Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 21, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | PLUM ACQUISITION CORP. I | |
Entity Central Index Key | 0001840317 | |
Entity File Number | 001-40218 | |
Entity Tax Identification Number | 98-1577353 | |
Entity Incorporation, State or Country Code | E9 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | true | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Address, Address Line One | 2021 Fillmore St. #2089 | |
Entity Address, City or Town | San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94115 | |
City Area Code | 415 | |
Local Phone Number | 683-6773 | |
Common Class A | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Class A Ordinary Shares included as part of the units | |
Trading Symbol | PLMI | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 5,228,218 | |
Common Class B | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 7,980,409 | |
Capital Units [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Units, each consisting of one Class A Ordinary Share, $0.0001 par value, and one-fifth of one redeemable warrant | |
Trading Symbol | PLMIU | |
Security Exchange Name | NASDAQ | |
Redeemable Warrants [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Redeemable warrants included as part of the units, each whole warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50 | |
Trading Symbol | PLMIW | |
Security Exchange Name | NASDAQ |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEET - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash | $ 20,880 | $ 86,401 |
Prepaid expenses | 52,885 | 43,631 |
Total current assets | 73,765 | 130,032 |
Investments held in Trust Account | 55,154,617 | 323,911,642 |
Debt discount | 2,479,445 | 0 |
TOTAL ASSETS | 57,707,827 | 324,041,674 |
LIABILITIES, REDEEMABLE ORDINARY SHARES AND SHAREHOLDERS' DEFICIT | ||
Accounts payable and accrued expenses | 3,853,954 | 2,640,756 |
Due to related party | 331,826 | 235,000 |
Convertible promissory note - related party | 1,000,000 | 1,000,000 |
Promissory Note-related party | 250,000 | 0 |
Subscription liability | 1,946,467 | 0 |
Total current liabilities | 7,382,247 | 3,875,756 |
Warrant liabilities | 423,458 | 379,217 |
Deferred underwriting commissions liabilities | 0 | 11,172,572 |
TOTAL LIABILITIES | 7,805,705 | 15,427,545 |
SHAREHOLDERS' DEFICIT | ||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | ||
Additional paid-in capital | 6,488,812 | 0 |
Accumulated deficit | (11,742,106) | (15,298,312) |
TOTAL SHAREHOLDERS' DEFICIT | (5,252,495) | (15,297,513) |
TOTAL LIABILITIES, REDEEMABLE ORDINARY SHARES AND SHAREHOLDERS' DEFICIT | 57,707,827 | 324,041,674 |
Class A Ordinary shares subject to possible redemption | ||
LIABILITIES, REDEEMABLE ORDINARY SHARES AND SHAREHOLDERS' DEFICIT | ||
Class A Ordinary shares subject to possible redemption, 5,228,218 and 31,921,634 shares at $10.55 and $10.15 redemption value as of June 30, 2023 and December 31, 2022, respectively | 55,154,617 | 323,911,642 |
Class A Ordinary shares not subject to possible redemption | ||
SHAREHOLDERS' DEFICIT | ||
Ordinary Shares | 0 | 0 |
Class B Ordinary Shares | ||
SHAREHOLDERS' DEFICIT | ||
Ordinary Shares | $ 799 | $ 799 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2023 | Mar. 15, 2023 | Dec. 31, 2022 |
Temporary equity shares outstanding | 31,921,634 | ||
Preferred stock par or stated value per share | $ 0.0001 | $ 0.0001 | |
Preferred stock shares authorized | 1,000,000 | 1,000,000 | |
Preferred stock shares issued | 0 | 0 | |
Preferred stock shares outstanding | 0 | 0 | |
Class A Ordinary Shares | |||
Temporary equity shares outstanding | 5,228,218 | 31,921,634 | |
Temporary equity redemption price per share | $ 10.55 | $ 10.23 | $ 10.15 |
Common stock par or stated value per share | $ 0.0001 | $ 0.0001 | |
Common stock shares authorized | 500,000,000 | 500,000,000 | |
Common stock shares outstanding | 0 | 0 | |
Class A Ordinary shares subject to possible redemption | |||
Temporary equity shares outstanding | 5,228,218 | 31,921,634 | |
Common stock shares outstanding | 5,228,218 | 31,921,634 | |
Class A Ordinary shares not subject to possible redemption | |||
Common stock shares issued | 0 | 0 | |
Common stock shares outstanding | 0 | 0 | |
Class B Ordinary Shares | |||
Common stock par or stated value per share | $ 0.0001 | $ 0.0001 | |
Common stock shares authorized | 50,000,000 | 50,000,000 | |
Common stock shares issued | 7,980,409 | 7,980,409 | |
Common stock shares outstanding | 7,980,409 | 7,980,409 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Formation and operating expenses | $ 578,954 | $ 1,544,496 | $ 1,732,236 | $ 2,053,572 |
Loss from operations | (578,954) | (1,544,496) | (1,732,236) | (2,053,572) |
Other income: | ||||
Change in fair value of warrant liabilities | 1,978,245 | 2,970,528 | (44,241) | 6,824,630 |
Change in fair value of subscription liability | 2,655,232 | 0 | 2,636,955 | 0 |
Change in fair value of Forward Purchase Agreement | 633,205 | 0 | 308,114 | 0 |
Issuance of Forward Purchase Agreement | 0 | 0 | (308,114) | 0 |
Reduction of deferred underwriter fee payable | 0 | 0 | 328,474 | 0 |
Interest Expense-Debt Discount | (1,045,564) | 0 | (1,348,033) | 0 |
Interest income - trust account | 626,320 | 453,397 | 3,715,287 | 479,450 |
Total other income, net | 4,847,438 | 3,423,925 | 5,288,442 | 7,304,080 |
Net income | 4,268,484 | 1,879,429 | 3,556,206 | 5,250,508 |
Class A Ordinary shares subject to possible redemption | ||||
Other income: | ||||
Net income | $ 2,660,848 | $ 1,503,543 | $ 2,357,703 | $ 4,200,406 |
Weighted average shares outstanding, basic | 13,208,627 | 31,921,634 | 23,679,525 | 31,921,634 |
Weighted average shares outstanding, diluted | 13,208,627 | 31,921,634 | 23,679,525 | 31,921,634 |
Basic net income per ordinary share | $ 0.20 | $ 0.05 | $ 0.11 | $ 0.13 |
Diluted net income per ordinary share | $ 0.20 | $ 0.05 | $ 0.11 | $ 0.13 |
Class B Ordinary Shares | ||||
Other income: | ||||
Net income | $ 1,607,636 | $ 375,886 | $ 1,198,503 | $ 1,050,102 |
Weighted average shares outstanding, basic | 7,980,409 | 7,980,409 | 7,980,409 | 7,980,409 |
Weighted average shares outstanding, diluted | 7,980,409 | 7,980,409 | 7,980,409 | 7,980,409 |
Basic net income per ordinary share | $ 0.20 | $ 0.05 | $ 0.11 | $ 0.13 |
Diluted net income per ordinary share | $ 0.20 | $ 0.05 | $ 0.11 | $ 0.13 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT - USD ($) | Ordinary Shares Class B Ordinary Shares | Additional Paid-In Capital | Accumulated Deficit | Class B Ordinary Shares | Total |
Beginning balance at Dec. 31, 2021 | $ 799 | $ (21,181,135) | $ (21,180,336) | ||
Beginning balance, shares at Dec. 31, 2021 | 7,980,409 | ||||
Net income | 3,371,079 | 3,371,079 | |||
Ending balance at Mar. 31, 2022 | $ 799 | (17,810,056) | (17,809,257) | ||
Ending balance, shares at Mar. 31, 2022 | 7,980,409 | ||||
Beginning balance at Dec. 31, 2021 | $ 799 | (21,181,135) | (21,180,336) | ||
Beginning balance, shares at Dec. 31, 2021 | 7,980,409 | ||||
Net income | $ 1,050,102 | 5,250,508 | |||
Ending balance at Jun. 30, 2022 | $ 799 | (16,426,339) | (16,425,540) | ||
Ending balance, shares at Jun. 30, 2022 | 7,980,409 | ||||
Beginning balance at Mar. 31, 2022 | $ 799 | (17,810,056) | (17,809,257) | ||
Beginning balance, shares at Mar. 31, 2022 | 7,980,409 | ||||
Accretion of Class A ordinary shares to redemption value | (495,712) | (495,712) | |||
Net income | 1,879,429 | 375,886 | 1,879,429 | ||
Ending balance at Jun. 30, 2022 | $ 799 | (16,426,339) | (16,425,540) | ||
Ending balance, shares at Jun. 30, 2022 | 7,980,409 | ||||
Beginning balance at Dec. 31, 2022 | $ 799 | (15,298,312) | (15,297,513) | ||
Beginning balance, shares at Dec. 31, 2022 | 7,980,409 | ||||
Reduction of deferred underwriter fees | $ 10,844,098 | 10,844,098 | |||
Accretion of Class A ordinary shares to redemption value | (3,568,966) | (3,568,966) | |||
Net income | (712,278) | (712,278) | |||
Ending balance at Mar. 31, 2023 | $ 799 | 7,275,132 | (16,010,590) | (8,734,659) | |
Ending balance, shares at Mar. 31, 2023 | 7,980,409 | ||||
Beginning balance at Dec. 31, 2022 | $ 799 | (15,298,312) | (15,297,513) | ||
Beginning balance, shares at Dec. 31, 2022 | 7,980,409 | ||||
Net income | 1,198,503 | 3,556,206 | |||
Ending balance at Jun. 30, 2023 | $ 799 | 6,488,812 | (11,742,106) | (5,252,495) | |
Ending balance, shares at Jun. 30, 2023 | 7,980,409 | ||||
Beginning balance at Mar. 31, 2023 | $ 799 | 7,275,132 | (16,010,590) | (8,734,659) | |
Beginning balance, shares at Mar. 31, 2023 | 7,980,409 | ||||
Accretion of Class A ordinary shares to redemption value | (786,320) | (786,320) | |||
Net income | 4,268,484 | $ 1,607,636 | 4,268,484 | ||
Ending balance at Jun. 30, 2023 | $ 799 | $ 6,488,812 | $ (11,742,106) | $ (5,252,495) | |
Ending balance, shares at Jun. 30, 2023 | 7,980,409 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Cash Flows from Operating Activities: | ||||
Net income | $ 3,556,206 | $ 5,250,508 | ||
Adjustments to reconcile net income to net cash used in operating activities: | ||||
Interest earned on investments held in Trust Account | (3,715,287) | (479,450) | ||
Change in fair value of warrant liabilities | $ (1,978,245) | $ (2,970,528) | 44,241 | (6,824,630) |
Reduction of deferred underwriter fees | 0 | 0 | (328,474) | 0 |
Issuance of Forward Purchase Agreement | 0 | 0 | 308,114 | 0 |
Change in fair value of Forward Purchase Agreement | (633,205) | 0 | (308,114) | 0 |
Change in fair value of subscription liability | (2,655,232) | 0 | (2,636,955) | 0 |
Interest expense-debt discount | 1,045,564 | 0 | 1,348,033 | 0 |
Changes in operating assets and liabilities: | ||||
Prepaid expense | (9,254) | 190,592 | ||
Due to related party | 96,826 | 60,000 | ||
Accounts payable and accrued expenses | 1,213,199 | 1,269,492 | ||
Net cash used in operating activities | (431,465) | (533,488) | ||
Cash Flows from Investing Activities: | ||||
Extension payment deposit in Trust | (640,000) | |||
Cash withdraw from Trust Account for redemptions | 273,112,312 | |||
Net cash provided by investing activities | 272,472,312 | |||
Cash Flows from Financing Activities: | ||||
Proceeds from the subscription liability | 755,944 | |||
Redemption from Trust Account for ordinary shares | (273,112,312) | |||
Proceeds from promissory note - related party | 250,000 | 500,000 | ||
Net cash (used in) provided by financing activities | (272,106,368) | 500,000 | ||
Net Change in Cash | (65,521) | (33,488) | ||
Cash - Beginning of period | 86,401 | 107,224 | ||
Cash - End of period | $ 20,880 | $ 73,736 | 20,880 | 73,736 |
Non-Cash investing and financing activities: | ||||
Accretion of Class A ordinary shares subject to possible redemption | $ 4,355,286 | $ 495,712 |
ORGANIZATION AND BUSINESS OPERA
ORGANIZATION AND BUSINESS OPERATIONS | 6 Months Ended |
Jun. 30, 2023 | |
ORGANIZATION AND BUSINESS OPERATIONS | |
ORGANIZATION AND BUSINESS OPERATIONS | NOTE 1 — ORGANIZATION AND BUSINESS OPERATIONS Plum Acquisition Corp. I (the “Company” or “Plum”) was incorporated as a Cayman Islands exempted company on January 11, 2021. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities (the “Business Combination”). The Company has not selected any Business Combination target. The Company will not be limited to a particular industry or geographic region in its identification and acquisition of a target company. The Company is an emerging growth company and, as such, the Company is subject to all of the risks associated with emerging growth companies. As of June 30, 2023, the Company had not commenced any operations. All activity for the period from January 11, 2021 (inception) through June 30, 2023 relates to the Company’s formation and the initial public offering (“IPO”), which is described below, and subsequent to the Initial Public Offering, identifying a target company for a business combination. The Company believes it will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on investments in the Company’s Trust account and will recognize changes in the fair value of the warrant liabilities as other income (expense). The Company’s Sponsor is Plum Partners, LLC, a Delaware limited liability company (the “Sponsor”). The registration statement for the Company’s IPO was declared effective on March 15, 2021 (the “Effective Date”). On March 18, 2021, the Company consummated the initial public offering (the “Public Offering” or “IPO”) of 30,000,000 units (the “Units), at $10.00 per Unit, generating gross proceeds of $300,000,000, which is discussed in Note 3. Simultaneously with the closing of the IPO, the Company consummated the sale of 6,000,000 warrants (the “Private Placement Warrants”), at a price of $1.50 per Private Placement Warrant, which is discussed in Note 4. Each warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share, generating gross proceeds of $9,000,000, which is described in Note 4. The Company granted the underwriter a 45-day option from March 18, 2021 to purchase up to an additional 4,500,000 Units to cover over-allotments, if any, at the IPO price less the underwriting discounts and commissions. The underwriter partially exercised the over-allotment option on April 14, 2021 and purchased 1,921,634 Units at $10.00 per Unit. Simultaneously with the issuance and sale of the Units on April 14, 2021, the Company consummated the private placement with the Sponsor for an aggregate of 256,218 warrants to purchase Class A Ordinary Shares for $1.50 per warrant generating total proceeds of $384,327. On April 14, 2021, $19,216,340, net of the underwriter discount, was deposited in the Company’s Trust account. A total of $19,216,340 was placed in a U.S.-based trust account maintained by Continental Stock Transfer & Trust Company, acting as trustee. Transaction costs of the IPO and the exercise of the over-allotment option amounted to $18,336,269 consisting of $6,384,327 of underwriting discount, $11,172,572 of deferred underwriting discount, and $779,370 of other offering costs. Of the transaction costs, $538,777 is included in transaction costs on consolidated the statements of operations and $17,797,492 is included in consolidated statements of changes in shareholders’ deficit. Following the closing of the Public Offering on March 18, 2021 and the partial exercise of the underwriter’s over-allotment option, $319,216,340 (approximately $10.00 per Unit) from the net proceeds of the sale of the Units in the Public Offering, including the proceeds from the sale of the Private Placement Warrants, was deposited in a trust account (“Trust Account”) located in the United States at Goldman Sachs, with Continental Stock Transfer & Trust Company acting as trustee, and was invested in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invests only in direct U.S. government treasury obligations. Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its taxes, if any, the proceeds from the IPO and the sale of the Private Placement Warrants will not be released from the Trust Account (1) to the Company, until the completion of our initial Business Combination, or (2) to the Public Shareholders, until the earliest of (i) the completion of the initial Business Combination, and then only in connection with those Class A ordinary shares that such shareholders properly elected to redeem, subject to the limitations described herein, (ii) the redemption of any public shares properly tendered in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association (A) to modify the substance or timing of the Company’s obligation to provide holders of its Class A ordinary shares the right to have their shares redeemed in connection with the initial Business Combination or to redeem 100% of the public shares if the Company does not complete its initial Business Combination within 27 months from the closing of the IPO(or up to 36 months from the closing of our initial public offering if we extend the period of time to consummate a business combination) (the “Combination Period”) or (B) with respect to any other provision relating to the rights of holders of the Class A ordinary shares, and (iii) the redemption of the public shares if the Company has not consummated its Business Combination within the Combination Period, subject to applicable law. Public Shareholders who redeem their Class A ordinary shares in connection with a shareholder vote described in clause (ii) in the preceding sentence shall not be entitled to funds from the Trust Account upon the subsequent completion of an initial Business Combination or liquidation if the Company has not consummated an initial Business Combination within the Combination Period, with respect to such Class A ordinary shares so redeemed. The proceeds deposited in the Trust Account could become subject to the claims of the Company’s creditors, if any, which could have priority over the claims of the Public Shareholders (as defined below). The Company will provide shareholders (the “Public Shareholders”) of its Class A ordinary shares, par value $0.0001, sold in the IPO (the “Public Shares”), with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) without a shareholder vote by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Shareholders will be entitled to redeem all or a portion of their Public Shares upon the completion of the initial Business Combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account calculated as of two These Public Shares have been classified as temporary equity upon the completion of the IPO in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” In such case, the Company will proceed with a Business Combination if the Company receives the approval of an ordinary resolution. The Company will have to September 18, 2023, or until March 18, 2024, if elected to extend the Termination Date up to nine times by an additional one month each time, to complete an initial Business Combination. However, if the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten Extraordinary General Meeting and Redemption of Shares On March 15, 2023, Plum held an Extraordinary General Meeting of its Shareholders (1) to amend Plum’s amended and restated memorandum and articles of association (the “Articles”) to extend the date (the “Termination Date”) by which Plum has to consummate a business combination (the “Articles Extension”) from March 18, 2023 (the “Original Termination Date”) to June 18, 2023 (the “Articles Extension Date”) and to allow Plum, 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 Plum’s board of directors if requested by the Sponsor, and upon five days’ advance notice prior to the applicable Termination Date, until March 18, 2024, or a total of up to twelve months after the Original Termination Date, unless the closing of Plum’s initial business combination shall have occurred prior to such date (the “Extension Amendment Proposal”) and (2) to amend the Articles to eliminate from the Articles the limitation that Plum may not redeem Class A ordinary shares to the extent that such redemption would result in Plum having net tangible assets (as determined in accordance with Rule 3a 51-1(g)(1)of the Securities Exchange Act of 1934, as amended) of less than $5,000,001 (the “Redemption Limitation”) in order to allow Plum to redeem Public Shares irrespective of whether such redemption would exceed the Redemption Limitation (the “Redemption Limitation Amendment Proposal”). The shareholders of Plum approved the Extension Amendment Proposal and the Redemption Limitation Amendment Proposal at the Shareholder Meeting and on March 15, 2023, Plum filed the amendment to the Articles with the Registrar of Companies of the Cayman Islands. In connection with the vote to approve the Extension Amendment Proposal, the holders of 26,693,416 Class A ordinary shares properly exercised their right to redeem their shares for cash at a redemption price of $10.23 per share, for an aggregate redemption amount of $273,112,311.62. The Sponsor, officers and directors have agreed to (i) waive their redemption rights with respect to their Founder Shares, (ii) waive their redemption rights with respect to their Founder Shares and public shares in connection with a shareholder vote to approve an amendment to the Company’s amended and restated memorandum and articles of association (A) that would modify the substance or timing of the Company’s obligation to provide holders of the Class A ordinary shares the right to have their shares redeemed in connection with the initial Business Combination or to redeem 100% of its public shares if the Company does not complete our initial Business Combination within the Combination Period or (B) with respect to any other provision relating to the rights of holders of the Class A ordinary shares, (iii) waive their rights to liquidating distributions from the Trust Account with respect to any Founder Shares they hold if the Company fails to consummate an initial Business Combination within the Combination Period (although they will be entitled to liquidating distributions from the Trust Account with respect to any public shares they hold if the Company fails to complete its initial Business Combination within the prescribed time frame) and (iv) vote their Founder Shares and public shares in favor of our initial Business Combination. Liquidity, Capital Resources, and Going Concern The Company’s liquidity needs up to March 18, 2021 had been satisfied through a capital contribution from the Sponsor of $25,000 (see Note 5) for the Founder Shares. In addition, in order to finance transaction costs in connection with a Business Combination, the Company’s Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors, and third parties have committed to provide the Company Working Capital Loans (see Note 5). As of June 30, 2023 and December 31, 2022, the Company had $1,000,000 outstanding under Working Capital Loans. As of June 30, 2023, the Company had $20,880 in its operating bank account and a working capital deficit of $7,308,482. In connection with the Company’s assessment of going concern considerations in accordance with FASBASC205-40, Presentation of Financial Statements—Going Concern”, management has determined that the Company has and will continue to incur significant costs in pursuit of its acquisition plans which raises substantial doubt about the Company’s ability to continue as a going concern. Moreover, we may need to obtain additional financing either to complete our initial Business Combination or because we become obligated to redeem a significant number of our Public Shares upon consummation of our initial Business Combination, in which case we may issue additional securities or incur debt in connection with such Business Combination. Subject to compliance with applicable securities laws, we would only complete such financing simultaneously with the completion of our initial Business Combination. If we are unable to complete our initial Business Combination because we do not have sufficient funds available to us, we will be forced to cease operations and liquidate the Trust Accounts. In addition, following our initial Business Combination, if cash on hand is insufficient, we may need to obtain additional financing in order to meet our obligations. Further, management has determined that if the Company is unable to complete a Business Combination by September 18, 2023 or by March 18, 2024 if the Board of Directors adopts resolutions, upon request of the Sponsor, to extend the Termination Date up to nine times by an additional one month each time (the “Combination Period”), then the Company will cease all operations except for the purpose of liquidating. The date for mandatory liquidation and subsequent dissolution as well as the Company’s working capital deficit raise substantial doubt about the Company’s ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after the Combination Period. The Company intends to complete a Business Combination before the mandatory liquidation date. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2023 | |
SIGNIFICANT ACCOUNTING POLICIES | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K as filed with the SEC on April 17, 2023, which contains the audited financial statements and notes thereto. The interim results for the period ended June 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any future interim periods. The accompanying unaudited condensed consolidated financial statements of the Company include its wholly owned subsidiaries in connection with the initial Business Combination, namely Plum SPAC I Merger Sub, Inc., a Delaware corporation (“Merger Sub I”), and Plum SPAC 2 Merger Sub, LLC, a Delaware limited liability company (“Merger Sub II”). All inter-company accounts and transactions are eliminated in consolidation. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Merger Sub I and Merger Sub II. There has been no intercompany activity since inception. Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s unaudited condensed financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements 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 unaudited condensed consolidated 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 accounting estimates included in these unaudited condensed consolidated financial statements is the determination of the fair value of the subscription and forward purchase agreements and warrants liabilities. Such estimates may be subject to change as more current information becomes available and accordingly, the actual results could differ significantly from those estimates. Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of June 30, 2023 and December 31, 2022. Investments Held in Trust Account At June 30, 2023 and December 31, 2022, funds held in the Trust Account include $55,154,617 and $323,911,642, respectively, of investments held in a money market fund characterized as Level 1 investments within the fair value hierarchy under ASC 820 (as defined below). The Company classifies its money market fund as trading securities in accordance with ASC 320 “Investments – Debt and Equity Securities.” Convertible Promissory Note The Company accounts for its convertible promissory note under ASC 815, “Derivatives and Hedging” (“ASC 815”). Under 815-15-25, the election can be at the inception of a financial instrument to account for the instrument under the fair value option under ASC 825, “Financial Instruments” (“ASC 825”). The Company has made such election for its convertible promissory note. Using fair value option, the convertible promissory note is required to be recorded at its initial fair value on the date of issuance and each balance sheet date thereafter. Differences between the face value of the note and fair value at issuance are recognized as either an expense in the consolidated statements of operations (if issued at a premium) or as a capital contribution (if issued at a discount). Changes in the estimated fair value of the notes are recognized as non-cash gains or losses in the consolidated statements of operations. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the federal depository insurance coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in FASB ASC Topic 480 “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A ordinary shares that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, Class A ordinary shares are classified as shareholders’ equity. The Company’s Class A ordinary shares features certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ deficit section of the Company’s consolidated balance sheets. As of June 30, 2023 and December 31, 2022, the ordinary shares subject to possible redemption reflected on the consolidated balance sheets are reconciled in the following table: Ordinary shares subject to possible redemption, December 31, 2022 $ 323,911,642 Less: Redemptions of ordinary shares (273,112,312) Plus: Accretion adjustment of carrying value to redemption value 4,355,287 Ordinary shares subject to possible redemption, June 30, 2023 $ 55,154,617 Offering Costs The Company complies with the requirements of ASC340-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A— “Expenses of Offering”. Offering costs consist principally of professional and registration fees incurred through the balance sheet date that are related to the Public Offering. Offering costs are charged to shareholders’ deficit or the consolidated statements of operations based on the relative value of the Warrants to the proceeds received from the Units sold upon the completion of the IPO. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, (excluding the promissory note and Warrants) which qualify as financial instruments under the Financial Accounting Standards Board (“FASB”) ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the consolidated balance sheets. Warrant Liabilities The Company accounts for the Warrants as either equity-classified or liability-classified instruments based on an assessment of the specific terms of the Warrants and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“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 meet all of the requirements for equity classification under ASC 815, including whether the Warrants are indexed to the Company’s own ordinary shares and whether the holders of the Warrants could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of issuance of the Warrants 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, such warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, liability-classified warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of such warrants are recognized as a non-cash gain or loss on the consolidated statements of operations. The Company accounts for the Public and Private warrants in accordance with guidance contained in ASC815-40. Such guidance provides that because the warrants do not meet the criteria for equity treatment thereunder, each warrant must be recorded as a liability (See Note 6). Forward Purchase Agreement The Company evaluated the forward purchase agreement (“FPA”) to determine if such instrument is a derivative or contain features that qualify as embedded derivatives, pursuant to ASC 480 and FASB ASC Topic 815, “Derivatives and Hedging” (“ASC 815”). The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, will be re-assessed at the end of each reporting period. The 2,500,000 forward purchase securities were recognized as a derivative liability in accordance with ASC 815. Accordingly, the Company recognized the forward purchase securities as a liability at its fair value and adjust the instrument to its fair value at each reporting period. The liability will be subject to re-measurement at each balance sheet date until exercised. The fair value of the forward purchase securities is measured using a Probability Weighted Expected Return Model that values the FPA based on future projections of various potential outcomes. On June 15, 2023, the Company received a termination notice (the “Notice”) from Sakuu Corporation (“Sakuu”), that terminated, effective June 14, 2023, the Business Combination Agreement, dated March 2, 2023, and in light of the termination of the Business Combination Agreement, the FPA was also terminated. Subscription Agreement On March 16, 2023, the Company entered into a subscription agreement (the “Subscription Agreements”) with Polar Multi-Strategy Master Fund (the “Investor”) and the Sponsor (collectively, the “Parties”), the purpose of which is for the Sponsor to raise up to $1,500,000 from the Investor to fund the Articles Extension and to provide working capital to the Company during the Articles Extension (“Investor’s Capital Commitment”). In consideration of the funds, Sponsor will transfer 0.75 of a Class A ordinary share for each dollar the Investor funds (the “Subscription Shares”) to the Investor at the closing of the Business Combination. The Subscription Shares shall be subject to the Lock-Up Period as defined in section 5 of the Sponsor Letter Agreement. The Company recorded the fair value of the subscription liability on the consolidated balance sheets and the related expense on its consolidated statements of operations. The initial fair value of the subscription liability was estimated using a probability weighted expected return model (Note 7). Fair Value Measurements FASB ASC Topic 820 “Fair Value Measurements and Disclosures” (“ASC 820”) defines fair value, the methods used to measure fair value and the expanded disclosures about fair value measurements. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between the buyer and the seller at the measurement date. In determining fair value, the valuation techniques consistent with the market approach, income approach and cost approach shall be used to measure fair value. ASC 820 establishes a fair value hierarchy for inputs, which represent the assumptions used by the buyer and seller in pricing the asset or liability. These inputs are further defined as observable and unobservable inputs. Observable inputs are those that buyer and seller would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s assumptions about the inputs that the buyer and seller would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows: Level 1 — Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment. Level 2 — Valuations based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active for identical or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived principally from or corroborated by market through correlation or other means. Level 3 — Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The fair value of the Company’s certain assets and liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the consolidated balance sheets. The fair values of cash and cash equivalents, prepaid assets, accounts payable and accrued expenses, and promissory note to related parties are estimated to approximate the carrying values as of June 30, 2023 and December 31, 2022 due to the short maturities of such instruments. See Note 7 for additional information on assets and liabilities measured at fair value. Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes.” ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of June 30, 2023 and December 31, 2022, there were no unrecognized tax benefits and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction 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. Net Income Per Ordinary Share The Company complies with accounting and disclosure requirements of 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. Earnings and losses are shared pro rata between the two classes of shares. The potential 12,640,544 ordinary shares for outstanding warrants to purchase the Company’s shares were excluded from diluted earnings per share for the three and six months ended June 30, 2023 and 2022 because the warrants are contingently exercisable, and the contingencies have not yet been met. As a result, diluted net income per ordinary share is the same as basic net income per ordinary share for the period. The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net income per share for each class of ordinary share: For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Class A Class A Class A Class A ordinary share ordinary share ordinary share ordinary share subject subject subject subject to possible to possible to possible to possible redemption Class B redemption Class B redemption Class B redemption Class B Numerator Allocation of net income $ 2,660,848 $ 1,607,636 $ 1,503,543 $ 375,886 $ 2,357,703 $ 1,198,503 $ 4,200,406 $ 1,050,102 Denominator Weighted average shares outstanding 13,208,627 7,980,409 31,921,634 7,980,409 15,699,116 7,980,409 31,921,634 7,980,409 Basic and diluted net income per share $ 0.20 $ 0.20 $ 0.05 $ 0.05 $ 0.15 $ 0.15 $ 0.13 $ 0.13 Recent Accounting Standards Management does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s unaudited condensed consolidated financial statements. |
INITIAL PUBLIC OFFERING
INITIAL PUBLIC OFFERING | 6 Months Ended |
Jun. 30, 2023 | |
INITIAL PUBLIC OFFERING | |
INITIAL PUBLIC OFFERING | NOTE 3 — INITIAL PUBLIC OFFERING On March 18, 2021, the Company sold 30,000,000 Units, at a purchase price of $10.00 per Unit. Each Unit consists of one Class A ordinary share, and one On April 14, 2021, the Company sold an additional 1,921,634 Units at a purchase price of $10.00 per Unit, each consisting of one Class A ordinary share and one All of the 31,921,634 Class A ordinary share sold as part of the Units in the IPO contain a redemption feature which allows for the redemption of such public shares in connection with the Company’s liquidation, if there is a shareholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s certificate of incorporation. In accordance with SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC480-10-S99, redemption provisions not solely within the control of the Company require ordinary share subject to redemption to be classified outside of permanent equity. The Class A ordinary share is subject to SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC480-10-S99. If it is probable that the equity instrument will become redeemable, the Company has the option to either accrete changes in the redemption value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable, if later) to the earliest redemption date of the instrument or to recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Company recognizes changes in redemption value immediately as they occur. Immediately upon the closing of the IPO, the Company recognized the accretion from initial book value to redemption amount value. The change in the carrying value of redeemable ordinary share resulted in charges against additional paid-in capital and accumulated deficit. |
PRIVATE PLACEMENTS
PRIVATE PLACEMENTS | 6 Months Ended |
Jun. 30, 2023 | |
PRIVATE PLACEMENTS | |
PRIVATE PLACEMENTS | NOTE 4 — PRIVATE PLACEMENTS Simultaneously with the closing of the IPO, the Sponsor purchased an aggregate of 6,000,000 Private Placement Warrants at a price of $1.50 per Private Placement Warrant, for an aggregate purchase price of $9,000,000, in a private placement. Simultaneously with the issuance and sale of the Units on April 14, 2021, the Company consummated the private placement with the Sponsor for an aggregate of 256,218 warrants to purchase Class A Ordinary Shares for $1.50 per warrant generating total proceeds of $384,327. A portion of the proceeds from the private placements were added to the proceeds from the IPO held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants will expire worthless. The Private Placement Warrants have terms and provisions that are identical to those of the warrants sold as part of the units in the IPO. 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 (except pursuant to limited exceptions to the Company’s officers and directors and other persons or entities affiliated with the initial purchasers of the Private Placement Warrants) and they will not be redeemable by the Company so long as they are held by the Sponsor or its permitted transferees. The Sponsor, or its permitted transferees, has the option to exercise the Private Placement Warrants on a cashless basis. If the Private Placement Warrants are held by holders other than the Sponsor or its permitted transferees, the Private Placement Warrants will be redeemable by the Company in all redemption scenarios and exercisable by the holders on the same basis as the warrants included in the units sold in the IPO. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2023 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | NOTE 5 — RELATED PARTY TRANSACTIONS Founder Shares On January 13, 2021, the Sponsor paid $25,000, or approximately $0.003 per share, to cover certain offering costs in consideration for 8,625,000 Class B ordinary shares, par value $0.0001 per share (the “Founder Shares”). Up to 1,125,000 Founder Shares were subject to forfeiture to the extent that the over-allotment option was not exercised in full by the underwriter. On April 14, 2021 the underwriter partially exercised its over-allotment option buying 1,921,634 Units thus reducing the total number of share subject to forfeiture to 644,591. On May 2, 2021 the underwriter’s over-allotment option expired and 644,591 Founder Shares were forfeited to the Company. The Sponsor and the Company’s directors and executive officers have agreed not to transfer, assign or sell any of their Founder Shares until earliest of (A) one year after the completion of the initial Business Combination and (B) subsequent to the initial Business Combination, (x) if the closing price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of the Public Shareholders having the right to exchange their ordinary shares for cash, securities or other property (the “Lock-up”).Any permitted transferees would be subject to the same restrictions and other agreements of the Sponsor and the directors and executive officers with respect to any Founder Shares. Promissory Note — Related Party On January 13, 2021, the Sponsor agreed to loan the Company up to $300,000 to cover expenses related to the IPO pursuant to a promissory note. This loan is non-interest bearing and payable on the earlier of November 30, 2021 or the completion of the IPO. As of June 30, 2023 and December 31, 2022, the Company has no borrowings under the Note. Borrowings under this note are no longer available. On March 16, 2023, Plum issued an unsecured promissory note in the total principal amount of up to $250,000 (the “Promissory Note”) to Mr. Kanishka Roy, individually and as a member of Plum Partners LLC. Mr. Roy funded the initial principal amount of $250,000 on March 14, 2023. The Promissory Note does not bear interest and matures upon the consummation of Plum’s initial business combination with one or more businesses or entities. In the event Plum does not consummate a business combination, the Promissory Note will be repaid upon Plum’s liquidation only from amounts remaining outside of Plum’s trust account, if any. The Promissory Note is subject to customary events of default, the occurrence of which automatically trigger the unpaid principal balance of the Promissory Note and all other sums payable with regard to the Promissory Note becoming immediately due and payable. As of June 30, 2023 and December 31, 2022, the Company has $250,000 and $0 borrowings under the Note. Working Capital Loans In addition, in order to finance transaction costs in connection with an intended Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors, and third parties have committed to loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company will repay the Working Capital Loans out of the proceeds of the Trust Account released to it. In the event that a Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Up to $1,500,000 of the Working Capital Loans may be convertible into Private Placement Warrants of the post Business Combination entity at a price of $1.50 per warrant at the option of the lender. Such warrants would be identical to the Private Placement Warrants. Except as set forth above, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. Prior to the completion of the initial Business Combination, the Company does not expect to seek loans from parties other than the Sponsor its affiliates or any members of the Company’s management team as the Company does not believe third parties will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds in the Company’s Trust Account. On January 31, 2022, the Company issued an unsecured promissory note (the “Note”) in the principal amount of $500,000 to Mike Dinsdale (the “Payee”). The Note does not bear interest and is repayable in full upon consummation of the Company’s initial Business Combination. The Company may draw on the Note from time to time, in increments of not less than $50,000, until the earlier of March 18, 2023 or the date on which the Company consummates a Business Combination. If the Company does not complete a Business Combination, the Note shall not be repaid and all amounts owed under it will be forgiven. Upon the consummation of a Business Combination, the Payee shall have the option, but not the obligation, to convert the principal balance of the Note, in whole or in part, into private placement warrants (as defined in that certain Warrant Agreement, dated March 18, 2021, by and between the Company and Continental Stock Transfer & Trust Company), at a price of $1.50 per private placement warrant. The Note is subject to customary events of default, the occurrence of which automatically trigger the unpaid principal balance of the Note and all other sums payable with regard to the Note becoming immediately due and payable. On July 11, 2022, the Company issued an unsecured promissory note (the “Second Note”) in the principal amount of $500,000 to Ursula Burns (the “Second Payee”). The Note does not bear interest and is repayable in full upon consummation of the Company’s initial Business Combination. Up to fifty percent (50%) of the principal of the Note may be drawn down from time to time at the Company’s option prior to August 25, 2022 and any or all of the remaining undrawn principal of the Note may be drawn down from time to time at the Company’s option after August 25, 2022, in each case in increments of not less than $50,000. If the Company does not complete a Business Combination, the Second Note shall not be repaid and all amounts owed under it will be forgiven. Upon the consummation of a Business Combination, the Second Payee shall have the option, but not the obligation, to convert the principal balance of the Second Note, in whole or in part, into private placement warrants, at a price of $1.50 per private placement warrant. The Second Note is subject to customary events of default, the occurrence of which automatically trigger the unpaid principal balance of the Second Note and all other sums payable with regard to the Second Note becoming immediately due and payable. The Note and Second Note are reported at cost in the unaudited condensed consolidated financial statements as the fair value adjustment associated with the conversion is deemed to be immaterial. As of June 30, 2023, the Company had $1,000,000 borrowings under the Note and Second Note. Subscription Agreement On March 16, 2023, the Sponsor entered into a Subscription Agreement with Investor, pursuant to which Investor agreed to pay the Sponsor an aggregate of $480,000 to fund the Company’s working capital requirements during the Articles Extension and the Sponsor agreed to assign to Investor, effective as of the Closing Date or the earlier termination of the Business Combination Agreement in accordance with its terms or otherwise, an aggregate of 360,000 Founder Shares. Investor paid $480,000 to the Sponsor on March 17, 2023. Subsequently, on May 23, 2023, Investor agreed to pay the Sponsor an aggregate of $270,000 to fund the Company’s working capital requirements during the Articles Extension and the Sponsor agreed to assign to Investor, effective as of the Closing Date or the earlier termination of the Business Combination Agreement in accordance with its terms or otherwise, an aggregate of 202,500 Founder Shares. Investor paid $480,000 to the Sponsor on May 23, 2023. The Sponsor subsequently advanced these funds to the Company for working capital purposes during the Articles Extension. Administrative Support Agreement The Company will pay the Sponsor or an affiliate of the Sponsor $10,000 per month for office space, secretarial and administrative services provided to members of the management team. Upon completion of the initial Business Combination or its liquidation, the Company will cease paying these monthly fees. In addition, the Company reimburses the Sponsor for the reasonable costs of salaries and other services provided to the Company by the employees, consultants and or members of the Sponsor or its affiliates. For the three and six months ended June 30, 2023 and 2022, the Company incurred $30,000 and $60,000, respectively, in fees for office space, secretarial and administrative services, of which such amounts are included in the due to related party in the accompanying consolidated balance sheets. For the three and six months ended June 30, 2023, the Company incurred $140,355 and $187,882, in fees for reimbursement of costs of salaries, respectively. For the three and six months ended June 30, 2022, the Company incurred $95,576 and $309,179, in fees for reimbursement of costs of salaries, respectively. |
WARRANTS
WARRANTS | 6 Months Ended |
Jun. 30, 2023 | |
WARRANTS | |
WARRANTS | NOTE 6 — WARRANTS The Public Warrants will become exercisable at $11.50 per share, subject to adjustment, at any time commencing 30 days The Company has agreed that as soon as practicable, but in no event later than twenty by dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied by the excess of the “fair market value” (as defined below) less the exercise price of the warrants by (y) the fair market value and (B) 0.361. The “fair market value” as used in this paragraph shall mean the volume weighted average price of the Class A ordinary shares for the 10 trading days ending on the trading day prior to the date on which the notice of exercise is received by the warrant agent. In no event will the Company be required to net cash settle any warrant. In the event that a registration statement is not effective for the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for the Class A ordinary share underlying such unit. Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00 Once the warrants become exercisable, the Company may redeem the outstanding warrants (except with respect to the Private Placement Warrants): ● in whole and not in part; ● at a price of $0.01 per warrant; ● upon not less than 30 days ’ prior written notice of redemption to each warrant holder; and ● if, and only if, the last reported sale price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant) for any 20 trading days within a 30 - trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders. Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $10.00 Once the warrants become exercisable, the Company may redeem the outstanding warrants: ● in whole and not in part; ● at $0.10 per warrant upon a minimum of 30 days ’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares, based on the redemption date and the “fair market value” of our Class A ordinary shares (as defined above); ● if, and only if, the closing price of the Class A ordinary shares equals or exceeds $10.00 per public share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant) for any 20 trading days within the 30 - trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders; and ● if the closing price of the Class A ordinary shares for any 20 trading days within a 30 - trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders is less than $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding public warrants, as described above. In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per ordinary share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of our Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, the $18.00 per share redemption trigger price described above will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price described above will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price. |
RECURRING FAIR VALUE MEASUREMEN
RECURRING FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2023 | |
RECURRING FAIR VALUE MEASUREMENTS | |
RECURRING FAIR VALUE MEASUREMENTS | NOTE 7 — RECURRING FAIR VALUE MEASUREMENTS Investments Held in Trust Account As of June 30, 2023 and December 31, 2022, the investments in the Company’s Trust Account consisted of $55.2 million and $323.9 million in U.S. Money Market funds, respectively. The Company considers all investments with original maturities of more than three months but less than one year to be short-term investments. Fair values of the Company’s investments are classified as Level 1 utilizing quoted prices (unadjusted) in active markets for identical assets. Recurring Fair Value Measurements The Company’s permitted investments consist of U.S. Money Market funds. Fair values of these investments are determined by Level 1 inputs utilizing quoted prices (unadjusted) in active markets for identical assets. The Company’s initial value of the warrant liability was based on a valuation model utilizing management judgment and pricing inputs from observable and unobservable markets with less volume and transaction frequency than active markets and classified as level 3. The subsequent measurement of the Public Warrants is classified as Level 1 due to the use of an observable market price of these warrants. The subsequent measurement of the Private Warrants is classified as Level 2 because these warrants are economically equivalent to the Public warrants, based on the terms of the Private Warrant agreement, and as such their value is principally derived by the value of the Public Warrants. Significant deviations from these estimates and inputs could result in a material change in fair value. For the three and six months ended June 30, 2023, there were no transfers amongst level 1, 2, and 3 values during the period. At December 31, 2021, the Company reclassified the Public Warrants and Private Warrants from Level 3 to Level 1 and Level 2, respectively. The fair value of the subscription liability was $1,946,467 as of June 30, 2023. The initial fair value of the subscription liability was estimated using a probability weighted expected return model. The subscription liability is considered to be a Level 3 financial instrument. The debt discount is being amortized to interest expense as a non-cash charge over the term of the subscription liability, in which is generally the Company’s expected Business Combination date at the time of each draw. During the period ended June 30, 2023, the Company recorded $1,348,033 of interest expense related to the amortization of the debt discount. The remaining balance of the debt discount as of June 30, 2023 amounted to $2,479,445. The FPA liability is measured at fair value using a probability weighted expected return model based on future projections of various potential outcomes. The FPA liability is considered to be a Level 3 financial instrument. On June 15, 2023, the Company received a termination notice from Sakuu, that terminated, effective June 14, 2023, the Business Combination Agreement, dated March 2, 2023. In light of the termination of the Business Combination Agreement, the FPA was also terminated. As of June 30, 2023 and December 31, 2022 there was no FPA liability outstanding. The following table presents fair value information as of June 30, 2023 and December 31, 2022, of the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. June 30, 2023 Total Level 1 Level 2 Level 3 Assets Investments held in Trust Account—U.S. Money Market $ 55,154,617 $ 55,154,617 $ — $ — Liabilities Public warrant liability 213,875 213,875 — — Private warrant liability 209,583 — 209,583 — Subscription liability 1,946,467 — — 1,946,467 Total $ 2,369,925 $ 213,875 $ 209,583 $ 1,946,467 December 31, 2022 Total Level 1 Level 2 Level 3 Assets Investments held in Trust Account—U.S. Money Market $ 323,911,642 $ 323,911,642 $ — $ — Liabilities Public warrant liability 191,529 191,529 — — Private warrant liability 187,687 — 187,687 — Total $ 379,216 $ 191,529 $ 187,687 $ — If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws. Forward Purchase Agreement Liability The estimated fair value of the FPA liability on March 1, 2023 (initial measurement) is determined using Level 3 inputs. The expected term was based on management assumptions regarding the timing and likelihood of completing a business combination. The FPA liability is discounted to net present values using risk free rates. Discount rates were based on current risk-free rates based on the estimated term. On June 15, 2023, the Company received a termination notice from Sakuu, that terminated, effective June 14, 2023, the Business Combination Agreement, dated March 2, 2023. In light of the termination of the Business Combination Agreement, the FPA was also terminated. As of June 30, 2023 and December 31, 2022 there was no FPA liability outstanding. The following table presents the changes in the fair value of the forward purchase agreement (“FPA”) liability: FPA Fair value as of January 1, 2023 $ — Issuance of FPA liability 308,114 Change in fair value 325,091 Fair value as of March 31, 2023 $ 633,205 Change in fair value (633,205) Fair value as of June 30, 2023 $ — The changes in the fair value of the forward purchase agreement liability for the three and six month ended June 30, 2023 are $633,205 and $308,114, respectively. Subscription Liability The estimated fair value of the subscription liability on March 17, 2023 (initial measurement) and May 23, 2023 are determined using Level 3 inputs. The expected term was based on management assumptions regarding the timing and likelihood of completing a business combination. Management also estimated whether a business combination would be completed. The subscription liability is discounted to net present values using risk free rates. Discount rates were based on current risk-free rates based on the actual simulated term using the following U.S. Treasury rates and using the linearly interpolated treasury rates between quoted terms. The key inputs into the present value model for the commitment fee shares liability were as follows: March 17, May 23, June 30, 2023 2023 2023 Restricted term 1.12 1.04 1.10 Risk free rate 4.60 % 5.03 % 5.35 % Volatility 7.79 % 7.12 % 2.00 % Stock price $ 10.22 $ 10.45 $ 10.52 Strike price $ 10.00 $ 10.00 $ 10.00 Term of debt conversion 0.62 0.54 0.60 Probability of business combination 80 % 60 % 30 % The following table presents the changes in the fair value of the subscription purchase agreement (“SPA”) liability: SPA Fair value as of December 31, 2022 $ — Issuance of subscription liability 3,202,222 Change in fair value 18,277 Fair value as of June 30, 2023 $ 3,220,499 Change in fair value (2,655,232) Fair value as of June 30, 2023 $ 1,946,467 The changes in the fair value of the subscription purchase agreement liability for the three and six month ended June 30, 2023 are $2,655,232 and $2,636,955, respectively. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2023 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | NOTE 8 — COMMITMENTS AND CONTINGENCIES Registration Rights The holders of the Founder Shares, Private Placement Warrants and any warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans) will be entitled to registration rights pursuant to a registration and shareholder rights agreement to be signed prior to or on the effective date of the IPO. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company registers such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the Company’s completion of its initial Business Combination. However, the registration and shareholder rights agreement provide that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable Lock-up period, which occurs (i) in the case of the Founder Shares, as described in Note 5, and (ii) in the case of the Private Placement Warrants and the respective Class A ordinary shares underlying such warrants, 30 days after the completion of the initial Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The Company granted the underwriter a 45-day option from March 18, 2021 to purchase up to an additional 4,500,000 Units to cover over-allotments, if any, at the IPO price less the underwriting discounts and commissions. The underwriter partially exercised the over-allotment option and, on April 14, 2021, the underwriter purchased 1,921,634 Units. On March 18, 2021, the Company paid the underwriter’s fee of $6,000,000 upon the closing of the IPO. Upon partial exercise of the over-allotment option, the Company paid $384,327 to the underwriter. In addition, the Underwriting Agreement provides $11,172,572 to be payable to the underwriter for deferred underwriting commissions. However, the underwriter, Goldman Sachs, waived any entitlement it has to such commissions under the Underwriting Agreement. Waiver of Deferred Underwriting Discount On January 16, 2023, Goldman Sachs, the underwriter of the Company’s initial public offering, waived any entitlement it had to its deferred underwriting discount in the amount of $11,172,572. In doing so, Goldman Sachs did not forfeit or waive any claim or right it otherwise has under the certain Underwriting Agreement dated March 15, 2021. Service Provider Agreements From time to time the Company has entered into and may enter into agreements with various services providers and advisors, including investment banks, to help us identify targets, negotiate terms of potential Business Combinations, consummate a Business Combination and/or provide other services. In connection with these agreements, the Company may be required to pay such service providers and advisors fees in connection with their services to the extent that certain conditions, including the closing of a potential Business Combination, are met. If a Business Combination does not occur, the Company would not expect to be required to pay these contingent fees. There can be no assurance that the Company will complete a Business Combination. Business Combination Agreement On March 2, 2023, the Company entered into a Business Combination Agreement (as may be amended, supplemented, or otherwise modified from time to time and including the transactions contemplated thereby, collectively, the “Business Combination Agreement”), by and among the Company, Sakuu Corporation, a Delaware corporation (the “Sakuu”), Merger Sub I, and Merger Sub II. The Business Combination Agreement was terminated on June 14, 2023. Subscription Agreement As disclosed in the definitive proxy statement filed by the Company on February 24, 2023 (the “Proxy Statement”), relating to the extraordinary general meeting of shareholders (the “Shareholder 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 deposit into the Trust Account the lesser of (A) $480,000 or (B) $0.12 for each Class A ordinary share, par value $0.0001 per share (each a “Public Share”) remaining after the holders of the Company’s Public Shares elected to redeem all or a portion of their Public Shares (the “Redemption”), in exchange fora non-interest bearing, unsecured promissory note issued by the Company to the Lender. In addition, in the event that the Company has not consummated an initial business combination by the Articles Extension Date (defined below), without approval of the Company’s public shareholders, the Company may, by resolution of the Board, if requested by the Sponsor, and upon five days’ advance notice prior to the applicable Termination Date (as defined below), extend the Termination Date up to nine times, each by one additional month (for a total of up to nine additional months to complete a Business Combination), provided that the Lender will deposit into the Trust Account for each such monthly extension, the lesser of (A) $160,000 or (B) $0.04 for each Public Share remaining after the Redemption, in exchange for a non-interest bearing, unsecured promissory note issued by Plum to the Lender. Accordingly, on March 16, 2023, the Company entered into a subscription agreement (“Subscription Agreement”) with Polar Multi-Strategy Master Fund (the “Investor”) and the Sponsor (collectively, the “Parties”), the purpose of which is for the Sponsor to raise up to $1,500,000 from the Investor to fund the Articles Extension (defined below) and to provide working capital to the Company during the Articles Extension (“Investor’s Capital Commitment”). As such, subject to, and in accordance with the terms and conditions of the Subscription Agreement, the Parties agreed, (a) from time to time, the Company will request funds from the Sponsor for working capital purposes or for the Sponsor to fund an extension payment pursuant to the Company’s Amended and Restated Memorandum and Articles of Association (each a “Drawdown Request”). The Sponsor, upon on at least five (5) calendar days’ prior written notice (“Capital Notice”), may require a drawdown against the Investor’s Capital Commitment under a Drawdown Request (each a “Capital Call”); (b) in consideration of the Capital Calls, Sponsor will transfer 0.75 of a Class A ordinary share for each dollar the Investor funds pursuant to the Capital Call(s) (the “Subscription Shares”) to the Investor at the closing of the Business Combination (the “Business Combination Closing”). The Subscription Shares shall be subject to the Lock-Up Period as defined in section 5 of the Sponsor Letter Agreement dated March 2, 2023 (the “Letter Agreement”). The Subscription Shares shall not be subject to any additional transfer restrictions or any additional lock-up provisions, earn outs, or other contingencies and shall promptly be registered pursuant to the first registration statement filed by the Company or the surviving entity in relation to the Business Combination; (c) each member of the Sponsor has the right to contribute any amount requested under each Drawdown Request (“Sponsor Capital Contribution”), provided that such Sponsor Capital Contributions will be made on terms no more favorable than the Investor’s Capital Commitment. In addition, the Company and Sponsor maintain the ability to enter into other agreements with each other or with other parties which shall provide for funding of the Company (through the issuance of equity, entry into promissory notes, or otherwise) outside of Drawdown Requests, provided that the terms of any such agreement between the Company or Sponsor with each other or any party or parties will be no more favorable than the terms under this Agreement; (d) any amounts funded by the Sponsor to the Company under a Drawdown Request shall not accrue interest and shall be promptly repaid by the Company to the Sponsor upon the Business Combination Closing. Following receipt of such sums from the Company, and in any event within 5 business days of the Business Combination Closing, the Sponsor or Company shall pay to the Investor, an amount equal to all Capital Calls funded under the Subscription Agreement (the “Business Combination Payment”). The Investor may elect at the Business Combination Closing to receive such Business Combination Payment in cash or Class A ordinary shares at a rate of 1 Class A ordinary share for each $10 of the Capital Calls funded under the Subscription Agreement. If the Company liquidates without consummating the Business Combination, any amounts remaining in the Sponsor or Company’s cash accounts, not including monies held in Trust Account, will be paid to the Investor within five (5) days of the liquidation; and (e) on the Business Combination Closing, the Sponsor will pay the Investor an amount equal to the reasonable attorney fees incurred by the Investor in connection with the Subscription Agreement not to exceed $5,000 . Forward Purchase Agreement Prior to the execution of the Business Combination Agreement, the Company and Polar Multi-Strategy Master Fund (“Polar”) entered into a letter agreement dated March 1, 2023 (the “Forward Purchase Agreement”), pursuant to which Polar will purchase (either in the open market, or from the Company) up to 2,500,000 shares of (i) prior to the Closing, Class A common stock of the Company and (ii) after the Closing (such shares, the “FPA Shares”). Seller may not beneficially own greater than 9.9% of the FPA Shares on a pro forma basis. Seller has agreed to waive any redemption rights with respect to any FPA Shares and separate shares in connection with the Business Combination. The Forward Purchase Agreement provides that at Closing, the Company will pay to Polar, out of funds held in Trust Account, an amount equal to the sum of (x) the Public Shares (as defined in the Forward Purchase Agreement) multiplied by the Redemption Price (as defined in the Amended and Restated Certificate of Incorporation), and (y) the proceeds of the Private Shares (as defined in the Forward Purchase Agreement) purchased by Polar (collectively, such amount, the “Prepayment Amount”), to Polar. At the maturity of the Forward Purchase Agreement, which will be one year from the Closing unless accelerated or deferred (but up to two years) by Seller, the Company will repurchase the Public and Private Shares then held by Seller for a price equal to the Redemption Price plus $0.60 (which amount will be increased by another $0.60 per year for each year by which the maturity is deferred by Seller), The Prepayment Amount will be credited against this repurchase price. Prior to maturity, if Seller sells these shares for over $10.00 per share, it will repay $10.00 per share to Plum. On June 15, 2023, the Company received a termination notice from Sakuu, that terminated, effective June 14, 2023, the Business Combination Agreement, dated March 2, 2023. In light of the termination of the Business Combination Agreement, the FPA was also terminated. Release Agreement On October 31, 2022, the Company entered into a termination agreement with a potential party to a business combination (“Target”), pursuant to which the Company and Target agreed to release each other from any obligations and claims related to a certain Amended and Restated Non-Binding Term Sheet, dated as of June 22, 2022 (“Term Sheet”), and related Term Sheet Extension Letter Agreements, dated July 18, 2022, July 22, 2022, August 1, 2022, and August 8, 2022. |
SHAREHOLDERS' DEFICIT
SHAREHOLDERS' DEFICIT | 6 Months Ended |
Jun. 30, 2023 | |
SHAREHOLDERS' DEFICIT | |
SHAREHOLDERS' DEFICIT | NOTE 9 — SHAREHOLDERS’ DEFICIT Preference Shares Class A Ordinary Shares Class B Ordinary Shares Holders of the Class A ordinary shares and holders of the Class B ordinary shares will vote together as a single class on all matters submitted to a vote of the Company’s shareholders, except as required by law. Unless specified in the Company’s amended and restated memorandum and articles of association, or as required by applicable provisions of the Companies Act or applicable stock exchange rules, the affirmative vote of a majority of the Company’s ordinary shares that are voted is required to approve any such matter voted on by its shareholders. The Class B ordinary shares will automatically convert into Class A ordinary shares (which such Class A ordinary shares delivered upon conversion will not have redemption rights or be entitled to liquidating distributions from the Trust Account if the Company does not consummate an initial Business Combination) at the time of the initial Business Combination or earlier at the option of the holders thereof at a ratio such that the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of the IPO, plus (ii) the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial Business Combination, excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, deemed issued, or to be issued, to any seller in the initial Business Combination and any Private Placement Warrants issued to the Sponsor, its affiliates or any member of the Company’s management team upon conversion of Working Capital Loans. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one-to-one. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2023 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 10 — SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions that occurred after the balance sheet date through the date that the unaudited condensed consolidated financial statements were issued. Based upon this review, besides the below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the unaudited condensed consolidated financial statements. On July 17, 2023, the Company entered into an amended and restated subscription agreement (“A&R Subscription Agreement”) with Polar Multi-Strategy Master Fund (the “Investor”) and Plum Partners, LLC (the “Sponsor” and, together with the Company and Investor, the “Parties”), which amends and restates the subscription agreement entered into by the Parties on March 16, 2023. The purpose of the A&R Subscription Agreement remains for the Sponsor to raise up to $1,500,000 from the Investor to fund the Articles Extension (defined below) and to provide working capital to the Company during the Articles Extension (“Investor’s Capital Commitment”). As such, subject to, and in accordance with the terms and conditions of the A&R Subscription Agreement, the Parties agreed, (a) from time to time, the Company will request funds from the Sponsor for working capital purposes or for the Sponsor to fund an extension payment pursuant to the Company’s Amended and Restated Memorandum and Articles of Association (each a “Drawdown Request”). The Sponsor, upon on at least five ( 5 ) calendar days’ prior written notice (“Capital Notice”), may require a drawdown against the Investor’s Capital Commitment under a Drawdown Request (each a “Capital Call”); (b) in consideration of the Capital Calls, Sponsor will transfer (i) 0.75 shares of Class A ordinary share for each dollar the Investor funds pursuant to the Capital Call(s) in respect of the initial contribution, and (ii) 1 share of Class A ordinary share for each dollar the Investor funds pursuant to the Capital Call(s) in respect of the second contribution (together, the “Subscription Shares”) to the Investor at the closing of the Business Combination (the “Business Combination Closing”). The Subscription Shares shall be subject to the Lock-Up Period as defined in section 5 of the Sponsor Letter Agreement dated March 2, 2023 (the “Letter Agreement”). The Subscription Shares shall not be subject to any additional transfer restrictions or any additional lock-up provisions, earn outs, or other contingencies and shall promptly be registered pursuant to the first registration statement filed by the Company or the surviving entity in relation to the Business Combination; (c) each member of the Sponsor has the right to contribute any amount requested under each Drawdown Request (“Sponsor Capital Contribution”), provided that such Sponsor Capital Contributions will be made on terms no more favorable than the Investor’s Capital Commitment. In addition, the Company and Sponsor maintain the ability to enter into other agreements with each other or with other parties which shall provide for funding of the Company (through the issuance of equity, entry into promissory notes, or otherwise) outside of Drawdown Requests, provided that the terms of any such agreement between the Company or Sponsor with each other or any party or parties will be no more favorable than the terms under this Agreement; (d) any amounts funded by the Sponsor to the Company under a Drawdown Request shall not accrue interest and shall be promptly repaid by the Company to the Sponsor upon the Business Combination Closing. Following receipt of such sums from the Company, and in any event within 5 business days of the Business Combination Closing, the Sponsor or Company shall pay to the Investor, an amount equal to all Capital Calls funded under the A&R Subscription Agreement (the “Business Combination Payment”). The Investor may elect at the Business Combination Closing to receive such Business Combination Payment in cash or Class A ordinary shares at a rate of 1 Class A ordinary share for each $10 of the Capital Calls funded under the A&R Subscription Agreement. If the Company liquidates without consummating the Business Combination, any amounts remaining in the Sponsor or Company’s cash accounts, not including the Company’s Trust Account, will be paid to the Investor within five ( 5 ) days of the liquidation; (e) on the Business Combination Closing, the Sponsor will pay the Investor an amount equal to the reasonable attorney fees incurred by the Investor in connection with the A&R Subscription Agreement not to exceed $5,000 ; and (f) an amount that is up to $160,000 (being the total and final amount that the Sponsor can call as the second contribution) may be requested by the Sponsor in one or more Capital Notices before July 31, 2023. On July 25, 2023, the Company entered into a subscription agreement (“Subscription Agreement”) with Polar Multi-Strategy Master Fund (the “Investor”) and Plum Partners, LLC (the “Sponsor” and, together with the Company and Investor, the “Parties”), the purpose of which is for the Sponsor to raise up to $1,090,000 from the Investor to fund the Extension (defined below) and to provide working capital to the Company during the Extension (“Investor’s Capital Commitment”). As such, subject to, and in accordance with the terms and conditions of the Subscription Agreement, the Parties agreed, (a) from time to time, the Company will request funds from the Sponsor for working capital purposes or for the Sponsor to fund an extension payment pursuant to the Company’s Amended and Restated Memorandum and Articles of Association (each a “Drawdown Request”). The Sponsor, upon on at least five ( 5 ) calendar days’ prior written notice (“Capital Notice”), may require a drawdown against the Investor’s Capital Commitment under a Drawdown Request (each a “Capital Call”). An amount of up to $750,000 of the Investor’s Capital Commitment was deemed the subject of a Capital Call concurrently with the execution of the Subscription Agreement, and an amount that is up to the balance of the Investor’s Capital Commitment may be called upon the filing of a registration statement by the SPAC or the surviving entity in relation to the business combination. (b) in consideration of the Capital Calls, Sponsor will transfer 1 share of Class A ordinary share for each dollar the Investor funds pursuant to the Capital Call(s) in respect of the second contribution (together, the “Subscription Shares”) to the Investor at the closing of the Business Combination (the “Business Combination Closing”). The Subscription Shares shall be subject to the Lock-Up Period as defined in section 5 of the Sponsor Letter Agreement dated March 2, 2023 (the “Letter Agreement”). The Subscription Shares shall not be subject to any additional transfer restrictions or any additional lock-up provisions, earn outs, or other contingencies and shall promptly be registered pursuant to the first registration statement filed by the Company or the surviving entity in relation to the Business Combination; (c) each member of the Sponsor has the right to contribute any amount requested under each Drawdown Request (“Sponsor Capital Contribution”), provided that such Sponsor Capital Contributions will be made on terms no more favorable than the Investor’s Capital Commitment. In addition, the Company and Sponsor maintain the ability to enter into other agreements with each other or with other parties which shall provide for funding of the Company (through the issuance of equity, entry into promissory notes, or otherwise) outside of Drawdown Requests, provided that the terms of any such agreement between the Company or Sponsor with each other or any party or parties will be no more favorable than the terms under the Subscription Agreement; (d) any amounts funded by the Sponsor to the Company under a Drawdown Request shall not accrue interest and shall be promptly repaid by the Company to the Sponsor upon the Business Combination Closing. Following receipt of such sums from the Company, and in any event within 5 business days of the Business Combination Closing, the Sponsor or Company shall pay to the Investor, an amount equal to all Capital Calls funded under the Subscription Agreement (the “Business Combination Payment”). The Investor may elect at the Business Combination Closing to receive such Business Combination Payment in cash or Class A ordinary shares at a rate of 1 Class A ordinary share for each $10 of the Capital Calls funded under the Subscription Agreement. If the Company liquidates without consummating the Business Combination, any amounts remaining in the Sponsor or Company’s cash accounts, not including the Company’s Trust Account, will be paid to the Investor within five ( 5 ) days of the liquidation; and (e) on the Business Combination Closing, the Sponsor will pay the Investor an amount equal to the reasonable attorney fees incurred by the Investor in connection with the Subscription Agreement not to exceed $5,000 . In connection with the Subscription Agreement, the Company issued an unsecured promissory note, dated as of July 25, 2023, in the principal amount of up to $1,090,000 to Sponsor, which may be drawn down by the Company from time to time prior to the consummation of the Company’s Business Combination. As noted, an initial draw in the amount of $750,000 occurred on July 25, 2023. The note does not bear interest, matures on the date of consummation of the Business Combination and is subject to customary events of default. The note will be repaid only to the extent that the Company has funds available to it outside of its trust account established in connection with its initial public offering, and is convertible into private placement warrants of the Company at a price of $1.50 per warrant at the option of the Sponsor. On July [ ], 2023 and August 16, 2023, the board of directors of the Company elected to extend the date by which the Company must complete an initial business combination, on each occasion by one month, from July 18, 2023 to September 18, 2023. As a result, the Sponsor deposited $160,000 into the Trust Account on each occasion. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K as filed with the SEC on April 17, 2023, which contains the audited financial statements and notes thereto. The interim results for the period ended June 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any future interim periods. The accompanying unaudited condensed consolidated financial statements of the Company include its wholly owned subsidiaries in connection with the initial Business Combination, namely Plum SPAC I Merger Sub, Inc., a Delaware corporation (“Merger Sub I”), and Plum SPAC 2 Merger Sub, LLC, a Delaware limited liability company (“Merger Sub II”). All inter-company accounts and transactions are eliminated in consolidation. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Merger Sub I and Merger Sub II. There has been no intercompany activity since inception. |
Emerging Growth Company Status | Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s unaudited condensed financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. |
Use of Estimates | Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements 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 unaudited condensed consolidated 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 accounting estimates included in these unaudited condensed consolidated financial statements is the determination of the fair value of the subscription and forward purchase agreements and warrants liabilities. Such estimates may be subject to change as more current information becomes available and accordingly, the actual results could differ significantly from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of June 30, 2023 and December 31, 2022. |
Investments Held in Trust Account | Investments Held in Trust Account At June 30, 2023 and December 31, 2022, funds held in the Trust Account include $55,154,617 and $323,911,642, respectively, of investments held in a money market fund characterized as Level 1 investments within the fair value hierarchy under ASC 820 (as defined below). The Company classifies its money market fund as trading securities in accordance with ASC 320 “Investments – Debt and Equity Securities.” |
Convertible Promissory Note | Convertible Promissory Note The Company accounts for its convertible promissory note under ASC 815, “Derivatives and Hedging” (“ASC 815”). Under 815-15-25, the election can be at the inception of a financial instrument to account for the instrument under the fair value option under ASC 825, “Financial Instruments” (“ASC 825”). The Company has made such election for its convertible promissory note. Using fair value option, the convertible promissory note is required to be recorded at its initial fair value on the date of issuance and each balance sheet date thereafter. Differences between the face value of the note and fair value at issuance are recognized as either an expense in the consolidated statements of operations (if issued at a premium) or as a capital contribution (if issued at a discount). Changes in the estimated fair value of the notes are recognized as non-cash gains or losses in the consolidated statements of operations. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the federal depository insurance coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. |
Class A Ordinary Shares Subject to Possible Redemption | Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in FASB ASC Topic 480 “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A ordinary shares that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, Class A ordinary shares are classified as shareholders’ equity. The Company’s Class A ordinary shares features certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ deficit section of the Company’s consolidated balance sheets. As of June 30, 2023 and December 31, 2022, the ordinary shares subject to possible redemption reflected on the consolidated balance sheets are reconciled in the following table: Ordinary shares subject to possible redemption, December 31, 2022 $ 323,911,642 Less: Redemptions of ordinary shares (273,112,312) Plus: Accretion adjustment of carrying value to redemption value 4,355,287 Ordinary shares subject to possible redemption, June 30, 2023 $ 55,154,617 |
Offering Costs | Offering Costs The Company complies with the requirements of ASC340-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A— “Expenses of Offering”. Offering costs consist principally of professional and registration fees incurred through the balance sheet date that are related to the Public Offering. Offering costs are charged to shareholders’ deficit or the consolidated statements of operations based on the relative value of the Warrants to the proceeds received from the Units sold upon the completion of the IPO. |
Fair value of financial instruments | Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, (excluding the promissory note and Warrants) which qualify as financial instruments under the Financial Accounting Standards Board (“FASB”) ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the consolidated balance sheets. |
Warrant Liabilities | Warrant Liabilities The Company accounts for the Warrants as either equity-classified or liability-classified instruments based on an assessment of the specific terms of the Warrants and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“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 meet all of the requirements for equity classification under ASC 815, including whether the Warrants are indexed to the Company’s own ordinary shares and whether the holders of the Warrants could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of issuance of the Warrants 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, such warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, liability-classified warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of such warrants are recognized as a non-cash gain or loss on the consolidated statements of operations. The Company accounts for the Public and Private warrants in accordance with guidance contained in ASC815-40. Such guidance provides that because the warrants do not meet the criteria for equity treatment thereunder, each warrant must be recorded as a liability (See Note 6). |
Forward Purchase Agreement | Forward Purchase Agreement The Company evaluated the forward purchase agreement (“FPA”) to determine if such instrument is a derivative or contain features that qualify as embedded derivatives, pursuant to ASC 480 and FASB ASC Topic 815, “Derivatives and Hedging” (“ASC 815”). The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, will be re-assessed at the end of each reporting period. The 2,500,000 forward purchase securities were recognized as a derivative liability in accordance with ASC 815. Accordingly, the Company recognized the forward purchase securities as a liability at its fair value and adjust the instrument to its fair value at each reporting period. The liability will be subject to re-measurement at each balance sheet date until exercised. The fair value of the forward purchase securities is measured using a Probability Weighted Expected Return Model that values the FPA based on future projections of various potential outcomes. On June 15, 2023, the Company received a termination notice (the “Notice”) from Sakuu Corporation (“Sakuu”), that terminated, effective June 14, 2023, the Business Combination Agreement, dated March 2, 2023, and in light of the termination of the Business Combination Agreement, the FPA was also terminated. |
Subscription Agreement | Subscription Agreement On March 16, 2023, the Company entered into a subscription agreement (the “Subscription Agreements”) with Polar Multi-Strategy Master Fund (the “Investor”) and the Sponsor (collectively, the “Parties”), the purpose of which is for the Sponsor to raise up to $1,500,000 from the Investor to fund the Articles Extension and to provide working capital to the Company during the Articles Extension (“Investor’s Capital Commitment”). In consideration of the funds, Sponsor will transfer 0.75 of a Class A ordinary share for each dollar the Investor funds (the “Subscription Shares”) to the Investor at the closing of the Business Combination. The Subscription Shares shall be subject to the Lock-Up Period as defined in section 5 of the Sponsor Letter Agreement. The Company recorded the fair value of the subscription liability on the consolidated balance sheets and the related expense on its consolidated statements of operations. The initial fair value of the subscription liability was estimated using a probability weighted expected return model (Note 7). |
Fair Value Measurements | Fair Value Measurements FASB ASC Topic 820 “Fair Value Measurements and Disclosures” (“ASC 820”) defines fair value, the methods used to measure fair value and the expanded disclosures about fair value measurements. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between the buyer and the seller at the measurement date. In determining fair value, the valuation techniques consistent with the market approach, income approach and cost approach shall be used to measure fair value. ASC 820 establishes a fair value hierarchy for inputs, which represent the assumptions used by the buyer and seller in pricing the asset or liability. These inputs are further defined as observable and unobservable inputs. Observable inputs are those that buyer and seller would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s assumptions about the inputs that the buyer and seller would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows: Level 1 — Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment. Level 2 — Valuations based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active for identical or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived principally from or corroborated by market through correlation or other means. Level 3 — Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The fair value of the Company’s certain assets and liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the consolidated balance sheets. The fair values of cash and cash equivalents, prepaid assets, accounts payable and accrued expenses, and promissory note to related parties are estimated to approximate the carrying values as of June 30, 2023 and December 31, 2022 due to the short maturities of such instruments. See Note 7 for additional information on assets and liabilities measured at fair value. |
Income Taxes | Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes.” ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of June 30, 2023 and December 31, 2022, there were no unrecognized tax benefits and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction 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. |
Net Income Per Ordinary Share | Net Income Per Ordinary Share The Company complies with accounting and disclosure requirements of 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. Earnings and losses are shared pro rata between the two classes of shares. The potential 12,640,544 ordinary shares for outstanding warrants to purchase the Company’s shares were excluded from diluted earnings per share for the three and six months ended June 30, 2023 and 2022 because the warrants are contingently exercisable, and the contingencies have not yet been met. As a result, diluted net income per ordinary share is the same as basic net income per ordinary share for the period. The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net income per share for each class of ordinary share: For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Class A Class A Class A Class A ordinary share ordinary share ordinary share ordinary share subject subject subject subject to possible to possible to possible to possible redemption Class B redemption Class B redemption Class B redemption Class B Numerator Allocation of net income $ 2,660,848 $ 1,607,636 $ 1,503,543 $ 375,886 $ 2,357,703 $ 1,198,503 $ 4,200,406 $ 1,050,102 Denominator Weighted average shares outstanding 13,208,627 7,980,409 31,921,634 7,980,409 15,699,116 7,980,409 31,921,634 7,980,409 Basic and diluted net income per share $ 0.20 $ 0.20 $ 0.05 $ 0.05 $ 0.15 $ 0.15 $ 0.13 $ 0.13 |
Recent Accounting Standards | Recent Accounting Standards Management does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s unaudited condensed consolidated financial statements. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
SIGNIFICANT ACCOUNTING POLICIES | |
Schedule of ordinary shares subject to possible redemption | Ordinary shares subject to possible redemption, December 31, 2022 $ 323,911,642 Less: Redemptions of ordinary shares (273,112,312) Plus: Accretion adjustment of carrying value to redemption value 4,355,287 Ordinary shares subject to possible redemption, June 30, 2023 $ 55,154,617 |
Schedule of basic and diluted net income per share for each class of ordinary share | For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Class A Class A Class A Class A ordinary share ordinary share ordinary share ordinary share subject subject subject subject to possible to possible to possible to possible redemption Class B redemption Class B redemption Class B redemption Class B Numerator Allocation of net income $ 2,660,848 $ 1,607,636 $ 1,503,543 $ 375,886 $ 2,357,703 $ 1,198,503 $ 4,200,406 $ 1,050,102 Denominator Weighted average shares outstanding 13,208,627 7,980,409 31,921,634 7,980,409 15,699,116 7,980,409 31,921,634 7,980,409 Basic and diluted net income per share $ 0.20 $ 0.20 $ 0.05 $ 0.05 $ 0.15 $ 0.15 $ 0.13 $ 0.13 |
RECURRING FAIR VALUE MEASUREM_2
RECURRING FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Measurement Inputs and Valuation Techniques | |
Summary of Company's financial assets and liabilities that were accounted for at fair value on a recurring basis | June 30, 2023 Total Level 1 Level 2 Level 3 Assets Investments held in Trust Account—U.S. Money Market $ 55,154,617 $ 55,154,617 $ — $ — Liabilities Public warrant liability 213,875 213,875 — — Private warrant liability 209,583 — 209,583 — Subscription liability 1,946,467 — — 1,946,467 Total $ 2,369,925 $ 213,875 $ 209,583 $ 1,946,467 December 31, 2022 Total Level 1 Level 2 Level 3 Assets Investments held in Trust Account—U.S. Money Market $ 323,911,642 $ 323,911,642 $ — $ — Liabilities Public warrant liability 191,529 191,529 — — Private warrant liability 187,687 — 187,687 — Total $ 379,216 $ 191,529 $ 187,687 $ — |
Summary of key inputs into the present value model for the commitment fee shares liability | March 17, May 23, June 30, 2023 2023 2023 Restricted term 1.12 1.04 1.10 Risk free rate 4.60 % 5.03 % 5.35 % Volatility 7.79 % 7.12 % 2.00 % Stock price $ 10.22 $ 10.45 $ 10.52 Strike price $ 10.00 $ 10.00 $ 10.00 Term of debt conversion 0.62 0.54 0.60 Probability of business combination 80 % 60 % 30 % |
FPA liability | |
Fair Value Measurement Inputs and Valuation Techniques | |
Summary of changes in the fair value of liability | FPA Fair value as of January 1, 2023 $ — Issuance of FPA liability 308,114 Change in fair value 325,091 Fair value as of March 31, 2023 $ 633,205 Change in fair value (633,205) Fair value as of June 30, 2023 $ — |
SPA liability | |
Fair Value Measurement Inputs and Valuation Techniques | |
Summary of changes in the fair value of liability | SPA Fair value as of December 31, 2022 $ — Issuance of subscription liability 3,202,222 Change in fair value 18,277 Fair value as of June 30, 2023 $ 3,220,499 Change in fair value (2,655,232) Fair value as of June 30, 2023 $ 1,946,467 |
ORGANIZATION AND BUSINESS OPE_2
ORGANIZATION AND BUSINESS OPERATIONS - Additional Information (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |||||
Sep. 18, 2023 | Mar. 15, 2023 | Apr. 14, 2021 | Mar. 18, 2021 | Jun. 30, 2023 | Jun. 30, 2021 | Dec. 31, 2022 | |
ORGANIZATION AND BUSINESS OPERATIONS | |||||||
Sale of stock number of shares issued In transaction | 30,000,000 | ||||||
Sale of stock price per share | $ 10 | ||||||
Share price | $ 10 | ||||||
Cash deposited in Trust Account | $ 19,216,340 | ||||||
Statement of operations | $ 538,777 | ||||||
Equity | $ 17,797,492 | ||||||
Proceeds from sale of units | $ 319,216,340 | ||||||
Public share redeemable percentage | 100% | ||||||
Consummation of the initial Business Combination | 2 days | ||||||
Redeemable period of public share | 10 days | ||||||
Interest to pay dissolution expenses | $ 100,000 | ||||||
Net tangible assets | $ 5,000,001 | ||||||
Working capital loans | $ 1,000,000 | $ 1,000,000 | |||||
Operating bank account | 20,880 | $ 86,401 | |||||
Founder Shares | |||||||
ORGANIZATION AND BUSINESS OPERATIONS | |||||||
Offering cost | $ 25,000 | ||||||
Private placement warrant | |||||||
ORGANIZATION AND BUSINESS OPERATIONS | |||||||
Sale of stock number of shares issued In transaction | 6,000,000 | ||||||
Sale of stock price per share | $ 1.50 | ||||||
Proceeds from issuance of private placement | $ 9,000,000 | ||||||
IPO | |||||||
ORGANIZATION AND BUSINESS OPERATIONS | |||||||
Sale of stock number of shares issued In transaction | 30,000,000 | ||||||
Sale of stock price per share | $ 10 | ||||||
Sale of stock, consideration received on transaction | $ 300,000,000 | ||||||
Transaction costs | 18,336,269 | ||||||
Underwriting discount | 6,384,327 | ||||||
Deferred underwriting discount | 11,172,572 | ||||||
Other Offering Costs | $ 779,370 | ||||||
Public share redeemable percentage | 100% | ||||||
Common stock par or stated value per share | $ 0.0001 | ||||||
Operating bank account | 20,880 | ||||||
Working capital | $ 7,308,482 | ||||||
Business combination period | 27 months | ||||||
Over-Allotment Option | |||||||
ORGANIZATION AND BUSINESS OPERATIONS | |||||||
Sale of stock price per share | $ 10 | ||||||
Share price | $ 10 | ||||||
Stock Issued | 1,921,634 | ||||||
Stock Issued During Period, Value, New Issues | $ 19,216,340 | ||||||
Over-Allotment Option | Underwriters | |||||||
ORGANIZATION AND BUSINESS OPERATIONS | |||||||
Over Allotments Option Vesting Period | 45 days | ||||||
Stock Issued | 4,500,000 | ||||||
Common Class A | |||||||
ORGANIZATION AND BUSINESS OPERATIONS | |||||||
Share price | $ 11.50 | ||||||
Common stock par or stated value per share | $ 0.0001 | $ 0.0001 | |||||
Shares Redeemed | 26,693,416 | ||||||
Redemption price per share | $ 10.23 | $ 10.55 | $ 10.15 | ||||
Aggregate redemption amount | $ 273,112,311.62 | ||||||
Common Class A | Private placement warrant | Sponsor | |||||||
ORGANIZATION AND BUSINESS OPERATIONS | |||||||
Proceeds from issuance of private placement | $ 384,327 | ||||||
Class Of Warrants and Rights Issued During the Period | 256,218 | ||||||
Class Of Warrants and Rights Issued, Price Per Warrant | $ 1.50 |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES - Summary of ordinary shares subject to possible redemption (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Ordinary shares subject to possible redemption | ||
Accretion adjustment of carrying value to redemption value | $ 4,355,286 | $ 495,712 |
Class A Ordinary shares subject to possible redemption | ||
Ordinary shares subject to possible redemption | ||
Ordinary shares subject to possible redemption | 323,911,642 | |
Redemptions | (273,112,312) | |
Accretion adjustment of carrying value to redemption value | 4,355,286 | |
Ordinary shares subject to possible redemption | $ 55,154,617 |
SIGNIFICANT ACCOUNTING POLICI_5
SIGNIFICANT ACCOUNTING POLICIES - Summary of basic and diluted net income per share for each class of ordinary share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Significant accounting policies | ||||||
Allocation of net (loss) income | $ 4,268,484 | $ (712,278) | $ 1,879,429 | $ 3,371,079 | $ 3,556,206 | $ 5,250,508 |
Class A Ordinary shares subject to possible redemption | ||||||
Significant accounting policies | ||||||
Allocation of net (loss) income | $ 2,660,848 | $ 1,503,543 | $ 2,357,703 | $ 4,200,406 | ||
Weighted average shares outstanding, basic | 13,208,627 | 31,921,634 | 23,679,525 | 31,921,634 | ||
Weighted average shares outstanding, diluted | 13,208,627 | 31,921,634 | 23,679,525 | 31,921,634 | ||
Basic net (loss) income per share | $ 0.20 | $ 0.05 | $ 0.11 | $ 0.13 | ||
Diluted net (loss) income per share | $ 0.20 | $ 0.05 | $ 0.11 | $ 0.13 | ||
Common Class B | ||||||
Significant accounting policies | ||||||
Allocation of net (loss) income | $ 1,607,636 | $ 375,886 | $ 1,198,503 | $ 1,050,102 | ||
Weighted average shares outstanding, basic | 7,980,409 | 7,980,409 | 7,980,409 | 7,980,409 | ||
Weighted average shares outstanding, diluted | 7,980,409 | 7,980,409 | 7,980,409 | 7,980,409 | ||
Basic net (loss) income per share | $ 0.20 | $ 0.05 | $ 0.11 | $ 0.13 | ||
Diluted net (loss) income per share | $ 0.20 | $ 0.05 | $ 0.11 | $ 0.13 |
SIGNIFICANT ACCOUNTING POLICI_6
SIGNIFICANT ACCOUNTING POLICIES - Additional information (Details) | 3 Months Ended | 6 Months Ended | ||||
Mar. 16, 2023 USD ($) $ / shares | Jun. 30, 2023 USD ($) security shares | Jun. 30, 2022 shares | Jun. 30, 2023 USD ($) security shares | Jun. 30, 2022 shares | Dec. 31, 2022 USD ($) | |
Significant accounting policies | ||||||
Cash equivalents | $ 0 | $ 0 | $ 0 | |||
Investments held in Trust Account | $ 55,154,617 | $ 55,154,617 | $ 323,911,642 | |||
Antidilutive securities excluded from computation of earnings per share | shares | 12,640,544 | 12,640,544 | 12,640,544 | 12,640,544 | ||
Derivative liability | security | 2,500,000 | 2,500,000 | ||||
Subscription shares description of shares transfer Criteria | 0.75 of a Class A ordinary share for each dollar | |||||
Subscription Agreement | Common Class A | ||||||
Significant accounting policies | ||||||
Subscription price (in dollars per share) | $ / shares | $ 0.75 | |||||
Sponsor | Subscription Agreement | ||||||
Significant accounting policies | ||||||
Monetary value of common stock allocated to investors | $ 1,500,000 |
INITIAL PUBLIC OFFERING (Detail
INITIAL PUBLIC OFFERING (Details) - $ / shares | Apr. 14, 2021 | Mar. 18, 2021 | Jun. 30, 2023 | Dec. 31, 2022 |
INITIAL PUBLIC OFFERING | ||||
Sale of stock number of shares issued In transaction | 30,000,000 | |||
Sale of stock price per share | $ 10 | |||
Share price | 10 | |||
Temporary equity shares outstanding | 31,921,634 | |||
Class A Ordinary Shares | ||||
INITIAL PUBLIC OFFERING | ||||
Share price | $ 11.50 | |||
Temporary equity shares outstanding | 5,228,218 | 31,921,634 | ||
IPO | ||||
INITIAL PUBLIC OFFERING | ||||
Sale of stock number of shares issued In transaction | 30,000,000 | |||
Sale of stock price per share | $ 10 | |||
IPO | Class A Ordinary Shares | ||||
INITIAL PUBLIC OFFERING | ||||
Number of shares in a unit | 1 | |||
IPO | Warrant | ||||
INITIAL PUBLIC OFFERING | ||||
Number of warrants in a unit | 0.2 | |||
Over-Allotment Option | ||||
INITIAL PUBLIC OFFERING | ||||
Sale of stock price per share | $ 10 | |||
Share price | $ 10 | |||
Stock issued during period shares new issues | 1,921,634 | |||
Over-Allotment Option | Class A Ordinary Shares | ||||
INITIAL PUBLIC OFFERING | ||||
Number of shares in a unit | 1 | |||
Over-Allotment Option | Warrant | ||||
INITIAL PUBLIC OFFERING | ||||
Number of warrants in a unit | 0.2 |
PRIVATE PLACEMENTS (Details)
PRIVATE PLACEMENTS (Details) - USD ($) | 6 Months Ended | ||
Apr. 14, 2021 | Mar. 18, 2021 | Jun. 30, 2023 | |
PRIVATE PLACEMENTS | |||
Sale of stock number of shares issued In transaction | 30,000,000 | ||
Sale of stock price per share | $ 10 | ||
Number of trading days | 30 days | ||
Private Placement Warrants | |||
PRIVATE PLACEMENTS | |||
Sale of stock number of shares issued In transaction | 6,000,000 | ||
Sale of stock price per share | $ 1.50 | ||
Proceeds from issuance of private placement | $ 9,000,000 | ||
Private Placement Warrants | Sponsor | |||
PRIVATE PLACEMENTS | |||
Sale of stock price per share | $ 1.50 | ||
Class of warrant or right stock issued during period shares | 256,218 | ||
Class of warrants or rights warrants issued during the period value | $ 384,327 |
RELATED PARTY TRANSACTIONS - Fo
RELATED PARTY TRANSACTIONS - Founder Shares (Details) | 6 Months Ended | |||||
May 02, 2021 shares | Apr. 14, 2021 USD ($) $ / shares shares | Jan. 13, 2021 USD ($) $ / shares shares | Jun. 30, 2023 D $ / shares | Dec. 31, 2022 $ / shares | Mar. 18, 2021 $ / shares | |
RELATED PARTY TRANSACTIONS | ||||||
Share price | $ 10 | |||||
Over-Allotment Option | ||||||
RELATED PARTY TRANSACTIONS | ||||||
Issuance of common stock to sponsor | $ | $ 19,216,340 | |||||
Stock Issued | shares | 1,921,634 | |||||
Share price | $ 10 | |||||
Class B Ordinary Shares | ||||||
RELATED PARTY TRANSACTIONS | ||||||
Common stock par or stated value per share | $ 0.0001 | $ 0.0001 | ||||
Class A Ordinary Shares | ||||||
RELATED PARTY TRANSACTIONS | ||||||
Common stock par or stated value per share | $ 0.0001 | $ 0.0001 | ||||
Share price | $ 11.50 | |||||
Founder Shares | ||||||
RELATED PARTY TRANSACTIONS | ||||||
Number of shares subject to forfeiture | shares | 644,591 | |||||
Number of shares forfeited | shares | 644,591 | |||||
Restrictions on transfer period of time after business combination completion | 1 year | |||||
Threshold trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination | D | 20 | |||||
Threshold consecutive trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination | D | 30 | |||||
Threshold period after the business combination in which the 20 trading days within any 30 trading day period commences | 150 days | |||||
Founder Shares | Over-Allotment Option | ||||||
RELATED PARTY TRANSACTIONS | ||||||
Stock Issued | shares | 1,921,634 | |||||
Founder Shares | Class B Ordinary Shares | ||||||
RELATED PARTY TRANSACTIONS | ||||||
Number of shares subject to forfeiture | shares | 1,125,000 | |||||
Founder Shares | Class A Ordinary Shares | ||||||
RELATED PARTY TRANSACTIONS | ||||||
Share price | $ 12 | |||||
Sponsor | Founder Shares | Class B Ordinary Shares | ||||||
RELATED PARTY TRANSACTIONS | ||||||
Issuance of common stock to sponsor | $ | $ 25,000 | |||||
Price per share | $ 0.003 | |||||
Stock Issued | shares | 8,625,000 | |||||
Common stock par or stated value per share | $ 0.0001 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 18 Months Ended | ||||||||||||
May 23, 2023 | Mar. 18, 2023 | Mar. 17, 2023 | Mar. 16, 2023 | Aug. 25, 2022 | Jan. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Mar. 14, 2023 | Dec. 31, 2022 | Jul. 11, 2022 | Jan. 13, 2021 | |
RELATED PARTY TRANSACTIONS | |||||||||||||||
Principal amount | $ 250,000 | $ 500,000 | |||||||||||||
Borrowings under promissory note | $ 250,000 | 250,000 | $ 250,000 | $ 0 | |||||||||||
Working capital loan | 1,000,000 | 1,000,000 | 1,000,000 | ||||||||||||
Office Space, Secretarial and Administrative Services | |||||||||||||||
RELATED PARTY TRANSACTIONS | |||||||||||||||
Expenses incurred | 30,000 | $ 60,000 | 30,000 | $ 60,000 | |||||||||||
Reimbursement of cost of salaries | |||||||||||||||
RELATED PARTY TRANSACTIONS | |||||||||||||||
Expenses incurred | 140,355 | $ 95,576 | 187,882 | 309,179 | |||||||||||
Sponsor | Subscription Agreement [Member] | |||||||||||||||
RELATED PARTY TRANSACTIONS | |||||||||||||||
Principal amount | $ 480,000 | $ 480,000 | |||||||||||||
Due from related parties | $ 270,000 | $ 480,000 | |||||||||||||
Sponsor | Commercial Paper [Member] | |||||||||||||||
RELATED PARTY TRANSACTIONS | |||||||||||||||
Promissory note face amount | $ 300,000 | ||||||||||||||
Promissory note interest rate | 0% | ||||||||||||||
Working Capital Loans [Member] | Private Placement Warrants | |||||||||||||||
RELATED PARTY TRANSACTIONS | |||||||||||||||
Debt instrument convertible carrying amount of equity component | $ 1,500,000 | $ 1,500,000 | $ 1,500,000 | ||||||||||||
Working capital loans convertible price per share | $ 1.50 | $ 1.50 | $ 1.50 | ||||||||||||
Sponsor Or An Affiliate Of The Sponsor [Member] | |||||||||||||||
RELATED PARTY TRANSACTIONS | |||||||||||||||
Expenses paid per month | $ 10,000 | ||||||||||||||
Mike Dinsdale [Member] | Unsecured Debt [Member] | |||||||||||||||
RELATED PARTY TRANSACTIONS | |||||||||||||||
Principal amount | $ 500,000 | ||||||||||||||
Minimum withdrawal limit of unused borrowing capacity, amount | $ 50,000 | ||||||||||||||
Mike Dinsdale [Member] | Private Placement Warrants | Unsecured Debt [Member] | |||||||||||||||
RELATED PARTY TRANSACTIONS | |||||||||||||||
Working capital loans convertible price per share | $ 1.50 | ||||||||||||||
Ursula Burns [Member] | Unsecured Debt [Member] | |||||||||||||||
RELATED PARTY TRANSACTIONS | |||||||||||||||
Promissory note face amount | $ 500,000 | ||||||||||||||
Working capital loans convertible price per share | $ 1.50 | ||||||||||||||
Minimum withdrawal limit of unused borrowing capacity, amount | $ 50,000 | ||||||||||||||
Percentage of principal amount of note can be drawn from time to time at the companys option | 50% | ||||||||||||||
Kanishka Roy [Member] | Commercial Paper [Member] | |||||||||||||||
RELATED PARTY TRANSACTIONS | |||||||||||||||
Promissory note face amount | $ 250,000 | ||||||||||||||
Principal amount | $ 250,000 | ||||||||||||||
Borrowings under promissory note | $ 250,000 | $ 250,000 | $ 250,000 | $ 0 | |||||||||||
Founder Shares | Subscription Agreement [Member] | |||||||||||||||
RELATED PARTY TRANSACTIONS | |||||||||||||||
Shares Issued | 202,500 | 360,000 |
WARRANTS (Details)
WARRANTS (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2023 | Mar. 18, 2021 | |
WARRANTS | ||
Number of days after the closing of the initial business combination to file with the SEC | 20 days | |
Number of days after the closing of the initial business combination for registration statement to be effective | 60 days | |
Effective day for registration statement to be effective | 60 days | |
Share price | $ 10 | |
Percentage proceeds from issuances to total equity proceeds. | 60% | |
Share Equals or Exceeds $18.00 | ||
WARRANTS | ||
Class of warrant or right redemption price adjustment percentage | 180% | |
Number of consecutive trading days determining warrant redemption | 30 days | |
Number of trading days determining warrant redemption | 20 days | |
Share Equals or Exceeds $10.00 | ||
WARRANTS | ||
Number of consecutive trading days determining warrant redemption | 30 days | |
Number of trading days determining warrant redemption | 20 days | |
Class A Ordinary Shares | ||
WARRANTS | ||
Securities called by each warrant | 0.361 | |
Number of days determining fair market value of the Class A ordinary shares | 10 days | |
Share price | $ 11.50 | |
Number of days determining warrants exercise price | 20 days | |
Class A Ordinary Shares | Share Equals or Exceeds $18.00 | ||
WARRANTS | ||
Share price | $ 18 | |
Number of consecutive trading days determining warrant redemption | 30 days | |
Number of trading days determining warrant redemption | 20 days | |
Class A Ordinary Shares | Share Equals or Exceeds $10.00 | ||
WARRANTS | ||
Share price | $ 10 | |
Class A Ordinary Shares | Share Price Less Than $9.20 | ||
WARRANTS | ||
Share issued price per share | 9.20 | |
Warrant | Share Equals or Exceeds $18.00 | ||
WARRANTS | ||
Warrant redemption price | $ 0.01 | |
Period for notice of redemption | 30 days | |
Warrant | Share Equals or Exceeds $10.00 | ||
WARRANTS | ||
Warrant redemption price | $ 0.10 | |
Period for notice of redemption | 30 days | |
Warrant | Share Price Less Than $9.20 | ||
WARRANTS | ||
Class of warrant or right redemption price adjustment percentage | 115% | |
Public Warrant | ||
WARRANTS | ||
Warrants exercise price | $ 11.50 | |
Number days after the initial Business Combination determining Warrants exercisable | 30 days | |
Warrants expiration | 5 years |
RECURRING FAIR VALUE MEASUREM_3
RECURRING FAIR VALUE MEASUREMENTS - Summary of company's financial assets and liabilities that were accounted for at fair value on a recurring basis (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Investments held in Trust Account | $ 55,154,617 | $ 323,911,642 |
SPA liability | ||
Liabilities | ||
Fair value liability | 1,946,467 | |
U.S.Money Market | ||
Assets | ||
Investments held in Trust Account | 55,200,000 | 323,900,000 |
Recurring | ||
Liabilities | ||
Fair value, net asset (liability) | 2,369,925 | 379,216 |
Recurring | SPA liability | ||
Liabilities | ||
Fair value liability | 1,946,467 | |
Recurring | U.S.Money Market | ||
Assets | ||
Investments held in Trust Account | 55,154,617 | 323,911,642 |
Recurring | Public warrant liability | ||
Liabilities | ||
Warrants liability | 213,875 | 191,529 |
Recurring | Private warrant liability | ||
Liabilities | ||
Warrants liability | 209,583 | 187,687 |
Level 1 | Recurring | ||
Liabilities | ||
Fair value, net asset (liability) | 213,875 | 191,529 |
Level 1 | Recurring | U.S.Money Market | ||
Assets | ||
Investments held in Trust Account | 55,154,617 | 323,911,642 |
Level 1 | Recurring | Public warrant liability | ||
Liabilities | ||
Warrants liability | 213,875 | 191,529 |
Level 2 | Recurring | ||
Liabilities | ||
Fair value, net asset (liability) | 209,583 | 187,687 |
Level 2 | Recurring | Private warrant liability | ||
Liabilities | ||
Warrants liability | 209,583 | $ 187,687 |
Level 3 | Recurring | ||
Liabilities | ||
Fair value, net asset (liability) | 1,946,467 | |
Level 3 | Recurring | SPA liability | ||
Liabilities | ||
Fair value liability | $ 1,946,467 |
RECURRING FAIR VALUE MEASUREM_4
RECURRING FAIR VALUE MEASUREMENTS - Summary of Changes in the Fair Value of the Forward Purchase Agreement ("FPA") Liability (Details) - FPA liability - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
RECURRING FAIR VALUE MEASUREMENTS | ||||
Change in fair value | $ 633,205 | $ 308,114 | ||
Level 3 | ||||
RECURRING FAIR VALUE MEASUREMENTS | ||||
Fair value at the beginning | $ 633,205 | |||
Issuance of FPA liability | $ 308,114 | |||
Change in fair value | $ (633,205) | 325,091 | ||
Fair value at the end | $ 633,205 |
RECURRING FAIR VALUE MEASUREM_5
RECURRING FAIR VALUE MEASUREMENTS - Summary of key inputs into the present value model for the commitment fee shares liability (Details) - SPA liability | Jun. 30, 2023 $ / shares Y | May 23, 2023 Y $ / shares | Mar. 17, 2023 Y $ / shares |
Restricted term | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative Liability, Measurement Input | Y | 1.10 | 1.04 | 1.12 |
Risk free rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative Liability, Measurement Input | 0.0535 | 0.0503 | 0.0460 |
Volatility [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative Liability, Measurement Input | 0.0200 | 0.0712 | 0.0779 |
Stock price [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative Liability, Measurement Input | $ / shares | 10.52 | 10.45 | 10.22 |
Strike price [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative Liability, Measurement Input | $ / shares | 10 | 10 | 10 |
Term of debt conversion [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative Liability, Measurement Input | Y | 0.60 | 0.54 | 0.62 |
Probability of business combination [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative Liability, Measurement Input | 0.30 | 0.60 | 0.80 |
RECURRING FAIR VALUE MEASUREM_6
RECURRING FAIR VALUE MEASUREMENTS - Summary of changes in the fair value of the subscription purchase agreement ("SPA") liability (Details) - SPA liability - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
RECURRING FAIR VALUE MEASUREMENTS | ||||
Change in fair value | $ 2,655,232 | $ 2,636,955 | ||
Level 3 | ||||
RECURRING FAIR VALUE MEASUREMENTS | ||||
Fair value at the beginning | $ 3,220,499 | |||
Issuance of subscription liability | $ 3,202,222 | |||
Change in fair value | (2,655,232) | 18,277 | ||
Fair value at the end | $ 1,946,467 | $ 3,220,499 | $ 1,946,467 |
RECURRING FAIR VALUE MEASUREM_7
RECURRING FAIR VALUE MEASUREMENTS - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Investments held in Trust Account | $ 55,154,617 | $ 55,154,617 | $ 323,911,642 | ||
Interest expense | 1,045,564 | $ 0 | 1,348,033 | $ 0 | |
Unamortized debt discount | 2,479,445 | 2,479,445 | |||
SPA liability | |||||
Debt instrument fair value | 1,946,467 | 1,946,467 | |||
Change in fair value | 2,655,232 | 2,636,955 | |||
FPA liability | |||||
Debt instrument fair value | 0 | 0 | 0 | ||
Change in fair value | $ 633,205 | 308,114 | |||
Minimum | Short Term Investment | |||||
Investments maturity period | 3 months | ||||
Maximum | Short Term Investment | |||||
Investments maturity period | 1 year | ||||
U.S.Money Market | |||||
Investments held in Trust Account | $ 55,200,000 | $ 55,200,000 | $ 323,900,000 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - (Details) - USD ($) | 6 Months Ended | |||||||
Mar. 16, 2023 | Mar. 01, 2023 | Apr. 14, 2021 | Mar. 18, 2021 | Jun. 30, 2023 | Feb. 24, 2023 | Jan. 16, 2023 | Dec. 31, 2022 | |
COMMITMENTS AND CONTINGENCIES | ||||||||
Deferred underwriting commissions payable | $ 11,172,572 | $ 11,172,572 | ||||||
Subscription shares description of shares transfer Criteria | 0.75 of a Class A ordinary share for each dollar | |||||||
Business combination event description of shares allotment criteria to investors | 1 Class A ordinary share for each $10 of the Capital Calls | |||||||
Sale of stock price per share | $ 10 | |||||||
Subscription Agreement | ||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
Amount deposit in to trust account | $ 480,000 | |||||||
Maximum deposit to trust account for each monthly extension | $ 160,000 | |||||||
Maximum threshold reimbursement of attorney fees by sponsor | $ 5,000 | |||||||
Forward Purchase Agreement | ||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
Number of shares purchased | 2,500,000 | |||||||
Percentage Of Shares Issued | 9.90% | |||||||
Addition Of Amount To Redemption Price | $ 0.60 | |||||||
Increase In Addition Of Amount To Redemption Price | 0.60 | |||||||
Sale of stock price per share | 10 | |||||||
Repayment Of Stock Price Per Share | $ 10 | |||||||
IPO | ||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
Underwriters fee paid | $ 6,000,000 | |||||||
Common stock par or stated value per share | $ 0.0001 | |||||||
Sale of stock price per share | $ 10 | |||||||
Payments for Underwriting Expense | $ 6,000,000 | |||||||
Over-Allotment Option | ||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
Stock issued during period shares new issues | 1,921,634 | |||||||
Sale of stock price per share | $ 10 | |||||||
Underwriters | Over-Allotment Option | ||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
Over-allotments option vesting period | 45 days | |||||||
Stock issued during period shares new issues | 4,500,000 | |||||||
Underwriters fee paid | $ 384,327 | |||||||
Payments for Underwriting Expense | $ 384,327 | |||||||
Sponsor | Subscription Agreement | ||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
Monetary value of common stock allocated to investors | $ 1,500,000 | |||||||
Class A Ordinary Shares | ||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
Common stock par or stated value per share | $ 0.0001 | $ 0.0001 | ||||||
Class A Ordinary Shares | Subscription Agreement | ||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
Amount deposit in to trust account per share value | $ 0.12 | |||||||
Common stock par or stated value per share | 0.0001 | |||||||
Maximum deposit to trust account for each monthly extension per share | $ 0.04 | |||||||
Private Placement Warrants | ||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
Sale of stock price per share | $ 1.50 | |||||||
Private Placement Warrants | Sponsor | ||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
Sale of stock price per share | $ 1.50 | |||||||
Private Placement Warrants | Class A Ordinary Shares | ||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
Effective days of lock-up period | 30 days |
SHAREHOLDERS' DEFICIT - Additio
SHAREHOLDERS' DEFICIT - Additional Information (Detail) - USD ($) | 6 Months Ended | ||
Jun. 30, 2023 | Dec. 31, 2022 | Mar. 18, 2021 | |
Preference shares authorized | 1,000,000 | 1,000,000 | |
Preference shares par value | $ 0.0001 | $ 0.0001 | |
Preference shares issued | 0 | 0 | |
Preference shares outstanding | 0 | 0 | |
Common stock shares subject to possible redemption | 31,921,634 | ||
Common stock voting rights | Holders of the Class A ordinary shares and holders of the Class B ordinary shares will vote together as a single class on all matters submitted to a vote of the Company’s shareholders, except as required by law. | ||
Conversion basis | one-to-one | ||
Forfeiter of founder shares | 644,591 | ||
IPO | |||
Common stock par or stated value per share | $ 0.0001 | ||
Ordinary Shares | IPO | |||
Percentage owned by initial shareholders on the issued and outstanding ordinary shares after the IPO | 20% | ||
Class A Ordinary Shares | |||
Common stock shares authorized | 500,000,000 | 500,000,000 | |
Common stock shares outstanding | 0 | 0 | |
Common stock par or stated value per share | $ 0.0001 | $ 0.0001 | |
Common stock shares subject to possible redemption | 5,228,218 | 31,921,634 | |
Class A Ordinary Shares | Founder Shares | |||
Percentage of conversion | 20% | ||
Class A Ordinary shares subject to possible redemption | |||
Common stock shares outstanding | 5,228,218 | 31,921,634 | |
Common stock shares subject to possible redemption | 5,228,218 | 31,921,634 | |
Class B Ordinary Shares | |||
Common stock shares authorized | 50,000,000 | 50,000,000 | |
Common stock shares outstanding | 7,980,409 | 7,980,409 | |
Common stock par or stated value per share | $ 0.0001 | $ 0.0001 | |
Common stock voting rights | one | ||
Common stock shares issued | 7,980,409 | 7,980,409 | |
Common stock consideration for shares subject to forfeiture | $ 0 |
SUBSEQUENT EVENTS - Subscriptio
SUBSEQUENT EVENTS - Subscription Agreements (Details) - Subsequent Event - Parties | Jul. 25, 2023 USD ($) item D shares | Jul. 17, 2023 USD ($) item D shares |
A&R Subscription Agreement | ||
SUBSEQUENT EVENTS | ||
Maximum capital commitment for sponsor | $ 1,500,000 | |
Capital notice period | 5 days | |
Shares transferred for each dollar the Investor funds pursuant to the Capital Call(s) in respect of the initial contribution | shares | 0.75 | |
Shares transferred for each dollar the Investor funds pursuant to the Capital Call(s) in respect of the second contribution | shares | 1 | |
Number of business days of the Business Combination Closing, the Sponsor or Company shall pay to the Investor, an amount equal to all Capital Calls funded | D | 5 | |
Business combination payment rate | item | 0.10 | |
Term from liquidation for payments to investor in the event of liquidation | 5 days | |
Maximum attorney fees payable to investor | $ 5,000 | |
Total and final amount that the Sponsor can call as the second contribution | $ 160,000 | |
Subscription Agreement | ||
SUBSEQUENT EVENTS | ||
Maximum capital commitment for sponsor | $ 1,090,000 | |
Capital notice period | 5 days | |
Maximum investor's capital commitment | $ 750,000 | |
Shares transferred for each dollar the Investor funds pursuant to the Capital Call(s) in respect of the second contribution | shares | 1 | |
Number of business days of the Business Combination Closing, the Sponsor or Company shall pay to the Investor, an amount equal to all Capital Calls funded | D | 5 | |
Business combination payment rate | item | 0.10 | |
Term from liquidation for payments to investor in the event of liquidation | 5 days | |
Maximum attorney fees payable to investor | $ 5,000 |
SUBSEQUENT EVENTS - Unsecured p
SUBSEQUENT EVENTS - Unsecured promissory note (Details) - Subsequent Event - Subscription Agreement | Jul. 25, 2023 USD ($) $ / shares |
SUBSEQUENT EVENTS | |
Principal amount of note | $ 1,090,000 |
Initial draw | $ 750,000 |
Price per warrant | $ / shares | $ 1.50 |
SUBSEQUENT EVENTS - Additional
SUBSEQUENT EVENTS - Additional Information (Detail) - Subsequent Event | 2 Months Ended |
Sep. 18, 2023 USD ($) | |
SUBSEQUENT EVENTS | |
Term of extension of business combination | 1 month |
Amount deposited in trust account for each extension | $ 160,000 |