UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

10-Q

(Mark One)

☒~~QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934~~

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~September 30, 2021~~

☐~~TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934~~

March 31, 2022

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from
to

Commission File

No. 001-39836

Benessere Capital Acquisition Corp.

(Exact name of registrant as specified in its charter)


Delaware		85-3223033
~~Benessere Capital Acquisition Corp.~~
~~(Exact name of registrant as specified in its charter)~~

~~Delaware~~		~~85-3223033~~
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

78 SW 7th Street, Suite 500

Miami, FL

~~78 SW 7th Street, Unit 800~~

~~Miami~~, FL~~33130~~

~~(Address of Principal Executive Offices, including zip code)~~

(~~561~~) ~~467-5200~~

~~(Registrant’s telephone number, including area code)~~

~~N/A~~

~~(Former name, former address and former fiscal year, if changed since last report)~~

33130

(Address of Principal Executive Offices, including zip code)

(561)

467-5200

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Units, each consisting of one share of Class A Common Stock, one Right and three-fourths of one Redeemable Warrant	BENEU	The Nasdaq Stock Market LLC
Class A Common Stock, par value $0.0001 per share	BENE	The Nasdaq Stock Market LLC
Rights, exchangeable into one-tenth of one share of Class A Common Stock	BENER	The Nasdaq Stock Market LLC
Redeemable Warrants, each whole warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50	BENEW	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation

S-T (§

(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a

non-accelerated

filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule

12b-2

of the Exchange Act.

☐
Large accelerated filer	☐		Accelerated filer	☐
☒ ~~Non-accelerated filer~~
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 ~~November 18, 2021,~~May 16, 2022, there

were ~~11,893,750~~

10,723,239

shares of Class A common stock and

3,000,000

shares of Class B common stock, $0.0001 par value, issued and outstanding.

Table of Contents

BENESSERE CAPITAL ACQUISITION CORP.

FORM

10-Q

FOR THE QUARTER ENDED SEPTEMBER 30, 2021

TABLE OF CONTENTS


				Page
PART 1 — FINANCIAL INFORMATION
Item 1.
		~~Page~~
~~PART 1 – FINANCIAL INFORMATION~~

~~Item 1.~~	Condensed Financial Statements

	Condensed Consolidated Balance Sheets as of ~~September 30, 2021~~March 31, 2022 (unaudited) and December 31, ~~2020~~2021	1		F-1

	Unaudited Condensed Consolidated Statements of Operations For the Three ~~and Nine~~ Months Ended ~~September 30,~~March 31, 2022 and 2021 ~~and For the Period From September 25, 2020 (inception) to September 30, 2020~~	2		F-2

	Unaudited Condensed Consolidated Statements of Changes in Stockholder’s Deficit For the ~~Nine~~Three Months Ended ~~September 30,~~March 31, 2022 and 2021 ~~and For the Period From September 25, 2020 (inception) to September 30, 2020~~	3		F-3

	Unaudited Condensed Consolidated Statements of Cash Flows For the ~~Nine~~Three Months Ended ~~September 30,~~March 31, 2022 and 2021 ~~and For the Period From September 25, 2020 (inception) to September 30, 2020~~	5		F-4

	Notes to Condensed Consolidated Financial Statements (unaudited)	6		F-5

Item 2.		Management’s Discussion and Analysis of Financial Condition and Results of Operations	21		F-21

Item 3.		Quantitative and Qualitative Disclosures about Market Risk	24		F-28

Item 4.		Control and Procedures	24		F-28
PART II — OTHER INFORMATION					F-31
~~PART II – OTHER INFORMATION~~ Item 1.		Legal Proceedings			F-31
Item 1A.		Risk Factors			F-31
~~Item 1.~~	~~Legal Proceedings~~	26

~~Item 1A.~~	~~Risk Factors~~	26

Item 2.		Unregistered Sales of Equity Securities and Use of Proceeds	26		F-31

Item 3.		Defaults Upon Senior Securities	27		F-31

Item 4.		Mine Safety Disclosures	27		F-31
Item 5.		Other Information			F-31
Item 5. 6.	~~Other Information~~	27 Exhibits			F-32
SIGNATURES
~~Item 6.~~	~~Exhibits~~ F-33	28

~~SIGNATURES~~		29

Table of Contents

Benessere Capital Acquisition Corp.

Condensed Consolidated Balance Sheets

September 30,

December 31,

2021

2020


(Unaudited)


ASSETS

Cash

$
433,799

$
4,858
Prepaid expenses

13,600

—
Prepaid insurance

41,665

—
Total Current Assets

489,064

4,858
Deferred offering costs

—

91,550
Cash and marketable securities held in Trust Account

116,772,172

—
Total Assets

$
117,261,236

$
96,408

LIABILITIES AND STOCKHOLDERS’ DEFICIT




Current Liabilities

Accounts payable

$
878

$
878
Accrued expense

68,628

—
Promissory note - related party

—

108,200
Franchise tax payable

149,042

—
Total Current Liabilities

218,548

109,078
Deferred underwriting commission

3,450,000

—
Warrant liability

4,009,987

—
Total Liabilities

7,678,535

109,078

Commitments and Contingencies




Class A common stock subject to possible redemption; 11,500,000 shares and 0 shares at redemption value at September 30, 2021 and December 31, 2020 respectively

116,725,000

—




Stockholders’ Deficit




Preferred shares, $0.0001 par value; 1,000,000 shares authorized; NaN issued or outstanding

—

—
Class A common share, $0.0001 par value; 100,000,000 shares authorized; 393,750 issued and outstanding, excluding 11,500,000 shares subject to possible redemption

39

—
Class B common share, par value $0.0001; 10,000,000 shares authorized; 3,000,000 issued and outstanding

301

301
Additional paid-in capital

—

25,799
Accumulated deficit

(7,142,639)

(38,770)
Total Stockholders’ Deficit

(7,142,299)

(12,670)
Total Liabilities and Stockholders’ Deficit

$
117,261,236

$
96,408


	March 31, 2022			December 31, 2021

	(Unaudited)			(Audited)
ASSETS
Cash	$	8,679		$	117,191
Prepaid insurance		22,718			43,266

Total Current Assets		31,397			160,457
Cash and marketable securities held in Trust Account		107,013,092			116,784,563

Total Assets	$	107,044,489		$	116,945,020


LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current Liabilities
Accrued expense	$	1,300,797		$	676,128
Advances from related party		215,000

Promissory Notes — related parties		2,065,898			0
Franchise tax payable		250,000			200,000
Total Current Liabilities		3,831,695			876,128
Deferred underwriting commission		3,450,000			3,450,000

Warrant liability		4,461,633			7,026,356
Total Liabilities		11,743,328			11,352,454
Commitments and Contingencies		0			0
Class A common stock subject to possible redemption; 10,329,489 shares and 11,500,000 shares at redemption value at March 31, 2022 and December 31, 2021, respectively		104,844,313			116,725,000
Stockholders’ Deficit
Preferred shares, $0.0001 par value; 1,000,000 shares authorized; 0ne issued or outstanding		0			0
Class A common share, $0.0001 par value; 100,000,000 shares authorized; 393,750 issued and outstanding, excluding 11,500,000 shares subject to possible redemption		39			39
Class B common share, par value $0.0001; 10,000,000 shares authorized; 3,000,000 issued and outstanding		301			301
Additional paid-in capital		0			0
Accumulated deficit		(9,543,492	)		(11,132,804	)

Total Stockholders’ Deficit		(9,543,152	)		(11,132,464	)

Total Liabilities and Stockholders’ Deficit	$	107,044,489		$	116,945,020

The accompanying notes are an integral part of these unaudited condensed ~~unaudited~~consolidated financial statements

F-1

Table of Contents

Benessere Capital Acquisition Corp.

Condensed Consolidated Statements of Operations

For the Period from

September 25,

Three Months Ended

Nine Months Ended

2020 (Inception)

September 30,

September 30,

Through


2021

2021

September 30, 2020


(Unaudited)

(Unaudited)

(Unaudited)
Formation and operating costs

$
71,237

$
528,539

$
878
Franchise tax expense

65,709

149,042

—
Loss from operation costs

(136,946)

(677,581)

(878)
Other income and expenses:

Change in fair value of warrant liability

967,060

6,851,993

—
Transaction costs incurred in connection with warrants

—

(165,900)

—
Interest earned on cash and marketable securities held in Trust Account

9,810

47,171

—
Net income (loss)

$
839,924

$
6,048,112

$
(878)

Weighted average shares outstanding of Class A common stock

11,893,750

11,552,445

—
Basic and diluted net income per Class A common stock

$
0.06

$
0.42

$
—
Weighted average shares outstanding of Class B common stock

3,000,000

3,000,000

2,523,316
Basic and diluted net income per Class B common stock

$
0.06

$
0.42

$
0.00

(unaudited)


	Three Months Ended March 31, 2022			Three Months Ended March 31, 2021
Formation and operating costs	$	968,729		$	313,927
Franchise tax expense		50,000			—

Loss from operation s		(1,018,729	)		(313,927	)
Other income and expenses:
Change in fair value of warrant liability		2,564,723			6,619,230
Transaction costs incurred in connection with warrants		—			(165,900	)
Interest earned on cash and marketable securities held in Trust Account		43,318			17,709

Other Income		2,608,041			6,471,039

Net income	$	1,589,312		$	6,157,112

Weighted average shares outstanding of Class A common stock		11,893,750			10,850,660

Basic and diluted net income per Class A common stock	$	0.11		$	0.45

Weighted average shares outstanding of Class B common stock		3,000,000			2,875,000

Basic and diluted net income per Class B common stock	$	0.11		$	0.45

The accompanying notes are an integral part of these unaudited condensed ~~unaudited~~consolidated financial statements

F-2

Table of Contents

Benessere Capital Acquisition Corp.

Condensed Consolidated Statements of Changes in Stockholders’ ~~Deficit~~

~~Nine Months Ended September 30, 2021 (Unaudited)~~

Retained

Class A

Class B

Additional

Earnings

Total

Common Stock

Common Stock

Paid in

(Accumulated

Stockholders’


Shares

Amount

Shares

Amount

Capital

Deficit)

Equity
Balance — January 1, 2021

0

$
0

3,000,000

$
301

$
25,799

$
(38,770)

$
(12,670)
Sale of units in Initial Public Offering, net

393,750

39

—

—

3,937,461

—

3,937,500

Remeasurement of redeemable common stock

0

0

—

—

(3,963,260)

(13,159,552)

(17,122,812)
Net income

0

0

—

—

—

6,157,111

6,157,111
Balance – March 31, 2021 (restated – See Note 2)

393,750

39

3,000,000

301

—

(7,041,211)

(7,040,871)

Net loss

0

0

—

—

—

(941,352)

(941,352)

Balance - June 30, 2021 (restated – See Note 2)

393,750

39

3,000,000

301

—

(7,982,563)

(7,982,223)

Net income

0

0

—

—

—

839,924

839,924
Balance - September 30, 2021

393,750

$
39

3,000,000

$
301

$
—

$
(7,142,639)

$
(7,142,299)

Deficit

(unaudited)


	Class A Common Stock				Class B Common Stock				Additional Paid in Capital		Retained Earnings (Accumulated Deficit)			Total Stockholders’ Deficit
	Shares		Amount		Shares		Amount		Additional Paid in Capital		Retained Earnings (Accumulated Deficit)			Total Stockholders’ Deficit

Balance — January 1, 2022		393,750	$	39		3,000,000	$	301	$	0	$	(11,132,804	)	$	(11,132,464	)
Net income		—		—		—		—		—		1,589,312			1,589,312

Balance — March 31, 2022		393,750	$	39		3,000,000	$	301	$	0	$	(9,543,492	)	$	(9,543,152	)

~~Table of Contents~~


	Class A Common Stock				Class B Common Stock				Additional Paid in Capital			Retained Earnings (Accumulated Deficit)			Total Stockholders’ Deficit
	Shares		Amount		Shares		Amount		Additional Paid in Capital			Retained Earnings (Accumulated Deficit)			Total Stockholders’ Deficit
Balance — January 1, 2021		0	$	0		3,000,000	$	301	$	25,799		$	(38,770	)	$	(12,670	)
Sale of units in Initial Public Offering, net		393,750		39		—		—		3,937,461			—			3,937,500
Remeasurement of redeemable Class A common stock		—		—		—		—		(3,963,260	)		(13,151,981	)		(17,115,241	)
Net income		—		—		—		—		—			6,157,112			6,157,112

Balance — March 31, 2021		393,750	$	39		3,000,000	$	301	$	0		$	(7,033,639	)	$	(7,033,299	)

~~BENESSERE CAPITAL ACQUISITION CORP.~~

~~STATEMENT OF CHANGES STOCKHOLDER’S EQUITY~~

~~FOR THE PERIOD FROM SEPTEMBER 25, 2020 (INCEPTION) THROUGH SEPTEMBER 30, 2020~~

~~(UNAUDITED)~~

Additional

Total

Common Stock

Paid-In

Accumulated

Stockholder's


Shares

Amount

Capital

Deficit

Equity
Balance - September 25, 2020 (inception)

0

$
0

$
0

$
0

$
0
Issuance of Class B common stock to Sponsor ⁽¹⁾

2,875,000

288

24,712

—

25,000
Issuance of Representative Shares

125,000

13

1,087

1,100
Net loss

—

—

(878)

(878)
Balance - September 30, 2020

3,000,000

$
301

$
25,799

$
(878)

$
25,222

~~(1) Includes an aggregate of 375,000 shares of Class B common stock subject to forfeiture to the extent that the underwriters’ over-allotment is not exercised in full or in part.~~

The accompanying notes are an integral part of these unaudited condensed ~~unaudited~~consolidated financial statements

F-3

Table of Contents

Benessere Capital Acquisition Corp.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

For the Period



September 25,

2020 (Inception)

Nine Months Ended

Through

September 30,

September 30,


2021

2020
Cash flows from operating activities:

Net income (loss)

$
6,040,541

$
(878)
Adjustments to reconcile net income to net cash used in operating activities:

Interest earned on cash and marketable securities held in Trust Account

(47,171)

—
Change in fair value of warrant liability

(6,851,993)

—
Changes in operating assets and liabilities:

Prepaid expenses

(13,600)

—
Prepaid insurance

(41,665)

Accrued expenses

68,627

878
Franchise tax payable

149,042

—
Net cash used in operating activities

(681,077)

—

Cash flows from investing activities:

Investment of cash in Trust Account

(116,725,000)

—
Net cash used in investing activities

(116,725,000)

—




Cash flows from financing activities:




Proceeds from sale of Units, net of underwriting discount paid

118,937,500

—
Repayment of promissory note

(108,200)

—
Payment of offering costs

(994,282)

—
Proceeds from issuance of Class B common stock to sponsor

—

25,000
Net cash provided by financing activities

117,835,018

25,000




Net change in cash

428,941

25,000
Cash at beginning of period

4,858

—
Cash at end of period

$
433,799

$
25,000

Non-cash investing and financing activities:

Remeasurement adjustment on redeemable common stock

$
17,122,812

$
—
Offering costs included in accrued offering costs

$
—

$
15,000
Issuance of representative shares

$
—

$
1,100
Deferred offering costs paid through promissory note

$
—

$
75,000


	Three Months Ended March 31, 2022			Three Months Ended March 31, 2021
Cash flows from operating activities:
Net income	$	1,589,312		$	6,157,112
Adjustments to reconcile net income to net cash used in operating activities:
Interest earned on cash and marketable securities held in Trust Account		(43,318	)		(17,709	)
Change in fair value of warrant liability		(2,564,723	)		(6,619,230	)
Changes in operating assets and liabilities:
Prepaid insurance		20,548			(125,866	)
Accrued expenses		624,669			57,928
Franchise tax payable		50,000			—

Net cash used in operating activities		(323,512	)		(546,765	)

Cash flows from investing activities:
Withdraw of cash from Trust Account		9,814,789			—

Investment of cash in Trust Account		0			(116,725,000	)

Net cash provided by (used in) investing activities		9,814,789			(116,725,000	)
Cash flows from financing activities:
Proceeds from sale of Units		—			115,000,000
Proceeds from sale of Private Units		—			3,600,000
Proceeds from sale of overallotment Private Placement Units		—			337,500
Payment of offering costs		0			(994,282	)
Repayment of promissory note		0			(108,200	)
Redemption of redeemable shares		(11,880,687	)		—
Proceeds from issuance of debt — related parties		2,065,898			—
Proceeds from advances from related party		215,000			—
Proceeds from issuance of Class B common stock to sponsor		—			25,000
Net cash (used in) provided by financing activities		(9,599,789	)		117,835,018

Net change in cash		(108,512	)		562,253
Cash at beginning of period		117,191			4,858

Cash at end of period	$	8,679		$	567,111

Non-cash investing and financing activities:
Initial classification of common stock subject to possible redemption	$	—		$	83,532,350

Deferred underwriting fee payable	$	—		$	3,450,000

Offering costs charged to additional paid-in capital	$	—		$	91,550

The accompanying notes are an integral part of these unaudited condensed ~~unaudited~~consolidated financial statements

F-4

Table of Contents

BENESSERE CAPITAL ACQUISITION CORP. NOTES TO

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

Benessere Capital Acquisition Corp. ~~(the~~(“Bene” or the “Company”) is a blank check company incorporated in the State of Delaware on September 25, 2020. The Company was formed for the purpose of ~~acquiring, engaging in~~effecting a ~~share~~merger, capital stock exchange, ~~share reconstruction and amalgamation with, purchasing all~~asset acquisition, stock purchase, reorganization or ~~substantially all of the assets of, entering into contractual arrangements with, or engaging in any other~~ similar business combination with one or more businesses ~~or entities~~ (“Business Combination”). Although the Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination, the Company intends to focus on technology-focused middle market and emerging growth companies in ~~the healthcare industry in the United States.~~North, Central and South America. 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.

These consolidated financial statements include Bene, BCAC Holdings Inc., BCAC Purchaser Merger Sub Inc. and BCAC Company Merger Sub LLC (collectively, the “Company”). All intercompany balances and transactions have been eliminated.

On January 7, 2022, the Company filed an amendment to the Company’s Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware (the “Extension Amendment”). The Extension Amendment extends the date by which the Company must consummate its initial business combination from January 7, 2022 to July 7, 2022.

As of ~~September 30, 2021,~~March 31, 2022, the Company had not commenced any operations. All activity for the period from September 25, 2020 (inception) through ~~September 30, 2021~~March 31, 2022 relates to the Company’s formation, the initial public offering (“~~Initial Public Offering”~~IPO”), which is described below, and, subsequent to the ~~Initial Public Offering,~~IPO, identifying a target company for a Business Combination. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate

non-operating

income in the form of interest income from the proceeds derived from the ~~Initial Public Offering.~~

IPO.

On November 23, 2021, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) by and among (i) the Company, (ii) BCAC Holdings Inc., a Delaware corporation (“Pubco”), (iii) BCAC Purchaser Merger Sub Inc., a Delaware corporation and a wholly-owned subsidiary of Pubco (“Purchaser Merger Sub”), (iv) BCAC Company Merger Sub LLC, a Delaware limited liability company and a wholly-owned subsidiary of Pubco (“Company Merger Sub”), (v) BCAC Purchaser Rep LLC, a Delaware limited liability company (the “Purchaser Representative”), in the capacity as the representative for the equity holders of Pubco (other than certain holders of eCombustible securities), (vi) Jorge Arevalo in the capacity as the representative for certain security holders of eCombustible (the “Seller Representative”) and (vii) eCombustible Energy LLC, a Delaware limited liability company (“eCombustible”).

The registration statement for the Company’s IPO was declared effective on January 7, 2021. On January 7, 2021, the Company consummated its IPO of

10,000,000

Units, at a price of ~~$10.00~~ $

10.00

per unit, generating gross proceeds of ~~$100,000,000,~~$

100,000,000

, which is described in Note 3.

Simultaneously with the closing of the IPO, pursuant to ~~the~~a Unit Subscription Agreement, the Company completed the private sale of

360,000

units (the “Private Placement Units”) to ARC Global Investments LLC (the “Sponsor”) at a purchase price of ~~$10.00~~ $

10.00

per Private Placement Unit, generating gross proceeds to the Company of ~~$3,600,000.~~$

3,600,000

. In connection with the closing of the purchase of the Over-Allotment Units (as defined in Note 6), the Company sold an additional

33,750

Private Placement Units to the Sponsor at a price of ~~$10.00~~ $

10.00

per Private Placement Unit, generating an additional ~~$337,500~~ $

337,500

of gross proceeds, which is described in Note 6.

Following the closing of the IPO on January 7, 2021 and the exercise of the over-allotment in full by the underwriter on January 21, 2021, an amount of ~~$116,725,000 ($~~$

116,725,000

10.15

per unit) from the net proceeds of the sale of the Public Units in the IPO and the sale of the Private Placement Units was placed in a trust account (the “Trust Account”), were invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less, or in any open-ended investment company that holds itself out as a money market fund meeting certain conditions of Rule

2a-7

of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds in the Trust Account to the Company’s stockholders, as described below, except that interest earned on the Trust Account can be released to the Company to pay its tax obligations (“permitted withdrawals”).

Transaction costs amounted to ~~$4,701,732,~~$

4,701,732

, consisting of ~~$862,500~~ $

862,500

of underwriting fees, ~~$3,450,000~~ $

3,450,000

deferred underwriting fee and ~~$389,232~~ $

389,232

of other offering costs. In addition, ~~$468,587~~ $

468,587

of cash was held outside of the Trust Account and is available for working capital purposes.

F-5

Table of Contents

The Company’s management has broad discretion with respect to the specific application of the net proceeds of the IPO and sale of the Private Placement Units, although substantially all of the net proceeds were placed in the Trust Account and are intended to be applied generally toward consummating a Business Combination. Nasdaq rules provide that the Business Combination must be with one or more target businesses that together have a fair market value equal to at least ~~80%~~

% of the balance in the Trust Account (as defined below) (less any deferred underwriting commissions and taxes payable on interest earned and less any interest earned thereon that is released for taxes) at the time of the signing of an agreement to enter into a Business Combination. The Company will only complete a Business Combination if the post-Business Combination company owns or acquires ~~50%~~

% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company ~~Act of 1940, as amended (the “Investment Company Act”).~~Act. There is no assurance that the Company will be able to successfully effect a Business Combination.

~~Table of Contents~~

The Company will provide its Stockholders with the opportunity to redeem all or a portion of their Public Shares (as defined below) upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. In connection with a proposed Business Combination, the Company may seek stockholder approval of a Business Combination at a meeting called for such purpose at which stockholders 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~~ $

5,000,001

upon such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the outstanding shares voted are voted in favor of the Business Combination.

If the Company seeks stockholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Company’s Amended and Restated Certificate of Incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder 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 stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially ~~$10.15~~ $

10.15

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 stockholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriter. There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants or rights.

All of the Public Shares contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s liquidation, if there is a stockholder vote or tender offer in connection with the Company’s Business Combination and in connection with certain amendments to the Company’s amended and restated certificate of incorporation (the “Certificate of Incorporation”). In accordance with the rules of the U.S. Securities and Exchange Commission (the “SEC”) and its guidance on redeemable equity instruments, which has been codified in ~~ASC~~ Financial Accounting Standard Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic

480-10-S99,

redemption provisions not solely within the control of a company require stock subject to redemption to be classified outside of permanent equity. Given that the Public Shares were issued with other freestanding instruments (i.e., public warrants), the initial carrying value of the shares of Class A common stock classified as temporary equity was the allocated proceeds determined in accordance with ASC Topic

470-20.

Because of the redemption feature noted above, the shares of Class A common stock are subject to ASC Topic

480-10-S99.

If it is probable that the equity instrument will become redeemable, the Company has the option to either (i) accrete changes in the redemption value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable, if later) to the earliest redemption date of the instrument or (ii) recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Company has elected to recognize the changes immediately. The accretion or remeasurement is treated as a deemed dividend (i.e., a reduction to retained earnings, or in absence of retained earnings, additional

paid-in

capital). While redemptions cannot cause the Company’s net tangible assets to fall below ~~$5,000,001,~~$

5,000,001

, the Public Shares are redeemable and will be classified as such on the balance sheet until such date that a redemption event takes place.

If a stockholder vote is not required and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation, offer such redemption pursuant to the tender offer rules of the ~~Securities and Exchange Commission (“SEC”),~~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.

The Sponsor has agreed (a) to vote its Class B Common Stock, the Common Stock included in the Private Units (the “Private Shares”) and any Public Shares purchased during or after the IPO in favor of a Business Combination, (b) not to propose an amendment to the Company’s Amended and Restated Certificate of Incorporation with respect to the Company’s

pre-Business

Combination activities prior to the consummation of a Business Combination unless the Company provides dissenting public stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment; (c) not to redeem any shares (including the Class B Common Stock) and Private Units (including underlying securities) into the right to receive cash from the Trust Account in connection with a stockholder vote to approve a Business Combination (or to sell any shares in a tender offer in connection with a Business Combination if the Company does not seek stockholder approval in connection therewith) or a vote to amend the provisions of the Amended and Restated Certificate of Incorporation relating to stockholders’ rights of

pre-Business

Combination activity and (d) that the Class B Common Stock and Private Units (including underlying securities) shall not participate in any liquidating distributions upon winding up if a Business Combination is not consummated. However, the Sponsor will be entitled to liquidating distributions from the Trust Account with respect to any Public Shares purchased during or after the IPO if the Company fails to complete its Business Combination.

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Table of Contents

The Company will have until ~~January~~July 7, 2022 to consummate a Business Combination (the “Combination Period”). If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than five business days thereafter, redeem 100% of the outstanding 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 (net of taxes payable and less interest to pay dissolution expenses up to $50,000), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (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 stockholders 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 its obligations to provide for claims of creditors and the requirements of applicable law. The underwriter has agreed to waive its 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 IPO price per Unit ($10.00).

The Sponsor has agreed that it will be liable to the Company, if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amounts in the Trust Account to below ~~$10.00~~$10.15 per share, ~~(whether or not the underwriters’ over-allotment option is exercised in full),~~ except as to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except for the company’s independent registered accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust

Account.

On January 7, 2022, the Company held a stockholder meeting to extend the date by which the Company has to consummate a business combination from January 7, 2022 to July 7, 2022. As part of the meeting, stockholders redeemed 1,170,511 shares of the Company’s Class A common stock exercised their right to redeem such shares for a pro rata portion of the funds in the Company’s trust account. As a result, approximately $11,886,421 (approximately $10.15 per share) was removed from the Company’s trust account to pay such holders. As part of the extension meeting to extend the liquidation date to July 7, 2022, the Sponsor and eCombustible loaned to the Company $1,032,949 to deposit into the Company’s trust account for each share of the Company’s Class A common stock (“Public Share”) that was not redeemed.

Risks and Uncertainties

In March 2020, the World Health Organization declared the outbreak of a novel coronavirus

(COVID-19)

as a pandemic which continues to spread throughout the United States and the World. As of the date the financial statement was issued, there was considerable uncertainty around the expected duration of this pandemic. The Company has concluded that while it is reasonably possible that

COVID-19

could have a negative effect on identifying a target company for a Business Combination, the specific impact is not readily determinable as of the date of this financial statement. The financial statement does not include any adjustments that might result from the outcome of this uncertainty.

~~Liquidity~~

Going Concern and Management’s Plans

~~Subsequent~~

In order to the consummation of the Initial Public Offering, the Company’s liquidity has been satisfied through the net proceeds from the consummation of the Initial Public Offering and the Private Placement held outside of the Trust Account. In addition, in order tofund working capital deficiencies or finance transaction costs in connection with ~~a Business Combination, the Sponsor~~an intended initial business combination, our sponsor or an affiliate of ~~the Sponsor,~~our sponsor or certain of ~~the Company’s~~our officers and directors may, but are not obligated to, ~~provide~~loan us funds on a

non-interest

bearing basis as may be required. If we complete our initial business combination, we would repay such loaned amounts. In the ~~Company Working Capital Loans (as defined in Note 4). As~~event that our initial business combination does not close, we may use a portion of ~~September 30, 2021 there were 0 outstanding~~the working capital held outside the trust account to repay such loaned amounts but no proceeds from our trust account would be used for such repayment. Up to $1,500,000 of such loans may be convertible into units, at a price of $10.00 per unit at the option of the lender, upon consummation of our initial business combination. The units would be identical to the placement units. Other than as described above, the terms of such loans by our officers and directors, if any, have not been determined and no written agreements exist with respect to such loans. We do not expect to seek loans from parties other than our sponsor or an affiliate of our sponsor as we do not believe third parties will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds in our trust account. On November 11, 2021, the Sponsor provided a commitment to provide a $1,000,000

non-interest

bearing loan for working capital purposes.

~~Based on the foregoing, management believes that the Company~~ There were $215,000 and $0 outstanding at March 31, 2022 and December 31, 2021.

The company has ~~sufficient working capital~~incurred and ~~borrowing capacity~~expects to incur significant costs in pursuit of its acquisition plans. We may need to raise additional funds in order to meet ~~its needs through~~ the ~~earlier~~expenditures required for operating our business. Further, if our estimates of the ~~consummation~~costs of identifying a ~~Business Combination~~target business, undertaking

in-depth

due diligence and negotiating an initial business combination are less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our initial business combination. Moreover, we may need to obtain additional financing either to complete our initial business combination or ~~one year from this filing. Over this time period,~~because we become obligated to redeem a significant number of our public shares upon completion of our initial business combination, in which case we may issue additional securities or incur debt in connection with such business combination. In addition, we intend to target businesses larger than we could acquire with the ~~Company will use the funds held outside~~net proceeds of the ~~Trust Account for paying existing accounts payable, identifying~~IPO and ~~evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting~~ the ~~target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination.~~

~~Table of Contents~~

~~NOTE 2. RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS~~

In accordance with SEC and its staff’s recent guidance on redeemable equity instruments, which has been codified in ASC 480, Distinguishing Liabilities from Equity, subtopic 10, section S99, redemption provisions not solely within the controlsale of the ~~Company require common stock subject to redemption to be classified outside of permanent equity. The Company had previously classified~~placement units, and may as a portion of the Class A common stock in permanent equity. Although the Company did not specify a maximum redemption threshold, its charter provides that currently, the Company will not redeem its public shares in an amount that would cause its net tangible assets to be less than $5,000,001. The Company restated its financial statements to classify all Class A common stock as temporary equity and any related impact, as the threshold in its charter would not change the nature of the underlying shares as redeemable and thus wouldresult be required to ~~be disclosed outside of permanent equity.~~

~~In connection~~seek additional financing to complete such proposed initial business combination. Subject to compliance with applicable securities laws, we would only complete such financing simultaneously with the ~~change~~completion of our initial business combination. If we are unable to complete our initial business combination because we do not have sufficient funds available to us, we will be forced to cease operations and liquidate the trust account. In addition, following our initial business combination, if cash on hand is insufficient, we may need to obtain additional financing in ~~presentation for the Class A common stock subject~~order to ~~redemption,~~meet our obligations. While the Company ~~also restated its income (loss) per common share calculation~~intends to ~~allocate net income (loss)~~complete the proposed Merger Agreement before July 7, 2022 there are no assurances that this will happen. The date for mandatory liquidation and subsequent dissolution raise substantial doubt about the Company’s ability to ~~Class A and Class B common stock on~~continue as a ~~pro rata basis based on weighted average share outstanding. This presentation contemplates a Business Combination as~~going concern.

The financial statements do not include any adjustments that might result from the ~~most likely~~ outcome ~~in which case, both classes of shares share pro rata in the income (loss)~~ of the ~~Company.~~

~~There has been no change in the Company’s total assets, liabilities or operating results.~~

uncertainty.

F-7

Table of Contents

~~The following tables summarize the effect of the restatement on each financial statement line items as of the dates, and for the period indicated:~~

As previously reported

Adjustments

As restated
January 14, 2021 balance sheet

Temporary equity

94,394,230

7,105,770

101,500,000
Stockholders’ equity






Class A

106

(70)

36
Class B

301

—

301
APIC

5,092,231

(5,092,231)

—
Accumulated deficit

(92,637)

(2,013,469)

(2,106,106)
Total stockholder’s equity

5,000,001

(7,105,770)

(2,105,769)

March 31, 2021 balance sheet (Unaudited)






Temporary equity

104,684,129

12,040,871

116,725,000
Stockholders’ equity






Class A

122

(83)

39
Class B

301

—

301
APIC

(1,118,764)

1,118,764

—
Accumulated deficit

6,118,342

(13,159,552)

(7,041,210)
Total stockholder’s equity

5,000,001

(12,040,871)

(7,040,870)

June 30, 2021 balance sheet (Unaudited)






Temporary equity

103,742,777

12,982,223

116,725,000
Stockholders’ equity






Class A

167

(128)

39
Class B

301

—

301
APIC

941,343

(941,343)

—
Accumulated deficit

4,058,190

(12,040,752)

(7,982,563)
Total stockholder’s equity

5,000,001

(12,982,223)

(7,982,222)

Statement of Operations for the three months ended March 31, 2021 (Unaudited)






Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption

10,226,407

624,253

10,850,660
Basic and diluted net loss per share, Class A common stock subject to possible redemption

0.00

0.45

0.45
Basic and diluted weighted average shares outstanding, Non-redeemable common stock

3,190,784

(315,784)

2,875,000
Basic and diluted net loss per share, Non-redeemable common stock

1.92

(1.47)

0.45

Statement of Operations for the three months ended June 30, 2021 (Unaudited)






Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption

10,312,667

1,581,083

11,893,750
Basic and diluted net loss per share, Class A common stock subject to possible redemption

0.00

(0.06)

(0.06)
Basic and diluted weighted average shares outstanding, Non-redeemable common stock

4,581,062

(1,706,062)

2,875,000
Basic and diluted net loss per share, Non-redeemable common stock

(0.21)

0.15

(0.06)

Statement of Operations for the six months ended June 30, 2021 (Unaudited)

Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption

10,064,085

1,313,915

11,378,000
Basic and diluted net loss per share, Class A common stock subject to possible redemption

0.00

0.37

0.37
Basic and diluted weighted average shares outstanding, Non-redeemable common stock

4,611,554

(736,554)

3,875,000
Basic and diluted net loss per share, Non-redeemable common stock

1.13

(0.76)

0.37

Statement of Cash Flows for the three months ended March 31, 2021 (Unaudited)






Initial value of Class A common stock subject to possible redemption

83,532,250

(83,532,250)

—
Change in value of Class A common stock subject to possible redemption

21,151,879

(21,151,879)

—

Statement of Cash Flows for the six months ended June 30, 2021 (Unaudited)






Initial value of Class A common stock subject to possible redemption

83,532,250

(83,532,250)

—
Change in value of Class A common stock subject to possible redemption

20,210,527

(20,210,527)

—

NOTE 3.2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited ~~condensed~~ financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to

Form

10-Q

~~Table of Contents~~

~~Form 10-Q~~ and Article 8 of Regulation

S-X ~~promulgated under~~

of the Securities ~~Act.~~and Exchange Commission (the “SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows.

In the opinion of the Company’s management, the ~~accompanying~~ unaudited ~~condensed~~ financial statements ~~include all adjustments, consisting~~as of ~~a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results~~March 31, 2022 and ~~cash flows for the periods presented.~~

~~The interim results~~ for the three months ended ~~September 30, 2021~~March 31, 2022 include all adjustments, which are only of a normal and recurring nature, necessary for a fair statement of the financial position of the Company as of March 31, 2022 and its results of changes in stockholders’ deficit for the ~~period from September 25, 2020 (inception) through September 30, 2021~~three months ended March 31, 2022. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the full fiscal year ending December 31, ~~2021~~2022 or ~~for~~ any future ~~periods.~~

interim period.

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder 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 condensed financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of ~~revenues and~~ expenses during the reporting periods.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did ~~not~~0t have any cash equivalents as of ~~September 30,~~March 31, 2022 and December 31, 2021.

Marketable Securities Held in Trust Account

At ~~September 30,~~March 31, 2022 and December 31, 2021, substantially all of the assets held in the Trust Account were held in U.S. Treasury Bills.

Warrant Liability

~~Table of Contents~~

~~Warrant Liability~~

The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC Topic 480 and ASC Topic

815-15.

The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is

re-assessed

at the end of each reporting period. In accordance with ASC Topic

825-10 ~~“Financial~~

“Financial Instruments”, offering costs attributable to the issuance of the derivative warrant liabilities have been allocated based on their relative fair value of total proceeds and are recognized in the statement of operations as incurred.

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Table of Contents

The 8,625,000 warrants issued in connection with the ~~Initial Public Offering~~IPO (the “Public Warrants”) and the 295,312 ~~Private~~ Placement Warrants (as defined below) are recognized as derivative liabilities in accordance with ASC ~~815-40.~~

815-

Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjust the instruments to fair value at each reporting period. The liabilities are subject to

re-measurement

at each balance sheet date until exercised. The fair value of the Public Warrants issued in connection with ~~the Public Offering~~IPO and ~~Private~~ Placement Warrants have been estimated using a Monte Carlo simulation model each measurement date, except that the Public Warrants are valued based on market prices once publicly traded. Derivative warrant liabilities are classified as

non-current

liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities.

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Table of Contents

Offering Costs Associated with the Initial Public Offering

Offering costs consisted of legal, accounting, underwriting fees and other costs incurred through the ~~Initial Public Offering~~IPO that were directly related to the ~~Initial Public Offering.~~IPO. Offering costs are allocated to the separable financial instruments issued in the ~~Initial Public Offering~~IPO based on a relative fair value basis, compared to total proceeds received. Offering costs associated with derivative warrant liabilities are expensed as incurred, presented as transactions costs incurred in connection with warrants in the statement of operations. Offering costs associated with the Class A common stock were charged to stockholders’ equity upon the completion of ~~the Initial Public Offering.~~

IPO.

Common Stock Subject to Possible Redemption

The Company accounts for its common stock subject to possible redemption in accordance with the guidance in ~~Accounting Standards Codification (“ASC”)~~ASC Topic 480 “Distinguishing Liabilities from Equity.” Common stock subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally redeemable common stock (including common stock that features redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, common stock subject to possible redemption is presented at redemption value as temporary equity, outside of the stockholders’ equity section of the Company’s condensed balance sheet.

The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable common stock to equal the redemption value at the end of each reporting period. Immediately upon the closing of the ~~Initial Public Offering,~~IPO, the Company recognized the remeasurement from initial carrying value to redemption amount value. The change in the carrying value of redeemable Class A common stock resulted in charges against additional

paid-in

capital and accumulated deficit.

At ~~September 30, 2021,~~March 31, 2022, the shares of redeemable class A common stock

reflected in the Balance Sheet were reconciled in the following table:

Gross Proceeds

$
115,000,000
Less :


Proceeds allocated to public warrants

(10,861,980)
Class A common stock issuance costs

(4,535,832)
Plus :


Remeasurement adjustment on redeemable common stock

17,122,812
Total Class A common stock subject to possible redemption

$
116,725,000


Gross Proceeds	$	115,000,000
Less:
Proceeds allocated to public warrants		(10,861,980	)
Class A common stock issuance costs		(4,535,832	)
Plus:
Remeasurement adjustment on redeemable common stock		17,122,812
Total Class A common stock subject to possible redemption	$	116,725,000

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Table of Contents

Income Taxes

The Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes” (“ASC 740”). Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. The effective tax rate differs from the statutory tax rate of 21%for the three months ended September 30, 2021 and for the period from September 25, 2020 (inception) through September 30, 2021, due to the valuation allowance recorded on the Company’s net operating losses.

ASC 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 as income tax expense. There were 0 unrecognized tax benefits and 0 amounts accrued for interest and penalties as of ~~September 30,~~March 31, 2022 and December 31, 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.

F-11

Table of Contents

On March 27,

2020

, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (the “CARES” ~~Act~~Act) into law. The CARES Act includes several significant business tax provisions that, among other things, would eliminate the taxable income limit for certain net operating losses (“NOL”) and allow businesses to carry back NOLs arising in 2018, 2019 and 2020 to the five prior years, suspend the excess business loss rules, accelerate refunds of previously generated corporate alternative minimum tax credits, generally loosen the business interest limitation under IRC section 163(j) from 30 percent to 50 percent among other technical corrections included in the Tax Cuts and Jobs Act tax provisions. The Company does not believe that the CARES Act will have a significant impact on ~~Company's~~Company’s financial position or statement of operations.

Net Income (Loss) per Common Share

Net income (Loss) per share is computed by dividing net income by the weighted average number of common stock outstanding for the period. The calculation of diluted income (loss) per share does not consider the effect of the warrants issued in connection with the ~~Initial Public Offering~~IPO and warrants issued as components of the Private Placement Units (the “Placement Warrants”) since the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive.

The Company applies the

two-class

method in calculating net income (loss) per common share. The remeasurement adjustment associated with the redeemable shares of Class A common stock is excluded from net income (loss) per common share as the redemption value approximates fair value.

The following table reflects the calculation of basic and diluted net income (loss) per common share (in dollars, except per share amounts):

Three Months Ended

Nine Months Ended

September 30, 2021

September 30, 2021


Class A

Class B

Class A

Class B
Basic and diluted net income (loss) per common share












Numerator:








Allocation of net income (loss), as adjusted

$
676,418

$
163,506

$
4,842,887

$
1,205,225
Denominator:








Basic and diluted weighted average shares outstanding

11,893,750

2,875,000

11,552,445

2,875,000

Basic and diluted net income (loss) per common share

$
0.06

$
0.06

$
0.42

$
0.42


	Three Months Ended March 31, 2022
Basic and diluted net income per common share	Class A		Class B
Numerator:
Allocation of net income	$	1,269,182	$	320,130
Denominator:
Basic and diluted weighted average shares outstanding		11,893,750		3,000,000

Basic and diluted net income per common share	$	0.11	$	0.11

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal ~~Depository~~Deposit Insurance ~~Coverage~~Corporation maximum coverage of $250,000. The Company has not experienced losses on this account.

~~Table of Contents~~

Fair Value of Financial Instruments

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the accompanying condensed balance sheet, primarily due to their short-term nature, except for the warrant liabilities (see Note ~~10)~~9).

Reclassification

Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported income, total assets, or stockholders’ equity as previously reported.

Recent Accounting Standards

In August 2020, the FASB issued ~~ASU No.~~ Accounting Standard Update (“ASU”) Topic

2020-06, ~~"Debt—~~

“Debt — Debt with Conversion and Other Options (Subtopic

470-20)

and Derivatives and ~~Hedging—~~Hedging — Contracts in ~~Entity's~~Entity’s Own Equity (Subtopic

815-40):

Accounting for Convertible Instruments and Contracts in an ~~Entity's~~Entity’s Own ~~Equity" ("~~Equity” (“ASU ~~2020-06"~~

2020-06”),

which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. ASU

2020-06

removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and it also simplifies the diluted earnings per share calculation in certain areas. ASU

2020-06

is effective for fiscal years 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.

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Management does not believe that any recently issued, but not yet effective, accounting standards update, if currently adopted, would have a material effect on the Company’s condensed financial statements.

NOTE 4.3. INITIAL PUBLIC OFFERING

Pursuant to the IPO, on ~~January 7, 2021,~~ the Company sold 11,500,000 Units, which includes the full exercise by the underwriter of its over-allotment option on January 21, 2021, in the amount of 1,500,000 Units, at a purchase price of $10.00 per Unit. Each Unit consists of 1one common stock, three-fourths of one ~~redeemable warrant (“~~Public ~~Warrant”)~~Warrant and one right (“Public Right”). Each whole Public Warrant entitles the holder to purchase one share common stock at an exercise price of $11.50 per whole share (see Note 9)8). Each Public Right entitles the holder to receive

~~one~~one-tent~~-tenth~~ h

of one common stock upon completion of the Business Combination (see Note 9)8).

NOTE 5.4. PRIVATE PLACEMENT

Simultaneously with the closing of the IPO on January 7, 2021, and the full exercise by the underwriter of its over-allotment option on January 21, 2021, the initial stockholders purchased an aggregate of 393,750 Placement Units at a price of $10.00 per Placement Unit, ($3,937,500 in the aggregate), from the Company in a private ~~placement that occurred simultaneously with the closing of the IPO and the full exercise by the underwriter of its over-allotment option.~~placement. The proceeds from the sale of the Placement Units were added to the net proceeds from the IPO held in the Trust Account. The Placement Units are identical to the Units sold in the IPO, except for the ~~placement warrants (“~~Placement ~~Warrants”),~~Warrants, as described in Note 7.6. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Placement Units will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Placement Warrants and the rights underlying the Placement Units (“Private Rights”) will expire worthless.

NOTE 6.5. RELATED PARTY TRANSACTIONS

Class B Common Stock

On October 13, 2020, the Company issued an aggregate of 2,875,000 shares of Class B common stock to the Sponsor for an aggregate purchase price of $25,000 in ~~cash.~~cash (the “Founder Shares”). In October 2020, the Sponsor transferred 10,000 founder shares to our Chief Financial Officer and 5,000 to each of our four independent director nominees. The fair value of the transferred shares was immaterial. The Class B common stock included an aggregate of up to 375,000 shares subject to forfeiture by the Sponsor to the extent that the underwriters’ over-allotment was not exercised in full or in part, so that the Sponsor will collectively own 20% of the Company’s issued and outstanding shares after the IPO (assuming the initial stockholders do not purchase any Public Shares in the IPO and excluding the Placement Units and underlying securities). As a result of the underwriters’ election to fully exercise their over-allotment option, 0 Founder Shares are currently subject to forfeiture.

~~Table of Contents~~

The initial stockholders have agreed not to transfer, assign or sell any of the Class B common stock (except to certain permitted transferees) until, with respect to 50% of the Class B common stock, the earlier of (i) six months after the date of the consummation of a Business Combination, or (ii) the date on which the closing price of the Company’s common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days within any

30-trading

day period commencing after a Business Combination, with respect to the remaining 50% of the Class B common stock, upon six months after the date of the consummation of a Business Combination, or earlier, in each case, if, subsequent to a Business Combination, the Company consummates a subsequent liquidation, merger, stock exchange or other similar transaction which results in all of the Company’s stockholders having the right to exchange their common stock for cash, securities or other property.

Promissory Note –— Related Party

On October 13, 2020, the Sponsor issued an unsecured promissory note to the Company, pursuant to which the Company may borrow up to an aggregate principal amount of $300,000. The note is was

non-interest

bearing and payable on the earlier of (i) March 31, 2021 or (ii) the consummation of the IPO. The outstanding balance under the Promissory Note of $108,200 was fully repaid on January 11, 2021.

Administrative Services Arrangement

The Company’s Sponsor has agreed, commencing from the date that the Company’s securities are first listed on Nasdaq through the earlier of the Company’s consummation of a Business Combination and its liquidation, to make available to the Company certain general and administrative services, including office space, utilities and administrative services, as the Company may require from time to time. The Company has agreed to pay the Sponsor ~~$10,000~~

$10,000

per month for these ~~services.~~ services the company incurred $30,000 of such fees for the three months ended March 31, 2022.

As of ~~September, 2021, $60,000~~ March 31, 2022, $

90,000

of administrative service ~~fee~~fees has been ~~incurred.~~

incurred and is unpaid.

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Related Party Loans

In order to finance transaction costs in connection with a Business Combination, the Company’s Sponsor or an affiliate of the Sponsor, or the Company’s officers and directors may, but are not obligated to and did not commit to, loan the Company funds as may be required (“Working Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to ~~$1,500,000~~

$1,500,000

of such notes may be converted upon consummation of a Business Combination into additional Private Units at a price of ~~$10.00~~

$10.00

per Unit. 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 September 30, 2021 there were 0 loans outstanding.~~

On November 12, 2021, the Sponsor provided a firm commitment to provide ~~a $600,000~~ up

$1,000,000

non-interest

bearing ~~loan~~loans for working capital purposes.

As of March 31, 2022, there were

$215,000
of such loans outstanding.

On January 12, 2022, the Company issued promissory notes (the “Notes”) in the aggregate principal amount of $2,065,898 to each of the Sponsor and eCombustible Energy LLC (“eCombustible”), pursuant to which each of the Sponsor and eCombustible loaned to the Company $1,032,949 to deposit into the Company’s trust account for each share of the Company’s Class A common stock that was not redeemed in connection with the extension of the Company’s termination date from January 7, 2022 to July 7, 2022. The Company deposited the funds into the Company’s trust account and such amount will be distributed either to: (i) all of the holders of Public Shares upon the Company’s liquidation or (ii) holders of Public Shares who elect to have their shares redeemed in connection with the consummation of the Company’s initial business combination. The Notes bear no interest and are repayable in full upon the earlier of (a) the date of the consummation of the Company’s initial business combination, or (b) the date of the liquidation of the Company. The issuance of the Notes was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended.

NOTE 7.6. COMMITMENTS AND CONTINGENCIES

Registration Rights

Pursuant to a registration rights agreement entered into on January 4, 2021, the holders of the Founder Shares, Placement units, and Representative Shares are entitled to make up ~~to 3 demands,~~to3demands, 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 completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. Notwithstanding the foregoing, the underwriters may not exercise its demand and “piggyback” registration rights after five and seven years, respectively, after the effective date of the IPO. The registration rights agreement does not contain liquidating damages or other cash settlement provisions resulting from delays in registering the Company’s securities. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

~~Underwriters~~

Underwriting Agreement

The Company granted the underwriter a

45-day

option to purchase up to 1,500,000 additional Units to cover over-allotments at the ~~Initial Public Offering~~IPO price, less the underwriting discounts and commissions. On January 19, 2021, the Underwriters exercised their over-allotment option in full, and the closing of the issuance and sale of the additional 1,500,000 Units (“the Over-Allotment Units”) occurred on January 21, 2021, generating gross proceeds of $15,000,000.

~~Table of Contents~~

The ~~Underwriter was~~Underwriters were paid a cash underwriting discount of $862,500. $3,450,000 will be payable to the ~~underwriter~~underwriters for deferred underwriting commissions. The deferred fee became payable to the ~~underwriter~~underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement.

Right of First Refusal

For a period beginning on January 7, 2021 and ending 12 months from the closing of a business combination, the Company has granted the underwriters a right of first refusal to act as lead-left book running manager and lead left manager for any and all future private or public equity, convertible and debt offerings during such period. In accordance with FINRA Rule 5110(f)(2)(E)(i), such right of first refusal shall not have a duration of more than three years from the effective date of the Company’s registration statement in connection with its IPO.

Merger Agreement — Ancillary Agreements

Capitalized terms used in this section but not otherwise defined have the meanings given to them in the Merger Agreement. Simultaneously with the execution of the Merger Agreement, certain members of eCombustible entered into voting agreements with Benessere and eCombustible (the “Voting Agreement”). Under the Voting Agreement, such Company Unitholders of eCombustible agreed to vote all of their eCombustible Units in favor of the Merger Agreement and related transactions. These eCombustible members also agreed to take certain other actions in support of the Merger Agreement and related transactions, including cooperation with respect to the eCombustible Registration Statement, and to refrain from taking such actions that would adversely impede the ability of the parties to perform the Merger Agreement.

The Voting Agreement also prevents transfers, except for certain permitted transfers, of the eCombustible Units held by the eCombustible member party thereto between the date of the Voting Agreement and the date of the Closing or earlier termination of the Mergers.

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Simultaneously with the execution of the Merger Agreement, Benessere, Pubco, eCombustible and the sponsor, entered into a Sponsor Support Agreement (the “Sponsor Support Agreement”) pursuant to which the sponsor agreed to support the Mergers and to vote all of its shares of Class A common stock (and all other Benessere securities owned by the Sponsor, including founder shares consisting of Class B common stock, private rights and private warrants) in favor of the Merger Agreement and related transactions. The sponsor also agreed to take certain other actions in support of the Merger Agreement and related transactions and to refrain from taking such actions that would adversely impede the ability of the parties to perform the Merger Agreement. The Sponsor Support Agreement also prevents transfers, except for certain permitted transfers, between the date of the Sponsor Support Agreement and the date of the Closing or earlier termination of the Mergers. The sponsor also agreed to a lock-up provision whereby, subject to limited specified exceptions, the sponsor will not for six months from the Closing (or, if earlier, (i) the date on which the closing sale price of a share of Pubco common stock equals or exceeds $12.00 per share for any 20 trading days within any 30 trading day period commencing at least 150 days after the Closing or (ii) the date post-Closing on which Pubco consummates a liquidation, merger, capital stock exchange, reorganization or other similar transaction with an unaffiliated third party resulting in all of Pubco’s stockholders having the right to exchange their equity holdings in Pubco for cash, securities or other property) engage in any direct or indirect transfer or disposition of Pubco securities or Benessere securities or publicly disclose the intention to do so.

On January 7, 2022, the Company held a stockholder meeting to extend the date by which the Company has to consummate a business combination from January 7, 2022 to July 7, 2022. As part of the meeting, stockholders redeemed 1,170,511 shares of the Company’s Class A common stock exercised their right to redeem such shares for a pro rata portion of the funds in the Company’s trust account. As a result, approximately $11,886,421 (approximately $10.15 per share) was removed from the Company’s trust account to pay such holders. As part of the extension meeting to extend the liquidation date to July 7, 2022, the Sponsor and eCombustible each loaned to the Company $1,032,949 to deposit into the Company’s trust account for each share of the Company’s Class A common stock (“Public Share”) that was not redeemed. The Contributions were non-interest bearing and repayable on the consummation of the Company’s business combination.

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Prior to the Closing, certain persons and entities who will be affiliates of Pubco upon the Closing and certain other stockholders of Pubco are expected to enter into a Registration Rights Agreement and a

Lock-Up

Agreement. Pursuant to the terms of such agreements, Pubco will be obligated to file a registration statement to register the resale of certain securities held by such holders, subject to certain requirements and customary conditions. In addition, Significant Company Holders will be required to enter into a

Lock-Up

Agreement as a condition to the Closing, providing that the securities of Pubco held by such holders will be

locked-up

for a period of time following the

Closing

NOTE 8.7. WARRANT LIABILITY

After taking into account the company’s prior restatement of its audited balance sheet as of January 7, 2021 filed as Exhibit 99.1 to the Company’s Current Report on Form 8-K filed with the SEC on January 14, 2021, the Company has accounted for 8,920,313 warrants issued in the Initial Public Offering (the 8,625,000 Public Warrants and the 295,312 Private 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 will classify each warrant as a liability at its fair value, with the change in fair value recognized in the Company's statement of operations. For more information regarding this classification, see the Company’s Current Report on Form 8-K filed with the SEC on May 24, 2021.

Public Warrants may only be exercised for a whole number of shares. No fractional warrants will be issued upon separation of the Units and only whole warrants will trade. The Public Warrants will become exercisable

days after the completion of a Business Combination and will expire

five years

after the completion of a Business Combination or earlier upon redemption or liquidation.

The Company will not be obligated to deliver any shares of Class A common stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act covering the issuance of the shares of Class A common issuable upon exercise of the warrants is then effective and a current prospectus relating to those shares of Class A common stock is available, subject to the Company satisfying its obligations with respect to registration. No warrant will be exercisable for cash or on a cashless basis, and the Company will not be obligated to issue any shares to holders seeking to exercise their warrants, unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising holder, or an exemption from registration is available.

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The Company has agreed that as soon as practicable, but in no event later than 20 business days after the closing of its initial Business Combination, it will use its commercially reasonable efforts to file with the SEC a

post-effective

amendment to the registration statement or a new registration statement covering the shares of Class A common stock issuable upon exercise of the warrants, to cause such registration statement to become effective and to maintain a current prospectus relating to those shares of Class A common stock until the warrants expire or are redeemed, as specified in the warrant agreement. If a registration statement covering the shares of Class A common stock issuable upon exercise of the warrants is not effective by the 60th60th business day after the closing of the Company’s initial 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..~~exemption. Notwithstanding the above, if the Company’s shares of Class A common stock are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, it may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, it will not be required to file or maintain in effect a registration statement, and in the event it does not so elect, it will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis.

Redemption of warrants when the price per Class A common stock equals or exceeds $18.00. Once the warrants become exercisable, the Company may redeem the Public Warrants:

●

~~in whole and not in part;~~

in whole and not in part;

at a price of $0.01 per warrant;

~~Table of Contents~~

●

~~at a price of $0.01 per warrant;~~

●upon a minimum of 30 days’ prior written notice of redemption, or the30~~-day~~

30-day

redemption period, to each warrant holder; and

●

if, and only if, the closing price of the Company’s Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a

30-trading

day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders.

If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws.

If the Company calls the Public Warrants for redemption, 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 shares of Class A common stock issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, or recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuance of Class A common stock at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants. If the Company is unable to complete a Business Combination within the Combination Window 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.

The Placement Warrants are identical to the Public Warrants underlying the Units sold in the ~~Initial Public Offering,~~IPO, except that the Placement Warrants and the Class A common stock issuable upon the exercise of the Placement Warrants are not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Placement Warrants will be exercisable on a cashless basis and be

non-redeemable

so long as they are held by the initial purchasers or their permitted transferees. If the Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.

The Company accounted for the 8,920,313 warrants issued in connection with the ~~Initial Public Offering~~IPO (comprised of 8,625,000 Public Warrants and 295,312 Private Placement Warrants) in accordance with the guidance contained in ~~FASB~~ ASC Topic

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 due to the existence of provisions whereby adjustments to the exercise price of the warrants is based on a variable that is not an input to the fair value of a ~~‘‘fixed-for-fixed’’~~

“fixed-for-fixed”

option and the existence of the potential for net cash settlement for the warrant holders (but not all common stockholders) in the event of a tender offer.

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The accounting treatment of derivative financial instruments requires that the Company record a derivative liability upon the closing of the ~~Initial Public Offering.~~IPO. Accordingly, the Company classified each warrant as a liability at its fair value and the warrants were allocated a portion of the proceeds from the issuance of the Units equal to its fair value determined by the Monte Carlo simulation. This liability is subject to remeasurement 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 statement of operations. The Company will reassess the classification at each balance sheet date. If the classification changes as a

result

of events during the period, the warrants will be reclassified as of the date of the event that causes the reclassification.

NOTE 9.8. STOCKHOLDERS’ DEFICIT

Class A Common Stock—The Company was authorized to issue 100,000,000 shares of Class A Common Stock with a par value of $0.0001 per share. Holders of the Company’s Class A Common Stock are entitled to 1 vote for each share. At ~~September 30,~~March 31, 2022 and December 31, 2021, there were 393,750 shares of Class A Common Stock issued and outstanding,, excluding 10,329,489 and 11,500,000 shares of Class A Common Stock subject to possible ~~redemption.~~

redemption at March 31, 2022 and December 31, 2021.

1,170,511

shares of the Company’s Class A common stock exercised their right to redeem such shares for a pro rata portion of the funds in the Company’s trust account. As a result, approximately

11,886,421

(approximately $

10.15

per share)

was removed from the Company’s trust account to pay such holders. As part of the extension meeting to extend the liquidation date to July 7, 2022, the Sponsor and eCombustible each loaned to the Company $1,032,949 to deposit into the Company’s trust account for each share of the Company’s Class A common stock (“Public Share”) that was not redeemed. The Contributions were non-interest bearing and repayable on the consummation of the Company’s business combination.

Class B Common Stock—The Company was authorized to issue 10,000,000 shares of Class B Common Stock with a par value of $0.0001 per share. Holders of the Company’s Class B Common Stock are entitled to 1 vote for each share. At ~~September 30,~~March 31, 2022 and December 31, 2021, there were 3,000,000 shares of Class B Common Stock issued and outstanding,, including 125,000 ~~representative shares (“~~Representative ~~Shares”), which are~~Shares (as defined and described ~~below.~~

below).

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Holders of Class A common stock and Class B common stock will vote together as a single class on all other matters submitted to a vote of stockholders, except as required by law.

The shares of Class B common stock will automatically convert into shares of Class A common stock at the time of a Business Combination, or earlier at the option of the holder, on a

1-for-one

basis, subject to adjustment. In the case that additional shares of Class A common stock, or equity-linked securities, are issued or deemed issued in excess of the amounts issued in ~~Initial Public Offering~~IPO and related to the closing of a Business Combination, the ratio at which shares of Class B common stock shall convert into shares of Class A common stock will be adjusted (unless the holders of a majority of the outstanding shares of the Class B common stock agree to waive such anti-dilution adjustment with respect to any such issuance or deemed issuance) so that the number of shares of Class A common stock issuable upon conversion of all shares of Class B common stock will equal, in the aggregate, on an

as-converted

basis, 20% of the total number of all shares of common stock outstanding upon completion of the ~~Initial Public Offering~~IPO plus all shares of Class A common stock and equity-linked securities issued or deemed issued in connection with a Business Combination (net of the number of shares of Class A common stock redeemed 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.

Preferred Shares — The Company was authorized to issue 1,000,000 preferred shares with a par value of $0.0001 per share. At ~~September 30,~~March 31, 2022 and December 31, 2021, there were 0 preferred shares issued or ~~outstanding~~.

outstanding.

Rights

Each holder of a right will receive~~one-tenth~~

1-tenth

(1/10) of one Class A common stock upon consummation of a Business Combination, even if the holder of such right redeemed all shares held by it in connection with a Business Combination. No fractional shares will be issued upon exchange of the rights. No additional consideration will be required to be paid by a holder of rights in order to receive its additional shares upon consummation of a Business Combination as the consideration related thereto has been included in the unit purchase price paid for by investors in the IPO. If the Company enters into a definitive agreement for a Business Combination in which the Company will not be the surviving entity, the definitive agreement will provide for the holders of rights to receive the same per share consideration the holders of the Class A common stock will receive in the transaction on an

as-converted

into Class A common stock basis and each holder of a right will be required to affirmatively convert its rights in order to receive 1/10 share underlying each right (without paying additional consideration). The shares issuable upon exchange of the rights will be freely tradable (except to the extent held by affiliates of the Company).

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Representative Shares

On October 10, 2020, we issued ~~the~~ 125,000 shares of Class B common stock to the representative for nominal consideration (the “Representative Shares”). The Company accounted for the Representative Shares as an offering cost of the IPO, with a corresponding credit to stockholders’ equity. The Company estimated the fair value of Representative Shares to be $1,100 based upon the price of the Founder Shares issued to the Sponsor. The holders of the Representative Shares have agreed not to transfer, assign or sell any such shares until the completion of a Business Combination. In addition, the holders have agreed (i) to waive their redemption rights with respect to such shares in connection with the completion of a Business Combination and (ii) to waive their rights to liquidating distributions from the Trust Account with respect to such shares if the Company fails to complete a Business Combination within the Combination Period.

The Representative Shares have been deemed compensation by FINRA and are therefore subject to a

lock-up

for a period of 180 days immediately following the effective date of the registration statement related to the IPO pursuant to Rule 5110(e)(1) of FINRA’s NASD Conduct Rules. Pursuant to FINRA Rule 5110(e)(1), these securities will not be the subject of any hedging, short sale, derivative, put or call transaction that would result in the economic disposition of the securities by any person for a period of 180 days immediately following the effective date of the registration statements related to the IPO, nor may they be sold, transferred, assigned, pledged or hypothecated for a period of 180 days immediately following the effective date of the registration statements related to the IPO except to any underwriter and selected dealer participating in the IPO and their bona fide officers or partners.

NOTE ~~10.~~9. FAIR VALUE MEASUREMENTS

The Company follows the guidance in ASC Topic 820 for its financial assets and liabilities that are

re-measured

and reported at fair value at each reporting period, and

non-financial

assets and liabilities that are

re-measured

and reported at fair value at least annually.

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The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:


Level 1:		Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.


Level 2:		Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.


Level 3:		Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.

The following table presents information about the Company’s derivative warrant liabilities that are measured at fair value on a recurring basis as of ~~September 30,~~March 31, 2022 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value:


Description	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Asset:
Marketable securities held in Trust Account	$	107,013,092	$	—	$	—
Warrant Liabilities:
Public Warrants	$	4,312,500	$	—	$	—
Private Placement Warrants	$	—	$	—	$	149,133

The following table presents information about the Company’s derivative warrant liabilities that are measured at fair value on a recurring basis as of December 31, 2021 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value:

Quoted Prices in

Significant Other

Significant Other

Active Markets

Observable Inputs

Unobservable Inputs
Description

(Level 1)

(Level 2)

(Level 3)
Asset:






Marketable securities held in Trust Account

$
116,772,171

$
—

$
—
Warrant Liabilities:






Public Warrants

$
3,795,000

$
—

$
—
Private Placement Warrants

$
—

$
—

$
214,987


Description	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Asset:
Marketable securities held in Trust Account	$	116,784,563	$	—	$	—
Warrant Liabilities:
Public Warrants	$	6,727,500	$	—	$	—
Private Placement Warrants	$	—	$	—	$	298,856

At ~~September 30,~~March 31, 2022 and December 31, 2021, assets held in the Trust Account were ~~comprised of $983 in cash and $116,771,188~~primarily invested in U.S. Treasury Securities.

The Company utilizes a modified Monte Carlo simulation to estimate the fair value of the private warrants and quoted prices in active markets for the public warrants at each reporting period.

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Table of Contents

The estimated fair value of the private placement warrant liabilities is determined using Level 3 inputs. Inherent in a Monte Carlo simulation are assumptions related to expected stock-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its common stock based on historical volatility of select peer companies that matches the expected remaining life of the warrants. The ~~risk-free~~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 remaining at zero.

The following table provides quantitative information regarding Level 3 fair value measurements inputs as their measurement dates:

June 30, 2021

September 30, 2021

(Private Warrants)

(Private Warrants)

Exercise price

$
11.50

$
11.50

Share price

$
9.94

$
10.00

Expected term (years)

5.00

5.00

Probability of Acquisition

80.0
%

80.0
%
Volatility

13.5
%

15.5
%
Risk-free rate

0.92
%

0.87
%
Dividend yield (per share)

0.00
%

0.00
%


	January 7, 2021						December 31, 2021			March 31, 2022
	(Public Warrants)			(Private Warrants)			(Private Warrants)			(Private Warrants)
Exercise price	$	11.50		$	11.50		$	11.50		$	11.50
Share price	$	10.00		$	10.00		$	10.00		$	10.00
Expected term (years)		6.00			6.00			5.52			5.27
Probability of Acquisition		80.0	%		80.0	%		80.0	%		80.0	%
Volatility		5.0	%		5.0	%		5.0	%		4.7	%
Risk-free rate		0.11	%		0.11	%		0.06	%		2.42	%
Dividend yield (per share)		0.00	%		0.00	%		0.00	%		0.00	%

~~Table of Contents~~

The Public Warrants were initially valued using Level 3 fair value measurements as noted above until March 24, 2021 when they separated from the units and began trading on NASDAQ. At March 24, 2021 and through March 31, 2022 they were valued using Level 1 fair value measurements.

The ~~following~~ table ~~presents~~below provides a summary of the changes in ~~the~~ fair value, including net transfers in and/or out, of ~~warrant liabilities:~~

Private Placement

Public Warrant

Warrant Liability
Fair value as of January 7, 2021

$
384,480

$
10,477,500

$
10,861,980
Change in valuation inputs or other assumptions⁽¹⁾⁽²⁾

(195,480)

(6,423,750)

(6,619,230)
Fair Value as of March 31, 2021

$
189,000

$
4,053,750

$
4,242,750
Change in valuation inputs or other assumptions⁽¹⁾⁽²⁾

44,297

690,000

734,297
Fair value as of June 30, 2021

$
233,297

$
4,743,750

$
4,977,047
Change in valuation inputs or other assumption⁽¹⁾⁽²⁾

(18,310)

(948,750)

(967,060)

$
214,987

$
3,795,000

$
4,009,987

~~(1) Changes in valuation inputs or other assumptions are recognized in change in~~all financial assets and liabilities measured at fair value ~~of warrant liability in the statement of operations.~~

~~(2) Changes are due to the use of quoted prices in an active market (Level 1) and the use of~~on a recurring basis using significant unobservable inputs ~~based on assessment of the assumptions~~ (Level 3) ~~for Public Warrants (after becoming actively traded) and Private Placement Warrants, respectively.~~

during the period from January 7, 2021 through March 31, 2022.


	Fair Value Measurement Using Level 3 Inputs Total
Balance, January 7, 2021	$	0
Derivative liabilities recorded on issuance of derivative warrants		10,861,980
Transfer of public warrants from Level 3 to Level 1		(6,727,500	)
Change in fair value of derivative liabilities		(3,985,314	)
March 31, 2022	$	149,133

NOTE 11. SUBSEQUENT EVENTS

In accordance with ASC Topic 855, ~~"Subsequent Events"~~“Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred up to ~~November 23, 2021,~~

May [16], 2022 the

date the financial statements were available to issue. Based upon this review, ~~except as noted below,~~ the Company did not identify any subsequent events that would have required adjustment or disclosure in the condensed financial statements.

~~On November 12, 2021, the Sponsor provided a commitment to provide a $1,000,000 non-interest bearing loan for working capital purposes.~~

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Table of Contents

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

References in this report (the “Quarterly Report”) to “we,” “us” or the “Company” refer to Benessere Capital Acquisition Corp. References to our “management” or our “management team” refer to our officers and directors, and references to the “Sponsor” refer to ARC Global Investments LLC. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the financial statements and the notes thereto contained elsewhere in this Quarterly Report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

Special Note Regarding Forward-Looking Statements

This Quarterly Report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Exchange Act that are not historical facts, and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements, other than statements of historical fact included in this Quarterly Report including, without limitation, statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding the Company’s financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements. ~~Words~~When used in this Report, words such as ~~“expect,~~“anticipate,” “believe,” ~~“anticipate,” “intend,”~~ “estimate,” ~~“seek” and variations~~“expect,” “intend” and similar ~~words and~~ expressions, ~~are intended~~as they relate to us or the Company’s management, identify ~~such~~ forward-looking statements. Such forward-looking statements ~~relate to future events or future performance, but reflect management’s current beliefs,~~are based on the beliefs of management, as well as assumptions made by, and information currently ~~available. A number of factors~~available to, the Company’s management. Actual results could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. For information identifying important factors that could cause actual results to differ materially from those ~~anticipated~~contemplated by the forward- looking statements as a result of certain factors detailed in ~~the forward-looking statements, please refer to the Risk Factors section of the Company’s final prospectus for its initial public offering filed~~our filings with the U.S. Securities and Exchange Commission (the “SEC”). All subsequent written or oral forward-looking statements attributable to us or persons acting on the Company’s behalf are qualified in their entirety by this paragraph. The Company’s securities filings can be accessed on the EDGAR section of the SEC’s website at www.sec.gov. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the financial statements and the notes thereto contained elsewhere in this Report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

Overview

We are a blank check company formed under the laws of the State of Delaware on September 25, 2020 for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses. We intend to effectuate our business combination using cash from the proceeds of the initial public offering and the sale of the private placement units, our capital stock, debt or a combination of cash, stock 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

On January 7, 2022, the Company held a stockholder meeting to extend the date by which the Company has to consummate a business combination from January 7, 2022 to July 7, 2022. As part of the meeting, stockholders redeemed 1,170,511 shares of the Company’s Class A common stock exercised their right to redeem such shares for a pro rata portion of the funds in the Company’s trust account. As a result, approximately $11,886,421 (approximately $10.15 per share) was removed from the Company’s trust account to pay such holders. As part of the extension meeting to extend the liquidation date to July 7, 2022, the Sponsor and eCombustible each loaned to the Company $1,032,949 to deposit into the Company’s trust account for each share of the Company’s Class A common stock (“Public Share”) that was not redeemed. The Contributions were non-interest bearing and repayable on the consummation of the Company’s business combination.

Results of Operations

We have neither engaged in any operations nor generated any revenues to date. Our only activities from inception through ~~September 30, 2021~~March 31, 2022 were organizational activities and those necessary to prepare for the initial public offering, described ~~below.~~below and identifying 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 ~~expect to~~ generate

non-operating

income in the form of interest income on marketable securities held after the initial public offering. 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.

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Table of Contents

For the three months ended ~~September 30, 2021,~~March 31, 2022, we had net income of ~~$832,353,~~$1,589,312, which ~~consists~~consisted primarily of a ~~$967,060~~$2,564,723 gain from change in fair value of warrant liability ~~franchise tax expense~~partially offset by $1,018,729 of ~~$65,709,~~ operating ~~costs of $78,808 and $9,810 interest income on marketable securities held in the Trust Account.~~

costs.

For the ~~nine~~three months ended ~~September 30,~~March 31, 2021, we had net income of ~~$6,048,112,~~$6,157,111, which ~~consists~~consisted primarily of ~~interest income on marketable securities held in the Trust Account of $47,171,~~a $6,619,230 gain ~~of $6,851,993~~ from change in fair value of warrant ~~liability, franchise tax expense of $149,042, operating costs of $536,110 and non-operating costs of $165,900.~~

liability.

F-22

Table of Contents

Liquidity, ~~and~~ Capital Resources

and Going Concern

Until the consummation of the initial public offering, our only source of liquidity was an initial purchase of Class B common stock by the Sponsor and loans from our Sponsor.

On January 7, 2021, we consummated the initial public offering of 10,000,000 units, at a price of $10.00 per unit, generating gross proceeds of $100,000,000. Simultaneously with the closing of the initial public offering, we consummated the sale of 360,000 private placement units at a price of $10.00 per private placement unit in a private placement to our Sponsor, generating gross proceeds of $3,600,000.

On January 27, 2021, we sold an additional 1,500,000 units for total gross proceeds of $15,000,000 in connection with the underwriters’ full exercise of their over-allotment option. Simultaneously with the closing of the over-allotment option, we also consummated the sale of an additional 33,750 private placement units at $10.00 per private placement unit, generating additional proceeds of $337,500.

Following the initial public offering, the partial exercise of the over-allotment option, and the sale of the private placement units, a total of $116,725,000 was placed in the trust account. We incurred $4,701,732 in transaction costs, including $862,500 of underwriting fees, $3,450,000 of deferred underwriting fees and $468,587 of other offering costs.

For the ~~nine~~three months ended ~~September 30, 2021,~~March 31, 2022, cash used in operating activities was ~~$681,077.~~$323,512. Net income of ~~$6,048,112~~$1,330,562 was impacted by interest earned on marketable securities held in the Trust Account of ~~$47,171,~~$43,318, changes in fair value of warrant liability of ~~$6,851,993,~~$2,305,973, and changes in operating assets and liabilities ~~which provided $169,975~~ of ~~cash from operating activities.~~

$695,217.

As of ~~September 30, 2021,~~March 31, 2022, we had cash and marketable securities of ~~$116,772,172~~$107,013,092 held in the Trust Account. We intend to use substantially all of the funds held in the trust account, including any amounts representing interest earned on the trust account to complete our business combination. We may withdraw interest to pay taxes. We estimate our annual franchise tax obligations, based on the number of shares of our common stock currently authorized and outstanding, to be $200,000, which is the maximum amount of annual franchise taxes payable by us as a Delaware corporation per annum, which we may pay from funds from this IPO held outside of the trust account or from interest earned on the funds held in our trust account and released to us for this purpose. Our annual income tax obligations will depend on the amount of interest and other income earned on the amounts held in the trust account. We expect the interest earned on the amount in the trust account will be sufficient to pay our income taxes. To the extent that our capital stock 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.

On February 11, 2022, the Company paid $99,200 to the SEC as a filing fee for the filing of the Pubco Registration Statement.

On March 24, 2022, the Company paid $62,500, representing 50% of the fee required under the Hart-Scott-Rodino (“HSR”) Act and the rules of the Federal Trade Commission (the “FTC”), to the FTC, for purposes of a premerger notification and HSR filing under these rules, which is customary for business combinations and required in connection with the eCombustible Business Combination. eCombustible paid the remainder of this fee to the FTC.

As of ~~September 30, 2021,~~March 31, 2022, we had cash of ~~$433,799~~$8,679 outside of the Trust Account. 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.

[During the three months ended March 31, 2022 we received $215,000 in advances from our Sponsor to fund operations.

F-23

Table of Contents

In order to fund working capital deficiencies or finance transaction costs in connection with a business combination, our Sponsor or an affiliate of our Sponsor or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. If we complete a business combination, we may repay such loaned amounts out of the proceeds of the trust account released to us. 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 may be convertible into units, at a price of $10.00 per unit, at the option of the lender. The units would be identical to the private placement units.

On November 11, 2021, the Sponsor committed to providing an aggregate of up to $1,000,000 to the Company in order to finance working capital costs of the Company (the “Working Capital Loan”). As of March 31, 2022 and December 31, 2021, we had borrowed $215,000 and $0, respectively, under the Working Capital Loan.

Other than as described above, the terms of such loans by our officers and directors, if any, have not been determined and no written agreements exist with respect to such loans. Additionally, we have the ability to draw on the Working Capital Loan (as defined below) from our sponsor. We do not expect to seek loans from parties other than our sponsor or an affiliate of our sponsor as we do not believe third parties will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds in our trust account.

In order to fund working capital deficiencies or finance transaction costs in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain of our officers and directors may, but are not obligated to, loan us funds on a non-interest bring basis as may be required. If we complete our initial business combination, we would repay such loaned amounts. In the event that our initial business combination does not close, we may use a portion of the working capital held outside the trust account to repay such loaned amounts but no proceeds from our trust account would be used for such repayment. Up to $1,500,000 of such loans may be convertible into units, at a price of $10.00 per unit at the option of the lender, upon consummation of our initial business combination. The units would be identical to the placement units. Other than as described above, the terms of such loans by our officers and directors, if any, have not been determined and no written agreements exist with respect to such loans. Additionally, we have the ability to draw on the Working Capital Loan (as defined below) from our sponsor. We do not expect to seek loans from parties other than our sponsor or an affiliate of our sponsor as we do not believe third parties will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds in our trust account.

The company has incurred and expects to incur significant costs in pursuit of its acquisition plans. We may need to raise additional funds in order to meet the expenditures required for operating our ~~business due to our current cash on hand including the $1 million firm commitment from our Sponsor.~~business. However, if our ~~estimate~~estimates of the costs of identifying a target business, undertaking in-depth due diligence and negotiating aan initial business combination are less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our initial business combination. Moreover, we may need to obtain additional financing either to complete our initial business combination or because we become obligated to redeem a significant number of our public ~~subunits~~shares upon ~~consummation~~completion of our initial business combination, in which case we may issue additional securities or incur debt in connection with such business combination. In addition, we intend to target businesses larger than we could acquire with the net proceeds of the IPO and the sale of the placement units, and may as a result be required to seek additional financing to complete such proposed initial business combination. Subject to compliance with applicable securities laws, we would only complete such financing simultaneously with the completion of our initial business combination. If we are unable to complete our initial business combination because we do not have sufficient funds available to us, we will be forced to cease operations and liquidate the trust account. In addition, following our initial business combination, if cash on hand is insufficient, we may need to obtain additional financing in order to meet our obligations.

~~As of November 11, 2021 we have~~ While the company intends to complete the proposed Business Combination before July 7, 2022 there are no assurances that this will happen. The date for mandatory liquidation and subsequent dissolution raises substantial doubt about the Company’s ability to continue as a ~~$1 million loan committment from our Sponsor.~~

going concern.

F-24

Table of Contents

~~Management believes that~~

Related Party Transactions

The Sponsor advanced the Company ~~has sufficient working capital~~an aggregate of $108,200 to cover expenses related to the IPO. The advances were

non-interest

bearing and ~~borrowing capacity~~due on demand. The outstanding balance under the Promissory Note of $108,200 was fully repaid on January 11, 2021.

On September 30, 2020, our sponsor purchased 2,875,000 founder shares for an aggregate purchase price of $25,000, or approximately $0.009 per share. On October 10, 2020, our sponsor transferred 10,000 founder shares to ~~meet its needs through~~our Chief Financial Officer and 5,000 to each of our four independent directors. On November 27, 2020, our sponsor transferred 10,000 founder shares to our Chief Operating Officer and 5,000 to each of our two special advisors. The number of founder shares issued was determined based on the expectation that such founder shares would represent 20% of the outstanding shares upon completion of the IPO (excluding the representative shares and the placement units and underlying securities). The per share purchase price of the founder shares was determined by dividing the amount of cash contributed to the company by the aggregate number of founder shares issued. The founder shares (including the Class A common stock issuable upon exercise thereof) may not, subject to certain limited exceptions, be transferred, assigned or sold by the holder.

Until the earlier of the Company’s consummation of a Business Combination and its liquidation, we pay Benessere Enterprises Inc., an affiliate of our sponsor, a total of $10,000 per month for office space, utilities and secretarial and administrative support. Upon completion of our initial business combination or ~~one year from this filing. Over this time period, the Company~~our liquidation, we will cease paying these monthly fees.

Our sponsor, officers and directors, or any of their respective affiliates, will be ~~using the funds held outside of the Trust Account~~reimbursed for ~~paying existing accounts payable,~~any

out-of-pocket

expenses incurred in connection with activities on our behalf such as identifying potential target businesses and ~~evaluating prospective initial Business Combination candidates,~~ performing due diligence on ~~prospective target businesses, paying~~suitable business combinations. Our audit committee will review on a quarterly basis all payments that were made to our sponsor, officers or directors or our or their affiliates and will determine which expenses and the amount of expenses that will be reimbursed. There is no cap or ceiling on the reimbursement of

out-of-pocket

expenses incurred by such persons in connection with activities on our behalf.

In addition, in order to finance transaction costs in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. If we complete our initial business combination, we would repay such loaned amounts. In the event that our initial business combination does not close, we may use a portion of the working capital held outside the trust account to repay such loaned amounts but no proceeds from our trust account would be used for ~~travel expenditures, selecting~~such repayment. Up to $1,500,000 of such loans may be convertible into units, at a price of $10.00 per unit at the ~~target~~option of the lender, upon consummation of our initial business combination. The units would be identical to ~~merge~~the placement units. The terms of such loans by our officers and directors, if any, have not been determined and no written agreements exist with respect to such loans. We do not expect to seek loans from parties other than our sponsor or ~~acquire,~~an affiliate of our sponsor as we do not believe third parties will be willing to loan such funds and ~~structuring, negotiating~~provide a waiver against any and ~~consummating~~all rights to seek access to funds in our trust account. On November 11, 2021, the ~~Business Combination.~~

Sponsor provided a commitment to provide a $1,000,000

non-interest

bearing loan for working capital purpose. There were no amounts outstanding at December 31, 2021.

On January 12, 2022, we issued the Extension Notes, described below in Related Party Loans.

F-25

Table of Contents

Upon the IPO, our sponsor purchased an aggregate of 360,000 placement units at a price of $10.00 per unit for an aggregate purchase price of $3,600,000. The over-allotment option has been exercised in full, the amount of placement units sold was 393,750 for an aggregate purchase price of $3,937,500. Each placement unit consists of one share of Class A common stock and three-fourths of one warrant. Each whole warrant is exercisable to purchase one whole share of common stock at $11.50 per share. Each right entitles the holder thereof to receive
one-tenth
(1/10) of one Class A common stock upon consummation of our initial business combination, so you must hold rights in multiples of 10 in order to receive shares for all of your rights upon closing of a business combination. There will be no redemption rights or liquidating distributions from the trust account with respect to the founder shares, the representative shares, the placement shares, placement warrants or the placement rights, which will expire worthless if we do not consummate a business combination by July 7, 2022. The placement units are identical to the units sold in the IPO except that (a) the placement units and their component securities will not be transferable, assignable or saleable until 30 days after the consummation of our initial business combination except to permitted transferees, (b) the placement warrants, so long as they are held by our sponsor or its permitted transferees, (i) will not be redeemable by us, (ii) may be exercised by the holders on a cashless basis, and (iii) will be entitled to registration rights.
Our initial stockholders have agreed to waive their redemption rights with respect to their founder shares and placement shares (i) in connection with the consummation of a business combination, (ii) in connection with a stockholder vote to amend our amended and restated certificate of incorporation to modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or certain amendments to our charter prior thereto or to redeem 100% of our public shares if we do not complete our initial business combination by July 7, 2022 and (iii) if we fail to consummate a business combination by July 7, 2022 or if we liquidate prior to by July 7, 2022 period. However, our initial stockholders will be entitled to redemption rights with respect to any public shares held by them if we fail to consummate a business combination or liquidate by July 7, 2022. In addition, the holders of the representative shares have agreed (i) to waive their redemption rights (or right to participate in any tender offer) with respect to such shares in connection with the completion of our initial business combination and (ii) to waive their rights to liquidating distributions from the trust account with respect to such shares if we fail to complete our initial business combination by July 7, 2022.
Pursuant to a registration rights agreement entered into on January 4, 2021, we may be required to register certain securities for sale under the Securities Act. These holders (including the holders of representative shares), and holders of units issued upon conversion of working capital loans, if any, are entitled under the registration rights agreement to make up to three demands that we register certain of our securities held by them for sale under the Securities Act and to have the securities covered thereby registered for resale pursuant to Rule 415 under the Securities Act. In addition, these holders have the right to include their securities in other registration statements filed by us. We will bear the costs and expenses of filing any such registration statements.

Off-Balance
Sheet Arrangements

We did not have any

off-balance

sheet arrangements as of ~~September 30, 2021.~~

March 31, 2022.

Contractual Obligations

We do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities, other than an agreement to pay our Sponsor, and since January 2021, an affiliate of our Sponsor a monthly fee of $10,000 for office space, administrative and support services to us. We began incurring these fees on January 21, 2021 and will continue to incur these fees monthly until the earlier of the completion of our initial Business Combination and our liquidation.

The underwriters are entitled to a deferred fee of $0.30 per unit, or $3,450,000 in the aggregate. The deferred fee will become payable to the underwriters solely in the event that the Company completes a business combination, subject to the terms of the underwriting agreement.

F-26

Table of Contents

Related Party Loans

Working Capital Loan

Extension Notes

On January 12, 2022, we issued promissory notes (the “Extension Notes”) in the aggregate principal amount of $2,065,898 to the Sponsor and eCombustible, pursuant to which each of the Sponsor and eCombustible loaned to the Company $1,032,949 to deposit into the Company’s trust account for each public share that was not redeemed in connection with the extension of the Company’s termination date from January 7, 2022 to July 7, 2022.

The proceeds of the Extension Notes, along with the other funds in the trust account will be distributed either to: (i) all of the holders of public shares upon our liquidation or (ii) holders of public shares who elect to have their shares redeemed in connection with the consummation of our initial Business Combination.

The Extension Notes bear no interest and are repayable in full upon the earlier of (a) the date of the consummation of our initial Business Combination, or (b) the date of our liquidation.

Critical Accounting Policies

The preparation of condensed 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 as our critical accounting policies:

Net loss per common share

We apply the
two-class
method in calculating earnings per share. Common stock subject to possible redemption which is not currently redeemable and is not redeemable at fair value, has been excluded from the calculation of basic net loss per common share since such shares, if redeemed, only participate in their pro rata share of the Trust Account earnings. Our net income is adjusted for the portion of income that is attributable to common stock subject to possible redemption, as these shares only participate in the earnings of the Trust Account and not our income or losses.

Recent Accounting Standards

In August 2020, the FASB issued ASU

No. 2020-06, ~~"Debt—Debt~~

“Debt-Debt with Conversion and Other Options (Subtopic

470-20)

and Derivatives and ~~Hedging—Contracts~~Hedging-Contracts in ~~Entity's~~Entity’s Own Equity (Subtopic

815-40):

Accounting for Convertible Instruments and Contracts in an ~~Entity's~~Entity’s Own ~~Equity" ("~~Equity” (“ASU ~~2020-06"~~

2020-06”),

which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. ASU

2020-06

would have on its financial position, results of operations or cash flows.

Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on our condensed financial statements.

Warrant Liabilities

815-15.

The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is

re-assessed

at the end of each reporting period. In accordance with ASC

825-10 ~~“Financial~~

F-27

Table of Contents

We account for the warrants issued in connection with our Initial Public Offering in accordance with the guidance contained in ASC 815 under which the warrants do not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, we

~~Table of Contents~~

classify the warrants as liabilities at their fair value and adjust the warrants to fair value at each reporting period. This liability is subject to

re-measurement

at each balance sheet date until exercised, and any change in fair value is recognized in our statement of operations. The fair value of warrants were estimated using a Modified Monte Carlo Simulation.

Class A Common Stock Subject to Possible Redemption

We account for our shares of Class A common stock subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Class A common stock subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally redeemable stock (including stock that features redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within our control) is classified as temporary equity. At all other times, stock is classified as stockholders’ equity. Our shares of Class A common stock feature certain redemption rights that are considered to be outside of our control and subject to occurrence of uncertain future events. Accordingly, our Class A common stock subject to possible redemption is presented as temporary equity, outside of the stockholders’ equity section of our condensed interim balance sheets.

Factors That May Adversely Affect Our Results of Operations

Our results of operations and our ability to complete an initial business combination may be adversely affected by various factors that could cause economic uncertainty and volatility in the financial markets, many of which are beyond our control. Our business could be impacted by, among other things, downturns in the financial markets or in economic conditions, increases in oil prices, inflation, increases in interest rates, supply chain disruptions, declines in consumer confidence and spending, the ongoing effects of the

COVID-19

pandemic, including resurgences and the emergence of new variants, and geopolitical instability, such as the military conflict in the Ukraine. We cannot at this time fully predict the likelihood of one or more of the above events, their duration or magnitude or the extent to which they may negatively impact our business and our ability to complete an initial business combination.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not required for smaller reporting companies.

Item 4. Controls and Procedures

On April 12, 2021, the staff at the Securities and Exchange Commission (the “SEC”) issued a statement on “Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies” (“SPACs”) (the “SEC Statement”). In the SEC Statement, the SEC staff noted that certain provisions in the typical SPAC warrant agreement may require that the warrants be classified as a liability measured at fair value, with changes in fair value reported each period in earnings, as compared to the historical treatment

F-28

Table of ~~the warrants as equity, which has been the practice of most SPACs, including us. We had previously classified our warrants, which we issued on January 7, 2021, as equity.~~

In connection with the preparation of our Form 10-Q for the period ending March 31, 2021, and in light of the SEC Statement (as defined herein), we revised our prior position on accounting for our warrants. We have restated our January 7, 2021 audited balance sheet included in the Company’s Current Report on Form 8-K filed on January 14, 2021 (the “Prior Financial Statements”) to reclassify the Company’s warrants reclassified such warrants as a liability.

In connection with the preparation of our Form 10-Q for the period ended September 30, 2021, we revised our prior position on accounting for our Class A common stock to reclassify certain Class A common stock we issued in January 2021 as part of the Initial Public Offering from stockholders’ equity to temporary equity. We restated previously issued financial statements as noted in footnote 2

Contents

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures are designed to ensure that information required to be disclosed by us in our Exchange Act reports is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

We do not expect that our disclosure controls and procedures will prevent all errors and all instances of fraud. Disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Further, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and the benefits must be considered relative to their costs. Because of the inherent limitations in all disclosure controls and procedures, no evaluation of disclosure controls and procedures can provide absolute assurance that we have detected all our control deficiencies and instances of fraud, if any. The design of disclosure controls and procedures also is based partly on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

F-29

Table of Contents

As required by Rules

13a-15

and

15d-15

under the Exchange Act, our Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures. Based upon their evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, due to the Company’s ~~restatement of its Prior Financials to reclassify the Company’s warrants as well as the Company’s restatement of its previously issued~~material weakness for accounting for complex financial ~~statements as noted in footnote 2 to reclassify the Company’s Class A common stock,~~instruments, the Company’s disclosure controls and procedures (as defined in Rules

13a-15

(e) and

15d-15

(e) under the Exchange Act) were not effective as of ~~September 30, 2021.~~

March 31, 2022.

A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis. In connection with the evaluation of the SEC Statement and management’s subsequent

re-evaluation

of its Prior Financial Statements, the Company determined that there were errors in its accounting for its warrants and redeemable shares. Management concluded that a material weakness in internal control over financial reporting existed relating to the accounting treatment for complex financial instruments and that the failure to properly account for such instruments constituted a material weakness. This material weakness resulted in the need to restate the Prior Financial Statements.

Changes in Internal Control over Financial Reporting

There was no change in our internal control over financial reporting that occurred during the fiscal quarter ended ~~September 30, 2021~~March 31, 2022 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, with the exception of the below.

The Chief Executive Officer and Chief Financial Officer performed additional accounting and financial analyses and other post-closing procedures including consulting with subject matter experts related to the accounting for the Public Warrants and Private Placement Warrants and the restatement of the Prior Financials. The Company’s management has expended, and will continue to expend, a substantial amount of effort and resources for the remediation of the material weakness and improvement of our internal control over financial reporting. While we have processes to properly identify and evaluate the appropriate accounting technical pronouncements and other literature for all significant or unusual transactions, we have expanded and will continue to improve these processes to ensure that the nuances of such transactions are effectively evaluated in the context of the increasingly complex accounting standards.

F-30

Table of Contents

PART II -— OTHER INFORMATION

Item 1. Legal Proceedings.

~~None.~~

To the knowledge of our management team, there is no litigation currently pending or contemplated against us, any of our officers or directors in their capacity as such or against any of our property, except as described below.

We recently received a subpoena from the SEC seeking various documents regarding, among other things, meetings of our Board of Directors; communications with and the evaluation of potential targets, including eCombustible; communications relating to eCombustible; agreements with certain advisors and affiliates; and documents sufficient to identify banking, telephone, and email addresses. At this time, neither Benessere, BCAC Holdings nor eCombustible appear to be a focus of the SEC’ investigation. Additionally, according to the subpoena, the existence of an investigation does not mean that the SEC has concluded that anyone violated the law or that the SEC has a negative opinion of any person, entity, or security. To the extent that we become a focus of the SEC’ investigation, any resolution of the investigation, could result in the imposition of significant penalties, or injunctions, prohibitions on the conduct of our business, damage to our reputation and other sanctions against us, including restrictions on our activities.

Item 1A. Risk Factors.

Factors that could cause our actual results to differ materially from those in this report include the risks described in our Annual Report on Form

10-K

filed with the SEC on ~~March 31, 2021~~April 12, 2022 (the “Form

10-K”).

As of the date of this Quarterly Report on Form

10-Q, ~~other than as set forth below,~~

there have been no material changes to the risks disclosed in the Form

10-K

filed with the SEC.

We have identified a material weakness in our internal control over financial reporting as of September 30, 2021. If we are unable to develop and maintain an effective system of internal control over financial reporting,

In addition, we may ~~not~~ be ~~able~~subject to ~~accurately report our financial results~~the following risk in connection with changes in laws and regulations.

Changes in laws or regulations, or a ~~timely manner, which~~failure to comply with any laws and regulations, may ~~adversely affect investor confidence in us and materially and~~ adversely affect our business, ~~and operating results.~~

After consultation with our management, our audit committee identified, in light of the prior reclassification of warrants from equity to liability, as well as the reclassification of our redeemable Class A common stock as temporary equity, a material weakness in our internal controls over financial reporting relating to our accounting for complex financial instruments. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented, or detected and corrected on a timely basis.

Effective internal controls are necessary for us to provide reliable financial reports and prevent fraud. Measures to remediate material weaknesses may be time-consuming and costly and there is no assurance that such initiatives will ultimately have the intended effects. If we identify any new material weaknesses in the future, any such newly identified material weakness could limitincluding our ability to ~~prevent~~negotiate and complete our initial business combination and results of operations.

We are subject to laws and regulations enacted by national, regional and local governments. In particular, we will be required to comply with certain SEC and other legal requirements. Compliance with, and monitoring of, applicable laws and regulations may be difficult, time consuming and costly. Those laws and regulations and their interpretation and application may also change from time to time and those changes could have a material adverse effect on our business, investments and results of operations. In addition, a failure to comply with applicable laws or ~~detect~~regulations, as interpreted and applied, could have a ~~misstatement~~material adverse effect on our business, including our ability to negotiate and complete our initial business combination and results of ~~our accounts~~operations.

On March 30, 2022, the SEC issued proposed rules relating to, among other items, disclosures in business combination transactions involving special purpose acquisition companies (“SPACs”) and private operating companies; the financial statement requirements applicable to transactions involving shell companies; the use of projections in SEC filings in connection with proposed business combination transactions; the potential liability of certain participants in proposed business combination transactions; and the extent to which SPACs could become subject to regulation under the Investment Company Act of 1940, as amended, including a proposed rule that would provide SPACs a safe harbor from treatment as an investment company if they satisfy certain conditions that limit a SPAC’s duration, asset composition, business purpose and activities. These rules, if adopted, whether in the form proposed or ~~disclosures that could result~~ in a ~~material misstatement~~revised form, may increase the costs of our annual or interim financial statements. In such case, we may be unable to maintain compliance with securities law requirements regarding timely filing of periodic reports in addition to applicable stock exchange listing requirements, investors may lose confidence in our financial reporting and our share price may decline. We cannot assure you that the measures we have taken to date, or any measures we may take in the future, will be sufficient to avoid potential future material weaknesses.

As a result of the material weakness in our internal controls over financial reporting described above, the change in accounting for our warrants and redeemable Class A common stock, and other matters raised or that may in the future be raised by the SEC, we may face for the prospect of litigation or other disputes which may include, among others, claims invoking the federal and state securities laws, contractual claims or other claims arising from the material weaknesses in our internal control over financial reporting and the ~~preparation of our financial statements, any of~~time needed to negotiate and complete an initial business combination, and may constrain the circumstances under which ~~claims~~we could ~~result in adverse effects to our business. As of the date hereof, we have no knowledge of any such litigation or dispute.~~

complete an initial business combination.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

~~Use of Proceeds~~

On January 7, 2021, we consummated the initial public offering of 10,000,000 units. On January 27, 2021, in connection with the underwriters’ election to fully exercise their over-allotment option, we sold an additional 1,500,000 units. The units sold in the initial public offering and the full exercise of over-allotment option sold at an offering price of $10.00 per unit, generating total gross proceeds of $115,000,000. Kingswood Capital Markets, division of Benchmark Investments, Inc. acted as sole book-running manager of the initial public offering. The securities in the offering were registered under the Securities Act on a registration statement on Form S-1 (No. 333-249814). The Securities and Exchange Commission declared the registration statement effective on January 4, 2021.

Simultaneously with the consummation of the initial public offering, we consummated the private placement of an aggregate of 360,000 units at a price of $10.00 per private placement unit, generating proceeds of $3,600,000. Simultaneously with the closing of the underwriters’ full exercise of the over-allotment option, we consummated the private placement of an additional 33,750 private placement units at a price of $10.00 per private placement unit, generating additional proceeds of $337,500. The issuances were made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act.

None.

~~Table of Contents~~

The private placement units are identical to the units sold in the initial public offering, except that the private placement units are not transferable, assignable or salable until 30 days after the completion of a business combination, subject to certain limited exceptions.

~~Of the gross proceeds received from the initial public offering including the over-allotment option, and the private placement units, $116,725,000 was placed in the trust account.~~

We paid a total of $862,500 in underwriting discounts and commissions and $297,682 for other offering costs related to the initial public offering. In addition, the underwriters agreed to defer $3,450,000 in underwriting discounts and commissions.

There has been no material change in the planned use of the proceeds from the initial public offering and private placement as is described in the Company’s final prospectus related to the initial public offering.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not Applicable.

Item 5. Other Information.

~~None.~~

None.

F-31

Table of Contents

Item 6. Exhibits

The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form

10-Q.


No.	Description of Exhibit
~~No.~~		~~Description of Exhibit~~
31.1* 3.1	Amendment to Amended and Restated Certificate of Incorporation (Amendment to Amended and Restated Certificate of Incorporation of the Company (incorporated by reference to the Company’s Current Report on Form 8-K, filed with the SEC on January 13, 2022).

10.1	Promissory Note issued to ARC Global Investments LLC (incorporated by reference to the Company’s Current Report on Form 8-K, filed with the SEC on January 13, 2022).

10.2	Promissory Note issued to eCombustible Energy LLC (incorporated by reference to the Company’s Current Report on Form 8-K, filed with the SEC on January 13, 2022).

31.1*	Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*
31.2*	Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1**	Certification of 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 Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*
101.INS*	Inline XBRL Instance Document
101.CAL*
101.CAL*	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.SCH*
101.SCH*	Inline XBRL Taxonomy Extension Schema Document
101.DEF*
101.DEF*	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*
101.LAB*	Inline XBRL Taxonomy Extension Labels Linkbase Document
101.PRE*
101.PRE*	Inline XBRL Taxonomy Extension Presentation Linkbase Document
~~104~~
104	Cover Page Interactive File

*~~Filed herewith.~~

**	~~Furnished.~~ Filed herewith.

**	Furnished.

F-32

Table of Contents

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


		BENESSERE CAPITAL ACQUISITION CORP.

Date: ~~November 18, 2021~~ May 16, 2022	~~By:~~	By:	/s/ Patrick Orlando
	~~Name:~~	Name:	Patrick Orlando
	~~Title:~~	Title:	Chief Executive Officer
			(Principal Executive Officer)

Date: ~~November 18, 2021~~ May 16, 2022	~~By:~~	By:	/s/ Francisco O. Flores
	~~Name:~~	Name:	Francisco O. Flores
	~~Title:~~	Title:	Chief Financial Officer
			(Principal Accounting and Financial Officer)

F-33


	September 30,		December 31,
	2021		2020
	(Unaudited)
ASSETS
Cash	$	433,799	$	4,858
Prepaid expenses		13,600		—
Prepaid insurance		41,665		—
Total Current Assets		489,064		4,858
Deferred offering costs		—		91,550
Cash and marketable securities held in Trust Account		116,772,172		—
Total Assets	$	117,261,236	$	96,408

LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current Liabilities
Accounts payable	$	878	$	878
Accrued expense		68,628		—
Promissory note - related party		—		108,200
Franchise tax payable		149,042		—
Total Current Liabilities		218,548		109,078
Deferred underwriting commission		3,450,000		—
Warrant liability		4,009,987		—
Total Liabilities		7,678,535		109,078

Commitments and Contingencies
Class A common stock subject to possible redemption; 11,500,000 shares and 0 shares at redemption value at September 30, 2021 and December 31, 2020 respectively		116,725,000		—

Stockholders’ Deficit
Preferred shares, $0.0001 par value; 1,000,000 shares authorized; NaN issued or outstanding		—		—
Class A common share, $0.0001 par value; 100,000,000 shares authorized; 393,750 issued and outstanding, excluding 11,500,000 shares subject to possible redemption		39		—
Class B common share, par value $0.0001; 10,000,000 shares authorized; 3,000,000 issued and outstanding		301		301
Additional paid-in capital		—		25,799
Accumulated deficit		(7,142,639)		(38,770)
Total Stockholders’ Deficit		(7,142,299)		(12,670)
Total Liabilities and Stockholders’ Deficit	$	117,261,236	$	96,408


					For the Period from
					September 25,
	Three Months Ended		Nine Months Ended		2020 (Inception)
	September 30,		September 30,		Through
	2021		2021		September 30, 2020
	(Unaudited)		(Unaudited)		(Unaudited)
Formation and operating costs	$	71,237	$	528,539	$	878
Franchise tax expense		65,709		149,042		—
Loss from operation costs		(136,946)		(677,581)		(878)
Other income and expenses:
Change in fair value of warrant liability		967,060		6,851,993		—
Transaction costs incurred in connection with warrants		—		(165,900)		—
Interest earned on cash and marketable securities held in Trust Account		9,810		47,171		—
Net income (loss)	$	839,924	$	6,048,112	$	(878)

Weighted average shares outstanding of Class A common stock		11,893,750		11,552,445		—
Basic and diluted net income per Class A common stock	$	0.06	$	0.42	$	—
Weighted average shares outstanding of Class B common stock		3,000,000		3,000,000		2,523,316
Basic and diluted net income per Class B common stock	$	0.06	$	0.42	$	0.00


									Retained
	Class A			Class B			Additional		Earnings		Total
	Common Stock			Common Stock			Paid in		(Accumulated		Stockholders’
	Shares	Amount		Shares	Amount		Capital		Deficit)		Equity
Balance — January 1, 2021	0	$	0	3,000,000	$	301	$	25,799	$	(38,770)	$	(12,670)
Sale of units in Initial Public Offering, net	393,750		39	—		—		3,937,461		—		3,937,500

Remeasurement of redeemable common stock	0		0	—		—		(3,963,260)		(13,159,552)		(17,122,812)
Net income	0		0	—		—		—		6,157,111		6,157,111
Balance – March 31, 2021 (restated – See Note 2)	393,750		39	3,000,000		301		—		(7,041,211)		(7,040,871)

Net loss	0		0	—		—		—		(941,352)		(941,352)

Balance - June 30, 2021 (restated – See Note 2)	393,750		39	3,000,000		301		—		(7,982,563)		(7,982,223)

Net income	0		0	—		—		—		839,924		839,924
Balance - September 30, 2021	393,750	$	39	3,000,000	$	301	$	—	$	(7,142,639)	$	(7,142,299)


			For the Period
			September 25,
			2020 (Inception)
	Nine Months Ended		Through
	September 30,		September 30,
	2021		2020
Cash flows from operating activities:
Net income (loss)	$	6,040,541	$	(878)
Adjustments to reconcile net income to net cash used in operating activities:
Interest earned on cash and marketable securities held in Trust Account		(47,171)		—
Change in fair value of warrant liability		(6,851,993)		—
Changes in operating assets and liabilities:
Prepaid expenses		(13,600)		—
Prepaid insurance		(41,665)
Accrued expenses		68,627		878
Franchise tax payable		149,042		—
Net cash used in operating activities		(681,077)		—

Cash flows from investing activities:
Investment of cash in Trust Account		(116,725,000)		—
Net cash used in investing activities		(116,725,000)		—

Cash flows from financing activities:
Proceeds from sale of Units, net of underwriting discount paid		118,937,500		—
Repayment of promissory note		(108,200)		—
Payment of offering costs		(994,282)		—
Proceeds from issuance of Class B common stock to sponsor		—		25,000
Net cash provided by financing activities		117,835,018		25,000

Net change in cash		428,941		25,000
Cash at beginning of period		4,858		—
Cash at end of period	$	433,799	$	25,000

Non-cash investing and financing activities:
Remeasurement adjustment on redeemable common stock	$	17,122,812	$	—
Offering costs included in accrued offering costs	$	—	$	15,000
Issuance of representative shares	$	—	$	1,100
Deferred offering costs paid through promissory note	$	—	$	75,000


	As previously reported	Adjustments	As restated
January 14, 2021 balance sheet
Temporary equity	94,394,230	7,105,770	101,500,000
Stockholders’ equity
Class A	106	(70)	36
Class B	301	—	301
APIC	5,092,231	(5,092,231)	—
Accumulated deficit	(92,637)	(2,013,469)	(2,106,106)
Total stockholder’s equity	5,000,001	(7,105,770)	(2,105,769)

March 31, 2021 balance sheet (Unaudited)
Temporary equity	104,684,129	12,040,871	116,725,000
Stockholders’ equity
Class A	122	(83)	39
Class B	301	—	301
APIC	(1,118,764)	1,118,764	—
Accumulated deficit	6,118,342	(13,159,552)	(7,041,210)
Total stockholder’s equity	5,000,001	(12,040,871)	(7,040,870)

June 30, 2021 balance sheet (Unaudited)
Temporary equity	103,742,777	12,982,223	116,725,000
Stockholders’ equity
Class A	167	(128)	39
Class B	301	—	301
APIC	941,343	(941,343)	—
Accumulated deficit	4,058,190	(12,040,752)	(7,982,563)
Total stockholder’s equity	5,000,001	(12,982,223)	(7,982,222)

Statement of Operations for the three months ended March 31, 2021 (Unaudited)
Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption	10,226,407	624,253	10,850,660
Basic and diluted net loss per share, Class A common stock subject to possible redemption	0.00	0.45	0.45
Basic and diluted weighted average shares outstanding, Non-redeemable common stock	3,190,784	(315,784)	2,875,000
Basic and diluted net loss per share, Non-redeemable common stock	1.92	(1.47)	0.45

Statement of Operations for the three months ended June 30, 2021 (Unaudited)
Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption	10,312,667	1,581,083	11,893,750
Basic and diluted net loss per share, Class A common stock subject to possible redemption	0.00	(0.06)	(0.06)
Basic and diluted weighted average shares outstanding, Non-redeemable common stock	4,581,062	(1,706,062)	2,875,000
Basic and diluted net loss per share, Non-redeemable common stock	(0.21)	0.15	(0.06)

Statement of Operations for the six months ended June 30, 2021 (Unaudited)
Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption	10,064,085	1,313,915	11,378,000
Basic and diluted net loss per share, Class A common stock subject to possible redemption	0.00	0.37	0.37
Basic and diluted weighted average shares outstanding, Non-redeemable common stock	4,611,554	(736,554)	3,875,000
Basic and diluted net loss per share, Non-redeemable common stock	1.13	(0.76)	0.37

Statement of Cash Flows for the three months ended March 31, 2021 (Unaudited)
Initial value of Class A common stock subject to possible redemption	83,532,250	(83,532,250)	—
Change in value of Class A common stock subject to possible redemption	21,151,879	(21,151,879)	—

Statement of Cash Flows for the six months ended June 30, 2021 (Unaudited)
Initial value of Class A common stock subject to possible redemption	83,532,250	(83,532,250)	—
Change in value of Class A common stock subject to possible redemption	20,210,527	(20,210,527)	—


Gross Proceeds	$	115,000,000
Less :
Proceeds allocated to public warrants		(10,861,980)
Class A common stock issuance costs		(4,535,832)
Plus :
Remeasurement adjustment on redeemable common stock		17,122,812
Total Class A common stock subject to possible redemption	$	116,725,000


	Three Months Ended				Nine Months Ended
	September 30, 2021				September 30, 2021
	Class A		Class B		Class A		Class B
Basic and diluted net income (loss) per common share
Numerator:
Allocation of net income (loss), as adjusted	$	676,418	$	163,506	$	4,842,887	$	1,205,225
Denominator:
Basic and diluted weighted average shares outstanding		11,893,750		2,875,000		11,552,445		2,875,000

Basic and diluted net income (loss) per common share	$	0.06	$	0.06	$	0.42	$	0.42


	Quoted Prices in		Significant Other		Significant Other
	Active Markets		Observable Inputs		Unobservable Inputs
Description	(Level 1)		(Level 2)		(Level 3)
Asset:
Marketable securities held in Trust Account	$	116,772,171	$	—	$	—
Warrant Liabilities:
Public Warrants	$	3,795,000	$	—	$	—
Private Placement Warrants	$	—	$	—	$	214,987


	June 30, 2021			September 30, 2021
	(Private Warrants)			(Private Warrants)
Exercise price	$	11.50		$	11.50
Share price	$	9.94		$	10.00
Expected term (years)		5.00			5.00
Probability of Acquisition		80.0	%		80.0	%
Volatility		13.5	%		15.5	%
Risk-free rate		0.92	%		0.87	%
Dividend yield (per share)		0.00	%		0.00	%


	Private Placement		Public Warrant		Warrant Liability
Fair value as of January 7, 2021	$	384,480	$	10,477,500	$	10,861,980
Change in valuation inputs or other assumptions⁽¹⁾⁽²⁾		(195,480)		(6,423,750)		(6,619,230)
Fair Value as of March 31, 2021	$	189,000	$	4,053,750	$	4,242,750
Change in valuation inputs or other assumptions⁽¹⁾⁽²⁾		44,297		690,000		734,297
Fair value as of June 30, 2021	$	233,297	$	4,743,750	$	4,977,047
Change in valuation inputs or other assumption⁽¹⁾⁽²⁾		(18,310)		(948,750)		(967,060)
	$	214,987	$	3,795,000	$	4,009,987