Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 07, 2024 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-41529 | |
Entity Registrant Name | SPRING VALLEY ACQUISITION CORP. II | |
Entity Incorporation, State or Country Code | E9 | |
Entity Tax Identification Number | 98-1579063 | |
Entity Address, Address Line One | 2100 McKinney Ave., Suite 1675 | |
Entity Address, City or Town | Dallas | |
Entity Address State Or Province | TX | |
Entity Address, Postal Zip Code | 75201 | |
City Area Code | 214 | |
Local Phone Number | 308-5230 | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | true | |
Entity Central Index Key | 0001843477 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Units, each consisting of one Class A ordinary share, $0.0001 par value, one right and one-half of one redeemable public warrant | ||
Document and Entity Information | ||
Title of 12(b) Security | Units, each consisting of one Class A ordinary share, $0.0001 par value, one right and one-half of one redeemable public warrant | |
Trading Symbol | SVIIU | |
Security Exchange Name | NASDAQ | |
Class A ordinary shares | ||
Document and Entity Information | ||
Title of 12(b) Security | Class A ordinary shares, par value $0.0001 per share | |
Trading Symbol | SVII | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 22,304,432 | |
Rights included as part of the units to acquire one-tenth (1/10) of one share of Class A ordinary share | ||
Document and Entity Information | ||
Title of 12(b) Security | Rights included as part of the units to acquire one-tenth (1/10) of one share of Class A ordinary share | |
Trading Symbol | SVIIR | |
Security Exchange Name | NASDAQ | |
Redeemable public warrants included as part of the units, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 | ||
Document and Entity Information | ||
Title of 12(b) Security | Redeemable public warrants included as part of the units; each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 | |
Trading Symbol | SVIIW | |
Security Exchange Name | NASDAQ | |
Class B ordinary shares | ||
Document and Entity Information | ||
Entity Common Stock, Shares Outstanding | 1 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash | $ 813,135 | $ 1,240,671 |
Prepaid expenses | 47,651 | 80,895 |
Total current assets | 860,786 | 1,321,566 |
Non-current assets: | ||
Cash and Investments held in Trust Account | 163,744,030 | 249,254,022 |
Total non-current assets | 163,744,030 | 249,254,022 |
Total Assets | 164,604,816 | 250,575,588 |
Current liabilities: | ||
Accounts payable | 21,179 | 82,462 |
Accrued expenses | 98,000 | $ 91,600 |
Extension promissory notes - related party | $ 900,000 | |
Other Liability, Current, Related Party, Type [Extensible Enumeration] | Related Party [Member] | Related Party [Member] |
Total current liabilities | $ 1,019,179 | $ 174,062 |
Deferred underwriting commissions | 8,050,000 | 8,050,000 |
Total Liabilities | 9,069,179 | 8,224,062 |
Commitments and Contingencies | ||
Shareholders' Deficit: | ||
Preference shares, $0.0001 par value; 1,000,000 shares authorized none issued and outstanding of June 30, 2024 and December 31, 2023 | ||
Accumulated deficit | (8,209,160) | (6,903,263) |
Total shareholders' deficit | (8,208,393) | (6,902,496) |
Total Liabilities and Shareholders' Deficit | 164,604,816 | 250,575,588 |
Class A ordinary shares subject to possible redemption | ||
Current liabilities: | ||
Class A ordinary shares, $0.0001 par value; 300,000,000 shares authorized; 14,637,766 and 23,000,000 shares subject to possible redemption at $11.19 and $10.84 per share as of June 30, 2024 and December 31, 2023, respectively | 163,744,030 | 249,254,022 |
Class A ordinary shares subject not to possible redemption | ||
Shareholders' Deficit: | ||
Ordinary shares | $ 767 | |
Class B ordinary shares | ||
Shareholders' Deficit: | ||
Ordinary shares | $ 767 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Class A ordinary shares | ||
Common shares, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common shares, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Class A ordinary shares subject to possible redemption | ||
Ordinary shares subject to possible redemption, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Ordinary shares subject to possible redemption, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Ordinary shares subject to possible redemption, shares outstanding (in shares) | 14,637,766 | 23,000,000 |
Ordinary shares subject to possible redemption, redemption price per share | $ 11.19 | $ 10.84 |
Common shares, shares outstanding (in shares) | 7,666,666 | |
Class A ordinary shares subject not to possible redemption | ||
Common shares, shares issued (in shares) | 7,666,666 | 0 |
Common shares, shares outstanding (in shares) | 7,666,666 | 0 |
Class B ordinary shares | ||
Common shares, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common shares, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Common shares, shares issued (in shares) | 1 | 7,666,667 |
Common shares, shares outstanding (in shares) | 1 | 7,666,667 |
UNAUDITED CONDENSED STATEMENTS
UNAUDITED CONDENSED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
General and administrative expenses | $ 181,686 | $ 193,568 | $ 431,979 | $ 386,878 |
Loss from operations | (181,686) | (193,568) | (431,979) | (386,878) |
Other Income: | ||||
Interest income on operating account | 11,610 | 678 | 26,082 | 731 |
Income from investments held in Trust Account | 2,101,559 | 2,860,990 | 4,316,478 | 5,380,330 |
Total other income | 2,113,169 | 2,861,668 | 4,342,560 | 5,381,061 |
Net income | $ 1,931,483 | $ 2,668,100 | $ 3,910,581 | $ 4,994,183 |
Class A ordinary shares subject to possible redemption | ||||
Other Income: | ||||
Basic weighted average shares outstanding (in shares) | 14,637,766 | 23,000,000 | 15,097,229 | 23,000,000 |
Diluted weighted average shares outstanding (in shares) | 14,637,766 | 23,000,000 | 15,097,229 | 23,000,000 |
Basic net income per share (in dollars per share) | $ 0.09 | $ 0.09 | $ 0.17 | $ 0.16 |
Diluted net income per share (in dollars per share) | $ 0.09 | $ 0.09 | $ 0.17 | $ 0.16 |
Class A ordinary shares subject not to possible redemption | ||||
Other Income: | ||||
Basic weighted average shares outstanding (in shares) | 7,666,666 | 6,613,553 | ||
Diluted weighted average shares outstanding (in shares) | 7,666,666 | 6,613,553 | ||
Basic net income per share (in dollars per share) | $ 0.09 | $ 0.17 | ||
Diluted net income per share (in dollars per share) | $ 0.09 | $ 0.17 | ||
Class B ordinary shares | ||||
Other Income: | ||||
Basic weighted average shares outstanding (in shares) | 1 | 7,666,667 | 1,053,114 | 7,666,667 |
Diluted weighted average shares outstanding (in shares) | 1 | 7,666,667 | 1,053,114 | 7,666,667 |
Basic net income per share (in dollars per share) | $ 0.09 | $ 0.09 | $ 0.17 | $ 0.16 |
Diluted net income per share (in dollars per share) | $ 0.09 | $ 0.09 | $ 0.17 | $ 0.16 |
UNAUDITED CONDENSED STATEMENT_2
UNAUDITED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT - USD ($) | Class A ordinary shares Common Stock | Class A ordinary shares subject to possible redemption | Class B Ordinary Shares Common Stock | Accumulated Deficit | Total |
Balance at the beginning at Dec. 31, 2022 | $ 767 | $ (6,058,698) | $ (6,057,931) | ||
Balance at the beginning (in shares) at Dec. 31, 2022 | 7,666,667 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Accretion of Class A ordinary shares to redemption amount subject to possible redemption | (2,519,340) | (2,519,340) | |||
Net Income | 2,326,083 | 2,326,083 | |||
Balance at the end at Mar. 31, 2023 | $ 767 | (6,251,955) | (6,251,188) | ||
Balance at the end (in shares) at Mar. 31, 2023 | 7,666,667 | ||||
Balance at the beginning at Dec. 31, 2022 | $ 767 | (6,058,698) | (6,057,931) | ||
Balance at the beginning (in shares) at Dec. 31, 2022 | 7,666,667 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Net Income | 4,994,183 | ||||
Balance at the end at Jun. 30, 2023 | $ 767 | (6,444,845) | (6,444,078) | ||
Balance at the end (in shares) at Jun. 30, 2023 | 7,666,667 | ||||
Balance at the beginning at Mar. 31, 2023 | $ 767 | (6,251,955) | (6,251,188) | ||
Balance at the beginning (in shares) at Mar. 31, 2023 | 7,666,667 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Accretion of Class A ordinary shares to redemption amount subject to possible redemption | (2,860,990) | (2,860,990) | |||
Net Income | 2,668,100 | 2,668,100 | |||
Balance at the end at Jun. 30, 2023 | $ 767 | (6,444,845) | (6,444,078) | ||
Balance at the end (in shares) at Jun. 30, 2023 | 7,666,667 | ||||
Balance at the beginning at Dec. 31, 2023 | $ 767 | (6,903,263) | (6,902,496) | ||
Balance at the beginning (in shares) at Dec. 31, 2023 | 7,666,667 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Accretion of Class A ordinary shares to redemption amount subject to possible redemption | $ (2,214,919) | (2,664,919) | (2,664,919) | ||
Conversion of Class B ordinary shares to Class A ordinary shares not subject to possible redemption | $ 767 | $ (767) | |||
Conversion of Class B ordinary shares to Class A ordinary shares not subject to possible redemption (in shares) | 7,666,666 | (7,666,666) | |||
Net Income | 1,979,098 | 1,979,098 | |||
Balance at the end at Mar. 31, 2024 | $ 767 | (7,589,084) | (7,588,317) | ||
Balance at the end (in shares) at Mar. 31, 2024 | 7,666,666 | 1 | |||
Balance at the beginning at Dec. 31, 2023 | $ 767 | (6,903,263) | (6,902,496) | ||
Balance at the beginning (in shares) at Dec. 31, 2023 | 7,666,667 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Net Income | 3,910,581 | ||||
Balance at the end at Jun. 30, 2024 | $ 767 | (8,209,160) | (8,208,393) | ||
Balance at the end (in shares) at Jun. 30, 2024 | 7,666,666 | 1 | |||
Balance at the beginning at Mar. 31, 2024 | $ 767 | (7,589,084) | (7,588,317) | ||
Balance at the beginning (in shares) at Mar. 31, 2024 | 7,666,666 | 1 | |||
Increase (Decrease) in Stockholders' Equity | |||||
Accretion of Class A ordinary shares to redemption amount subject to possible redemption | $ (2,101,559) | (2,551,559) | (2,551,559) | ||
Net Income | 1,931,483 | 1,931,483 | |||
Balance at the end at Jun. 30, 2024 | $ 767 | $ (8,209,160) | $ (8,208,393) | ||
Balance at the end (in shares) at Jun. 30, 2024 | 7,666,666 | 1 |
UNAUDITED CONDENSED STATEMENT_3
UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Cash Flows from Operating Activities: | ||||
Net income | $ 3,910,581 | $ 4,994,183 | ||
Adjustments to reconcile net income to net cash used in operating activities: | ||||
Income from investments held in the Trust Account | $ (2,101,559) | $ (2,860,990) | (4,316,478) | (5,380,330) |
Changes in operating assets and liabilities: | ||||
Prepaid expenses | 33,244 | 138,575 | ||
Accounts payable | (61,283) | (19,896) | ||
Accrued expenses | 6,400 | (1,212) | ||
Net cash used in operating activities | (427,536) | (268,680) | ||
Cash Flows from Investing Activities: | ||||
Cash deposited in the trust account for the extension | (900,000) | |||
Cash withdrawn from trust account for redemption of Class A ordinary shares | 90,726,471 | |||
Net cash provided by investing activities | 89,826,471 | |||
Cash Flows from Financing Activities: | ||||
Proceeds from promissory note to related party- extension | 900,000 | |||
Redemption of Class A ordinary shares | (90,726,471) | |||
Net cash used in financing activities | (89,826,471) | |||
Net change in cash | (427,536) | (268,680) | ||
Cash - beginning of the period | 1,240,671 | 1,731,726 | ||
Cash - end of the period | $ 813,135 | $ 1,463,046 | $ 813,135 | $ 1,463,046 |
Description of Organization, Bu
Description of Organization, Business Operations and Liquidity | 6 Months Ended |
Jun. 30, 2024 | |
Description of Organization, Business Operations and Liquidity | |
Description of Organization, Business Operations and Liquidity | Note 1 — Description of Organization, Business Operations and Liquidity Spring Valley Acquisition Corp. II (the “Company”) is a blank check company incorporated in the Cayman Islands on January 19, 2021. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses (the “Business Combination”). The Company is an emerging growth company and, as such, the Company is subject to all of the risks associated with emerging growth companies. As of June 30, 2024, the Company had not commenced any operations. All activities for the period from January 19, 2021 (inception) through June 30, 2024, relate to the Company’s formation and the initial public offering (the “Initial Public Offering”) described below and, since the closing of the Initial Public Offering, the search for and efforts towards completing an initial Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company generates non-operating interest income on investments held in the Trust Account (as defined below). The Company’s Sponsor is Spring Valley Acquisition Sponsor II, LLC, a Delaware limited liability company (the “Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective on October 12, 2022. On October 17, 2022, the Company consummated its Initial Public Offering of 23,000,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units being offered, the “Public Shares”), including the issuance of 3,000,000 Units as a result of the underwriter’s full exercise of their over-allotment option, at $10.00 per Unit, generating gross proceeds of approximately $230.0 million, and incurring offering costs of approximately $13.4 million, of which approximately $8.1 million was for deferred underwriting commissions (see Note 5). Each Unit consists of one Class A ordinary share, one right to receive one-tenth one Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of 13,350,000 warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant to the Sponsor, generating proceeds of approximately $13.4 million (see Note 4). Upon the closing of the Initial Public Offering and the Private Placement, approximately $235.8 million ($10.25 per Unit) of net proceeds, including the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement, was placed in a trust account (“Trust Account”) located in the United States with Continental Stock Transfer & Trust Company acting as trustee, and invested only in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act 1940, as amended (the “Investment Company Act”) having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations, as determined by the Company, until the earlier of (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the net assets held in the Trust Account (excluding the amount of deferred underwriting discounts held in the Trust Account and taxes payable on the income earned on the Trust Account) at the time of the agreement to enter into the initial Business Combination. However, the Company only intends to complete a Business Combination if the post-transaction company owns or acquires 50% or more of the issued and outstanding voting securities of the Target (as defined below) or otherwise acquires a controlling interest in the Target sufficient for it not to be required to register as an investment company under the Investment Company Act. The Company will provide the holders of the Company’s issued and outstanding Public Shares (the “Public Shareholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a shareholders meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Shareholders will be entitled to redeem their Public Shares for a pro - rata portion of the amount then held in the Trust Account ($10.25 per Public Share initially, $11.19 per Public Share as of June 30, 2024). The per-share amount to be distributed to Public Shareholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 5). The Public Shares were recorded at a redemption value and classified as temporary equity upon consummation of the Initial Public Offering, in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 480, “Distinguishing Liabilities from Equity.” In such case, the Company will proceed with a Business Combination if the majority of the shares voted are in favor of the Business Combination. If a shareholder vote is not required by law and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association (the “Amended and Restated Memorandum and Articles of Association”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, shareholder approval of the transaction is required by law, or the Company decides to obtain shareholder approval for business or legal reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each Public Shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction. If the Company seeks shareholder approval in connection with a Business Combination, the initial shareholders (as defined below) agree to vote their Founder Shares (as defined below in Note 4) and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination. In addition, the initial shareholders will not be entitled to redemption rights with respect to their Founder Shares and Public Shares in connection with the completion of a Business Combination. If a shareholder vote is not required by law and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association, conduct the redemptions pursuant to the tender offer rules of the SEC and file tender offer documents with the SEC prior to completing a Business Combination. If, however, shareholder approval of the transaction is required by law, or the Company decides to obtain shareholder approval for business or legal reasons, the Company will offer to redeem the Public Shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each Public Shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction. If the Company seeks shareholder approval in connection with a Business Combination, the initial shareholders (as defined below) agree to vote their Founder Shares and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination. In addition, the initial shareholders agreed to waive their redemption rights with respect to their Founder Shares and Public Shares in connection with the completion of a Business Combination. The Amended and Restated Memorandum and Articles of Association, as amended, provide that a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the Public Shares, without the prior consent of the Company. The holders of the Founder Shares (the “initial shareholders”) agreed not to propose an amendment to the Amended and Restated Memorandum and Articles of Association (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with a Business Combination or to redeem 100% of the Public Shares if the Company does not complete a Business Combination within 36 months from the closing of the Initial Public Offering, or October 17, 2025 (the “Combination Period”) or (B) with respect to any other provision relating to shareholders’ rights or pre-initial Business Combination activity unless the Company provides the Public Shareholders with the opportunity to redeem their Public Shares in conjunction with any such amendment. Initially, the Company had 15 months from the closing of the initial public offering or until January 17, 2024 to consummate an initial Business Combination. However, on January 11, 2024, the Company filed with the Registrar of Companies of the Cayman Islands an amendment to the Company’s amended and restated memorandum and articles of Association to: (i) to change the date by which the Company must consummate a Business Combination to October 17, 2025 or such earlier date as is determined by the Company’s board of directors (the “Board”), in its sole discretion, to be in the best interests of the Company (the “Extension Amendment”); (ii) to remove the limitation that the company shall not redeem Class A ordinary shares included as part of the units sold in its Initial Public Offering prior to the consummation of a Business Combination that would cause the Company’s net tangible assets to be less than $5,000,001 following such repurchases, (the “Redemption Limitation Amendment”); and (iii) to provide for the right of a holder of Class B ordinary shares, par value $0.0001 per share, to convert such shares into shares of the Company’s Class A ordinary shares on a one - for - one basis prior to initial Business Combination (the “Conversion Amendment” and, together with the Extension Amendment and the Redemption Limitation, the “Charter Amendments”). On January 10, 2024, the Company held extraordinary general meeting of shareholders in lieu of an annual general meeting (the “Shareholder Meeting”) at which their shareholders approved: (a) an amendment to our amended and restated memorandum and articles of association: (i) to change the date by which the Company must consummate a business combination to October 17, 2025 or such earlier date as is determined by the Company’s board of directors, in its sole discretion, to be in the best interests of the Company (the “Extension Amendment”); (ii) to remove the limitation that the company shall not redeem Class A ordinary shares included as part of the units sold in its initial public offering prior to the consummation of a business combination that would cause the Company’s net tangible assets to be less than $5,000,001 following such repurchases, (the “Redemption Limitation Amendment”); and (iii) to provide for the right of a holder of Class B ordinary shares, par value $0.0001 per share, to convert such shares into shares of the Company’s Class A ordinary shares on a one - for - one basis prior to initial business combination (the “Conversion Amendment”), and (b) the appointment of Richard Thompson and Sharon Youngblood as Class I directors to each serve on the Board for a three Additionally, shareholders holding 8,362,234 Class A ordinary shares properly exercised their right to redeem their shares for cash at a redemption price of approximately $10.85 per share, for an aggregate redemption amount of $90,726,471. In connection with the approval of the Conversion Amendment, on January 25, 2024, the Sponsor voluntarily elected to convert 7,546,666 of its Class B ordinary shares to Class A ordinary shares, and the independent directors of the Company voluntarily elected to convert an aggregate of 120,000 Class B ordinary shares to Class A ordinary shares, in each case, on a one - for - one basis in accordance with the articles (such conversions collectively, the “Founder Share Conversion,” and the Class A ordinary shares issued upon such conversion, the “Converted Class A Shares”). After giving effect to the Founder Share Conversion, one Sponsor - held Class B ordinary share remains issued and outstanding. Following such redemptions and the conversion of Class B ordinary shares, 22,304,432 Class A ordinary shares remain outstanding, including 14,637,766 publicly - held Class A ordinary shares. The Sponsor and the independent directors waived any right to receive funds from the Trust Account established by the Company in connection with its Initial Public Offering that was consummated on October 17, 2022, with respect to any Converted Class A Shares, and no additional funds were deposited into the Trust Account in respect of any such shares. The Converted Class A Shares will remain subject to the existing transfer restrictions on the Class B ordinary shares following such conversions. In connection with the approval of the Extension Amendment, the Sponsor has issued an unsecured promissory note to the Company pursuant to which the Sponsor has agreed to make monthly deposits directly to the Company’s Trust Account of $150,000 per month (each deposit is a “Contribution”). The maximum aggregate amount of all Contributions under the promissory note will not exceed $3,150,000. The Contributions will be paid monthly (or a pro - rata portion thereof if less than a full month), beginning on January 11, 2024, and thereafter on the fifteenth day of each subsequent month (or if such fifteenth day is not a business day, on the business day immediately preceding such fifteenth day) until the earlier of (i) the consummation of a Business Combination, and (ii) the end of the Combination Period. The promissory note is non-interest bearing and is payable upon the consummation of the initial Business Combination and if the Business Combination is not consummated, the date of the termination, dissolution, or winding up of the Company as determined in the sole discretion of the Company’s board of directors. The Company received an aggregate amount of Contributions from the Sponsor totaling $900,000 for the period from January 11, 2024 through June 30, 2024 under the promissory note. The underwriters agreed to waive their rights to the deferred underwriting commission (see Note 5) held in the Trust Account in the event the Company does not complete a Business Combination within in the Combination Period and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In order to protect the amounts held in the Trust Account, the Sponsor agreed to be liable to the Company if and to the extent any claims by a third party (except for the Company’s independent registered public accounting firm) for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement (a “Target”), reduce the amount of funds in the Trust Account to below (i) $10.25 per Public Share or (ii) the lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of the trust assets, in each case net of interest which may be withdrawn to pay taxes, provided that such liability will not apply to any claims by a third party or Target that executed a waiver of any and all rights to seek access to the Trust Account nor will it apply to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavouring to have all vendors, service providers (other than the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. Going Concern Consideration As of June 30, 2024, the Company had approximately $0.8 million in cash held outside of the Trust Account and a working capital deficit of approximately $0.2 million. The Company’s liquidity needs to date were satisfied through the payment of $25,000 from the Sponsor to cover certain expenses on behalf of the Company in exchange for issuance of the Founder Shares (as defined in Note 4), and loan from the Sponsor of approximately $269,000 under the Note (as defined in Note 4) and the net proceeds from the consummation of the Initial Public Offering and the Private Placement held outside of the Trust Account. The Company repaid the Note in full on October 18, 2022 and the facility is no longer available. In addition, in order to finance the transaction costs in connection with a Business Combination, the Sponsor, members of the Company’s founding team, or any of their affiliates may provide the Company with Working Capital Loans (as defined in Note 4) as may be required (of which up to $1.5 million may be converted at the lender’s option into warrants). As of June 30, 2024 and December 31, 2023, there was no Working Capital Loan outstanding. Based on the current operating plan, management believes that the above-mentioned measures collectively will provide sufficient liquidity to meet the Company’s future liquidity and capital requirements through the earlier of consummation of a Business Combination or one year from this filing. Furthermore, management plans to complete the initial Business Combination prior to the mandatory liquidation date of October 17, 2025 (the “Combination Deadline”) and expects to receive financing from the Sponsor or the affiliates of the Sponsor to meet its obligations through the time of liquidation or the completion of the initial Business Combination. Risks and Uncertainties In February 2022, the Russian Federation and Belarus commenced a military action with the country of Ukraine. As a result of this action, various nations, including the United States, have instituted economic sanctions against the Russian Federation and Belarus. On October 7, 2023, the State of Israel was attacked by Hamas, a Palestinian militant group designated as a Foreign Terrorist organization by the U.S. Department of State. As a result of this attack, the State of Israel commenced a military operation against Hamas which is supported by various nations including the United States. The impact of the above actions on the world economy is not determinable as of the date of these unaudited condensed financial statements. The specific impact on the Company’s financial condition, results of operations, and cash flows is also not determinable as of the date of these unaudited condensed financial statements. The Company’s ability to consummate an initial business combination, or the operations of a target business with which the Company ultimately consummates an initial business combination, may be materially and adversely affected by these military actions and related sanctions. In addition, the Company’s ability to consummate a transaction may be dependent on the ability to raise equity and debt financing which may be impacted by these events, including as a result of increased market volatility, or decreased market liquidity in third - party financing being unavailable on terms acceptable to the Company or at all. The impact of this action and related sanctions on the world economy and the specific impact on the Company’s financial position, results of operations or ability to consummate an initial business combination are not yet determinable. The condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | Note 2 — Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC. The accompanying unaudited condensed financial statements of the Company have been prepared in accordance with U.S. GAAP for interim financial information and Article 8 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal accruals) considered for a fair presentation have been included. Operating results for three and six months ended June 30, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, or any future period. Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such an 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 a comparison of the Company’s financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of Estimates The preparation of unaudited condensed financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities during the reporting periods. Actual results could differ from those estimates. 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 these unaudited condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of operating cash accounts and investments held in the Trust Account in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. The Company has significant cash balances at financial institutions which throughout the year regularly exceed the federally insured limit of $250,000. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows. Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of June 30, 2024 and December 31, 2023. Cash and Investments Held in the Trust Account The Company’s portfolio of investments is comprised of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities and generally have a readily determinable fair value, or a combination thereof. When the Company’s investments held in the Trust Account are comprised of U.S. government securities, the investments are classified as trading securities. In contrast, when the investments held in Trust Account are comprised of money market funds, these are recognized at fair value. Trading securities and investments in money market funds are presented on the unaudited condensed balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities are included in income from investments held in Trust Account in the accompanying unaudited condensed statements of operations. The estimated fair values of investments held in the Trust Account are determined using available market information. As of June 30, 2024 and December 31, 2023, the assets held in the Trust Account were in mutual funds. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC 820, “Fair Value Measurement,” approximates the carrying amounts represented in the condensed balance sheets, primarily due to their short-term nature. Fair Value Measurements Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: ● Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; ● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and ● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. Derivative Financial Instruments The Company evaluates its equity-linked financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging.” For derivative financial instruments that are classified as liabilities, the derivative instrument is initially recognized at fair value with subsequent changes in fair value recognized in the unaudited condensed statements of operations each reporting period. The classification of derivative instruments, including whether such instruments should be classified as liabilities or as equity, is evaluated at the end of each reporting period. The Company accounted for the Rights and warrants to be issued in connection with the Initial Public Offering and the Private Placement Warrants in accordance with the guidance contained in ASC 815-40. Such guidance provides that the Rights and warrants described above are not precluded from equity classification. Equity-classified contracts are initially measured at fair value (or allocated value). Subsequent changes in fair value are not recognized as long as the instruments continue to be classified in equity. Offering Costs Associated with the Initial Public Offering Offering costs consisted of legal, accounting, and other costs incurred that were directly related to the Initial Public Offering. Upon completion of the Initial Public Offering, offering costs were allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs allocated to the warrants and Rights were charged to equity. Offering costs allocated to the Class A ordinary shares were charged against the carrying value of Class A ordinary shares subject to possible redemption upon the completion of the Initial Public Offering. Class A Ordinary Shares Subject to Possible Redemption As discussed in Note 1, all of the 23,000,000 Class A ordinary shares sold as parts of the Units in the Initial Public Offering contain a redemption feature. In accordance with the ASC 480-10-S99-3A, “Classification and Measurement of Redeemable Securities”, redemption provisions not solely within the control of the Company require the security to be classified outside of permanent equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of ASC 480. The Company classified all of the Class A ordinary shares as redeemable. Immediately upon the closing of the Initial Public Offering, the Company recognized a charge against additional paid-in capital (to the extent available) and accumulated deficit for the difference between the initial carrying value of the Class A ordinary shares and the redemption value. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. Such changes are reflected in retained earnings, or in the absence of retained earnings, in additional paid-in capital. As discussed in Note 1, the Company held the Shareholder Meeting to, among other things, extend the time the Company has to complete a business combination from January 17, 2024 to October 17, 2025. In connection with the Shareholder Meeting, the Company’s shareholders holding 8,362,234 Class A ordinary shares exercised their right to redeem such shares for a pro-rata portion of the funds in the Trust Account, and as a result, $90,726,471 (approximately $10.85 per share) was redeemed from the Trust Account to pay such holders. Following the redemptions, the Company had 14,637,766 Class A ordinary shares (subject to possible redemption) outstanding. As described in Note 1, the Sponsor issued an unsecured promissory note to the Company pursuant to which the Sponsor has agreed to make monthly deposits directly to the Company’s Trust Account of $150,000 per month. The maximum aggregate amount under the promissory note will not exceed $3,150,000. As of June 30, 2024, $900,000 has been borrowed against the promissory note, with $2,250,000 remaining for withdrawal. As of June 30, 2024, the amounts of Class A ordinary shares reflected on the unaudited condensed balance sheets are reconciled in the following table: Class A ordinary shares subject to possible redemption - December 31, 2023 $ 249,254,022 Less: Redemption (90,726,471) Plus: Adjustment for accretion of Class A ordinary shares subject to possible redemption 2,214,919 Adjustment for Contributions 450,000 Class A ordinary shares subject to possible redemption - March 31, 2024 (unaudited) $ 161,192,470 Less: Redemption — Plus: Adjustment for accretion of Class A ordinary shares subject to possible redemption 2,101,559 Adjustment for Contributions 450,000 Class A ordinary shares subject to possible redemption - June 30, 2024 (unaudited) $ 163,744,030 Net Income per Ordinary Share The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” The Company has three classes of shares, which are referred to as: (i) Class A ordinary shares subject to possible redemption (consisting of 14,637,766 publicly held Class A ordinary shares); Class A ordinary shares not subject to redemption (consisting of 7,666,666 Class A ordinary shares held by the Sponsor and the Company’s independent directors); and (iii) Class B ordinary shares. Income and losses are shared pro rata between the three classes of shares. Any of the Company’s Class B ordinary shares that are converted into Class A ordinary shares on one-for-one basis, herein after referred to as the “Converted Class A shares”. Net income per ordinary share is computed by dividing net income by the weighted average number of ordinary shares outstanding during the periods. Remeasurement associated with the redeemable Class A ordinary shares is excluded from net income per ordinary share as the redemption value approximates fair value. Therefore, the net income per ordinary share calculation allocates the income pro rata between Class A ordinary shares subject to possible redemption, Class A ordinary shares not subject to possible redemption, and Class B ordinary shares. The Company has not considered the effect of the exercise of the Public Warrants and Private Placement Warrants to purchase an aggregate of 24,850,000 Class A ordinary shares and the effect of the Rights to receive 2,300,000 Class A ordinary shares in the calculation of diluted income per ordinary share since the exercise of the warrants is contingent upon the occurrence of future events. The following tables reflect the calculation of basic and diluted net income per ordinary share (in dollars, except per share amounts): For the six months ended June 30, 2024 2023 Class A Class A Class A (subject to (not subject to (subject to redemption) redemption) Class B redemption) Class B Basic and diluted net income per ordinary share: Numerator: Allocation of net income $ 2,593,534 $ 1,136,134 $ 180,913 $ 3,745,637 $ 1,248,546 Denominator: Basic and diluted weighted average ordinary shares outstanding 15,097,229 6,613,553 1,053,114 23,000,000 7,666,667 Basic and diluted net income per ordinary share $ 0.17 $ 0.17 $ 0.17 $ 0.16 $ 0.16 For the three months ended June 30, 2024 2023 Class A Class A Class A (subject to (not subject to (subject to redemption) redemption) Class B redemption) Class B Basic and diluted net income per ordinary share: Numerator: Allocation of net income $ 1,267,577 $ 663,905 $ — $ 2,001,075 $ 667,025 Denominator: Basic and diluted weighted average ordinary shares outstanding 14,637,766 7,666,666 1 23,000,000 7,666,667 Basic and diluted net income per ordinary share $ 0.09 $ 0.09 $ 0.09 $ 0.09 $ 0.09 Income Taxes The Company follows the guidance for accounting for income taxes under FASB ASC 740, “Income Taxes.” FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of June 30, 2024 and December 31, 2023. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of June 30, 2024 and December 31, 2023. The Company is currently not aware of any issues under review that could result in significant payments, accruals, or material deviation from its position. The Company has not been subject to income tax examinations by major taxing authorities since inception. There is currently no taxation imposed on income by the government of the Cayman Islands (“Cayman”). In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s unaudited condensed financial statements. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. Recent Accounting Pronouncements In October 2021, the FASB issued Accounting Standard Update (“ASU”) No. 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers”. The ASU requires companies to apply the definition of a performance obligation under ASC 606, “Revenue from Contracts with Customers”, to recognize and measure contract assets and contract liabilities relating to contracts with customers acquired in a business combination. Prior to the adoption of this ASU, an acquirer generally recognized assets acquired, and liabilities assumed in a business combination, including contract assets and contract liabilities arising from revenue contracts with customers, at fair value on the acquisition date. The ASU results in the acquirer recording acquired contract assets and liabilities on the same basis that would have been recorded by the acquiree before the acquisition under ASC 606. The ASU is effective for fiscal years beginning after December 15, 2022, with early adoption permitted. The Company adopted this guidance on January 1, 2023, using a prospective method, and the adoption did not have any impact on the audited financial statements. In June 2016, the FASB issued ASU 2016 - 13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. ASU 2016 - 13 also requires additional disclosures regarding significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. The Company adopted the provisions of this guidance with effect from January 1, 2023. The adoption did not have a material impact on the Company’s condensed financial statements. In June 2022, the FASB issued ASU No. 2022-03 – “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions,” to clarify the guidance in Topic 820 when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. In addition, the amendments in ASU 2022-03 require certain additional disclosures related to investments in equity securities subject to contractual sale restrictions. The amendments in ASU 2022-03 will become effective for the Company as of the beginning of the Company’s 2025 fiscal year. Early adoption is permitted. As of June 30, 2024, the Company does not hold any investments in equity securities, therefore the Company does not currently expect that this guidance will have a material impact upon the Company’s financial position and results of operations. In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The ASU updates reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. This update is effective beginning with the Company’s 2024 fiscal year annual reporting period, with early adoption permitted. The Company is currently evaluating the impact that the adoption of this standard will have on its condensed financial statements. In December 2023, the FASB issued ASU No. 2023-09 – “Income Taxes (Topic ASC 740) Income Taxes.” The ASU improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments in ASU 2023-09 will become effective for the Company as of the beginning of the Company’s 2026 fiscal year. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company does not expect that this guidance will have a material impact upon the Company’s financial position and results of operations. Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s condensed financial statements. As new accounting pronouncements are issued, the Company will adopt those that are applicable. |
Initial Public Offering
Initial Public Offering | 6 Months Ended |
Jun. 30, 2024 | |
Initial Public Offering | |
Initial Public Offering | Note 3 — Initial Public Offering On October 17, 2022, the Company consummated its Initial Public Offering of 23,000,000 Units, including the issuance of 3,000,000 Units as a result of the underwriters’ full exercise of their over-allotment option, at $10.00 per Unit, generating gross proceeds of approximately $230.0 million, and incurring offering costs of approximately $13.4 million, of which approximately $8.1 million was for deferred underwriting commissions. Each Unit consists of one share of Class A ordinary shares, one one |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2024 | |
Related Party Transactions | |
Related Party Transactions | Note 4 — Related Party Transactions Founder Shares On January 26, 2021, the Sponsor purchased 5,750,000 Class B ordinary shares, par value $0.0001 (the “Founder Shares”), to cover certain expenses on the Company’s behalf for an aggregate purchase price of $25,000. On March 18, 2022, the Company effectuated a share capitalization with respect to its Class B ordinary shares of 1,916,667 shares thereof, resulting in an aggregate of 7,666,667 Class B ordinary shares outstanding. The Sponsor agreed to forfeit up to an aggregate of 1,000,000 Founder Shares to the extent that the option to purchase additional Units was not exercised in full by the underwriters or is reduced so that the Founder Shares would represent 25% of the Company’s issued and outstanding shares after the Initial Public Offering. On October 17, 2022, the underwriters consummated the exercise in full of the over-allotment; thus, these 1,000,000 Founder Shares were no longer subject to forfeiture. The initial shareholders, and the executive officers and directors of the Company, agreed not to transfer, assign or sell any of their Founder Shares until the earlier to occur 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 Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 120 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, excluding ordinary shares subject to forfeiture. The Founder Shares are subject to performance and market condition vesting terms. The Sponsor agreed that upon and subject to the completion of the initial Business Combination, 25% of the Founder Shares then held by the Sponsor shall be considered to be newly unvested shares, which will vest only if the closing price of the Company’s Class A ordinary shares on the Nasdaq equals or exceeds $12.50 for any 20 trading days within a 30 trading day period commencing at least 120 days after the closing of the initial Business Combination but before the fifth anniversary. The Sponsor agreed, subject to exceptions, not to transfer any unvested Founder Shares prior to the date such securities become vested. Founder Shares, if any, that remain unvested at the fifth anniversary of the closing of the initial Business Combination will be forfeited, subject to certain exceptions. Notwithstanding the foregoing, and subject to the satisfaction of the other transfer restrictions on the Founder Shares described herein, the Sponsor may be able to transfer up to 80% of its Founder Shares even if it is required to forfeit all of its unvested Founder Shares and even if the trading price of Class A ordinary shares declines materially. The issuance of Founder Shares to the Sponsor is in the scope of FASB ASC Topic 718, “Compensation-Stock Compensation” (“ASC 718”). Under ASC 718, stock-based compensation associated with equity-classified awards is measured at fair value upon the grant date. The Founder Shares were granted subject to a performance condition and a market condition. Compensation expense related to the Founder Shares is recognized only when the performance condition is probable of occurrence under the applicable accounting literature in this circumstance. As of October 17, 2022, the Company determined that a Business Combination is not considered probable, and, therefore, no stock-based compensation expense has been recognized. Stock-based compensation will be recognized at the date a Business Combination is considered probable (i.e., upon completion of a Business Combination) in an amount equal to the number of Founder Shares that ultimately vest multiplied by the grant date fair value per share, which considers the market condition in the valuation, less the amount initially received for the purchase of the Founder Shares. In February 2021, the Sponsor transferred 40,000 Class B ordinary shares to each of the Company’s directors. The sale of the Founder Shares is in the scope of ASC 718. Under ASC 718, stock-based compensation associated with equity-classified awards is measured at fair value upon the grant date. The fair value of these 120,000 shares granted to the Company’s directors was $452,000 or $3.77 per share. The Company estimates grant date fair value using Monte Carlo Simulation, considering the probability and timing of IPO completion, business combination completion, and an appropriate discount for lack of marketability, all Level 3 Inputs under ASC 820. The following assumptions were used for the determination of grant date fair value for the shares transferred to directors. Risk-free interest rate 0.30 % Expected term (in years) 3.96 The Founder Shares were granted subject to a performance condition (i.e., the occurrence of a Business Combination). Compensation expense related to the Founder Shares is recognized only when the performance condition is probable of occurrence under the applicable accounting literature in this circumstance. As discussed in Note 1, on January 25, 2024, the Sponsor voluntarily elected to convert 7,546,666 of its Class B ordinary shares to Class A ordinary shares, and the independent directors of the Company voluntarily elected to convert an aggregate of 120,000 Class B ordinary shares to Class A ordinary shares, in each case, on a one-for-one basis and Company issued an aggregate of 7,666,666 shares of Class A ordinary shares not subject to redemption. The Converted Class A Shares will remain subject to the existing transfer restrictions on the Class B ordinary shares following such conversions. As of June 30, 2024, the Company determined that a Business Combination is not considered probable, and, therefore, no stock-based compensation expense has been recognized. Stock-based compensation would be recognized at the date a Business Combination is considered probable (i.e., upon consummation of a Business Combination) in an amount equal to the number of Founder Shares that ultimately vest multiplied times the grant date fair value per share (unless subsequently modified) less the amount initially received for the purchase of the Founder Shares. Private Placement Warrants Simultaneously with the closing of the Initial Public Offering, the Company consummated the Private Placement of 13,350,000 Private Placement Warrants, at a price of $1.00 per Private Placement Warrant to the Sponsor, generating proceeds of approximately $13.4 million. Each Private Placement Warrant is exercisable for one whole share of Class A ordinary shares at a price of $11.50 per ordinary share. A portion of the proceeds from the sale of the Private Placement Warrants was added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the Private Placement Warrants will expire worthless. The Private Placement Warrants will be non-redeemable so long as they are held by the initial purchasers or their permitted transferees. The purchasers of the Private Placement Warrants agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Warrants (except to permitted transferees) until 30 days after the completion of the initial Business Combination. Related Party Loans Promissory Note to Sponsor The Sponsor agreed to loan the Company up to $300,000 to be used for the payment of costs related to the Initial Public Offering pursuant to a promissory note, dated January 26, 2021, and was later amended and restated on January 28, 2022, and subsequently amended and restated a second time on September 26, 2022 (the “Note”). The Note was non-interest bearing, unsecured, and due upon the closing of the Initial Public Offering. The Company fully repaid the Note on October 18, 2022. Upon consummation of the Initial Public Offering, the Note was no longer available to the Company. Working Capital Loans In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination or, at the lender’s discretion, up to $1,500,000 of such Working Capital Loans may be convertible into warrants of the post - Business Combination entity at a price of $1.00 per warrant. The warrants would be identical to the Private Placement Warrants. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. As of June 30, 2024 and December 31, 2023, no amounts have been drawn on the Working Capital Loans. Extension Loans As described in Note 1, in connection with the extension on January 10, 2024, Sponsor, issued an unsecured promissory note to the Company pursuant to which Sponsor has agreed to make monthly deposits directly to the Company’s Trust Account of $150,000 per month. The maximum aggregate amount under the promissory note will not exceed $3,150,000. The deposits, which will be paid monthly (or a pro-rata portion thereof if less than a full month), began on January 11, 2024, and thereafter on the fifteenth day of each subsequent month (or if such fifteenth day is not a business day, on the business day immediately preceding such fifteenth day) until the earlier of (i) the consummation of a Business Combination, and (ii) the end of the Combination Period. The promissory note is non-interest bearing and is payable upon the consummation of the initial Business Combination and if the Business Combination is not consummated, the date of the termination, dissolution, or winding up of the Company as determined in the sole discretion of the Company’s board of directors. As of June 30, 2024, $900,000 has been borrowed against the promissory note, with $2,250,000 remaining for withdrawal. Administrative Services Agreement On October 12, 2022, the Company entered into an agreement with the Sponsor, pursuant to which the Company agreed to pay the Sponsor an amount of $10,000 per month for office space, secretarial and administrative support services provided to members of the management team through the earlier of consummation of the initial Business Combination and the liquidation. The Company incurred $30,000 and $60,000 in such fees included as general and administrative expenses on the accompanying statement of operations for the three and six months ended June 30, 2024 and 2023. The Company had unpaid fees of $60,000 as of June 30, 2024 and $30,000 as of December 31, 2023. In addition, the Sponsor, officers and directors, or their respective affiliates will be reimbursed for any out-of-pocket expenses incurred in connection with activities on the Company’s behalf such as identifying potential target businesses and performing due diligence on suitable Business Combinations. The Company’s audit committee will review on a quarterly basis all payments that were made by the Company to the Sponsor, executive officers or directors, or their affiliates. Any such payments prior to an initial Business Combination will be made using funds held outside the Trust Account. For the three months ended June 30, 2024 and 2023, there were no expenses to be reimbursed. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies | |
Commitments and Contingencies | Note 5 — Commitments and Contingencies Shareholder and Registration Rights The holders of Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans, if any (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants or warrants issued upon conversion of the Working Capital Loans), are entitled to registration rights pursuant to a registration rights agreement to be signed upon the consummation of the Initial Public Offering. These holders are entitled to certain demand and “piggyback” registration rights. However, the registration rights agreement provides that the Company will not be required to effect or permit any registration or cause any registration statement to become effective until termination of the applicable lock-up period. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The underwriters were entitled to an underwriting discount of $0.20 per Unit, or $4.6 million in the aggregate, paid upon the closing of the Initial Public Offering. An additional fee of $0.35 per Unit, or approximately $8.1 million in the aggregate will be payable to the underwriters for deferred underwriting commissions. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. Deferred Legal Fees The Company engaged a legal counsel firm for legal advisory services, and the legal counsel agreed to defer a portion of their fees (“Deferred Legal Fees”). The deferred fee will become payable solely in the event that the Company completes a Business Combination. As of June 30, 2024 and December 31, 2023, the Company had Deferred Legal Fees of approximately $1,275,065 and $1,054,000 in connection with such services, respectively. The Company will recognize an expense for these services when the performance trigger is considered probable. |
Shareholders' Deficit
Shareholders' Deficit | 6 Months Ended |
Jun. 30, 2024 | |
Shareholders' Deficit | |
Shareholders' Deficit | Note 6 — Shareholders’ Deficit Preference Shares — Class A Ordinary Shares On January 25, 2024, the Company issued an aggregate of 7,666,666 shares of Class A ordinary shares, upon conversion of an equal number of shares of Class B ordinary shares. The 7,666,666 shares of Class A ordinary shares issued in connection with the Conversion are subject to the same restrictions as applied to the shares of Class B ordinary shares before the conversion, including, among others, certain transfer restrictions, waiver of redemption rights and the obligation to vote in favor of an initial business combination as described in the prospectus for the Company’s initial public offering. After giving effect to the Founder Share Conversion, the total number of shares of Class A ordinary shares that are issued and outstanding consists of 22,304,432 Class A ordinary shares (consisting of 14,637,766 publicly-held Class A ordinary shares, 7,546,666 Converted Class A shares held by Spring Valley Acquisition Sponsor II, LLC, and 120,000 Converted Class A shares not subject to redemption held by the registrant’s independent directors). 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 or stock exchange rule; provided that only holders of the Class B ordinary shares shall have the right to vote on the election of the Company’s directors prior to the initial Business Combination. As described in Note 1, the Sponsor voluntarily elected to convert 7,546,666 of its Class B ordinary shares to Class A ordinary shares, and the independent directors of the Company voluntarily elected to convert an aggregate of 120,000 Class B ordinary shares to Class A ordinary shares, in each case, on a one-for-one basis. The Sponsor and the independent directors waived any right to receive funds from the Trust Account established by the Company in connection with its Initial Public Offering that was consummated on October 17, 2022, with respect to any Converted Class A shares, and no additional funds were deposited into the Trust Account in respect of any such Converted Class A shares. The Converted Class A Shares will remain subject to the existing transfer restrictions on the Class B ordinary shares following such conversions. As of June 30, 2024 and December 31, 2023, there was 1 and 7,666,667 Class B ordinary shares issued and outstanding, respectively. Rights — one Warrants — The exercise price of each Warrant is $11.50 per share, subject to adjustment as described herein. In addition, if 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 Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the Company’s board 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”), the exercise price of the Warrants will be adjusted (to the nearest cent) to be equal to 115% of the Newly Issued Price. The Company may redeem the Public Warrants: ● in whole and not in part; ● at a price of $0.01 per warrant; ● upon a minimum of 30 days ’ prior written notice of redemption; and ● if, and only if the last reported sale price of Class A ordinary shares for any 20 trading days within a 30 - trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders equals or exceeds $18.00 per share (as adjusted). The Company will not redeem the Public Warrants as described above unless an effective registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the Public Warrants is effective and a current prospectus relating to those Class A ordinary shares is available throughout the 30 day redemption period. Any such exercise would not be on a cashless basis and would require the exercising warrant holder to pay the exercise price for each Public Warrant being exercised. The Private Placement Warrants are identical to the Public Warrants, except that the Private Placement Warrants and the ordinary shares issuable upon exercise of the Private Placement Warrants will not be transferable, assignable, or saleable until 30 days after the completion of the Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be non-redeemable and will be exercisable at the election of the holder on a “cashless basis.” In no event will the Company be required to net cash settle any warrant. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Measurements | |
Fair Value Measurements | Note 7 — Fair Value Measurements The following tables present information about the Company’s financial assets that are measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023, by level within the fair value hierarchy: June 30, 2024 Quoted Prices in Active Significant Other Significant Other Markets Observable Inputs Unobservable Inputs Description (Level 1) (Level 2) (Level 3) Assets: Cash and Investments held in Trust Account - U.S. Treasury Securities $ 163,744,030 $ — $ — December 31, 2023 Quoted Prices in Active Significant Other Significant Other Markets Observable Inputs Unobservable Inputs Description (Level 1) (Level 2) (Level 3) Assets: Cash and Investments held in Trust Account - U.S. Treasury Securities $ 249,254,022 $ — $ — Transfers to/from Levels 1, 2, and 3 are recognized at the beginning of the reporting period. There was no transfer between levels during the three and six months ended June 30, 2024 and 2023. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events | |
Subsequent Events | Note 8 — Subsequent Events The Company evaluated subsequent events and transactions that occurred after the unaudited condensed balance sheet date up to the date that the unaudited condensed financial statements were issued. Based upon this review, the Company did not identify any other subsequent events that would have required adjustment or disclosure in the unaudited condensed financial statements. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||||
Net Income (Loss) | $ 1,931,483 | $ 1,979,098 | $ 2,668,100 | $ 2,326,083 | $ 3,910,581 | $ 4,994,183 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Summary of Significant Accounting Policies | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC. The accompanying unaudited condensed financial statements of the Company have been prepared in accordance with U.S. GAAP for interim financial information and Article 8 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal accruals) considered for a fair presentation have been included. Operating results for three and six months ended June 30, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, or any future period. |
Emerging Growth Company | Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth 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 an 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 a comparison of the Company’s financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. |
Use of Estimates | Use of Estimates The preparation of unaudited condensed financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities during the reporting periods. Actual results could differ from those estimates. 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 these unaudited condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of operating cash accounts and investments held in the Trust Account in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. The Company has significant cash balances at financial institutions which throughout the year regularly exceed the federally insured limit of $250,000. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of June 30, 2024 and December 31, 2023. |
Cash and Investments Held in the Trust Account | Cash and Investments Held in the Trust Account The Company’s portfolio of investments is comprised of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities and generally have a readily determinable fair value, or a combination thereof. When the Company’s investments held in the Trust Account are comprised of U.S. government securities, the investments are classified as trading securities. In contrast, when the investments held in Trust Account are comprised of money market funds, these are recognized at fair value. Trading securities and investments in money market funds are presented on the unaudited condensed balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities are included in income from investments held in Trust Account in the accompanying unaudited condensed statements of operations. The estimated fair values of investments held in the Trust Account are determined using available market information. As of June 30, 2024 and December 31, 2023, the assets held in the Trust Account were in mutual funds. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC 820, “Fair Value Measurement,” approximates the carrying amounts represented in the condensed balance sheets, primarily due to their short-term nature. |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: ● Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; ● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and ● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. |
Derivative Financial Instruments | Derivative Financial Instruments The Company evaluates its equity-linked financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging.” For derivative financial instruments that are classified as liabilities, the derivative instrument is initially recognized at fair value with subsequent changes in fair value recognized in the unaudited condensed statements of operations each reporting period. The classification of derivative instruments, including whether such instruments should be classified as liabilities or as equity, is evaluated at the end of each reporting period. The Company accounted for the Rights and warrants to be issued in connection with the Initial Public Offering and the Private Placement Warrants in accordance with the guidance contained in ASC 815-40. Such guidance provides that the Rights and warrants described above are not precluded from equity classification. Equity-classified contracts are initially measured at fair value (or allocated value). Subsequent changes in fair value are not recognized as long as the instruments continue to be classified in equity. |
Offering Costs Associated with the Initial Public Offering | Offering Costs Associated with the Initial Public Offering Offering costs consisted of legal, accounting, and other costs incurred that were directly related to the Initial Public Offering. Upon completion of the Initial Public Offering, offering costs were allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs allocated to the warrants and Rights were charged to equity. Offering costs allocated to the Class A ordinary shares were charged against the carrying value of Class A ordinary shares subject to possible redemption upon the completion of the Initial Public Offering. |
Class A Ordinary Shares Subject to Possible Redemption | Class A Ordinary Shares Subject to Possible Redemption As discussed in Note 1, all of the 23,000,000 Class A ordinary shares sold as parts of the Units in the Initial Public Offering contain a redemption feature. In accordance with the ASC 480-10-S99-3A, “Classification and Measurement of Redeemable Securities”, redemption provisions not solely within the control of the Company require the security to be classified outside of permanent equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of ASC 480. The Company classified all of the Class A ordinary shares as redeemable. Immediately upon the closing of the Initial Public Offering, the Company recognized a charge against additional paid-in capital (to the extent available) and accumulated deficit for the difference between the initial carrying value of the Class A ordinary shares and the redemption value. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. Such changes are reflected in retained earnings, or in the absence of retained earnings, in additional paid-in capital. As discussed in Note 1, the Company held the Shareholder Meeting to, among other things, extend the time the Company has to complete a business combination from January 17, 2024 to October 17, 2025. In connection with the Shareholder Meeting, the Company’s shareholders holding 8,362,234 Class A ordinary shares exercised their right to redeem such shares for a pro-rata portion of the funds in the Trust Account, and as a result, $90,726,471 (approximately $10.85 per share) was redeemed from the Trust Account to pay such holders. Following the redemptions, the Company had 14,637,766 Class A ordinary shares (subject to possible redemption) outstanding. As described in Note 1, the Sponsor issued an unsecured promissory note to the Company pursuant to which the Sponsor has agreed to make monthly deposits directly to the Company’s Trust Account of $150,000 per month. The maximum aggregate amount under the promissory note will not exceed $3,150,000. As of June 30, 2024, $900,000 has been borrowed against the promissory note, with $2,250,000 remaining for withdrawal. As of June 30, 2024, the amounts of Class A ordinary shares reflected on the unaudited condensed balance sheets are reconciled in the following table: Class A ordinary shares subject to possible redemption - December 31, 2023 $ 249,254,022 Less: Redemption (90,726,471) Plus: Adjustment for accretion of Class A ordinary shares subject to possible redemption 2,214,919 Adjustment for Contributions 450,000 Class A ordinary shares subject to possible redemption - March 31, 2024 (unaudited) $ 161,192,470 Less: Redemption — Plus: Adjustment for accretion of Class A ordinary shares subject to possible redemption 2,101,559 Adjustment for Contributions 450,000 Class A ordinary shares subject to possible redemption - June 30, 2024 (unaudited) $ 163,744,030 |
Net Income per Ordinary Share | Net Income per Ordinary Share The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” The Company has three classes of shares, which are referred to as: (i) Class A ordinary shares subject to possible redemption (consisting of 14,637,766 publicly held Class A ordinary shares); Class A ordinary shares not subject to redemption (consisting of 7,666,666 Class A ordinary shares held by the Sponsor and the Company’s independent directors); and (iii) Class B ordinary shares. Income and losses are shared pro rata between the three classes of shares. Any of the Company’s Class B ordinary shares that are converted into Class A ordinary shares on one-for-one basis, herein after referred to as the “Converted Class A shares”. Net income per ordinary share is computed by dividing net income by the weighted average number of ordinary shares outstanding during the periods. Remeasurement associated with the redeemable Class A ordinary shares is excluded from net income per ordinary share as the redemption value approximates fair value. Therefore, the net income per ordinary share calculation allocates the income pro rata between Class A ordinary shares subject to possible redemption, Class A ordinary shares not subject to possible redemption, and Class B ordinary shares. The Company has not considered the effect of the exercise of the Public Warrants and Private Placement Warrants to purchase an aggregate of 24,850,000 Class A ordinary shares and the effect of the Rights to receive 2,300,000 Class A ordinary shares in the calculation of diluted income per ordinary share since the exercise of the warrants is contingent upon the occurrence of future events. The following tables reflect the calculation of basic and diluted net income per ordinary share (in dollars, except per share amounts): For the six months ended June 30, 2024 2023 Class A Class A Class A (subject to (not subject to (subject to redemption) redemption) Class B redemption) Class B Basic and diluted net income per ordinary share: Numerator: Allocation of net income $ 2,593,534 $ 1,136,134 $ 180,913 $ 3,745,637 $ 1,248,546 Denominator: Basic and diluted weighted average ordinary shares outstanding 15,097,229 6,613,553 1,053,114 23,000,000 7,666,667 Basic and diluted net income per ordinary share $ 0.17 $ 0.17 $ 0.17 $ 0.16 $ 0.16 For the three months ended June 30, 2024 2023 Class A Class A Class A (subject to (not subject to (subject to redemption) redemption) Class B redemption) Class B Basic and diluted net income per ordinary share: Numerator: Allocation of net income $ 1,267,577 $ 663,905 $ — $ 2,001,075 $ 667,025 Denominator: Basic and diluted weighted average ordinary shares outstanding 14,637,766 7,666,666 1 23,000,000 7,666,667 Basic and diluted net income per ordinary share $ 0.09 $ 0.09 $ 0.09 $ 0.09 $ 0.09 |
Income Taxes | Income Taxes The Company follows the guidance for accounting for income taxes under FASB ASC 740, “Income Taxes.” FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of June 30, 2024 and December 31, 2023. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of June 30, 2024 and December 31, 2023. The Company is currently not aware of any issues under review that could result in significant payments, accruals, or material deviation from its position. The Company has not been subject to income tax examinations by major taxing authorities since inception. There is currently no taxation imposed on income by the government of the Cayman Islands (“Cayman”). In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s unaudited condensed financial statements. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In October 2021, the FASB issued Accounting Standard Update (“ASU”) No. 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers”. The ASU requires companies to apply the definition of a performance obligation under ASC 606, “Revenue from Contracts with Customers”, to recognize and measure contract assets and contract liabilities relating to contracts with customers acquired in a business combination. Prior to the adoption of this ASU, an acquirer generally recognized assets acquired, and liabilities assumed in a business combination, including contract assets and contract liabilities arising from revenue contracts with customers, at fair value on the acquisition date. The ASU results in the acquirer recording acquired contract assets and liabilities on the same basis that would have been recorded by the acquiree before the acquisition under ASC 606. The ASU is effective for fiscal years beginning after December 15, 2022, with early adoption permitted. The Company adopted this guidance on January 1, 2023, using a prospective method, and the adoption did not have any impact on the audited financial statements. In June 2016, the FASB issued ASU 2016 - 13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. ASU 2016 - 13 also requires additional disclosures regarding significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. The Company adopted the provisions of this guidance with effect from January 1, 2023. The adoption did not have a material impact on the Company’s condensed financial statements. In June 2022, the FASB issued ASU No. 2022-03 – “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions,” to clarify the guidance in Topic 820 when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. In addition, the amendments in ASU 2022-03 require certain additional disclosures related to investments in equity securities subject to contractual sale restrictions. The amendments in ASU 2022-03 will become effective for the Company as of the beginning of the Company’s 2025 fiscal year. Early adoption is permitted. As of June 30, 2024, the Company does not hold any investments in equity securities, therefore the Company does not currently expect that this guidance will have a material impact upon the Company’s financial position and results of operations. In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The ASU updates reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. This update is effective beginning with the Company’s 2024 fiscal year annual reporting period, with early adoption permitted. The Company is currently evaluating the impact that the adoption of this standard will have on its condensed financial statements. In December 2023, the FASB issued ASU No. 2023-09 – “Income Taxes (Topic ASC 740) Income Taxes.” The ASU improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments in ASU 2023-09 will become effective for the Company as of the beginning of the Company’s 2026 fiscal year. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company does not expect that this guidance will have a material impact upon the Company’s financial position and results of operations. Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s condensed financial statements. As new accounting pronouncements are issued, the Company will adopt those that are applicable. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Summary of Significant Accounting Policies | |
Schedule of class A ordinary shares reflected on the unaudited condensed balance sheets are reconciled | Class A ordinary shares subject to possible redemption - December 31, 2023 $ 249,254,022 Less: Redemption (90,726,471) Plus: Adjustment for accretion of Class A ordinary shares subject to possible redemption 2,214,919 Adjustment for Contributions 450,000 Class A ordinary shares subject to possible redemption - March 31, 2024 (unaudited) $ 161,192,470 Less: Redemption — Plus: Adjustment for accretion of Class A ordinary shares subject to possible redemption 2,101,559 Adjustment for Contributions 450,000 Class A ordinary shares subject to possible redemption - June 30, 2024 (unaudited) $ 163,744,030 |
Schedule of calculation of basic and diluted net income per ordinary share | The following tables reflect the calculation of basic and diluted net income per ordinary share (in dollars, except per share amounts): For the six months ended June 30, 2024 2023 Class A Class A Class A (subject to (not subject to (subject to redemption) redemption) Class B redemption) Class B Basic and diluted net income per ordinary share: Numerator: Allocation of net income $ 2,593,534 $ 1,136,134 $ 180,913 $ 3,745,637 $ 1,248,546 Denominator: Basic and diluted weighted average ordinary shares outstanding 15,097,229 6,613,553 1,053,114 23,000,000 7,666,667 Basic and diluted net income per ordinary share $ 0.17 $ 0.17 $ 0.17 $ 0.16 $ 0.16 For the three months ended June 30, 2024 2023 Class A Class A Class A (subject to (not subject to (subject to redemption) redemption) Class B redemption) Class B Basic and diluted net income per ordinary share: Numerator: Allocation of net income $ 1,267,577 $ 663,905 $ — $ 2,001,075 $ 667,025 Denominator: Basic and diluted weighted average ordinary shares outstanding 14,637,766 7,666,666 1 23,000,000 7,666,667 Basic and diluted net income per ordinary share $ 0.09 $ 0.09 $ 0.09 $ 0.09 $ 0.09 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Related Party Transactions | |
Schedule of assumptions were used for the determination of grant date fair value for the shares transferred to directors | Risk-free interest rate 0.30 % Expected term (in years) 3.96 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Measurements | |
Schedule of company's financial assets that are measured at fair value on a recurring basis | June 30, 2024 Quoted Prices in Active Significant Other Significant Other Markets Observable Inputs Unobservable Inputs Description (Level 1) (Level 2) (Level 3) Assets: Cash and Investments held in Trust Account - U.S. Treasury Securities $ 163,744,030 $ — $ — December 31, 2023 Quoted Prices in Active Significant Other Significant Other Markets Observable Inputs Unobservable Inputs Description (Level 1) (Level 2) (Level 3) Assets: Cash and Investments held in Trust Account - U.S. Treasury Securities $ 249,254,022 $ — $ — |
Description of Organization, _2
Description of Organization, Business Operations and Liquidity (Details) | 3 Months Ended | 6 Months Ended | |||||||
Jan. 25, 2024 USD ($) shares | Jan. 17, 2024 USD ($) $ / shares | Jan. 10, 2024 USD ($) $ / shares shares | Oct. 17, 2022 USD ($) item $ / shares shares | Mar. 31, 2024 USD ($) | Jun. 30, 2024 USD ($) $ / shares shares | Jan. 11, 2024 USD ($) $ / shares | Dec. 31, 2023 USD ($) $ / shares shares | Mar. 18, 2022 shares | |
Initial Public Offering | |||||||||
Purchase price, per unit | $ / shares | $ 10.25 | $ 11.19 | |||||||
Gross proceeds | $ | $ 235,800,000 | ||||||||
Number of shares issued per right | 0.10 | ||||||||
One or more initial business combinations having an aggregate fair market value | item | 1 | ||||||||
Threshold minimum aggregate fair market value as a percentage of the net assets held in the Trust Account | 80% | ||||||||
Threshold percentage of outstanding voting securities of the target to be acquired by post-transaction company to complete business combination | 50% | ||||||||
Redemption limit percentage without prior consent | 15 | ||||||||
Obligation to redeem public shares if entity does not complete a business combination (as a percent) | 100% | ||||||||
Period for consummation of business combination | 15 months | ||||||||
Extended period for business combination | 3 years | ||||||||
Additional fund deposited into trust account | $ | $ 0 | ||||||||
Net intangible assets | $ | $ 5,000,001 | $ 5,000,001 | |||||||
Conversion of Class B ordinary shares to Class A ordinary shares not subject to possible redemption (in shares) | 7,666,666 | ||||||||
Cash held in the Trust Account | $ | $ 813,135 | $ 1,240,671 | |||||||
Working Capital | $ | 200,000 | ||||||||
Consideration received from sponsor | $ | 25,000 | ||||||||
Loan amount converted into warrants | $ | 1,500,000 | ||||||||
Outstanding working capital loans | $ | $ 0 | $ 0 | |||||||
Class A ordinary shares | |||||||||
Initial Public Offering | |||||||||
Common shares, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | |||||||
Conversion ratio | 1 | 1 | 1 | 1 | |||||
Ordinary shares, shares issued (in shares) | 22,304,432 | ||||||||
Ordinary shares, shares outstanding (in shares) | 22,304,432 | ||||||||
Class A ordinary shares subject to possible redemption | |||||||||
Initial Public Offering | |||||||||
Ordinary shares subject to possible redemption, redemption price per share | $ / shares | $ 10.85 | $ 10.85 | $ 11.19 | $ 10.84 | |||||
Redemption of shares | 8,362,234 | 8,362,234 | |||||||
Aggregate redemption amount | $ | $ 90,726,471 | $ 90,726,471 | $ (90,726,471) | ||||||
Ordinary shares, shares outstanding (in shares) | 7,666,666 | ||||||||
Ordinary shares subject to possible redemption, shares outstanding (in shares) | 14,637,766 | 14,637,766 | 23,000,000 | ||||||
Class B Ordinary Shares | |||||||||
Initial Public Offering | |||||||||
Common shares, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||
Ordinary shares, shares issued (in shares) | 1 | 7,666,667 | |||||||
Ordinary shares, shares outstanding (in shares) | 1 | 7,666,667 | 7,666,667 | ||||||
Related Party | |||||||||
Initial Public Offering | |||||||||
Note payable - related party | $ | $ 269,000 | ||||||||
Sponsor | |||||||||
Initial Public Offering | |||||||||
Conversion of Class B ordinary shares to Class A ordinary shares not subject to possible redemption (in shares) | 7,546,666 | ||||||||
Sponsor | Class A ordinary shares | |||||||||
Initial Public Offering | |||||||||
Ordinary shares, shares outstanding (in shares) | 7,546,666 | ||||||||
Sponsor | Class B Ordinary Shares | |||||||||
Initial Public Offering | |||||||||
Ordinary shares, shares issued (in shares) | 1 | ||||||||
Ordinary shares, shares outstanding (in shares) | 1 | ||||||||
Sponsor | Unsecured promissory note | |||||||||
Initial Public Offering | |||||||||
Notes payable | $ | $ 900,000 | ||||||||
Monthly contribution to trust account | $ | 150,000 | 150,000 | |||||||
Maximum aggregate amount | $ | $ 3,150,000 | $ 3,150,000 | |||||||
Director | |||||||||
Initial Public Offering | |||||||||
Conversion of Class B ordinary shares to Class A ordinary shares not subject to possible redemption (in shares) | 120,000 | ||||||||
Director | Class A ordinary shares | |||||||||
Initial Public Offering | |||||||||
Ordinary shares, shares outstanding (in shares) | 120,000 | ||||||||
Director | Class B Ordinary Shares | |||||||||
Initial Public Offering | |||||||||
Conversion of Class B ordinary shares to Class A ordinary shares not subject to possible redemption (in shares) | 120,000 | ||||||||
Initial Public Offering | |||||||||
Initial Public Offering | |||||||||
Sale of Units, net of underwriting discounts (in shares) | 23,000,000 | ||||||||
Purchase price, per unit | $ / shares | $ 10 | ||||||||
Gross proceeds | $ | $ 230,000,000 | ||||||||
Offering costs | $ | 13,400,000 | ||||||||
Deferred underwriting commissions | $ | $ 8,100,000 | ||||||||
Number of shares issued per unit | 1 | ||||||||
Number of shares issued per right | 0.10 | ||||||||
Number of warrants in a unit | 0.5 | ||||||||
Period for consummation of business combination | 36 months | ||||||||
Public share price (per share) | $ / shares | $ 10.25 | ||||||||
Private Placement | |||||||||
Initial Public Offering | |||||||||
Sale of private placement warrants (in shares) | 13,350,000 | ||||||||
Price of warrant | $ / shares | $ 1 | ||||||||
Proceeds from sale of private placement warrants | $ | $ 13,400,000 | ||||||||
Over-allotment option | |||||||||
Initial Public Offering | |||||||||
Sale of Units, net of underwriting discounts (in shares) | 3,000,000 | ||||||||
Purchase price, per unit | $ / shares | $ 10 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) | 3 Months Ended | 6 Months Ended | ||||||
Jan. 17, 2024 USD ($) $ / shares | Jan. 10, 2024 USD ($) $ / shares shares | Mar. 31, 2024 USD ($) | Jun. 30, 2024 USD ($) $ / shares shares | Jan. 25, 2024 shares | Jan. 11, 2024 | Dec. 31, 2023 USD ($) $ / shares shares | Mar. 18, 2022 shares | |
Summary of Significant Accounting Policies | ||||||||
Cash equivalents | $ | $ 0 | $ 0 | ||||||
Unrecognized tax benefits | $ | 0 | 0 | ||||||
Unrecognized tax benefits accrued for interest and penalties | $ | $ 0 | $ 0 | ||||||
Rights | ||||||||
Summary of Significant Accounting Policies | ||||||||
Antidilutive securities excluded from computation of earnings per share | 2,300,000 | |||||||
Public Warrants and Private Placement Warrants | ||||||||
Summary of Significant Accounting Policies | ||||||||
Antidilutive securities excluded from computation of earnings per share | 24,850,000 | |||||||
Class A ordinary shares | ||||||||
Summary of Significant Accounting Policies | ||||||||
Common shares, shares outstanding (in shares) | 22,304,432 | |||||||
Conversion ratio | 1 | 1 | 1 | 1 | ||||
Class B Ordinary Shares | ||||||||
Summary of Significant Accounting Policies | ||||||||
Common shares, shares outstanding (in shares) | 1 | 7,666,667 | 7,666,667 | |||||
Class A ordinary shares subject to possible redemption | ||||||||
Summary of Significant Accounting Policies | ||||||||
Ordinary shares subject to possible redemption, shares outstanding (in shares) | 14,637,766 | 14,637,766 | 23,000,000 | |||||
Redemption of shares | 8,362,234 | 8,362,234 | ||||||
Aggregate redemption amount | $ | $ 90,726,471 | $ 90,726,471 | $ (90,726,471) | |||||
Redemption price | $ / shares | $ 10.85 | $ 10.85 | $ 11.19 | $ 10.84 | ||||
Common shares, shares outstanding (in shares) | 7,666,666 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Reconciliation of Class A ordinary shares (Details) - USD ($) | 3 Months Ended | |||||
Jan. 17, 2024 | Jan. 10, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | |
Summary of Significant Accounting Policies | ||||||
Adjustment for accretion of Class A ordinary shares subject to possible redemption | $ 2,551,559 | $ 2,664,919 | $ 2,860,990 | $ 2,519,340 | ||
Class A ordinary shares subject to possible redemption | ||||||
Summary of Significant Accounting Policies | ||||||
Class A ordinary shares subject to possible redemption | 161,192,470 | 249,254,022 | ||||
Redemption | $ 90,726,471 | $ 90,726,471 | (90,726,471) | |||
Adjustment for accretion of Class A ordinary shares subject to possible redemption | 2,101,559 | 2,214,919 | ||||
Adjustment for Contributions | 450,000 | 450,000 | ||||
Class A ordinary shares subject to possible redemption | $ 163,744,030 | $ 161,192,470 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Basic and diluted net income (loss) per ordinary share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Class A ordinary shares subject not to possible redemption | ||||
Summary of Significant Accounting Policies | ||||
Allocation of net income | $ 663,905 | $ 1,136,134 | ||
Weighted average ordinary shares outstanding - basic (in shares) | 7,666,666 | 6,613,553 | ||
Weighted average ordinary shares outstanding - diluted (in shares) | 7,666,666 | 6,613,553 | ||
Net income per ordinary share - basic (in dollars per share) | $ 0.09 | $ 0.17 | ||
Net income per ordinary share - diluted (in dollars per share) | $ 0.09 | $ 0.17 | ||
Class A ordinary shares subject to possible redemption | ||||
Summary of Significant Accounting Policies | ||||
Allocation of net income | $ 1,267,577 | $ 2,001,075 | $ 2,593,534 | $ 3,745,637 |
Weighted average ordinary shares outstanding - basic (in shares) | 14,637,766 | 23,000,000 | 15,097,229 | 23,000,000 |
Weighted average ordinary shares outstanding - diluted (in shares) | 14,637,766 | 23,000,000 | 15,097,229 | 23,000,000 |
Net income per ordinary share - basic (in dollars per share) | $ 0.09 | $ 0.09 | $ 0.17 | $ 0.16 |
Net income per ordinary share - diluted (in dollars per share) | $ 0.09 | $ 0.09 | $ 0.17 | $ 0.16 |
Class B Ordinary Shares | ||||
Summary of Significant Accounting Policies | ||||
Allocation of net income | $ 667,025 | $ 180,913 | $ 1,248,546 | |
Weighted average ordinary shares outstanding - basic (in shares) | 1 | 7,666,667 | 1,053,114 | 7,666,667 |
Weighted average ordinary shares outstanding - diluted (in shares) | 1 | 7,666,667 | 1,053,114 | 7,666,667 |
Net income per ordinary share - basic (in dollars per share) | $ 0.09 | $ 0.09 | $ 0.17 | $ 0.16 |
Net income per ordinary share - diluted (in dollars per share) | $ 0.09 | $ 0.09 | $ 0.17 | $ 0.16 |
Initial Public Offering - (Deta
Initial Public Offering - (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | |
Oct. 17, 2022 | Jun. 30, 2024 | |
Initial Public Offering | ||
Purchase price, per unit | $ 10.25 | $ 11.19 |
Number of shares issued per right | 0.10 | |
Initial Public Offering | ||
Initial Public Offering | ||
Sale of Units, net of underwriting discounts (in shares) | 23,000,000 | |
Purchase price, per unit | $ 10 | |
Proceeds from issuance of Class B common stock to Sponsor | $ 230 | |
Offering costs | 13.4 | |
Deferred underwriting fees | $ 8.1 | |
Number of shares issued per unit | 1 | |
Number of warrants in a unit | 0.5 | |
Number of shares issued per right | 0.10 | |
Initial Public Offering | Public Warrants | ||
Initial Public Offering | ||
Number of warrants in a unit | 0.5 | |
Number of shares issuable per warrant | 1 | |
Initial Public Offering | Public Warrants | Class A ordinary shares | ||
Initial Public Offering | ||
Exercise price of warrants | $ 11.50 | |
Over-allotment option | ||
Initial Public Offering | ||
Sale of Units, net of underwriting discounts (in shares) | 3,000,000 | |
Purchase price, per unit | $ 10 |
Related Party Transactions - Fo
Related Party Transactions - Founder Shares (Details) - USD ($) | 1 Months Ended | 6 Months Ended | |||||||
Jan. 25, 2024 | Oct. 17, 2022 | Mar. 18, 2022 | Jan. 26, 2021 | Feb. 28, 2021 | Jun. 30, 2024 | Jan. 11, 2024 | Jan. 10, 2024 | Dec. 31, 2023 | |
Related Party Transactions | |||||||||
Consideration received from sponsor | $ 25,000 | ||||||||
Conversion of Class B ordinary shares to Class A ordinary shares not subject to possible redemption (in shares) | 7,666,666 | ||||||||
Over-allotment option | |||||||||
Related Party Transactions | |||||||||
Issuance of Class B ordinary shares to Sponsor (shares) | 3,000,000 | ||||||||
Class B ordinary shares | |||||||||
Related Party Transactions | |||||||||
Common shares, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||
Common shares, shares outstanding (in shares) | 7,666,667 | 1 | 7,666,667 | ||||||
Sponsor | |||||||||
Related Party Transactions | |||||||||
Conversion of Class B ordinary shares to Class A ordinary shares not subject to possible redemption (in shares) | 7,546,666 | ||||||||
Recognized stock based compensation expense | $ 0 | ||||||||
Sponsor | Class B ordinary shares | |||||||||
Related Party Transactions | |||||||||
Common shares, shares outstanding (in shares) | 1 | ||||||||
Percentage of shares allowed for transfer | 80% | ||||||||
Director | |||||||||
Related Party Transactions | |||||||||
Conversion of Class B ordinary shares to Class A ordinary shares not subject to possible redemption (in shares) | 120,000 | ||||||||
Director | Class B ordinary shares | |||||||||
Related Party Transactions | |||||||||
Conversion of Class B ordinary shares to Class A ordinary shares not subject to possible redemption (in shares) | 120,000 | ||||||||
Founder shares | Class B ordinary shares | |||||||||
Related Party Transactions | |||||||||
Shares capitalized for future | 1,916,667 | ||||||||
Shares subject to forfeiture | 1,000,000 | ||||||||
Percentage of issued and outstanding shares after the Initial Public Offering collectively held by initial stockholders | 25% | ||||||||
Restrictions on transfer period of time after business combination completion | 1 year | ||||||||
Stock price trigger to transfer, assign or sell any shares or warrants of the company, after the completion of the initial business combination (in dollars per share) | $ 12 | ||||||||
Threshold trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination | 20 days | ||||||||
Threshold consecutive trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination | 30 days | ||||||||
Threshold period after the business combination in which the 20 trading days within any 30 trading day period commences | 120 days | ||||||||
Founder shares | Class B ordinary shares | Over-allotment option | |||||||||
Related Party Transactions | |||||||||
Number of shares no longer subject to forfeiture | 1,000,000 | ||||||||
Founder shares | Sponsor | Class B ordinary shares | |||||||||
Related Party Transactions | |||||||||
Issuance of Class B ordinary shares to Sponsor (shares) | 5,750,000 | 40,000 | |||||||
Common shares, par value (in dollars per share) | $ 0.0001 | ||||||||
Consideration received from sponsor | $ 25,000 | ||||||||
Percentage of issued and outstanding shares after the Initial Public Offering collectively held by initial stockholders | 25% | ||||||||
Stock price trigger to transfer, assign or sell any shares or warrants of the company, after the completion of the initial business combination (in dollars per share) | $ 12.50 | ||||||||
Threshold trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination | 20 days | ||||||||
Threshold consecutive trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination | 30 days | ||||||||
Shares granted | 120,000 | ||||||||
Share granted value | $ 452,000 | ||||||||
Amount granted per share | $ 3.77 | ||||||||
Risk-free interest rate | 0.30% | ||||||||
Expected term (in years) | 3 years 11 months 15 days |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jan. 25, 2024 | Jan. 10, 2024 | Oct. 17, 2022 | Oct. 12, 2022 | Jun. 30, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | |
Related Party Transactions | |||||||
Promissory note, borrowed amount | $ 900,000 | ||||||
Conversion of Class B ordinary shares to Class A ordinary shares not subject to possible redemption (in shares) | 7,666,666 | ||||||
Loan amount converted into warrants | 1,500,000 | ||||||
Outstanding working capital loans | $ 0 | 0 | $ 0 | ||||
Additional fund deposited into trust account | $ 0 | ||||||
Sponsor | |||||||
Related Party Transactions | |||||||
Conversion of Class B ordinary shares to Class A ordinary shares not subject to possible redemption (in shares) | 7,546,666 | ||||||
Private Placement Warrants | |||||||
Related Party Transactions | |||||||
Sale of private placement warrants (in shares) | 13,350,000 | ||||||
Price of warrant | $ 1 | ||||||
Proceeds from sale of private placement warrants | $ 13,400,000 | ||||||
Number of shares issuable per warrant | 1 | ||||||
Exercise price of warrants | $ 11.50 | ||||||
Promissory Note with Related Party | |||||||
Related Party Transactions | |||||||
Maximum borrowing capacity of related party promissory note | $ 300,000 | $ 300,000 | |||||
Related Party Loans | Working capital loans warrant | |||||||
Related Party Transactions | |||||||
Price of warrant | $ 1 | $ 1 | |||||
Loan amount converted into warrants | $ 1,500,000 | ||||||
Unsecured promissory note | Sponsor | |||||||
Related Party Transactions | |||||||
Monthly contribution to trust account | $ 150,000 | 150,000 | |||||
Maximum aggregate amount | $ 3,150,000 | $ 3,150,000 | 3,150,000 | ||||
Promissory note, borrowed amount | 900,000 | ||||||
Promissory note, remaining withdrawal amount. | 2,250,000 | 2,250,000 | |||||
Administrative Services Agreement | |||||||
Related Party Transactions | |||||||
Expenses per month | $ 10,000 | ||||||
Expenses incurred | 30,000 | 60,000 | |||||
Unpaid fees | $ 60,000 | $ 60,000 | $ 30,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Commitments and Contingencies | ||
Underwriting cash discount per unit | $ 0.20 | |
Aggregate underwriter cash discount | $ 4,600,000 | |
Deferred fee per unit | $ 0.35 | |
Aggregate deferred underwriting fee payable | $ 8,100,000 | |
Deferred legal fees | $ 1,275,065 | $ 1,054,000 |
Shareholders' Deficit- Preferen
Shareholders' Deficit- Preference Shares (Details) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
Shareholders' Deficit | ||
Preferred shares, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred shares, shares issued (in shares) | 0 | 0 |
Preferred shares, shares outstanding (in shares) | 0 | 0 |
Shareholders' Deficit - Ordinar
Shareholders' Deficit - Ordinary Shares (Details) | 6 Months Ended | |||||
Jan. 25, 2024 USD ($) shares | Jun. 30, 2024 $ / shares shares | Jan. 11, 2024 $ / shares | Jan. 10, 2024 $ / shares | Dec. 31, 2023 $ / shares shares | Mar. 18, 2022 shares | |
Shareholders' Deficit | ||||||
Conversion of Class B ordinary shares to Class A ordinary shares not subject to possible redemption (in shares) | 7,666,666 | |||||
Number of rights outstanding | 2,300,000 | 2,300,000 | ||||
Number of shares issued per right | 0.10 | |||||
Number of shares issuable per right, if company will not be survivor upon completion of business combination | 1 | |||||
Fractional shares issued upon conversion of rights | 0 | |||||
Additional fund deposited into trust account | $ | $ 0 | |||||
Sponsor | ||||||
Shareholders' Deficit | ||||||
Conversion of Class B ordinary shares to Class A ordinary shares not subject to possible redemption (in shares) | 7,546,666 | |||||
Director | ||||||
Shareholders' Deficit | ||||||
Conversion of Class B ordinary shares to Class A ordinary shares not subject to possible redemption (in shares) | 120,000 | |||||
Class A ordinary shares | ||||||
Shareholders' Deficit | ||||||
Ordinary shares, shares authorized (in shares) | 300,000,000 | 300,000,000 | ||||
Ordinary shares, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | ||||
Ordinary shares, shares issued (in shares) | 22,304,432 | |||||
Ordinary shares, shares outstanding (in shares) | 22,304,432 | |||||
Conversion ratio | 1 | 1 | 1 | 1 | ||
Class A ordinary shares | Sponsor | ||||||
Shareholders' Deficit | ||||||
Ordinary shares, shares outstanding (in shares) | 7,546,666 | |||||
Class A ordinary shares | Director | ||||||
Shareholders' Deficit | ||||||
Ordinary shares, shares outstanding (in shares) | 120,000 | |||||
Class A ordinary shares subject to possible redemption | ||||||
Shareholders' Deficit | ||||||
Ordinary shares subject to possible redemption, shares issued (in shares) | 14,637,766 | 23,000,000 | ||||
Ordinary shares subject to possible redemption, shares outstanding (in shares) | 14,637,766 | 14,637,766 | 23,000,000 | |||
Ordinary shares, shares outstanding (in shares) | 7,666,666 | |||||
Class B ordinary shares | ||||||
Shareholders' Deficit | ||||||
Ordinary shares, shares authorized (in shares) | 30,000,000 | 30,000,000 | ||||
Ordinary shares, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Ordinary shares, shares issued (in shares) | 1 | 7,666,667 | ||||
Ordinary shares, shares outstanding (in shares) | 1 | 7,666,667 | 7,666,667 | |||
Class B ordinary shares | Sponsor | ||||||
Shareholders' Deficit | ||||||
Ordinary shares, shares issued (in shares) | 1 | |||||
Ordinary shares, shares outstanding (in shares) | 1 | |||||
Class B ordinary shares | Director | ||||||
Shareholders' Deficit | ||||||
Conversion of Class B ordinary shares to Class A ordinary shares not subject to possible redemption (in shares) | 120,000 |
Shareholders' Deficit - Warrant
Shareholders' Deficit - Warrants (Details) - $ / shares | 6 Months Ended | ||
Jun. 30, 2024 | Dec. 31, 2023 | Oct. 17, 2022 | |
Shareholders' Deficit | |||
Warrants outstanding | 2,300,000 | 2,300,000 | |
Class A ordinary shares | |||
Shareholders' Deficit | |||
Share Price | $ 9.20 | ||
Redemption of warrants when the price per class A ordinary share equals or exceeds $18.00 | |||
Shareholders' Deficit | |||
Redemption price per public warrant (in dollars per share) | $ 0.01 | ||
Minimum threshold written notice period for redemption of public warrants | 30 days | ||
Threshold trading days for redemption of public warrants | 20 days | ||
Redemption period | 30 days | ||
Stock price trigger for redemption of public warrants | $ 18 | ||
Warrants | |||
Shareholders' Deficit | |||
Exercise price of warrant | $ 11.50 | ||
Private Placement Warrants | |||
Shareholders' Deficit | |||
Warrants outstanding | 13,350,000 | 13,350,000 | |
Exercise price of warrant | $ 11.50 | ||
Threshold period for not to transfer, assign or sell any of their shares or warrants after the completion of the initial business combination | 30 days | ||
Public Warrants | |||
Shareholders' Deficit | |||
Warrants outstanding | 11,500,000 | 11,500,000 | |
Fractional warrants issued upon conversion of units | 0 | ||
Warrants exercisable term from the completion of business combination | 30 days | ||
Warrants exercisable term from closing of initial public offering | 12 months | ||
Maximum period after business combination in which to file registration statement | 20 days | ||
Public Warrants expiration term | 5 years | ||
Adjustment one of redemption price of stock based on market value and newly issued price (as a percent) | 115% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Assets: | |||||
Cash and Investments held in Trust Account - U.S. Treasury Securities | $ 163,744,030 | $ 163,744,030 | $ 249,254,022 | ||
Fair value assets level 1 to level 2 transfers amount 1 | 0 | $ 0 | 0 | $ 0 | |
Fair value assets level 2 to level 1 transfers amount 1 | 0 | 0 | 0 | 0 | |
Fair value assets transferred into (out of) level 3 | 0 | $ 0 | 0 | $ 0 | |
Level 1 | US Treasury Securities | Recurring | |||||
Assets: | |||||
Cash and Investments held in Trust Account - U.S. Treasury Securities | $ 163,744,030 | $ 163,744,030 | $ 249,254,022 |