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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 ________
PORTAGE FINTECH ACQUISITION CORPORATION
(Exact name of registrant as specified in its charter)
Cayman Islands |
|
001-40639 |
|
98-1592069 |
(State or other jurisdiction of incorporation or organization) |
|
(Commission
File Number) |
|
(IRS Employer
Identification No.) |
315 Lake Street East, Suite 301
Wayzata, MN |
|
55391 |
(Address Of Principal Executive Offices) |
|
(Zip Code) |
(952) 456-5300
Registrant’s telephone number, including area code
280 Park Avenue, 29F East; New York, NY 10017
(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: |
|
Name of Each Exchange on Which Registered: |
Units, each consisting of one Class A ordinary share, $0.0001 par value, and one-third of one redeemable warrant |
|
PFTAU |
|
The NASDAQ Stock Market LLC |
Class A ordinary shares included as part of the units |
|
PFTA |
|
The NASDAQ Stock Market LLC |
Redeemable warrants included as part of the units, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 |
|
PFTAW |
|
The NASDAQ Stock Market LLC |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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 21, 2023, 3,910,370 Class A ordinary shares, par value $0.0001 per share, and 6,477,845 Class B ordinary shares, par value $0.0001 per share, were issued and outstanding, respectively.
PORTAGE FINTECH ACQUISITION CORPORATION
FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2023
TABLE OF CONTENTS
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
PORTAGE FINTECH ACQUISITION CORPORATION
CONDENSED BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
|
|
(Unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash |
|
$ |
433,767 |
|
|
$ |
368,687 |
|
Prepaid expenses |
|
|
104,918 |
|
|
|
497,054 |
|
Total current assets |
|
|
538,685 |
|
|
|
865,741 |
|
|
|
|
|
|
|
|
|
|
Investments held in Trust Account |
|
|
269,208,921 |
|
|
|
263,269,821 |
|
Total Assets |
|
$ |
269,747,606 |
|
|
$ |
264,135,562 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS’ DEFICIT |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accrued expenses |
|
$ |
1,779,072 |
|
|
$ |
1,859,194 |
|
Promissory note - related party |
|
|
1,250,000 |
|
|
|
- |
|
Total current liabilities |
|
|
3,029,072 |
|
|
|
1,859,194 |
|
|
|
|
|
|
|
|
|
|
Warrant liabilities |
|
|
609,012 |
|
|
|
3,045,062 |
|
Deferred underwriting fee payable |
|
|
- |
|
|
|
2,539,315 |
|
Total liabilities |
|
|
3,638,084 |
|
|
|
7,443,571 |
|
|
|
|
|
|
|
|
|
|
Commitments and Contingencies |
|
|
|
|
|
|
|
|
Class A ordinary shares subject to possible redemption; 25,911,379 shares at redemption value as of June 30, 2023 and December 31, 2022 |
|
|
269,208,921 |
|
|
|
263,269,821 |
|
|
|
|
|
|
|
|
|
|
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; 300,000,000 shares authorized; no shares issued or outstanding (excluding 25,911,379 shares subject to possible redemption) as of June 30, 2023 and December 31, 2022 |
|
|
- |
|
|
|
- |
|
Class B ordinary shares, $0.0001 par value; 30,000,000 shares authorized; 6,477,845 shares issued and outstanding as of June 30, 2023 and December 31, 2022 |
|
|
648 |
|
|
|
648 |
|
Additional paid-in capital |
|
|
8,417,530 |
|
|
|
6,231,184 |
|
Accumulated deficit |
|
|
(11,517,577 |
) |
|
|
(12,809,662 |
) |
Total Shareholders’ Deficit |
|
|
(3,099,399 |
) |
|
|
(6,577,830 |
) |
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS’ DEFICIT |
|
$ |
269,747,606 |
|
|
$ |
264,135,562 |
|
The accompanying notes are an integral part of these financial statements.
PORTAGE FINTECH ACQUISITION CORPORATION
UNAUDITED CONDENSED STATEMENTS OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, |
|
|
For the Six Months Ended
June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative expenses |
|
$ |
906,500 |
|
|
$ |
610,016 |
|
|
$ |
1,496,934 |
|
|
$ |
1,339,128 |
|
Loss from operations |
|
|
(906,500 |
) |
|
|
(610,016 |
) |
|
|
(1,496,934 |
) |
|
|
(1,339,128 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in fair value of warrant liabilities |
|
|
1,370,278 |
|
|
|
4,110,834 |
|
|
|
2,436,050 |
|
|
|
6,857,978 |
|
Reduction of deferred underwriter fees |
|
|
352,969 |
|
|
|
- |
|
|
|
352,969 |
|
|
|
- |
|
Investment income earned on Trust Account |
|
|
3,191,741 |
|
|
|
423,124 |
|
|
|
5,939,100 |
|
|
|
515,789 |
|
Other income |
|
|
4,914,988 |
|
|
|
4,533,958 |
|
|
|
8,728,119 |
|
|
|
7,373,767 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
4,008,488 |
|
|
$ |
3,923,942 |
|
|
$ |
7,231,185 |
|
|
$ |
6,034,639 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average Class A ordinary shares outstanding, basic and diluted |
|
|
25,911,379 |
|
|
|
25,911,379 |
|
|
|
25,911,379 |
|
|
|
25,911,379 |
|
Basic and diluted net income per ordinary share, Class A |
|
$ |
0.12 |
|
|
$ |
0.12 |
|
|
$ |
0.22 |
|
|
$ |
0.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average Class B ordinary shares outstanding, basic and diluted |
|
|
6,477,845 |
|
|
|
6,477,845 |
|
|
|
6,477,845 |
|
|
|
6,477,845 |
|
Basic and diluted net income per ordinary share, Class B |
|
$ |
0.12 |
|
|
$ |
0.12 |
|
|
$ |
0.22 |
|
|
$ |
0.19 |
|
The accompanying notes are an integral part of these financial statements.
PORTAGE FINTECH ACQUISITION CORPORATION
UNAUDITED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS’ DEFICIT
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Ordinary Shares |
|
|
Class B Ordinary Shares |
|
|
Additional Paid in |
|
|
Accumulated |
|
|
Total Shareholders’ |
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Deficit |
|
|
Deficit |
|
Balance – January 1, 2023 |
|
|
- |
|
|
$ |
- |
|
|
|
6,477,845 |
|
|
$ |
648 |
|
|
$ |
6,231,184 |
|
|
$ |
(12,809,662 |
) |
|
$ |
(6,577,830 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Remeasurement of Class A ordinary shares to redemption value |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,747,359 |
) |
|
|
(2,747,359 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,222,697 |
|
|
|
3,222,697 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance – March 31, 2023 |
|
|
- |
|
|
|
- |
|
|
|
6,477,845 |
|
|
|
648 |
|
|
|
6,231,184 |
|
|
|
(12,334,324 |
) |
|
|
(6,102,492 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Remeasurement of Class A ordinary shares to redemption value |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(3,191,741 |
) |
|
|
(3,191,741 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reduction of deferred underwriter fees |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,186,346 |
|
|
|
- |
|
|
|
2,186,346 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
4,008,488 |
|
|
|
4,008,488 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance – June 30, 2023 |
|
|
- |
|
|
$ |
- |
|
|
|
6,477,845 |
|
|
$ |
648 |
|
|
$ |
8,417,530 |
|
|
$ |
(11,517,577 |
) |
|
$ |
(3,099,399 |
) |
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022
|
|
Class A Ordinary Shares |
|
|
Class B Ordinary Shares |
|
|
Additional Paid in |
|
|
Accumulated |
|
|
Total Shareholders’ |
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Deficit |
|
|
Deficit |
|
Balance – January 1, 2022 |
|
|
- |
|
|
$ |
- |
|
|
|
6,477,845 |
|
|
$ |
648 |
|
|
$ |
- |
|
|
$ |
(17,209,632 |
) |
|
$ |
(17,208,984 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Remeasurement of Class A ordinary shares to redemption value |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(27,827 |
) |
|
|
(27,827 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,110,697 |
|
|
|
2,110,697 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance – March 31, 2022 |
|
|
- |
|
|
|
- |
|
|
|
6,477,845 |
|
|
|
648 |
|
|
|
- |
|
|
|
(15,126,762 |
) |
|
|
(15,126,114 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Remeasurement of Class A ordinary shares to redemption value |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(523,124 |
) |
|
|
(523,124 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,923,942 |
|
|
|
3,923,942 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance – June 30, 2022 |
|
|
- |
|
|
$ |
- |
|
|
|
6,477,845 |
|
|
$ |
648 |
|
|
$ |
- |
|
|
$ |
(11,725,944 |
) |
|
$ |
(11,725,296 |
) |
The accompanying notes are an integral part of these financial statements.
PORTAGE FINTECH ACQUISITION CORPORATION
UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended
June 30, |
|
|
|
2023 |
|
|
2022 |
|
Cash Flows from Operating Activities: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
7,231,185 |
|
|
$ |
6,034,639 |
|
Adjustments to reconcile net income to net cash used in operating activities: |
|
|
|
|
|
|
|
|
Investment income earned on Trust Account |
|
|
(5,939,100 |
) |
|
|
(515,789 |
) |
Change in fair value of warrant liabilities |
|
|
(2,436,050 |
) |
|
|
(6,857,978 |
) |
Reduction of deferred underwriter fees |
|
|
(352,969 |
) |
|
|
- |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Prepaid expenses |
|
|
392,136 |
|
|
|
389,761 |
|
Accounts payable and accrued expenses |
|
|
(80,122 |
) |
|
|
448,250 |
|
Net cash used in operating activities |
|
|
(1,184,920 |
) |
|
|
(501,117 |
) |
|
|
|
|
|
|
|
|
|
Cash Flows from Financing Activities: |
|
|
|
|
|
|
|
|
Proceeds from promissory note - related party |
|
|
1,250,000 |
|
|
|
- |
|
Net cash provided by financing activities |
|
|
1,250,000 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Net Change in Cash |
|
|
65,080 |
|
|
|
(501,117 |
) |
Cash – Beginning |
|
|
368,687 |
|
|
|
1,170,049 |
|
Cash – Ending |
|
$ |
433,767 |
|
|
$ |
668,932 |
|
|
|
|
|
|
|
|
|
|
Non-Cash Investing and Financing Activities: |
|
|
|
|
|
|
|
|
Remeasurement of Class A ordinary shares subject to redemption |
|
$ |
5,939,100 |
|
|
$ |
550,951 |
|
Reduction of deferred underwriting fee payable |
|
$ |
2,539,315 |
|
|
$ |
- |
|
The accompanying notes are an integral part of these financial statements.
PORTAGE FINTECH ACQUISITION CORPORATION
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
Portage Fintech Acquisition Corporation (the “Company”) is a blank check company incorporated in the Cayman Islands on March 17, 2021. The Company was formed for the purpose of effectuating a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses (the “Business Combination”). The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.
As of June 30, 2023, the Company had not yet commenced any operations. All activity for the period March 17, 2021 (inception) through June 30, 2023 relates to the Company’s formation, the initial public offering (the “Initial Public Offering”), which is described below, and subsequent to the Initial Public Offering, identifying a target company 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 in the form of interest income from the securities held in the Trust Account. The Company has selected December 31 as its fiscal year end.
The Company’s initial sponsor was PFTA I LP, an Ontario limited partnership (the “Initial Sponsor”). On July 21, 2023, the Initial Sponsor sold a portion of its Class B ordinary shares and Private Placement Warrants (defined below) to Perception Capital Partners IIIA LLC, a Delaware limited liability company (the “Managing Sponsor”), pursuant to a Securities Purchase Agreement dated July 12, 2023 (the “Purchase Agreement”). See Note 10 for additional details.
The registration statement for the Company’s Initial Public Offering was declared effective by the Securities and Exchange Commission (the “SEC”) on July 20, 2021. On July 23, 2021, the Company consummated its Initial Public Offering of units (the “Units” and, with respect to the Class A ordinary shares included in the Units being offered, the “Public Shares”), at $ per Unit, generating gross proceeds of $ million.
The Company incurred offering costs in the Initial Public Offering totaling $, consisting of $ of underwriting fees, $ of deferred underwriting fees, and $ of other offering costs (see Note 2).
Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”), at a price of $ per Private Placement Warrant with the Initial Sponsor, generating gross proceeds of $ (see Note 4 and Note 8).
Upon the closing of the Initial Public Offering and the Private Placement, an amount of $ million ($ per Unit) from the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement were placed in a trust account (“Trust Account”) with Continental Stock Transfer & Trust Company acting as trustee and 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 which invest only in direct U.S. government treasury obligations, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below.
On August 3, 2021, the underwriters notified the Company of their intention to partially exercise the over-allotment option on August 5, 2021 (the “Over-Allotment”). As such, on August 5, 2021, the Company consummated the sale of an additional Units (the “Over-Allotment Units”), at $ per Unit, and the sale of an additional Private Placement Warrants, at $ per Private Placement Warrant, generating total gross proceeds of $ and $, respectively. The underwriters forfeited the balance of the over-allotment option. A total of $ of the net proceeds was deposited into the Trust Account, bringing the aggregate proceeds held in the Trust Account to $ (see Note 2). The Company incurred additional offering costs of $ in connection with the Over-Allotment (of which $ was for deferred underwriting fees).
The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Placement Warrants, although substantially all of the net proceeds, which are placed in the Trust Account, are intended to be applied generally toward consummating a Business Combination. The Company’s initial Business Combination must be with one or more target businesses that together have a fair market value equal to at least 80% of the balance held in the Trust Account (less any deferred underwriting commissions and taxes payable on interest earned on the Trust Account) at the time the Company signs a definitive agreement in connection with the initial Business Combination. However, the Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act.
The Company will provide its holders of the outstanding 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 pursuant to the proxy solicitation rules of the SEC or (ii) by means of a tender offer. In connection with a proposed Business Combination, the Company will be required to seek shareholder approval of a Business Combination at a meeting called for such purpose at which shareholders may seek to redeem their shares, regardless of whether they vote for or against a Business Combination. The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 either immediately prior to or upon such consummation of a Business Combination and a majority of the outstanding shares voted are voted in favor of the Business Combination.
Notwithstanding the foregoing, the Company’s amended and restated memorandum and articles of association (the “Articles”) 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 seeking redemption rights with respect to 15% or more of the Public Shares without the Company’s prior written consent.
The Public Shareholders will be entitled to redeem their shares for a pro rata portion of the amount then in the Trust Account (initially $10.00 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). The per-share amount to be distributed to shareholders who redeem their shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters. There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. These Public Shares are recorded at a redemption value and classified as temporary equity upon the completion of the Initial Public Offering, in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.”
If the Company is not required to conduct redemptions pursuant to the proxy solicitation rules as described above, the Company will, pursuant to its Articles, offer such redemption pursuant to the tender offer rules of the SEC, and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination.
Pursuant
to an amended and restated letter agreement dated July 21, 2023 (the “Letter Agreement”), the Company’s sponsors
and current and former officers, directors and certain advisors have agreed (a) to vote their Founder Shares (as defined in Note 8) and
any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination, (b) not to redeem any shares
(including the Founder Shares) into the right to receive cash from the Trust Account in connection with a shareholder vote to approve
a Business Combination or a vote to amend the provisions of the Articles relating to shareholders’ rights of pre-Business Combination
activity and (c) that the Founder Shares shall not participate in any liquidating distributions upon winding up if a Business Combination
is not consummated. However, the above-listed parties to the Letter Agreement will be entitled to liquidating distributions from the
Trust Account with respect to any Public Shares purchased during or after the Initial Public Offering if the Company fails to complete
its Business Combination.
On
July 21, 2023, the Company held an extraordinary general meeting of shareholders (the “Meeting”). At the Meeting, the
Company’s shareholders approved two proposals to amend the Company’s amended and restated memorandum and articles of association
(the “Articles”). The first such proposal (the “Extension Amendment” and, such proposal, the “Extension
Amendment Proposal”) sought to amend the Articles to extend the date by which the Company must (1) consummate a Business Combination,
(2) cease its operations except for the purpose of winding up if it fails to complete a Business Combination, and (3) redeem all of the
Company’s Class A ordinary shares sold in the Company’s IPO, from 24 months from the closing of the IPO to 36 months from
the closing of the IPO or such earlier date as is determined by our board of directors (the “Board”) to be in the best interests
of the Company. The second such proposal (the “Redemption Limitation Amendment” and such proposal, the “Redemption
Limitation Amendment Proposal”) sought to eliminate from the Articles the limitation that the Company shall not redeem Class A
ordinary shares sold in the IPO to the extent that such redemption would cause the Company’s net tangible assets to be less than
$5,000,001.
In
connection with the vote to approve the Extension Amendment Proposal, effective as of July 21, 2023, holders of 22,001,009 Class
A ordinary shares exercised their right to redeem their shares for cash at a redemption price of approximately $10.41 per share, for
an aggregate redemption amount of approximately $229.1 million. As a result, approximately $40.7 million remained in the Company’s
trust account as of July 21, 2023 and 3,910,370 Class A ordinary shares remained outstanding.
If
the Company is unable to complete a Business Combination by July 23, 2024 (the “Combination Period”), the Company will
(i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no 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 taxes (less up to $100,000
of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely
extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if
any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of
the remaining shareholders and the Company’s board of directors, proceed to commence a voluntary liquidation and thereby a
formal dissolution of the Company, subject in each case to the requirements of applicable law, including any obligations to provide for claims of creditors. The underwriters have agreed to waive their rights to the deferred underwriting commission held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period, and, in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the Initial Public Offering price per Unit $10.00.
Pursuant to the Letter Agreement, the Managing Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of liquidation of the Trust Account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). However, the Company has not asked the Managing Sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether the Managing Sponsor has sufficient funds to satisfy its indemnity obligations and believe that the Managing Sponsor’s only assets are securities of the Company. Therefore, the Company cannot assure its shareholders that the Managing Sponsor would be able to satisfy those obligations. Neither the Initial Sponsor nor any of the Company’s officers or directors will indemnify the Company for claims by third parties including, without limitation, claims by vendors and prospective target businesses. The Company will seek to reduce the possibility that the Managing Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers, 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.
Going Concern, Liquidity and Management’s Plans
As of June 30, 2023, the Company had $433,767 in its operating bank account and working capital deficit of $2,490,387.
The Company has principally financed its operations from inception using proceeds from the sale of its equity securities to its shareholders prior to the Initial Public Offering and such amount of proceeds from the Private Placement that were placed in an account outside of the Trust Account for working capital purposes. Until the consummation of a Business Combination, the Company will be using the funds not held in the Trust Account for identifying and evaluating prospective acquisition candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to acquire, and structuring, negotiating and consummating the Business Combination.
The Company may need to raise additional capital through loans or additional investments from its sponsors, shareholders, officers, directors, or third parties. The Company’s officers, directors and sponsors may, but are not obligated to (other than as described above), loan the Company funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion, to meet the Company’s working capital needs. Accordingly, the Company may not be able to obtain additional financing. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all.
In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s (“FASB”) ASC Subtopic 205-40, “Presentation of Financial Statements - Going Concern,” the Company has until July 23, 2024 to consummate a Business Combination. It is uncertain whether the Company will be able to consummate a Business Combination by this time. If a Business Combination is not consummated by this date, there will be a mandatory liquidation and subsequent dissolution of the Company. Management has determined that the liquidity condition and mandatory liquidation, should a Business Combination not occur, raises substantial doubt about the Company’s ability to continue as a going concern through approximately one year from the date these unaudited financial statements were issued. Management intends to consummate a Business Combination prior to July 23, 2024. These unaudited financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.
Risks and Uncertainties
Management continues to evaluate the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of these unaudited condensed financial statements. These unaudited condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Various social and political circumstances in the U.S. 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 U.S. 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 U.S. 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 U.S. 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.
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 for any future periods.
The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Annual Report on Form 10-K filed by the Company with the SEC on March 13, 2023.
Emerging Growth Company
The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.
Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company, which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
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 financial statements and the reported amounts of revenues and expenses during the reporting period.
Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or future confirming events. Accordingly, the actual results could differ significantly from those estimates. One of the more significant accounting estimates included in these unaudited condensed financial statements is the determination of the fair value of the warrant liabilities. Such estimates may be subject to change as more current information becomes available and, 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 did not have any cash equivalents as of June 30, 2023 and December 31, 2022. The Company had $433,767 and $368,687 of cash as of June 30, 2023 and December 31, 2022, respectively.
Investments Held in Trust Account
The Company’s portfolio of investments held in trust is comprised substantially of investments in U.S. government securities. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these investments are included in interest earned on investments held in Trust Account in the accompanying statements of operations. The estimated fair values of investments held in the Trust Account are determined using available market information. At June 30, 2023 and December 31, 2022, the Trust Account had $269,208,921 and $263,269,821 held in marketable securities, respectively. As of June 30, 2023 the Company had not withdrawn any amount from the Trust Account.
Warrant Liabilities
The Company evaluated the Public Warrants and the Private Placement Warrants (collectively, “Warrants”, which are discussed in Note 3 and Note 8) in accordance with ASC 815-40, “Derivatives and Hedging — Contracts in Entity’s Own Equity”, and concluded that a provision in the warrant agreement related to certain tender or exchange offers precludes the Warrants from being accounted for as components of equity. As the Warrants meet the definition of a derivative as contemplated in ASC 815, the Warrants are recorded as derivative liabilities on the balance sheets and measured at fair value at inception (on the date of the Initial Public Offering) and at each reporting date in accordance with ASC 820, “Fair Value Measurement”, with changes in fair value recognized in the statements of operations in the period of change.
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 Topic 480 “Distinguishing Liabilities from Equity.” 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. The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, as of June 30, 2023 and December 31, 2022, Class A ordinary shares subject to possible redemption are presented as temporary equity, outside of the shareholders’ deficit section of the Company’s balance sheets. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. The dissolution expense of $100,000 is not included in the redemption value of the Class A ordinary shares subject to redemption since it is only taken into account in the event of the Company’s liquidation. Immediately upon the closing of the Initial Public Offering, the Company recognized the remeasurement adjustment from carrying value to redemption value. Increases or decreases in the carrying amount of redeemable ordinary shares are affected by charges against additional paid-in capital (to the extent available) and accumulated deficit.
At June 30, 2023 and December 31, 2022, the Class A ordinary shares subject to redemption reflected in the condensed balance sheets are reconciled in the following table:
Schedule of shares subject to redemption |
|
|
|
|
Gross Proceeds |
|
$ |
259,113,790 |
|
Less: |
|
|
|
|
Proceeds allocated to Public Warrants |
|
|
(11,539,202 |
) |
Class A ordinary shares issuance costs |
|
|
(14,705,275 |
) |
Add: |
|
|
|
|
Remeasurement of carrying value to redemption value |
|
|
30,400,508 |
|
Class A ordinary shares subject to possible redemption at December 31, 2022 |
|
|
263,269,821 |
|
Add: |
|
|
|
|
Remeasurement of carrying value to redemption value |
|
|
5,939,100 |
|
Class A ordinary shares subject to possible redemption at June 30, 2023 |
|
$ |
269,208,921 |
|
See Note 10 for information regarding redemptions of Class A ordinary shares that occurred subsequent to June 30, 2023.
Income Taxes
The Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income tax expense. There were no unrecognized tax benefits and no amounts accrued for 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.
There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman Islands income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s 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. In accordance with federal income tax regulations, income taxes are not levied on the Company, but rather on the individual owners. United States (“U.S.”) taxation would occur on the individual owners if certain tax elections are made by U.S. owners and the Company were treated as a passive foreign investment company. Additionally, U.S. taxation could occur to the Company itself if the Company is engaged in a U.S. trade or business. The Company is not expected to be treated as engaged in a U.S. trade or business at this time.
Net Income Per Ordinary Share
Net income per share is computed by dividing net income by the weighted-average number of ordinary shares outstanding during the period.
The contractual formula utilized to calculate the redemption amount approximates fair value. The Class A ordinary shares’ feature to redeem at fair value means that there is effectively only one class of shares. Changes in fair value are not considered a dividend for the purposes of the numerator in the earnings per share calculation. Net income per ordinary share is computed by dividing the pro rata net income between the Class A ordinary shares and the Class B ordinary shares by the weighted average number of ordinary shares outstanding for each of the periods.
The calculation of diluted income per ordinary share does not consider the effect of the warrants sold in the Initial Public Offering and the Private Placement to purchase an aggregate of 15,225,310 of the Company’s Class A ordinary shares since the exercise of the warrants is contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive.
The following table reflects the calculation of basic and diluted net income per ordinary share:
Schedule of basic and diluted net income per ordinary share |
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|
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|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
June 30, |
|
|
For the Six Months Ended
June 30, |
|
|
|
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 per ordinary share |
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
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|
|
|
|
|
|
Numerator: |
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocation of net income, as adjusted |
|
$ |
3,206,790 |
|
|
$ |
801,698 |
|
|
$ |
3,139,154 |
|
|
$ |
784,788 |
|
|
$ |
5,784,948 |
|
|
$ |
1,446,237 |
|
|
$ |
4,827,711 |
|
|
$ |
1,206,928 |
|
Denominator: |
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|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted weighted average shares outstanding |
|
$ |
25,911,379 |
|
|
$ |
6,477,845 |
|
|
$ |
25,911,379 |
|
|
$ |
6,477,845 |
|
|
$ |
25,911,379 |
|
|
$ |
6,477,845 |
|
|
$ |
25,911,379 |
|
|
$ |
6,477,845 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net income per ordinary share |
|
$ |
0.12 |
|
|
$ |
0.12 |
|
|
$ |
0.12 |
|
|
$ |
0.12 |
|
|
$ |
0.22 |
|
|
$ |
0.22 |
|
|
$ |
0.19 |
|
|
$ |
0.19 |
|
Concentration of Credit Risk
Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution, which at times may exceed the Federal Depository Insurance Corporation coverage limit of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.
Fair Value of Financial Instruments
The fair value of the Company’s assets and liabilities approximates the carrying amounts represented in the accompanying balance sheets, primarily due to their short-term nature, except for the warrants (see Note 9).
The Company applies ASC 820, which establishes a framework for measuring fair value and clarifies the definition of fair value within that framework. ASC 820 defines fair value as an exit price, which is the price that would be received for an asset or paid to transfer a liability in the Company’s principal or most advantageous market in an orderly transaction between market participants on the measurement date. The fair value hierarchy established in ASC 820 generally requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the entity’s own assumptions based on market data and the entity’s judgments about the assumptions that market participants would use in pricing the asset or liability and are to be developed based on the best information available in the circumstances.
Level 1 — Assets and liabilities with unadjusted, quoted prices listed on active market exchanges. Inputs to the fair value measurement are observable inputs, such as quoted prices in active markets for identical assets or liabilities.
Level 2 — Inputs to the fair value measurement are determined using prices for recently traded assets and liabilities with similar underlying terms, as well as direct or indirect observable inputs, such as interest rates and yield curves that are observable at commonly quoted intervals.
Level 3 — Inputs to the fair value measurement are unobservable inputs, such as estimates, assumptions, and valuation techniques when little or no market data exists for the assets or liabilities.
Offering Costs Associated with the Initial Public Offering
Offering costs consisted of legal, accounting and other expenses incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering costs were allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with warrant liabilities were expensed as incurred in the statements of operations. Offering costs associated with the Class A ordinary shares issued were charged to temporary equity and warrants upon the completion of the Initial Public Offering. Offering costs amounting to $14,705,275 were charged to shareholders’ deficit upon the completion of the Initial Public Offering and $701,000 were expensed as of the date of the Initial Public Offering.
Recently Issued Accounting Standards
In August 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-06, “Debt — Debt with Conversion and Other Options” (Subtopic 470-20) and “Derivatives and Hedging — Contracts in Entity’s Own Equity” (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective for the Company for the fiscal year beginning after December 15, 2023, including interim periods within those fiscal years, with early adoption permitted. The Company is currently assessing the impact, if any, that ASU 2020-06 would have on its financial position, results of operations or cash flows.
Management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s condensed financial statements.
NOTE 3. INITIAL PUBLIC OFFERING
On July 23, 2021, the Company sold Units at $ per Unit, generating gross proceeds of $, and incurring offering costs totaling $, consisting of $ of underwriting fees, $ of deferred underwriting fees and $ of other offering costs. On August 5, 2021, the Company completed the sale of additional Over-Allotment Units to the underwriters, generating gross proceeds of $, and incurring offering costs totaling $, consisting of $ of underwriting fees and $ of deferred underwriting fees (see Note 6).
Each Unit consists of one of the Company’s Class A ordinary shares, par value $ per share, and one-third of one redeemable warrant (“Public Warrant”). Each whole Public Warrant entitles the holder to purchase one Class A ordinary shares at an exercise price of $ per whole share (see Note 8).
NOTE 4. PRIVATE PLACEMENT
Simultaneously with the closing of the Initial Public Offering, the Initial Sponsor purchased an aggregate of Private Placement Warrants at a price of $ per warrant (for consideration of $ in the aggregate). On August 5, 2021, simultaneously with the issuance and sale of the Over-Allotment Units, the Company consummated the sale of an additional Private Placement Warrants at $ per Private Placement Warrant, generating additional gross proceeds of $.
Each Private Placement Warrant is identical to the warrants offered in the Initial Public Offering, except there will be no redemption rights or liquidating distributions from the Trust Account with respect to Private Placement Warrants, which will expire worthless if we do not consummate a Business Combination within the Combination Period.
NOTE 5. RELATED PARTY TRANSACTIONS
Founder Shares
On March 22, 2021, the Initial Sponsor paid $, or approximately $ per share, to cover certain offering costs in consideration for Class B ordinary shares, par value $ (the “Founder Shares”). On April 30, 2021, the Initial Sponsor transferred an aggregate of 125,000 Founder Shares to five independent directors (each received 25,000 Founder Shares). On April 30, 2021, the Initial Sponsor transferred an aggregate of Founder Shares to three advisors (each received Founder Shares). On June 15, 2021, the Initial Sponsor surrendered an aggregate of 1,437,500 Class B ordinary shares for no consideration, which were cancelled, resulting in an aggregate of Class B ordinary shares issued and outstanding. On July 20, 2021, the Initial Sponsor received an additional Class B ordinary shares resulting in an aggregate of Class B ordinary shares issued and outstanding. Up to Founder Shares were subject to forfeiture by the Initial Sponsor depending on the extent to which the underwriters’ over-allotment option was exercised. On August 5, 2021, the underwriters partially exercised the over-allotment option to purchase an additional Units; thus, 422,155 Class B ordinary shares were forfeited. As of June 30, 2023 and December 31, 2022, the Company had 6,477,845 of Class B ordinary shares issued and outstanding.
Pursuant to the Letter Agreement, the Company’s sponsors and current and former officers, directors and certain advisors have agreed not to transfer, assign or sell any of its Founder Shares until the earlier to occur of: (A) one year after the completion of a Business Combination or (B) following the completion of an initial Business Combination, the date on which the Company completes a liquidation, merger, capital stock exchange or similar transaction that results in the Company’s shareholders having the right to exchange their ordinary shares for cash, securities or other property. Notwithstanding the foregoing, if the last sale price of the Company’s Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Business Combination, the Founder Shares will be released from the lock-up.
The sale or transfers of the Founders Shares to independent directors and advisors, as described above, is within the scope of ASC Topic 718, “Compensation-Stock Compensation” (“ASC 718”). Under ASC 718, stock-based compensation associated with equity-classified awards is measured at fair value upon the grant date. The Founders Shares were effectively sold or transferred subject to a performance condition (i.e., the occurrence of a Business Combination). Compensation expense related to the Founders Shares is recognized only when the performance condition is probable of occurrence under the applicable accounting literature in this circumstance. A Business Combination is not probable until it is completed. Stock-based compensation would be recognized at the date a Business Combination is considered probable in an amount equal to the number of Founders Shares times the grant date fair value per share (unless subsequently modified) less the amount initially received for the purchase of the Founders Shares. The fair value at the grant date is deemed to be de minimis. As of June 30, 2023 and December 31, 2022, the Company determined that a Business Combination was not considered probable because no Business Combination has been completed, and therefore, no stock-based compensation expense has been recognized.
Promissory Note — Related Party
On March 22, 2021, the Initial Sponsor agreed to loan the Company an aggregate of up to $ to cover expenses related to the Initial Public Offering pursuant to a promissory note (the “Note”). The Note is non-interest bearing and is payable on the earlier of (i) September 30, 2021 or (ii) the consummation of the Initial Public Offering. The Company borrowed approximately $ under the Note. The Company fully repaid this balance on August 31, 2021. As of June 30, 2023 and December 31, 2022, there were no amounts outstanding on the Note.
On April 5, 2023, the Company issued a promissory note (the “Promissory Note”) to the Initial Sponsor, pursuant to which the Company was entitled to borrow up to $1,250,000 from the Initial Sponsor to fund the Company’s working capital expenses prior to completion of any potential initial Business Combination. Also on April 5, 2023, the Company made a draw on the Promissory Note of $1,250,000. The Promissory Note was non-interest bearing and payable on the earlier of July 23, 2023 and the date on which the Company consummates a Business Combination. As of June 30, 2023, there were $1,250,000 outstanding under this Promissory Note. On July 21, 2023, the Initial Sponsor cancelled and forgave the Promissory Note in connection with the closing under the Purchase Agreement (see Note 10).
Related Party Loans
In order to finance transaction costs in connection with a Business Combination, the Company’s sponsors, one or more affiliate of the Company’s sponsors, or the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (the “Working Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of notes may be converted upon consummation of a Business Combination into warrants at a price of $1.50 per warrant. The warrants will be identical to the Private Placement Warrants. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. As of June 30, 2023 and December 31, 2022, there were no amounts outstanding under the Working Capital Loans.
Administrative Services and Reimbursement Agreement
Pursuant to an administrative services and reimbursement agreement, on or prior to the closing of the Business Combination, the Company was obligated to reimburse the Initial Sponsor or its affiliates for formation and other pre-Initial Public Offering expenses incurred on the Company’s behalf not to exceed $900,000. Further, commencing on July 21, 2021 and until completion of the Company’s initial Business Combination or liquidation, the Company was required to (a) reimburse the Initial Sponsor or its affiliates up to an amount of $ per month for office space and secretarial, administrative and other services and (b) reimburse the Initial Sponsor or its affiliates for any out-of-pocket expenses (or an allocable portion thereof), to the extent that any of them incurs expenses related to identifying, investigating, negotiating and completing an initial Business Combination (including any travel expenses). In addition, commencing on July 21, 2021 and until completion of the Company’s initial Business Combination or liquidation, the Company was required to reimburse the Initial Sponsor or its affiliates monthly for compensation expenses of employees dedicated to the Company (including the Chief Financial Officer) not to exceed $900,000 per year. Under the agreement, the Company was also required to Indemnify the Initial Sponsor and its affiliates for any claims made by the Company or a third party and resulting liabilities in respect of any investment opportunities sourced by them and any liability arising with respect to their activities in connection with the Company’s affairs. Such indemnity provides that the indemnified parties cannot access the funds held in the Trust Account.
The Company recognized approximately $229,000 and $242,000 in connection with such services for the three months ended June 30, 2023 and 2022, respectively and $457,000 and $493,000 for the six months ended June 30, 2023 and 2022, respectively, which is included in general and administrative expenses in the accompanying condensed statements of operations. The Company owed the Initial Sponsor approximately $278,000 and $741,000 for the periods ended June 30, 2023 and December 31, 2022, respectively, for reimbursement of out-of-pocket expenses which is included in accrued expenses on the condensed balance sheets. Subsequent to the end of the period, the administrative services agreement was terminated in connection with the closing under the Purchase Agreement (see Note 10).
The Initial Sponsor had paid expenses on behalf of the Company prior to the Company’s Initial Public Offering in an amount of approximately $, for which approximately $ was related to offering costs. The Company repaid the amount to the Initial Sponsor on August 31, 2021. As of June 30, 2023 and December 31, 2022, there were no amounts outstanding due to any sponsor for offering costs.
NOTE 6. COMMITMENTS AND CONTINGENCIES
Registration Rights
Pursuant to a registration rights agreement originally entered into on July 21, 2021, the holders of the Founder Shares, Private Placement Warrants and any warrants that may be issued upon conversion of the Working Capital Loans (and in each case holders of their component securities, as applicable) are entitled to registration rights requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to our Class A ordinary shares). The holders of the majority of these securities are entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the consummation of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. The Company will bear the expenses incurred in connection with the filing of any such registration statements.
Underwriter’s Agreement
The Company granted the underwriters a 45-day option to purchase up to additional Units to cover over-allotments at the Initial Public Offering price, less the underwriting discounts and commissions. On August 5, 2021, the underwriters partially exercised the over-allotment option to purchase an additional Units and forfeited the option to exercise the remaining 1,688,621 Units.
The underwriters were paid a cash underwriting discount of 2.00% of the gross proceeds of the Initial Public Offering, or $5,182,275. In addition, the underwriters are entitled to a deferred fee of three and half percent (3.50%) of the gross proceeds of the Initial Public Offering, or $9,068,983.
On August 15, 2022, one of the underwriters waived its entitlement to the payment of any deferred fee to be paid under the terms of the underwriting agreement and is no longer serving in an advisor capacity. As a result, the Company recognized $298,484 of income and $6,231,184 was recorded to additional paid-in capital in relation to the reduction of the deferred underwriter fee. In June of 2023, the remaining underwriters waived their entitlement to the payment of any deferred fee to be paid under the terms of the underwriting agreement and is no longer serving in an advisor capacity. As a result, the Company recognized $352,969 of income and $2,186,346 was recorded to additional paid-in capital in relation to the reduction of the deferred underwriter fee. As of June 30, 2023 and December 31, 2022, the deferred underwriting fee payable was $0 and $2,539,315, respectively.
Contingent Fee Arrangements
The Company entered into an agreement, dated as of August 18, 2022, with a financial advisor to assist the Company in introducing and facilitating a Business Combination with one or more targets, subject to certain conditions. In the event a Business Combination is consummated with an introduced target, the Company shall pay the financial advisor an M&A fee equal to 1.50% of the aggregate value of the transaction, with a minimum fee of $4,000,000 and total fee not to exceed $9,000,000. Additionally, the Company will reimburse the financial advisor for any out-of-pocket expenses, subject to certain conditions.
The Company entered into an agreement, dated as of October 8, 2022, with a financial advisor to assist the Company in facilitating a Business Combination with a specific target, subject to certain conditions. The financial advisor will receive a transaction fee of $8,000,000 subject to, and payable upon, the Company’s successful consummation of a Business Combination with the specific target. Additionally, the Company will reimburse the financial advisor for any out-of-pocket expenses, subject to certain conditions.
NOTE 7. SHAREHOLDERS’ DEFICIT
Preference Shares — The Company is authorized to issue 1,000,000 preference shares of par value $0.0001 per share. 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 up to 300,000,000 Class A ordinary shares, par value $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 no Class A ordinary shares issued or outstanding (excluding 25,911,379 shares then subject to possible redemption).
Class B Ordinary Shares — The Company is authorized to issue up to 30,000,000 Class B ordinary shares, par value $0.0001 per share. Holders of the Company’s Class B ordinary shares are entitled to one vote for each share. On March 22, 2021, the Initial Sponsor paid $ in consideration of Class B ordinary shares. On June 15, 2021, the Initial Sponsor surrendered an aggregate of 1,437,500 Class B ordinary shares for no consideration, which were cancelled, resulting in an aggregate of Class B ordinary shares issued and outstanding. On July 20, 2021, the Initial Sponsor received an additional Class B ordinary shares resulting in an aggregate of Class B ordinary shares issued and outstanding. Up to 900,000 Founder Shares were subject to forfeiture by the Initial Sponsor depending on the extent to which the underwriters’ over-allotment option was exercised. On August 5, 2021, the underwriters partially exercised the over-allotment option to purchase an additional Units. As a result, 422,155 Class B ordinary shares were forfeited. As of June 30, 2023 and December 31, 2022, the Company had 6,477,845 of Class B ordinary shares issued and outstanding.
The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the Business Combination on a one-for-one basis, subject to adjustment for share splits, share dividends, reorganizations, recapitalizations and the like. In the case that additional Class A ordinary shares, or equity linked securities, are issued or deemed issued in excess of the amounts offered in the Initial Public Offering and related to the closing of a Business Combination, the ratio at which Class B ordinary shares shall convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the outstanding Class B ordinary shares agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, on an as converted basis, 20% of the sum of the total number of all ordinary shares outstanding upon the completion of the Initial Public Offering plus all Class A ordinary shares and equity linked securities issued or deemed issued in connection with a Business Combination (excluding any shares or equity linked securities issued, or to be issued, to any seller in a Business Combination, and any private placement-equivalent warrants issued to the Initial Sponsor or its affiliates upon conversion of loans made to the Company). Holders of Founder Shares may also elect to convert their Class B ordinary shares into an equal number of Class A ordinary shares, subject to adjustment as provided above, at any time.
The Company may issue additional ordinary shares or preference shares to complete its Business Combination or under an employee incentive plan after completion of its Business Combination.
NOTE 8. WARRANT LIABILITIES
The Company accounts for the 15,225,310 warrants issued in connection with the Initial Public Offering (8,637,126 Public Warrants and 6,588,184 Private Placement Warrants) in accordance with the guidance contained in ASC 815-40. Such guidance provides that because the warrants do not meet the criteria for equity treatment thereunder, each warrant must be recorded as a liability. Accordingly, the Company has classified each warrant as a liability at its fair value. This liability is subject to re-measurement at each balance sheet date. With each such re-measurement, the warrant liability will be adjusted to fair value, with the change in fair value recognized in the Company’s statements of operations.
Public Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants will become exercisable 30 days after the consummation of a Business Combination. The Public Warrants will expire five years from the consummation of a Business Combination or earlier upon redemption or liquidation.
The Company will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a Public Warrant and will have no obligation to settle such Public Warrant exercise unless a registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise of the Public Warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations with respect to registration. No Public Warrant will be exercisable for cash or on a cashless basis, and the Company will not be obligated to issue any shares to holders seeking to exercise their Public Warrants, unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising holder, or an exemption from registration is available.
The Company has agreed that as soon as practicable, but in no event later than 20 business days, after the closing of a Business Combination, it will use its commercially reasonable efforts to file with the SEC a post-effective amendment to the registration statement for the Initial Public Offering or a new registration statement covering the Class A ordinary shares issuable upon exercise of the Public Warrants. The Company will use its commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of a Business Combination, and to maintain the effectiveness of such registration statement and a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed, as specified in the warrant agreement. If a post-effective amendment or a new registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th business day after the closing of a Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption.
Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00. Once the warrants become exercisable, the Company may redeem the Warrants for redemption:
|
● |
in whole and not in part; |
|
|
|
|
● |
at a price of $0.01 per Public Warrant; |
|
|
|
|
● |
upon not less than 30 days’ prior written notice of redemption to each warrant holder; and |
|
|
|
|
● |
if, and only if, the reported last sale price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share splits, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending three business days before the Company sends the notice of redemption to the warrant holders. |
The
Company will not redeem the warrants as described above unless an effective registration statement under the Securities Act covering
the issuance of the Class A ordinary shares issuable upon exercise of the warrants is then effective and a current prospectus relating
to those Class A ordinary shares is available throughout the 30-day redemption period. If and when the warrants become redeemable by
the Company, the Company may exercise its redemption right even if the Company is unable to register or qualify the underlying securities
for sale under all applicable state securities laws.
Redemption
of warrants when the price per Class A ordinary share equals or exceeds $10.00. Once the Warrants become exercisable, the Company
may redeem the Warrants for redemption:
|
● |
in
whole and not in part; |
|
● |
at
a price of $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able
to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to an
agreed table based on the redemption date and the “fair market value” of Class A ordinary shares; |
|
● |
if,
and only if, the closing price of Class A ordinary shares equals or exceeds $10.00 per share (as adjusted share splits, share dividends,
reorganizations, recapitalizations and the like) for any 20 trading days within the 30-trading day period ending three trading days
before the Company sends a notice of redemption to the warrant holders; and |
|
● |
if
the closing price of Class A ordinary shares for any 20 trading days within a 30-trading day period ending on the third trading day
prior to the date on which we send the notice of redemption to the warrant holders is less than $18.00 per share (as adjusted share
splits, share dividends, reorganizations, recapitalizations and the like), the Private Placement Warrants must also be concurrently
called for redemption on the same terms as the outstanding Public Warrants, as described above. |
If
and when the Public Warrants become redeemable by the Company, the Company may not exercise its redemption right if the issuance of Class
A ordinary shares upon exercise of the warrants is not exempt from registration or qualification under applicable state blue sky laws
or the Company is unable to effect such registration or qualification.
The exercise price and number of Class A ordinary shares issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a share dividend, or recapitalization, reorganization, merger or consolidation. Additionally, in no event will the Company be required to net cash settle the Public Warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless. If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of Class A ordinary shares issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such warrants. Accordingly, the warrants may expire worthless.
In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of its initial Business Combination at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the sponsors or their affiliates, without taking into account any Founder Shares held by a sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the Company’s initial Business Combination on the date of the consummation of such initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Company’s Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price and the $18.00 per share redemption trigger price described above will be adjusted (to the nearest cent) to be equal to 180% of the greater of the Market Value and the Newly Issued Price.
The Private Placement Warrants are identical to the Public Warrants included in the Units sold in the Initial Public Offering, except that the Private Placement Warrants and the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be exercisable on a cashless basis and will be non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.
NOTE 9. FAIR VALUE MEASUREMENTS
The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at June 30, 2023 and December 31, 2022, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:
Schedule of fair value, assets measured on recurring basis |
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Level |
|
|
June 30,
2023 |
|
|
December 31, 2022 |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
Investments held in Trust Account(1) |
|
1 |
|
|
$ |
269,208,921 |
|
|
$ |
263,269,821 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Private Placement Warrants(2) |
|
2 |
|
|
|
263,527 |
|
|
|
1,317,637 |
|
Public Warrants(2) |
|
1 |
|
|
|
345,485 |
|
|
|
1,727,425 |
|
Warrants
The Warrants are accounted for as liabilities in accordance with ASC 815-40 and are presented within warrant liabilities on the balance sheets. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of warrant liabilities in the statements of operations.
Subsequent Measurement
The Private Placement Warrants and the Public Warrants were initially valued using a Monte Carlo simulation model, which is considered to be a Level 3 fair value measurement. Inherent in an options pricing model are assumptions related to expected stock-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its ordinary shares based on historical volatility that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates will remain at zero. The Monte Carlo simulation model was used for estimating the fair value of Public Warrants for periods where no observable traded price was available, using the same expected volatility as was used in measuring the fair value of the Private Placement Warrants. The subsequent measurements of the Public Warrants after the detachment of the Public Warrants from the Units is classified as Level 2 due to the use of an observable market quote in an active market for a similar asset in an active market. For periods subsequent to the detachment of the warrants from the Units, the close price of the Public Warrant price was used as the fair value as of each relevant date. The subsequent measurements of the Private Placement Warrants after the detachment of the Public Warrants from the Units are classified as Level 2 due to the use of an observable market quote for a similar asset in an active market.
The key inputs into the Monte Carlo simulation model for the Private Placement Warrants and the Public Warrants were as follows:
Schedule of private placement warrants |
|
|
|
|
Input |
|
July 23, 2021 (initial measurement) |
|
Risk-free interest rate |
|
|
1.03 |
% |
Expected term (years) |
|
|
6 |
|
Expected volatility |
|
|
21.2 |
% |
Exercise price |
|
$ |
11.50 |
|
The following table presents the changes in the fair value of Level 3 warrant liabilities:
Schedule of warrant liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Private
Placement Warrants |
|
|
Public Warrants |
|
|
Warrant Liabilities |
|
Fair value as of April 26, 2021 (inception) |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
Initial measurement on July 23, 2021 |
|
|
8,801,814 |
|
|
|
11,539,202 |
|
|
|
20,341,016 |
|
Change in fair value as of December 31, 2021 |
|
|
(4,512,906 |
) |
|
|
(5,925,070 |
) |
|
|
(10,437,976 |
) |
Transfer to Level 1 |
|
|
- |
|
|
|
(5,614,132 |
) |
|
|
(5,614,132 |
) |
Transfer to Level 2 |
|
|
(4,288,908 |
) |
|
|
- |
|
|
|
(4,288,908 |
) |
Fair value as of December 31, 2022 |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
Transfers to/from Levels 1, 2 and 3 are recognized at the end of the reporting period in which a change in valuation technique or methodology occurs. The estimated fair value of the Public Warrants transferred from a Level 3 measurement to a Level 2 fair value measurement during the year ended December 31, 2022 was $5,614,132.
NOTE 10. SUBSEQUENT EVENTS
Management of the Company evaluated events that have occurred after the balance sheet date of June 30, 2023 through the date these financial statements were issued. Based upon the review, other than noted below, management did not identify any recognized or non-recognized subsequent events that would have required adjustment or disclosure in the financial statements.
On July 5, 2023, Kirkland & Ellis LLP agreed to waive outstanding legal fees totaling $1,483,584, which are included in accrued expenses on the Company’s unaudited condensed balance sheet as of June 30, 2023, in exchange for cash payment from the Company in the amount of $150,000.
Effective
as of July 21, 2023, each of Adam Felesky, Ajay Chowdhery, Paul Desmarais III, Steven Jay Freiberg, Stuart Charles Harvey, Jr.,
G. Thompson Hutton, Seraina Macia and Jason Michael Pate resigned from the Company’s board of directors in accordance with the
terms of the Purchase Agreement. Each of Scott Honour, Rick Gaenzle, R. Rudolph Reinfrank, Thomas J. Abood and Karrie Willis were
appointed to fill the vacancies left by the departing directors. Also on July 21, 2023, Rick Gaenzle replaced Adam Felesky as
Chief Executive Officer, Corey Campbell replaced Ajay Chowdhery as Chief Financial Officer, and Tao Tan and Jim Sheridan joined the
Company as Co-Presidents. On August 11, 2023, John Stanfield was appointed Chief Financial Officers of the Company and Corey
Campbell ceased to serve in that position effective as of Mr. Stanfield’s appointment.
The administrative services agreement was terminated effective as of July 21, 2023 in connection with the closing under the Purchase Agreement.
On July 21, 2023, the Initial Sponsor forgave the outstanding balance on the Promissory Note of $1,250,000 in connection with the closing under the Purchase Agreement.
On July 14, 2023, July 17, 2023, July 18, 2023 and July 19, 2023, the Company and the Initial Sponsor entered into non-redemption agreements (each, a “Non-Redemption Agreement”) with certain unaffiliated third parties (each, a “Holder,” and collectively, the “Holders”) in exchange for the Holder or Holders agreeing either not to request redemption in connection with the Extension (as defined below) or to reverse any previously submitted redemption demand in connection with the Extension with respect to an aggregate of 2,166,667 Class A ordinary shares, par value $0.0001 per share (the “Class A ordinary shares”), of the Company sold in its initial public offering (the “IPO”) at the extraordinary general meeting called by the Company to, among other things, approve an amendment to the Company’s amended and restated memorandum and articles of association to extend the date by which the Company must consummate an initial Business Combination from 24 months from the completion of the Company’s IPO to 36 months from the completion of the Company’s IPO or such earlier date as is determined by the board of directors of the Company to be in the best interests of the Company (the “Extension”). In consideration of the Non-Redemption Agreements, immediately prior to, and substantially concurrently with, the closing of an initial Business Combination, (i) the Managing Sponsor (or its designees or transferees) has agreed to surrender and forfeit to the Company for no consideration an aggregate of approximately 0.6 million shares of the Company’s Class B ordinary shares, par value $0.0001 per share, held by the Managing Sponsor (the “Forfeited Shares”) and (ii) the Company shall issue to the Holders a number of Class A ordinary shares equal to those underlying the Forfeited Shares.
On July 21, 2023, the Company held the Meeting, at which the Company’s shareholders approved two proposals to amend the Company’s Articles. The Extension Amendment Proposal approved the amendment of the Articles to extend the date by which the Company must (1) consummate a Business Combination, (2) cease its operations except for the purpose of winding up if it fails to complete such Business Combination, and (3) redeem all of the Company's Class A ordinary shares sold in the Company’s IPO, from 24 months from the closing of the IPO to 36 months from the closing of the IPO or such earlier date as is determined by the Board to be in the best interests of the Company. The Redemption Limitation Amendment Proposal approved the elimination from the Articles the limitation that the Company shall not redeem Class A ordinary shares sold in the IPO to the extent that such redemption would cause the Company’s net tangible assets to be less than $5,000,001.
In connection with the vote to approve the Extension Amendment Proposal, effective as of July 21, 2023, holders of 22,001,009 Class A ordinary shares exercised their right to redeem their shares for cash at a redemption price of approximately $10.41 per share, for an aggregate redemption amount of approximately $229.1 million. As a result, approximately $40.7 million remained in the Company’s trust account as of July 21, 2023 and 3,910,370 Class A ordinary shares remained outstanding.
On
August 1, 2023, the Company entered into a Subscription Agreement (the “Subscription Agreement”) with an investor (the “Investor”)
and the Managing Sponsor pursuant to which the parties agreed to the following:
| ● | The
Investor shall make a cash contribution to Managing Sponsor in an aggregate amount of $1,300,000
(the “Investor Capital Contribution”) as follows: (i) an initial tranche of $650,000,
paid within five business days of the date of the Subscription Agreement, (ii) a second tranche
of up to $325,000, to be paid following the Company’s announcement of executing an
agreement for the Company’s initial Business Combination, and (iii) a third tranche
of up to $325,000, to be paid after the Company files an initial registration statement with
the Securities and Exchange Commission in relation to the Company’s initial Business
Combination. At the request of the Managing Sponsor, the Investor may agree, in its sole
discretion, to fund up to an additional $200,000 at any time. |
| ● | The
Investor Capital Contribution will in turn be loaned by the Managing Sponsor to the Company
to cover working capital expenses (the “SPAC Loan”). The SPAC Loan will not accrue
interest and will be repaid by the Company upon the closing of the Company’s initial
Business Combination (the “De-SPAC Closing”). The Managing Sponsor will pay to
the Investor all repayments of the SPAC Loan the Managing Sponsor has received within five
business days of the date of receipt. The Investor may elect at the De-SPAC Closing to receive
such payments in cash or shares of Class A common stock of the Company (“Class A common
stock”) at a rate of one share of Class A common stock for each $10 of the Investor
Capital Contribution. |
| ● | In
consideration of the Investor Capital Contribution, at the De-SPAC Closing the Company will
issue to the Investor 0.9 shares of Class A Common Stock for each dollar of the Investor
Capital Contribution funded by the Investor, which shares shall be subject to no transfer
restrictions or any other lock-up provisions, earn outs, or other contingencies and shall
be registered as part of any registration statement to be filed in connection with the De-SPAC
Closing or, if no such registration statement is filed in connection with the De-SPAC Closing,
pursuant to the first registration statement to be filed by the Company or the surviving
entity following the De-SPAC Closing. |
| ● | If
the Company liquidates without consummating a De-SPAC, any amounts remaining in the Managing
Sponsor or the Company’s cash accounts, not including the Company’s trust account,
will be paid to the Investor within five days of the liquidation. |
| ● | On
the De-SPAC Closing, the Managing Sponsor will pay the Investor an amount equal to the reasonable
attorney fees incurred by the Investor in connection with the Subscription Agreement not
to exceed $5,000. |
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
References to the “Company,” “our,” “us” or “we” refer to Portage Fintech Acquisition Corporation. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the unaudited 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 Securities Exchange Act of 1934, as amended (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. Such statements include, but are not limited to, possible business combinations and the financing thereof, and related matters, as well as all other statements other than statements of historical fact included in this Form 10-Q. Factors that might cause or contribute to such a discrepancy include, but are not limited to, those described in our other Securities and Exchange Commission (“SEC”) filings.
Overview
We
are a blank check company incorporated as a Cayman Islands exempted company on March 17, 2021 for the purpose of effecting a
merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more
businesses (the “Business Combination”). We intend to effectuate our Business Combination using cash from the proceeds of
our Initial Public Offering and the sale of the Private Placement Warrants, our ordinary shares, debt or a combination of cash,
shares and debt.
We expect to continue to incur significant costs in the pursuit of our acquisition plans. We cannot assure you that our plans to complete a Business Combination will be successful.
Recent Developments
Extension of Initial Business Combination Deadline
Our initial memorandum and articles of association provided that we had until July 23, 2023 to consummate an initial Business Combination. On July 21, 2023, we held an extraordinary general meeting of shareholders (the “EGM”). In this meeting the shareholders approved amendments to our amended and restated memorandum and articles of association to extend the date by which we must complete an initial Business Combination to July 23, 2024 (the “Extension” and such date, the “Extended Date”). In connection with the EGM, shareholders holding an aggregate of 22,001,009 shares of the Company’s Class A ordinary shares exercised their right to redeem their shares for approximately $10.41 per share of the funds held in the Company’s trust account (the “Trust Account”), leaving approximately $40.7 million in the Trust Account and 3,910,370 Class A ordinary shares outstanding after such redemption.
Change in Primary Sponsor, Board, and Management; Securities Purchase Agreement
The Company’s initial sponsor was PFTA I LP, an Ontario limited partnership (the “Initial Sponsor”). On July 21, 2023, the Initial Sponsor sold a portion of its Class B ordinary shares and Private Placement Warrants (defined below) to Perception Capital Partners IIIA LLC, a Delaware limited liability company (the “Managing Sponsor”), pursuant to a Securities Purchase Agreement dated July 12, 2023 (the “Purchase Agreement”).
Effective as of July 21, 2023, each of Adam Felesky, Ajay Chowdhery, Paul Desmarais III, Steven Jay Freiberg, Stuart Charles Harvey, Jr., G. Thompson Hutton, Seraina Macia and Jason Michael Pate resigned from the Company’s board of directors in accordance with the terms of the Purchase Agreement. Each of Scott Honour, Rick Gaenzle, R. Rudolph Reinfrank, Thomas J. Abood and Karrie Willis were appointed to fill the vacancies left by the departing directors. Also on July 21, 2023, Rick Gaenzle replaced Adam Felesky as Chief Executive Officer, Corey Campbell replaced Ajay Chowdhery as Chief Financial Officer, and Tao Tan and Jim Sheridan joined the Company as Co-Presidents. On August 11, 2023, John Stanfield was appointed Chief Financial Officers of the Company and Corey Campbell ceased to serve in that position effective as of Mr. Stanfield's appointment.
Non-Redemption Agreements
On July 14, 2023, July 17, 2023, July 18, 2023 and July 19, 2023, the Company and the Initial Sponsor entered into non-redemption agreements (each, a “Non-Redemption Agreement”) with certain unaffiliated third parties (each, a “Holder,” and collectively, the “Holders”) in exchange for the Holder or Holders agreeing either not to request redemption in connection with the Extension (as defined below) or to reverse any previously submitted redemption demand in connection with the Extension with respect to an aggregate of 2,166,667 Class A ordinary shares, par value $0.0001 per share (the “Class A ordinary shares”), of the Company sold in its initial public offering (the “IPO”) at the extraordinary general meeting called by the Company to, among other things, approved the Extension. In consideration of the Non-Redemption Agreements, immediately prior to, and substantially concurrently with, the closing of an initial Business Combination, (i) the Managing Sponsor (or its designees or transferees) has agreed to surrender and forfeit to the Company for no consideration an aggregate of approximately 0.6 million shares of the Company’s Class B ordinary shares, par value $0.0001 per share, held by the Managing Sponsor (the “Forfeited Shares”) and (ii) the Company shall issue to the Holders a number of Class A ordinary shares equal to those underlying the Forfeited Shares.
Results of Operations
We have neither engaged in any operations nor generated any operating revenues to date. Our only activities from inception through June 30, 2023 were organizational activities, those necessary to prepare for our IPO, described below, and our search for a target company for a Business Combination. We do not expect to generate any operating revenues until after the completion of our Business Combination. We generate non-operating income in the form of interest income on investments held in the Trust Account. We incur expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses in connection with searching for, and completing, a Business Combination.
For the three months ended June 30, 2023, we had net income of $4,008,488, which consisted of $3,191,741 of investment income earned on the Trust Account, $1,370,278 of other income due to change in the fair value of the warrant liabilities and $352,969 of reduction of deferred underwriter fees, offset by $906,500 of general and administrative expenses.
For the six months ended June 30, 2023, we had net income of $7,231,185, which consisted of $5,939,100 of investment income earned on the Trust Account, $2,436,050 of other income due to change in the fair value of the warrant liabilities and $352,969 of reduction of deferred underwriter fees, offset by $1,496,934 of general and administrative expenses.
For the three months ended June 30, 2022, we had net income of $3,923,942, which consisted of $423,124 of investment income earned on the Trust Account, $4,110,834 of other income due to change in the fair value of the warrant liabilities, offset by $610,016 of general and administrative expenses.
For the six months ended June 30, 2022, we had net income of $6,034,639, which consisted of $515,789 of investment income earned on the Trust Account, and $6,857,978 of other income due to change in the fair value of the warrant liabilities, offset by $1,339,128 of general and administrative expenses.
Liquidity and Capital Resources
On July 23, 2021, we consummated the IPO with the sale and issuance of 24,000,000 Units, generating gross proceeds of $240,000,000. Simultaneously with the closing of the IPO, we consummated the sale of 6,333,334 Private Placement Warrants at a price of $1.50 per Private Placement Warrant in a private placement to our Sponsor, generating gross proceeds of $9,500,000. On August 3, 2021, the underwriters notified the Company of their intention to partially exercise their over-allotment option. As such, on August 5, 2021, the Company consummated the sale of an additional 1,911,379 Units, at $10.00 per Unit, and the sale of an additional 254,850 Private Placement Warrants, at $1.50 per Private Placement Warrant, generating total gross proceeds of $19,496,065.
Following the IPO, the sale of the Private Placement Warrants, and the exercise of the over-allotment option by the underwriters, a total of $259,113,790 ($10.00 per Unit) was placed in the Trust Account. We incurred $15,406,275 in IPO related costs, including $5,182,276 of underwriting fees, $9,068,983 of deferred underwriting fees and $1,155,016 of other costs.
For the six months ended June 30, 2023, cash used in operating activities was $1,184,920. Net income of $7,231,185 was affected by investment income earned on the Trust Account of $5,939,100, changes in the fair value of warrants liabilities of $2,436,050 and reduction of deferred underwriter fees of $352,969. Changes in operating assets and liabilities used $312,014 of cash for operating activities.
For the six months ended June 30, 2022, cash used in operating activities was $501,117. Net income of $6,034,639 was affected by investment income earned on the Trust Account of $515,789, and changes in the fair value of warrants liabilities of $6,857,978. Changes in operating assets and liabilities provided $838,011 of cash for operating activities.
As of June 30, 2023, we had investments held in the Trust Account of $269,208,921. We intend to use the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account (less taxes payable), to complete our Business Combination. To the extent that our share capital or debt is used, in whole or in part, as consideration to complete our Business Combination, the remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies. In connection with the vote to approve the Extension Amendment Proposal, holders Class A ordinary shares exercised their right to redeem their shares an aggregate redemption amount of approximately $229.1 million in cash. As a result, approximately $40.7 million remained in the Trust Account after the completion of those redemptions on July 21, 2023.
As of June 30, 2023, we had cash of $433,767. We intend to use the funds held outside the Trust Account primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses, and structure, negotiate and complete a Business Combination.
In order to fund working capital deficiencies or finance transaction costs in connection with a Business Combination, the sponsors, or certain of our officers and directors or their affiliates may, but are not obligated to, loan us funds as may be required. If we complete a Business Combination, we would repay such loaned amounts. In the event that a Business Combination does not close, we may use a portion of the working capital held outside the Trust Account to repay such loaned amounts but no proceeds from our Trust Account would be used for such repayment. Up to $1,500,000 of such loans (“Working Capital Loans”) may be convertible into warrants upon consummation of the Business Combination at a price of $1.50 per warrant. The warrants would be identical to the Private Placement Warrants. There are no Working Capital Loans outstanding. On April 5, 2023, the Company issued a promissory note (the “Promissory Note”) to the Initial Sponsor, pursuant to which the Company may borrow up to $1,250,000 from the Initial Sponsor to fund the Company’s working capital expenses prior to completion of any potential initial Business Combination. Also on April 5, 2023, the Company made a draw on the Promissory Note of $1,250,000. The Promissory Note was non-interest bearing and payable on the earlier of July 23, 2023 and the date on which the Company consummates a Business Combination. On July 21, 2023, the Initial Sponsor cancelled and forgave the outstanding balance on the Promissory Note of $1,250,000 in connection with the closing under the Purchase Agreement.
Going Concern
In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s (“FASB”) ASC Subtopic 205-40, “Presentation of Financial Statements - Going Concern,” the Company has until July 23, 2024 to consummate a Business Combination. It is uncertain whether the Company will be able to consummate a Business Combination by this time. If a Business Combination is not consummated by this date, there will be a mandatory liquidation and subsequent dissolution of the Company. Management has determined that the liquidity conditions and mandatory liquidation, should a Business Combination not occur, raises substantial doubt about the Company’s ability to continue as a going concern through approximately one year from the date these unaudited financial statements were issued. Management intends to consummate a Business Combination prior to July 23, 2024. These unaudited financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.
Contractual Obligations
Pursuant to an administrative services agreement, we had agreed to pay the Initial Sponsor a total of $10,000 per month for office space, utilities, secretarial and administrative support services provided to members of our management team. Upon completion of the initial Business Combination or our liquidation, we would have ceased paying those monthly fees. In addition, until completion of our Business Combination or liquidation, we were required to reimburse the Initial Sponsor or its affiliates monthly for compensation expenses of employees dedicated to us (including the Chief Financial Officer) not to exceed $900,000 per year. We recognized approximately $30,000 and $60,000 for administrative support services and approximately $199,000 and $397,000 for reimbursement of compensation expenses for the three and six months ended June 30, 2023. We recognized approximately $30,000 and $60,000 for administrative support services and approximately $212,000 and $433,000 for reimbursement of compensation expenses for the three and six months ended June 30, 2022. The administrative services agreement was terminated in connection with the closing under the Purchase Agreement on July 21, 2023.
The holders of Founder Shares, Private Placement Warrants, and securities that may be issued upon conversion of Working Capital Loans, if any, are entitled to registration rights pursuant to a registration rights agreement. These holders will be 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.
The underwriters are entitled to a deferred fee of three and half percent (3.50%) of the gross proceeds of the IPO, or $9,068,983. On August 15, 2022, one of the underwriters, Goldman Sachs & Co. LLC (“Goldman Sachs”), waived its entitlement to the payment of any deferred fee to be paid under the terms of the underwriting agreement and is no longer serving in an advisor capacity. As a result of Goldman Sachs waiving all of its $6,529,668 of deferred underwriting fees, the deferred underwriting fee payable was $2,539,315. In June of 2023, the remaining underwriters waived their entitlement to the payment of any deferred fee to be paid under the terms of the underwriting agreement and is no longer serving in an advisor capacity. As a result, the Company recognized $352,969 of income and $2,186,346 was recorded to additional paid-in capital in relation to the reduction of the deferred underwriter fee. As of June 30, 2023, the deferred underwriting fee payable is $0.
We entered into an agreement, dated as of August 18, 2022, with a financial advisor to assist us in introducing and facilitating a Business Combination with one or more targets, subject to certain conditions. In the event a Business Combination is consummated with an introduced target, we shall pay the financial advisor an M&A fee equal to 1.50% of the aggregate value of the transaction, with a minimum fee of $4,000,000 and total fee not to exceed $9,000,000. Additionally, we will reimburse the financial advisor for any out-of-pocket expenses, subject to certain conditions.
We entered into an agreement, dated as of October 8, 2022, with a financial advisor to assist us in facilitating a Business Combination with a specific target, subject to certain conditions. The financial advisor will receive a transaction fee of $8,000,000 subject to, and payable upon, the Company’s successful consummation of a Business Combination with the specific target. Additionally, we will reimburse the financial advisor for any out-of-pocket expenses, subject to certain conditions.
Critical Accounting Estimates
The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and income and expenses during the period reported. Actual results could materially differ from those estimates. We have identified the following critical accounting policies:
Warrant Liabilities
We evaluated the Public Warrants and the Private Placement Warrants in accordance with ASC 815-40, “Derivatives and Hedging — Contracts in Entity’s Own Equity” and concluded that a provision in the warrant agreement related to certain tender or exchange offers precludes the Warrants from being accounted for as components of equity. As the Warrants meet the definition of a derivative as contemplated in ASC 815, the Warrants are recorded as derivative liabilities on the balance sheets and measured at fair value at inception (on the date of the IPO) and at each reporting date in accordance with ASC 820, “Fair Value Measurement”, with changes in fair value recognized in the statements of operations in the period of change.
Class A Ordinary Shares Subject to Possible Redemption
We account for our Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” The Class A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable shares of 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. The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, as of June 30, 2023 and December 31, 2022, Class A ordinary shares subject to possible redemption are presented as temporary equity, outside of the shareholders’ deficit section of the Company’s balance sheets.
Net income per ordinary share
Net income per share is computed by dividing net income by the weighted-average number of ordinary shares outstanding during the period. The contractual formula utilized to calculate the redemption amount approximates fair value. The Class A ordinary shares’ feature to redeem at fair value means that there is effectively only one class of shares. Changes in fair value are not considered a dividend for the purposes of the numerator in the earnings per share calculation. Net income per ordinary share is computed by dividing the pro rata net income between the Class A ordinary shares and the Class B ordinary shares by the weighted average number of ordinary shares outstanding for each of the periods. The calculation of diluted income per ordinary share does not consider the effect of the warrants issued in connection with the IPO and the Private Placement since the exercise of the warrants is contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive.
Emerging growth company
The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.
Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Not required for smaller reporting companies.
Item 4. Controls and Procedures
Disclosure Controls and Procedures
Under the supervision and with the participation of our management, including our principal executive officer and principal financial and accounting officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures as of the end of the period ended June 30, 2023, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act.
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.
Based on this evaluation, our principal executive officer and principal financial officer have concluded that during the period covered by this report, our disclosure controls and procedures were not effective as of June 30, 2023, because of a material weakness in our internal control over financial reporting relating to the Company’s classification of a portion of its Class A ordinary shares in permanent equity rather than temporary equity, and the recording of activity impacting our warrant liabilities and the recording of offering costs, as further described herein.
Changes in Internal Control over Financial Reporting
In connection with the audit of the balance sheet at July 23, 2021 and the preparation of the interim financial statements for the fiscal period ended September 30, 2021, we identified a material weakness in our controls over financial reporting related to the Company’s classification of a portion of its Class A ordinary shares in permanent equity rather than temporary equity and the accounting for significant transactions that resulted in the incorrect recording of activity impacting warrant liabilities and offering costs occurred during the fiscal quarter ended September 30, 2021. Specifically, the Company’s management has concluded that the Company’s control around the interpretation and accounting for certain complex features of the shares of Class A ordinary shares and warrants issued by the Company was not effectively designed or maintained. This material weakness resulted in the restatement of the Company’s balance sheet as of July 23, 2021. Additionally, this material weakness could result in a misstatement of the warrant liability, shares of Class A ordinary shares and related accounts and disclosures that would result in a material misstatement of the financial statements that would not be prevented or detected on a timely basis.
In order to remediate this material weakness, we expanded and improved our review process for complex securities and related accounting standards. We plan to further improve this process by enhancing access to accounting literature, identification and consideration of third-party professionals with whom to consult regarding complex accounting applications and implementing additional layers of reviews in the financial close process. Based on these measures, management believes that the control deficiencies will be remediated in a timely manner as the revised controls will need to operate for a sufficient period of time for management to test that they are designed and operating effectively before the material weakness will be considered remediated. Should additional changes to the remediation plan be warranted, management will modify the planned measures accordingly. The elements of our remediation plan can only be accomplished over time, and we can offer no assurance that these initiatives will ultimately have the intended effects.
Other than the steps taken to remediate the material weakness, there was no change in our internal control over financial reporting that occurred during the period ended June 30, 2023, covered by this Quarterly Report on Form 10-Q that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
PART II – OTHER INFORMATION
Item 1. Legal Proceedings
None.
Item 1A. Risk Factors
As of the date of this Report there have been no material changes to the risk factors disclosed in the Company’s Annual Report on Form 10-K filed with the SEC on March 13, 2023.
Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities
Unregistered Sales of Equity Securities
On March 22, 2021, the Initial Sponsor paid $25,000, or approximately $0.003 per share, to cover certain offering costs in consideration for 7,187,500 Class B ordinary shares, par value $0.0001. On June 15, 2021, the Initial Sponsor surrendered an aggregate of 1,437,500 Class B ordinary shares for no consideration, which were cancelled, resulting in an aggregate of 5,750,000 Class B ordinary shares issued and outstanding. On July 20, 2021, the Initial Sponsor received an additional 1,150,000 Class B ordinary shares resulting in an aggregate of 6,900,000 Class B ordinary shares issued and outstanding. Up to 900,000 Founder Shares were subject to forfeiture by the Initial Sponsor depending on the extent to which the underwriters’ over-allotment option was exercised. On August 5, 2021, the underwriters partially exercised the over-allotment option to purchase an additional 1,911,379 Units. As a result, 422,155 Class B ordinary shares were forfeited.
On July 23, 2021, the Company consummated its IPO of 24,000,000 Units, at $10.00 per Unit, generating gross proceeds of $240.0 million. The Company granted the underwriter a 45-day option to purchase up to an additional 3,600,000 Units at the IPO price to cover over-allotments. On August 5, 2021, the underwriters partially exercised the over-allotment option to purchase an additional 1,911,379 Units generating gross proceeds of approximately $19.1 million. The underwriters forfeited the balance of the option. The securities sold in the IPO were registered under the Securities Act on registration statements on Form S-1 (No. 333-257185 and 333-258062). The primary registration statement was declared effective on July 20, 2021.
Simultaneously with the closing of the IPO, the Company consummated the Private Placement of 6,333,334 Private Placement Warrants at a price of $1.50 per Private Placement Warrant to the Initial Sponsor, generating proceeds of $9.5 million. On August 5, 2021, simultaneously with the issuance and sale of the Over-Allotment Units, the Company consummated the sale of an additional 254,850 Private Placement Warrants at $1.50 per Private Placement Warrant, generating additional gross proceeds of approximately $382,000. Such securities were issued pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act.
The Private Placement Warrants are substantially similar to the Public Warrants, except that if held by the Initial Sponsor or its permitted transferees, they (i) may be exercised for cash or on a cashless basis, (ii) are not subject to being called for redemption (except in certain circumstances when the Public Warrants are called for redemption and a certain price per Class A ordinary share threshold is met) and (iii) subject to certain limited exceptions, will be subject to transfer restrictions until 30 days following the consummation of the Company’s initial Business Combination. If the Private Placement Warrants are held by holders other than the Initial Sponsor or its permitted transferees, the Private Placement Warrants will be redeemable by the Company in all redemption scenarios and exercisable by holders on the same basis as the Public Warrants.
Of the gross proceeds received from the IPO, including the partial exercise of the Over-Allotment option, and the sale of the Private Placement Warrants, $259,113,790 was placed in the Trust Account.
We paid a total of $5,182,275 in underwriting discounts and commissions related to the IPO (including in connection the exercise of the over-allotment option). In addition, the underwriters agreed to defer $9,068,983 in underwriting discounts and commissions (including those attributable to the Units sold in connection the exercise of the over-allotment option).
For a description of the use of the proceeds generated in our IPO, see Part I, Item 2 of this Form 10-Q.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
During the three months ended June 30, 2023, no director or officer of the Company adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
Item 6. Exhibits
Exhibit Number |
|
Description |
3.1 |
|
Amended and Restated Memorandum and Articles of Association, dated July 20, 2021, of the Company (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 001-40639, filed with the Securities and Exchange Commission on July 23, 2021). |
3.2 |
|
Amendments to Amended and Restated Memorandum and Articles of Association (incorporated by reference to Exhibit 3.1 to Form 8-K filed July 26, 2023) |
10.1 |
|
Form of Non-Redemption Agreement (incorporated by reference to Exhibit 10.1 to Form 8-K filed July 20, 2023) |
10.2 |
|
Amended and Restated Letter Agreement, dated July 21, 2023, by and among the Company, PFTA I, LP et al. and Perception Capital Partners IIIA LLC et al. |
10.3 |
|
Subscription Agreement dated August 1, 2023, by and among Polar Multi-Strategy Master Fund, the Company, and Perception Capital Partners IIA, LLC (incorporated by reference to exhibit 10.1 to Form 8-K filed August 7, 2023) |
31.1 |
|
Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
31.2 |
|
Certification of Chief Financial Officer (Principal Financial and Accounting Officer) Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
32.1* |
|
Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
32.2* |
|
Certification of Chief Financial Officer (Principal Financial and Accounting Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
101.INS |
|
XBRL Instance Document |
101.SCH |
|
XBRL Taxonomy Extension Schema Document |
101.CAL |
|
XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF |
|
XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB |
|
XBRL Taxonomy Extension Label Linkbase Document |
101.PRE |
|
XBRL Taxonomy Extension Presentation Linkbase Document |
104 |
|
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
* |
These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: August 21, 2023 |
PORTAGE FINTECH ACQUISITION CORPORATION |
|
|
|
|
By: |
/s/ Rick Gaenzle |
|
Name: |
Rick Gaenzle |
|
Title: |
Chief Executive Officer (On Behalf of the Registrant) |
|
|
|
Dated: August 21, 2023 |
By: |
/s/ John Stanfield |
|
Name: |
John Stanfield |
|
Title: |
Chief Financial Officer (Principal Financial and Accounting Officer) |
Exhibit 10.2
Execution Version
July 21, 2023
Portage Fintech Acquisition Corporation
280 Park Avenue, 3rd Floor
New York, New York 10017
Re: Amendment to Letter Agreement
Ladies and Gentlemen:
This Amendment (“Amended Letter Agreement”) to the Letter Agreement, dated July 20, 2021 (the “Letter Agreement”), by and among Portage Fintech Acquisition Corporation, a Cayman Islands exempted company (the “Company”), PFTA I LP, an Ontario limited partnership (the “Former Sponsor”), and each of the other parties thereto (the “Former Insiders”) is made and entered into as of July 21, 2023 (the “Amendment Date”) by and among the Company, the Former Sponsor, the Former Insiders, Perception Capital Partners IIIA LLC, a Delaware limited liability company (“New Sponsor”), and each of the other undersigned parties hereto (the “New Insiders”). Capitalized terms used herein and not otherwise defined shall have the meaning set forth in the Letter Agreement.
Whereas the Letter Agreement may be changed, amended, modified or waived by a written instrument executed by all parties thereto, the Former Sponsor, the New Sponsor, the Former Insiders and the New Insiders hereby agree with the Company to amend and restate the Letter Agreement in its entirety, and agree as follows:
1. Definitions. As used herein, (i) “Business Combination” shall mean a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities; (ii) “Charter” shall mean the Company’s Amended and Restated Memorandum and Articles of Association, as the same may be amended from time to time; (iii) “Founder Shares” shall mean the 6,477,845 Class B ordinary shares of the Company, par value $0.0001 per share, issued and outstanding; (iv) “Private Placement Warrants” shall mean the warrants to purchase Ordinary Shares of the Company acquired by the Former Sponsor for an aggregate purchase price of $9,882,275, or $1.50 per Warrant, in a private placement that closed simultaneously with the consummation of the Public Offering (including Ordinary Shares issuable upon conversion thereof); (v) “ Public Shareholders” shall mean the holders of Ordinary Shares included in the Units issued in the Public Offering; (vi) “Public Shares” shall mean the Ordinary Shares included in the Units issued in the Public Offering; (vii) “Trust Account” shall mean the trust account into which a portion of the net proceeds of the Public Offering and the sale of the Private Placement Warrants are deposited; and (viii) “Transfer” shall mean the (a) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the U.S. Securities and Exchange Commission (the “Commission”) promulgated thereunder with respect to, any security, (b) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention to effect any transaction specified in clause (a) or (b).
2. Representations and Warranties.
(a) The Former Sponsor, the New Sponsor, each Former Insider and each New Insider, with respect to itself, herself or himself, represent and warrant to the Company that it, she or he has the full right and power, without violating any agreement to which it, she or he is bound (including, without limitation, any non-competition or non-solicitation agreement with any employer or former employer), to enter into this Amended Letter Agreement, as applicable, and to serve as an officer or advisor of the Company and/or a director on the Company’s Board of Directors (the “Board”), as applicable.
(b) Each Former Insider and New Insider represents and warrants, with respect to herself or himself, that such Former Insider’s or such New Insider’s biographical information furnished to the Company (including any such information included in the Prospectus or the Company’s other filings with the Commission, as applicable) is true and accurate in all material respects and does not omit any material information with respect to such Former Insider’s or such New Insider’s background. Each questionnaire furnished to the Company is true and accurate in all material respects. Each Former Insider and each New Insider represents and warrants that he or she is not subject to or a respondent in any legal action for, any injunction, cease-and-desist order or order or stipulation to desist or refrain from any act or practice relating to the offering of securities in any jurisdiction; such Former Insider or such New Insider has never been convicted of, or pleaded guilty to, any crime (i) involving fraud, (ii) relating to any financial transaction or handling of funds of another person, or (iii) pertaining to any dealings in any securities and such Former Insider or such New Insider is not currently a defendant in any such criminal proceeding; and such Former Insider or such New Insider has never been suspended or expelled from membership in any securities or commodities exchange or association or had a securities or commodities license or registration denied, suspended or revoked.
3. Business Combination Vote. It is acknowledged and agreed that the Company shall not enter into a definitive agreement regarding a proposed Business Combination without the prior consent of the New Sponsor. The Former Sponsor, the New Sponsor, each Former Insider and each New Insider, with respect to itself, herself or himself, agrees that if the Company seeks shareholder approval of a proposed initial Business Combination, then in connection with such proposed initial Business Combination, it, she or he, as applicable, shall vote all Founder Shares and any Public Shares held by it, her or him, as applicable, in favor of such proposed initial Business Combination (including any proposals recommended by the Board in connection with such Business Combination) and not redeem any Public Shares held by it, her or him, as applicable, in connection with such shareholder approval.
4. Failure to Consummate a Business Combination: Trust Account Waiver.
(a) The Former Sponsor, the New Sponsor, each Former Insider and each New Insider hereby agree, with respect to itself, herself or himself, that in the event that the Company fails to consummate its initial Business Combination within the time period set forth in the Charter, the New Sponsor and each New Insider shall take all reasonable steps to cause the Company to (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than 10 business days thereafter, redeem 100% of 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 taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Board, 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 in all cases subject to the other requirements of applicable law. The Former Sponsor, the New Sponsor, each Former Insider and each New Insider agree not to propose any amendment to the Charter (i) that would modify the substance or timing of the Company’s obligation to provide holders of the Public Shares the right to have their shares redeemed in connection with an initial Business Combination or to redeem 100% of the Public Shares if the Company does not complete an initial Business Combination within the required time period set forth in the Charter or (ii) with respect to any provision relating to the rights of holders of Public Shares unless the Company provides its Public Shareholders with the opportunity to redeem their Public Shares upon approval of any such amendment 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 taxes, if any, divided by the number of then-outstanding Public Shares.
(b) The Former Sponsor, the New Sponsor, each Former Insider and each New Insider, with respect to itself, herself or himself, acknowledges that it, she or he has no right, title, interest or claim of any kind in or to any monies held in the Trust Account or any other asset of the Company as a result of any liquidation of the Company with respect to the Founder Shares held by it, her or him, if any. The Former Sponsor, the New Sponsor, each Former Insider and each New Insider hereby further waive, with respect to any Founder Shares and Public Shares held by it, her or him, as applicable, any redemption rights it, she or he may have in connection with the consummation of a Business Combination, including, without limitation, any such rights available in the context of a shareholder vote to approve such Business Combination or a shareholder vote to approve an amendment to the Charter (i) that would modify the substance or timing of the Company’s obligation to provide holders of the Public Shares the right to have their shares redeemed in connection with an initial Business Combination or to redeem 100% of the Public Shares if the Company has not consummated an initial Business Combination within the time period set forth in the Charter or (ii) with respect to any provision relating to the rights of holders of Public Shares (although the Former Sponsor, the New Sponsor, the Former Insiders and the New Insiders shall be entitled to liquidation rights with respect to any Public Shares they hold if the Company fails to consummate a Business Combination within the required time period set forth in the Charter).
5. Lock-up: Transfer Restrictions.
(a) The Former Sponsor, the New Sponsor, the Former Insiders and the New Insiders agree that they shall not Transfer any Founder Shares (the “Founder Shares Lock-up”) until the earliest of (A) one year after the completion of an initial Business Combination and (B) following the completion of an initial Business Combination, the date on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the Company’s shareholders having the right to exchange their Ordinary Shares for cash, securities or other property (the “Founder Shares Lock-up Period”). Notwithstanding the foregoing, if, subsequent to a Business Combination, the closing price of the Ordinary Shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations, share consolidations, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period commencing at least 150 days after the Company’s initial Business Combination, the Founder Shares shall be released from the Founder Shares Lock-up.
(b) The Former Sponsor, the New Sponsor, the Former Insiders and the New Insiders agree that they shall not effectuate any Transfer of Private Placement Warrants or Ordinary Shares underlying such warrants until 30 days after the completion of an initial Business Combination.
(c) Notwithstanding the provisions set forth in paragraphs 5(a) and (b), Transfers of the Founder Shares, Private Placement Warrants and Ordinary Shares underlying the Private Placement Warrants are permitted (a) to the Company’s officers or directors, any affiliate or family member of any of the Company’s officers or directors, any members or partners of the Former Sponsor, the New Sponsor or their affiliates, any affiliates of the Former Sponsor, the New Sponsor, or any employees of such affiliates; (b) in the case of an individual, by gift to a member of one of the individual’s immediate family or to a trust, the beneficiary of which is a member of the individual’s immediate family, an affiliate of such person or to a charitable organization; (c) in the case of an individual, by virtue of laws of descent and distribution upon death of the individual; (d) in the case of an individual, pursuant to a qualified domestic relations order; (e) by private sales or transfers made in connection with the consummation of a Business Combination at prices no greater than the price at which the Founder Shares, Private Placement Warrants or Ordinary Shares, as applicable, were originally purchased; (f) to the New Sponsor pursuant to that certain Securities Purchase Agreement, dated July 12, 2023, by and between the Former Sponsor and the New Sponsor; (g) by virtue of the New Sponsor’s organizational documents upon liquidation or dissolution of the New Sponsor; (h) to the Company for no value for cancellation in connection with the consummation of an initial Business Combination; (i) in the event of the Company’s liquidation prior to the completion of a Business Combination; or (j) in the event of completion of a liquidation, merger, share exchange or other similar transaction which results in all of the Company’s Public Shareholders having the right to exchange their Ordinary Shares for cash, securities or other property subsequent to the completion of an initial Business Combination; provided, however, that in the case of clauses (a) through (g) these permitted transferees must enter into a written agreement agreeing to be bound by these transfer restrictions.
(d) [Reserved.]
6. Remedies. The Former Sponsor, the New Sponsor, each of the Former Insiders and each of the New Insiders hereby agree and acknowledge that (i) the Company would be irreparably injured in the event of a breach by the Former Sponsor, the New Sponsor, such Former Insider or such New Insider of its, her or his obligations, as applicable under paragraphs 3. 4, 5, 7 and 10. (ii) monetary damages may not be an adequate remedy for such breach and (iii) the non-breaching party shall be entitled to injunctive relief, in addition to any other remedy that such party may have in law or in equity, in the event of such breach.
7. Payments by the Company. Except as disclosed in the Prospectus, neither the Former Sponsor, the New Sponsor nor any of their affiliates nor any director or officer of the Company nor any affiliate of the officers shall receive from the Company any finder’s fee, reimbursement, consulting fee, monies in respect of any payment of a loan or other compensation prior to, or in connection with any services rendered in order to effectuate the consummation of the Company’s initial Business Combination (regardless of the type of transaction that it is).
8. Director and Officer Liability Insurance. The Company will maintain an insurance policy or policies providing directors’ and officers’ liability insurance, and the New Insiders shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any of the Company’s directors or officers.
9. Termination. This Amended Letter Agreement shall terminate on the earlier of (i) the expiration of the Founder Shares Lock-up Period and (ii) the liquidation of the Company.
10. Indemnification. In the event of the liquidation of the Trust Account upon the failure of the Company to consummate its initial Business Combination within the time period set forth in the Charter, the New Sponsor (the “Indemnitor”) agrees to indemnify and hold harmless the Company against any and all loss, liability, claim, damage and expense whatsoever (including, but not limited to, any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any litigation, whether pending or threatened) to which the Company may become subject as a result of any claim by (i) any third party for services rendered or products sold to the Company (except for the Company’s independent auditors) or (ii) any prospective target business with which the Company has discussed entering into a transaction agreement (a “Target”); provided, however, that such indemnification of the Company by the Indemnitor (x) shall apply only to the extent necessary to ensure that such claims by a third party for services rendered or products sold to the Company or a Target do not reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account if less than $10.00 per Public Share due to reductions in the value of the trust assets, in each case net of interest that may be withdrawn to pay the Company’s tax obligations, (y) shall not apply to any claims by a third party or Target who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) and (z) shall not apply to any claims under the Company’s indemnity of the Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended. The Indemnitor shall have the right to defend against any such claim with counsel of its choice reasonably satisfactory to the Company if, within 15 days following written receipt of notice of the claim to the Indemnitor, the Indemnitor notifies the Company in writing that it shall undertake such defense. For the avoidance of doubt, the Former Sponsor will have no liability to the Company under this Section 10, and shall not be an “Indemnitor” as defined in this Amended Letter Agreement.
11. [Reserved.]
12. Entire Agreement. This Amended Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. This Amended Letter Agreement may not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision, except by a written instrument executed by all parties hereto.
13. Assignment. No party hereto may assign either this Amended Letter Agreement or any of its rights, interests, or obligations hereunder without the prior written consent of the other parties. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee. This Amended Letter Agreement shall be binding on the Former Sponsor, the New Sponsor, each of the Former Insiders and each of the New Insiders and each of their respective successors, heirs, personal representatives and assigns and permitted transferees.
14. Counterparts. This Amended Letter Agreement may be executed in any number of original or facsimile counterparts, and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.
15. Effect of Headings. The paragraph headings herein are for convenience only and are not part of this Amended Letter Agreement and shall not affect the interpretation thereof.
16. Severability. This Amended Letter Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Amended Letter Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Amended Letter Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.
17. Governing Law. This Amended Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this Amended Letter Agreement shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submit to such jurisdiction and venue, which jurisdiction and venue shall be exclusive, and (ii) waive any objection to such exclusive jurisdiction and venue or that such courts represent an inconvenient forum.
18. Notices. Any notice, consent or request to be given in connection with any of the terms or provisions of this Amended Letter Agreement shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery or facsimile transmission.
[Signature Page Follows]
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Sincerely, |
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PFTA I LP |
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By: |
PFTA I GP Inc., its General Partner |
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By: |
/s/ Sacha Haque |
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Name: |
Sacha Haque |
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Title: |
Director |
[Signature Page to Amendment to Insider Letter Agreement]
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PERCEPTION CAPITAL PARTNERS IIIA LLC |
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By: |
Macabel Holdings, Inc., its sole Member |
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By: |
/s/ Rick Gaenzle |
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Name: |
Rick Gaenzle |
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Title: |
Authorized Signatory |
[Signature Page to Amendment to Insider Letter Agreement]
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/s/
Adam Felesky |
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Adam Felesky |
[Signature Page to Amendment to Insider Letter Agreement]
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/s/ Ajay Chowdhery |
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Ajay Chowdhery |
[Signature Page to Amendment to Insider Letter Agreement]
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/s/ Paul Desmarais III |
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Paul Desmarais III |
[Signature Page to Amendment to Insider Letter Agreement]
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/s/ Steven Jay Freiberg |
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Steven Jay Freiberg |
[Signature Page to Amendment to Insider Letter Agreement]
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/s/ Stuart Charles Harvey, Jr. |
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Stuart Charles Harvey, Jr. |
[Signature Page to Amendment to Insider Letter Agreement]
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/s/ G. Thompson Hutton |
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G. Thompson Hutton |
[Signature Page to Amendment to Insider Letter Agreement]
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/s/ Seraina Macia |
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Seraina Macia |
[Signature Page to Amendment to Insider Letter Agreement]
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/s/ Jason Michael Pate |
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Jason Michael Pate |
[Signature Page to Amendment to Insider Letter Agreement]
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/s/ Peter Hancock |
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Peter Hancock |
[Signature Page to Amendment to Insider Letter Agreement]
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/s/ Asiff Hirji |
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Asiff Hirji |
[Signature Page to Amendment to Insider Letter Agreement]
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/s/ Marshall Lux |
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Marshall Lux |
[Signature Page to Amendment to Insider Letter Agreement]
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/s/ Rick Gaenzle |
|
Rick Gaenzle |
[Signature Page to Amendment to Insider Letter Agreement]
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/s/ Corey Campbell |
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Corey Campbell |
[Signature Page to Amendment to Insider Letter Agreement]
[Signature Page to Amendment to Insider Letter Agreement]
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/s/ Jim Sheridan |
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Jim Sheridan |
[Signature Page to Amendment to Insider Letter Agreement]
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/s/ Scott Honour |
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Scott Honour |
[Signature Page to Amendment to Insider Letter Agreement]
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/s/ R. Rudolph Reinfrank |
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R. Rudolph Reinfrank |
[Signature Page to Amendment to Insider Letter Agreement]
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/s/ Thomas J. Abood |
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Thomas J. Abood |
[Signature Page to Amendment to Insider Letter Agreement]
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/s/ Karrie Willis |
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Karrie Willis |
[Signature Page to Amendment to Insider Letter Agreement]
Acknowledged and Agreed:
PORTAGE FINTECH ACQUISITION CORPORATION |
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By: |
/s/ Ajay Chowdhery |
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Name: |
Ajay Chowdhery |
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Title: |
Chief Financial Officer and Chief Operating Officer |
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[Signature Page to Amendment to Insider Letter Agreement]
EXHIBIT
31.1
CERTIFICATION
PURSUANT TO RULES 13a-14(a) AND 15d-14(a)
UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Rick Gaenzle, certify that:
|
1. |
I have reviewed
this Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 of Portage Fintech Acquisition Corporation; |
|
2. |
Based on my
knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report; |
|
3. |
Based on my
knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects
the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|
4. |
The registrant’s
other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)
and 15d-15(f)) for the registrant and have: |
|
a. |
Designed such
disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure
that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this report is being prepared; |
|
b. |
Designed such
internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles; |
|
c. |
Evaluated the
effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
d. |
Disclosed in
this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
|
5. |
The registrant’s
other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting,
to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the
equivalent functions): |
|
a. |
All significant
deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
b. |
Any fraud,
whether or not material, that involves management or other employees who have a significant role in the registrant’s internal
controls over financial reporting. |
Date:
August 21, 2023
|
By: |
/s/
Rick Gaenzle |
|
|
Rick Gaenzle |
|
|
Chief Executive Officer |
|
|
(Principal Executive Officer) |
EXHIBIT
31.2
CERTIFICATION
PURSUANT TO RULES 13a-14(a) AND 15d-14(a)
UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I,
John Stanfield, certify that:
|
1. |
I
have reviewed this Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 of Portage Fintech Acquisition Corporation; |
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
4. |
The
registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a. |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
b. |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
c. |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
d. |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
|
5. |
The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions): |
|
a. |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
b. |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal controls over financial reporting. |
Date:
August 21, 2023
|
By: |
/s/
John Stanfield |
|
|
John
Stanfield |
|
|
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 Portage Fintech Acquisition Corporation (the “Company”) on Form 10-Q
for the quarter ended June 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”),
I, Rick Gaenzle, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906
of the Sarbanes-Oxley Act of 2002, that, to my knowledge:
|
(1) |
the Report
fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; 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 21, 2023
|
/s/
Rick Gaenzle |
|
Name: |
Rick Gaenzle |
|
Title: |
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 Portage Fintech Acquisition Corporation (the “Company”) on Form 10-Q
for the quarter ended June 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”),
I, John Stanfield, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906
of the Sarbanes-Oxley Act of 2002, that, to my knowledge:
|
(1) |
the
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; 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 21, 2023
|
/s/
John Stanfield |
|
Name: |
John
Stanfield |
|
Title: |
Chief
Financial Officer |
|
|
(Principal
Financial and Accounting Officer) |
v3.23.2
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2023 |
Aug. 21, 2023 |
Document Type |
10-Q
|
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Amendment Flag |
false
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Document Quarterly Report |
true
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Document Transition Report |
false
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Document Period End Date |
Jun. 30, 2023
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Document Fiscal Period Focus |
Q2
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Document Fiscal Year Focus |
2023
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Current Fiscal Year End Date |
--12-31
|
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Entity File Number |
001-40639
|
|
Entity Registrant Name |
PORTAGE FINTECH ACQUISITION CORPORATION
|
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Entity Central Index Key |
0001853580
|
|
Entity Tax Identification Number |
98-1592069
|
|
Entity Incorporation, State or Country Code |
E9
|
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Entity Address, Address Line One |
315 Lake Street East
|
|
Entity Address, Address Line Two |
Suite 301
|
|
Entity Address, City or Town |
Wayzata
|
|
Entity Address, State or Province |
MN
|
|
Entity Address, Postal Zip Code |
55391
|
|
City Area Code |
(952)
|
|
Local Phone Number |
456-5300
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
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Entity Emerging Growth Company |
true
|
|
Elected Not To Use the Extended Transition Period |
false
|
|
Entity Shell Company |
true
|
|
Units, each consisting of one Class A ordinary share, $0.0001 par value, and one-third of one redeemable warrant |
|
|
Title of 12(b) Security |
Units, each consisting of one Class A ordinary share, $0.0001 par value, and one-third of one redeemable warrant
|
|
Trading Symbol |
PFTAU
|
|
Security Exchange Name |
NASDAQ
|
|
Class A ordinary shares included as part of the units |
|
|
Title of 12(b) Security |
Class A ordinary shares included as part of the units
|
|
Trading Symbol |
PFTA
|
|
Security Exchange Name |
NASDAQ
|
|
Redeemable warrants included as part of the units, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 |
|
|
Title of 12(b) Security |
Redeemable warrants included as part of the units, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50
|
|
Trading Symbol |
PFTAW
|
|
Security Exchange Name |
NASDAQ
|
|
Common Class A [Member] |
|
|
Entity Common Stock, Shares Outstanding |
|
3,910,370
|
Common Class B [Member] |
|
|
Entity Common Stock, Shares Outstanding |
|
6,477,845
|
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v3.23.2
CONDENSED BALANCE SHEETS (Unaudited) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Current assets |
|
|
Cash |
$ 433,767
|
$ 368,687
|
Prepaid expenses |
104,918
|
497,054
|
Total current assets |
538,685
|
865,741
|
Investments held in Trust Account |
269,208,921
|
263,269,821
|
Total Assets |
269,747,606
|
264,135,562
|
Current liabilities |
|
|
Accrued expenses |
1,779,072
|
1,859,194
|
Promissory note - related party |
1,250,000
|
|
Total current liabilities |
3,029,072
|
1,859,194
|
Warrant liabilities |
609,012
|
3,045,062
|
Deferred underwriting fee payable |
|
2,539,315
|
Total liabilities |
3,638,084
|
7,443,571
|
Commitments and Contingencies |
|
|
Class A ordinary shares subject to possible redemption; 25,911,379 shares at redemption value as of June 30, 2023 and December 31, 2022 |
269,208,921
|
263,269,821
|
Shareholders’ Deficit |
|
|
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding |
|
|
Additional paid-in capital |
8,417,530
|
6,231,184
|
Accumulated deficit |
(11,517,577)
|
(12,809,662)
|
Total Shareholders’ Deficit |
(3,099,399)
|
(6,577,830)
|
TOTAL LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS’ DEFICIT |
269,747,606
|
264,135,562
|
Common Class A [Member] |
|
|
Shareholders’ Deficit |
|
|
Ordinary shares |
|
|
Common Class B [Member] |
|
|
Shareholders’ Deficit |
|
|
Ordinary shares |
$ 648
|
$ 648
|
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v3.23.2
CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Preferred stock, par value |
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares authorized |
1,000,000
|
1,000,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Common Class A [Member] |
|
|
Ordinary shares subject to possible redemption |
25,911,379
|
25,911,379
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
Common stock shares authorized |
300,000,000
|
300,000,000
|
Common stock, shares issued |
0
|
0
|
Common stock, shares outstanding |
0
|
0
|
Common Class B [Member] |
|
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
Common stock shares authorized |
30,000,000
|
30,000,000
|
Common stock, shares issued |
6,477,845
|
6,477,845
|
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6,477,845
|
6,477,845
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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 |
Operating expenses: |
|
|
|
|
General and administrative expenses |
$ 906,500
|
$ 610,016
|
$ 1,496,934
|
$ 1,339,128
|
Loss from operations |
(906,500)
|
(610,016)
|
(1,496,934)
|
(1,339,128)
|
Other income: |
|
|
|
|
Change in fair value of warrant liabilities |
1,370,278
|
4,110,834
|
2,436,050
|
6,857,978
|
Reduction of deferred underwriter fees |
352,969
|
|
352,969
|
|
Investment income earned on Trust Account |
3,191,741
|
423,124
|
5,939,100
|
515,789
|
Other income |
4,914,988
|
4,533,958
|
8,728,119
|
7,373,767
|
Net income |
$ 4,008,488
|
$ 3,923,942
|
$ 7,231,185
|
$ 6,034,639
|
Weighted average Class A ordinary shares outstanding, basic and diluted |
25,911,379
|
25,911,379
|
25,911,379
|
25,911,379
|
Basic and diluted net income per ordinary share, Class A |
$ 0.12
|
$ 0.12
|
$ 0.22
|
$ 0.19
|
Weighted average Class B ordinary shares outstanding, basic and diluted |
6,477,845
|
6,477,845
|
6,477,845
|
6,477,845
|
Basic and diluted net income per ordinary share, Class B |
$ 0.12
|
$ 0.12
|
$ 0.22
|
$ 0.19
|
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v3.23.2
CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT (Unaudited) - USD ($)
|
Class A Ordinary Shares [Member] |
Class B Ordinary Shares [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance – March 31, 2022 at Dec. 31, 2021 |
|
$ 648
|
|
$ (17,209,632)
|
$ (17,208,984)
|
Beginning Balance, Shares at Dec. 31, 2021 |
|
6,477,845
|
|
|
|
Remeasurement of Class A ordinary shares to redemption value |
|
|
|
(27,827)
|
(27,827)
|
Net income |
|
|
|
2,110,697
|
2,110,697
|
Balance – June 30, 2022 at Mar. 31, 2022 |
|
$ 648
|
|
(15,126,762)
|
(15,126,114)
|
Ending Balance, Shares at Mar. 31, 2022 |
|
6,477,845
|
|
|
|
Remeasurement of Class A ordinary shares to redemption value |
|
|
|
(523,124)
|
(523,124)
|
Net income |
|
|
|
3,923,942
|
3,923,942
|
Balance – June 30, 2022 at Jun. 30, 2022 |
|
$ 648
|
|
(11,725,944)
|
(11,725,296)
|
Ending Balance, Shares at Jun. 30, 2022 |
|
6,477,845
|
|
|
|
Balance – March 31, 2022 at Dec. 31, 2022 |
|
$ 648
|
6,231,184
|
(12,809,662)
|
(6,577,830)
|
Beginning Balance, Shares at Dec. 31, 2022 |
|
6,477,845
|
|
|
|
Remeasurement of Class A ordinary shares to redemption value |
|
|
|
(2,747,359)
|
(2,747,359)
|
Net income |
|
|
|
3,222,697
|
3,222,697
|
Balance – June 30, 2022 at Mar. 31, 2023 |
|
$ 648
|
6,231,184
|
(12,334,324)
|
(6,102,492)
|
Ending Balance, Shares at Mar. 31, 2023 |
|
6,477,845
|
|
|
|
Remeasurement of Class A ordinary shares to redemption value |
|
|
|
(3,191,741)
|
(3,191,741)
|
Reduction of deferred underwriter fees |
|
|
2,186,346
|
|
2,186,346
|
Net income |
|
|
|
4,008,488
|
4,008,488
|
Balance – June 30, 2022 at Jun. 30, 2023 |
|
$ 648
|
$ 8,417,530
|
$ (11,517,577)
|
$ (3,099,399)
|
Ending Balance, Shares at Jun. 30, 2023 |
|
6,477,845
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v3.23.2
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Cash Flows from Operating Activities: |
|
|
Net income |
$ 7,231,185
|
$ 6,034,639
|
Adjustments to reconcile net income to net cash used in operating activities: |
|
|
Investment income earned on Trust Account |
(5,939,100)
|
(515,789)
|
Change in fair value of warrant liabilities |
(2,436,050)
|
(6,857,978)
|
Reduction of deferred underwriter fees |
(352,969)
|
|
Changes in operating assets and liabilities: |
|
|
Prepaid expenses |
392,136
|
389,761
|
Accounts payable and accrued expenses |
(80,122)
|
448,250
|
Net cash used in operating activities |
(1,184,920)
|
(501,117)
|
Cash Flows from Financing Activities: |
|
|
Proceeds from promissory note - related party |
1,250,000
|
|
Net cash provided by financing activities |
1,250,000
|
|
Net Change in Cash |
65,080
|
(501,117)
|
Cash – Beginning |
368,687
|
1,170,049
|
Cash – Ending |
433,767
|
668,932
|
Non-Cash Investing and Financing Activities: |
|
|
Remeasurement of Class A ordinary shares subject to redemption |
5,939,100
|
550,951
|
Reduction of deferred underwriting fee payable |
$ 2,539,315
|
|
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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
Portage Fintech Acquisition Corporation (the “Company”) is a blank check company incorporated in the Cayman Islands on March 17, 2021. The Company was formed for the purpose of effectuating a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses (the “Business Combination”). The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.
As of June 30, 2023, the Company had not yet commenced any operations. All activity for the period March 17, 2021 (inception) through June 30, 2023 relates to the Company’s formation, the initial public offering (the “Initial Public Offering”), which is described below, and subsequent to the Initial Public Offering, identifying a target company 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 in the form of interest income from the securities held in the Trust Account. The Company has selected December 31 as its fiscal year end.
The Company’s initial sponsor was PFTA I LP, an Ontario limited partnership (the “Initial Sponsor”). On July 21, 2023, the Initial Sponsor sold a portion of its Class B ordinary shares and Private Placement Warrants (defined below) to Perception Capital Partners IIIA LLC, a Delaware limited liability company (the “Managing Sponsor”), pursuant to a Securities Purchase Agreement dated July 12, 2023 (the “Purchase Agreement”). See Note 10 for additional details.
The registration statement for the Company’s Initial Public Offering was declared effective by the Securities and Exchange Commission (the “SEC”) on July 20, 2021. On July 23, 2021, the Company consummated its Initial Public Offering of units (the “Units” and, with respect to the Class A ordinary shares included in the Units being offered, the “Public Shares”), at $ per Unit, generating gross proceeds of $ million.
The Company incurred offering costs in the Initial Public Offering totaling $, consisting of $ of underwriting fees, $ of deferred underwriting fees, and $ of other offering costs (see Note 2).
Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”), at a price of $ per Private Placement Warrant with the Initial Sponsor, generating gross proceeds of $ (see Note 4 and Note 8).
Upon the closing of the Initial Public Offering and the Private Placement, an amount of $ million ($ per Unit) from the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement were placed in a trust account (“Trust Account”) with Continental Stock Transfer & Trust Company acting as trustee and 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 which invest only in direct U.S. government treasury obligations, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below.
On August 3, 2021, the underwriters notified the Company of their intention to partially exercise the over-allotment option on August 5, 2021 (the “Over-Allotment”). As such, on August 5, 2021, the Company consummated the sale of an additional Units (the “Over-Allotment Units”), at $ per Unit, and the sale of an additional Private Placement Warrants, at $ per Private Placement Warrant, generating total gross proceeds of $ and $, respectively. The underwriters forfeited the balance of the over-allotment option. A total of $ of the net proceeds was deposited into the Trust Account, bringing the aggregate proceeds held in the Trust Account to $ (see Note 2). The Company incurred additional offering costs of $ in connection with the Over-Allotment (of which $ was for deferred underwriting fees).
The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Placement Warrants, although substantially all of the net proceeds, which are placed in the Trust Account, are intended to be applied generally toward consummating a Business Combination. The Company’s initial Business Combination must be with one or more target businesses that together have a fair market value equal to at least 80% of the balance held in the Trust Account (less any deferred underwriting commissions and taxes payable on interest earned on the Trust Account) at the time the Company signs a definitive agreement in connection with the initial Business Combination. However, the Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act.
The Company will provide its holders of the outstanding 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 pursuant to the proxy solicitation rules of the SEC or (ii) by means of a tender offer. In connection with a proposed Business Combination, the Company will be required to seek shareholder approval of a Business Combination at a meeting called for such purpose at which shareholders may seek to redeem their shares, regardless of whether they vote for or against a Business Combination. The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 either immediately prior to or upon such consummation of a Business Combination and a majority of the outstanding shares voted are voted in favor of the Business Combination.
Notwithstanding the foregoing, the Company’s amended and restated memorandum and articles of association (the “Articles”) 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 seeking redemption rights with respect to 15% or more of the Public Shares without the Company’s prior written consent.
The Public Shareholders will be entitled to redeem their shares for a pro rata portion of the amount then in the Trust Account (initially $10.00 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). The per-share amount to be distributed to shareholders who redeem their shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters. There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. These Public Shares are recorded at a redemption value and classified as temporary equity upon the completion of the Initial Public Offering, in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.”
If the Company is not required to conduct redemptions pursuant to the proxy solicitation rules as described above, the Company will, pursuant to its Articles, offer such redemption pursuant to the tender offer rules of the SEC, and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination.
Pursuant
to an amended and restated letter agreement dated July 21, 2023 (the “Letter Agreement”), the Company’s sponsors
and current and former officers, directors and certain advisors have agreed (a) to vote their Founder Shares (as defined in Note 8) and
any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination, (b) not to redeem any shares
(including the Founder Shares) into the right to receive cash from the Trust Account in connection with a shareholder vote to approve
a Business Combination or a vote to amend the provisions of the Articles relating to shareholders’ rights of pre-Business Combination
activity and (c) that the Founder Shares shall not participate in any liquidating distributions upon winding up if a Business Combination
is not consummated. However, the above-listed parties to the Letter Agreement will be entitled to liquidating distributions from the
Trust Account with respect to any Public Shares purchased during or after the Initial Public Offering if the Company fails to complete
its Business Combination.
On
July 21, 2023, the Company held an extraordinary general meeting of shareholders (the “Meeting”). At the Meeting, the
Company’s shareholders approved two proposals to amend the Company’s amended and restated memorandum and articles of association
(the “Articles”). The first such proposal (the “Extension Amendment” and, such proposal, the “Extension
Amendment Proposal”) sought to amend the Articles to extend the date by which the Company must (1) consummate a Business Combination,
(2) cease its operations except for the purpose of winding up if it fails to complete a Business Combination, and (3) redeem all of the
Company’s Class A ordinary shares sold in the Company’s IPO, from 24 months from the closing of the IPO to 36 months from
the closing of the IPO or such earlier date as is determined by our board of directors (the “Board”) to be in the best interests
of the Company. The second such proposal (the “Redemption Limitation Amendment” and such proposal, the “Redemption
Limitation Amendment Proposal”) sought to eliminate from the Articles the limitation that the Company shall not redeem Class A
ordinary shares sold in the IPO to the extent that such redemption would cause the Company’s net tangible assets to be less than
$5,000,001.
In
connection with the vote to approve the Extension Amendment Proposal, effective as of July 21, 2023, holders of 22,001,009 Class
A ordinary shares exercised their right to redeem their shares for cash at a redemption price of approximately $10.41 per share, for
an aggregate redemption amount of approximately $229.1 million. As a result, approximately $40.7 million remained in the Company’s
trust account as of July 21, 2023 and 3,910,370 Class A ordinary shares remained outstanding.
If
the Company is unable to complete a Business Combination by July 23, 2024 (the “Combination Period”), the Company will
(i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no 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 taxes (less up to $100,000
of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely
extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if
any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of
the remaining shareholders and the Company’s board of directors, proceed to commence a voluntary liquidation and thereby a
formal dissolution of the Company, subject in each case to the requirements of applicable law, including any obligations to provide for claims of creditors. The underwriters have agreed to waive their rights to the deferred underwriting commission held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period, and, in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the Initial Public Offering price per Unit $10.00.
Pursuant to the Letter Agreement, the Managing Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of liquidation of the Trust Account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). However, the Company has not asked the Managing Sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether the Managing Sponsor has sufficient funds to satisfy its indemnity obligations and believe that the Managing Sponsor’s only assets are securities of the Company. Therefore, the Company cannot assure its shareholders that the Managing Sponsor would be able to satisfy those obligations. Neither the Initial Sponsor nor any of the Company’s officers or directors will indemnify the Company for claims by third parties including, without limitation, claims by vendors and prospective target businesses. The Company will seek to reduce the possibility that the Managing Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers, 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.
Going Concern, Liquidity and Management’s Plans
As of June 30, 2023, the Company had $433,767 in its operating bank account and working capital deficit of $2,490,387.
The Company has principally financed its operations from inception using proceeds from the sale of its equity securities to its shareholders prior to the Initial Public Offering and such amount of proceeds from the Private Placement that were placed in an account outside of the Trust Account for working capital purposes. Until the consummation of a Business Combination, the Company will be using the funds not held in the Trust Account for identifying and evaluating prospective acquisition candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to acquire, and structuring, negotiating and consummating the Business Combination.
The Company may need to raise additional capital through loans or additional investments from its sponsors, shareholders, officers, directors, or third parties. The Company’s officers, directors and sponsors may, but are not obligated to (other than as described above), loan the Company funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion, to meet the Company’s working capital needs. Accordingly, the Company may not be able to obtain additional financing. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all.
In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s (“FASB”) ASC Subtopic 205-40, “Presentation of Financial Statements - Going Concern,” the Company has until July 23, 2024 to consummate a Business Combination. It is uncertain whether the Company will be able to consummate a Business Combination by this time. If a Business Combination is not consummated by this date, there will be a mandatory liquidation and subsequent dissolution of the Company. Management has determined that the liquidity condition and mandatory liquidation, should a Business Combination not occur, raises substantial doubt about the Company’s ability to continue as a going concern through approximately one year from the date these unaudited financial statements were issued. Management intends to consummate a Business Combination prior to July 23, 2024. These unaudited financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.
Risks and Uncertainties
Management continues to evaluate the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of these unaudited condensed financial statements. These unaudited condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Various social and political circumstances in the U.S. 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 U.S. 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 U.S. 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 U.S. 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.
|
X |
- DefinitionThe entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 for any future periods.
The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Annual Report on Form 10-K filed by the Company with the SEC on March 13, 2023.
Emerging Growth Company
The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.
Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company, which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
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 financial statements and the reported amounts of revenues and expenses during the reporting period.
Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or future confirming events. Accordingly, the actual results could differ significantly from those estimates. One of the more significant accounting estimates included in these unaudited condensed financial statements is the determination of the fair value of the warrant liabilities. Such estimates may be subject to change as more current information becomes available and, 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 did not have any cash equivalents as of June 30, 2023 and December 31, 2022. The Company had $433,767 and $368,687 of cash as of June 30, 2023 and December 31, 2022, respectively.
Investments Held in Trust Account
The Company’s portfolio of investments held in trust is comprised substantially of investments in U.S. government securities. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these investments are included in interest earned on investments held in Trust Account in the accompanying statements of operations. The estimated fair values of investments held in the Trust Account are determined using available market information. At June 30, 2023 and December 31, 2022, the Trust Account had $269,208,921 and $263,269,821 held in marketable securities, respectively. As of June 30, 2023 the Company had not withdrawn any amount from the Trust Account.
Warrant Liabilities
The Company evaluated the Public Warrants and the Private Placement Warrants (collectively, “Warrants”, which are discussed in Note 3 and Note 8) in accordance with ASC 815-40, “Derivatives and Hedging — Contracts in Entity’s Own Equity”, and concluded that a provision in the warrant agreement related to certain tender or exchange offers precludes the Warrants from being accounted for as components of equity. As the Warrants meet the definition of a derivative as contemplated in ASC 815, the Warrants are recorded as derivative liabilities on the balance sheets and measured at fair value at inception (on the date of the Initial Public Offering) and at each reporting date in accordance with ASC 820, “Fair Value Measurement”, with changes in fair value recognized in the statements of operations in the period of change.
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 Topic 480 “Distinguishing Liabilities from Equity.” 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. The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, as of June 30, 2023 and December 31, 2022, Class A ordinary shares subject to possible redemption are presented as temporary equity, outside of the shareholders’ deficit section of the Company’s balance sheets. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. The dissolution expense of $100,000 is not included in the redemption value of the Class A ordinary shares subject to redemption since it is only taken into account in the event of the Company’s liquidation. Immediately upon the closing of the Initial Public Offering, the Company recognized the remeasurement adjustment from carrying value to redemption value. Increases or decreases in the carrying amount of redeemable ordinary shares are affected by charges against additional paid-in capital (to the extent available) and accumulated deficit.
At June 30, 2023 and December 31, 2022, the Class A ordinary shares subject to redemption reflected in the condensed balance sheets are reconciled in the following table:
Schedule of shares subject to redemption |
|
|
|
|
Gross Proceeds |
|
$ |
259,113,790 |
|
Less: |
|
|
|
|
Proceeds allocated to Public Warrants |
|
|
(11,539,202 |
) |
Class A ordinary shares issuance costs |
|
|
(14,705,275 |
) |
Add: |
|
|
|
|
Remeasurement of carrying value to redemption value |
|
|
30,400,508 |
|
Class A ordinary shares subject to possible redemption at December 31, 2022 |
|
|
263,269,821 |
|
Add: |
|
|
|
|
Remeasurement of carrying value to redemption value |
|
|
5,939,100 |
|
Class A ordinary shares subject to possible redemption at June 30, 2023 |
|
$ |
269,208,921 |
|
See Note 10 for information regarding redemptions of Class A ordinary shares that occurred subsequent to June 30, 2023.
Income Taxes
The Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income tax expense. There were no unrecognized tax benefits and no amounts accrued for 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.
There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman Islands income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s 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. In accordance with federal income tax regulations, income taxes are not levied on the Company, but rather on the individual owners. United States (“U.S.”) taxation would occur on the individual owners if certain tax elections are made by U.S. owners and the Company were treated as a passive foreign investment company. Additionally, U.S. taxation could occur to the Company itself if the Company is engaged in a U.S. trade or business. The Company is not expected to be treated as engaged in a U.S. trade or business at this time.
Net Income Per Ordinary Share
Net income per share is computed by dividing net income by the weighted-average number of ordinary shares outstanding during the period.
The contractual formula utilized to calculate the redemption amount approximates fair value. The Class A ordinary shares’ feature to redeem at fair value means that there is effectively only one class of shares. Changes in fair value are not considered a dividend for the purposes of the numerator in the earnings per share calculation. Net income per ordinary share is computed by dividing the pro rata net income between the Class A ordinary shares and the Class B ordinary shares by the weighted average number of ordinary shares outstanding for each of the periods.
The calculation of diluted income per ordinary share does not consider the effect of the warrants sold in the Initial Public Offering and the Private Placement to purchase an aggregate of 15,225,310 of the Company’s Class A ordinary shares since the exercise of the warrants is contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive.
The following table reflects the calculation of basic and diluted net income per ordinary share:
Schedule of basic and diluted net income per ordinary share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
June 30, |
|
|
For the Six Months Ended
June 30, |
|
|
|
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 per ordinary share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocation of net income, as adjusted |
|
$ |
3,206,790 |
|
|
$ |
801,698 |
|
|
$ |
3,139,154 |
|
|
$ |
784,788 |
|
|
$ |
5,784,948 |
|
|
$ |
1,446,237 |
|
|
$ |
4,827,711 |
|
|
$ |
1,206,928 |
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted weighted average shares outstanding |
|
$ |
25,911,379 |
|
|
$ |
6,477,845 |
|
|
$ |
25,911,379 |
|
|
$ |
6,477,845 |
|
|
$ |
25,911,379 |
|
|
$ |
6,477,845 |
|
|
$ |
25,911,379 |
|
|
$ |
6,477,845 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net income per ordinary share |
|
$ |
0.12 |
|
|
$ |
0.12 |
|
|
$ |
0.12 |
|
|
$ |
0.12 |
|
|
$ |
0.22 |
|
|
$ |
0.22 |
|
|
$ |
0.19 |
|
|
$ |
0.19 |
|
Concentration of Credit Risk
Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution, which at times may exceed the Federal Depository Insurance Corporation coverage limit of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.
Fair Value of Financial Instruments
The fair value of the Company’s assets and liabilities approximates the carrying amounts represented in the accompanying balance sheets, primarily due to their short-term nature, except for the warrants (see Note 9).
The Company applies ASC 820, which establishes a framework for measuring fair value and clarifies the definition of fair value within that framework. ASC 820 defines fair value as an exit price, which is the price that would be received for an asset or paid to transfer a liability in the Company’s principal or most advantageous market in an orderly transaction between market participants on the measurement date. The fair value hierarchy established in ASC 820 generally requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the entity’s own assumptions based on market data and the entity’s judgments about the assumptions that market participants would use in pricing the asset or liability and are to be developed based on the best information available in the circumstances.
Level 1 — Assets and liabilities with unadjusted, quoted prices listed on active market exchanges. Inputs to the fair value measurement are observable inputs, such as quoted prices in active markets for identical assets or liabilities.
Level 2 — Inputs to the fair value measurement are determined using prices for recently traded assets and liabilities with similar underlying terms, as well as direct or indirect observable inputs, such as interest rates and yield curves that are observable at commonly quoted intervals.
Level 3 — Inputs to the fair value measurement are unobservable inputs, such as estimates, assumptions, and valuation techniques when little or no market data exists for the assets or liabilities.
Offering Costs Associated with the Initial Public Offering
Offering costs consisted of legal, accounting and other expenses incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering costs were allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with warrant liabilities were expensed as incurred in the statements of operations. Offering costs associated with the Class A ordinary shares issued were charged to temporary equity and warrants upon the completion of the Initial Public Offering. Offering costs amounting to $14,705,275 were charged to shareholders’ deficit upon the completion of the Initial Public Offering and $701,000 were expensed as of the date of the Initial Public Offering.
Recently Issued Accounting Standards
In August 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-06, “Debt — Debt with Conversion and Other Options” (Subtopic 470-20) and “Derivatives and Hedging — Contracts in Entity’s Own Equity” (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective for the Company for the fiscal year beginning after December 15, 2023, including interim periods within those fiscal years, with early adoption permitted. The Company is currently assessing the impact, if any, that ASU 2020-06 would have on its financial position, results of operations or cash flows.
Management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s 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 July 23, 2021, the Company sold Units at $ per Unit, generating gross proceeds of $, and incurring offering costs totaling $, consisting of $ of underwriting fees, $ of deferred underwriting fees and $ of other offering costs. On August 5, 2021, the Company completed the sale of additional Over-Allotment Units to the underwriters, generating gross proceeds of $, and incurring offering costs totaling $, consisting of $ of underwriting fees and $ of deferred underwriting fees (see Note 6).
Each Unit consists of one of the Company’s Class A ordinary shares, par value $ per share, and one-third of one redeemable warrant (“Public Warrant”). Each whole Public Warrant entitles the holder to purchase one Class A ordinary shares at an exercise price of $ per whole share (see Note 8).
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v3.23.2
PRIVATE PLACEMENT
|
6 Months Ended |
Jun. 30, 2023 |
Private Placement |
|
PRIVATE PLACEMENT |
NOTE 4. PRIVATE PLACEMENT
Simultaneously with the closing of the Initial Public Offering, the Initial Sponsor purchased an aggregate of Private Placement Warrants at a price of $ per warrant (for consideration of $ in the aggregate). On August 5, 2021, simultaneously with the issuance and sale of the Over-Allotment Units, the Company consummated the sale of an additional Private Placement Warrants at $ per Private Placement Warrant, generating additional gross proceeds of $.
Each Private Placement Warrant is identical to the warrants offered in the Initial Public Offering, except there will be no redemption rights or liquidating distributions from the Trust Account with respect to Private Placement Warrants, which will expire worthless if we do not consummate a Business Combination within the Combination Period.
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v3.23.2
RELATED PARTY TRANSACTIONS
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE 5. RELATED PARTY TRANSACTIONS
Founder Shares
On March 22, 2021, the Initial Sponsor paid $, or approximately $ per share, to cover certain offering costs in consideration for Class B ordinary shares, par value $ (the “Founder Shares”). On April 30, 2021, the Initial Sponsor transferred an aggregate of 125,000 Founder Shares to five independent directors (each received 25,000 Founder Shares). On April 30, 2021, the Initial Sponsor transferred an aggregate of Founder Shares to three advisors (each received Founder Shares). On June 15, 2021, the Initial Sponsor surrendered an aggregate of 1,437,500 Class B ordinary shares for no consideration, which were cancelled, resulting in an aggregate of Class B ordinary shares issued and outstanding. On July 20, 2021, the Initial Sponsor received an additional Class B ordinary shares resulting in an aggregate of Class B ordinary shares issued and outstanding. Up to Founder Shares were subject to forfeiture by the Initial Sponsor depending on the extent to which the underwriters’ over-allotment option was exercised. On August 5, 2021, the underwriters partially exercised the over-allotment option to purchase an additional Units; thus, 422,155 Class B ordinary shares were forfeited. As of June 30, 2023 and December 31, 2022, the Company had 6,477,845 of Class B ordinary shares issued and outstanding.
Pursuant to the Letter Agreement, the Company’s sponsors and current and former officers, directors and certain advisors have agreed not to transfer, assign or sell any of its Founder Shares until the earlier to occur of: (A) one year after the completion of a Business Combination or (B) following the completion of an initial Business Combination, the date on which the Company completes a liquidation, merger, capital stock exchange or similar transaction that results in the Company’s shareholders having the right to exchange their ordinary shares for cash, securities or other property. Notwithstanding the foregoing, if the last sale price of the Company’s Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Business Combination, the Founder Shares will be released from the lock-up.
The sale or transfers of the Founders Shares to independent directors and advisors, as described above, is within the scope of ASC Topic 718, “Compensation-Stock Compensation” (“ASC 718”). Under ASC 718, stock-based compensation associated with equity-classified awards is measured at fair value upon the grant date. The Founders Shares were effectively sold or transferred subject to a performance condition (i.e., the occurrence of a Business Combination). Compensation expense related to the Founders Shares is recognized only when the performance condition is probable of occurrence under the applicable accounting literature in this circumstance. A Business Combination is not probable until it is completed. Stock-based compensation would be recognized at the date a Business Combination is considered probable in an amount equal to the number of Founders Shares times the grant date fair value per share (unless subsequently modified) less the amount initially received for the purchase of the Founders Shares. The fair value at the grant date is deemed to be de minimis. As of June 30, 2023 and December 31, 2022, the Company determined that a Business Combination was not considered probable because no Business Combination has been completed, and therefore, no stock-based compensation expense has been recognized.
Promissory Note — Related Party
On March 22, 2021, the Initial Sponsor agreed to loan the Company an aggregate of up to $ to cover expenses related to the Initial Public Offering pursuant to a promissory note (the “Note”). The Note is non-interest bearing and is payable on the earlier of (i) September 30, 2021 or (ii) the consummation of the Initial Public Offering. The Company borrowed approximately $ under the Note. The Company fully repaid this balance on August 31, 2021. As of June 30, 2023 and December 31, 2022, there were no amounts outstanding on the Note.
On April 5, 2023, the Company issued a promissory note (the “Promissory Note”) to the Initial Sponsor, pursuant to which the Company was entitled to borrow up to $1,250,000 from the Initial Sponsor to fund the Company’s working capital expenses prior to completion of any potential initial Business Combination. Also on April 5, 2023, the Company made a draw on the Promissory Note of $1,250,000. The Promissory Note was non-interest bearing and payable on the earlier of July 23, 2023 and the date on which the Company consummates a Business Combination. As of June 30, 2023, there were $1,250,000 outstanding under this Promissory Note. On July 21, 2023, the Initial Sponsor cancelled and forgave the Promissory Note in connection with the closing under the Purchase Agreement (see Note 10).
Related Party Loans
In order to finance transaction costs in connection with a Business Combination, the Company’s sponsors, one or more affiliate of the Company’s sponsors, or the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (the “Working Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of notes may be converted upon consummation of a Business Combination into warrants at a price of $1.50 per warrant. The warrants will be identical to the Private Placement Warrants. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. As of June 30, 2023 and December 31, 2022, there were no amounts outstanding under the Working Capital Loans.
Administrative Services and Reimbursement Agreement
Pursuant to an administrative services and reimbursement agreement, on or prior to the closing of the Business Combination, the Company was obligated to reimburse the Initial Sponsor or its affiliates for formation and other pre-Initial Public Offering expenses incurred on the Company’s behalf not to exceed $900,000. Further, commencing on July 21, 2021 and until completion of the Company’s initial Business Combination or liquidation, the Company was required to (a) reimburse the Initial Sponsor or its affiliates up to an amount of $ per month for office space and secretarial, administrative and other services and (b) reimburse the Initial Sponsor or its affiliates for any out-of-pocket expenses (or an allocable portion thereof), to the extent that any of them incurs expenses related to identifying, investigating, negotiating and completing an initial Business Combination (including any travel expenses). In addition, commencing on July 21, 2021 and until completion of the Company’s initial Business Combination or liquidation, the Company was required to reimburse the Initial Sponsor or its affiliates monthly for compensation expenses of employees dedicated to the Company (including the Chief Financial Officer) not to exceed $900,000 per year. Under the agreement, the Company was also required to Indemnify the Initial Sponsor and its affiliates for any claims made by the Company or a third party and resulting liabilities in respect of any investment opportunities sourced by them and any liability arising with respect to their activities in connection with the Company’s affairs. Such indemnity provides that the indemnified parties cannot access the funds held in the Trust Account.
The Company recognized approximately $229,000 and $242,000 in connection with such services for the three months ended June 30, 2023 and 2022, respectively and $457,000 and $493,000 for the six months ended June 30, 2023 and 2022, respectively, which is included in general and administrative expenses in the accompanying condensed statements of operations. The Company owed the Initial Sponsor approximately $278,000 and $741,000 for the periods ended June 30, 2023 and December 31, 2022, respectively, for reimbursement of out-of-pocket expenses which is included in accrued expenses on the condensed balance sheets. Subsequent to the end of the period, the administrative services agreement was terminated in connection with the closing under the Purchase Agreement (see Note 10).
The Initial Sponsor had paid expenses on behalf of the Company prior to the Company’s Initial Public Offering in an amount of approximately $, for which approximately $ was related to offering costs. The Company repaid the amount to the Initial Sponsor on August 31, 2021. As of June 30, 2023 and December 31, 2022, there were no amounts outstanding due to any sponsor for offering costs.
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v3.23.2
COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies |
|
COMMITMENTS AND CONTINGENCIES |
NOTE 6. COMMITMENTS AND CONTINGENCIES
Registration Rights
Pursuant to a registration rights agreement originally entered into on July 21, 2021, the holders of the Founder Shares, Private Placement Warrants and any warrants that may be issued upon conversion of the Working Capital Loans (and in each case holders of their component securities, as applicable) are entitled to registration rights requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to our Class A ordinary shares). The holders of the majority of these securities are entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the consummation of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. The Company will bear the expenses incurred in connection with the filing of any such registration statements.
Underwriter’s Agreement
The Company granted the underwriters a 45-day option to purchase up to additional Units to cover over-allotments at the Initial Public Offering price, less the underwriting discounts and commissions. On August 5, 2021, the underwriters partially exercised the over-allotment option to purchase an additional Units and forfeited the option to exercise the remaining 1,688,621 Units.
The underwriters were paid a cash underwriting discount of 2.00% of the gross proceeds of the Initial Public Offering, or $5,182,275. In addition, the underwriters are entitled to a deferred fee of three and half percent (3.50%) of the gross proceeds of the Initial Public Offering, or $9,068,983.
On August 15, 2022, one of the underwriters waived its entitlement to the payment of any deferred fee to be paid under the terms of the underwriting agreement and is no longer serving in an advisor capacity. As a result, the Company recognized $298,484 of income and $6,231,184 was recorded to additional paid-in capital in relation to the reduction of the deferred underwriter fee. In June of 2023, the remaining underwriters waived their entitlement to the payment of any deferred fee to be paid under the terms of the underwriting agreement and is no longer serving in an advisor capacity. As a result, the Company recognized $352,969 of income and $2,186,346 was recorded to additional paid-in capital in relation to the reduction of the deferred underwriter fee. As of June 30, 2023 and December 31, 2022, the deferred underwriting fee payable was $0 and $2,539,315, respectively.
Contingent Fee Arrangements
The Company entered into an agreement, dated as of August 18, 2022, with a financial advisor to assist the Company in introducing and facilitating a Business Combination with one or more targets, subject to certain conditions. In the event a Business Combination is consummated with an introduced target, the Company shall pay the financial advisor an M&A fee equal to 1.50% of the aggregate value of the transaction, with a minimum fee of $4,000,000 and total fee not to exceed $9,000,000. Additionally, the Company will reimburse the financial advisor for any out-of-pocket expenses, subject to certain conditions.
The Company entered into an agreement, dated as of October 8, 2022, with a financial advisor to assist the Company in facilitating a Business Combination with a specific target, subject to certain conditions. The financial advisor will receive a transaction fee of $8,000,000 subject to, and payable upon, the Company’s successful consummation of a Business Combination with the specific target. Additionally, the Company will reimburse the financial advisor for any out-of-pocket expenses, subject to certain conditions.
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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 of par value $0.0001 per share. 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 up to 300,000,000 Class A ordinary shares, par value $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 no Class A ordinary shares issued or outstanding (excluding 25,911,379 shares then subject to possible redemption).
Class B Ordinary Shares — The Company is authorized to issue up to 30,000,000 Class B ordinary shares, par value $0.0001 per share. Holders of the Company’s Class B ordinary shares are entitled to one vote for each share. On March 22, 2021, the Initial Sponsor paid $ in consideration of Class B ordinary shares. On June 15, 2021, the Initial Sponsor surrendered an aggregate of 1,437,500 Class B ordinary shares for no consideration, which were cancelled, resulting in an aggregate of Class B ordinary shares issued and outstanding. On July 20, 2021, the Initial Sponsor received an additional Class B ordinary shares resulting in an aggregate of Class B ordinary shares issued and outstanding. Up to 900,000 Founder Shares were subject to forfeiture by the Initial Sponsor depending on the extent to which the underwriters’ over-allotment option was exercised. On August 5, 2021, the underwriters partially exercised the over-allotment option to purchase an additional Units. As a result, 422,155 Class B ordinary shares were forfeited. As of June 30, 2023 and December 31, 2022, the Company had 6,477,845 of Class B ordinary shares issued and outstanding.
The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the Business Combination on a one-for-one basis, subject to adjustment for share splits, share dividends, reorganizations, recapitalizations and the like. In the case that additional Class A ordinary shares, or equity linked securities, are issued or deemed issued in excess of the amounts offered in the Initial Public Offering and related to the closing of a Business Combination, the ratio at which Class B ordinary shares shall convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the outstanding Class B ordinary shares agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, on an as converted basis, 20% of the sum of the total number of all ordinary shares outstanding upon the completion of the Initial Public Offering plus all Class A ordinary shares and equity linked securities issued or deemed issued in connection with a Business Combination (excluding any shares or equity linked securities issued, or to be issued, to any seller in a Business Combination, and any private placement-equivalent warrants issued to the Initial Sponsor or its affiliates upon conversion of loans made to the Company). Holders of Founder Shares may also elect to convert their Class B ordinary shares into an equal number of Class A ordinary shares, subject to adjustment as provided above, at any time.
The Company may issue additional ordinary shares or preference shares to complete its Business Combination or under an employee incentive plan after completion of its Business Combination.
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v3.23.2
WARRANT LIABILITIES
|
6 Months Ended |
Jun. 30, 2023 |
Warrant Liabilities |
|
WARRANT LIABILITIES |
NOTE 8. WARRANT LIABILITIES
The Company accounts for the 15,225,310 warrants issued in connection with the Initial Public Offering (8,637,126 Public Warrants and 6,588,184 Private Placement Warrants) in accordance with the guidance contained in ASC 815-40. Such guidance provides that because the warrants do not meet the criteria for equity treatment thereunder, each warrant must be recorded as a liability. Accordingly, the Company has classified each warrant as a liability at its fair value. This liability is subject to re-measurement at each balance sheet date. With each such re-measurement, the warrant liability will be adjusted to fair value, with the change in fair value recognized in the Company’s statements of operations.
Public Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants will become exercisable 30 days after the consummation of a Business Combination. The Public Warrants will expire five years from the consummation of a Business Combination or earlier upon redemption or liquidation.
The Company will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a Public Warrant and will have no obligation to settle such Public Warrant exercise unless a registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise of the Public Warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations with respect to registration. No Public Warrant will be exercisable for cash or on a cashless basis, and the Company will not be obligated to issue any shares to holders seeking to exercise their Public Warrants, unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising holder, or an exemption from registration is available.
The Company has agreed that as soon as practicable, but in no event later than 20 business days, after the closing of a Business Combination, it will use its commercially reasonable efforts to file with the SEC a post-effective amendment to the registration statement for the Initial Public Offering or a new registration statement covering the Class A ordinary shares issuable upon exercise of the Public Warrants. The Company will use its commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of a Business Combination, and to maintain the effectiveness of such registration statement and a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed, as specified in the warrant agreement. If a post-effective amendment or a new registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th business day after the closing of a Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption.
Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00. Once the warrants become exercisable, the Company may redeem the Warrants for redemption:
|
● |
in whole and not in part; |
|
|
|
|
● |
at a price of $0.01 per Public Warrant; |
|
|
|
|
● |
upon not less than 30 days’ prior written notice of redemption to each warrant holder; and |
|
|
|
|
● |
if, and only if, the reported last sale price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share splits, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending three business days before the Company sends the notice of redemption to the warrant holders. |
The
Company will not redeem the warrants as described above unless an effective registration statement under the Securities Act covering
the issuance of the Class A ordinary shares issuable upon exercise of the warrants is then effective and a current prospectus relating
to those Class A ordinary shares is available throughout the 30-day redemption period. If and when the warrants become redeemable by
the Company, the Company may exercise its redemption right even if the Company is unable to register or qualify the underlying securities
for sale under all applicable state securities laws.
Redemption
of warrants when the price per Class A ordinary share equals or exceeds $10.00. Once the Warrants become exercisable, the Company
may redeem the Warrants for redemption:
|
● |
in
whole and not in part; |
|
● |
at
a price of $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able
to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to an
agreed table based on the redemption date and the “fair market value” of Class A ordinary shares; |
|
● |
if,
and only if, the closing price of Class A ordinary shares equals or exceeds $10.00 per share (as adjusted share splits, share dividends,
reorganizations, recapitalizations and the like) for any 20 trading days within the 30-trading day period ending three trading days
before the Company sends a notice of redemption to the warrant holders; and |
|
● |
if
the closing price of Class A ordinary shares for any 20 trading days within a 30-trading day period ending on the third trading day
prior to the date on which we send the notice of redemption to the warrant holders is less than $18.00 per share (as adjusted share
splits, share dividends, reorganizations, recapitalizations and the like), the Private Placement Warrants must also be concurrently
called for redemption on the same terms as the outstanding Public Warrants, as described above. |
If
and when the Public Warrants become redeemable by the Company, the Company may not exercise its redemption right if the issuance of Class
A ordinary shares upon exercise of the warrants is not exempt from registration or qualification under applicable state blue sky laws
or the Company is unable to effect such registration or qualification.
The exercise price and number of Class A ordinary shares issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a share dividend, or recapitalization, reorganization, merger or consolidation. Additionally, in no event will the Company be required to net cash settle the Public Warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless. If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of Class A ordinary shares issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such warrants. Accordingly, the warrants may expire worthless.
In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of its initial Business Combination at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the sponsors or their affiliates, without taking into account any Founder Shares held by a sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the Company’s initial Business Combination on the date of the consummation of such initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Company’s Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price and the $18.00 per share redemption trigger price described above will be adjusted (to the nearest cent) to be equal to 180% of the greater of the Market Value and the Newly Issued Price.
The Private Placement Warrants are identical to the Public Warrants included in the Units sold in the Initial Public Offering, except that the Private Placement Warrants and the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be exercisable on a cashless basis and will be non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.
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v3.23.2
FAIR VALUE MEASUREMENTS
|
6 Months Ended |
Jun. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
FAIR VALUE MEASUREMENTS |
NOTE 9. FAIR VALUE MEASUREMENTS
The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at June 30, 2023 and December 31, 2022, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:
Schedule of fair value, assets measured on recurring basis |
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Level |
|
|
June 30,
2023 |
|
|
December 31, 2022 |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
Investments held in Trust Account(1) |
|
1 |
|
|
$ |
269,208,921 |
|
|
$ |
263,269,821 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Private Placement Warrants(2) |
|
2 |
|
|
|
263,527 |
|
|
|
1,317,637 |
|
Public Warrants(2) |
|
1 |
|
|
|
345,485 |
|
|
|
1,727,425 |
|
(1) |
The fair value of the marketable securities held in Trust Account approximates the carrying amount primarily due to their short-term nature. |
(2) |
Measured at fair value on a recurring basis. |
Warrants
The Warrants are accounted for as liabilities in accordance with ASC 815-40 and are presented within warrant liabilities on the balance sheets. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of warrant liabilities in the statements of operations.
Subsequent Measurement
The Private Placement Warrants and the Public Warrants were initially valued using a Monte Carlo simulation model, which is considered to be a Level 3 fair value measurement. Inherent in an options pricing model are assumptions related to expected stock-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its ordinary shares based on historical volatility that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates will remain at zero. The Monte Carlo simulation model was used for estimating the fair value of Public Warrants for periods where no observable traded price was available, using the same expected volatility as was used in measuring the fair value of the Private Placement Warrants. The subsequent measurements of the Public Warrants after the detachment of the Public Warrants from the Units is classified as Level 2 due to the use of an observable market quote in an active market for a similar asset in an active market. For periods subsequent to the detachment of the warrants from the Units, the close price of the Public Warrant price was used as the fair value as of each relevant date. The subsequent measurements of the Private Placement Warrants after the detachment of the Public Warrants from the Units are classified as Level 2 due to the use of an observable market quote for a similar asset in an active market.
The key inputs into the Monte Carlo simulation model for the Private Placement Warrants and the Public Warrants were as follows:
Schedule of private placement warrants |
|
|
|
|
Input |
|
July 23, 2021 (initial measurement) |
|
Risk-free interest rate |
|
|
1.03 |
% |
Expected term (years) |
|
|
6 |
|
Expected volatility |
|
|
21.2 |
% |
Exercise price |
|
$ |
11.50 |
|
The following table presents the changes in the fair value of Level 3 warrant liabilities:
Schedule of warrant liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Private
Placement Warrants |
|
|
Public Warrants |
|
|
Warrant Liabilities |
|
Fair value as of April 26, 2021 (inception) |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
Initial measurement on July 23, 2021 |
|
|
8,801,814 |
|
|
|
11,539,202 |
|
|
|
20,341,016 |
|
Change in fair value as of December 31, 2021 |
|
|
(4,512,906 |
) |
|
|
(5,925,070 |
) |
|
|
(10,437,976 |
) |
Transfer to Level 1 |
|
|
- |
|
|
|
(5,614,132 |
) |
|
|
(5,614,132 |
) |
Transfer to Level 2 |
|
|
(4,288,908 |
) |
|
|
- |
|
|
|
(4,288,908 |
) |
Fair value as of December 31, 2022 |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
Transfers to/from Levels 1, 2 and 3 are recognized at the end of the reporting period in which a change in valuation technique or methodology occurs. The estimated fair value of the Public Warrants transferred from a Level 3 measurement to a Level 2 fair value measurement during the year ended December 31, 2022 was $5,614,132.
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- DefinitionThe entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis.
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v3.23.2
SUBSEQUENT EVENTS
|
6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE 10. SUBSEQUENT EVENTS
Management of the Company evaluated events that have occurred after the balance sheet date of June 30, 2023 through the date these financial statements were issued. Based upon the review, other than noted below, management did not identify any recognized or non-recognized subsequent events that would have required adjustment or disclosure in the financial statements.
On July 5, 2023, Kirkland & Ellis LLP agreed to waive outstanding legal fees totaling $1,483,584, which are included in accrued expenses on the Company’s unaudited condensed balance sheet as of June 30, 2023, in exchange for cash payment from the Company in the amount of $150,000.
Effective
as of July 21, 2023, each of Adam Felesky, Ajay Chowdhery, Paul Desmarais III, Steven Jay Freiberg, Stuart Charles Harvey, Jr.,
G. Thompson Hutton, Seraina Macia and Jason Michael Pate resigned from the Company’s board of directors in accordance with the
terms of the Purchase Agreement. Each of Scott Honour, Rick Gaenzle, R. Rudolph Reinfrank, Thomas J. Abood and Karrie Willis were
appointed to fill the vacancies left by the departing directors. Also on July 21, 2023, Rick Gaenzle replaced Adam Felesky as
Chief Executive Officer, Corey Campbell replaced Ajay Chowdhery as Chief Financial Officer, and Tao Tan and Jim Sheridan joined the
Company as Co-Presidents. On August 11, 2023, John Stanfield was appointed Chief Financial Officers of the Company and Corey
Campbell ceased to serve in that position effective as of Mr. Stanfield’s appointment.
The administrative services agreement was terminated effective as of July 21, 2023 in connection with the closing under the Purchase Agreement.
On July 21, 2023, the Initial Sponsor forgave the outstanding balance on the Promissory Note of $1,250,000 in connection with the closing under the Purchase Agreement.
On July 14, 2023, July 17, 2023, July 18, 2023 and July 19, 2023, the Company and the Initial Sponsor entered into non-redemption agreements (each, a “Non-Redemption Agreement”) with certain unaffiliated third parties (each, a “Holder,” and collectively, the “Holders”) in exchange for the Holder or Holders agreeing either not to request redemption in connection with the Extension (as defined below) or to reverse any previously submitted redemption demand in connection with the Extension with respect to an aggregate of 2,166,667 Class A ordinary shares, par value $0.0001 per share (the “Class A ordinary shares”), of the Company sold in its initial public offering (the “IPO”) at the extraordinary general meeting called by the Company to, among other things, approve an amendment to the Company’s amended and restated memorandum and articles of association to extend the date by which the Company must consummate an initial Business Combination from 24 months from the completion of the Company’s IPO to 36 months from the completion of the Company’s IPO or such earlier date as is determined by the board of directors of the Company to be in the best interests of the Company (the “Extension”). In consideration of the Non-Redemption Agreements, immediately prior to, and substantially concurrently with, the closing of an initial Business Combination, (i) the Managing Sponsor (or its designees or transferees) has agreed to surrender and forfeit to the Company for no consideration an aggregate of approximately 0.6 million shares of the Company’s Class B ordinary shares, par value $0.0001 per share, held by the Managing Sponsor (the “Forfeited Shares”) and (ii) the Company shall issue to the Holders a number of Class A ordinary shares equal to those underlying the Forfeited Shares.
On July 21, 2023, the Company held the Meeting, at which the Company’s shareholders approved two proposals to amend the Company’s Articles. The Extension Amendment Proposal approved the amendment of the Articles to extend the date by which the Company must (1) consummate a Business Combination, (2) cease its operations except for the purpose of winding up if it fails to complete such Business Combination, and (3) redeem all of the Company's Class A ordinary shares sold in the Company’s IPO, from 24 months from the closing of the IPO to 36 months from the closing of the IPO or such earlier date as is determined by the Board to be in the best interests of the Company. The Redemption Limitation Amendment Proposal approved the elimination from the Articles the limitation that the Company shall not redeem Class A ordinary shares sold in the IPO to the extent that such redemption would cause the Company’s net tangible assets to be less than $5,000,001.
In connection with the vote to approve the Extension Amendment Proposal, effective as of July 21, 2023, holders of 22,001,009 Class A ordinary shares exercised their right to redeem their shares for cash at a redemption price of approximately $10.41 per share, for an aggregate redemption amount of approximately $229.1 million. As a result, approximately $40.7 million remained in the Company’s trust account as of July 21, 2023 and 3,910,370 Class A ordinary shares remained outstanding.
On
August 1, 2023, the Company entered into a Subscription Agreement (the “Subscription Agreement”) with an investor (the “Investor”)
and the Managing Sponsor pursuant to which the parties agreed to the following:
| ● | The
Investor shall make a cash contribution to Managing Sponsor in an aggregate amount of $1,300,000
(the “Investor Capital Contribution”) as follows: (i) an initial tranche of $650,000,
paid within five business days of the date of the Subscription Agreement, (ii) a second tranche
of up to $325,000, to be paid following the Company’s announcement of executing an
agreement for the Company’s initial Business Combination, and (iii) a third tranche
of up to $325,000, to be paid after the Company files an initial registration statement with
the Securities and Exchange Commission in relation to the Company’s initial Business
Combination. At the request of the Managing Sponsor, the Investor may agree, in its sole
discretion, to fund up to an additional $200,000 at any time. |
| ● | The
Investor Capital Contribution will in turn be loaned by the Managing Sponsor to the Company
to cover working capital expenses (the “SPAC Loan”). The SPAC Loan will not accrue
interest and will be repaid by the Company upon the closing of the Company’s initial
Business Combination (the “De-SPAC Closing”). The Managing Sponsor will pay to
the Investor all repayments of the SPAC Loan the Managing Sponsor has received within five
business days of the date of receipt. The Investor may elect at the De-SPAC Closing to receive
such payments in cash or shares of Class A common stock of the Company (“Class A common
stock”) at a rate of one share of Class A common stock for each $10 of the Investor
Capital Contribution. |
| ● | In
consideration of the Investor Capital Contribution, at the De-SPAC Closing the Company will
issue to the Investor 0.9 shares of Class A Common Stock for each dollar of the Investor
Capital Contribution funded by the Investor, which shares shall be subject to no transfer
restrictions or any other lock-up provisions, earn outs, or other contingencies and shall
be registered as part of any registration statement to be filed in connection with the De-SPAC
Closing or, if no such registration statement is filed in connection with the De-SPAC Closing,
pursuant to the first registration statement to be filed by the Company or the surviving
entity following the De-SPAC Closing. |
| ● | If
the Company liquidates without consummating a De-SPAC, any amounts remaining in the Managing
Sponsor or the Company’s cash accounts, not including the Company’s trust account,
will be paid to the Investor within five days of the liquidation. |
| ● | On
the De-SPAC Closing, the Managing Sponsor will pay the Investor an amount equal to the reasonable
attorney fees incurred by the Investor in connection with the Subscription Agreement not
to exceed $5,000. |
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis of Presentation
The accompanying unaudited 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 for any future periods.
The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Annual Report on Form 10-K filed by the Company with the SEC on March 13, 2023.
|
Emerging Growth Company |
Emerging Growth Company
The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.
Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company, which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
|
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 financial statements and the reported amounts of revenues and expenses during the reporting period.
Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or future confirming events. Accordingly, the actual results could differ significantly from those estimates. One of the more significant accounting estimates included in these unaudited condensed financial statements is the determination of the fair value of the warrant liabilities. Such estimates may be subject to change as more current information becomes available and, 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 did not have any cash equivalents as of June 30, 2023 and December 31, 2022. The Company had $433,767 and $368,687 of cash as of June 30, 2023 and December 31, 2022, respectively.
|
Investments Held in Trust Account |
Investments Held in Trust Account
The Company’s portfolio of investments held in trust is comprised substantially of investments in U.S. government securities. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these investments are included in interest earned on investments held in Trust Account in the accompanying statements of operations. The estimated fair values of investments held in the Trust Account are determined using available market information. At June 30, 2023 and December 31, 2022, the Trust Account had $269,208,921 and $263,269,821 held in marketable securities, respectively. As of June 30, 2023 the Company had not withdrawn any amount from the Trust Account.
|
Warrant Liabilities |
Warrant Liabilities
The Company evaluated the Public Warrants and the Private Placement Warrants (collectively, “Warrants”, which are discussed in Note 3 and Note 8) in accordance with ASC 815-40, “Derivatives and Hedging — Contracts in Entity’s Own Equity”, and concluded that a provision in the warrant agreement related to certain tender or exchange offers precludes the Warrants from being accounted for as components of equity. As the Warrants meet the definition of a derivative as contemplated in ASC 815, the Warrants are recorded as derivative liabilities on the balance sheets and measured at fair value at inception (on the date of the Initial Public Offering) and at each reporting date in accordance with ASC 820, “Fair Value Measurement”, with changes in fair value recognized in the statements of operations in the period of change.
|
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 Topic 480 “Distinguishing Liabilities from Equity.” 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. The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, as of June 30, 2023 and December 31, 2022, Class A ordinary shares subject to possible redemption are presented as temporary equity, outside of the shareholders’ deficit section of the Company’s balance sheets. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. The dissolution expense of $100,000 is not included in the redemption value of the Class A ordinary shares subject to redemption since it is only taken into account in the event of the Company’s liquidation. Immediately upon the closing of the Initial Public Offering, the Company recognized the remeasurement adjustment from carrying value to redemption value. Increases or decreases in the carrying amount of redeemable ordinary shares are affected by charges against additional paid-in capital (to the extent available) and accumulated deficit.
At June 30, 2023 and December 31, 2022, the Class A ordinary shares subject to redemption reflected in the condensed balance sheets are reconciled in the following table:
Schedule of shares subject to redemption |
|
|
|
|
Gross Proceeds |
|
$ |
259,113,790 |
|
Less: |
|
|
|
|
Proceeds allocated to Public Warrants |
|
|
(11,539,202 |
) |
Class A ordinary shares issuance costs |
|
|
(14,705,275 |
) |
Add: |
|
|
|
|
Remeasurement of carrying value to redemption value |
|
|
30,400,508 |
|
Class A ordinary shares subject to possible redemption at December 31, 2022 |
|
|
263,269,821 |
|
Add: |
|
|
|
|
Remeasurement of carrying value to redemption value |
|
|
5,939,100 |
|
Class A ordinary shares subject to possible redemption at June 30, 2023 |
|
$ |
269,208,921 |
|
See Note 10 for information regarding redemptions of Class A ordinary shares that occurred subsequent to June 30, 2023.
|
Income Taxes |
Income Taxes
The Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income tax expense. There were no unrecognized tax benefits and no amounts accrued for 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.
There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman Islands income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s 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. In accordance with federal income tax regulations, income taxes are not levied on the Company, but rather on the individual owners. United States (“U.S.”) taxation would occur on the individual owners if certain tax elections are made by U.S. owners and the Company were treated as a passive foreign investment company. Additionally, U.S. taxation could occur to the Company itself if the Company is engaged in a U.S. trade or business. The Company is not expected to be treated as engaged in a U.S. trade or business at this time.
|
Net Income Per Ordinary Share |
Net Income Per Ordinary Share
Net income per share is computed by dividing net income by the weighted-average number of ordinary shares outstanding during the period.
The contractual formula utilized to calculate the redemption amount approximates fair value. The Class A ordinary shares’ feature to redeem at fair value means that there is effectively only one class of shares. Changes in fair value are not considered a dividend for the purposes of the numerator in the earnings per share calculation. Net income per ordinary share is computed by dividing the pro rata net income between the Class A ordinary shares and the Class B ordinary shares by the weighted average number of ordinary shares outstanding for each of the periods.
The calculation of diluted income per ordinary share does not consider the effect of the warrants sold in the Initial Public Offering and the Private Placement to purchase an aggregate of 15,225,310 of the Company’s Class A ordinary shares since the exercise of the warrants is contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive.
The following table reflects the calculation of basic and diluted net income per ordinary share:
Schedule of basic and diluted net income per ordinary share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
June 30, |
|
|
For the Six Months Ended
June 30, |
|
|
|
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 per ordinary share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocation of net income, as adjusted |
|
$ |
3,206,790 |
|
|
$ |
801,698 |
|
|
$ |
3,139,154 |
|
|
$ |
784,788 |
|
|
$ |
5,784,948 |
|
|
$ |
1,446,237 |
|
|
$ |
4,827,711 |
|
|
$ |
1,206,928 |
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted weighted average shares outstanding |
|
$ |
25,911,379 |
|
|
$ |
6,477,845 |
|
|
$ |
25,911,379 |
|
|
$ |
6,477,845 |
|
|
$ |
25,911,379 |
|
|
$ |
6,477,845 |
|
|
$ |
25,911,379 |
|
|
$ |
6,477,845 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net income per ordinary share |
|
$ |
0.12 |
|
|
$ |
0.12 |
|
|
$ |
0.12 |
|
|
$ |
0.12 |
|
|
$ |
0.22 |
|
|
$ |
0.22 |
|
|
$ |
0.19 |
|
|
$ |
0.19 |
|
|
Concentration of Credit Risk |
Concentration of Credit Risk
Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution, which at times may exceed the Federal Depository Insurance Corporation coverage limit of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.
|
Fair Value of Financial Instruments |
Fair Value of Financial Instruments
The fair value of the Company’s assets and liabilities approximates the carrying amounts represented in the accompanying balance sheets, primarily due to their short-term nature, except for the warrants (see Note 9).
The Company applies ASC 820, which establishes a framework for measuring fair value and clarifies the definition of fair value within that framework. ASC 820 defines fair value as an exit price, which is the price that would be received for an asset or paid to transfer a liability in the Company’s principal or most advantageous market in an orderly transaction between market participants on the measurement date. The fair value hierarchy established in ASC 820 generally requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the entity’s own assumptions based on market data and the entity’s judgments about the assumptions that market participants would use in pricing the asset or liability and are to be developed based on the best information available in the circumstances.
Level 1 — Assets and liabilities with unadjusted, quoted prices listed on active market exchanges. Inputs to the fair value measurement are observable inputs, such as quoted prices in active markets for identical assets or liabilities.
Level 2 — Inputs to the fair value measurement are determined using prices for recently traded assets and liabilities with similar underlying terms, as well as direct or indirect observable inputs, such as interest rates and yield curves that are observable at commonly quoted intervals.
Level 3 — Inputs to the fair value measurement are unobservable inputs, such as estimates, assumptions, and valuation techniques when little or no market data exists for the assets or liabilities.
|
Offering Costs Associated with the Initial Public Offering |
Offering Costs Associated with the Initial Public Offering
Offering costs consisted of legal, accounting and other expenses incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering costs were allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with warrant liabilities were expensed as incurred in the statements of operations. Offering costs associated with the Class A ordinary shares issued were charged to temporary equity and warrants upon the completion of the Initial Public Offering. Offering costs amounting to $14,705,275 were charged to shareholders’ deficit upon the completion of the Initial Public Offering and $701,000 were expensed as of the date of the Initial Public Offering.
|
Recently Issued Accounting Standards |
Recently Issued Accounting Standards
In August 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-06, “Debt — Debt with Conversion and Other Options” (Subtopic 470-20) and “Derivatives and Hedging — Contracts in Entity’s Own Equity” (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective for the Company for the fiscal year beginning after December 15, 2023, including interim periods within those fiscal years, with early adoption permitted. The Company is currently assessing the impact, if any, that ASU 2020-06 would have on its financial position, results of operations or cash flows.
Management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s condensed financial statements.
|
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- DefinitionDisclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Schedule of shares subject to redemption |
Schedule of shares subject to redemption |
|
|
|
|
Gross Proceeds |
|
$ |
259,113,790 |
|
Less: |
|
|
|
|
Proceeds allocated to Public Warrants |
|
|
(11,539,202 |
) |
Class A ordinary shares issuance costs |
|
|
(14,705,275 |
) |
Add: |
|
|
|
|
Remeasurement of carrying value to redemption value |
|
|
30,400,508 |
|
Class A ordinary shares subject to possible redemption at December 31, 2022 |
|
|
263,269,821 |
|
Add: |
|
|
|
|
Remeasurement of carrying value to redemption value |
|
|
5,939,100 |
|
Class A ordinary shares subject to possible redemption at June 30, 2023 |
|
$ |
269,208,921 |
|
|
Schedule of basic and diluted net income per ordinary share |
Schedule of basic and diluted net income per ordinary share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
June 30, |
|
|
For the Six Months Ended
June 30, |
|
|
|
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 per ordinary share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocation of net income, as adjusted |
|
$ |
3,206,790 |
|
|
$ |
801,698 |
|
|
$ |
3,139,154 |
|
|
$ |
784,788 |
|
|
$ |
5,784,948 |
|
|
$ |
1,446,237 |
|
|
$ |
4,827,711 |
|
|
$ |
1,206,928 |
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted weighted average shares outstanding |
|
$ |
25,911,379 |
|
|
$ |
6,477,845 |
|
|
$ |
25,911,379 |
|
|
$ |
6,477,845 |
|
|
$ |
25,911,379 |
|
|
$ |
6,477,845 |
|
|
$ |
25,911,379 |
|
|
$ |
6,477,845 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net income per ordinary share |
|
$ |
0.12 |
|
|
$ |
0.12 |
|
|
$ |
0.12 |
|
|
$ |
0.12 |
|
|
$ |
0.22 |
|
|
$ |
0.22 |
|
|
$ |
0.19 |
|
|
$ |
0.19 |
|
|
X |
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- DefinitionTabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.
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v3.23.2
FAIR VALUE MEASUREMENTS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
Schedule of fair value, assets measured on recurring basis |
Schedule of fair value, assets measured on recurring basis |
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Level |
|
|
June 30,
2023 |
|
|
December 31, 2022 |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
Investments held in Trust Account(1) |
|
1 |
|
|
$ |
269,208,921 |
|
|
$ |
263,269,821 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Private Placement Warrants(2) |
|
2 |
|
|
|
263,527 |
|
|
|
1,317,637 |
|
Public Warrants(2) |
|
1 |
|
|
|
345,485 |
|
|
|
1,727,425 |
|
(1) |
The fair value of the marketable securities held in Trust Account approximates the carrying amount primarily due to their short-term nature. |
(2) |
Measured at fair value on a recurring basis. |
|
Schedule of private placement warrants |
Schedule of private placement warrants |
|
|
|
|
Input |
|
July 23, 2021 (initial measurement) |
|
Risk-free interest rate |
|
|
1.03 |
% |
Expected term (years) |
|
|
6 |
|
Expected volatility |
|
|
21.2 |
% |
Exercise price |
|
$ |
11.50 |
|
|
Schedule of warrant liabilities |
Schedule of warrant liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Private
Placement Warrants |
|
|
Public Warrants |
|
|
Warrant Liabilities |
|
Fair value as of April 26, 2021 (inception) |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
Initial measurement on July 23, 2021 |
|
|
8,801,814 |
|
|
|
11,539,202 |
|
|
|
20,341,016 |
|
Change in fair value as of December 31, 2021 |
|
|
(4,512,906 |
) |
|
|
(5,925,070 |
) |
|
|
(10,437,976 |
) |
Transfer to Level 1 |
|
|
- |
|
|
|
(5,614,132 |
) |
|
|
(5,614,132 |
) |
Transfer to Level 2 |
|
|
(4,288,908 |
) |
|
|
- |
|
|
|
(4,288,908 |
) |
Fair value as of December 31, 2022 |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
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v3.23.2
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS (Details Narrative) - USD ($)
|
|
1 Months Ended |
6 Months Ended |
|
|
|
Aug. 05, 2021 |
Jul. 23, 2021 |
Jun. 30, 2023 |
Jul. 21, 2023 |
Jul. 05, 2023 |
Mar. 22, 2021 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
Percentage of asset held in trust account |
|
|
80.00%
|
|
|
|
Business combination, percentage of voting securities |
|
|
50.00%
|
|
|
|
Business Combination, minimum amount of net tangible assets |
|
|
$ 5,000,001
|
|
|
|
Tax obligation, maximum amount |
|
|
100,000,000
|
|
|
|
Operating bank account |
|
|
433,767,000
|
|
|
|
Working Capital |
|
|
$ 2,490,387,000
|
|
|
|
Subsequent Event [Member] |
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
Operating bank account |
|
|
|
|
$ 150,000
|
|
Class A Ordinary Shares [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
Common stock shares authorized |
|
|
|
22,001,009
|
|
|
Share price |
|
|
|
$ 10.41
|
|
|
Aggregate redemption amount |
|
|
|
$ 229,100,000
|
|
|
Trust account |
|
|
|
$ 40,700,000
|
|
|
Outstanding shares |
|
|
|
3,910,370
|
|
|
Sponsor [Member] |
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
Share price |
|
|
|
|
|
$ 0.003
|
Sponsor [Member] | IPO [Member] |
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
Sale of units in initial public offering |
|
24,000,000
|
|
|
|
|
Sale of units per share |
|
$ 10.00
|
|
|
|
|
Sale of units in initial public offering aggragate amount |
|
$ 240,000,000
|
|
|
|
|
Offering costs |
|
14,355,016
|
|
|
|
|
Underwriting fees |
|
4,800,000
|
|
|
|
|
Deferred underwriting fees |
|
8,400,000
|
|
|
|
|
Other Offering costs |
|
$ 1,155,016
|
|
|
|
|
Share price |
$ 0.0001
|
|
|
|
|
|
Sponsor [Member] | Private Placement [Member] |
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
Sale of units in initial public offering |
254,850
|
6,333,334
|
|
|
|
|
Sale of units per share |
$ 1.50
|
$ 1.50
|
|
|
|
|
Sale of units in initial public offering aggragate amount |
$ 19,113,790
|
$ 9,500,000
|
|
|
|
|
Underwriting fees |
$ 382,275
|
|
|
|
|
|
Sponsor [Member] | Over-Allotment Option [Member] |
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
Sale of units in initial public offering |
1,911,379
|
|
|
|
|
|
Sale of units per share |
$ 10.00
|
|
|
|
|
|
Sale of units in initial public offering aggragate amount |
$ 19,113,790
|
|
|
|
|
|
Offering costs |
1,051,258
|
|
|
|
|
|
Underwriting fees |
382,275
|
|
|
|
|
|
Deferred underwriting fees |
668,983
|
|
|
|
|
|
Proceeds from private placement |
$ 259,113,790
|
|
|
|
|
|
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Common Class A [Member] - USD ($)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Dec. 31, 2022 |
Gross Proceeds |
|
$ 259,113,790
|
Proceeds allocated to Public Warrants |
|
(11,539,202)
|
Class A ordinary shares issuance costs |
|
(14,705,275)
|
Remeasurement of carrying value to redemption value |
$ 5,939,100
|
30,400,508
|
Class A ordinary shares subject to possible redemption at Beginning |
263,269,821
|
|
Class A ordinary shares subject to possible redemption at Ending |
$ 269,208,921
|
$ 263,269,821
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Class A [Member] |
|
|
|
|
Numerator: |
|
|
|
|
Allocation of net income, as adjusted |
$ 3,206,790
|
$ 3,139,154
|
$ 5,784,948
|
$ 4,827,711
|
Denominator: |
|
|
|
|
Basic and diluted weighted average shares outstanding |
25,911,379
|
25,911,379
|
25,911,379
|
25,911,379
|
Basic and diluted net income per ordinary share |
$ 0.12
|
$ 0.12
|
$ 0.22
|
$ 0.19
|
Class B [Member] |
|
|
|
|
Numerator: |
|
|
|
|
Allocation of net income, as adjusted |
$ 801,698
|
$ 784,788
|
$ 1,446,237
|
$ 1,206,928
|
Denominator: |
|
|
|
|
Basic and diluted weighted average shares outstanding |
6,477,845
|
6,477,845
|
6,477,845
|
6,477,845
|
Basic and diluted net income per ordinary share |
$ 0.12
|
$ 0.12
|
$ 0.22
|
$ 0.19
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
6 Months Ended |
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Cash and cash equivalents |
$ 433,767
|
$ 368,687
|
Marketable Securities |
269,208,921
|
263,269,821
|
Dissolution expense |
100,000
|
|
Unrecognized tax benefits |
0
|
0
|
Accrued for interest and penalties |
0
|
$ 0
|
FDIC Insured limit |
250,000
|
|
IPO [Member] |
|
|
Offering Cost |
$ 701,000
|
|
Class A Ordinary Shares [Member] |
|
|
Warrant Sold |
15,225,310
|
|
Class A Ordinary Shares [Member] | IPO [Member] |
|
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Offering Cost |
$ 14,705,275
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v3.23.2
INITIAL PUBLIC OFFERING (Details Narrative) - USD ($)
|
|
1 Months Ended |
|
|
Aug. 05, 2021 |
Jul. 23, 2021 |
Jun. 30, 2023 |
Mar. 22, 2021 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
Warrants exercise price share |
|
|
$ 0.01
|
|
Sponsor [Member] |
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
Share Price |
|
|
|
$ 0.003
|
Sponsor [Member] | IPO [Member] |
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
Sale of units in initial public offering |
|
24,000,000
|
|
|
Sale of units per share |
|
$ 10.00
|
|
|
Sale of units in initial public offering aggragate amount |
|
$ 240,000,000
|
|
|
Offering costs |
|
14,355,016
|
|
|
Underwriting fees |
|
4,800,000
|
|
|
Deferred underwriting fees |
|
8,400,000
|
|
|
Other Offering costs |
|
$ 1,155,016
|
|
|
Share Price |
$ 0.0001
|
|
|
|
Sponsor [Member] | IPO [Member] | Common Class A [Member] |
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
Warrants exercise price share |
$ 11.50
|
|
|
|
Sponsor [Member] | Over-Allotment Option [Member] |
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
Sale of units in initial public offering |
1,911,379
|
|
|
|
Sale of units per share |
$ 10.00
|
|
|
|
Sale of units in initial public offering aggragate amount |
$ 19,113,790
|
|
|
|
Offering costs |
1,051,258
|
|
|
|
Underwriting fees |
382,275
|
|
|
|
Deferred underwriting fees |
$ 668,983
|
|
|
|
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v3.23.2
PRIVATE PLACEMENT (Details Narrative) - Sponsor [Member] - Private Placement [Member] - USD ($)
|
|
1 Months Ended |
Aug. 05, 2021 |
Jul. 23, 2021 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
Sale of units in initial public offering |
254,850
|
6,333,334
|
Sale of units per share |
$ 1.50
|
$ 1.50
|
Sale of units in initial public offering aggragate amount |
$ 19,113,790
|
$ 9,500,000
|
Underwriting fees |
$ 382,275
|
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v3.23.2
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
|
|
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
|
|
|
Aug. 05, 2021 |
Jun. 30, 2021 |
Jul. 23, 2021 |
Jul. 21, 2021 |
Jul. 20, 2021 |
Jun. 15, 2021 |
Mar. 22, 2021 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Apr. 05, 2023 |
Dec. 31, 2022 |
Apr. 30, 2021 |
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
$ 25,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Promissory note outstanding |
|
|
|
|
|
|
|
$ 0
|
|
$ 0
|
|
|
$ 0
|
|
Working capital expenses |
|
|
|
|
|
|
|
|
|
|
|
$ 1,250,000
|
|
|
Promissory Note |
|
|
|
|
|
|
|
|
|
|
|
$ 1,250,000
|
|
|
Outstanding amount |
|
|
|
|
|
|
|
1,250,000
|
|
$ 1,250,000
|
|
|
|
|
Related Party Loans Description |
|
|
|
|
|
|
|
|
|
The notes would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of notes may be converted upon consummation of a Business Combination into warrants at a price of $1.50 per warrant. The warrants will be identical to the Private Placement Warrants. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. As of June 30, 2023 and December 31, 2022, there were no amounts outstanding under the Working Capital Loans.
|
|
|
|
|
Pre initial public offering expenses |
|
|
|
$ 900,000
|
|
|
|
|
|
|
|
|
|
|
Compensation expenses |
|
|
|
$ 900,000
|
|
|
|
|
|
|
|
|
|
|
General and administration expenses |
|
|
|
|
|
|
|
229,000
|
$ 242,000
|
$ 457,000
|
$ 493,000
|
|
|
|
Accrued expenses |
|
|
|
|
|
|
|
278,000
|
|
278,000
|
|
|
741,000
|
|
Offering cost outstanding |
|
|
|
|
|
|
|
$ 0
|
|
$ 0
|
|
|
$ 0
|
|
Common Class B [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, Shares issued |
|
|
|
|
|
|
|
6,477,845
|
|
6,477,845
|
|
|
6,477,845
|
|
Common stock, Shares outstanding |
|
|
|
|
|
|
|
6,477,845
|
|
6,477,845
|
|
|
6,477,845
|
|
IPO [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Offering Costs |
|
|
|
|
|
|
|
$ 701,000
|
|
$ 701,000
|
|
|
|
|
Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
$ 25,000
|
|
|
|
|
|
|
|
Share Price |
|
|
|
|
|
|
$ 0.003
|
|
|
|
|
|
|
|
Number of shares issued, shares |
|
|
|
|
|
|
7,187,500
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
$ 300,000
|
|
|
|
|
|
|
|
Number of share transferred |
|
|
|
|
|
|
|
|
|
|
|
|
|
30,000
|
Each received founder shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
10,000
|
Subject to forfeiture shares |
|
|
|
|
900,000
|
|
|
|
|
|
|
|
|
|
Debt value |
|
|
|
|
|
|
$ 181,000
|
|
|
|
|
|
|
|
Monthly fee for office space, utilities and administrative support |
|
|
|
|
|
|
|
|
|
10,000
|
|
|
|
|
Due to Sponsor |
|
|
|
|
|
|
|
433,000
|
|
433,000
|
|
|
|
|
Offering Costs |
|
|
|
|
|
|
|
$ 272,000
|
|
$ 272,000
|
|
|
|
|
Sponsor [Member] | Common Class B [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued, shares |
|
|
|
|
1,150,000
|
|
|
|
|
|
|
|
|
|
Number of shares cancelled |
|
|
|
|
|
1,437,500
|
|
|
|
|
|
|
|
|
Common stock, Shares issued |
|
|
|
|
6,900,000
|
5,750,000
|
|
|
|
|
|
|
|
|
Common stock, Shares outstanding |
|
|
|
|
6,900,000
|
5,750,000
|
|
|
|
|
|
|
|
|
Sponsor [Member] | IPO [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Price |
$ 0.0001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of Stock, Number of Shares Issued in Transaction |
|
|
24,000,000
|
|
|
|
|
|
|
|
|
|
|
|
Sponsor [Member] | Over-Allotment Option [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of Stock, Number of Shares Issued in Transaction |
1,911,379
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sponsor [Member] | Over-Allotment Option [Member] | Common Class B [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares cancelled |
422,155
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Five Independent Directors [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 125,000
|
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v3.23.2
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)
|
|
|
|
1 Months Ended |
6 Months Ended |
|
Oct. 08, 2022 |
Aug. 15, 2022 |
Aug. 05, 2021 |
Jul. 23, 2021 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
Income |
|
$ 298,484
|
|
|
$ 352,969
|
|
Additional paid-in capital |
|
$ 6,231,184
|
|
|
2,186,346
|
|
Deferred underwriting fee payable |
|
|
|
|
$ 0
|
$ 2,539,315
|
Contingent Fee description |
|
|
|
|
Company shall pay the financial advisor an M&A fee equal to 1.50% of the aggregate value of the transaction, with a minimum fee of $4,000,000 and total fee not to exceed $9,000,000. Additionally, the Company will reimburse the financial advisor for any out-of-pocket expenses, subject to certain conditions.
|
|
Transaction fee |
$ 8,000,000
|
|
|
|
|
|
IPO [Member] |
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
Percentage of cash underwriting discount |
|
|
|
|
2.00%
|
|
Proceeds from Initial Public Offering |
|
|
|
|
$ 5,182,275
|
|
Percentage of underwriters deferred fee |
|
|
|
|
3.50%
|
|
Proceeds from initial public offering for deferred fee |
|
|
|
|
$ 9,068,983
|
|
Sponsor [Member] | IPO [Member] |
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
Number of Over-Allotment Units |
|
|
|
3,600,000
|
|
|
Sale of units in initial public offering |
|
|
|
24,000,000
|
|
|
Sponsor [Member] | Over-Allotment Option [Member] |
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
Sale of units in initial public offering |
|
|
1,911,379
|
|
|
|
Remaining exercise units |
|
|
1,688,621
|
|
|
|
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v3.23.2
SHAREHOLDERS’ DEFICIT (Details Narrative) - USD ($)
|
|
|
1 Months Ended |
|
|
Aug. 05, 2021 |
Jun. 30, 2021 |
Jul. 20, 2021 |
Jun. 15, 2021 |
Mar. 22, 2021 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Preferred stock, Shares authorized |
|
|
|
|
|
1,000,000
|
1,000,000
|
Preferred stock, Par value |
|
|
|
|
|
$ 0.0001
|
$ 0.0001
|
Preferred stock, Shares issued |
|
|
|
|
|
0
|
0
|
Preferred stock, Shares outstanding |
|
|
|
|
|
0
|
0
|
Number of shares issued |
|
$ 25,000
|
|
|
|
|
|
Founder shares |
|
|
900,000
|
|
|
|
|
Sponsor [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
$ 25,000
|
|
|
Number of shares issued, shares |
|
|
|
|
7,187,500
|
|
|
Sponsor [Member] | Over-Allotment Option [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Sale of Stock, Number of Shares Issued in Transaction |
1,911,379
|
|
|
|
|
|
|
Common Class A [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Common Stock Shares Authorized |
|
|
|
|
|
300,000,000
|
300,000,000
|
Common Stock Par Value Per Share |
|
|
|
|
|
$ 0.0001
|
$ 0.0001
|
Common Stock, Shares, Issued |
|
|
|
|
|
0
|
0
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Common Stock, Shares, Outstanding |
|
|
|
|
|
0
|
0
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Ordinary shares subject to possible redemption |
|
|
|
|
|
25,911,379
|
25,911,379
|
Common Class B [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Common Stock Shares Authorized |
|
|
|
|
|
30,000,000
|
30,000,000
|
Common Stock Par Value Per Share |
|
|
|
|
|
$ 0.0001
|
$ 0.0001
|
Common Stock, Shares, Issued |
|
|
|
|
|
6,477,845
|
6,477,845
|
Common Stock, Shares, Outstanding |
|
|
|
|
|
6,477,845
|
6,477,845
|
Common Class B [Member] | Sponsor [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Common Stock, Shares, Issued |
|
|
6,900,000
|
5,750,000
|
|
|
|
Common Stock, Shares, Outstanding |
|
|
6,900,000
|
5,750,000
|
|
|
|
Number of shares issued, shares |
|
|
1,150,000
|
|
|
|
|
Number of shares forfeited |
|
|
|
1,437,500
|
|
|
|
Common Class B [Member] | Sponsor [Member] | Over-Allotment Option [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Number of shares forfeited |
422,155
|
|
|
|
|
|
|
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v3.23.2
WARRANT LIABILITIES (Details Narrative)
|
6 Months Ended |
Jun. 30, 2023
$ / shares
shares
|
Subsidiary, Sale of Stock [Line Items] |
|
Share redemption price per share | $ / shares |
$ 18.00
|
Warrant Price | $ / shares |
$ 0.01
|
IPO [Member] |
|
Subsidiary, Sale of Stock [Line Items] |
|
Number of warrent issued |
15,225,310
|
Public Warrants [Member] |
|
Subsidiary, Sale of Stock [Line Items] |
|
Number of warrent issued |
8,637,126
|
Private Placement Warrants [Member] |
|
Subsidiary, Sale of Stock [Line Items] |
|
Number of warrent issued |
6,588,184
|
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v3.23.2
FAIR VALUE MEASUREMENTS (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Fair Value, Inputs, Level 1 [Member] |
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
Investments held in Trust Account |
[1] |
$ 269,208,921
|
$ 263,269,821
|
Fair Value, Inputs, Level 2 [Member] | Private Placement Warrants [Member] |
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
Liabilities |
[2] |
263,527
|
1,317,637
|
Fair Value, Inputs, Level 2 [Member] | Public Warrants [Member] |
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
Liabilities |
[2] |
$ 345,485
|
$ 1,727,425
|
|
|
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v3.23.2
FAIR VALUE MEASUREMENTS (Details 2) - USD ($)
|
8 Months Ended |
12 Months Ended |
Dec. 31, 2021 |
Dec. 31, 2022 |
Private Placement Warrants [Member] |
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
Fair value at beginning balance |
|
|
Initial measurement on July 23, 2021 |
8,801,814
|
|
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances |
(4,512,906)
|
|
Transfer to Level 1 |
|
|
Transfer to Level 2 |
|
(4,288,908)
|
Fair value at ending balance |
|
|
Public Warrants [Member] |
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
Fair value at beginning balance |
|
|
Initial measurement on July 23, 2021 |
11,539,202
|
|
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances |
(5,925,070)
|
|
Transfer to Level 1 |
|
(5,614,132)
|
Transfer to Level 2 |
|
|
Fair value at ending balance |
|
|
Warrant Liabilities [Member] |
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
Fair value at beginning balance |
|
|
Initial measurement on July 23, 2021 |
20,341,016
|
|
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances |
$ (10,437,976)
|
|
Transfer to Level 1 |
|
(5,614,132)
|
Transfer to Level 2 |
|
(4,288,908)
|
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|
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v3.23.2
FAIR VALUE MEASUREMENTS (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
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|
$ (4,110,834)
|
$ (2,436,050)
|
$ (6,857,978)
|
|
Public Warrants [Member] |
|
|
|
|
|
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|
|
|
|
|
Fair value of warrants |
|
|
|
|
$ 5,614,132
|
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v3.23.2
SUBSEQUENT EVENTS (Details Narrative) - USD ($)
|
Aug. 01, 2023 |
Jul. 05, 2023 |
Jul. 21, 2023 |
Jul. 19, 2023 |
Jul. 18, 2023 |
Jul. 17, 2023 |
Jul. 14, 2023 |
Jun. 30, 2023 |
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
Cash |
|
|
|
|
|
|
|
$ 433,767,000
|
Business Combination, minimum amount of net tangible assets |
|
|
|
|
|
|
|
$ 5,000,001
|
Subsequent Event [Member] |
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
Legal fees |
|
$ 1,483,584
|
|
|
|
|
|
|
Cash |
|
$ 150,000
|
|
|
|
|
|
|
Outstanding balance |
|
|
$ 1,250,000
|
|
|
|
|
|
Aggregate amount |
$ 1,300,000
|
|
|
|
|
|
|
|
Additional amount |
200,000
|
|
|
|
|
|
|
|
Payment for fee |
5,000
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Share-Based Payment Arrangement, Tranche One [Member] |
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
Initial payment |
650,000
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Share-Based Payment Arrangement, Tranche Two [Member] |
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
Initial payment |
325,000
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Share-Based Payment Arrangement, Tranche Three [Member] |
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
Initial payment |
$ 325,000
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Class A Ordinary Shares [Member] |
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
Aggregate shares |
|
|
|
2,166,667
|
2,166,667
|
2,166,667
|
2,166,667
|
|
Common stock, par value |
|
|
|
$ 0.0001
|
$ 0.0001
|
$ 0.0001
|
$ 0.0001
|
|
Common stock shares authorized |
|
|
22,001,009
|
|
|
|
|
|
Share price |
|
|
$ 10.41
|
|
|
|
|
|
Aggregate redemption amount |
|
|
$ 229,100,000
|
|
|
|
|
|
Trust account |
|
|
$ 40,700,000
|
|
|
|
|
|
Outstanding shares |
|
|
3,910,370
|
|
|
|
|
|
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