalents |
|
|
$ 0
|
$ 0
|
| Cash FDIC insured amount |
|
|
250,000
|
|
| Unrecognized tax benefits |
|
|
0
|
0
|
| Unrecognized tax benefits accrued interest and penalties |
|
|
$ 0
|
$ 0
|
| Common Class A [Member] |
|
|
|
|
| Cash and Cash Equivalents [Line Items] |
|
|
|
|
| Temporary equity subject to possible redemption |
|
|
5,000,013
|
21,437,500
|
| Private Placement [Member] |
|
|
|
|
| Cash and Cash Equivalents [Line Items] |
|
|
|
|
| Number of shares issued |
|
628,750
|
|
|
| Shares forfeited |
628,750
|
|
|
|
| Money Market Funds [Member] |
|
|
|
|
| Cash and Cash Equivalents [Line Items] |
|
|
|
|
| Restricted investments term |
|
|
185 days
|
|
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-Topic 944
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
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-Topic 740
-SubTopic 10
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-Section 50
-Paragraph 15A
-Subparagraph (a)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10B
-Publisher FASB
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|
v3.23.2
Initial Public Offering (Details Narrative) - USD ($)
|
|
|
3 Months Ended |
|
Apr. 13, 2021 |
Apr. 01, 2021 |
Mar. 31, 2023 |
Jun. 30, 2023 |
| Deferred underwriting commission |
|
|
|
$ 7,000,000.0
|
| Over-Allotment Option [Member] |
|
|
|
|
| Stock issued during period, shares |
|
3,000,000
|
|
|
| Deferred underwriting commission |
$ 503,000
|
|
|
|
| Option period for underwriters |
|
45 days
|
|
|
| Offering costs |
$ 755,000
|
|
|
|
| Common Class A [Member] |
|
|
|
|
| Stock issued during period, shares |
|
|
16,437,487
|
|
| Common Class A [Member] | IPO [Member] |
|
|
|
|
| Stock issued during period, shares |
|
20,000,000
|
|
|
| Sale of stock issue price per share |
|
$ 10.00
|
|
|
| Proceeds from issuance initial public offering |
|
$ 200,000,000.0
|
|
|
| Offering costs |
|
11,100,000
|
|
|
| Deferred underwriting commission |
|
7,000,000.0
|
|
|
| Offering costs |
|
$ 11,100,000
|
|
|
| Common Class A [Member] | Over-Allotment Option [Member] |
|
|
|
|
| Stock issued during period, shares |
1,437,500
|
|
|
|
| Proceeds from issuance initial public offering |
$ 14,400,000
|
|
|
|
| Deferred underwriting commission |
503,000
|
|
|
|
| Offering costs |
$ 755,000
|
|
|
|
| X |
- DefinitionDeferred underwriting commission.
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| Namespace Prefix: |
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| Data Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount of decrease in additional paid in capital (APIC) resulting from direct costs associated with issuing stock. Includes, but is not limited to, legal and accounting fees and direct costs associated with stock issues under a shelf registration. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
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- DefinitionThe total of the cash outflow during the period which has been paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt and the cost incurred directly for the issuance of equity securities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 15
-Publisher FASB
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-Name Accounting Standards Codification
-Section 45
-Paragraph 14
-Subparagraph (a)
-SubTopic 10
-Topic 230
-Publisher FASB
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
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| Period Type: |
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|
v3.23.2
Related Party Transactions (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
|
3 Months Ended |
6 Months Ended |
|
|
|
Mar. 31, 2023 |
Dec. 30, 2022 |
Apr. 19, 2021 |
Apr. 13, 2021 |
Apr. 01, 2021 |
Mar. 29, 2021 |
Mar. 08, 2021 |
Jan. 21, 2021 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Aug. 07, 2023 |
Dec. 31, 2022 |
Apr. 05, 2021 |
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares issued price per share |
$ 10.23
|
|
|
|
|
|
|
|
|
$ 10.23
|
|
|
|
|
|
|
| Business acquisition, effective period of acquisition |
|
|
|
|
|
|
|
|
|
|
|
1 year
|
|
|
|
|
| Minimum lock in period for transfer, assign or sell warrants after completion of ipo |
|
|
|
|
|
|
|
|
|
|
|
30 days
|
|
|
|
|
| Line of credit facility, maximum borrowing capacity |
|
|
|
|
|
|
|
$ 300,000
|
|
|
|
|
|
|
|
|
| Line of credit facility, current borrowing capacity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 81,000
|
| Administrative expense |
|
|
|
|
|
|
|
|
$ 433,603
|
|
$ 170,491
|
$ 830,512
|
$ 443,859
|
|
|
|
| Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Advance amount |
|
|
|
|
|
|
|
|
668,000
|
|
|
668,000
|
|
|
$ 0
|
|
| Promissory Note [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Face amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,500,000
|
|
|
| Advance amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 668,000
|
|
|
| Working Capital Loan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt instrument convertible into warrants |
|
|
|
|
|
|
|
|
$ 1,500,000
|
|
|
$ 1,500,000
|
|
|
|
|
| Debt instrument conversion price |
|
|
|
|
|
|
|
|
$ 10.00
|
|
|
$ 10.00
|
|
|
|
|
| Laons outstanding |
|
|
|
|
|
|
|
|
$ 0
|
|
|
$ 0
|
|
|
$ 0
|
|
| Over-Allotment Option [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Number of shares issued |
|
|
|
|
3,000,000
|
|
|
|
|
|
|
|
|
|
|
|
| Common Class B [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common stock par value |
|
|
|
|
|
|
|
|
$ 0.0001
|
|
|
$ 0.0001
|
|
|
$ 0.0001
|
|
| Common stock shares outstanding |
|
|
5,359,375
|
5,359,375
|
|
|
|
5,750,000
|
5,359,375
|
|
|
5,359,375
|
|
|
5,359,375
|
|
| Common stock threshold percentage on conversion of shares |
|
|
|
|
|
|
|
|
20.00%
|
|
|
20.00%
|
|
|
|
|
| Common stock, shares issued |
|
|
5,359,375
|
5,359,375
|
|
|
|
5,750,000
|
5,359,375
|
|
|
5,359,375
|
|
|
5,359,375
|
|
| Stock issued during period shares restricted stock award forfeited |
|
|
|
|
|
|
|
|
|
|
|
3,347,611
|
|
|
|
|
| Common Class B [Member] | Common Stock Subject To Forfeiture [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common stock shares outstanding |
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common Class A [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common stock par value |
|
|
|
|
|
|
|
|
$ 0.0001
|
|
|
$ 0.0001
|
|
|
$ 0.0001
|
|
| Common stock shares outstanding |
|
|
|
|
|
|
|
|
0
|
|
|
0
|
|
|
0
|
|
| Common stock, shares issued |
|
|
|
|
|
|
|
|
0
|
|
|
0
|
|
|
0
|
|
| Number of shares issued |
|
|
|
|
|
|
|
|
|
16,437,487
|
|
|
|
|
|
|
| Common Class A [Member] | Over-Allotment Option [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Number of shares issued |
|
|
|
1,437,500
|
|
|
|
|
|
|
|
|
|
|
|
|
| Sponsor [Member] | Administrative Support Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payment of rent for office space |
|
|
|
|
|
$ 10,000
|
|
|
|
|
|
|
|
|
|
|
| Sponsor [Member] | Private Placement Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class of warrants and rights issued during the period |
|
|
|
28,750
|
|
|
|
|
|
|
|
600,000
|
|
|
|
|
| Class of warrants and rights issued, price per warrant |
|
|
|
|
|
|
|
|
$ 10.00
|
|
|
$ 10.00
|
|
|
|
|
| Proceeds from issuance of warrants |
|
|
|
$ 287,500
|
|
|
|
|
|
|
|
$ 6,000,000.0
|
|
|
|
|
| Stock issued during period shares restricted stock award forfeited |
|
628,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Sponsor [Member] | Over-Allotment Option [Member] | Private Placement Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class of warrants and rights issued during the period |
|
|
|
|
|
|
|
|
|
|
|
60,000
|
|
|
|
|
| Class of warrants and rights issued, price per warrant |
|
|
|
|
|
|
|
|
$ 10.00
|
|
|
$ 10.00
|
|
|
|
|
| Sponsor [Member] | Founder Shares [Member] | Michelle Gill [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares transferred |
|
|
|
|
|
|
25,000
|
|
|
|
|
|
|
|
|
|
| Sponsor [Member] | Founder Shares [Member] | Ryan Petersen [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares transferred |
|
|
|
|
|
|
25,000
|
|
|
|
|
|
|
|
|
|
| Sponsor [Member] | Founder Shares [Member] | Laura De Petra [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares transferred |
|
|
|
|
|
|
25,000
|
|
|
|
|
|
|
|
|
|
| Sponsor [Member] | Founder Shares [Member] | Pierre Lamond [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares transferred |
|
|
|
|
|
|
30,000
|
|
|
|
|
|
|
|
|
|
| Sponsor [Member] | Common Class B [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ordinary shares surrendered |
|
|
390,625
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Number of shares issued |
3,347,611
|
|
|
|
|
|
|
|
|
|
|
1,506,764
|
|
|
|
|
| Sponsor [Member] | Common Class B [Member] | Non Redemption Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Number of shares issued |
1,506,764
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Sponsor [Member] | Common Class B [Member] | Founder Shares [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares issued for expense compensation |
|
|
|
|
|
|
|
$ 25,000
|
|
|
|
|
|
|
|
|
| Shares issued price per share |
|
|
|
|
|
|
|
$ 0.004
|
|
|
|
|
|
|
|
|
| Shares issued for expense compensation, value |
|
|
|
|
|
|
|
5,750,000
|
|
|
|
|
|
|
|
|
| Common stock par value |
|
|
|
|
|
|
|
$ 0.0001
|
|
|
|
|
|
|
|
|
| Sponsor [Member] | Common Class F [Member] | Over-Allotment Option [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common stock shares outstanding |
|
|
|
|
|
|
|
|
750,000
|
|
|
750,000
|
|
|
|
|
| Sponsor [Member] | Common Class A [Member] | Share Price More Than Or Equals To Usd Twelve [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Share transfer, trigger price price per share |
|
|
|
|
|
|
|
|
$ 12.00
|
|
|
$ 12.00
|
|
|
|
|
| Number of consecutive trading days for determining share price |
|
|
|
|
|
|
|
|
|
|
|
20 days
|
|
|
|
|
| Number of trading days for determining share price |
|
|
|
|
|
|
|
|
|
|
|
30 days
|
|
|
|
|
| Threshold number of trading days for determining share price from date of business combination |
|
|
|
|
|
|
|
|
|
|
|
150 days
|
|
|
|
|
| Related Party [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Due to related parties current |
|
|
|
|
|
|
|
|
$ 668,414
|
|
|
$ 668,414
|
|
|
|
|
| Administrative expense |
|
|
|
|
|
|
|
|
|
|
|
30,000
|
$ 60,000
|
|
|
|
| Related Party [Member] | Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Notes payable - related party |
|
|
|
|
|
|
|
|
668,000
|
|
|
668,000
|
|
|
0
|
|
| Related Party [Member] | Sponsor Loan Additional Borrowing [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Due to related parties current |
|
|
|
|
|
|
|
|
0
|
|
|
0
|
|
|
|
|
| Related Party [Member] | Administrative Services Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Due to related parties current |
|
|
|
|
|
|
|
|
$ 0
|
|
|
$ 0
|
|
|
$ 0
|
|
| X |
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-Topic 210
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-Name Accounting Standards Codification
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-Topic 505
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
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-Topic 946
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-Name Accounting Standards Codification
-Section S99
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-Publisher FASB
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-Topic 946
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-Section S99
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-Topic 946
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-Section S99
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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-Publisher FASB
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-Topic 470
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Section 55
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-Publisher FASB
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
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-Publisher FASB
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19(b),22(b))
-Publisher FASB
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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
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-Subparagraph (SX 210.5-02.19(b),22(b))
-Publisher FASB
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v3.23.2
Commitments and Contingencies (Details Narrative) - USD ($)
|
|
6 Months Ended |
|
Apr. 13, 2021 |
Jun. 30, 2023 |
Dec. 31, 2022 |
| Subsidiary, Sale of Stock [Line Items] |
|
|
|
| Underwriting discount per unit |
|
$ 0.20
|
|
| Underwriting discount |
|
$ 4,000,000.0
|
|
| Deferred underwriting commissions per unit |
|
$ 0.35
|
|
| Deferred underwriting commission |
|
$ 7,000,000.0
|
|
| Accumulated deficit |
|
(918,484)
|
$ (7,591,097)
|
| Over-Allotment Option [Member] |
|
|
|
| Subsidiary, Sale of Stock [Line Items] |
|
|
|
| Deferred underwriting commission |
$ 503,000
|
|
|
| Offering costs |
$ 755,000
|
|
|
| Accumulated deficit |
|
$ 7,503,125
|
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
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-Publisher FASB
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-Publisher FASB
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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v3.23.2
Summary of Class A Ordinary Shares Subject to Possible Redemption (Details)
|
6 Months Ended |
|
Jun. 30, 2023
USD ($)
|
|---|
| Class A ordinary shares subject to possible redemption |
$ 217,165,704
|
| Class A ordinary shares subject to possible redemption |
51,854,200
|
| Common Class A [Member] |
|
| Class A ordinary shares subject to possible redemption |
217,165,704
|
| Change in redemption value of Class A ordinary shares subject to possible redemption amount |
(4,577,861)
|
| Class A ordinary shares subject to possible redemption |
51,854,200
|
| Common Class A [Member] | Common Stock [Member] |
|
| Class A ordinary shares redemption |
(168,236,768)
|
| Waiver of Class A shares issuance costs |
$ 7,503,125
|
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-Section S99
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section S99
-Paragraph 1A
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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v3.23.2
Class A Ordinary Shares Subject to Possible Redemption (Details Narrative) - USD ($)
$ / shares in Units, $ in Millions |
3 Months Ended |
6 Months Ended |
|
Mar. 31, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
| price per share |
$ 10.23
|
|
|
| Common Class A [Member] |
|
|
|
| Common stock, shares authorized |
|
400,000,000
|
400,000,000
|
| Common stock, par value |
|
$ 0.0001
|
$ 0.0001
|
| Common stock, voting rights |
|
one vote
|
|
| Common Stock Shares Outstanding |
|
0
|
0
|
| Temporary equity, shares outstanding |
|
5,000,013
|
21,437,500
|
| Stock Issued During Period, Shares, New Issues |
16,437,487
|
|
|
| Stock issued during period value new issues |
$ 168.2
|
|
|
| Proceeds from issuance of common stock |
$ 51.1
|
|
|
| Common Class A [Member] | Common Stock [Member] |
|
|
|
| Common Stock Shares Outstanding |
5,000,013
|
5,000,013
|
21,437,500
|
| Class A Ordinary Shares One [Member] |
|
|
|
| Common Stock Shares Outstanding |
|
5,000,013
|
21,437,500
|
| X |
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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v3.23.2
Shareholders’ Deficit (Details Narrative) - $ / shares
|
|
3 Months Ended |
6 Months Ended |
|
|
|
|
Mar. 31, 2023 |
Mar. 31, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Apr. 19, 2021 |
Apr. 13, 2021 |
Jan. 21, 2021 |
| Class of Stock [Line Items] |
|
|
|
|
|
|
|
| Preferred stock shares authorized |
|
|
1,000,000
|
1,000,000
|
|
|
|
| Preferred stock par value |
|
|
$ 0.0001
|
$ 0.0001
|
|
|
|
| Preferred stock shares issued |
|
|
0
|
0
|
|
|
|
| Preferred stock shares outstanding |
|
|
0
|
0
|
|
|
|
| Common Class A [Member] |
|
|
|
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
|
|
|
| Common stock shares authorized |
|
|
400,000,000
|
400,000,000
|
|
|
|
| Common stock par or stated value per share |
|
|
$ 0.0001
|
$ 0.0001
|
|
|
|
| Common stock shares outstanding |
|
|
0
|
0
|
|
|
|
| Common stock shares issued |
|
|
0
|
0
|
|
|
|
| Temporary equity shares outstanding |
|
|
5,000,013
|
21,437,500
|
|
|
|
| Stock issued during period, shares |
|
16,437,487
|
|
|
|
|
|
| Common Class A [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
|
|
|
| Common stock shares outstanding |
5,000,013
|
5,000,013
|
5,000,013
|
21,437,500
|
|
|
|
| Common Class B [Member] |
|
|
|
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
|
|
|
| Common stock shares authorized |
|
|
10,000,000
|
10,000,000
|
|
|
|
| Common stock par or stated value per share |
|
|
$ 0.0001
|
$ 0.0001
|
|
|
|
| Common stock shares outstanding |
|
|
5,359,375
|
5,359,375
|
5,359,375
|
5,359,375
|
5,750,000
|
| Common stock shares issued |
|
|
5,359,375
|
5,359,375
|
5,359,375
|
5,359,375
|
5,750,000
|
| Temporary equity shares outstanding |
|
|
|
|
|
390,625
|
750,000
|
| Percentage of ownership held by initial shareholders |
|
|
|
|
|
|
20.00%
|
| Stock issued during period shares restricted stock award forfeited |
|
|
3,347,611
|
|
|
|
|
| Common stock threshold percentage on conversion of shares |
|
|
20.00%
|
|
|
|
|
| Common stock, conversion basis |
|
|
In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one
to one
|
|
|
|
|
| Common Class B [Member] | Sponsor [Member] |
|
|
|
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
|
|
|
| Stock issued during period, shares |
3,347,611
|
|
1,506,764
|
|
|
|
|
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3
Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3
Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
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-Section S99
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-Publisher FASB
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
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-Topic 210
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-Topic 946
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 210
-SubTopic 10
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-Section S99
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-2
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
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-Publisher FASB
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
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-Section S99
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-Publisher FASB
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| X |
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-Topic 505
-SubTopic 10
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-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
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-Topic 946
-SubTopic 210
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-Paragraph 1
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
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-Section S99
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-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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| Period Type: |
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| X |
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-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(16)(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
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-Publisher FASB
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
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-Topic 505
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
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-Section 50
-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147481004/946-505-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
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-Topic 505
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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v3.23.2
Summary of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis (Details) - US Treasury Securities [Member] - Fair Value, Recurring [Member] - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
[1] |
| Fair Value, Inputs, Level 1 [Member] |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Marketable Securities held in Trust Account: US Treasury Securities |
$ 51,954,200
|
$ 217,265,704
|
| Fair Value, Inputs, Level 2 [Member] |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Marketable Securities held in Trust Account: US Treasury Securities |
|
|
| Fair Value, Inputs, Level 3 [Member] |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Marketable Securities held in Trust Account: US Treasury Securities |
|
|
|
|
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-3
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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| X |
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| Namespace Prefix: |
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v3.23.2
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- DefinitionCash assets held in trust.
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| Data Type: |
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|
v3.23.2
| X |
- References
+ Details
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionFace (par) amount of debt instrument at time of issuance. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
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