Cover Page
Cover Page | 9 Months Ended |
Sep. 30, 2023 | |
Document Information [Line Items] | |
Entity Registrant Name | Global Partner Acquisition Corp II |
Document Type | S-4 |
Amendment Flag | false |
Entity Central Index Key | 0001831979 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | 200 Park Avenue |
Entity Address, Address Line Two | 32nd Floor |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10166 |
City Area Code | 646 |
Local Phone Number | 585-8975 |
Entity Primary SIC Number | 6770 |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Address Line One | 200 Park Avenue |
Entity Address, Address Line Two | 32nd Floor |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10166 |
City Area Code | 646 |
Local Phone Number | 585-8975 |
Contact Personnel Name | Global Partner Sponsor II LLC |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets - | |||
Cash | $ 1,000 | $ 101,000 | $ 842,000 |
Prepaid expenses | 79,000 | 8,000 | 183,000 |
Total current assets | 80,000 | 109,000 | 1,025,000 |
Cash held in the Trust Account | 42,623,000 | ||
Investments held in Trust Account | 304,675,000 | 300,075,000 | |
Total assets | 42,703,000 | 304,784,000 | 301,100,000 |
Current liabilities | |||
Accounts payable | 4,000 | 75,000 | 135,000 |
Accrued liabilities | 1,207,000 | 3,016,000 | 2,673,000 |
Total current liabilities | 3,775,000 | 3,876,000 | 2,808,000 |
Other liabilities – | |||
Warrant liability | 112,000 | 467,000 | 12,920,000 |
Deferred underwriting commission | 10,500,000 | 10,500,000 | 10,500,000 |
Total liabilities | 14,387,000 | 14,843,000 | 26,228,000 |
Commitments and contingencies | |||
Class A ordinary shares subject to possible redemption; 3,931,719 and 30,000,000 shares, respectively (at approximately $10.84 per share at September 30, 2023 and $10.15 per share at December 31, 2022) | 42,623,000 | 304,675,000 | 300,000,000 |
Shareholders' deficit: | |||
Preference shares, $0.0001 par value; 5,000,000 shares authorized, none issued or outstanding at September 30, 2023 and December 31, 2022 | |||
Ordinary shares | |||
Class B ordinary shares, $0.0001 par value, 50,000,000 authorized shares, 7,500,000 shares issued and outstanding | 1,000 | 1,000 | |
Additional paid-in capital | |||
Accumulated deficit | (14,308,000) | (14,735,000) | (25,129,000) |
Total shareholders' deficit | (14,307,000) | (14,734,000) | (25,128,000) |
Total liabilities, Class A ordinary shares subject to possible redemption and shareholders' deficit | 42,703,000 | 304,784,000 | 301,100,000 |
Class A Ordinary Shares | |||
Shareholders' deficit: | |||
Ordinary shares | |||
Class B Ordinary Shares | |||
Shareholders' deficit: | |||
Ordinary shares | 1,000 | 1,000 | |
Related Party | |||
Current liabilities | |||
Promissory Note – related party | 755,000 | 785,000 | |
Extension promissory notes – related party | $ 1,809,000 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parentheticals) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Ordinary shares subject to possible redemption | 3,931,719 | ||
Preference shares, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Preference shares, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 |
Preference shares, shares issued | 0 | 0 | 0 |
Preference shares, shares outstanding | 0 | 0 | 0 |
Ordinary shares subject to possible redemption (in Dollars) | $ 304,675,000 | ||
Class A Ordinary Shares | |||
Ordinary shares subject to possible redemption | 30,000,000 | 30,000,000 | |
Ordinary shares subject to possible redemption, per share (in Dollars per share) | $ 10.84 | $ 10.15 | $ 10 |
Ordinary shares, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Ordinary shares, authorized | 500,000,000 | 500,000,000 | 500,000,000 |
Ordinary shares, issued | 0 | 0 | 0 |
Ordinary shares, outstanding | 0 | 0 | 0 |
Ordinary shares subject to possible redemption (in Dollars) | $ 3,931,719 | $ 30,000,000 | |
Class A Ordinary Shares | Previously Reported [Member] | |||
Ordinary shares subject to possible redemption, per share (in Dollars per share) | $ 10.16 | ||
Class B Ordinary Shares | |||
Ordinary shares, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Ordinary shares, authorized | 50,000,000 | 50,000,000 | 50,000,000 |
Ordinary shares, issued | 7,500,000 | 7,500,000 | 7,500,000 |
Ordinary shares, outstanding | 7,500,000 | 7,500,000 | 7,500,000 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues | ||||
General and administrative expenses | 1,689,000 | 1,731,000 | $ 1,984,000 | $ 3,599,000 |
Settlement and release of liabilities | (2,961,000) | |||
Income (loss) from operations | 1,272,000 | (1,731,000) | (1,984,000) | (3,599,000) |
Other income (expense) - | ||||
Income from cash and investments held in the Trust Account | 1,798,000 | 1,946,000 | 4,600,000 | 75,000 |
Transaction costs allocated to warrant liability | (800,000) | |||
Write-off contingent warrants associated with shares redeemed | 130,000 | |||
Change in fair value of warrant liability | 225,000 | 11,986,000 | 12,453,000 | 9,029,000 |
Net income (loss) | $ 3,425,000 | $ 12,201,000 | $ 15,069,000 | $ 4,705,000 |
Class A Ordinary Shares | ||||
Other income (expense) - | ||||
Weighted average Class A ordinary shares outstanding -– basic (in Shares) | 4,982,000 | 30,000,000 | 30,000,000 | 28,392,000 |
Net income per Class A ordinary share – basic (in Dollars per share) | $ 0.27 | $ 0.33 | $ 0.4 | $ 0.13 |
Weighted average shares outstanding - diluted | 4,982,000 | 30,000,000 | 30,000,000 | 28,392,000 |
Net income per ordinary share – diluted | $ 0.27 | $ 0.33 | $ 0.4 | $ 0.13 |
Class B Ordinary Shares | ||||
Other income (expense) - | ||||
Weighted average Class A ordinary shares outstanding -– basic (in Shares) | 7,500,000 | 7,500,000 | 7,500,000 | 7,500,000 |
Net income per Class A ordinary share – basic (in Dollars per share) | $ 0.27 | $ 0.33 | $ 0.4 | $ 0.13 |
Weighted average shares outstanding - diluted | 7,500,000 | 7,500,000 | 7,500,000 | 7,500,000 |
Net income per ordinary share – diluted | $ 0.27 | $ 0.33 | $ 0.4 | $ 0.13 |
Condensed Statements of Changes
Condensed Statements of Changes in Shareholders' Deficit (Unaudited) - USD ($) | Total | Additional Paid-in Capital | Accumulated Deficit | Class B Ordinary Shares |
Balances at Dec. 31, 2020 | $ 20,000 | $ 24,000 | $ (5,000) | $ 1,000 |
Balances (in Shares) at Dec. 31, 2020 | 7,500,000 | |||
Proceeds from sale of 5,566,667 Private Placement Warrants at $1.50 per warrant in excess of fair value of $1.41 per warrant | 501,000 | 501,000 | ||
Accretion in value of Class A ordinary shares subject to redemption | (30,354,000) | (525,000) | (29,829,000) | |
Net income | 4,705,000 | 4,705,000 | ||
Balances at Dec. 31, 2021 | (25,128,000) | (25,129,000) | $ 1,000 | |
Balances (in Shares) at Dec. 31, 2021 | 7,500,000 | |||
Accretion in value of Class A ordinary shares subject to redemption | (2,021,000) | (2,021,000) | ||
Net income | 12,201,000 | 12,201,000 | ||
Balances at Sep. 30, 2022 | (14,948,000) | (14,949,000) | $ 1,000 | |
Balances (in Shares) at Sep. 30, 2022 | 7,500,000 | |||
Balances at Dec. 31, 2021 | (25,128,000) | (25,129,000) | $ 1,000 | |
Balances (in Shares) at Dec. 31, 2021 | 7,500,000 | |||
Accretion in value of Class A ordinary shares subject to redemption | (4,675,000) | (4,675,000) | ||
Net income | 15,069,000 | 15,069,000 | ||
Balances at Dec. 31, 2022 | (14,734,000) | (14,735,000) | $ 1,000 | |
Balances (in Shares) at Dec. 31, 2022 | 7,500,000 | |||
Accretion in value of Class A ordinary shares subject to redemption | (2,998,000) | (2,998,000) | ||
Net income | 3,425,000 | 3,425,000 | ||
Balances at Sep. 30, 2023 | $ (14,307,000) | $ (14,308,000) | $ 1,000 | |
Balances (in Shares) at Sep. 30, 2023 | 7,500,000 |
Condensed Statements of Chang_2
Condensed Statements of Changes in Shareholders' Deficit (Unaudited) (Parentheticals) | 12 Months Ended |
Dec. 31, 2021 $ / shares shares | |
Statement of Stockholders' Equity [Abstract] | |
Proceeds from sale (in Shares) | shares | 5,566,667 |
Private Placement Warrants | $ 1.5 |
Fair value per warrant | $ 1.41 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flow from operating activities: | ||||
Net income | $ 3,425,000 | $ 12,201,000 | $ 15,069,000 | $ 4,705,000 |
Adjustments to reconcile net income to net cash used in operating activities | ||||
Income from cash and investments held in Trust Account | (1,798,000) | (1,946,000) | (4,600,000) | (75,000) |
Change in fair value of warrant liability | (225,000) | (11,986,000) | (12,453,000) | (9,029,000) |
Payment of formation costs through Class B ordinary shares | ||||
Write-off contingent warrants associated with shares redeemed | (130,000) | |||
Transaction costs allocated to warrant liability | 800,000 | |||
Change in fair value of warrant liability | (12,453,000) | (9,029,000) | ||
Changes in operating assets and liabilities: | ||||
(Increase) decrease in prepaid expenses | (70,000) | 114,000 | 175,000 | (182,000) |
Increase (decrease) in accounts payable | (71,000) | 260,000 | (60,000) | 64,000 |
Increase (decrease) in accrued liabilities and other | (1,810,000) | 362,000 | 343,000 | 2,673,000 |
Net cash used in operating activities | (679,000) | (995,000) | (1,526,000) | (1,044,000) |
Cash flows from investing activities: | ||||
Cash deposited in Trust Account | (1,200,000) | 0 | (300,000,000) | |
Cash withdrawn from Trust Account to pay redemptions | 265,050,000 | 0 | ||
Net cash provided by investing activities | 263,850,000 | 0 | ||
Cash flows from financing activities: | ||||
Proceeds from notes payable and advances – related party | ||||
Proceeds from sale of Public Offering Units | 300,000,000 | |||
Proceeds from sale of Private Placement Warrants | 8,350,000 | |||
Payment of underwriting discounts | (6,000,000) | |||
Payment of offering costs | (285,000) | |||
Proceeds (payment) of notes payable – related party | 785,000 | (199,000) | ||
Redemption of 26,068,281 Class A common shares | (265,050,000) | 0 | ||
Advances and repayment of promissory note – related party | (30,000) | 400,000 | ||
Proceeds of Extension Promissory Note – related party | 1,809,000 | 0 | ||
Net cash (used in) provided by financing activities | (263,271,000) | 400,000 | 785,000 | 301,866,000 |
Supplemental Cash Flow Elements [Abstract] | ||||
Deferred underwriter compensation | 10,500,000 | |||
Offering costs included in accounts payable | 70,000 | |||
Net change in cash | (100,000) | (595,000) | 741,000 | 822,000 |
Cash at beginning of the period | 101,000 | 842,000 | 842,000 | 20,000 |
Cash at end of the period | $ 1,000 | $ 247,000 | $ 101,000 | $ 842,000 |
Condensed Statements of Cash _2
Condensed Statements of Cash Flows (Unaudited) (Parentheticals) - shares | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Cash Flows [Abstract] | ||
Redemption of common shares | 26,068,281 | 26,068,281 |
Description of Organization and
Description of Organization and Business Operations | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Description of Organization and Business Operations | Note 1 – Description of Organization and Business Operations Global Partner Acquisition Corp II (the “Company”) was incorporated under the laws of the Cayman Islands as an exempted company on November 3, 2020. The Company was formed for the purpose of effecting a merger, capital share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended, or the “Securities Act,” as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). As of September 30, 2023, the Company had not commenced any operations. All activity for the period from November 3, 2020 (inception) to September 30, 2023 relates to the Company’s formation and the initial public offering (the “Public Offering”) described below and, subsequent to the Public Offering, identifying and completing a suitable Business Combination. The Company will not generate any operating revenues until after completion of its initial Business Combination, at the earliest. The Company generates non-operating In January 2023, the shareholders of the Company took various actions and the Company entered into various agreements resulting in a change of control of the Company, redemption of approximately 87% of its Class A ordinary shares, par value $0.0001 per share (the “Class A ordinary shares”), an extension of the date to complete a Business Combination and certain additional financing and other matters as discussed in further detail in the Form 10-K 8-K All dollar amounts are rounded to the nearest thousand dollars. Sponsor and Public Offering: The Company’s sponsor is Global Partner Sponsor II LLC, a Delaware limited liability company (the “Sponsor”). The Company intends to finance a Business Combination with unredeemed proceeds from the $300,000,000 Public Offering (see Note 3 and below) and a $8,350,000 private placement (see Note 4). Upon the closing of the Public Offering and the private placement, $300,000,000 was deposited in a trust account (the “Trust Account”) at closing on January 14, 2021. In January 2023, the following material transactions, among others, changed the control over and resources of the Company, all as further discussed in these notes to condensed financial statements, as follows: 1. On January 11, 2023, the Company held an Extension Meeting of its shareholders in which the shareholders approved the proposal to amend the Company’s amended and restated memorandum and articles of association (the “Extension Amendment Proposal”) to extend the date required to complete a Business Combination (as described further in Business Combination below). In connection with the vote to approve the Extension Amendment Proposal the holders of 26,068,281 Class A ordinary shares of the Company exercised their right to redeem their shares for cash at a redemption price of approximately $10.167 per share for an aggregate redemption amount of approximately $265,050,000 resulting in 3,931,719 Class A ordinary shares remaining outstanding. 2. On January 13, 2023, the Company, entered into an Investment Agreement (the “Investment Agreement”) with the Sponsor and Endurance Global Partner II, LLC, a Delaware limited liability company (the “Investor”), pursuant to which the Investor agreed to contribute to the Sponsor an aggregate amount in cash equal to up to $3,000,000, which amount will be loaned to the Company in accordance with the January 13, 2023 Promissory Note (as defined below), in consideration for which, the Sponsor issued to the Investor interests in certain equity securities of the Company. 3. Pursuant to the Investment Agreement, the Sponsor transferred control of the Sponsor to affiliates of Antarctica Capital Partners LLC. 4. Pursuant to the Investment Agreement, the Sponsor has agreed to lend to the Company the funds required to pay expenses incurred by the Company and reasonably related to the costs and expenses of facilitating the extension of the term of the Company. 5. Further, on January 13, 2023, Paul J. Zepf, Pano Anthos, Andrew Cook, James McCann and Jay Ripley tendered their resignations as directors of the Company. Additionally, Paul J. Zepf and David Apseloff resigned as officers of the Company. There was no known disagreement with any of the outgoing directors or officers on any matter relating to the Company’s operations, policies or practices. 6. The Company made settlements and received releases from several creditors in exchange for cash payments made resulting in the reduction of approximately $2,961,000 of accrued liabilities which is reflected as a credit to operating expenses in the accompanying condensed statements of operations. Trust Account: The funds in the Trust Account can only be invested in cash or U.S. government treasury bills with a maturity of one hundred and eighty-five (185) days or less or in money market funds meeting certain conditions under Rule 2a-7 The Company’s amended and restated memorandum and articles of association provided that, other than the withdrawal of interest to pay tax obligations, if any, less up to $100,000 of interest to pay dissolution expenses, none of the funds held in trust will be released until the earliest of (a) the completion of the initial Business Combination, (b) the redemption of any public shares properly submitted in connection with a shareholder vote to amend the Company’s amended and restated memorandum of association (i) to modify the substance or timing of the Company’s obligation to redeem 100% of the public shares if the Company does not complete the initial Business Combination by the date by which the Company is required to consummate a business combination pursuant to the amended and restated memorandum and articles of association, January 14, 2024 if extended per below (previously January 14, 2023) (the “Termination Date”), or (ii) with respect to any other provision relating to shareholders’ rights or pre-Business On January 11, 2023, the Company’s shareholders voted to extend the date by which the Company has to consummate a Business Combination from January 14, 2023 to April 23, 2023 (the “Articles Extension Date”) and to allow the Company, without another shareholder vote, to elect to extend the date to consummate a Business Combination on a monthly basis for up to nine times by an additional one month each time up until the Termination Date of January 14, 2024. Upon each of the nine one-month of its affiliates, members or third-party designees may contribute to the Company $150,000 as a loan to be deposited into the Trust Account. During the nine months ended on September 30, 2023 the board of directors of the Company approved (i) one-month one-month Business Combination: The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Public Offering, although substantially all of the net proceeds of the Public Offering are intended to be generally applied toward consummating a Business Combination with (or acquisition of) a Target Business. As used herein, “Target Business” is one or more target businesses that together have a fair market value equal to at least 80% of the balance in the Trust Account (excluding the deferred underwriting commission and taxes payable on interest earned on the Trust Account) at the time of signing a definitive agreement in connection with the Company’s initial Business Combination. There is no assurance that the Company will be able to successfully effect a Business Combination. The Company, after signing a definitive agreement for a Business Combination, will either (i) seek shareholder approval of the Business Combination at a meeting called for such purpose in connection with which shareholders may seek to redeem their shares, regardless of whether they vote for or against the Business Combination, for cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account as of two business days prior to the consummation of the initial Business Combination, including interest earned on funds held in the Trust Account and not previously released to pay income taxes, or (ii) provide shareholders with the opportunity to have their shares redeemed by the Company by means of a tender offer (and thereby avoid the need for a shareholder vote) for an amount in cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account as of two business days prior to commencement of the tender offer, including interest earned on funds held in the Trust Account and not previously released to pay income taxes. The decision as to whether the Company will seek shareholder approval of the Business Combination or will allow shareholders to sell their shares in a tender offer will be made by the Company, solely in its discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would otherwise require the Company to seek shareholder approval unless a vote is required by the rules of the Nasdaq Capital Market (the “Nasdaq”). If the Company seeks shareholder approval, it will complete its Business Combination only if a majority of the outstanding Class A ordinary shares and Class B ordinary shares, par value $0.0001 per share (the “Class B ordinary shares”), voted are voted in favor of the Business Combination. However, in no event will the Company redeem its public shares in an amount that would cause its net tangible assets to be less than $5,000,001 upon consummation of a Business Combination. In such case, the Company would not proceed with the redemption of its public shares and the related Business Combination, and instead may search for an alternate Business Combination. If the Company holds a shareholder vote or there is a tender offer for shares in connection with a Business Combination, a public shareholder will have the right to redeem its shares for an amount in cash equal to its pro rata share of the aggregate amount then on deposit in the Trust Account as of two business days prior to the consummation of the initial Business Combination, including interest earned on funds held in the Trust Account and not previously released to pay income taxes. As a result, such Class A ordinary shares are recorded at the redemption amount and classified as temporary equity upon the completion of the Public Offering, in accordance with Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”) 480, “Distinguishing Liabilities from Equity” (“ASC 480”). The amount in the Trust Account is initially funded at $10.00 per public Class A ordinary share ($300,000,000 held in the Trust Account divided by 30,000,000 public shares), see however Note 3 regarding shareholder redemptions in January 2023. As further discussed below, the Company will have until the Termination Date, that was proposed to and approved by the Company’s shareholders in the form of an amendment to the Company’s amended and restated memorandum and articles of association (the “Combination Period”). If the Company does not complete a Business Combination within this period of time, it shall (i) cease all operations except for the purposes of winding up and (ii) as promptly as reasonably possible, but not more than ten business days thereafter, redeem the public Class A ordinary shares for a per share pro rata portion of the Trust Account, including interest earned on funds held in the Trust Account and not previously released to pay income taxes (less up to $100,000 of such net interest to pay dissolution expenses) and as promptly as possible following such redemption, dissolve and liquidate the balance of the Company’s net assets to its creditors and remaining shareholders, as part of its plan of dissolution and liquidation. The initial shareholders have entered into letter agreements with the Company, pursuant to which they have waived their rights to participate in any redemption with respect to their Founders Shares; however, if the initial shareholders or any of the Company’s officers, directors or affiliates acquire Class A ordinary shares in or after the Public Offering, they will be entitled to a pro rata share of the Trust Account with respect to the Class A ordinary shares so acquired upon the Company’s redemption or liquidation in the event the Company does not complete a Business Combination within the Combination Period. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be less than the price per Unit (as defined below) in the Public Offering. | Note 1 – Description of Organization and Business Operations Global Partner Acquisition Corp II (the “Company”) was incorporated under the laws of the Cayman Islands as an exempted company on November 3, 2020. The Company was formed for the purpose of effecting a merger, capital share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended, or the “Securities Act,” as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). At December 31, 2022, the Company had not commenced any operations. All activity for the period from November 3, 2020 (inception) to December 31, 2022 relates to the Company’s formation and the initial public offering (“Public Offering”) described below and, subsequent to the Public Offering, identifying and completing a suitable Business Combination. The Company will not generate any operating revenues until after completion of its Initial Business Combination, at the earliest. The Company generates non-operating All dollar amounts are rounded to the nearest thousand dollars. Sponsor and Public Offering: The Company’s sponsor is Global Partner Sponsor II LLC, a Delaware limited liability company (the “Sponsor”). The Company intends to finance a Business Combination with proceeds from the $300,000,000 Public Offering (see Note 3) and a $8,350,000 private placement (see Note 4). Upon the closing of the Public Offering and the private placement, $300,000,000 was deposited in a trust account (the “Trust Account”) at closing on January 14, 2021. Subsequent to December 31, 2022, on January 11, 2023, the following two material transactions, among others, changed the control over and resources of the Company, all as further discussed in Note 9, as follows: 1. Pursuant to an Investment Agreement, the Sponsor transferred control of the Sponsor to affiliates of Antarctica Capital Partners LLC and, 2. On January 11, 2023, the Company held an Extension Meeting of its shareholders in which the shareholders approved the Extension Amendment Proposal to extend the date required to complete a business combination as described further in Note 9. In connection with the vote to approve the Extension Amendment Proposal the holders of 26,068,281 Class A ordinary shares of the Company exercised their right to redeem their shares for cash at a redemption price of approximately $10.167 per share for an aggregate redemption amount of approximately $265,050,000. The Trust Account: The funds in the Trust Account can only be invested in U.S. government treasury bills with a maturity of one hundred and eighty-five (185) days or less or in money market funds meeting certain conditions under Rule 2a-7 The Company’s amended and restated memorandum and articles of association provides that, other than the withdrawal of interest to pay tax obligations, if any, less up to $100,000 of interest to pay dissolution expenses, none of the funds held in trust will be released until the earliest of (a) the completion of the initial Business Combination, (b) the redemption of any public shares properly submitted in connection with a shareholder vote to amend the Company’s amended and restated memorandum of association (i) to modify the substance or timing of the Company’s obligation to redeem 100% of the public shares if the Company does not complete the Initial Business Combination by the date by which the Company is required to consummate a business combination pursuant to the amended and restated memorandum and articles of association, January 14, 2024 (the “Termination Date”), or (ii) with respect to any other provision relating to shareholders’ rights or pre-Business Subsequent to December 31, 2022, on January 11, 2023, the Company’s shareholders voted to extend the date by which the Company has to consummate a business combination from January 14, 2023 to April 23, 2023 and to allow the Company, without another shareholder vote, to elect to extend the date to consummate a business combination on a monthly basis for up to nine times by an additional one month each time up until the Termination Date of January 14, 2024. This and other significant subsequent events are further discussed in Note 9. Business Combination: The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Public Offering, although substantially all of the net proceeds of the Public Offering are intended to be generally applied toward consummating a Business Combination with (or acquisition of) a Target Business. As used herein, “Target Business” is one or more target businesses that together have a fair market value equal to at least 80% of the balance in the Trust Account (excluding the deferred underwriting commission and taxes payable on interest earned on the trust account) at the time of signing a definitive agreement in connection with the Company’s Initial Business Combination. There is no assurance that the Company will be able to successfully effect a Business Combination. The Company, after signing a definitive agreement for a Business Combination, will either (i) seek shareholder approval of the Business Combination at a meeting called for such purpose in connection with which shareholders may seek to redeem their shares, regardless of whether they vote for or against the Business Combination, for cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account as of two business days prior to the consummation of the Initial Business Combination, including interest earned on funds held in the trust account and not previously released to pay income taxes, or (ii) provide shareholders with the opportunity to have their shares redeemed by the Company by means of a tender offer (and thereby avoid the need for a shareholder vote) for an amount in cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account as of two business days prior to commencement of the tender offer, including interest earned on funds held in the trust account and not previously released to pay income taxes. The decision as to whether the Company will seek shareholder approval of the Business Combination or will allow shareholders to sell their shares in a tender offer will be made by the Company, solely in its discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would otherwise require the Company to seek shareholder approval unless a vote is required by the rules of the Nasdaq Capital Market. If the Company seeks shareholder approval, it will complete its Business Combination only if a majority of the outstanding Class A and Class B ordinary shares voted are voted in favor of the Business Combination. However, in no event will the Company redeem its public shares in an amount that would cause its net tangible assets to be less than $5,000,001 upon consummation of a Business Combination. In such case, the Company would not proceed with the redemption of its public shares and the related Business Combination, and instead may search for an alternate Business Combination. If the Company holds a shareholder vote or there is a tender offer for shares in connection with a Business Combination, a public shareholder will have the right to redeem its shares for an amount in cash equal to its pro rata share of the aggregate amount then on deposit in the Trust Account as of two business days prior to the consummation of the Initial Business Combination, including interest earned on funds held in the trust account and not previously released to pay income taxes. As a result, such Class A ordinary shares are recorded at redemption amount and classified as temporary equity upon the completion of the Public Offering, in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, “Distinguishing Liabilities from Equity.” The amount in the Trust Account is initially funded at $10.00 per public Class A ordinary share ($300,000,000 held in the Trust Account divided by 30,000,000 The Company will have until January 14, 2024, the Termination Date, that may be proposed to and approved by the Company’s shareholders in the form of an amendment to the Company’s amended and restated memorandum and articles of association (the “Combination Period”). If the Company does not complete a Business Combination within this period of time, it shall (i) cease all operations except for the purposes of winding up; (ii) as promptly as reasonably possible, but not more than ten business days thereafter, redeem the public Class A ordinary shares for a per share pro rata portion of the Trust Account, including interest earned on funds held in the trust account and not previously released to pay income taxes (less up to $100,000 of such net interest to pay dissolution expenses) and as promptly as possible following such redemption, dissolve and liquidate the balance of the Company’s net assets to its creditors and remaining shareholders, as part of its plan of dissolution and liquidation. The initial shareholders have entered into letter agreements with the Company, pursuant to which they have waived their rights to participate in any redemption with respect to their Founders Shares; however, if the initial shareholders or any of the Company’s officers, directors or affiliates acquire Class A ordinary shares in or after the Public Offering, they will be entitled to a pro rata share of the Trust Account with respect to the Class A ordinary shares so acquired upon the Company’s redemption or liquidation in the event the Company does not complete a Business Combination within the Combination Period. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be less than the price per Unit (as defined below in Note 3) in the Public Offering. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Summary of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies Basis of Presentation: The accompanying unaudited condensed interim financial statements of the Company are presented in U.S. dollars and in conformity with accounting principles generally accepted in the United States of America (“GAAP”) pursuant to the rules and regulations of the SEC and reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the financial position and the results of operations and cash flows for the periods presented. Certain information and disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. Interim results are not necessarily indicative of results for a full year or any future periods. The accompanying unaudited condensed interim financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s audited financial statements included in the Company’s Annual Report which contains the audited financial statements and notes thereto as of December 31, 2022 and for the year then ended. Mandatory Liquidation and Going Concern: At September 30, 2023, the Company has approximately $1,000 in cash and approximately $3,696,000 in working capital deficit. The Company has incurred significant costs and expects to continue to incur additional costs in pursuit of its Business Combination. Further, if the Company cannot complete an initial Business Combination within the Combination Period, it could be forced to wind up its operations and liquidate unless it receives an extension approval from its shareholders. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of time within one year after the date that the financial statements are issued. In connection with its financial position and intention to complete a business combination, the Company has secured financing from its Sponsor. The Company’s plan to deal with these uncertainties is to use the financing from the Sponsor to complete a Business Combination prior to the Termination Date. There is no assurance for the Company that, (1) the financing from the Sponsor will be adequate and (2) plans to consummate a Business Combination will be successful or successful within the Combination Period. The unaudited condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty. Emerging Growth Company: Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging Net Income per Ordinary Share: Net income per ordinary share is computed by dividing net income applicable to ordinary shareholders by the weighted average number of ordinary shares outstanding for the period. The Company has not considered the effect of the warrants sold in the Public Offering and private placement to purchase an aggregate of 11,221,954 at September 30, 2023 (15,566,667 at December 31, 2022) Class A ordinary shares in the calculation of diluted income per ordinary share, since their inclusion would be anti-dilutive under the treasury stock method and are dependent on future events. As a result, diluted income per ordinary share is the same as basic income per ordinary share for the period. The Company complies with the accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” The Company has two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro rata among the two classes of shares. Net income per ordinary share is calculated by dividing the net income by the weighted average number of ordinary shares outstanding during the respective period. The changes in redemption value that are accreted to Class A ordinary subject to redemption (see below) is representative of fair value and therefore is not factored into the calculation of earnings per share. The following tables reflect the earnings per share after allocating income between the shares based on outstanding shares: Nine months ended Class A Class B Numerator: Basic and diluted net income per ordinary share: Allocation of income – basic and diluted $ 1,367,000 $ 2,058,000 Denominator: Basic and diluted weighted average ordinary shares: 4,982,000 7,500,000 Basic and diluted net income per ordinary share $ 0.27 $ 0.27 Three months ended Nine months ended Class A Class B Class A Class B Numerator: Basic and diluted net income per ordinary share: Allocation of income – basic and diluted $ 1,699,000 $ 425,000 $ 9,761,000 $ 2,440,000 Denominator: Basic and diluted weighted average ordinary shares: 30,000,000 7,500,000 30,000,000 7,500,000 Basic and diluted net income per ordinary share $ 0.06 $ 0.06 $ 0.33 $ 0.33 Concentration of Credit Risk: The Company can have significant cash balances at financial institutions which throughout the year may exceed the federally insured limit of $250,000. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows. Cash and Cash Equivalents: The Company considers all highly liquid instruments with original maturities of three months or less when acquired to be cash equivalents. The Company had no cash equivalents at September 30, 2023 and December 31, 2022. Fair Value Measurements: The Company complies with FASB ASC 820, “Fair Value Measurements” (“ASC 820”), for its financial assets and liabilities that are re-measured non-financial re-measured Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: • Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; • Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and • Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. Use of Estimates: The preparation of 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 balance sheet and the reported amounts of expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. One of the more significant estimates included in these financial statements is the determination of the fair value of the warrant liability. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those estimates. Offering Costs: The Company complies with the requirements of the FASB ASC 340-10-S99-1 Class A Ordinary Shares Subject to Possible Redemption: As discussed in Note 3, all of the 30,000,000 Class A ordinary shares sold as part of the Units (as defined below) in the Public Offering contain a redemption feature that allows for the redemption under the Company’s liquidation or tender offer/shareholder approval provisions. In accordance with FASB ASC 480, redemption provisions not solely within the control of the Company require the security to be classified outside of permanent equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of FASB ASC 480. Although the Company had not specified a maximum redemption threshold, its articles of association provide that in no event will it redeem its public shares in an amount that would cause its net tangible assets (shareholders’ equity) to be less than $5,000,001. However, because all of the Class A ordinary shares are redeemable, all of the shares are recorded as Class A ordinary shares subject to redemption on the enclosed condensed balance sheets. On January 11, 2023, in connection with the vote to approve the Extension Amendment Proposal the holders of 26,068,281 Class A ordinary shares of the Company exercised their right to redeem their shares for cash at a redemption price of approximately $10.167 per share for an aggregate redemption amount of approximately $265,050,000 reducing the number of Class A ordinary shares to 3,931,719. The Company recognizes changes immediately as they occur and adjusts the carrying value of the securities at the end of each reporting period. Increases or decreases in the carrying amount of redeemable Class A ordinary shares are affected by adjustments to additional paid-in Dollars Shares Gross proceeds of Public Offering $ 300,000,000 30,000,000 Less: Proceeds allocated to Public Warrants (14,100,000 ) — Offering costs (16,254,000 ) — Plus: Accretion of carrying value to redemption value 30,354,000 — –Subtotal at inception and at December 31, 2021 300,000,000 30,000,000 Accretion of carrying value to redemption value 4,675,000 — Class A ordinary shares subject to possible redemption at December 31, 2022 $ 304,675,000 30,000,000 Class A ordinary shares redeemed on January 11, 2023 (265,050,000 ) (26,068,281 ) Accretion of carrying value to redemption value 2,998,000 — Balance at September 30, 2023 $ 42,623,000 3,931,719 Income Taxes: FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the balance sheet recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s major tax jurisdiction. There were no unrecognized tax benefits as of September 30, 2023 and December 31, 2022. The Company recognizes interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties at September 30, 2023 or December 31, 2022. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company has been subject to income tax examinations by major taxing authorities since inception. The Company is considered a Cayman Islands exempted company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the periods presented. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. Warrant Liability: 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 FASB 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, 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 Subsequent Events: The Company evaluated subsequent events and transactions that occurred after the date of the balance sheet through the date that the condensed financial statements were available to be issued and has concluded that all such events that would require adjustment or disclosure in the financial statement have been recognized or disclosed. See Note 4 regarding drawdowns on the Extension promissory notes – related party subsequent to September 30, 2023. Recent Accounting Pronouncements: In August 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-06, 470-20) 815-40) 2020-06”), ASU 2020-06 ASU 2020-06 if-converted 2020-06 or modified retrospective basis. The Company has adopted this standard for its Extension promissory notes and there is no impact to the unaudited condensed financial statements – related party as further discussed in Note 4. 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 unaudited condensed financial statements. | Note 2 – Summary of Significant Accounting Policies Basis of Presentation: The financial statements of the Company are presented in U.S. dollars and have been prepared 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 Securities and Exchange Commission (“SEC”). Mandatory Liquidation and Going Concern: At December 31, 2022, the Company has approximately $101,000 in cash and approximately $3,767,000 in negative working capital. The Company has incurred significant costs and expects to continue to incur additional costs in pursuit of its Business Combination. Further, if the Company cannot complete a Business Combination within the Combination Period, it could be forced to wind up its operations and liquidate unless it receives an extension approval from its shareholders. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of time within one year after the date that the financial statements are issued. The Company’s plan to deal with these uncertainties is to extend the date to complete at business combination as described in Note 9, receive financing pursuant to an Investment Agreement, defined and described in Note 9, preserve cash by deferring payments with anticipated cooperation from service providers, settle certain accrued liabilities with creditors as described in Note 9 and to complete a Business Combination prior to deadline to complete as extended from time to time as described in Note 9. As such, there is no assurance that the Company’s plans to consummate a Business Combination will be successful or successful within the Combination Period. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Emerging Growth Company: Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging Net Income per Ordinary Share: Net income per ordinary share is computed by dividing net income applicable to ordinary shareholders by the weighted average number of ordinary shares outstanding for the period. The Company has not considered the effect of the warrants sold in the Public Offering and Private Placement to purchase an aggregate of 15,566,667 Class A ordinary shares in the calculation of diluted income per ordinary share, since their inclusion would be anti-dilutive under the treasury stock method and are dependent on future events. As a result, diluted income per ordinary share is the same as basic income per ordinary share for the period. The Company complies with the accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” The Company has two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro rata among the two classes of shares. Net income per ordinary share is calculated by dividing the net income by the weighted average number of ordinary shares outstanding during the respective period. The changes in redemption value that are accreted to Class A ordinary subject to redemption (see below) is representative of fair value and therefore is not factored into the calculation of earnings per share. The following table reflects the earnings per share after allocating income between the shares based on outstanding shares: Year ended Year ended Class A Class B Class A Class B Numerator: Basic and diluted net income per ordinary share: Allocation of income – basic and diluted $ 12,055,000 $ 3,014,000 $ 3,736,000 $ 969,000 Denominator: Basic and diluted weighted average ordinary shares: 30,000,000 7,500,000 30,000,000 7,500,000 Basic and diluted net income per ordinary share $ 0.40 $ 0.40 $ 0.13 $ 0.13 Concentration of Credit Risk: The Company has significant cash balances at financial institutions which throughout the year regularly exceed the federally insured limit of $250,000. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows. Cash and Cash Equivalents: The Company considers all highly liquid instruments with original maturities of three months or less when acquired, to be cash equivalents. The Company had no cash equivalents at December 31, 2022 and 2021. Fair Value Measurements: The Company complies with FASB ASC 820, “Fair Value Measurements”, for its financial assets and liabilities that are re-measured non-financial re-measured Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: • Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; • Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and • Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. Use of Estimates: The preparation of 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 balance sheet and the reported amounts of expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statement, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. One of the more significant estimates included in these financial statements is the determination of the fair value of the warrant liability. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those estimates. Offering Costs: The Company complies with the requirements of the FASB ASC 340-10-S99-1 Class A Ordinary Shares Subject to Possible Redemption: As discussed in Note 3, all of the 30,000,000 Class A ordinary shares sold as part of the Units in the Public Offering contain a redemption feature that allows for the redemption under the Company’s liquidation or tender offer/shareholder approval provisions. In accordance with FASB ASC 480, redemption provisions not solely within the control of the Company require the security to be classified outside of permanent equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of FASB ASC 480. Although the Company had not specified a maximum redemption threshold, its articles of association provide that in no event will it redeem its Public Shares in an amount that would cause its net tangible assets (shareholders’ equity) to be less than $5,000,001. However, because all of the Class A ordinary shares are redeemable, all of the shares are recorded as Class A ordinary shares subject to redemption on the enclosed balance sheets. The Company recognizes changes immediately as they occur and adjusts the carrying value of the securities at the end of each reporting period. Increases or decreases in the carrying amount of redeemable Class A ordinary shares are affected by adjustments to additional paid-in 30,000,000 of the 30,000,000 Public Shares were classified outside of permanent equity. Class A ordinary shares subject to redemption consist of the following: Gross proceeds of Public Offering $ 300,000,000 Less: Proceeds allocated to Public Warrants (14,100,000 ) Offering costs (16,254,000 ) Plus: Accretion of carrying value to redemption value 30,354,000 Subtotal at inception and at December 31, 2022 300,000,000 Accretion of carrying value to redemption value since Public Offering 4,675,000 Class A ordinary shares subject to possible redemption $ 304,675,000 Subsequent to December 31, 2022, on January 11, 2023, shareholders redeemed 26,068,281 Class A ordinary shares at $10.167 per share, approximately $265,050,000, from the Trust Account Income Taxes: FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the balance sheet recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s major tax jurisdiction. There were no unrecognized tax benefits as of December 31, 2022 and 2021. The Company recognizes interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties at December 31, 2022 or 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company has been subject to income tax examinations by major taxing authorities since inception. The Company is considered a Cayman Islands exempted company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the periods presented. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. Warrant Liability: 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 “FASB ASC 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, 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 Recent Accounting Pronouncements: In August 2020, the FASB issued Accounting Standards Update (“ASU”) 2020 06, 470-20) 815-40) 2020-06”), ASU 2020-06 ASU 2020-06 if-converted 2020-06 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 financial statements. |
Public Offering
Public Offering | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Public Offering [Abstract] | ||
Public Offering | Note 3 – Public Offering On January 14, 2021, the Company consummated the Public Offering and sale of 30,000,000 units at a price of $10.00 per unit (the “Units”). Each Unit consists of one share of the Company’s Class A ordinary shares, one-sixth one-sixth 30-trading 30-trading The Company had granted the underwriters a 45-day The Company paid an underwriting discount of 2.0% of the per Unit price, $6,000,000, to the underwriters at the closing of the Public Offering, and there is a deferred underwriting fee of 3.5% of the per Unit price, $10,500,000, which is payable upon the completion of the Company’s initial Business Combination. The shareholders of the Company approved the Extension Amendment Proposal at the extraordinary general meeting (the “Extension Meeting”) and on January 11, 2023, in connection with that vote, the holders of 26,068,281 Class A ordinary shares of the Company properly exercised their right to redeem their shares for an aggregate price of approximately $10.167 per share, for an aggregate redemption amount of approximately $265,050,166. In addition, 4,344,714 contingent redeemable warrants will no longer be available to the former holders of the 26,068,281 Class A ordinary shares redeemed and so the carrying amount of those warrants, approximately $130,000, was removed from the warrant liabilities on the unaudited condensed balance sheet. | Note 3 – Public Offering On January 14, 2021, the Company consummated the Public Offering and sale of 30,000,000 units at a price of $10.00 per unit (the “Units”). Each Unit consists of one share of the Company’s Class A ordinary shares, $0.0001 par value, one-sixth one-sixth will expire worthless, unless they may be exercised on a cashless basis in the circumstances described in the warrant agreement. Once the Redeemable Warrants become exercisable, the Company may redeem the outstanding Redeemable Warrants 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, only in the event that the last sale price of the Class A ordinary shares equals or exceeds $18.00 per share for any 20 trading days within the 30-trading 30-trading The Company had granted the underwriters a 45-day The Company paid an underwriting discount of 2.0% of the per Unit price, $6,000,000, to the underwriters at the closing of the Public Offering and there is a deferred underwriting fee of 3.5% of the per Unit price, $10,500,000, which is payable upon the completion of the Company’s Initial Business Combination. Subsequent to December 31, 2022, on January 11, 2023, shareholders redeemed 26,068,281 Class A ordinary shares at $10.167 per share, approximately $265,050,000, from the Trust account and from Class A ordinary shares subject to redemption as further discussed in Note 9. |
Related Party Transactions
Related Party Transactions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | ||
Related Party Transactions | Note 4 – Related Party Transactions Founder Shares: During 2020, the Sponsor purchased 7,187,500 Class B ordinary shares (the “Founder Shares”) for $25,000 (which amount was paid directly for organizational costs and costs of the Public Offering by the Sponsor on behalf of the Company), or approximately $0.003 per share. In January 2021, the Company effected a share capitalization resulting in there being an aggregate of 7,500,000 Founder Shares issued. The Founder Shares are substantially identical to the Class A ordinary shares included in the Units sold in the Public Offering except that the Founder Shares automatically convert into Class A ordinary shares at the time of the initial Business Combination, or at any time prior thereto at the option of the holder, and are subject to certain transfer restrictions, as described in more detail below, and the Founder Shares are subject to vesting as follows: 50% upon the completion of a Business Combination and then 12.5% on each of the attainment of Return to Shareholders (as defined in the agreement) exceeding 20%, 30%, 40% and 50%. Certain events, as defined in the agreement, could trigger an immediate vesting under certain circumstances. Founder Shares that do not vest within an eight-year period from the closing of the Business Combination will be cancelled. The Sponsor agreed to forfeit up to 625,000 Founder Shares to the extent that the over-allotment option was not exercised in full by the underwriters. The underwriters exercised their over-allotment option in full and therefore such shares are no longer subject to forfeiture. In addition to the vesting provisions of the Founder Shares discussed in Note 7, the Company’s initial shareholders have agreed not to transfer, assign or sell any of their Founder Shares until the earlier of (A) one year after the completion of the Company’s initial Business Combination, or (B), subsequent to the Company’s initial Business Combination, if (x) the last sale price of the Company’s Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading Private Placement Warrants: The Sponsor purchased from the Company an aggregate of 5,566,667 warrants at a price of $1.50 per warrant (a purchase price of $8,350,000) in a private placement that occurred simultaneously with the completion of the Public Offering (the “Private Placement Warrants”). Each Private Placement Warrant entitles the holder to purchase one Class A ordinary share at $11.50 per share. The purchase price of the Private Placement Warrants was added to the proceeds from the Public Offering, net of expenses of the offering and working capital to be available to the Company, to be held in the Trust Account pending completion of the Company’s initial Business Combination. The Private Placement Warrants (including the Class A ordinary shares issuable upon exercise of the Private Placement Warrants) will not be transferable, assignable or salable until 30 days after the completion of the initial Business Combination and they will be non-redeemable If the Company does not complete a Business Combination, then the proceeds from the sale of the Private Placement Warrants will be part of the liquidating distribution from the Trust Account to the public shareholders and the Private Placement Warrants issued to the Sponsor will expire worthless. Registration Rights: The Company’s initial shareholders and the holders of the Private Placement Warrants are entitled to registration rights pursuant to a registration and shareholder rights agreement. These holders will be entitled to make up to three demands, excluding short form registration demands, that the Company registers such securities for sale under the Securities Act. In addition, these holders will have piggyback registration rights to include their securities in other registration statements filed by the Company. The Company will bear the expenses incurred in connection with the filing of any such registration statements. There will be no penalties associated with delays in registering the securities under the registration and shareholder rights agreement. Related Party Loans: Sponsor loans non-interest Sponsor working capital loans 2022 On January 13, 2023, the Company and the Sponsor agreed to extend the date of maturity of the August 1, 2023 Note to the earlier of (i) the Termination Date, (ii) the consummation of a Business Combination of the Company and (iii) the liquidation of the Company. Extension promissory notes – related party – and there was no outstanding principal balance under the January 3, 2023 Note. At the election of the Payee, $250,000 of the unpaid principal amount of the January 3, 2023 Note may be converted into warrants of the Company (“Warrants”), at a price of $1.50 per warrant, each warrant exercisable for one Class A ordinary share, of the Company. The Warrants shall be identical to the Private Placement Warrants issued to the Sponsor at the time of the Company’s Public Offering. On January 13, 2023, the Company issued a promissory note (the “January 13, 2023 Note” and together with the January 3, 2023 Note, the “Extension promissory notes – related party”) in the principal amount of up to $3,000,000 to its Sponsor. The January 13, 2023 Note was issued in connection with advances the Sponsor may make to the Company for contributions to the Trust Account in connection with the Extension and other expenses reasonably related to its business and the consummation of the Business Combination. The January 13, 2023 Note bears no interest and is due and payable upon the Business Combination. At the election of the Payee, all or a portion of the unpaid principal amount of the January 13, 2023 Note may be converted into Warrants, at a price of $1.50 per warrant, each warrant exercisable for one Class A ordinary share of the Company. The Warrants shall be identical to the Private Placement Warrants issued to the Sponsor at the time of the Public Offering. During the three and nine months ended September 30, 2023, the Company made five and sixteen, respectively, drawdowns aggregating approximately $455,000 and $1,809,000, respectively, under the January 13, 2023 Note in order to pay extension payments and for working capital. The Company records such notes at par value and believes that the fair value of the conversion feature is not material based upon the trading price of the similarly termed Public Warrants. At September 30, 2023 and December 31, 2022, the outstanding principal balance under the note was approximately $1,809,000 and $0, respectively. Subsequent to September 30, 2023, in October and November 2023, the Company borrowed an aggregate $450,383.33 to fund the monthly extension payments for those months and the payment that was initially not paid in September. In addition, the Company borrowed an additional approximately $25,000 subsequent to September 30, 2023 to fund working capital needs. Administrative Services Agreement: The Company has agreed to pay $25,000 a month to the Sponsor for office space and rent and for the services to be provided by one or more investment professionals, creation and maintenance of the Company’s website, and miscellaneous additional services. Services commenced on the date the securities are first listed on the Market | Note 4 – Related Party Transactions Founder Shares: During 2020, the Sponsor purchased 7,187,500 Class B ordinary shares (the “Founder Shares”) for $25,000 (which amount was paid directly for organizational costs and costs of the Public Offering by the Sponsor on behalf of the Company), or approximately $0.003 per share. In January 2021, the Company effected a share capitalization resulting in there being an aggregate of 7,500,000 Founder Shares issued. The Founder Shares are substantially identical to the Class A ordinary shares included in the Units sold in the Public Offering except that the Founder Shares automatically convert into Class A ordinary shares at the time of the Initial Business Combination, or at any time prior thereto at the option of the holder, and are subject to certain transfer restrictions, as described in more detail below, and the Founder Shares are subject to vesting as follows: 50% upon the completion of a Business Combination and then 12.5% on each of the attainment of Return to Shareholders (as defined in the agreement) exceeding 20%, 30%, 40% and 50%. Certain events, as defined in the agreement, could trigger an immediate vesting under certain circumstances. Founder Shares that do not vest within an eight-year period from the closing of the Business Combination will be cancelled. The Sponsor agreed to forfeit up to 625,000 Founder Shares to the extent that the over-allotment option was not exercised in full by the underwriters. The underwriters’ exercised their over-allotment option in full and therefore such shares are no longer subject to forfeiture. In addition to the vesting provisions of the Founder Shares discussed in Note 7, the Company’s initial shareholders have agreed not to transfer, assign or sell any of their Founder Shares until the earlier of (A) one year after the completion of the Company’s Initial Business Combination, or (B), subsequent to the Company’s Initial Business Combination, if (x) the last sale price of the Company’s Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading Private Placement Warrants: The Sponsor purchased from the Company an aggregate of 5,566,667 warrants at a price of $1.50 per warrant (a purchase price of $8,350,000) in a private placement that occurred simultaneously with the completion of the Public Offering (the “Private Placement Warrants”). Each Private Placement Warrant entitles the holder to purchase one Class A ordinary share at $11.50 per share. The purchase price of the Private Placement Warrants was added to the proceeds from the Public Offering, net of expenses of the offering and working capital to be available to the Company, to be held in the Trust Account pending completion of the Company’s Initial Business Combination. The Private Placement Warrants (including the Class A ordinary shares issuable upon exercise of the Private Placement Warrants) will not be transferable, assignable or salable until 30 days after the completion of the Initial Business Combination and they will be non-redeemable If the Company does not complete a Business Combination, then the proceeds from the sale of the Private Placement Warrants will be part of the liquidating distribution from the trust account to the public shareholders and the Private Placement Warrants issued to the Sponsor will expire worthless. Registration Rights: The Company’s initial shareholders and the holders of the Private Placement Warrants are entitled to registration rights pursuant to a registration and shareholder rights agreement. These holders will be entitled to make up to three demands, excluding short form registration demands, that the Company register such securities for sale under the Securities Act. In addition, these holders will have piggyback registration rights to include their securities in other registration statements filed by the Company. The Company will bear the expenses incurred in connection with the filing of any such registration statements. There will be no penalties associated with delays in registering the securities under the registration and shareholder rights agreement. Related Party Loans: Sponsor loans non-interest including approximately $49,000 of costs paid directly by the Sponsor, for costs related to costs of the Public Offering. On January 14, 2021, upon closing of the Public Offering, all amounts outstanding under the Note were repaid and the Note is no longer available to the Company. Sponsor working capital loans Subsequent to December 31, 2022, on January 13, 2023, the Company and the Sponsor agreed to extend the date of maturity of the Note to the earlier of (i) the Termination Date, (ii) the consummation of a business combination of the Company and (iii) the liquidation of the Company. On January 3, 2023, the Company issued a promissory note (the “January 3, 2023 Note” or “January 3, 2023 Notes payable – related party”) in the principal amount of up to $250,000 to its Sponsor. The January 3, 2023 Note was issued in connection with advances the Sponsor may make to the Company for expenses reasonably related to its business and the consummation of the Business Combination. The January 3, 2023 Note bears no interest and is due and payable upon the Business Combination. As of March 30, 2023, the outstanding principal balance under the note was $250,000. At the election of the Payee, all or a portion of the unpaid principal amount of the January 3, 2023 Note may be converted into warrants of the Company (“Warrants”), at a price of $1.50 per warrant, each warrant exercisable for one Class A ordinary share, $0.0001 par value per share, of the Company. The Warrants shall be identical to the private placement warrants issued to the Sponsor at the time of the Company’s initial public offering. On January 13, 2023, the Company issued a promissory note (the “January 13, 2023 Note” or “January 13, 2023 Notes payable – related party”) in the principal amount of up to $3,000,000 to its Sponsor. The January 13, 2023 Note was issued in connection with advances the Sponsor may make to the Company for contributions to the Trust Account in connection with the Extension and other expenses reasonably related to its business and the consummation of the Business Combination. The January 13, 2023 Note bears no interest and is due and payable upon the Business Combination. As of March 30, 2023, the outstanding principal balance under the note was $675,000. At the election of the Payee, all or a portion of the unpaid principal amount of the January 13, 2023 Note may be converted into Warrants, at a price of $1.50 per warrant, each warrant exercisable for one Class A ordinary share, $0.0001 par value per share, of the Company. The Warrants shall be identical to the private placement warrants issued to the Sponsor at the time of the Company’s initial public offering. Administrative Services Agreement: The Company has agreed to pay $25,000 a month to the Sponsor for office space and rent and for the services to be provided by one or more investment professionals, creation and maintenance of the Company’s website, and miscellaneous additional services. Services commenced on the date the securities are first listed on the Nasdaq Capital Market and will terminate upon the earlier of the consummation by the Company of an Initial Business Combination or the liquidation of the Company. Approximately $300,000 and $291,000,000 were paid and charged to general and administrative expenses during the years ended December 31, 2022 and 2021 for this agreement, respectively, and there were no amounts payable or accrued at December 31, 2022 or 2021. |
Accounting for Warrant Liabilit
Accounting for Warrant Liability | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Accounting for Warrant Liability [Abstract] | ||
Accounting for Warrant Liability | Note 5 – Accounting for Warrant Liability At September 30, 2023 and December 31, 2022, there were 11,221,954 and 15,566,667 warrants, respectively, outstanding including 5,655,286 Public Warrants and 5,566,667 Private Placement Warrants outstanding at September 30, 2023 and 10,000,000 Public Warrants and 5,566,667 Private Placement Warrants outstanding at December 31, 2022. 4,344,714 contingent redeemable warrants that would have been exercisable by the former holders of the 26,068,281 Class A ordinary shares redeemed in January 2023 are no longer available for exercise. The Company’s warrants are not indexed to the Company’s ordinary shares in the manner contemplated by ASC Section 815-40-15 fixed-for-fixed The following tables present information about the Company’s warrant liabilities that are measured at fair value on a recurring basis at September 30, 2023 and December 31, 2022 and indicate the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: Description At Quoted Prices Significant Significant Warrant Liabilities: Public Warrants $ 56,000 $ — $ 56,000 $ — Private Placement Warrants 56,000 — 56,000 — Warrant liability at September 30, 2023 $ 112,000 $ — $ 112,000 $ — Description At Quoted Prices Significant Significant Warrant Liabilities: Public Warrants $ 300,000 $ 300,000 $ — $ — Private Placement Warrants 167,000 — 167,000 — Warrant liability at December 31, 2022 $ 467,000 $ 300,000 $ 167,000 $ — At September 30, 2023 the Company valued its Public Warrants by reference to the publicly traded price of the Public Warrants. The Company valued its Private Placement Warrants based on the closing price of the Public Warrants since they are similar instruments. At December 31, 2022, the Company valued its (a) Public Warrants based on the closing price at September 30, 2023 and December 31, 2022, respectively, in an active market and (b) Private Placement Warrants based on the closing price of the Public Warrants since they are similar instruments. The warrant liabilities are not subject to qualified hedge accounting. The Company’s policy is to record transfers at the end of the reporting period. During the three and nine months ended September 30, 2023 the Company transferred its Public Warrants from Level 1 to Level 2 based on the trading of the Public Warrants. There were no transfers during the the year ended December 31, 2022. | Note 5 – Accounting for Warrant Liability At December 31, 2022 and 2021, there were 15,566,667 warrants outstanding including 10,000,000 Public Warrants and 5,566,667 Private Placement Warrants. The Company’s warrants are not indexed to the Company’s ordinary shares in the manner contemplated by ASC Section 815-40-15 fixed-for-fixed The Company has recorded approximately $800,000 of costs to operations upon issuance of the warrants to reflect warrant issuance costs in the year ended December 31, 2021. The following tables present information about the Company’s warrant liabilities that are measured at fair value on a recurring basis at December 31, 2022 and 2021 and indicate the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: Description At Quoted Prices Significant Significant Warrant Liabilities: Public Warrants $ 300,000 $ 300,000 $ — $ — Private Placement Warrants 167,000 — 167,000 — Warrant liability at December 31, 2022 $ 467,000 $ 300,000 $ 167,000 $ — Description At Quoted Prices Significant Significant Warrant Liabilities: Public Warrants $ 8,300,000 $ 8,300,000 $ — $ — Private Placement Warrants 4,620,000 — 4,620,000 — Warrant liability at December 31, 2021 $ 12,920,000 $ 8,300,000 $ 4,620,000 $ — At December 31, 2022 and 2021, the Company values its (a) public warrants based on the closing price at December 31, 2022 and 2021, respectively, in an active market and (b) its private placement warrants based on the closing price of the public warrants since they are similar instruments. The following table presents the changes in the fair value of warrant liabilities during the year ended December 31, 2022: Public Private Warrant Fair value measurement on December 31, 2021 $ 8,300,000 $ 4,620,000 $ 12,920,000 Change in fair value (8.000,000 ) (4,453,000 ) (12,453,000 ) Fair value as of December 31, 2022 $ 300,000 $ 167,000 $ 467,000 The following table presents the changes in the fair value of warrant liabilities during the year ended December 31, 2021: Public Private Warrant Fair value measurement on December 31, 2020 $ — $ — $ — Fair value at inception of the warrants on January 14, 2021 14,100,000 7,849,000 21,949,000 Change in fair value (5,800,000 ) (3,229,000 ) (9,029,000 ) Fair value as of December 31, 2021 $ 8,300,000 $ 4,620,000 $ 12,920,000 The warrant liabilities are not subject to qualified hedge accounting. The Company’s policy is to record transfers at the end of the reporting period. The public warrants were transferred from Level 3 to Level 1, and the private placement warrants were transferred from Level 3 to Level 2, during the year ended December 31, 2021 . |
Trust Account and Fair Value Me
Trust Account and Fair Value Measurement | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Trust Account and Fair Value Measurement [Abstract] | ||
Trust Account and Fair Value Measurement | Note 6 – Trust Account and Fair Value Measurement The Company complies with FASB ASC 820 for its financial assets and liabilities that are re-measured non-financial re-measured Upon the closing of the Public Offering and the private placement, a total of $300,000,000 was deposited into the Trust Account. On January 11, 2023, shareholders redeemed 26,068,281 Class A ordinary shares at $10.167 per share, approximately $265,050,000, from the Trust Account and from Class A ordinary shares subject to redemption as further discussed in these notes to condensed financial statements. The Company classifies its U.S. government treasury bills and equivalent securities (when it owns them) as held to maturity in accordance with FASB ASC 320, “Investments – Debt and Equity Securities.” Held-to-maturity securities are those securities which the Company has the ability and intent to hold until maturity. Money market funds are valued at market. The funds in the Trust Account were held in an interest-bearing cash account at September 30, 2023. The following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of December 31, 2022 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. Since all of the Company’s permitted investments at December 31, 2022 consisted of money market funds meeting certain conditions under Rule 2a-7 Description Carrying Quoted Assets: Money Market Fund $ 304,675,000 $ 304,675,000 Total $ 304,675,000 $ 304,675,000 | Note 6 – Trust Account and Fair Value Measurement The Company complies with FASB ASC 820, “Fair Value Measurements”, for its financial assets and liabilities that are re-measured non-financial re-measured Upon the closing of the Public Offering and the Private Placement, a total of $300,000,000 was deposited into the Trust Account. The Company classifies its U.S. government treasury bills and equivalent securities (when it owns them) as held to maturity in accordance with FASB ASC 320, “Investments – Debt and Equity Securities.” Held-to-maturity The following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of December 31, 2022 and 2021 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. Since all of the Company’s permitted investments at December 31, 2022 and 2021 consisted of money market funds meeting certain conditions under Rule 2a-7 Description Carrying Quoted Assets: Money Market Fund $ 304,675,000 $ 304,675,000 Total $ 304,675,000 $ 304,675,000 Description Carrying Quoted Assets: Money Market Fund $ 300,075,000 $ 300,075,000 Total $ 300,075,000 $ 300,075,000 Subsequent to December 31, 2022, on January 11, 2023, shareholders redeemed 26,068,281 Class A ordinary shares at $10.167 per share, approximately $265,050,000, from the Trust Account and from Class A ordinary shares subject to redemption as further discussed in Note 9. |
Shareholders' Deficit
Shareholders' Deficit | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Shareholders' Deficit [Abstract] | ||
Shareholders' Deficit | Note 7 – Shareholders’ Deficit Ordinary Shares: The authorized ordinary shares of the Company include 500,000,000 Class A ordinary shares and 50,000,000 Class B ordinary shares or 550,000,000 ordinary shares in total. The Company may (depending on the terms of the Business Combination) be required to increase the authorized number of shares at the same time as its shareholders vote on the Business Combination to the extent the Company seeks shareholder approval in connection with its Business Combination. Except with respect to matters pertaining to directors prior to the Business Combination, holders of the Company’s Class A ordinary shares and Class B ordinary shares vote together as a single class and are entitled to one vote for each Class A ordinary shares and Class B ordinary shares. The Founder Shares are subject to vesting as follows: 50% upon the completion of a Business Combination and then an additional 12.5% on the attainment of each of a series of certain “shareholder return” targets exceeding 20%, 30%, 40% and 50%, as further defined in the agreement. Certain events, as defined in the agreement, could trigger an immediate vesting under certain circumstances. Founder Shares that do not vest within an eight-year period from the closing of the Business Combination will be cancelled. At September 30, 2023 and December 31, 2022, there were 7,500,000 Class B ordinary shares issued and outstanding, and 0 and 0 Class A ordinary shares issued and outstanding (after deducting 3,931,719 and 30,000,000, respectively, Class A ordinary shares subject to possible redemption at September 30, 2023 and December 31, 2022). Preference Shares: The Company is authorized to issue 5,000,000 preference shares, par value $0.0001 (the “Preference shares”), 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 September 30, 2023 and December 31, 2022, there were no Preference shares issued or outstanding. | Note 7 – Shareholders’ Deficit Ordinary Shares: The authorized ordinary shares of the Company include 500,000,000 Class A ordinary shares, par value, $0.0001, and 50,000,000 Class B ordinary shares, par value, $0.0001, or 550,000,000 ordinary shares in total. The Company may (depending on the terms of the Business Combination) be required to increase the authorized number of shares at the same time as its shareholders vote on the Business Combination to the extent the Company seeks shareholder approval in connection with its Business Combination. Except with respect to matters pertaining to directors prior to the Business Combination, holders of the Company’s Class A and Class B ordinary shares vote together as a single class and are entitled to one vote for each Class A and Class B ordinary share. The Founder Shares are subject to vesting as follows: 50% upon the completion of a Business Combination and then an additional 12.5% on the attainment of each of a series of certain “shareholder return” targets exceeding 20%, 30%, 40% and 50%, as further defined in the agreement. Certain events, as defined in the agreement, could trigger an immediate vesting under certain circumstances. Founder Shares that do not vest within an eight-year period from the closing of the Business Combination will be cancelled. At December 31, 2022 and 2021, there were 7,500,000 Class B ordinary shares issued and outstanding, and -0- -0- Preference Shares: The Company is authorized to issue 5,000,000 preference shares, par value $0.0001, 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 December 31, 2022 and 2021, there were no preference shares issued or outstanding. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies | Note 8 – Commitments and Contingencies Business Combination Costs: In connection with identifying an initial Business Combination candidate and negotiating an initial Business Combination, the Company has entered into, and may enter into additional, engagement letters or agreements with various consultants, advisors, professionals and others. The services under these engagement letters and agreements are material in amount and in some instances include contingent or success fees. Contingent or success fees (but not deferred underwriting commission) would be charged to operations in the quarter that an initial Business Combination is consummated. In most instances (except with respect to the Company’s independent registered public accounting firm), these engagement letters and agreements are expected to specifically provide that such counterparties waive their rights to seek repayment from the funds in the Trust Account. Risks and Uncertainties: COVID-19 COVID-19 Bank Closures – Management acknowledges that the Company depends on a variety of U.S. and multi-national financial institutions for banking services. Market conditions can impact the viability of these institutions, which in effect will affect the Company’s ability to maintain and provide assurances that it can access its cash and cash equivalents in a timely manner or at all. Any inability to access or delay in accessing these funds could adversely affect the Company’s liquidity, business and financial condition. Ongoing Conflicts – The impact of ongoing and evolving military conflicts, including the invasion of Ukraine by Russia and the Israel-Hamas war, and economic sanctions and countermeasures on domestic and global economic and geopolitical conditions in general is not determinable as of the date of these condensed financial statements. | Note 8 – Commitments and Contingencies Business Combination Costs: In connection with identifying an Initial Business Combination candidate and negotiating an Initial Business Combination, the Company has entered into, and may enter into additional, engagement letters or agreements with various consultants, advisors, professionals and others. The services under these engagement letters and agreements are material in amount and in some instances include contingent or success fees. Contingent or success fees (but not deferred underwriting commission) would be charged to operations in the quarter that an Initial Business Combination is consummated. In most instances (except with respect to the Company’s independent registered public accounting firm), these engagement letters and agreements are expected to specifically provide that such counterparties waive their rights to seek repayment from the funds in the Trust Account. Risks and Uncertainties: COVID-19 COVID-19 Bank Closures – Management acknowledges that the Company depends on a variety of U.S. and multi-national financial institutions for banking services. Market conditions can impact the viability of these institutions, which in effect will affect the Company’s ability to maintain and provide assurances that it can access its cash and cash equivalents in a timely manner or at all. Any inability to access or delay in accessing these funds could adversely affect the Company’s liquidity, business and financial condition. Conflict in Ukraine – In February 2022, the Russian Federation and Belarus commenced a military action against 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 impact of this action and related sanctions on the world economy is not determinable as of the date of these financial statements. Certain repurchases of stock (including redemptions) by publicly traded domestic corporations – On August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for, among other things, a new U.S. federal 1% excise tax on certain repurchases (including redemptions) of stock by publicly traded domestic (i.e., U.S.) corporations, among others. The excise tax is imposed on the repurchasing corporation itself, not its stockholders from which shares are repurchased. The amount of the excise tax is generally 1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the excise tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year. In addition, certain exceptions apply to the excise tax. The IR Act applies to repurchases that occur after December 31, 2022. Whether and to what extent the Company would be subject to the excise tax in connection with a business combination, liquidation or partial redemption would depend on a number of factors. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Event [Line Items] | |
Subsequent Events | Note 9 – Subsequent Events Subsequent to December 31, 2022, on January 11, 2023, the Company entered into various agreements and the shareholders took various actions resulting in a change of control of the Company, redemption of Class A ordinary shares an extension of date to complete a Business Combination and certain additional financing including: Investment Agreement and Change in Control On January 13, 2023, the Company, entered into an Investment Agreement (the “Investment Agreement”) with the Sponsor and Endurance Global Partner II, LLC, a Delaware limited liability company (the “Investor”), pursuant to which the Investor will contribute to the Sponsor an aggregate amount in cash equal up to $3,000,000 (the “Investment Contribution”), which amount will be loaned to the Company in accordance with the Promissory Note (as defined below) (the “Investment Loan”), in consideration for which, the Sponsor shall issue to the Investor interests in certain equity securities of the Company. In connection with the closing of the transactions contemplated by the Investment Agreement, the Sponsor has transferred control of the Sponsor to affiliates of Antarctica Capital Partners, LLC. The Investment Agreement contains customary representations and warranties of the parties and is qualified in the entirety by reference to the text of such document, which is filed as Exhibit 10.1 to the Form 8-K Further, on January 13, 2023, Paul J. Zepf, Pano Anthos, Andrew Cook, James McCann and Jay Ripley tendered their resignations as directors of the Company. Additionally, Paul J. Zepf and David Apseloff resigned as officers of the Company. There was no known disagreement with any of the outgoing directors or officers on any matter relating to the Company’s operations, policies or practices. Also on January 13, 2023, Chandra R. Patel was appointed Chief Executive Officer and Chairman of the board, Richard C. Davis was appointed President, Jarett Goldman was appointed Chief Financial Officer and Graeme Shaw was appointed Chief Technology Officer. Further, as a result of recent departures from the board, each of the audit committee, compensation committee, and nominating and corporate governance committee currently consists of the following members: 1. Audit Committee: Gary DiCamillo as Chairman; Claudia Hollingsworth and William Kerr as members. 2. Compensation Committee: William Kerr as Chairman; Claudia Hollingsworth as member. 3. Nominating and Corporate Governance Committee: William Kerr as Chairman; Claudia Hollingsworth as member. The Sponsor has agreed to lend to the Company the funds required to pay expenses incurred by the Company and reasonably related to the costs and expenses of facilitating the extension of the term of the Company. Letter Agreement On January 13, 2023, the Company, the Sponsor, and certain officers and directors of the Company (the “Insiders,” and together with the Sponsor, the “Letter Agreement Parties”) entered into an amendment to the Letter Agreement, dated January 11, 2021 (the “Letter Agreement”), to allow the Sponsor to transfer its holdings in the Company, directly or indirectly, to affiliate(s) of Antarctica Capital Partners, LLC prior to the expiration of the applicable lock-up (the “Letter Agreement Amendment”). In connection with the resignation of certain Insiders (as described below), the Letter Agreement Parties agreed that all Insiders that have resigned from their positions as officers and/or directors of the Company shall no longer be parties to the Letter Agreement. The text of the Letter Agreement Amendment is filed as Exhibit 10.2 to the Form 8 Extension Meeting Promissory Note As disclosed in the definitive proxy statement filed by the Company with the SEC on December 23, 2022 (the “Proxy Statement”), relating to the extraordinary general meeting of shareholders of the Company (the “Extension Meeting”), the Sponsor agreed that if the Extension Amendment Proposal (as defined below) is approved, it or one or more of its affiliates, members or third-party designees (the “Lender”) will contribute to the Company as a loan, within ten (10) business days of the date of the Extension Meeting, $450,000, to be deposited into the Trust Account. In addition, in the event the Company does not consummate an initial business combination by the Articles Extension Date (as defined below), the Lender may contribute to the Company $150,000 as a loan to be deposited into the Trust Account for each of nine one-month On January 3, 2023, the Company issued a promissory note (the “January 3, 2023 Note” or “January 3, 2023 Notes payable – related party”) in the principal amount of up to $250,000 to its Sponsor. The January 3, 2023 Note was issued in connection with advances the Sponsor may make to the Company for expenses reasonably related to its business and the consummation of the Business Combination. The January 13, 2023 Note bears no interest and is due and payable upon the Business Combination. As of March 30, 2023, the outstanding principal balance under the note was $250,000. Accordingly, on January 11, 2023, the Company issued an unsecured promissory note in the total principal amount of up to $3,000,000 (the “Promissory Note”) to the Sponsor. The Sponsor funded the initial principal amount of $450,000 on January 11, 2023. The Promissory Note does not bear interest and matures upon closing of the Company’s initial business combination. In the event that the Company does not consummate a business combination, the Promissory Note will be repaid only from amounts remaining outside of the Trust Account, if any. The proceeds of the Promissory Note will be deposited in the Trust Account. Up to $1,750,000 of the total principal amount of the Promissory Note may be converted, in whole or in part, at the option of the Lender into warrants of the Company at a price of $1.50 per warrant, which warrants will be identical to the private placement warrants issued to the Sponsor at the time of the initial public offering of the Company. At the election of the Payee, all or a portion of the unpaid principal amount of the Note may be converted into Warrants, at a price of $1.50 per warrant, each warrant exercisable for one Class A ordinary share, $0.0001 par value per share, of the Company. The Warrants shall be identical to the private placement warrants issued to the Sponsor at the time of the Company’s initial public offering. On January 13, 2023, the Company issued a promissory note (the “January 13, 2023 Note” or “January 13, 2023 Notes payable – related party”) in the principal amount of up to $3,000,000 to its Sponsor. The January 13, 2023 Note was issued in connection with advances the Sponsor may make to the Company for contributions to the Trust Account in connection with the Extension and other expenses reasonably related to its business and the consummation of the Business Combination. The January 13, 2023 Note bears no interest and is due and payable upon the Business Combination. As of March 30, 2023, the outstanding principal balance under the note was $675,000. The promissory notes are filed as Exhibit 10.5 to the Form S-1 8-K Working Capital Promissory Note On January 13, 2023, the Company and the Sponsor entered into an amendment to the promissory note dated August 1, 2022 (the “Working Capital Promissory Note”), to extend the maturity date of the Working Capital Promissory Note to the earlier of (i) the Termination Date, (ii) the consummation of a business combination of the Company and (iii) the liquidation of the Company. The Working Capital Promissory Note is filed as Exhibit 10.4 to the Form 8-K Amendments to Memorandum and Articles of Association On January 11, 2023, the Company held the Extension Meeting, and the shareholders of the Company approved the proposal to amend the Company’s amended and restated memorandum and articles of association (the “Articles Amendment”) to extend the date (the “Extension Date”) by which the Company has to consummate a business combination from January 14, 2023 (the “Original Termination Date”) to April 14, 2023 (the “Articles Extension Date”) and to allow the Company, without another shareholder vote, to elect to extend the Termination Date to consummate a business combination on a monthly basis for up to nine times by an additional one month each time after the Articles Extension Date, by resolution of the Company’s board of directors if requested by the Sponsor, and upon five days’ advance notice prior to the applicable Termination Date, until the Termination Date, or a total of up to twelve months after the Original Termination Date, unless the closing of the Company’s initial business combination shall have occurred prior to such date (the “Extension Amendment Proposal”). The shareholders of the Company approved the Extension Amendment Proposal at the Extension Meeting and on January 11, 2023, in connection with that vote, the holders of 26,068,281 Class A ordinary shares of the Company properly exercised their right to redeem their shares for an aggregate price of approximately $10.167 per share, for an aggregate redemption amount of approximately $265,050,166. After the satisfaction of such redemptions, the balance in the Trust Account was approximately $40,425,891.61. On January 11, 2023, the Company filed the Articles Amendment with the Registrar of Companies of the Cayman Islands. A copy of the Articles Amendment is attached as Exhibit 3.1 to the Form 8-K |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Basis of Presentation | Basis of Presentation: The accompanying unaudited condensed interim financial statements of the Company are presented in U.S. dollars and in conformity with accounting principles generally accepted in the United States of America (“GAAP”) pursuant to the rules and regulations of the SEC and reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the financial position and the results of operations and cash flows for the periods presented. Certain information and disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. Interim results are not necessarily indicative of results for a full year or any future periods. The accompanying unaudited condensed interim financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s audited financial statements included in the Company’s Annual Report which contains the audited financial statements and notes thereto as of December 31, 2022 and for the year then ended. | Basis of Presentation: The financial statements of the Company are presented in U.S. dollars and have been prepared 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 Securities and Exchange Commission (“SEC”). |
Mandatory Liquidation and Going Concern | Mandatory Liquidation and Going Concern: At December 31, 2022, the Company has approximately $101,000 in cash and approximately $3,767,000 in negative working capital. The Company has incurred significant costs and expects to continue to incur additional costs in pursuit of its Business Combination. Further, if the Company cannot complete a Business Combination within the Combination Period, it could be forced to wind up its operations and liquidate unless it receives an extension approval from its shareholders. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of time within one year after the date that the financial statements are issued. The Company’s plan to deal with these uncertainties is to extend the date to complete at business combination as described in Note 9, receive financing pursuant to an Investment Agreement, defined and described in Note 9, preserve cash by deferring payments with anticipated cooperation from service providers, settle certain accrued liabilities with creditors as described in Note 9 and to complete a Business Combination prior to deadline to complete as extended from time to time as described in Note 9. As such, there is no assurance that the Company’s plans to consummate a Business Combination will be successful or successful within the Combination Period. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. | |
Emerging Growth Company | Emerging Growth Company: Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging | Emerging Growth Company: Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging |
Net Income per Ordinary Share | Net Income per Ordinary Share: Net income per ordinary share is computed by dividing net income applicable to ordinary shareholders by the weighted average number of ordinary shares outstanding for the period. The Company has not considered the effect of the warrants sold in the Public Offering and private placement to purchase an aggregate of 11,221,954 at September 30, 2023 (15,566,667 at December 31, 2022) Class A ordinary shares in the calculation of diluted income per ordinary share, since their inclusion would be anti-dilutive under the treasury stock method and are dependent on future events. As a result, diluted income per ordinary share is the same as basic income per ordinary share for the period. The Company complies with the accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” The Company has two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro rata among the two classes of shares. Net income per ordinary share is calculated by dividing the net income by the weighted average number of ordinary shares outstanding during the respective period. The changes in redemption value that are accreted to Class A ordinary subject to redemption (see below) is representative of fair value and therefore is not factored into the calculation of earnings per share. The following tables reflect the earnings per share after allocating income between the shares based on outstanding shares: Nine months ended Class A Class B Numerator: Basic and diluted net income per ordinary share: Allocation of income – basic and diluted $ 1,367,000 $ 2,058,000 Denominator: Basic and diluted weighted average ordinary shares: 4,982,000 7,500,000 Basic and diluted net income per ordinary share $ 0.27 $ 0.27 Three months ended Nine months ended Class A Class B Class A Class B Numerator: Basic and diluted net income per ordinary share: Allocation of income – basic and diluted $ 1,699,000 $ 425,000 $ 9,761,000 $ 2,440,000 Denominator: Basic and diluted weighted average ordinary shares: 30,000,000 7,500,000 30,000,000 7,500,000 Basic and diluted net income per ordinary share $ 0.06 $ 0.06 $ 0.33 $ 0.33 | Net Income per Ordinary Share: Net income per ordinary share is computed by dividing net income applicable to ordinary shareholders by the weighted average number of ordinary shares outstanding for the period. The Company has not considered the effect of the warrants sold in the Public Offering and Private Placement to purchase an aggregate of 15,566,667 Class A ordinary shares in the calculation of diluted income per ordinary share, since their inclusion would be anti-dilutive under the treasury stock method and are dependent on future events. As a result, diluted income per ordinary share is the same as basic income per ordinary share for the period. The Company complies with the accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” The Company has two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro rata among the two classes of shares. Net income per ordinary share is calculated by dividing the net income by the weighted average number of ordinary shares outstanding during the respective period. The changes in redemption value that are accreted to Class A ordinary subject to redemption (see below) is representative of fair value and therefore is not factored into the calculation of earnings per share. The following table reflects the earnings per share after allocating income between the shares based on outstanding shares: Year ended Year ended Class A Class B Class A Class B Numerator: Basic and diluted net income per ordinary share: Allocation of income – basic and diluted $ 12,055,000 $ 3,014,000 $ 3,736,000 $ 969,000 Denominator: Basic and diluted weighted average ordinary shares: 30,000,000 7,500,000 30,000,000 7,500,000 Basic and diluted net income per ordinary share $ 0.40 $ 0.40 $ 0.13 $ 0.13 |
Concentration of Credit Risk | Concentration of Credit Risk: The Company can have significant cash balances at financial institutions which throughout the year may exceed the federally insured limit of $250,000. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows. | Concentration of Credit Risk: The Company has significant cash balances at financial institutions which throughout the year regularly exceed the federally insured limit of $250,000. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows. |
Cash and Cash Equivalents | Cash and Cash Equivalents: The Company considers all highly liquid instruments with original maturities of three months or less when acquired to be cash equivalents. The Company had no cash equivalents at September 30, 2023 and December 31, 2022. | Cash and Cash Equivalents: The Company considers all highly liquid instruments with original maturities of three months or less when acquired, to be cash equivalents. The Company had no cash equivalents at December 31, 2022 and 2021. |
Fair Value Measurements | Fair Value Measurements: The Company complies with FASB ASC 820, “Fair Value Measurements” (“ASC 820”), for its financial assets and liabilities that are re-measured non-financial re-measured Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: • Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; • Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and • Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. | Fair Value Measurements: The Company complies with FASB ASC 820, “Fair Value Measurements”, for its financial assets and liabilities that are re-measured non-financial re-measured Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: • Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; • Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and • Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. |
Use of Estimates | Use of Estimates: The preparation of 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 balance sheet and the reported amounts of expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. One of the more significant estimates included in these financial statements is the determination of the fair value of the warrant liability. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those estimates. | Use of Estimates: The preparation of 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 balance sheet and the reported amounts of expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statement, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. One of the more significant estimates included in these financial statements is the determination of the fair value of the warrant liability. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those estimates. |
Offering Costs | Offering Costs: The Company complies with the requirements of the FASB ASC 340-10-S99-1 | Offering Costs: The Company complies with the requirements of the FASB ASC 340-10-S99-1 |
Class A Ordinary Shares Subject to Possible Redemption | Class A Ordinary Shares Subject to Possible Redemption: As discussed in Note 3, all of the 30,000,000 Class A ordinary shares sold as part of the Units in the Public Offering contain a redemption feature that allows for the redemption under the Company’s liquidation or tender offer/shareholder approval provisions. In accordance with FASB ASC 480, redemption provisions not solely within the control of the Company require the security to be classified outside of permanent equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of FASB ASC 480. Although the Company had not specified a maximum redemption threshold, its articles of association provide that in no event will it redeem its Public Shares in an amount that would cause its net tangible assets (shareholders’ equity) to be less than $5,000,001. However, because all of the Class A ordinary shares are redeemable, all of the shares are recorded as Class A ordinary shares subject to redemption on the enclosed balance sheets. The Company recognizes changes immediately as they occur and adjusts the carrying value of the securities at the end of each reporting period. Increases or decreases in the carrying amount of redeemable Class A ordinary shares are affected by adjustments to additional paid-in 30,000,000 of the 30,000,000 Public Shares were classified outside of permanent equity. Class A ordinary shares subject to redemption consist of the following: Gross proceeds of Public Offering $ 300,000,000 Less: Proceeds allocated to Public Warrants (14,100,000 ) Offering costs (16,254,000 ) Plus: Accretion of carrying value to redemption value 30,354,000 Subtotal at inception and at December 31, 2022 300,000,000 Accretion of carrying value to redemption value since Public Offering 4,675,000 Class A ordinary shares subject to possible redemption $ 304,675,000 Subsequent to December 31, 2022, on January 11, 2023, shareholders redeemed 26,068,281 Class A ordinary shares at $10.167 per share, approximately $265,050,000, from the Trust Account | |
Income Taxes | Income Taxes: FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the balance sheet recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s major tax jurisdiction. There were no unrecognized tax benefits as of September 30, 2023 and December 31, 2022. The Company recognizes interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties at September 30, 2023 or December 31, 2022. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company has been subject to income tax examinations by major taxing authorities since inception. The Company is considered a Cayman Islands exempted company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the periods presented. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. | Income Taxes: FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the balance sheet recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s major tax jurisdiction. There were no unrecognized tax benefits as of December 31, 2022 and 2021. The Company recognizes interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties at December 31, 2022 or 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company has been subject to income tax examinations by major taxing authorities since inception. The Company is considered a Cayman Islands exempted company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the periods presented. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. |
Warrant Liability | Warrant Liability: 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 FASB 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, 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 | Warrant Liability: 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 “FASB ASC 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, 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 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements: In August 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-06, 470-20) 815-40) 2020-06”), ASU 2020-06 ASU 2020-06 if-converted 2020-06 or modified retrospective basis. The Company has adopted this standard for its Extension promissory notes and there is no impact to the unaudited condensed financial statements – related party as further discussed in Note 4. 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 unaudited condensed financial statements. | Recent Accounting Pronouncements: In August 2020, the FASB issued Accounting Standards Update (“ASU”) 2020 06, 470-20) 815-40) 2020-06”), ASU 2020-06 ASU 2020-06 if-converted 2020-06 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 financial statements. |
Mandatory Liquidation and Going Concern | Mandatory Liquidation and Going Concern: At September 30, 2023, the Company has approximately $1,000 in cash and approximately $3,696,000 in working capital deficit. The Company has incurred significant costs and expects to continue to incur additional costs in pursuit of its Business Combination. Further, if the Company cannot complete an initial Business Combination within the Combination Period, it could be forced to wind up its operations and liquidate unless it receives an extension approval from its shareholders. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of time within one year after the date that the financial statements are issued. In connection with its financial position and intention to complete a business combination, the Company has secured financing from its Sponsor. The Company’s plan to deal with these uncertainties is to use the financing from the Sponsor to complete a Business Combination prior to the Termination Date. There is no assurance for the Company that, (1) the financing from the Sponsor will be adequate and (2) plans to consummate a Business Combination will be successful or successful within the Combination Period. The unaudited condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty. | |
Class A Ordinary Shares Subject to Possible Redemption | Class A Ordinary Shares Subject to Possible Redemption: As discussed in Note 3, all of the 30,000,000 Class A ordinary shares sold as part of the Units (as defined below) in the Public Offering contain a redemption feature that allows for the redemption under the Company’s liquidation or tender offer/shareholder approval provisions. In accordance with FASB ASC 480, redemption provisions not solely within the control of the Company require the security to be classified outside of permanent equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of FASB ASC 480. Although the Company had not specified a maximum redemption threshold, its articles of association provide that in no event will it redeem its public shares in an amount that would cause its net tangible assets (shareholders’ equity) to be less than $5,000,001. However, because all of the Class A ordinary shares are redeemable, all of the shares are recorded as Class A ordinary shares subject to redemption on the enclosed condensed balance sheets. On January 11, 2023, in connection with the vote to approve the Extension Amendment Proposal the holders of 26,068,281 Class A ordinary shares of the Company exercised their right to redeem their shares for cash at a redemption price of approximately $10.167 per share for an aggregate redemption amount of approximately $265,050,000 reducing the number of Class A ordinary shares to 3,931,719. The Company recognizes changes immediately as they occur and adjusts the carrying value of the securities at the end of each reporting period. Increases or decreases in the carrying amount of redeemable Class A ordinary shares are affected by adjustments to additional paid-in Dollars Shares Gross proceeds of Public Offering $ 300,000,000 30,000,000 Less: Proceeds allocated to Public Warrants (14,100,000 ) — Offering costs (16,254,000 ) — Plus: Accretion of carrying value to redemption value 30,354,000 — –Subtotal at inception and at December 31, 2021 300,000,000 30,000,000 Accretion of carrying value to redemption value 4,675,000 — Class A ordinary shares subject to possible redemption at December 31, 2022 $ 304,675,000 30,000,000 Class A ordinary shares redeemed on January 11, 2023 (265,050,000 ) (26,068,281 ) Accretion of carrying value to redemption value 2,998,000 — Balance at September 30, 2023 $ 42,623,000 3,931,719 | |
Subsequent Events | Subsequent Events: The Company evaluated subsequent events and transactions that occurred after the date of the balance sheet through the date that the condensed financial statements were available to be issued and has concluded that all such events that would require adjustment or disclosure in the financial statement have been recognized or disclosed. See Note 4 regarding drawdowns on the Extension promissory notes – related party subsequent to September 30, 2023. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Summary of Significant Accounting Policies [Abstract] | ||
Schedule of Earnings Per Share | The following tables reflect the earnings per share after allocating income between the shares based on outstanding shares: Nine months ended Class A Class B Numerator: Basic and diluted net income per ordinary share: Allocation of income – basic and diluted $ 1,367,000 $ 2,058,000 Denominator: Basic and diluted weighted average ordinary shares: 4,982,000 7,500,000 Basic and diluted net income per ordinary share $ 0.27 $ 0.27 Three months ended Nine months ended Class A Class B Class A Class B Numerator: Basic and diluted net income per ordinary share: Allocation of income – basic and diluted $ 1,699,000 $ 425,000 $ 9,761,000 $ 2,440,000 Denominator: Basic and diluted weighted average ordinary shares: 30,000,000 7,500,000 30,000,000 7,500,000 Basic and diluted net income per ordinary share $ 0.06 $ 0.06 $ 0.33 $ 0.33 | Year ended Year ended Class A Class B Class A Class B Numerator: Basic and diluted net income per ordinary share: Allocation of income – basic and diluted $ 12,055,000 $ 3,014,000 $ 3,736,000 $ 969,000 Denominator: Basic and diluted weighted average ordinary shares: 30,000,000 7,500,000 30,000,000 7,500,000 Basic and diluted net income per ordinary share $ 0.40 $ 0.40 $ 0.13 $ 0.13 |
Schedule of ordinary shares subject to redemption consist | Gross proceeds of Public Offering $ 300,000,000 Less: Proceeds allocated to Public Warrants (14,100,000 ) Offering costs (16,254,000 ) Plus: Accretion of carrying value to redemption value 30,354,000 Subtotal at inception and at December 31, 2022 300,000,000 Accretion of carrying value to redemption value since Public Offering 4,675,000 Class A ordinary shares subject to possible redemption $ 304,675,000 | |
Schedule of Ordinary Shares Subject to Redemption Consist | Class A ordinary shares subject to redemption consist of the following: Dollars Shares Gross proceeds of Public Offering $ 300,000,000 30,000,000 Less: Proceeds allocated to Public Warrants (14,100,000 ) — Offering costs (16,254,000 ) — Plus: Accretion of carrying value to redemption value 30,354,000 — –Subtotal at inception and at December 31, 2021 300,000,000 30,000,000 Accretion of carrying value to redemption value 4,675,000 — Class A ordinary shares subject to possible redemption at December 31, 2022 $ 304,675,000 30,000,000 Class A ordinary shares redeemed on January 11, 2023 (265,050,000 ) (26,068,281 ) Accretion of carrying value to redemption value 2,998,000 — Balance at September 30, 2023 $ 42,623,000 3,931,719 |
Accounting for Warrant Liabil_2
Accounting for Warrant Liability (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Accounting for Warrant Liability [Abstract] | ||
Schedule of Warrant Liabilities that are Measured at Fair Value on a Recurring Basis | The following tables present information about the Company’s warrant liabilities that are measured at fair value on a recurring basis at September 30, 2023 and December 31, 2022 and indicate the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: Description At Quoted Prices Significant Significant Warrant Liabilities: Public Warrants $ 56,000 $ — $ 56,000 $ — Private Placement Warrants 56,000 — 56,000 — Warrant liability at September 30, 2023 $ 112,000 $ — $ 112,000 $ — Description At Quoted Prices Significant Significant Warrant Liabilities: Public Warrants $ 300,000 $ 300,000 $ — $ — Private Placement Warrants 167,000 — 167,000 — Warrant liability at December 31, 2022 $ 467,000 $ 300,000 $ 167,000 $ — | The following tables present information about the Company’s warrant liabilities that are measured at fair value on a recurring basis at December 31, 2022 and 2021 and indicate the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: Description At Quoted Prices Significant Significant Warrant Liabilities: Public Warrants $ 300,000 $ 300,000 $ — $ — Private Placement Warrants 167,000 — 167,000 — Warrant liability at December 31, 2022 $ 467,000 $ 300,000 $ 167,000 $ — Description At Quoted Prices Significant Significant Warrant Liabilities: Public Warrants $ 8,300,000 $ 8,300,000 $ — $ — Private Placement Warrants 4,620,000 — 4,620,000 — Warrant liability at December 31, 2021 $ 12,920,000 $ 8,300,000 $ 4,620,000 $ — |
Schedule of changes in the fair value of warrant liabilities | The following table presents the changes in the fair value of warrant liabilities during the year ended December 31, 2022: Public Private Warrant Fair value measurement on December 31, 2021 $ 8,300,000 $ 4,620,000 $ 12,920,000 Change in fair value (8.000,000 ) (4,453,000 ) (12,453,000 ) Fair value as of December 31, 2022 $ 300,000 $ 167,000 $ 467,000 The following table presents the changes in the fair value of warrant liabilities during the year ended December 31, 2021: Public Private Warrant Fair value measurement on December 31, 2020 $ — $ — $ — Fair value at inception of the warrants on January 14, 2021 14,100,000 7,849,000 21,949,000 Change in fair value (5,800,000 ) (3,229,000 ) (9,029,000 ) Fair value as of December 31, 2021 $ 8,300,000 $ 4,620,000 $ 12,920,000 |
Trust Account and Fair Value _2
Trust Account and Fair Value Measurement (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Trust Account and Fair Value Measurement [Abstract] | ||
Schedule of Fair Values of its Investments are Determined by Level 1 Inputs Utilizing Quoted Prices (Unadjusted) in Active Markets for Identical Assets or Liabilities | Since all of the Company’s permitted investments at December 31, 2022 consisted of money market funds meeting certain conditions under Rule 2a-7 Description Carrying Quoted Assets: Money Market Fund $ 304,675,000 $ 304,675,000 Total $ 304,675,000 $ 304,675,000 | Description Carrying Quoted Assets: Money Market Fund $ 304,675,000 $ 304,675,000 Total $ 304,675,000 $ 304,675,000 Description Carrying Quoted Assets: Money Market Fund $ 300,075,000 $ 300,075,000 Total $ 300,075,000 $ 300,075,000 |
Description of Organization a_2
Description of Organization and Business Operations (Details) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Jan. 11, 2023 | Jan. 14, 2021 | Jan. 31, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 13, 2023 | |
Description of Organization and Business Operations [Line items] | ||||||||
Proceeds from public offering | $ 300,000,000 | $ 300,000,000 | ||||||
Trust account | 300,000,000 | |||||||
Redemption price per share (in Dollars per share) | $ 10.167 | |||||||
Interest dissolution expenses | $ 100,000 | $ 100,000 | ||||||
Public shares redeem percentage | 100% | |||||||
Taxes payable on interest earned percentage | 80% | 80% | ||||||
Net tangible assets | $ 5,000,001 | $ 5,000,001 | ||||||
Trust account, description | The amount in the Trust Account is initially funded at $10.00 per public Class A ordinary share ($300,000,000 held in the Trust Account divided by 30,000,000 public shares). | |||||||
Business combination, description | The Company will have until January 14, 2024, the Termination Date, that may be proposed to and approved by the Company’s shareholders in the form of an amendment to the Company’s amended and restated memorandum and articles of association (the “Combination Period”). If the Company does not complete a Business Combination within this period of time, it shall (i) cease all operations except for the purposes of winding up; (ii) as promptly as reasonably possible, but not more than ten business days thereafter, redeem the public Class A ordinary shares for a per share pro rata portion of the Trust Account, including interest earned on funds held in the trust account and not previously released to pay income taxes (less up to $100,000 of such net interest to pay dissolution expenses) and as promptly as possible following such redemption, dissolve and liquidate the balance of the Company’s net assets to its creditors and remaining shareholders, as part of its plan of dissolution and liquidation. The initial shareholders have entered into letter agreements with the Company, pursuant to which they have waived their rights to participate in any redemption with respect to their Founders Shares; however, if the initial shareholders or any of the Company’s officers, directors or affiliates acquire Class A ordinary shares in or after the Public Offering, they will be entitled to a pro rata share of the Trust Account with respect to the Class A ordinary shares so acquired upon the Company’s redemption or liquidation in the event the Company does not complete a Business Combination within the Combination Period. | |||||||
Shares redemption percentage | 100% | |||||||
Proceeds from Issuance of Private Placement | $ 8,350,000 | |||||||
Redemption of common shares (in Shares) | 26,068,281 | 26,068,281 | ||||||
Redemption amount | $ 304,675,000 | |||||||
Cash | $ 3,000,000 | |||||||
Accrued liabilities | $ 2,961,000 | |||||||
Loan deposited | 150,000 | |||||||
Aggregate amount | $ 1,200,000 | |||||||
Price per share (in Dollars per share) | $ 10 | |||||||
Amount held in trust account | $ 300,000,000 | |||||||
Shares held in trust account (in Shares) | 30,000,000 | |||||||
Dissolution expenses | $ 100,000 | |||||||
Private Placement [Member] | ||||||||
Description of Organization and Business Operations [Line items] | ||||||||
Private placement | $ 8,350,000 | |||||||
Proceeds from Issuance of Private Placement | $ 8,350,000 | |||||||
Class A Ordinary Shares [Member] | ||||||||
Description of Organization and Business Operations [Line items] | ||||||||
Redemption price per share (in Dollars per share) | $ 10.167 | |||||||
Shares redemption percentage | 87% | |||||||
Ordinary shares, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Redemption of common shares (in Shares) | 26,068,281 | |||||||
Redemption amount | $ 265,050,000 | |||||||
Remaining shares outstanding (in Shares) | 3,931,719 | |||||||
Class B Ordinary Shares [Member] | ||||||||
Description of Organization and Business Operations [Line items] | ||||||||
Ordinary shares, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||
Subsequent Event [Member] | ||||||||
Description of Organization and Business Operations [Line items] | ||||||||
Redemption price per share (in Dollars per share) | $ 10.167 | |||||||
Redemption amount | $ 265,050,000 | |||||||
Ordinary shares, par value (in Dollars per share) | $ 0.0001 | |||||||
Subsequent Event [Member] | Class A Ordinary Shares [Member] | ||||||||
Description of Organization and Business Operations [Line items] | ||||||||
Extension amendment proposal the holders shares (in Shares) | 26,068,281 | |||||||
Price per share (in Dollars per share) | $ 10.167 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Jan. 11, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Cash | $ 1,000 | $ 101,000 | ||
Working capital | $ 3,696,000 | $ 3,767,000 | ||
Aggregate purchase shares (in Shares) | 11,221,954 | 15,566,667 | ||
Federal depository insurance coverage | $ 250,000 | $ 250,000 | ||
Total offering cost | 17,054,000 | 17,054,000 | ||
Underwriters' discount | 16,500,000 | 16,500,000 | ||
Charged to temporary equity | 16,254,000 | 16,254,000 | ||
Other expenses | 800,000 | 800,000 | ||
Net tangible asset | $ 5,000,001 | $ 5,000,001 | ||
Public shares (in Shares) | 30,000,000 | 30,000,000 | ||
Ordinary shares price (in Dollars per share) | $ 10 | |||
Net tangible asset | $ 5,000,001 | |||
Redemption amount | $ 2,998,000 | $ 30,354,000 | $ 30,354,000 | |
Permanent equity shares (in Shares) | 3,931,719 | 30,000,000 | ||
Class A Ordinary Shares [Member] | ||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Aggregate purchase shares (in Shares) | 15,566,667 | |||
Number of units issued in transaction (in Shares) | 30,000,000 | 30,000,000 | ||
Redeemed shares (in Shares) | 26,068,281 | |||
Ordinary shares price (in Dollars per share) | $ 10.167 | |||
Redemption amount | $ 265,050,000 | |||
Shares reducing (in Shares) | 3,931,719 | |||
Class A Ordinary Shares [Member] | Subsequent Event [Member] | ||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Redeemed shares (in Shares) | 26,068,281 | |||
Ordinary shares price (in Dollars per share) | $ 10.167 | |||
Trust account from ordinary shares | $ 265,050,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Schedule of Earnings Per Share - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class A [Member] | |||||
Basic and diluted net income per ordinary share: | |||||
Allocation of income – basic | $ 1,699,000 | $ 1,367,000 | $ 9,761,000 | $ 12,055,000 | $ 3,736,000 |
Allocation of income – diluted | $ 1,699,000 | $ 1,367,000 | $ 9,761,000 | $ 12,055,000 | $ 3,736,000 |
Denominator: | |||||
Basic weighted average ordinary shares: | 30,000,000 | 4,982,000 | 30,000,000 | 30,000,000 | 28,392,000 |
Basic net income per ordinary share | $ 0.06 | $ 0.27 | $ 0.33 | $ 0.4 | $ 0.13 |
Diluted weighted average ordinary shares | 30,000,000 | 4,982,000 | 30,000,000 | 30,000,000 | 28,392,000 |
Diluted net income per ordinary share | $ 0.06 | $ 0.27 | $ 0.33 | $ 0.4 | $ 0.13 |
Class A [Member] | Previously Reported [Member] | |||||
Denominator: | |||||
Basic weighted average ordinary shares: | 30,000,000 | ||||
Diluted weighted average ordinary shares | 30,000,000 | ||||
Class B [Member] | |||||
Basic and diluted net income per ordinary share: | |||||
Allocation of income – basic | $ 425,000 | $ 2,058,000 | $ 2,440,000 | $ 3,014,000 | $ 969,000 |
Allocation of income – diluted | $ 425,000 | $ 2,058,000 | $ 2,440,000 | $ 3,014,000 | $ 969,000 |
Denominator: | |||||
Basic weighted average ordinary shares: | 7,500,000 | 7,500,000 | 7,500,000 | 7,500,000 | 7,500,000 |
Basic net income per ordinary share | $ 0.06 | $ 0.27 | $ 0.33 | $ 0.4 | $ 0.13 |
Diluted weighted average ordinary shares | 7,500,000 | 7,500,000 | 7,500,000 | 7,500,000 | 7,500,000 |
Diluted net income per ordinary share | $ 0.06 | $ 0.27 | $ 0.33 | $ 0.4 | $ 0.13 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details) - Schedule of Ordinary Shares Subject to Redemption Consist - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Temporary Equity [Line Items] | |||
Less: Proceeds allocated to Public Warrants, Value | $ (14,100,000) | $ (14,100,000) | |
Gross proceeds of Public Offering, Value | 300,000,000 | 300,000,000 | |
Offering costs, Value | (16,254,000) | (16,254,000) | |
Accretion of carrying value to redemption value, Value | $ 2,998,000 | 30,354,000 | 30,354,000 |
--Subtotal at inception and at December 31, 2021,Value | 300,000,000 | $ 300,000,000 | |
Accretion of carrying value to redemption value since Public Offering | 4,675,000 | ||
Class A ordinary shares subject to possible redemption | 304,675,000 | ||
Gross proceeds of Public Offering, Shares (in Shares) | 30,000,000 | ||
Balance at September 30, 2023, Value | $ 42,623,000 | 304,675,000 | $ 300,000,000 |
Balance at September 30, 2023, Shares (in Shares) | 3,931,719 | ||
--Subtotal at inception and at December 31, 2021, Shares (in Shares) | 30,000,000 | ||
Class A ordinary shares subject to possible redemption at December 31, 2022, Value | $ 304,675,000 | ||
Class A ordinary shares subject to possible redemption at December 31, 2022, Shares (in Shares) | 30,000,000 | ||
Class A ordinary shares redeemed on January 11, 2023,Value | $ (265,050,000) | ||
Class A ordinary shares redeemed on January 11, 2023, Shares (in Shares) | (26,068,281) |
Public Offering (Details)
Public Offering (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |||||
Jan. 11, 2023 | Jan. 11, 2023 | Jan. 14, 2021 | Sep. 30, 2023 | Dec. 31, 2022 | Jan. 31, 2023 | Dec. 31, 2021 | |
Public Offering (Details) [Line Items] | |||||||
Number of units sold (in Shares) | 30,000,000 | ||||||
Price per unit | $ 10 | ||||||
Public offering expire | 5 years | 5 years | |||||
Redeemable warrants | $ 0.01 | $ 0.01 | |||||
Ordinary shares equals exceeds | $ 10 | $ 18 | |||||
Underwriting discount percentage | 2% | 2% | |||||
Underwriting unit price (in Dollars) | $ 6,000,000 | $ 6,000,000 | |||||
Deferred underwriting percentage | 3.50% | 3.50% | |||||
Deferred underwriting fees payable (in Dollars) | $ 10,500,000 | $ 10,500,000 | |||||
Shareholders redeemed (in Shares) | 26,068,281 | ||||||
Redeemed per share | $ 10.167 | $ 10.167 | |||||
Redemption price per share | $ 10.167 | ||||||
Redeemed value (in Dollars) | $ 265,050,166 | $ 265,050,166 | |||||
Contingent redeemable warrants (in Shares) | 4,344,714 | ||||||
Ordinary shares exercise (in Shares) | 26,068,281 | ||||||
Carrying amount of warrants (in Dollars) | $ 130,000 | ||||||
Over-Allotments [Member] | |||||||
Public Offering (Details) [Line Items] | |||||||
Number of units sold (in Shares) | 30,000,000 | ||||||
Purchase of additional units (in Shares) | 2,500,000 | ||||||
Class A Ordinary Shares [Member] | |||||||
Public Offering (Details) [Line Items] | |||||||
Ordinary share par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Redeemable warrants | 0.1 | 0.1 | |||||
Ordinary shares equals exceeds | 18 | 10 | |||||
Redeemed per share | $ 10.167 | $ 10.167 | |||||
Shares redeemed (in Shares) | 26,068,281 | ||||||
Class A Ordinary Shares [Member] | Minimum [Member] | |||||||
Public Offering (Details) [Line Items] | |||||||
Ordinary shares equals exceeds | 18 | ||||||
Class A Ordinary Shares [Member] | Public Offering [Member] | |||||||
Public Offering (Details) [Line Items] | |||||||
Ordinary share par value | $ 0.0001 | ||||||
Subsequent Event [Member] | |||||||
Public Offering (Details) [Line Items] | |||||||
Ordinary share par value | $ 0.0001 | $ 0.0001 | |||||
Shareholders redeemed (in Shares) | 26,068,281 | ||||||
Redeemed per share | $ 10.167 | $ 10.167 | |||||
Redeemed value (in Dollars) | $ 265,050,000 | $ 265,050,000 | |||||
Revision of Prior Period, Adjustment [Member] | Class A Ordinary Shares [Member] | |||||||
Public Offering (Details) [Line Items] | |||||||
Ordinary shares equals exceeds | $ 18 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
Jan. 13, 2023 | Jan. 13, 2023 | Jan. 11, 2023 | Jan. 03, 2023 | Jan. 03, 2023 | Aug. 01, 2022 | Aug. 01, 2022 | Mar. 31, 2023 | Jan. 31, 2021 | Nov. 30, 2020 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Founder shares vesting, description | The Founder Shares are substantially identical to the Class A ordinary shares included in the Units sold in the Public Offering except that the Founder Shares automatically convert into Class A ordinary shares at the time of the initial Business Combination, or at any time prior thereto at the option of the holder, and are subject to certain transfer restrictions, as described in more detail below, and the Founder Shares are subject to vesting as follows: 50% upon the completion of a Business Combination and then 12.5% on each of the attainment of Return to Shareholders (as defined in the agreement) exceeding 20%, 30%, 40% and 50%. Certain events, as defined in the agreement, could trigger an immediate vesting under certain circumstances. Founder Shares that do not vest within an eight-year period from the closing of the Business Combination will be cancelled. | The Founder Shares are substantially identical to the Class A ordinary shares included in the Units sold in the Public Offering except that the Founder Shares automatically convert into Class A ordinary shares at the time of the Initial Business Combination, or at any time prior thereto at the option of the holder, and are subject to certain transfer restrictions, as described in more detail below, and the Founder Shares are subject to vesting as follows: 50% upon the completion of a Business Combination and then 12.5% on each of the attainment of Return to Shareholders (as defined in the agreement) exceeding 20%, 30%, 40% and 50%. Certain events, as defined in the agreement, could trigger an immediate vesting under certain circumstances. Founder Shares that do not vest within an eight-year period from the closing of the Business Combination will be cancelled. | |||||||||||||||
Aggregate loan amount | $ 300,000 | ||||||||||||||||
Issuance of unsecured promissory note | $ 1,000 | ||||||||||||||||
Costs paid | $ 25,000 | $ 25,000 | |||||||||||||||
Principal amount | $ 2,000,000 | $ 2,000,000 | |||||||||||||||
Outstanding principal balance | 755,000 | 785,000 | |||||||||||||||
General and administrative expenses | $ 75,000 | $ 225,000 | 75,000 | $ 225,000 | 300,000 | $ 291,000,000 | |||||||||||
Loan repaid | 30,000 | 30,000 | |||||||||||||||
Unpaid principal amount | $ 250,000 | ||||||||||||||||
Drawdowns aggregating | 455,000 | 1,809,000 | |||||||||||||||
Outstanding principal balance | 1,809,000 | 1,809,000 | 0 | ||||||||||||||
Borrowed amount | 450,383.33 | 450,383.33 | |||||||||||||||
Borrowed an additional amount | 25,000 | ||||||||||||||||
Accrued liabilities | 200,000 | $ 200,000 | $ 0 | ||||||||||||||
Private Placement Warrants [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Aggregate of shares (in Shares) | 5,566,667 | 5,566,667 | |||||||||||||||
Warrant price per share (in Dollars per share) | $ 1.5 | $ 1.5 | |||||||||||||||
Warrants purchase price | $ 8,350,000 | $ 8,350,000 | |||||||||||||||
Public Offering [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Notes payable amount | $ 199,000 | $ 199,000 | $ 199,000 | ||||||||||||||
Class A Ordinary Shares [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Price per share (in Dollars per share) | $ 12 | $ 12 | $ 12 | ||||||||||||||
Class A Ordinary Shares [Member] | Private Placement Warrants [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Price per share (in Dollars per share) | $ 11.5 | $ 11.5 | $ 11.5 | ||||||||||||||
Subsequent Event [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Costs paid | $ 3,000,000 | ||||||||||||||||
Outstanding principal balance | $ 1,750,000 | ||||||||||||||||
January 3, 2023 [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Principal amount | $ 250,000 | ||||||||||||||||
January 3, 2023 [Member] | Subsequent Event [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Costs paid | $ 250,000 | ||||||||||||||||
Outstanding principal balance | $ 250,000 | ||||||||||||||||
Principal amount | $ 250,000 | ||||||||||||||||
January 3, 2023 [Member] | Subsequent Event [Member] | Warrant [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Warrant price (in Dollars per share) | $ 1.5 | ||||||||||||||||
Unpaid principal amount | $ 250,000 | ||||||||||||||||
January 3, 2023 [Member] | Subsequent Event [Member] | Class A Ordinary Shares [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Ordinary shares par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | |||||||||||||||
January 13, 2023 [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Principal amount | $ 3,000,000 | ||||||||||||||||
Warrant price (in Dollars per share) | $ 1.5 | ||||||||||||||||
January 13, 2023 [Member] | Subsequent Event [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Costs paid | $ 3,000,000 | ||||||||||||||||
Outstanding principal balance | $ 675,000 | ||||||||||||||||
Principal amount | $ 3,000,000 | ||||||||||||||||
Warrant price (in Dollars per share) | $ 1.5 | ||||||||||||||||
Ordinary shares par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | |||||||||||||||
Unpaid principal amount | $ 675,000 | ||||||||||||||||
Warrant [Member] | January 3, 2023 [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Warrant price (in Dollars per share) | $ 1.5 | ||||||||||||||||
Founder Shares [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Related party cost | $ 25,000 | ||||||||||||||||
Price per share (in Dollars per share) | $ 0.003 | ||||||||||||||||
Aggregate shares issued (in Shares) | 7,500,000 | ||||||||||||||||
Related party costs | $ 25,000 | ||||||||||||||||
Founder Shares [Member] | Over-Allotment Option [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Shares subject to forfeiture (in Shares) | 625,000 | 625,000 | |||||||||||||||
Founder Shares [Member] | Class B Ordinary Shares [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Purchase of ordinary shares (in Shares) | 7,187,500 | ||||||||||||||||
Sponsor [Member] | Public Offering [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Costs paid | $ 49,000 | $ 49,000 |
Accounting for Warrant Liabil_3
Accounting for Warrant Liability (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting for Warrant Liability (Details) [Line Items] | |||
Warrants outstanding | 11,221,954 | 15,566,667 | 15,566,667 |
Costs to operations (in Dollars) | $ 800,000 | ||
Contingent redeemable warrants | 4,344,714 | ||
Ordinary shares exercise | 26,068,281 | ||
Public Warrants [Member] | |||
Accounting for Warrant Liability (Details) [Line Items] | |||
Warrants outstanding | 5,655,286 | 10,000,000 | 10,000,000 |
Private Placement Warrants [Member] | |||
Accounting for Warrant Liability (Details) [Line Items] | |||
Warrants outstanding | 5,566,667 | 5,566,667 | 5,566,667 |
Accounting for Warrant Liabil_4
Accounting for Warrant Liability (Details) - Schedule of Warrant Liabilities that are Measured at Fair Value on a Recurring Basis - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Warrant Liabilities: | |||
Warrant liability | $ 112,000 | $ 467,000 | $ 12,920,000 |
Warrant Liability [Member] | |||
Warrant Liabilities: | |||
Warrant liability | 467,000 | 12,920,000 | |
Public Warrants [Member] | |||
Warrant Liabilities: | |||
Warrant liability | 56,000 | 300,000 | 8,300,000 |
Private Placement Warrants [Member] | |||
Warrant Liabilities: | |||
Warrant liability | 56,000 | 167,000 | 4,620,000 |
Quoted Prices in Active Markets (Level 1) [Member] | |||
Warrant Liabilities: | |||
Warrant liability | 300,000 | ||
Quoted Prices in Active Markets (Level 1) [Member] | Warrant Liability [Member] | |||
Warrant Liabilities: | |||
Warrant liability | 300,000 | 8,300,000 | |
Quoted Prices in Active Markets (Level 1) [Member] | Public Warrants [Member] | |||
Warrant Liabilities: | |||
Warrant liability | 300,000 | 8,300,000 | |
Quoted Prices in Active Markets (Level 1) [Member] | Private Placement Warrants [Member] | |||
Warrant Liabilities: | |||
Warrant liability | |||
Significant Other Observable Inputs (Level 2) [Member] | |||
Warrant Liabilities: | |||
Warrant liability | 112,000 | 167,000 | |
Significant Other Observable Inputs (Level 2) [Member] | Warrant Liability [Member] | |||
Warrant Liabilities: | |||
Warrant liability | 167,000 | 4,620,000 | |
Significant Other Observable Inputs (Level 2) [Member] | Public Warrants [Member] | |||
Warrant Liabilities: | |||
Warrant liability | 56,000 | ||
Significant Other Observable Inputs (Level 2) [Member] | Private Placement Warrants [Member] | |||
Warrant Liabilities: | |||
Warrant liability | 56,000 | 167,000 | 4,620,000 |
Significant Other Unobservable Inputs (Level 3) [Member] | |||
Warrant Liabilities: | |||
Warrant liability | |||
Significant Other Unobservable Inputs (Level 3) [Member] | Warrant Liability [Member] | |||
Warrant Liabilities: | |||
Warrant liability | |||
Significant Other Unobservable Inputs (Level 3) [Member] | Public Warrants [Member] | |||
Warrant Liabilities: | |||
Warrant liability | |||
Significant Other Unobservable Inputs (Level 3) [Member] | Private Placement Warrants [Member] | |||
Warrant Liabilities: | |||
Warrant liability |
Accounting for Warrant Liabil_5
Accounting for Warrant Liability (Details) - Schedule of changes in the fair value of warrant liabilities - USD ($) | 12 Months Ended | ||
Jan. 14, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Warrant Liabilities [Member] | |||
Accounting for Warrant Liability (Details) - Schedule of changes in the fair value of warrant liabilities [Line Items] | |||
Fair value measurement, beginning balance | $ 12,920,000 | ||
Fair value at inception of the warrants on January 14, 2021 | 21,949,000 | ||
Change in fair value | (12,453,000) | (9,029,000) | |
Fair value measurement, Ending balance | 467,000 | 12,920,000 | |
Public [Member] | |||
Accounting for Warrant Liability (Details) - Schedule of changes in the fair value of warrant liabilities [Line Items] | |||
Fair value measurement, beginning balance | 8,300,000 | ||
Fair value at inception of the warrants on January 14, 2021 | 14,100,000 | ||
Change in fair value | (8,000) | (5,800,000) | |
Fair value measurement, Ending balance | 300,000 | 8,300,000 | |
Private Placement [Member] | |||
Accounting for Warrant Liability (Details) - Schedule of changes in the fair value of warrant liabilities [Line Items] | |||
Fair value measurement, beginning balance | 4,620,000 | ||
Fair value at inception of the warrants on January 14, 2021 | $ 7,849,000 | ||
Change in fair value | (4,453,000) | (3,229,000) | |
Fair value measurement, Ending balance | $ 167,000 | $ 4,620,000 |
Trust Account and Fair Value _3
Trust Account and Fair Value Measurement (Details) - USD ($) | Jan. 11, 2023 | Sep. 30, 2023 | Dec. 31, 2022 |
Trust Account and Fair Value Measurement Details [Line Items] | |||
Deposited amount | $ 300,000,000 | $ 300,000,000 | |
Shareholders redeemed (in Shares) | 26,068,281 | ||
Redeemed per share (in Dollars per share) | $ 10.167 | ||
Redeemed value | $ 265,050,000 | ||
Subsequent Event [Member] | |||
Trust Account and Fair Value Measurement Details [Line Items] | |||
Shareholders redeemed (in Shares) | 26,068,281 | ||
Redeemed per share (in Dollars per share) | $ 10.167 | ||
Redeemed value | $ 265,050,000 |
Trust Account and Fair Value _4
Trust Account and Fair Value Measurement (Details) - Schedule of Fair Values of its Investments are Determined by Level 1 Inputs Utilizing Quoted Prices (Unadjusted) in Active Markets for Identical Assets or Liabilities - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Carrying Value [Member] | ||
Assets: | ||
Money Market Fund | $ 304,675,000 | $ 300,075,000 |
Total | 304,675,000 | 300,075,000 |
Quoted Price in Active Markets (Level 1) [Member] | ||
Assets: | ||
Money Market Fund | 304,675,000 | 300,075,000 |
Total | $ 304,675,000 | $ 300,075,000 |
Shareholders' Deficit (Details)
Shareholders' Deficit (Details) - $ / shares | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Dec. 31, 2022 | Jan. 31, 2023 | Dec. 31, 2021 | |
Shareholders' Deficit (Details) [Line Items] | ||||
Ordinary shares total | 550,000,000 | 550,000,000 | ||
Business combination, description | The Founder Shares are subject to vesting as follows: 50% upon the completion of a Business Combination and then an additional 12.5% on the attainment of each of a series of certain “shareholder return” targets exceeding 20%, 30%, 40% and 50%, as further defined in the agreement. Certain events, as defined in the agreement, could trigger an immediate vesting under certain circumstances. Founder Shares that do not vest within an eight-year period from the closing of the Business Combination will be cancelled. | The Founder Shares are subject to vesting as follows: 50% upon the completion of a Business Combination and then an additional 12.5% on the attainment of each of a series of certain “shareholder return” targets exceeding 20%, 30%, 40% and 50%, as further defined in the agreement. Certain events, as defined in the agreement, could trigger an immediate vesting under certain circumstances. Founder Shares that do not vest within an eight-year period from the closing of the Business Combination will be cancelled. | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 | |
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
Preferred stock, shares issued | 0 | 0 | 0 | |
Preferred stock, shares outstanding | 0 | 0 | 0 | |
Class A Ordinary Shares [Member] | ||||
Shareholders' Deficit (Details) [Line Items] | ||||
Ordinary shares, authorized | 500,000,000 | 500,000,000 | 500,000,000 | |
Ordinary shares, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Ordinary shares, issued | 0 | 0 | 0 | |
Ordinary shares, outstanding | 0 | 0 | 0 | |
Ordinary shares subject to possible redemption | 3,931,719 | 30,000,000 | ||
Class B Ordinary Shares [Member] | ||||
Shareholders' Deficit (Details) [Line Items] | ||||
Ordinary shares, authorized | 50,000,000 | 50,000,000 | 50,000,000 | |
Ordinary shares, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
Ordinary shares, issued | 7,500,000 | 7,500,000 | 7,500,000 | |
Ordinary shares, outstanding | 7,500,000 | 7,500,000 | 7,500,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Federal excise tax percentage | 1% |
Fair market value percentage | 1% |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Jan. 13, 2023 | Jan. 11, 2023 | Jan. 03, 2023 | Dec. 23, 2022 | Mar. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | Jan. 31, 2023 | Dec. 31, 2021 | |
Subsequent Events (Details) [Line Items] | |||||||||
Extension meeting | $ 450,000 | ||||||||
Contribute loan | $ 150,000 | ||||||||
Sponsor | $ 25,000 | 25,000 | |||||||
Outstanding principal balance | 755,000 | 785,000 | |||||||
Total principal amount | $ 1,809,000 | $ 0 | |||||||
Warrant [Member] | |||||||||
Subsequent Events (Details) [Line Items] | |||||||||
Price of warrant (in Dollars per share) | $ 1.5 | ||||||||
Class A ordinary shares [Member] | |||||||||
Subsequent Events (Details) [Line Items] | |||||||||
Ordinary share par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||
Subsequent Event [Member] | |||||||||
Subsequent Events (Details) [Line Items] | |||||||||
Investment agreement | $ 3,000,000 | ||||||||
Price of warrant (in Dollars per share) | $ 1.5 | ||||||||
Ordinary share par value (in Dollars per share) | $ 0.0001 | ||||||||
Sponsor | $ 3,000,000 | ||||||||
Sponsor funded | 450,000 | ||||||||
Total principal amount | $ 1,750,000 | ||||||||
Aggregate price per share (in Dollars per share) | $ 10.167 | ||||||||
Redemption amount | $ 265,050,166 | ||||||||
Trust account | $ 40,425,891.61 | ||||||||
Subsequent Event [Member] | Warrant [Member] | |||||||||
Subsequent Events (Details) [Line Items] | |||||||||
Price of warrant (in Dollars per share) | $ 1.5 | ||||||||
Subsequent Event [Member] | Class A ordinary shares [Member] | |||||||||
Subsequent Events (Details) [Line Items] | |||||||||
Stock holders shares (in Shares) | 26,068,281 | ||||||||
January 3, 2023 [Member] | Subsequent Event [Member] | |||||||||
Subsequent Events (Details) [Line Items] | |||||||||
Sponsor | $ 250,000 | ||||||||
Outstanding principal balance | $ 250,000 | ||||||||
January 13, 2023 [Member] | Subsequent Event [Member] | |||||||||
Subsequent Events (Details) [Line Items] | |||||||||
Sponsor | $ 3,000,000 | ||||||||
Outstanding principal balance | $ 675,000 |