Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 14, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q/A | |
Amendment Flag | true | |
Document Transition Report | false | |
Entity Registrant Name | CORNER GROWTH ACQUISITION CORP. | |
Entity Central Index Key | 0001829953 | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-39814 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Tax Identification Number | 98-1563902 | |
Entity Incorporation, State or Country Code | E9 | |
Entity Address, Address Line One | 251 Lytton Avenue | |
Entity Address, Address Line Two | Suite 200 | |
Entity Address, City or Town | Palo Alto | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94301 | |
City Area Code | 650 | |
Local Phone Number | 543-8180 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | true | |
Amendment Description | Corner Growth Acquisition Corp. (the “Company”) is filing this Quarterly Report on Form 10-Q/A, Amendment No. 1 for the quarterly period ended June 30, 2023 (this “Quarterly Report” or, the “Amendment”) to amend and restate certain terms in its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2023, originally filed with the Securities and Exchange Commission (the “SEC”) on August 14, 2023 (the “Original Quarterly Report”), as first noted in the Current Report on Form 8-K filed with the SEC on December 21, 2023. The Company determined there was an unrecorded accrued liability related to the deferred underwriting fee payable totaling $3,000,000 incurred in accordance with the duly executed Side Letter to Underwriting Agreement dated June 23, 2023, on the previously issued financial statements as of June 30, 2023 and for the three and six months ended June 30, 2023. In accordance with SEC Staff Accounting Bulletin No. 99, “Materiality”, and Accounting Standards Codification (“ASC”) Topic 250, “Accounting Changes and Error Corrections”, the Company evaluated the changes and has determined that the related impact was material to the previously presented financial statements. Therefore, the Company, in consultation with its Audit Committee, concluded that its previously issued unaudited condensed consolidated financial statements in the Original Quarterly Report should be restated to report the unrecorded liability. In addition, the duly executed Side Letter to Underwriting Agreement dated June 23, 2023 included additional potential compensation payable to the underwriter (see Note 6). Disclosure of this potential compensation arrangement was omitted from the Original Quarterly Report in error. While preparing the attached Form 10-Q/A the Company discovered another previously undisclosed agreement. A portion of the Founder Shares will be distributed under an agreement with a third party on April 28, 2023 that constitutes a finder’s fee arrangement (the “Finder’s Fee Arrangement”). The Finder’s Fee Arrangement provides for the Sponsor to make a $2 million cash payment to the third party and provide an option to purchase an economic interest in 2,000,000 membership units of the Sponsor contingent on the consummation of the business acquisition, which option is accounted for under the guidance in ASC 718. Under ASC 718, stock-based compensation associated with equity-classified awards is measured at fair value upon the grant date. Compensation expense related to such shares is recognized only when the performance-based vesting condition (i.e. the consummation of the business acquisition) is probable of achievement under the applicable accounting literature. Stock-based compensation would be recognized at the consummation of the business combination, in an amount equal to the number of such shares times the grant date fair value per share (unless subsequently modified) less the amount initially received for the transfer of such shares. The Company will reflect the transactions in its financial statements when the business acquisition is consummated as the Sponsor is a principal shareholder in the Company and the Company benefits from the Finder’s Fee Arrangement. The Finder’s Fee Arrangement included potential compensation payable to the third party. Disclosure of this potential compensation arrangement was omitted from the Original Quarterly Report in error. Effects of Restatement As a result of the factors described above, the Company has included in this Amendment: (i) certain restated items on the previously issued unaudited condensed consolidated balance sheet dated as of June 30, 2023, (ii) the unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2023, (iii) the unaudited condensed consolidated statements of changes in shareholders’ deficit for the three and six months ended June 30, 2023 and (iv) the unaudited consolidated statement of cash flows for the six months ended June 30, 2023 to restate the following non-cash items: • understatement of total liabilities by approximately $3.0 million as of June 30, 2023; • understatement of accumulated deficit and total shareholders’ deficit by approximately $3.0 million as of June 30, 2023, respectively; • understatement of transactions costs and net loss by $102,000 for the three and six months ended June 30, 2023 • understatement of net loss per Class A redeemable, Class A nonredeemable and Class B ordinary shares by $0.01 for the three and six months ended June 30, 2023. The restatement of the financial statements had no impact on the Company’s liquidity or cash position. See Note 2 to the Notes to unaudited condensed consolidated Financial Statements (restated) included in Part I, Item 1 of this Amendment for additional information on the restatement and the related financial statement effects. Items Amended in the Form 10-Q/A The following items are amended in this Amendment: (i) Part I, Item 1. Note 1; (ii) Part I, Item 1. Note 2; (iii) Part I, Item 1. Note 6; (iv) Part I, Item 1. Condensed Consolidated Financial Statements; (v) Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (vi) Part I, Item 4. Disclosure Controls and Procedures; and (vii) Part II, Item 6. Exhibits, Financial Statement Schedules. Additionally, in accordance with Rule 12b-15 under the Securities Exchange Act of 1934, as amended, the Company is including with this Amendment currently dated certifications from our principal executive officer and principal financial officer. These certifications are filed or furnished, as applicable, as Exhibits 31.1, 31.2, 32.1 and 32.2. Except as described above, this Amendment does not amend, update or change any other disclosures in the Original Quarterly Report. In addition, the information contained in this Amendment does not reflect events occurring after the filing of the Original Quarterly Report and does not modify or update the disclosures therein, except as specifically identified above. Among other things, forward-looking statements made in the Original Quarterly Report have not been revised to reflect events, results or developments that occurred or facts that became known to us after the date of the Original Quarterly Report, other than the restatement, and such forward-looking statements should be read in conjunction with our filings with the SEC, including those subsequent to the filing of the Original Quarterly Report. | |
Document Quarterly Report | true | |
Units, each consisting of one Class A ordinary share and one-third of one redeemable warrant [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | COOLU | |
Title of 12(b) Security | Units, each consisting of one Class A ordinary share and one-third of one redeemable warrant | |
Security Exchange Name | NASDAQ | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | COOL | |
Title of 12(b) Security | Class A ordinary share, par value$0.0001 per share. | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 10,244,938 | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 175,000 | |
Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | COOLW | |
Title of 12(b) Security | Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash | $ 27,132 | $ 31,547 |
Prepaid expenses | 116,220 | 268,736 |
Total current assets | 143,352 | 300,283 |
Cash and marketable securities held in Trust Account | 4,436,155 | 15,489,507 |
Total Assets | 4,579,507 | 15,789,790 |
Current Liabilities | ||
Due to related party | 1,460,376 | 522,500 |
Due to shareholders | 0 | 3,262,655 |
Accrued Expenses | 1,727,830 | 932,555 |
Total Current Liabilities | 3,188,206 | 4,717,710 |
Warrant liabilities | 2,721,333 | 628,000 |
Deferred underwriting fee payable | 7,000,000 | 4,000,000 |
Total Liabilities | 12,909,539 | 9,345,710 |
COMMITMENTS AND CONTINGENCIES | ||
Class A ordinary shares subject to possible redemption, 419,938 shares at redemption value as of June 30, 2023 and 1,191,437 shares at redemption value as of December 31, 2022 | 4,436,155 | 12,226,852 |
Shareholders' Deficit | ||
Preference Shares, $0.0001 par value, 1,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Additional paid-in capital | 0 | 0 |
Accumulated deficit | (12,767,187) | (5,783,772) |
Total Shareholders' Deficit | (12,766,187) | (5,782,772) |
TOTAL LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS' DEFICIT | 4,579,507 | 15,789,790 |
Common Class A [Member] | ||
Current Liabilities | ||
Class A ordinary shares subject to possible redemption, 419,938 shares at redemption value as of June 30, 2023 and 1,191,437 shares at redemption value as of December 31, 2022 | 4,436,155 | 12,226,852 |
Shareholders' Deficit | ||
Common Stock, Value, Issued | 982 | 0 |
Common Class B [Member] | ||
Shareholders' Deficit | ||
Common Stock, Value, Issued | $ 18 | $ 1,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2023 | Jun. 20, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Temporary equity shares outstanding | 419,938 | 1,191,437 | 40,000,000 | |
Preferred stock par or stated value per share | $ 0.0001 | $ 0.0001 | ||
Preferred stock shares authorized | 1,000,000 | 1,000,000 | ||
Preferred stock shares issued | 0 | 0 | ||
Preferred stock shares outstanding | 0 | 0 | ||
Common Class A [Member] | ||||
Temporary equity shares outstanding | 419,938 | 1,191,437 | ||
Common stock par or stated value per share | $ 0.0001 | $ 0.0001 | ||
Common stock shares authorized | 300,000,000 | 300,000,000 | ||
Common stock shares issued | 9,825,000 | 0 | ||
Common stock shares outstanding | 9,825,000 | 419,938 | 0 | |
Common Class B [Member] | ||||
Common stock par or stated value per share | $ 0.0001 | $ 0.0001 | ||
Common stock shares authorized | 30,000,000 | 30,000,000 | ||
Common stock shares issued | 175,000 | 10,000,000 | ||
Common stock shares outstanding | 175,000 | 10,000,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Operating and formation costs | $ 1,238,047 | $ 352,417 | $ 1,890,082 | $ 939,368 |
Loss from operations | (1,238,047) | (352,417) | (1,890,082) | (939,368) |
Other income (loss) | ||||
Earnings and realized gain on marketable securities held in Trust Account | 139,599 | 593,071 | 294,382 | 626,823 |
Change in fair value of warrant liabilities | (209,333) | 5,011,440 | (2,093,333) | 13,460,773 |
Transaction costs | (102,000) | 0 | (102,000) | |
Net income (loss) | $ (1,409,781) | $ 5,252,094 | $ (3,791,033) | $ 13,148,228 |
Class A Redeemable Ordinary Shares [Member] | ||||
Other income (loss) | ||||
Basic net income (loss) per ordinary share | $ (0.13) | $ 0.11 | $ (0.34) | $ 0.26 |
Diluted net income (loss) per ordinary share | $ (0.13) | $ 0.11 | $ (0.34) | $ 0.26 |
Basic weighted average shares outstanding | 1,106,657 | 40,000,000 | 1,148,813 | 40,000,000 |
Diluted weighted average shares outstanding | 1,106,657 | 40,000,000 | 1,148,813 | 40,000,000 |
Class A Nonredeemable Ordinary Shares and Class B Ordinary Shares [Member] | ||||
Other income (loss) | ||||
Basic net income (loss) per ordinary share | $ (0.13) | $ 0.11 | $ (0.34) | $ 0.26 |
Diluted net income (loss) per ordinary share | $ (0.13) | $ 0.11 | $ (0.34) | $ 0.26 |
Basic weighted average shares outstanding | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
Diluted weighted average shares outstanding | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Shareholders' Deficit - USD ($) | Total | Common Stock [Member] Class A Ordinary Shares [Member] | Common Stock [Member] Class B Ordinary Shares [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] |
Beginning balance at Dec. 31, 2021 | $ (27,566,744) | $ 1,000 | $ (27,567,744) | ||
Beginning balance (Shares) at Dec. 31, 2021 | 0 | 10,000,000 | |||
Net income (loss) (restated) | 7,896,134 | 7,896,134 | |||
Ending balance at Mar. 31, 2022 | (19,670,610) | $ 1,000 | (19,671,610) | ||
Ending balance (Shares) at Mar. 31, 2022 | 0 | 10,000,000 | |||
Beginning balance at Dec. 31, 2021 | (27,566,744) | $ 1,000 | (27,567,744) | ||
Beginning balance (Shares) at Dec. 31, 2021 | 0 | 10,000,000 | |||
Accrual of deferred underwriting fee payable (restated) | 0 | ||||
Net income (loss) (restated) | 13,148,228 | ||||
Ending balance at Jun. 30, 2022 | (15,187,909) | $ 1,000 | (15,188,909) | ||
Ending balance (Shares) at Jun. 30, 2022 | 0 | 10,000,000 | |||
Beginning balance at Mar. 31, 2022 | (19,670,610) | $ 1,000 | (19,671,610) | ||
Beginning balance (Shares) at Mar. 31, 2022 | 0 | 10,000,000 | |||
Remeasurement of Class A ordinary shares subject to possible redemption | (769,393) | 0 | (769,393) | ||
Net income (loss) (restated) | 5,252,094 | 5,252,094 | |||
Ending balance at Jun. 30, 2022 | (15,187,909) | $ 1,000 | (15,188,909) | ||
Ending balance (Shares) at Jun. 30, 2022 | 0 | 10,000,000 | |||
Beginning balance at Dec. 31, 2022 | (5,782,772) | $ 1,000 | (5,783,772) | ||
Beginning balance (Shares) at Dec. 31, 2022 | 0 | 10,000,000 | |||
Remeasurement of Class A ordinary shares subject to possible redemption | (154,783) | (154,783) | |||
Net income (loss) (restated) | (2,381,252) | (2,381,252) | |||
Ending balance at Mar. 31, 2023 | (8,318,807) | $ 1,000 | (8,319,807) | ||
Ending balance (Shares) at Mar. 31, 2023 | 0 | 10,000,000 | |||
Beginning balance at Dec. 31, 2022 | (5,782,772) | $ 1,000 | (5,783,772) | ||
Beginning balance (Shares) at Dec. 31, 2022 | 0 | 10,000,000 | |||
Accrual of deferred underwriting fee payable (restated) | (3,000,000) | ||||
Net income (loss) (restated) | (3,791,033) | ||||
Ending balance at Jun. 30, 2023 | (12,766,187) | $ 982 | $ 18 | (12,767,187) | |
Ending balance (Shares) at Jun. 30, 2023 | 9,825,000 | 175,000 | |||
Beginning balance at Mar. 31, 2023 | (8,318,807) | $ 1,000 | (8,319,807) | ||
Beginning balance (Shares) at Mar. 31, 2023 | 0 | 10,000,000 | |||
Conversion of Class B ordinary shares to Class A nonredeemable ordinary shares | $ 982 | $ (982) | |||
Conversion of Class B ordinary shares to Class A nonredeemable ordinary shares (Shares) | 9,825,000 | (9,825,000) | |||
Accrual of deferred underwriting fee payable (restated) | (3,000,000) | (3,000,000) | |||
Transaction cost allocation for change in deferred underwriting fee (restated) | 102,000 | 102,000 | |||
Remeasurement of Class A ordinary shares subject to possible redemption | (139,599) | 0 | (139,599) | ||
Net income (loss) (restated) | (1,409,781) | (1,409,781) | |||
Ending balance at Jun. 30, 2023 | $ (12,766,187) | $ 982 | $ 18 | $ (12,767,187) | |
Ending balance (Shares) at Jun. 30, 2023 | 9,825,000 | 175,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jan. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Cash Flows from Operating Activities | ||||||||
Net income (loss) | $ (1,409,781) | $ (2,381,252) | $ 5,252,094 | $ 7,896,134 | $ (3,791,033) | $ 13,148,228 | ||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||
Earnings and realized gain on marketable securities held in Trust Account | (139,599) | (593,071) | (294,382) | (626,823) | ||||
Change in fair value of warrant liabilities | 209,333 | (5,011,440) | 2,093,333 | (13,460,773) | ||||
Transaction costs attributable to warrant liabilities | 102,000 | |||||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses | 152,516 | 185,959 | ||||||
Due to related party | 937,876 | 115,000 | ||||||
Accrued expenses | 795,275 | 231,663 | ||||||
Net cash used in operating activities | (4,415) | (406,746) | ||||||
Cash Flows from Investing Activities | ||||||||
Proceeds received from Trust Account | 11,347,734 | |||||||
Net cash provided by investing activities | 11,347,734 | |||||||
Cash Flows from Financing Activities | ||||||||
Payments to Class A ordinary shareholders for redemption of shares | (11,347,734) | |||||||
Payment of offering costs | 0 | (70,000) | ||||||
Net cash used in financing activities | (11,347,734) | (70,000) | ||||||
Net change in cash | (4,415) | (476,746) | ||||||
Cash at beginning of the period | $ 31,547 | $ 31,547 | $ 646,558 | 31,547 | 646,558 | $ 646,558 | ||
Cash at end of the period | 27,132 | $ 169,812 | 27,132 | 169,812 | $ 31,547 | |||
Non-cash financing activities: | ||||||||
Remeasurement of Class A ordinary shares subject to possible redemption | $ 3,262,655 | 294,382 | 769,393 | |||||
Accrual of deferred underwriting fee payable | $ 3,000,000 | 3,000,000 | 0 | |||||
Conversion of Class B ordinary shares to Class A nonredeemable ordinary shares | $ 982 | $ 0 |
Description of Organization, Bu
Description of Organization, Business Operations and Liquidity and Going Concern (Restated) | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Organization, Business Operations and Basis of Presentation (Restated) | Note 1—Description of Organization, Business Operations and Liquidity and Going Concer n (Restated) Corner Growth Acquisition Corp. (the “Company”), was incorporated as a Cayman Islands exempted company on October 20, 2020. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (a “Business Combination”). The Company is an emerging growth company and, as such, the Company is subject to all of the risks associated with emerging growth companies. Although the Company is not limited to a particular industry or sector for purposes of consummating a Business Combination, the Company intends to focus on businesses in the technology industries primarily located in the United States. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. As of June 30, 2023, the Company had not commenced any operations. All activity through June 30, 2023 relates to the Company’s formation, its initial public offering described below (the “Initial Public Offering”) and, since the closing of the Initial Public Offering, the search for initial Business Combination candidates, and since the signing of the Business Combination Agreement described below, the completion of this proposed transaction. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating The registration statements for the Company’s Initial Public Offering were declared effective on December 16, 2020. On December 21, 2020, the Company consummated the Initial Public Offering of 40,000,000 units (the “Units” and, with respect to the shares of Class A ordinary shares, par value $0.0001 per share (the “Class A ordinary shares”), included in the Units sold, the “Public Shares”), which includes the partial exercise by the underwriters of the overallotment option to purchase an additional 5,000,000 Units, at $10.00 per Unit, generating gross proceeds of $400,000,000 which is described in Note 4 Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 7,600,000 warrants (the “Private Placement Warrants”) at a price of $1.50 per Private Placement Warrant in a private placement (the “Private Placement”) to CGA Sponsor LLC (the “Sponsor”), generating gross proceeds of $11,400,000, which is described in Note 5 Transaction costs amounted to $22,766,081 consisting of $8,000,000 of underwriting fees, $14,000,000 of deferred underwriting fees and $766,081 of other offering costs. Effective December 20, 2022, in accordance with a fee reduction agreement, the underwriter agreed to irrevocably forfeit $10,000,000 of the aggregate $14,000,000 deferred fee that would otherwise be payable to it in cash pursuant the underwriting agreement, resulting in a reduced deferred fee of $4,000,000, which shall be payable to the underwriter upon consummation of an initial business combination, as originally set forth in the underwriting agreement. As more fully described in Note 6, on J une 23, 2023, the Company and the underwriter agreed to terminate the December 20,2022 fee reduction agreement solely upon execution of a side letter in accordance with the duly executed Mutual Termination of Initial Fee Reduction Agreement. On June 23, 2023, in accordance with the duly executed Side Letter to Underwriting Agreement, the Company and the underwriter agreed that the underwriter will irrevocably forfeit $7,000,000 (instead of $ 10,000,000 Following the closing of the Initial Public Offering on December 21, 2020, an amount of $400,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Warrants was placed in a trust account (the “Trust Account”) located in the United States and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 24-month The Company will provide holders (the “Public Shareholders”) of its Class A ordinary shares, par value $0.0001, sold in the Initial Public Offering (the “Public Shares”), with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $ per Public Share). The per-share amount to be distributed to Public Shareholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 6 and the approval of an ordinary resolution. If a shareholder vote is not required by law and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association (as amended, the “Amended and Restated Memorandum and Articles of Association”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, shareholder approval of the transactions is required by law, or the Company decides to obtain shareholder approval for business or legal reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each Public Shareholder may elect to redeem its Public Shares irrespective of whether it votes for or against the proposed transaction. If the Company seeks shareholder approval in connection with a Business Combination, the initial shareholders (as defined below) have agreed to vote their Founder Shares (as defined below in Note 5 non-public information and (ii) clear all trades with the Company’s legal counsel prior to execution. In addition, the initial shareholders have agreed to waive their redemption rights with respect to their Founder Shares and Public Shares in connection with the completion of a Business Combination. Notwithstanding the foregoing, the Amended and Restated Memorandum and Articles of Association provide that a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined in Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the Class A ordinary shares sold in the Initial Public Offering, without the prior consent of the Company. Extraordinary General Meeting On December 20, 2022, the Company held an extraordinary general meeting (the “Extraordinary General Meeting”), which amended the Company’s Amended and Restated Memorandum and Articles of Association to extend the date by which the Company has to consummate a Business Combination from December 21, 2022 to June 21, 2023. The shareholders approved a proposal to amend the trust agreement to change the date on which Continental Stock Transfer & Trust Company must commence liquidation of the Trust Account from (A) the earlier of the Company’s completion of an initial business combination and December 21, 2022 to (B) the earlier of the Company’s completion of an initial business combination and June 21, 2023. In connection with the Extraordinary General Meeting, shareholders elected to redeem of the trust account totaling $393,676,799, or approximately $10.14 per share which includes $5,591,169 of earnings in the trust account not previously withdrawn. consolidated Business Combination Agreement On February non-binding As disclosed in a Form 8-K re-domicile The Merger and the other transactions contemplated by the Business Combination Agreement are hereinafter referred to as the “Proposed Business Combination.” The Business Combination Agreement and the transactions contemplated thereby were approved by the boards of directors of each of the Company and Noventiq. The Proposed Business Combination is subject to certain customary closing conditions, such as the prior approval and adoption of the Business Combination Agreement and transactions contemplated thereby by the requisite vote of Noventiq’s shareholders and the effectiveness of the Registration Statement on Form F-6 Consideration and Structure At the effective time of the Merger (the “Effective Time”), each ordinary share of Noventiq outstanding immediately prior to the Effective Time (collectively, the “Noventiq Shares”) (other than shares held in treasury of Noventiq or owned by any subsidiary of Noventiq and held by shareholders of Noventiq who have perfected their dissenters’ rights in accordance with Section 238 of the Cayman Act) will be automatically cancelled, extinguished and converted into a number of the Company’s newly issued Class A ordinary shares, par value In addition to the foregoing consideration, Noventiq shareholders shall be entitled to receive, as additional consideration, one Class A Contingent Share Right (the “Class A CSRs”), one Class B Contingent Share Right (the “Class B CSRs”) and one Class C Contingent Share Right (the “Class C CSRs” and, together with the Class A CSRs and the Class B CSRs, the “CSRs”), in each case, for each Ordinary Share issuable to such Noventiq shareholder at the Effective Time pursuant to the Business Combination Agreement, which provide the holders of such CSRs the contingent right to receive additional newly issued Ordinary Shares (the “Earnout Shares”) upon the occurrence of certain events and subject to certain conditions, as specified under the Business Combination Agreement, during the period from and after the Closing until the fifth anniversary of the Closing (the “Earnout Period”). During the Earnout Period, if New Noventiq experiences a Change of Control (as defined in the Business Combination Agreement), then any Earnout Shares not already earned and issued to the Noventiq shareholders shall be deemed earned and the balance of the Earnout Shares shall be issuable by New Noventiq to the Noventiq shareholders immediately prior to consummation of such Change of Control transaction subject to certain conditions and upon the terms of the Business Combination Agreement. On May 4, 2023, the Sponsor held 9,825,001 Founder Shares. Of these, 2,500,000 Founder Shares are subject to forfeiture based on the sum of (i) the amount of gross proceeds raised prior to the Effective Time from additional financings, if any, by the Company and (ii) the cash balance of the Company’s trust account held for the benefit of its public shareholders, but the consummation of the Proposed Business Combination is not subject to a minimum amount of additional financing having been raised. At the Effective Time, the Founder Shares (net of any forfeited shares) will automatically convert into Ordinary Shares on a one-for-one An additional 5,000,000 Founder Shares, out of the 9,825,001 Founder Shares described above, will be held in escrow and only released, in three equal installments, upon the occurrence of the same milestone events as the Earnout Shares are issued. While preparing the attached Form 10-Q/A the Company discovered another previously undisclosed agreement. A portion of the Founder Shares will be distributed under the Finder’s Fee Arrangement. The Finder’s Fee Arrangement provides for the Sponsor to make a $2 million cash payment to the third party and provide an option to purchase an economic interest in 2,000,000 membership units of the Sponsor contingent on the consummation of the business acquisition, which are accounted for under the guidance in ASC 718. Under ASC 718, stock-based compensation associated with equity-classified awards is measured at fair value upon the grant date. Compensation expense related to such shares is recognized only when the performance-based vesting condition (i.e. the consummation of the business acquisition) is probable of achievement under the applicable accounting literature. Stock-based compensation would be recognized at the consummation of the business combination, in an amount equal to the number of such shares times the grant date fair value per share (unless subsequently modified) less the amount initially received for the transfer of such shares. The Company will reflect the transactions in its financial statements when the business acquisition is consummated as the Sponsor is a principal shareholder in the Company and the Company benefits from the Finder’s Fee Arrangement. The Finder’s Fee Arrangement included potential compensation payable to the third party. Disclosure of this potential compensation arrangement was omitted from the Original Quarterly Report in error. In connection with the Proposed Business Combination and pursuant to the Business Combination Agreement, the Form F-6 registering Following the Closing, each holder of Ordinary Shares will be able to deposit such holder’s shares into the ADS Facility and receive ADSs, which are expected to trade on Nasdaq under the symbol “NVIQ.” Following the Closing, the Company’s outstanding warrants, issued under a Warrant Agreement, dated December 16, 2020, by and between the Company and Continental Stock Transfer & Trust Company, will remain outstanding and are expected to continue trading on Nasdaq. In connection with the Closing, the ADSs, each representing one Ordinary Share, are expected to be listed on Nasdaq as of the Effective Time. Concurrently with the execution of the Business Combination Agreement, the Sponsor entered into a support agreement with the Company and Noventiq (the “Sponsor Support Agreement”), pursuant to which the Sponsor has agreed to, among other things, (i) vote in favor of the Business Combination Agreement and the transactions contemplated thereby; (ii) not to solicit, initiate, submit, facilitate (including by means of furnishing or disclosing information), discuss or negotiate, directly or indirectly, any inquiry, proposal or offer (written or oral) with any third-party with respect to a CGAC Acquisition Proposal (as defined in the Sponsor Support Agreement); (iii) be bound by certain transfer restrictions with respect to its shares in the Company prior to the closing of the Proposed Business Combination; (iv) not to transfer any of the Restricted Securities (as defined in the Sponsor Support Agreement) from and after the Closing and until the earlier of (A) the six (6) month anniversary of the Closing Date and (B) the date following the Closing Date on which the Company completes a Liquidity Event (as defined in the Sponsor Support Agreement). Concurrently with the execution of the Business Combination Agreement, the Company, Noventiq and certain shareholders of Noventiq (collectively, the “Noventiq Supporting Shareholders”) duly executed and delivered to the Company a support agreement (the “Voting and Support Agreement”), pursuant to which each Noventiq Supporting Shareholder agreed to, among other things, (i) the Business Combination and the adoption of the Business Combination Agreement any other matters necessary or reasonably requested by Noventiq for consummation of the Business Combination and the other transactions contemplated by the Business Combination Agreement, (ii) not to transfer any Noventiq Shares on or prior to the Closing (subject to the exceptions set forth therein), and (ii) to a lock-up The Business Combination Agreement contemplates that, at or prior to the Closing, the Company, the Sponsor Parties and certain Noventiq shareholders will enter into the Registration Rights Agreement, pursuant to which, among other things, the Sponsor and such Noventiq shareholders will be granted certain registration rights with respect to their respective Ordinary Shares of the Company, in each case, subject to the terms and conditions set forth in the Registration Rights Agreement. Extension Meeting On June 15, 2023, the Company held an extraordinary general meeting of shareholders, which was adjourned and reconvened on June 20, 2023 (the “Extension Meeting”), to amend the Company’s amended and restated memorandum and articles of association (the “Articles Amendment”) to (i) extend the date by which the Company has to consummate a business combination from June 21, 2023 to March 21, 2024 (the “Extended Date”) or such earlier date as shall be determined by the Company’s board of directors in its sole discretion (the “Amended Termination Date” and, such proposal, the “Extension Amendment Proposal”), (ii) eliminate from the amended and restated memorandum and articles of association the limitation that the Company shall not redeem Class A ordinary shares included as part of the units sold in the IPO to the extent that such redemption would cause the Company’s net tangible assets to be less than $ (the “Redemption Limitation Amendment Proposal”) and (ii) amend the Company’s amended and restated memorandum and articles of association to provide that Class B ordinary shares may be converted either at the time of the consummation of the Company’s initial business combination or at any earlier date at the option of the holders of Class B ordinary shares (the “Founder Conversion Amendment Proposal”). The shareholders of the Company approved the Extension Amendment Proposal, the Redemption Limitation Amendment Proposal and the Founder Conversion Amendment Proposal at the Extension Meeting and on June 21, 2023, the Company filed the Articles Amendment with the Registrar of Companies of the Cayman Islands. In connection with the vote to approve the Extension Amendment Proposal, the Redemption Limitation Amendment Proposal and the Founder Conversion Amendment Proposal, shareholders elected to redeem of earnings in the Trust Account not previously withdrawn. Subsequent to the redemptions, On June one-for-one shares of Class A Ordinary Shares issued and outstanding (419,938 of which are subject to possible redemption) and shares of Class B Ordinary Shares issued and outstanding. In connection with the conversion, the Sponsor has agreed to certain transfer restrictions, a waiver of redemption rights, a waiver of any right to receive funds from the Trust Account and the obligation to vote in favor of an initial business combination. The Company’s Sponsor, officers and directors (the “initial shareholders”) have agreed not to propose an amendment to the Amended and Restated Memorandum and Articles of Association (A) that would modify the substance or timing of the Company’s obligation to allow redemption in connection with its initial Business Combination or to redeem % of its Public Shares if the Company does not complete a Business Combination by the Extended Date (the “Combination Period”) or (B) with respect to any other provision relating to shareholders’ rights or pre-initial If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share The Sponsor, officers and directors have agreed to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the initial shareholders or members of the Company’s management team acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 6 10.00 Liquidity and Going Concern As of June 30, 2023, the Company had $27,132 in its operating bank accounts, $4,436,155 in the Trust Account to be used for a Business Combination or to repurchase or redeem its ordinary shares in connection therewith and a working capital deficit of $3,044,854. Until the consummation of a Business Combination, the Company will be using the funds not held in the Trust Account for identifying and evaluating prospective acquisition candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to acquire, and structuring, negotiating and consummating the Business Combination. Based on its current cash and working capital balances, management believes that the Company will not have sufficient working capital to meet its needs through the consummation of a Business Combination. Over this time period, the Company will be using these funds to pay existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination. In order to finance transaction costs in connection with an intended initial Business Combination, the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required. The terms of such loans have not been determined and no written agreements exist with respect to such loans. However, as discussed in Note 5 (see Note 5 In connection with our assessment of going concern considerations in accordance with FASB ASC Subtopic 205-40, |
Restatement of Previously Issue
Restatement of Previously Issued Financial Statements | 6 Months Ended |
Jun. 30, 2023 | |
Prior Period Adjustment [Abstract] | |
Restatement of Previously Issued Financial Statements | Note 2 — Restatement of Previously Issued Financial Statements The Company determined there was an unrecorded accrued liability related to the deferred underwriting fee payable totaling $3,000,000 and an unrecorded adjustment for transaction costs attributable to warrants due to the change in deferred underwriting fee payable incurred in accordance with the duly executed Side Letter to Underwriting Agreement dated June 23, 2023, on the previously issued financial statements as of June 30, 2023 and for the three and six months ended June 30, 2023. In accordance with SEC Staff Accounting Bulletin No. 99, “Materiality”, and Accounting Standards Codification (ASC) Topic 250, “Accounting Changes and Error Corrections”, the Company evaluated the changes and has determined that the related impacts were material to the previously presented financial statements. Therefore, the Company, in consultation with its Audit Committee, concluded that its previously issued financial statements should be restated to report the unrecorded liability and unrecorded change in transaction costs. These financial statements restate the Company’s previously issued unaudited consolidated condensed financial statements as of June 30, 2023 and for the three and six months ended June 30, 2023. In addition, the duly executed Side Letter to Underwriting Agreement dated June 23, 2023 included additional potential compensation payable to the underwriter (see Note 6). Disclosure of this potential compensation arrangement was omitted from the O riginal Quarterly Report in error. While preparing the attached Form 10-Q/A the Company discovered another previously undisclosed agreement. A portion of the Founder Shares will be distributed under the Finder’s Fee Arrangement. The Finder’s Fee Arrangement provides for the Sponsor to make a $2 million cash payment to the third party and provide an option to purchase an economic interest in 2,000,000 membership units of the Sponsor contingent on the consummation of the business acquisition, which option is accounted for under the guidance in ASC 718. Under ASC 718, stock-based compensation associated with equity-classified awards is measured at fair value upon the grant date. Compensation expense related to such shares is recognized only when the performance-based vesting condition (i.e. the consummation of the business acquisition) is probable of achievement under the applicable accounting literature. Stock-based compensation would be recognized at the consummation of the business combination, in an amount equal to the number of such shares times the grant date fair value per share (unless subsequently modified) less the amount initially received for the transfer of such shares. The Company will reflect the transactions in its financial statements when the business acquisition is consummated as the Sponsor is a principal shareholder in the Company and the Company benefits from the Finder’s Fee Arrangement. The Finder’s Fee Arrangement included potential compensation payable to the third party. Disclosure of this potential compensation arrangement was omitted from the Original Quarterly Report in error. The impacts to the unaudited consolidated condensed financial statements as of June 30, 2023 and for the three and six months ended June 30, 2023 are presented below: Unaudited Condensed Consolidated Balance Sheet as of June 30, 2023 As Previously Adjustment As Restated Deferred underwriting fee payable $ 4,000,000 $ 3,000,000 $ 7,000,000 Total Liabilities 9,909,539 3,000,000 12,909,539 Accumulated deficit (9,767,187 ) (3,000,000 ) (12,767,187 ) Total Shareholders’ Deficit (9,766,187 ) $ (3,000,000 ) $ (12,766,187 ) Unaudited Condensed Consolidated Statement of Operations for the As Previously Adjustment As Restated Transaction costs $ — $ (102,000 ) $ (102,000 ) Net income (loss) (1,307,781 ) (102,000 ) (1,409,781 ) Basic and diluted net income (loss) per Class A redeemable ordinary share (0.12 ) $ (0.01 ) $ (0.13 ) Basic and diluted net income (loss) per Class A nonredeemable ordinary shares and Class B ordinary shares (0.12 ) $ (0.01 ) $ (0.13 ) Unaudited Condensed Consolidated Statement of Operations for the Six Months As Previously Adjustment As Restated Transaction costs $ — $ (102,000 ) $ (102,000 ) Net income (loss) (3,689,033 ) (102,000 ) (3,791,033 ) Basic and diluted net income (loss) per Class A redeemable ordinary share (0.33 ) $ (0.01 ) $ (0.34 ) Basic and diluted net income (loss) per Class A nonredeemable ordinary shares and Class B ordinary shares (0.33 ) $ (0.01 ) $ (0.34 ) Unaudited Condensed Consolidated Statement of Changes in Shareholders’ As Previously Adjustment As Restated Remeasurement of deferrred underwriting fee payable $ — $ (3,000,000 ) $ (3,000,000 ) Transaction costs attributable to warrant liabilities — $ 102,000 $ 102,000 Net loss (1,307,781 ) (102,000 ) $ (1,409,781 ) Accumulated deficit (9,767,187 ) (3,000,000 ) (12,767,187 ) Total shareholders’ deficit (9,766,187 ) $ (3,000,000 ) $ (12,766,187 ) Unaudited Condensed Consolidated Statement of Cash Flows for the As Previously Adjustment As Restated Cash Flows from Operating Activities Net income (loss) $ (3,689,033 ) $ (102,000 ) $ (3,791,033 ) Adjustments to reconcile net income (loss) to net cash used in operating activities: Transaction costs attributable to warrant liabilities — $ 102,000 $ 102,000 Non-cash financing activities Non cash accrual of deferred underwriting fee payable $ — $ 3,000,000 $ 3,000,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 3 — Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP. In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K 10-K Principles of Consolidation Starting with the second fiscal quarter of 2023, the Company’s unaudited condensed consolidated financial statements include the results of Merger Sub, a direct wholly owned subsidiary of the Company. Merger Sub is a Cayman Islands exempted company which was incorporated on April 4, 2023. Merger Sub was formed solely for the purpose of effectuating the Merger and has not engaged in any business activities or conducted any operations other than in connection with the Merger and has no, and at all times prior to the Merger’s closing except as expressly contemplated by the Merger documents and the related transactions, will have no, assets, liabilities or obligations of any kind or nature whatsoever other than those incident to its formation. All intercompany balances and transactions have been eliminated in consolidation. For simplicity of presentation, we refer to all accompanying financial statements as condensed consolidated financial statements herein. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. 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 condensed consolidated financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of June 30, 2023 and December 31, 2022. Marketable Securities Held in Trust Account At June 30, 2023 and December 31, 2022, substantially all of the assets held in the Trust Account were held in cash or in money market mutual funds in U.S. based trust accounts at Morgan Stanley with Continental Stock Transfer & Trust Company acting as trustee. The Company accounts for any securities held in the Trust Account in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 320 “Debt and Equity Securities.” These securities are classified as trading securities with unrealized gains or losses recognized through other income. The Company values its securities held in the Trust Account based on quoted prices in active markets (see Note 9 for more information). Warrant Liabilities The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in non-cash Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC 480 “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption are classified as a liability instrument and are measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s condensed consolidated balance sheet. Immediately upon the closing of the Initial Public Offering, the Company recognized the remeasurement from initial book value to redemption amount. The change in the carrying value of Class A ordinary shares subject to possible redemption resulted in charges against additional paid-in At December 31, 2022 and June 30, 2023, the Class A ordinary shares subject to possible redemption reflected in the condensed consolidated balance sheets are reconciled in the following table: Shares Amounts Class A ordinary shares subject to possible redemption - 40,000,000 $ 400,000,000 Less: Payments to Class A ordinary shareholders for redemption of shares (38,808,563 ) (390,414,144 ) Due to shareholders — (3,262,655 ) Plus: Remeasurement of carrying value to redemption value — 5,903,651 Class A ordinary shares subject to possible redemption - 1,191,437 $ 12,226,852 Less: Payments to Class A ordinary shareholders for redemption of shares (771,499 ) (11,347,734 ) Plus: Due to shareholders paid in 2023 — 3,262,655 Remeasurement of carrying value to redemption value — 294,382 Class A ordinary shares subject to possible redemption - June 30, 2023 419,938 $ 4,436,155 In December of 2022, in connection with the distribution of funds in the Trust Amount to the Company’s shareholders made in connection with the Extraordinary General Meeting (as defined above), funds were deposited from the Trust Account into an operating bank account and held in cash. As of December 31, 2022, $3,262,655 of the December 2022 redemption was not paid out to the shareholders and was classified as Due to shareholders on the condensed consolidated balance sheet. In January 2023, upon completion of the distribution of funds in the amount of $3,262,655 to shareholders made in connection with the Extraordinary General Meeting, the Company re-deposited the remaining funds into the Trust Account. During the six months ended June 30, 2023, the Company remeasured the Class A ordinary shares subject to possible redemption to increase the carrying amount by $ to reflect current earnings of the Trust Account. As part of the Extension Meeting, shareholders elected to redeem an additional Class A ordinary shares, resulting in redemption payments out of the Trust Account totaling $ , or approximately $ per share. $ was paid out to redeeming Class A ordinary shares as their proportionate share of trust earnings through the redemption date and is the difference between the redemption amount per share and the original $ per share times the number of shares redeemed. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage of $ . At June 30, 2023, the Company has not experienced losses on these accounts. Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging This may make comparison of the Company’s condensed consolidated 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. 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 consolidated balance sheet, primarily due to their short-term nature. Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes” (“ASC 740”). Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the condensed consolidated financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were unrecognized tax benefits as of June 30, 2023 and December 31, 2022. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. amounts were accrued for the payment of interest and penalties for the three and six months ended June 30, 2023 and 2022. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman Islands income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s condensed consolidated financial statements. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. Net Income (Loss) Per Ordinary Share (Restated) Net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of ordinary shares outstanding during the period. The Company has not considered the effect of the warrants sold in the Initial Public Offering and Private Placement to purchase an aggregate of of the Company’s Class A ordinary shares in the calculation of diluted income (loss) per share, since the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive under the treasury stock method. As a result, diluted net income (loss) per share is the same as basic net income (loss) per share for the three and six months ended June 30, 2023 and 2022. The following table reflects the calculation of basic and diluted net income (loss) per share (in dollars, except share amounts): For the Three Months Ended June 30, 2023 For the Six Months Ended June 30, 2023 For the Three Months Ended June 30, 2022 For the Six Months Ended Class A Redeemable Class A Nonredeemable and Class B Class A Redeemable Class A Nonredeemable and Class B Class A Class B Class A Class B Basic and diluted net income (loss) per ordinary share: Numerator: Allocation of net income (loss) (Restated) $ (140,469 ) $ (1,269,312 ) $ (390,641 ) $ (3,400,392 ) $ 4,201,675 $ 1,050,419 $ 10,518,582 $ 2,629,646 Denominator : Basic and diluted weighted average ordinary shares outstanding 1,106,657 10,000,000 1,148,813 10,000,000 40,000,000 10,000,000 40,000,000 10,000,000 Basic and diluted net income (loss) per ordinary share (Restated) $ (0.13 ) $ (0.13 ) $ (0.34 ) $ (0.34 ) $ 0.11 $ 0.11 $ 0.26 $ 0.26 Recent Accounting Pronouncements In June 2016, FASB issued ASU 2016-13, 2016-13”). 2016-13 2016-13 2016-13. The Company’s management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s condensed consolidated financial statements. Risks and Uncertainties Management is currently evaluating the impact of the COVID-19 In February 2022, the Russian Federation and Belarus commenced a military action with the country of Ukraine. As a result of this action, various nations, including the United States, have instituted economic sanctions against the Russian Federation and Belarus. The full extent of short and long- term implications of Russia’s invasion of Ukraine and the related sanctions are difficult to predict as of the date of these unaudited interim condensed consolidated financial statements, but may have an adverse effect on the global economic markets generally and could exacerbate the existing challenges faced by the Company. Since the commencement of the military invasion of Ukraine, there has been an increase in the price of various commodities and shortages of certain materials and components, which may have further negative effects on the world economy, potential Business Combination targets and our Company. |
Initial Public Offering
Initial Public Offering | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Initial Public Offering | Note 4 — Initial Public Offering Pursuant to the Initial Public Offering, the Company sold Units at a price of $ per Unit, which includes the partial exercise by the underwriter of the overallotment option to purchase an additional Units. one-third , each whole Public Warrant entitling the holder thereof to purchase Class A ordinary share at a price of $ per share, subject to adjustment (see Note 7 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 5 — Related Party Transactions Founder Shares On October 28, 2020, the Sponsor paid $ , or approximately $ per share, to cover certain offering costs in consideration for Class B ordinary shares, par value $ per share (the “Founder Shares”). In November 2020, the Sponsor transferred Class B ordinary shares to each of the Company’s independent directors. On December 16, 2020, the Company effected a share capitalization, resulting in Founder Shares issued and outstanding as of such date. The Founder Shares will automatically convert into Class A ordinary shares on the first business day following the completion of a Business Combination, or earlier at the option of the holder, on a one-for-one basis, subject to certain adjustments, as described in Note 8 Founder Shares were forfeited for no consideration on December 23, 2020, resulting in Class B ordinary shares outstanding. The per share price of the Founder Shares was determined by dividing the amount contributed to the Company by the number of Founder Shares issued. The Founder Shares will be worthless if we do not complete an initial Business Combination (see Note 1). The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of its Founder Shares or Class A ordinary shares received upon conversion thereof until the earlier of: (A) one year after the completion of a Business Combination and (B) subsequent to a Business Combination, (x) if the last reported sale price of the Class A ordinary shares equals or exceeds $ per share (as adjusted for share splits, share dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like) for any trading days within any 30-trading day period commencing at least days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, amalgamation, share exchange, reorganization or other similar transaction that results in all of the Company’s shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property. The Company’s Founder Shares are subject to transfer restrictions pursuant to lock-up provisions in a letter agreement with the Company entered into by the initial stockholders, and officers and directors. The Sponsor has the right to transfer its ownership in the Founder Shares at any time, and to any transferee, to the extent that the Sponsor determines, in good faith, that such transfer is necessary to ensure that it and/or any of its parents, subsidiaries or affiliates are in compliance with the Investment Company Act of 1940. Any permitted transferees will be subject to the same restrictions and other agreem ents of the initial stockholders with respect to any Founder Shares. Prior to the closing of the Initial Public Offering, the Sponsor transferred 150,000 Founder Shares to our three independent directors in recognition of and as compensation for their future services to the Company. The transfer of Founder Shares to these directors is within the scope of FASB ASC Topic 718, “Compensation-Stock Compensation” (“ASC 718”). Under ASC 718, stock-based compensation associated with equity-classified awards is measured at fair value upon the grant date. Compensation expense related to the Founder Shares is recognized only when the performance-based vesting condition (i.e. the consummation of the business acquisition) is probable of achievement under the applicable accounting literature. Stock-based compensation would be recognized at the consummation of the business combination, in an amount equal to the number of Founder Shares times the grant date fair value per share (unless subsequently modified) less the amount initially received for the transfer of the Founder Shares. As of June 30, 2023, the Company has entered into a definitive agreement in connection with a potential Business Combination, but the Business Combination has not yet closed and as such, the lock-up provisions have not been remediated and are not probable to be remediated. Any definitive agreements in connection with a Business Combination may also be subject to certain conditions to closing, such as approval by the Company’s shareholders. As a result, the Company determined that, taking into account that there is a possibility that the Business Combination may not close, no stock-based compensation expense should be recognized through June 30, 2023. Private Placement Warrants Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of Private Placement Warrants at a price of $ per Private Placement Warrant for an aggregate purchase price of $ . Each warrant is exercisable to purchase Class A ordinary share at $ per share. If the Company does not complete a Business Combination within the Combination Period, the Private Placement Warrants will expire worthless. The Sponsor and the Company’s officers and directors agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement W Working Capital Loans In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors, may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $ million of such Working Capital Loans may be convertible into private placement warrants at a price of $ per warrant. As of the date of this filing, June 30, 2023 and December 31, 2022, the Company had borrowings under any Working Capital Loans. Administrative Services Agreement Pursuant to an administrative services agreement (the “Administrative Services Agreement”) entered into on December 17, 2020, the Company agreed to pay the Sponsor a total of $ per month for office space, utilities, secretarial and administrative support services provided to members of the Company’s management team until the earlier of (A) the Company’s completion of the initial Business Combination or December 21, 2022 and (B) on December 21, 2022, an amount equal to $ less the actual amount paid under the Administrative Services Agreement. For the three and six months ended June 30, 2023, the Company incurred $ in fees for these services. For the three and six months ended June 30, 2022, the Company incurred $ and $ in fees for these services, respectively, which is included in operating and formation costs on the unaudited condensed consolidated statements of operations. As of June 30, 2023 and December 31, 2022, there were $ and $ in fees outstanding for these services, respectively, that are included in due to related party on the condensed consolidated balance sheets. Notwithstanding the foregoing, on November 18, 2021, the Sponsor permanently waived its right to receive any of the Company’s outstanding, and all of the Company’s remaining, payment obligations under the Administrative Services Agreement. Operating and Formation Costs As of June 30, 2023 and December 31, 2022, the Sponsor and affiliates of the Sponsor also paid operating and formation costs of $ and $ , respectively, on behalf of the Company which are due on demand. These amounts are included in due to related party on the condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022. The Sponsor is not under any obligation to make additional expenditures on the Company’s behalf. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 6 — Commitments and Contingencies Registration Rights The holders of Founder Shares, Private Placement Warrants, and securities that may be issued upon conversion of Working Capital Loans, if any, are entitled to registration rights pursuant to a registration rights agreement entered in connection with the Initial Public Offering. These holders are entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, these holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of the initial Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements. As further described in Note 1 and as such terms used herein are defined therein, the Business Combination Agreement contemplates that, at or prior to the Closing, the Company, the Sponsor and certain Noventiq shareholders will enter into an Amended and Restated Registration Rights Agreement (the “Registration Rights Agreement”), pursuant to which, among other things, the Sponsor and such Noventiq shareholders will be granted certain registration rights with respect to their respective Ordinary Shares, in each case, subject to the terms and conditions set forth in the Registration Rights Agreement. Underwriting Agreement (Restated) After the Initial Public Offering, the underwriters were entitled to a deferred fee of $ per Unit, or $ in the aggregate. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. Effective December 20, 2022, in accordance with a fee reduction agreement, the underwriter agreed to irrevocably forfeit $ of the aggregate $ deferred fee that would otherwise be payable to it in cash pursuant the underwriting agreement, resulting in a reduced deferred fee of $ , which shall be payable to the underwriter upon consummation of a Business Combination, as originally set forth in the underwriting agreement. The Company accounted for this forfeiture during the fourth calendar quarter of the year ended December 31, 2022. On June 23, 2023, the Company and the underwriter agreed to terminate the December 20, 2022 fee reduction agreement solely upon execution of a side letter in accordance with the duly executed Mutual Termination of Initial Fee Reduction Agreement. On June 23, 2023, in accordance with the duly executed Side Letter to Underwriting Agreement, the Company and the underwriter agreed to the following: 1. Cantor will irrevocably forfeit $7,000,000 (instead of $10,000,000) of the aggregate 2. In addition, upon the consummation of the Business Combination, the Company shall pay to the Underwriter a non-refundable • (x) the aggregate maximum gross proceeds received or receivable in connection with any Equity Financing, including, without limitation, aggregate amounts committed by investors to purchase securities, whether or not all securities are issued upon consummation of the Business Combination, plus • (y) the gross proceeds received by the Company upon exercise of any warrants or other securities issued in connection with such Financing that are convertible into common stock of the Company; • the aggregate maximum principal amount of debt committed or available to be committed or available in connection with the Debt Financing (including, without limitation, in the case of an offering of debt securities, the aggregate maximum principal amount of securities committed to be purchased by investors), whether or not drawn down (or, in the case of an offering of debt securities, whether or not purchased) upon consummation of the business Combination; and • any proceeds received from the Trust Account in connection with the Business Combination. The fees noted in items 1 and 2 above are contingent upon a successful completion of a Business Combination. There is no assurance that a Business Combination will be consummated by the Extended Date (or any such later date of termination approved in accordance with the Amended and Restated Memorandum and Articles of Association). In accordance with the guidance in ASC Topic 450, Contingencies |
Warrant Liabilities
Warrant Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Warrant Liability Disclosure [Abstract] | |
Warrant Liabilities | Note 7 — Warrant Liabilities The Public Warrants will become exercisable at $ per share on the later of (a) days after the completion of a Business Combination or (b) months from the closing of the Initial Public Offering; provided in each case that the Company has an effective registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their warrants on a cashless basis and such cashless exercise is exempt from registration under the Securities Act). The Company has agreed that as soon as practicable, but in no event later than business days after the closing of the initial Business Combination, the Company will use commercially reasonable efforts to file with the SEC a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants and, following the effective date of the registration statement, the Company will use commercially reasonable efforts to maintain a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed, as specified in the warrant agreement. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the th business day after the closing of the 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. Notwithstanding the above, if the Class A ordinary shares 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, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, it will not be required to file or maintain in effect a registration statement, and in the event the Company does not so elect, it will use commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. The warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. The exercise price and number of shares issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a share dividend or recapitalization, reorganization, merger or consolidation. In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital-raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $ per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the board of directors and, in the case of any such issuance to the initial shareholders or their affiliates, without taking into account any Founder Shares held by the initial shareholders or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than % of the total equity proceeds, plus interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume-weighted average trading price of the Class A ordinary shares during the 10-trading day period starting on the trading day prior to the day on which the Company consummates the initial Business Combination (such price, the “Market Value”) is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to % of the higher of the Market Value and the Newly Issued Price, the $ per share redemption trigger price described below will be adjusted (to the nearest cent) to be equal to % of the higher of the Market Value and the Newly Issued Price, and the $ per share redemption trigger price described below will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price. The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants and the ordinary shares issuable upon exercise of the Private Placement Warrants, so long as they are held by the Sponsor or its permitted transferees, (i) are not redeemable by the Company, (ii) may not (including the Class A ordinary shares issuable upon exercise of these warrants), subject to certain limited exceptions, be transferred, assigned or sold by the holders until 30 days after the completion of the initial Business Combination, (iii) may be exercised by the holders on a cashless basis and (iv) are entitled to registration rights. If the Private Placement Warrants are held by holders other than the Sponsor or its permitted transferees, the Private Placement Warrants are redeemable by the Company and exercisable by the holders on the same basis as the Public Warrants. Once the warrants become exercisable, the Company may call the Public Warrants for redemption (except with respect to the Private Placement Warrants if they are held by the Sponsor or its permitted transferees): • in whole and not in part; • at a price of $0.01 per warrant; • upon a minimum of 30 days’ prior written notice of redemption; and • if, and only if, the last reported sale price (the “closing price”) of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted) for any 20 trading days within a 30-trading In addition, once the warrants become exercisable, the Company may call the warrants for redemption: • in whole and not in part; • at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of Class A ordinary shares to be determined by reference to an agreed table based on the redemption date and the “fair market value” of the Class A ordinary shares; • if, and only if, the closing price of the Class A ordinary shares equals or exceeds $10.00 per share (as adjusted) for any 20 trading days within the 30-trading • if the closing price of the Class A ordinary shares for any 20 trading days within a 30-trading The “fair market value” of the Class A ordinary shares for the above purpose shall mean the volume-weighted average price of the Class A ordinary shares during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of warrants. In no event are the warrants to be exercisable in connection with this redemption feature for more than Class A ordinary shares per warrant (subject to adjustment). If the Company calls the Public Warrants for redemption, management has 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. Additionally, in no event is the Company be required to net cash settle any Warrants. If the Company is unable to complete the initial Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless. Following the Closing, the Company’s outstanding warrants, issued under a Warrant Agreement, dated December 16, 2020, by and between the Company and Continental Stock Transfer & Trust Company, will remain outstanding and are expected to continue trading on Nasdaq. |
Shareholders' Deficit
Shareholders' Deficit | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Deficit | Note 8 — Shareholders’ Deficit Preference Shares — The Company is authorized to issue preference shares with a par value of $ per share with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. At June 30, 2023 and December 31, 2022, there were preference shares issued or outstanding. Class A Ordinary Shares — The Company is authorized to issue Class A ordinary shares with a par value of $ per share. At December 31, 2022, there were Class A ordinary shares issued or outstanding, all of which are considered temporary equity. On June 20, 2023, in connection with the Extension Meeting, shareholders elected to redeem additional Class A ordinary shares, resulting in redemption payments out of the Trust Account totaling $ , or approximately $ per share which includes $ of earnings in the Trust Account not previously withdrawn. Subsequent to the redemptions, Class A ordinary shares remained issued and outstanding. On June 21, 2023, in connection with the approval of the Founder Conversion Amendment, the Sponsor elected to convert shares of the Class B ordinary shares held by it on a one-for-one basis into Class A ordinary shares of the Company, with immediate effect. Following such conversion, the Sponsor holds shares of Class A ordinary shares and at June 30, 2023, the Company has an aggregate of shares of Class A ordinary shares (419,938 of which are subject to possible redemption) issued and outstanding. The Sponsor’s Class A ordinary shares received in connection with the conversion are not redeemable. Class B Ordinary Shares — The Company is authorized to issue Class B ordinary shares with a par value of $ per share. Holders are entitled to for each Class B ordinary share. At December 31, 2022, there were Class B ordinary shares issued and outstanding. On June 21, 2023, in connection with the approval of the Founder Conversion one-for-one Holders of the Class A ordinary shares and holders of the Class B ordinary shares will vote together as a single class on all matters submitted to a vote of the Company’s shareholders, except as required by law or stock exchange rule; provided that only holders of the Class B ordinary shares have the right to vote on the appointment of the Company’s directors prior to the initial Business Combination. The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the initial Business Combination on a one-for-one one-for-one |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 9 — Fair Value Measurements 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 assets that are measured at fair value on a recurring basis at June 30, 2023 and December 31, 2022 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value. Description Level June 30, 2023 December 31, Assets: Marketable securities held in Trust Account 1 $ 4,436,155 $ At June 30, 2023 and December 31, 2022, $ 0 and $ , respectively, of the balance held in the Trust Account was held in cash. The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis at June 30, 2023 and December 31, 2022 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value. Description Level June 30, 2023 Level December 31, Liabilities: Warrant Liability – Public Warrants 1 $ 1,733,333 1 $ 400,000 Warrant Liability – Private Placement Warrants 3 $ 988,000 3 $ 228,000 Total Warrant Liabilities $ 2,721,333 $ 628,000 The Warrants are accounted for as liabilities in accordance with ASC 815-40 Initial Measurement and Subsequent Measurement The Company established the initial fair value for the Public Warrants on December 21, 2020, the date of the consummation of the Company’s Initial Public Offering, using a Monte Carlo simulation model. The Company allocated the proceeds received from (i) the sale of Units (which is inclusive of one Class A ordinary share and one-third The Warrants are measured at fair value on a recurring basis. The subsequent measurement of the Public Warrants as of June 30, 2023 and December 31, 2022 is classified as Level 1 due to quoted prices in an active market since February 8, 2021. The Private Placement Warrants as of June 30, 2023 and December 31, 2022 are classified as Level 3 due to the use of unobservable inputs. The Monte Carlo model’s primary unobservable input utilized in determining the fair value of the Private Warrants is the expected volatility of the ordinary shares. The expected volatility as of the Initial Public Offering date was derived from observable public warrant pricing on comparable ‘blank- check’ companies without an identified target. The expected volatility as of subsequent valuation dates was implied from the Company’s own public warrant pricing since February 8, 2021. For periods subsequent to the detachment of the warrants from the Units, the close price of the public warrant price was used as the fair value as of each relevant date. The key inputs into the Monte Carlo simulation model for the Private Placement warrants at June 30, 2023 and December 31, 2022 were as follows: Input June 30, 2023 December 31, 2022 Risk-free interest rate 4.13 % 3.99 % Expected term (years) 5.0 5.0 Expected volatility 1.0 % 0.8 % Exercise price $ 11.50 $ 11.50 Fair value of the ordinary share price $ 10.70 $ 9.89 Redemption threshold price $ 18.00 $ 18.00 Redemption threshold days 20 days within 30-day period 20 days within 30-day period Redemption price $ 0.01 $ 0.01 Probability of successful acquisition 90.0 % 50.0 % As of June 30, 2023, the Public Warrants and Private Placement Warrants were determined to be $ and $ per warrant for aggregate values of $ million and $ million, respectively. As of December 31, 2022, the Public Warrants and Private Placement Warrants were determined to be $ and $ , respectively, per warrant for aggregate values of approximately $ million and $ million, respectively. The following table presents the changes in the fair value of warrant liabilities: Private Public Warrant Fair value as of December 31, 2022 $ 228,000 $ 400,000 $ 628,000 Change in valuation inputs or other assumptions 684,000 1,200,000 1,884,000 Fair value as of March 31, 2023 912,000 1,600,000 2,512,000 Change in valuation inputs or other assumptions 76,000 133,333 209,333 Fair value as of June 30, 2023 $ 988,000 $ 1,733,333 $ 2,721,333 Fair value as of December 31, 2021 $ 5,320,000 $ 9,200,000 $ 14,520,000 Change in valuation inputs or other assumptions (3,116,000 ) (5,333,333 ) (8,449,333 ) Fair value as of March 31, 2022 2,204,000 3,866,667 6,070,667 Change in valuation inputs or other assumptions (1,819,440 ) (3,192,000 ) (5,011,440 ) Fair value as of June 30, 2022 $ 384,560 $ 674,667 $ 1,059,227 Level 3 financial liabilities consist of the Private Placement Warrant liability for which there is no current market for these securities such that the determination of fair value requires significant judgment or estimation. Changes in fair value measurements categorized within Level 3 of the fair value hierarchy are analyzed each period based on changes in estimates or assumptions and recorded as appropriate. There were no transfers in or out of level 3 for the three and six months ended June 30, 2023 and 2022. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 10 — Subsequent Events The Company evaluated subsequent events and transactions that occurred up to the date condensed consolidated financial statements were originally issued on August 14, 2023. Based upon this review, the Company did not identify any other subsequent events, not previously disclosed, that would have required adjustment or disclosure in the condensed consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation Starting with the second fiscal quarter of 2023, the Company’s unaudited condensed consolidated financial statements include the results of Merger Sub, a direct wholly owned subsidiary of the Company. Merger Sub is a Cayman Islands exempted company which was incorporated on April 4, 2023. Merger Sub was formed solely for the purpose of effectuating the Merger and has not engaged in any business activities or conducted any operations other than in connection with the Merger and has no, and at all times prior to the Merger’s closing except as expressly contemplated by the Merger documents and the related transactions, will have no, assets, liabilities or obligations of any kind or nature whatsoever other than those incident to its formation. All intercompany balances and transactions have been eliminated in consolidation. For simplicity of presentation, we refer to all accompanying financial statements as condensed consolidated financial statements herein. |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP. In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K 10-K |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of June 30, 2023 and December 31, 2022. |
Marketable Securities Held in Trust Account | Marketable Securities Held in Trust Account At June 30, 2023 and December 31, 2022, substantially all of the assets held in the Trust Account were held in cash or in money market mutual funds in U.S. based trust accounts at Morgan Stanley with Continental Stock Transfer & Trust Company acting as trustee. The Company accounts for any securities held in the Trust Account in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 320 “Debt and Equity Securities.” These securities are classified as trading securities with unrealized gains or losses recognized through other income. The Company values its securities held in the Trust Account based on quoted prices in active markets (see Note 9 for more information). |
Warrant Liabilities | Warrant Liabilities The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in non-cash |
Class A Ordinary Shares Subject to Possible Redemption | Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC 480 “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption are classified as a liability instrument and are measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s condensed consolidated balance sheet. Immediately upon the closing of the Initial Public Offering, the Company recognized the remeasurement from initial book value to redemption amount. The change in the carrying value of Class A ordinary shares subject to possible redemption resulted in charges against additional paid-in At December 31, 2022 and June 30, 2023, the Class A ordinary shares subject to possible redemption reflected in the condensed consolidated balance sheets are reconciled in the following table: Shares Amounts Class A ordinary shares subject to possible redemption - 40,000,000 $ 400,000,000 Less: Payments to Class A ordinary shareholders for redemption of shares (38,808,563 ) (390,414,144 ) Due to shareholders — (3,262,655 ) Plus: Remeasurement of carrying value to redemption value — 5,903,651 Class A ordinary shares subject to possible redemption - 1,191,437 $ 12,226,852 Less: Payments to Class A ordinary shareholders for redemption of shares (771,499 ) (11,347,734 ) Plus: Due to shareholders paid in 2023 — 3,262,655 Remeasurement of carrying value to redemption value — 294,382 Class A ordinary shares subject to possible redemption - June 30, 2023 419,938 $ 4,436,155 In December of 2022, in connection with the distribution of funds in the Trust Amount to the Company’s shareholders made in connection with the Extraordinary General Meeting (as defined above), funds were deposited from the Trust Account into an operating bank account and held in cash. As of December 31, 2022, $3,262,655 of the December 2022 redemption was not paid out to the shareholders and was classified as Due to shareholders on the condensed consolidated balance sheet. In January 2023, upon completion of the distribution of funds in the amount of $3,262,655 to shareholders made in connection with the Extraordinary General Meeting, the Company re-deposited the remaining funds into the Trust Account. During the six months ended June 30, 2023, the Company remeasured the Class A ordinary shares subject to possible redemption to increase the carrying amount by $ to reflect current earnings of the Trust Account. As part of the Extension Meeting, shareholders elected to redeem an additional Class A ordinary shares, resulting in redemption payments out of the Trust Account totaling $ , or approximately $ per share. $ was paid out to redeeming Class A ordinary shares as their proportionate share of trust earnings through the redemption date and is the difference between the redemption amount per share and the original $ per share times the number of shares redeemed. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage of $ . At June 30, 2023, the Company has not experienced losses on these accounts. |
Emerging Growth Company | Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging This may make comparison of the Company’s condensed consolidated 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. |
Fair Value of Financial Instruments | Fair value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the accompanying condensed consolidated balance sheet, primarily due to their short-term nature. |
Income Taxes | Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes” (“ASC 740”). Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the condensed consolidated financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were unrecognized tax benefits as of June 30, 2023 and December 31, 2022. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. amounts were accrued for the payment of interest and penalties for the three and six months ended June 30, 2023 and 2022. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman Islands income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s condensed consolidated financial statements. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. |
Net Income (Loss) Per Ordinary Share (Restated) | Net Income (Loss) Per Ordinary Share (Restated) Net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of ordinary shares outstanding during the period. The Company has not considered the effect of the warrants sold in the Initial Public Offering and Private Placement to purchase an aggregate of of the Company’s Class A ordinary shares in the calculation of diluted income (loss) per share, since the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive under the treasury stock method. As a result, diluted net income (loss) per share is the same as basic net income (loss) per share for the three and six months ended June 30, 2023 and 2022. The following table reflects the calculation of basic and diluted net income (loss) per share (in dollars, except share amounts): For the Three Months Ended June 30, 2023 For the Six Months Ended June 30, 2023 For the Three Months Ended June 30, 2022 For the Six Months Ended Class A Redeemable Class A Nonredeemable and Class B Class A Redeemable Class A Nonredeemable and Class B Class A Class B Class A Class B Basic and diluted net income (loss) per ordinary share: Numerator: Allocation of net income (loss) (Restated) $ (140,469 ) $ (1,269,312 ) $ (390,641 ) $ (3,400,392 ) $ 4,201,675 $ 1,050,419 $ 10,518,582 $ 2,629,646 Denominator : Basic and diluted weighted average ordinary shares outstanding 1,106,657 10,000,000 1,148,813 10,000,000 40,000,000 10,000,000 40,000,000 10,000,000 Basic and diluted net income (loss) per ordinary share (Restated) $ (0.13 ) $ (0.13 ) $ (0.34 ) $ (0.34 ) $ 0.11 $ 0.11 $ 0.26 $ 0.26 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, FASB issued ASU 2016-13, 2016-13”). 2016-13 2016-13 2016-13. The Company’s management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s condensed consolidated financial statements. |
Risks and Uncertainties | Risks and Uncertainties Management is currently evaluating the impact of the COVID-19 In February 2022, the Russian Federation and Belarus commenced a military action with the country of Ukraine. As a result of this action, various nations, including the United States, have instituted economic sanctions against the Russian Federation and Belarus. The full extent of short and long- term implications of Russia’s invasion of Ukraine and the related sanctions are difficult to predict as of the date of these unaudited interim condensed consolidated financial statements, but may have an adverse effect on the global economic markets generally and could exacerbate the existing challenges faced by the Company. Since the commencement of the military invasion of Ukraine, there has been an increase in the price of various commodities and shortages of certain materials and components, which may have further negative effects on the world economy, potential Business Combination targets and our Company. |
Restatement of Previously Iss_2
Restatement of Previously Issued Financial Statements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Prior Period Adjustment [Abstract] | |
Summary of revision of previously issued financial statement | The impacts to the unaudited consolidated condensed financial statements as of June 30, 2023 and for the three and six months ended June 30, 2023 are presented below: Unaudited Condensed Consolidated Balance Sheet as of June 30, 2023 As Previously Adjustment As Restated Deferred underwriting fee payable $ 4,000,000 $ 3,000,000 $ 7,000,000 Total Liabilities 9,909,539 3,000,000 12,909,539 Accumulated deficit (9,767,187 ) (3,000,000 ) (12,767,187 ) Total Shareholders’ Deficit (9,766,187 ) $ (3,000,000 ) $ (12,766,187 ) Unaudited Condensed Consolidated Statement of Operations for the As Previously Adjustment As Restated Transaction costs $ — $ (102,000 ) $ (102,000 ) Net income (loss) (1,307,781 ) (102,000 ) (1,409,781 ) Basic and diluted net income (loss) per Class A redeemable ordinary share (0.12 ) $ (0.01 ) $ (0.13 ) Basic and diluted net income (loss) per Class A nonredeemable ordinary shares and Class B ordinary shares (0.12 ) $ (0.01 ) $ (0.13 ) Unaudited Condensed Consolidated Statement of Operations for the Six Months As Previously Adjustment As Restated Transaction costs $ — $ (102,000 ) $ (102,000 ) Net income (loss) (3,689,033 ) (102,000 ) (3,791,033 ) Basic and diluted net income (loss) per Class A redeemable ordinary share (0.33 ) $ (0.01 ) $ (0.34 ) Basic and diluted net income (loss) per Class A nonredeemable ordinary shares and Class B ordinary shares (0.33 ) $ (0.01 ) $ (0.34 ) Unaudited Condensed Consolidated Statement of Changes in Shareholders’ As Previously Adjustment As Restated Remeasurement of deferrred underwriting fee payable $ — $ (3,000,000 ) $ (3,000,000 ) Transaction costs attributable to warrant liabilities — $ 102,000 $ 102,000 Net loss (1,307,781 ) (102,000 ) $ (1,409,781 ) Accumulated deficit (9,767,187 ) (3,000,000 ) (12,767,187 ) Total shareholders’ deficit (9,766,187 ) $ (3,000,000 ) $ (12,766,187 ) Unaudited Condensed Consolidated Statement of Cash Flows for the As Previously Adjustment As Restated Cash Flows from Operating Activities Net income (loss) $ (3,689,033 ) $ (102,000 ) $ (3,791,033 ) Adjustments to reconcile net income (loss) to net cash used in operating activities: Transaction costs attributable to warrant liabilities — $ 102,000 $ 102,000 Non-cash financing activities Non cash accrual of deferred underwriting fee payable $ — $ 3,000,000 $ 3,000,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Temporary Equity | At December 31, 2022 and June 30, 2023, the Class A ordinary shares subject to possible redemption reflected in the condensed consolidated balance sheets are reconciled in the following table: Shares Amounts Class A ordinary shares subject to possible redemption - 40,000,000 $ 400,000,000 Less: Payments to Class A ordinary shareholders for redemption of shares (38,808,563 ) (390,414,144 ) Due to shareholders — (3,262,655 ) Plus: Remeasurement of carrying value to redemption value — 5,903,651 Class A ordinary shares subject to possible redemption - 1,191,437 $ 12,226,852 Less: Payments to Class A ordinary shareholders for redemption of shares (771,499 ) (11,347,734 ) Plus: Due to shareholders paid in 2023 — 3,262,655 Remeasurement of carrying value to redemption value — 294,382 Class A ordinary shares subject to possible redemption - June 30, 2023 419,938 $ 4,436,155 |
Summary of Basic and Diluted Net Income Per Share | The following table reflects the calculation of basic and diluted net income (loss) per share (in dollars, except share amounts): For the Three Months Ended June 30, 2023 For the Six Months Ended June 30, 2023 For the Three Months Ended June 30, 2022 For the Six Months Ended Class A Redeemable Class A Nonredeemable and Class B Class A Redeemable Class A Nonredeemable and Class B Class A Class B Class A Class B Basic and diluted net income (loss) per ordinary share: Numerator: Allocation of net income (loss) (Restated) $ (140,469 ) $ (1,269,312 ) $ (390,641 ) $ (3,400,392 ) $ 4,201,675 $ 1,050,419 $ 10,518,582 $ 2,629,646 Denominator : Basic and diluted weighted average ordinary shares outstanding 1,106,657 10,000,000 1,148,813 10,000,000 40,000,000 10,000,000 40,000,000 10,000,000 Basic and diluted net income (loss) per ordinary share (Restated) $ (0.13 ) $ (0.13 ) $ (0.34 ) $ (0.34 ) $ 0.11 $ 0.11 $ 0.26 $ 0.26 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value Assets Measured On Recurring Basis | The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at June 30, 2023 and December 31, 2022 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value. Description Level June 30, 2023 December 31, Assets: Marketable securities held in Trust Account 1 $ 4,436,155 $ |
Summary of Fair Value Liabilities Measured On Recurring Basis | The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis at June 30, 2023 and December 31, 2022 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value. Description Level June 30, 2023 Level December 31, Liabilities: Warrant Liability – Public Warrants 1 $ 1,733,333 1 $ 400,000 Warrant Liability – Private Placement Warrants 3 $ 988,000 3 $ 228,000 Total Warrant Liabilities $ 2,721,333 $ 628,000 |
Disclosure Of Inputs Used In Measuring The Fair Value Of Warrants [Table Text Block] | The key inputs into the Monte Carlo simulation model for the Private Placement warrants at June 30, 2023 and December 31, 2022 were as follows: Input June 30, 2023 December 31, 2022 Risk-free interest rate 4.13 % 3.99 % Expected term (years) 5.0 5.0 Expected volatility 1.0 % 0.8 % Exercise price $ 11.50 $ 11.50 Fair value of the ordinary share price $ 10.70 $ 9.89 Redemption threshold price $ 18.00 $ 18.00 Redemption threshold days 20 days within 30-day period 20 days within 30-day period Redemption price $ 0.01 $ 0.01 Probability of successful acquisition 90.0 % 50.0 % |
Summary of Fair Value of Warrant Liabilities | The following table presents the changes in the fair value of warrant liabilities: Private Public Warrant Fair value as of December 31, 2022 $ 228,000 $ 400,000 $ 628,000 Change in valuation inputs or other assumptions 684,000 1,200,000 1,884,000 Fair value as of March 31, 2023 912,000 1,600,000 2,512,000 Change in valuation inputs or other assumptions 76,000 133,333 209,333 Fair value as of June 30, 2023 $ 988,000 $ 1,733,333 $ 2,721,333 Fair value as of December 31, 2021 $ 5,320,000 $ 9,200,000 $ 14,520,000 Change in valuation inputs or other assumptions (3,116,000 ) (5,333,333 ) (8,449,333 ) Fair value as of March 31, 2022 2,204,000 3,866,667 6,070,667 Change in valuation inputs or other assumptions (1,819,440 ) (3,192,000 ) (5,011,440 ) Fair value as of June 30, 2022 $ 384,560 $ 674,667 $ 1,059,227 Level 3 financial liabilities consist of the Private Placement Warrant liability for which there is no current market for these securities such that the determination of fair value requires significant judgment or estimation. Changes in fair value measurements categorized within Level 3 of the fair value hierarchy are analyzed each period based on changes in estimates or assumptions and recorded as appropriate. There were no transfers in or out of level 3 for the three and six months ended June 30, 2023 and 2022. |
Description of Organization, _2
Description of Organization, Business Operations and Liquidity and Going Concern (Restated) - Additional Information (Detail) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Dec. 20, 2023 | Jun. 23, 2023 | Jun. 21, 2023 | Jun. 20, 2023 | Jun. 01, 2023 | May 04, 2023 | Dec. 20, 2022 | Dec. 21, 2020 | Jan. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Entity incorporation, date of incorporation | Oct. 20, 2020 | ||||||||||||
Share price | $ 10 | ||||||||||||
Percentage of redeeming shares of public shares without the company's prior written consent | 15% | ||||||||||||
Percentage of public shares to be redeemed on non completion of business combination | 100% | ||||||||||||
Dissolution expense | $ 100,000 | ||||||||||||
Cash | 27,132 | $ 31,547 | |||||||||||
Assets held-in-trust | 4,436,155 | ||||||||||||
Working capital (deficit) | 3,044,854 | ||||||||||||
Temporary equity accretion to redemption value | $ 3,262,655 | $ 294,382 | $ 769,393 | ||||||||||
Temporary equity shares outstanding | 419,938 | 1,191,437 | 40,000,000 | ||||||||||
Due to related party | $ 1,460,376 | $ 522,500 | |||||||||||
Number of stock bought back by the entity at the exercise price or redemption price. | 771,499 | 38,808,563 | |||||||||||
Cash withdrawn from trust account for redeemption of stock | $ 370,088 | ||||||||||||
Forfeiture Of Deferred Underwriting Fee Payable | $ 7,000,000 | ||||||||||||
Deferred Underwriting Fee Payable Noncurrent | $ 7,000,000 | $ 14,000,000 | $ 7,000,000 | $ 4,000,000 | |||||||||
Noventiq Holdings PLC [Member] | |||||||||||||
Common stock par or stated value per share | $ 0.0001 | ||||||||||||
Share price | $ 10 | ||||||||||||
Equity value of expected business acquisition | $ 877,000,000 | ||||||||||||
Bussiness combination additional earnt out shares description | one Class A Contingent Share Right (the “Class A CSRs”), one Class B Contingent Share Right (the “Class B CSRs”) and one Class C Contingent Share Right (the “Class C CSRs” and, together with the Class A CSRs and the Class B CSRs, the “CSRs”), in each case | ||||||||||||
Operating And Formation Costs [Member] | |||||||||||||
Related Party Transaction, Amounts of Transaction | 1,180,376 | 202,500 | |||||||||||
Administrative Services Agreement [Member] | |||||||||||||
Due to related party | 280,000 | $ 320,000 | |||||||||||
Minimum [Member] | |||||||||||||
Net tangible assets required for consummation of business combination | $ 5,000,001 | 5,000,001 | |||||||||||
Sponsor [Member] | |||||||||||||
Stock issued during period shares | 2,000,000 | ||||||||||||
Common stock shares outstanding | 9,825,001 | ||||||||||||
Common Stock Subject to Forfeiture | 2,500,000 | ||||||||||||
Common Stock Held in Escrow Account | 5,000,000 | ||||||||||||
Cash Payment on Agreement Between Sponsor | $ 2,000,000 | ||||||||||||
Sponsor [Member] | Conversion of Class B to Class A Common Stock [Member] | |||||||||||||
Common stock par or stated value per share | $ 0.0001 | ||||||||||||
Conversion of stock, shares issued | 9,825,000 | 9,825,000 | |||||||||||
Conversion of stock, description | one-for-one | ||||||||||||
Sponsor [Member] | Operating And Formation Costs [Member] | |||||||||||||
Related Party Transaction, Amounts of Transaction | 1,180,376 | ||||||||||||
Sponsor [Member] | Administrative Services Agreement [Member] | |||||||||||||
Due to related party | 280,000 | ||||||||||||
Related Party Transaction, Amounts of Transaction | $ 40,000 | ||||||||||||
Sponsor [Member] | Private Placement Warrants [Member] | |||||||||||||
Class of warrants and rights issued during the period | 7,600,000 | 7,600,000 | |||||||||||
Class of warrants and rights issued, price per warrant | $ 1.5 | $ 1.5 | |||||||||||
Proceeds from issuance of warrants | $ 11,400,000 | $ 11,400,000 | |||||||||||
Related Party [Member] | |||||||||||||
Due to related party | $ 1,460,376 | ||||||||||||
Common Class A [Member] | |||||||||||||
Common stock par or stated value per share | $ 0.0001 | $ 0.0001 | |||||||||||
Temporary equity par or stated value per share | $ 0.0001 | ||||||||||||
Stock issued during period, stock options exercised | 38,808,563 | ||||||||||||
Temporary equity accretion to redemption value | $ 393,676,799 | ||||||||||||
Temproary equity redemption price, per share | $ 10.14 | ||||||||||||
Temporary equity redemption earnings in the trust account not previously withdrawn | $ 5,591,169 | ||||||||||||
Common stock shares outstanding | 419,938 | 9,825,000 | 0 | ||||||||||
Common stock shares issued | 9,825,000 | 0 | |||||||||||
Temporary equity shares outstanding | 419,938 | 1,191,437 | |||||||||||
Temporary equity shares issued | 419,938 | 1,191,437 | |||||||||||
Number of stock bought back by the entity at the exercise price or redemption price. | 771,499 | 771,499 | |||||||||||
Value of stock bought back by the entity at the exercise price or redemption price | $ 8,085,078 | $ 8,085,078 | |||||||||||
Stock redeemption price | $ 10.48 | $ 10.48 | |||||||||||
Cash withdrawn from trust account for redeemption of stock | $ 370,088 | ||||||||||||
Aggregate common shares outstanding | 10,244,938 | ||||||||||||
Aggregate common shares issued | 10,244,938 | ||||||||||||
Common Class A [Member] | Sponsor [Member] | |||||||||||||
Common stock shares outstanding | 9,825,000 | ||||||||||||
Common Class B [Member] | |||||||||||||
Common stock par or stated value per share | $ 0.0001 | $ 0.0001 | |||||||||||
Common stock shares outstanding | 175,000 | 10,000,000 | |||||||||||
Common stock shares issued | 175,000 | 10,000,000 | |||||||||||
Common Class B [Member] | Sponsor [Member] | |||||||||||||
Common stock shares outstanding | 9,825,001 | 1 | |||||||||||
IPO [Member] | |||||||||||||
Transaction costs of share issuance | $ 22,766,081 | ||||||||||||
Underwriting expenses on issuance of shares | 8,000,000 | ||||||||||||
Deferred Underwriting Fees | 4,000,000 | 14,000,000 | |||||||||||
Other offering costs | 766,081 | ||||||||||||
Deferred fee forfeited | 10,000,000 | ||||||||||||
Deferred fee payable in cash | $ 14,000,000 | ||||||||||||
Deferred Underwriting Fee Payable Noncurrent | $ 14,000,000 | ||||||||||||
IPO [Member] | Common Class A [Member] | |||||||||||||
Stock issued during period shares | 40,000,000 | 40,000,000 | |||||||||||
Shares issued price per share | $ 10 | $ 10 | |||||||||||
Proceeds from issuance of IPO | $ 400,000,000 | ||||||||||||
Common stock par or stated value per share | $ 0.0001 | ||||||||||||
Restricted investments term | 185 days | ||||||||||||
Over-Allotment Option [Member] | Common Class A [Member] | |||||||||||||
Stock issued during period shares | 5,000,000 | 5,000,000 |
Restatement of Previously Iss_3
Restatement of Previously Issued Financial Statements - Summary of revision of previously issued financial statement (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 23, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 21, 2020 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Deferred underwriting fee payable | $ 7,000,000 | $ 7,000,000 | $ 7,000,000 | $ 4,000,000 | $ 14,000,000 | |||||
Total Liabilities | 12,909,539 | 12,909,539 | 9,345,710 | |||||||
Accumulated deficit | (12,767,187) | (12,767,187) | (5,783,772) | |||||||
Total Shareholders' Deficit | (12,766,187) | $ (8,318,807) | $ (15,187,909) | $ (19,670,610) | (12,766,187) | $ (15,187,909) | $ (5,782,772) | $ (27,566,744) | ||
Transaction costs | (102,000) | 0 | 0 | (102,000) | ||||||
Net income (loss) | (1,409,781) | $ (2,381,252) | $ 5,252,094 | $ 7,896,134 | (3,791,033) | 13,148,228 | ||||
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | ||||||||||
Transaction costs attributable to warrant liabilities | 102,000 | |||||||||
Non-cash financing activities | ||||||||||
Non cash accrual of deferred underwriting fee payable | $ 3,000,000 | $ 3,000,000 | $ 0 | |||||||
Class A Redeemable Ordinary Shares [Member] | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Basic net income (loss) per ordinary share | $ (0.13) | $ 0.11 | $ (0.34) | $ 0.26 | ||||||
Diluted net income (loss) per ordinary share | (0.13) | 0.11 | (0.34) | 0.26 | ||||||
Class A Nonredeemable Ordinary Shares and Class B Ordinary Shares [Member] | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Basic net income (loss) per ordinary share | (0.13) | 0.11 | (0.34) | 0.26 | ||||||
Diluted net income (loss) per ordinary share | $ (0.13) | $ 0.11 | $ (0.34) | $ 0.26 | ||||||
As Previously Reported [Member] | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Deferred underwriting fee payable | $ 4,000,000 | $ 4,000,000 | ||||||||
Total Liabilities | 9,909,539 | 9,909,539 | ||||||||
Accumulated deficit | (9,767,187) | (9,767,187) | ||||||||
Remeasurement of deferred underwriting fee payable | 0 | 0 | ||||||||
Total Shareholders' Deficit | (9,766,187) | (9,766,187) | ||||||||
Transaction costs | 0 | 0 | ||||||||
Net income (loss) | (3,689,033) | |||||||||
Net income (loss) | (1,307,781) | (1,307,781) | ||||||||
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | ||||||||||
Transaction costs attributable to warrant liabilities | $ 0 | 0 | ||||||||
Non-cash financing activities | ||||||||||
Non cash accrual of deferred underwriting fee payable | $ 0 | |||||||||
As Previously Reported [Member] | Class A Redeemable Ordinary Shares [Member] | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Basic net income (loss) per ordinary share | $ (0.12) | $ (0.33) | ||||||||
Diluted net income (loss) per ordinary share | (0.12) | (0.33) | ||||||||
As Previously Reported [Member] | Class A Nonredeemable Ordinary Shares and Class B Ordinary Shares [Member] | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Basic net income (loss) per ordinary share | (0.12) | (0.33) | ||||||||
Diluted net income (loss) per ordinary share | $ (0.12) | $ (0.33) | ||||||||
Adjustment [Member] | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Deferred underwriting fee payable | $ 3,000,000 | $ 3,000,000 | ||||||||
Total Liabilities | 3,000,000 | 3,000,000 | ||||||||
Accumulated deficit | (3,000,000) | (3,000,000) | ||||||||
Remeasurement of deferred underwriting fee payable | (3,000,000) | (3,000,000) | ||||||||
Total Shareholders' Deficit | (3,000,000) | (3,000,000) | ||||||||
Transaction costs | (102,000) | (102,000) | ||||||||
Net income (loss) | (102,000) | |||||||||
Net income (loss) | (102,000) | (102,000) | ||||||||
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | ||||||||||
Transaction costs attributable to warrant liabilities | $ 102,000 | 102,000 | ||||||||
Non-cash financing activities | ||||||||||
Non cash accrual of deferred underwriting fee payable | $ 3,000,000 | |||||||||
Adjustment [Member] | Class A Redeemable Ordinary Shares [Member] | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Basic net income (loss) per ordinary share | $ (0.01) | $ (0.01) | ||||||||
Diluted net income (loss) per ordinary share | (0.01) | (0.01) | ||||||||
Adjustment [Member] | Class A Nonredeemable Ordinary Shares and Class B Ordinary Shares [Member] | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Basic net income (loss) per ordinary share | (0.01) | (0.01) | ||||||||
Diluted net income (loss) per ordinary share | $ (0.01) | $ (0.01) | ||||||||
As Restated [Member] | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Accumulated deficit | $ (12,767,187) | $ (12,767,187) | ||||||||
Remeasurement of deferred underwriting fee payable | (3,000,000) | (3,000,000) | ||||||||
Total Shareholders' Deficit | (12,766,187) | (12,766,187) | ||||||||
Transaction costs | (102,000) | (102,000) | ||||||||
Net income (loss) | (3,791,033) | |||||||||
Net income (loss) | (1,409,781) | (1,409,781) | ||||||||
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | ||||||||||
Transaction costs attributable to warrant liabilities | $ 102,000 | 102,000 | ||||||||
Non-cash financing activities | ||||||||||
Non cash accrual of deferred underwriting fee payable | $ 3,000,000 | |||||||||
As Restated [Member] | Class A Redeemable Ordinary Shares [Member] | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Basic net income (loss) per ordinary share | $ (0.13) | $ (0.34) | ||||||||
Diluted net income (loss) per ordinary share | (0.13) | (0.34) | ||||||||
As Restated [Member] | Class A Nonredeemable Ordinary Shares and Class B Ordinary Shares [Member] | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Basic net income (loss) per ordinary share | (0.13) | (0.34) | ||||||||
Diluted net income (loss) per ordinary share | $ (0.13) | $ (0.34) |
Restatement of Previously Iss_4
Restatement of Previously Issued Financial Statements - Additional information (Detail) - USD ($) | May 04, 2023 | Jun. 23, 2023 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Additional deferred underwriting fee payable | $ 3,000,000 | |
Sponsor [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Stock issued during period shares | 2,000,000 | |
Cash Payment on Agreement Between Sponsor | $ 2,000,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 20, 2023 | Jan. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Cash equivalents | $ 0 | $ 0 | ||
FDIC insured | 250,000 | |||
Unrecognized tax benefits | 0 | 0 | ||
Accrued for interest and penalties | $ 0 | $ 0 | ||
Number of stock bought back by the entity at the exercise price or redemption price. | 771,499 | 38,808,563 | ||
Share price | $ 10 | |||
Aggregate cash withdrawn from trust account for redeemption of stock | $ 370,088 | |||
Other liabilities current | 1,460,376 | $ 522,500 | ||
Payments to Acquire Restricted Investments | $ 3,262,655 | |||
Related Party [Member] | ||||
Other liabilities current | 1,460,376 | |||
Related Party [Member] | Shareholders [Member] | ||||
Other liabilities current | $ 3,262,655 | |||
Common Class A [Member] | ||||
Increase In carrying amount of subject to possible redemption | $ 294,382 | |||
Number of stock bought back by the entity at the exercise price or redemption price. | 771,499 | 771,499 | ||
Value of stock bought back by the entity at the exercise price or redemption price | $ 8,085,078 | $ 8,085,078 | ||
Stock redeemption price | $ 10.48 | $ 10.48 | ||
Warrant [Member] | ||||
Antidilutive securities excluded from computation of earnings per share | 20,933,333 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Class A ordinary shares (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 20, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Temporary Equity [Line Items] | ||||
Payments to Class A ordinary shareholders for redemption of shares | $ (11,347,734) | |||
Class A ordinary shares subject to possible redemption | $ 4,436,155 | $ 12,226,852 | ||
Class A ordinary shares subject to possible redemption | 419,938 | 1,191,437 | 40,000,000 | |
Payments to Class A ordinary shareholders for redemption of shares | (771,499) | (38,808,563) | ||
Common Class A [Member] | ||||
Temporary Equity [Line Items] | ||||
Payments to Class A ordinary shareholders for redemption of shares | $ (11,347,734) | $ (390,414,144) | ||
Remeasurement of carrying value to redemption value | 294,382 | 5,903,651 | ||
Class A ordinary shares subject to possible redemption | $ 4,436,155 | $ 12,226,852 | $ 400,000,000 | |
Class A ordinary shares subject to possible redemption | 419,938 | 1,191,437 | ||
Payments to Class A ordinary shareholders for redemption of shares | (771,499) | (771,499) | ||
Common Class A [Member] | Related Party [Member] | ||||
Temporary Equity [Line Items] | ||||
Due to Shareholders Paid | $ 3,262,655 | $ (3,262,655) |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Basic and Diluted Net Income Per Share (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Common Class A [Member] | ||||
Numerator: Net Income (loss) minus Net Earnings | ||||
Allocation of net income (loss) (Restated) | $ 4,201,675 | $ 10,518,582 | ||
Denominator [Abstract] | ||||
Basic weighted average shares outstanding | 40,000,000 | 40,000,000 | ||
Diluted weighted average shares outstanding | 40,000,000 | 40,000,000 | ||
Basic net income (loss) per ordinary share (Restated) | $ 0.11 | $ 0.26 | ||
Diluted net income (loss) per ordinary share (Restated) | $ 0.11 | $ 0.26 | ||
Common Class B [Member] | ||||
Numerator: Net Income (loss) minus Net Earnings | ||||
Allocation of net income (loss) (Restated) | $ 1,050,419 | $ 2,629,646 | ||
Denominator [Abstract] | ||||
Basic weighted average shares outstanding | 10,000,000 | 10,000,000 | ||
Diluted weighted average shares outstanding | 10,000,000 | 10,000,000 | ||
Basic net income (loss) per ordinary share (Restated) | $ 0.11 | $ 0.26 | ||
Diluted net income (loss) per ordinary share (Restated) | $ 0.11 | $ 0.26 | ||
Class A Redeemable [Member] | ||||
Numerator: Net Income (loss) minus Net Earnings | ||||
Allocation of net income (loss) (Restated) | $ (140,469) | $ (390,641) | ||
Denominator [Abstract] | ||||
Basic weighted average shares outstanding | 1,106,657 | 40,000,000 | 1,148,813 | 40,000,000 |
Diluted weighted average shares outstanding | 1,106,657 | 40,000,000 | 1,148,813 | 40,000,000 |
Basic net income (loss) per ordinary share (Restated) | $ (0.13) | $ 0.11 | $ (0.34) | $ 0.26 |
Diluted net income (loss) per ordinary share (Restated) | $ (0.13) | $ 0.11 | $ (0.34) | $ 0.26 |
Class A Nonredeemable and Class B [Member] | ||||
Numerator: Net Income (loss) minus Net Earnings | ||||
Allocation of net income (loss) (Restated) | $ (1,269,312) | $ (3,400,392) | ||
Denominator [Abstract] | ||||
Basic weighted average shares outstanding | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
Diluted weighted average shares outstanding | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
Basic net income (loss) per ordinary share (Restated) | $ (0.13) | $ 0.11 | $ (0.34) | $ 0.26 |
Diluted net income (loss) per ordinary share (Restated) | $ (0.13) | $ 0.11 | $ (0.34) | $ 0.26 |
Initial Public Offering - Addit
Initial Public Offering - Additional Information (Detail) - $ / shares | 6 Months Ended | |
Dec. 21, 2020 | Jun. 30, 2023 | |
Public Warrants [Member] | ||
Exercise price of warrant | $ 11.5 | |
Common Class A [Member] | ||
Stock conversion basis | Each Unit consists of one Class A ordinary share and one-third of one redeemable warrant (each, a “Public Warrant”) | |
Shares issuable per warrant | 1 | |
Common Class A [Member] | Public Warrants [Member] | ||
Shares issuable per warrant | 1 | |
Exercise price of warrant | $ 11.5 | |
IPO [Member] | Common Class A [Member] | ||
Stock issued during period shares | 40,000,000 | 40,000,000 |
Shares issued price per share | $ 10 | $ 10 |
Over-Allotment Option [Member] | Common Class A [Member] | ||
Stock issued during period shares | 5,000,000 | 5,000,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | 2 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Dec. 21, 2020 | Nov. 30, 2020 | Oct. 28, 2020 | Dec. 31, 2020 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Jun. 21, 2023 | Jun. 20, 2023 | May 04, 2023 | Dec. 16, 2020 | |
Minimum lock In period for transfer, assign or sell warrants after completion of IPO | 30 days | ||||||||||||
Due to related parties current | $ 1,460,376 | $ 1,460,376 | $ 522,500 | ||||||||||
Sale of Stock, Number of Shares Issued in Transaction | 150,000 | ||||||||||||
Working Capital Loan [Member] | |||||||||||||
Debt instrument convertible into warrants | $ 1,500,000 | $ 1,500,000 | |||||||||||
Debt instrument conversion price | $ 1.5 | $ 1.5 | |||||||||||
Due to related parties current | $ 0 | $ 0 | 0 | ||||||||||
Administrative Services Agreement [Member] | |||||||||||||
Due to related parties current | $ 280,000 | 280,000 | 320,000 | ||||||||||
Operating And Formation Costs [Member] | |||||||||||||
Related party transaction, amounts of transaction | $ 1,180,376 | $ 202,500 | |||||||||||
Public Warrants [Member] | |||||||||||||
Exercise price of warrant | $ 11.5 | $ 11.5 | |||||||||||
Sponsor [Member] | |||||||||||||
Common stock shares outstanding | 9,825,001 | ||||||||||||
Sponsor [Member] | Administrative Services Agreement [Member] | |||||||||||||
Due to related parties current | $ 280,000 | $ 280,000 | |||||||||||
Related party transaction, amounts of transaction | 40,000 | ||||||||||||
Maximum threshold on administrative support expense | 960,000 | 960,000 | |||||||||||
Related party transaction accrued expenses from transactions with related party | $ 0 | $ 120,000 | 0 | $ 240,000 | |||||||||
Sponsor [Member] | Operating And Formation Costs [Member] | |||||||||||||
Related party transaction, amounts of transaction | $ 1,180,376 | ||||||||||||
Sponsor [Member] | Private Placement Warrants [Member] | |||||||||||||
Class of warrants and rights issued during the period | 7,600,000 | 7,600,000 | |||||||||||
Class of warrants and rights issued, price per warrant | $ 1.5 | $ 1.5 | $ 1.5 | ||||||||||
Proceeds from issuance of warrants | $ 11,400,000 | $ 11,400,000 | |||||||||||
Sponsor [Member] | Share Price More Than Or Equals To USD Twelve [Member] | |||||||||||||
Share transfer, trigger price per share. | 12 | $ 12 | |||||||||||
Number of consecutive trading days for determining share price | 20 days | ||||||||||||
Number of trading days for determining share price | 30 days | ||||||||||||
Threshold number of trading days for determining share price from date of business combination | 150 days | ||||||||||||
Common Class B [Member] | |||||||||||||
Common stock par or stated value per share | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||||
Common stock shares issued | 175,000 | 175,000 | 10,000,000 | ||||||||||
Common stock shares outstanding | 175,000 | 175,000 | 10,000,000 | ||||||||||
Common Class B [Member] | Sponsor [Member] | |||||||||||||
Common stock shares outstanding | 1 | 1 | 9,825,001 | ||||||||||
Number of founder shares transferred | 50,000 | ||||||||||||
Common Class A [Member] | |||||||||||||
Common stock par or stated value per share | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||||
Common stock shares issued | 9,825,000 | 9,825,000 | 0 | ||||||||||
Common stock shares outstanding | 9,825,000 | 9,825,000 | 0 | 419,938 | |||||||||
Shares issuable per warrant | 1 | 1 | |||||||||||
Common Class A [Member] | Public Warrants [Member] | |||||||||||||
Shares issuable per warrant | 1 | 1 | |||||||||||
Exercise price of warrant | $ 11.5 | $ 11.5 | |||||||||||
Common Class A [Member] | Sponsor [Member] | |||||||||||||
Common stock shares outstanding | 9,825,000 | 9,825,000 | |||||||||||
Founder Shares [Member] | Common Class B [Member] | Sponsor [Member] | |||||||||||||
Stock shares issued during the period for services value | $ 25,000 | ||||||||||||
Shares issued price per share | $ 0.003 | ||||||||||||
Stock issued during period, shares, issued for services | 8,625,000 | ||||||||||||
Common stock par or stated value per share | $ 0.0001 | ||||||||||||
Common stock shares issued | 10,062,500 | ||||||||||||
Common stock shares outstanding | 10,000,000 | 10,000,000 | |||||||||||
Stock forfeited during period, shares | 62,500 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) - USD ($) | Jun. 23, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 20, 2022 | Dec. 21, 2020 |
Loss Contingencies [Line Items] | |||||
Deferred underwriting fee per unit | $ 0.35 | ||||
Deferred underwriting fee payable noncurrent | $ 7,000,000 | $ 7,000,000 | $ 4,000,000 | $ 14,000,000 | |
Forfeiture Of Deferred Underwriting Fee Payable | $ 7,000,000 | ||||
Percentage of Non Refundable Fee Payable to Underwriter | 3% | ||||
IPO [Member] | |||||
Loss Contingencies [Line Items] | |||||
Deferred underwriting fee payable noncurrent | $ 14,000,000 | ||||
Deferred fee forfeited | $ 10,000,000 | ||||
Deferred fee payable in cash | 14,000,000 | ||||
Deferred underwriting fees | $ 14,000,000 | $ 4,000,000 |
Warrant Liabilities - Additiona
Warrant Liabilities - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2023 $ / shares | |
Share Price | $ 10 |
Percentage of capital raised for business combination to total equity proceeds | 60% |
Share Price More Than Or Equals To USD Eighteen [Member] | |
Number of consecutive trading days for determining share price | 20 days |
Share Price | $ 18 |
Class of warrants, redemption price per unit | $ 0.01 |
Class of warrants, redemption notice period | 30 days |
Number of trading days for determining share price | 30 days |
Share Price Less Than Or Equals To USD Eighteen [Member] | |
Number of consecutive trading days for determining share price | 20 days |
Share Price | $ 10 |
Class of warrants, redemption price per unit | $ 0.1 |
Class of warrants, redemption notice period | 30 days |
Number of trading days for determining share price | 30 days |
Common Stock [Member] | Share Price Less Than Or Equals To USD Nine Point Two [Member] | |
Class of warrant or right, redemption price adjustment percentage | 115% |
Common Stock [Member] | Share Price More Than Or Equals To USD Eighteen [Member] | |
Share Price | $ 18 |
Class of warrant or right, redemption price adjustment percentage | 180% |
Common Stock [Member] | Share Price Less Than Or Equals To USD Eighteen [Member] | |
Share Price | $ 10 |
Public Warrants [Member] | |
Exercise price of warrant | $ 11.5 |
Warrants exercisable term from the date of completion of business combination | 30 days |
Warrants exercisable term from the closing of IPO | 12 months |
Minimum lock In period For SEC Registration From Date Of Business Combination | 15 days |
Minimum lock In period to become effective after the closing of the initial Business Combination | 60 days |
Common Class A [Member] | Common Stock [Member] | |
Number of consecutive trading days for determining share price | 10 days |
Share Price | $ 9.2 |
Fair market value per share | 0.361 |
Common Class A [Member] | Public Warrants [Member] | |
Exercise price of warrant | $ 11.5 |
Shareholders' Deficit - Additio
Shareholders' Deficit - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | |||||
Jun. 21, 2023 | Jun. 20, 2023 | Jun. 01, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | May 04, 2023 | Dec. 31, 2021 | |
Preferred stock shares authorized | 1,000,000 | 1,000,000 | |||||
Preferred stock par or stated value per share | $ 0.0001 | $ 0.0001 | |||||
Preferred stock shares issued | 0 | 0 | |||||
Preferred stock shares outstanding | 0 | 0 | |||||
Temporary equity shares outstanding | 419,938 | 1,191,437 | 40,000,000 | ||||
Minimum percentage of common stock to be held after conversion of shares | 20% | ||||||
Number of stock bought back by the entity at the exercise price or redemption price. | 771,499 | 38,808,563 | |||||
Cash withdrawn from trust account for redeemption of stock | $ 370,088 | ||||||
Sponsor [Member] | |||||||
Common stock shares outstanding | 9,825,001 | ||||||
Conversion of Class B to Class A Common Stock [Member] | Sponsor [Member] | |||||||
Common stock par or stated value per share | $ 0.0001 | ||||||
Conversion of stock, shares converted | 9,825,000 | ||||||
Conversion of stock, description | one-for-one | ||||||
Conversion of stock, shares issued | 9,825,000 | 9,825,000 | |||||
Common Class A [Member] | |||||||
Common stock shares authorized | 300,000,000 | 300,000,000 | |||||
Common stock par or stated value per share | $ 0.0001 | $ 0.0001 | |||||
Common stock shares issued | 9,825,000 | 0 | |||||
Common stock shares outstanding | 419,938 | 9,825,000 | 0 | ||||
Temporary equity shares issued | 419,938 | 1,191,437 | |||||
Temporary equity shares outstanding | 419,938 | 1,191,437 | |||||
Number of stock bought back by the entity at the exercise price or redemption price. | 771,499 | 771,499 | |||||
Value of stock bought back by the entity at the exercise price or redemption price | $ 8,085,078 | $ 8,085,078 | |||||
Stock redemption price | $ 10.48 | ||||||
Cash withdrawn from trust account for redeemption of stock | $ 370,088 | ||||||
Aggregate common shares outstanding | 10,244,938 | ||||||
Aggregate common shares issued | 10,244,938 | ||||||
Common Class A [Member] | Sponsor [Member] | |||||||
Common stock shares outstanding | 9,825,000 | ||||||
Common Class B [Member] | |||||||
Common stock shares authorized | 30,000,000 | 30,000,000 | |||||
Common stock par or stated value per share | $ 0.0001 | $ 0.0001 | |||||
Common stock shares issued | 175,000 | 10,000,000 | |||||
Common stock shares outstanding | 175,000 | 10,000,000 | |||||
Common stock, voting rights | one vote | ||||||
Common Class B [Member] | Sponsor [Member] | |||||||
Common stock shares outstanding | 9,825,001 | 1 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Assets held-in-trust, current | $ 0 | $ 15,489,507 |
Public Warrants [Member] | Measurement Input, Share Price [Member] | ||
Aggregate value of warrants outstanding | $ 1,700,000 | $ 400,000 |
Aggregate value of warrants outstanding per share | $ 0.13 | $ 0.03 |
Private Placement Warrants [Member] | Measurement Input, Share Price [Member] | ||
Aggregate value of warrants outstanding | $ 1,000,000 | $ 200,000 |
Aggregate value of warrants outstanding per share | $ 0.13 | $ 0.03 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value Assets Measured On Recurring Basis (Detail) | Jun. 30, 2023 USD ($) |
Cash and Marketable Securities Held In Trust Account [Member] | Level 1 [Member] | Fair Value, Recurring [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Cash and Marketable securities held in Trust Account | $ 4,436,155 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Fair Value Liabilities Measured On Recurring Basis (Detail) - Fair Value, Recurring [Member] - USD ($) | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Warrant Liability | $ 2,721,333 | $ 628,000 | ||||
Public Warrants [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Warrant Liability | 1,733,333 | $ 1,600,000 | 400,000 | $ 674,667 | $ 3,866,667 | $ 9,200,000 |
Public Warrants [Member] | Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Warrant Liability | 1,733,333 | 400,000 | ||||
Private Placement Warrants [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Warrant Liability | 988,000 | $ 912,000 | 228,000 | $ 384,560 | $ 2,204,000 | $ 5,320,000 |
Private Placement Warrants [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Warrant Liability | $ 988,000 | $ 228,000 |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Fair Value of Warrant Liabilities (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Change in valuation inputs or other assumptions | $ 209,333 | $ (5,011,440) | $ 2,093,333 | $ (13,460,773) | ||
Fair Value, Recurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair value, Beginning Balance | $ 628,000 | 628,000 | ||||
Fair value, Ending Balance | 2,721,333 | 2,721,333 | ||||
Public Warrants [Member] | Fair Value, Recurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair value, Beginning Balance | 1,600,000 | 400,000 | 3,866,667 | $ 9,200,000 | 400,000 | 9,200,000 |
Change in valuation inputs or other assumptions | 133,333 | 1,200,000 | (3,192,000) | (5,333,333) | ||
Fair value, Ending Balance | 1,733,333 | 1,600,000 | 674,667 | 3,866,667 | 1,733,333 | 674,667 |
Private Placement Warrants [Member] | Fair Value, Recurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair value, Beginning Balance | 912,000 | 228,000 | 2,204,000 | 5,320,000 | 228,000 | 5,320,000 |
Change in valuation inputs or other assumptions | 76,000 | 684,000 | (1,819,440) | (3,116,000) | ||
Fair value, Ending Balance | 988,000 | 912,000 | 384,560 | 2,204,000 | 988,000 | 384,560 |
Warrant Liabilities [Member] | Fair Value, Recurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair value, Beginning Balance | 2,512,000 | 628,000 | 6,070,667 | 14,520,000 | 628,000 | 14,520,000 |
Change in valuation inputs or other assumptions | 209,333 | 1,884,000 | (5,011,440) | (8,449,333) | ||
Fair value, Ending Balance | $ 2,721,333 | $ 2,512,000 | $ 1,059,227 | $ 6,070,667 | $ 2,721,333 | $ 1,059,227 |
Fair Value Measurements - Discl
Fair Value Measurements - Disclosure Of Inputs Used In Measuring The Fair Value Of Warrants (Detail) - Public Warrants And Private Placement Warrants [Member] | Jun. 30, 2023 d yr | Dec. 31, 2022 d yr |
Initial Measurement [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 4.13 | |
Initial Measurement [Member] | Measurement Input, Expected Term [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | yr | 5 | |
Initial Measurement [Member] | Measurement Input, Price Volatility [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 1 | |
Initial Measurement [Member] | Measurement Input, Exercise Price [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 11.5 | |
Initial Measurement [Member] | Measurement Input, Share Price [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 10.7 | |
Initial Measurement [Member] | Redemption Threshold Price [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 18 | |
Initial Measurement [Member] | Redemption Threshold Days [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 20 | |
Initial Measurement [Member] | Redemptin Threshold Consecutive Trading Days [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 30 | |
Initial Measurement [Member] | Redemption Price [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 0.01 | |
Initial Measurement [Member] | Measurement Input Probability Of A Successful Acquisition [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 90 | |
Subsequent Measurement [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 3.99 | |
Subsequent Measurement [Member] | Measurement Input, Expected Term [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | yr | 5 | |
Subsequent Measurement [Member] | Measurement Input, Price Volatility [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 0.8 | |
Subsequent Measurement [Member] | Measurement Input, Exercise Price [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 11.5 | |
Subsequent Measurement [Member] | Measurement Input, Share Price [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 9.89 | |
Subsequent Measurement [Member] | Redemption Threshold Price [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 18 | |
Subsequent Measurement [Member] | Redemption Threshold Days [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 20 | |
Subsequent Measurement [Member] | Redemptin Threshold Consecutive Trading Days [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 30 | |
Subsequent Measurement [Member] | Redemption Price [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 0.01 | |
Subsequent Measurement [Member] | Measurement Input Probability Of A Successful Acquisition [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 50 |