Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 20, 2023 | |
Document Information Line Items | ||
Entity Registrant Name | ZALATORIS II ACQUISITION CORP. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Entity Central Index Key | 0001853397 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Shell Company | true | |
Entity Ex Transition Period | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-40686 | |
Entity Incorporation, State or Country Code | E9 | |
Entity Tax Identification Number | 00-0000000 | |
Entity Address, Address Line One | 55 West 46th Street | |
Entity Address, Address Line Two | 30th Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10036 | |
City Area Code | (917) | |
Local Phone Number | 675-3106 | |
Entity Interactive Data Current | Yes | |
Units, each consisting of one Class A ordinary share and one-third of one redeemable warrant | ||
Document Information Line Items | ||
Trading Symbol | ZLSWU | |
Title of 12(b) Security | Units, each consisting of one Class A ordinary share and one-third of one redeemable warrant | |
Security Exchange Name | NASDAQ | |
Class A ordinary share, par value $0.0001 per share | ||
Document Information Line Items | ||
Trading Symbol | ZLS | |
Title of 12(b) Security | Class A ordinary share, par value $0.0001 per share | |
Security Exchange Name | NASDAQ | |
Redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per whole share | ||
Document Information Line Items | ||
Trading Symbol | ZLSWW | |
Title of 12(b) Security | Redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per whole share | |
Security Exchange Name | NASDAQ | |
Class A Ordinary Shares | ||
Document Information Line Items | ||
Entity Common Stock, Shares Outstanding | 6,514,674 | |
Class B Ordinary Shares | ||
Document Information Line Items | ||
Entity Common Stock, Shares Outstanding | 5,490,283 |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash | $ 44,659 | |
Prepaid expenses | 76,954 | 233,489 |
Total current assets | 76,954 | 278,148 |
Investments held in Trust Account | 68,616,837 | 222,726,270 |
Total assets | 68,693,791 | 223,004,418 |
Current liabilities | ||
Accounts payable | 264,435 | 295,328 |
Accrued expenses | 4,966,405 | |
Accrued offering costs | 92,000 | |
Total current liabilities | 324,435 | 5,353,733 |
Deferred underwriter’s commission fee | 4,996,157 | |
Warrant liabilities | 718,000 | 1,874,437 |
Total liabilities | 1,242,435 | 15,214,566 |
Commitments and contingencies (Note 8) | ||
Class A ordinary shares subject to possible redemption, 6,514,674 and 21,961,131 shares at redemption value of $10.53 and $10.14 as of September 30, 2023 and December 31, 2022, respectively | 68,616,837 | 222,726,270 |
Shareholders’ deficit | ||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | ||
Additional paid-in capital | 6,225,361 | |
Accumulated deficit | (7,391,391) | (14,936,967) |
Total shareholders’ deficit | (1,165,481) | (14,936,418) |
Total liabilities and shareholders’ deficit | 68,693,791 | 223,004,418 |
Class A Ordinary Shares | ||
Shareholders’ deficit | ||
Class A ordinary shares | ||
Class B Ordinary Shares | ||
Shareholders’ deficit | ||
Class A ordinary shares | 549 | 549 |
Related Party | ||
Current liabilities | ||
Due to/from Former Sponsor | 60,000 | |
Promissory note payable – related party | 200,000 | 300,000 |
Deferred advisory fee – related party | $ 2,690,239 |
Condensed Balance Sheets (Una_2
Condensed Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
Preferred stock, par value, (per share) (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Class A Ordinary Shares | ||
Temporary equity, subject to possible redemption shares | 6,514,674 | 21,961,131 |
Temporary equity, redemption per share (in Dollars per share) | $ 10.53 | $ 10.14 |
Ordinary shares, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Ordinary shares, shares authorized | 200,000,000 | 200,000,000 |
Ordinary shares, shares issued | ||
Ordinary shares, shares outstanding | ||
Class B Ordinary Shares | ||
Ordinary shares, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Ordinary shares, shares authorized | 20,000,000 | 20,000,000 |
Ordinary shares, shares issued | 5,490,283 | 5,490,283 |
Ordinary shares, shares outstanding | 5,490,283 | 5,490,283 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Formation and operating costs | $ 402,101 | $ 1,697,156 | $ 1,063,594 | $ 4,338,159 |
Loss from operations | (402,101) | (1,697,156) | (1,063,594) | (4,338,159) |
Other income (expense) | ||||
Change in fair value of warrant liabilities | (370,000) | 158,804 | 1,156,437 | 4,146,517 |
Gain on securities held in trust | 1,417,774 | 971,818 | 6,423,484 | 1,273,925 |
Interest earned on bank account | 105 | 274 | ||
Foreign exchange gain (loss) | 14,682 | (33,936) | 25,543 | |
Total other income | 1,047,879 | 1,145,304 | 7,546,259 | 5,445,985 |
Net income (loss) | $ 645,778 | $ (551,852) | $ 6,482,665 | $ 1,107,826 |
Redeemable Class A ordinary shares | ||||
Other income (expense) | ||||
Basic weighted average shares outstanding (in Shares) | 10,879,977 | 21,961,131 | 18,226,823 | 21,961,131 |
Basic net income (loss) per share (in Dollars per share) | $ 0.04 | $ (0.02) | $ 0.27 | $ 0.04 |
Non- redeemable Class B ordinary shares | ||||
Other income (expense) | ||||
Basic weighted average shares outstanding (in Shares) | 5,490,283 | 5,490,283 | 5,490,283 | 5,490,283 |
Basic net income (loss) per share (in Dollars per share) | $ 0.04 | $ (0.02) | $ 0.27 | $ 0.04 |
Condensed Statements of Opera_2
Condensed Statements of Operations (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Redeemable Class A ordinary shares | ||||
Diluted weighted average shares outstanding | 10,879,977 | 21,961,131 | 18,226,823 | 21,961,131 |
Diluted net income (loss) per share | $ 0.04 | $ (0.02) | $ 0.27 | $ 0.04 |
Non- redeemable Class B ordinary shares | ||||
Diluted weighted average shares outstanding | 5,490,283 | 5,490,283 | 5,490,283 | 5,490,283 |
Diluted net income (loss) per share | $ 0.04 | $ (0.02) | $ 0.27 | $ 0.04 |
Condensed Statements of Changes
Condensed Statements of Changes in Shareholders’ Deficit (Unaudited) - USD ($) | Class A Ordinary Shares | Class A | Class B Ordinary Shares | Additional Paid-in Capital | Accumulated Deficit | Total |
Balance at Dec. 31, 2021 | $ 549 | $ (13,739,883) | $ (13,739,334) | |||
Balance (in Shares) at Dec. 31, 2021 | 5,490,283 | |||||
Remeasurement of Class A shares to redemption amount | (14,424) | (14,424) | ||||
Net income (loss) | (208,504) | (208,504) | ||||
Balance at Mar. 31, 2022 | $ 549 | (13,962,811) | (13,962,262) | |||
Balance (in Shares) at Mar. 31, 2022 | 5,490,283 | |||||
Balance at Dec. 31, 2021 | $ 549 | (13,739,883) | (13,739,334) | |||
Balance (in Shares) at Dec. 31, 2021 | 5,490,283 | |||||
Deferred underwriter’s commission fee waiver | ||||||
Deferred advisory fee – related party | ||||||
Net income (loss) | 1,107,826 | |||||
Balance at Sep. 30, 2022 | $ 549 | (13,905,982) | (13,905,433) | |||
Balance (in Shares) at Sep. 30, 2022 | 5,490,283 | |||||
Balance at Mar. 31, 2022 | $ 549 | (13,962,811) | (13,962,262) | |||
Balance (in Shares) at Mar. 31, 2022 | 5,490,283 | |||||
Remeasurement of Class A shares to redemption amount | (287,683) | (287,683) | ||||
Net income (loss) | 1,868,182 | 1,868,182 | ||||
Balance at Jun. 30, 2022 | $ 549 | (12,382,312) | (12,381,763) | |||
Balance (in Shares) at Jun. 30, 2022 | 5,490,283 | |||||
Remeasurement of Class A shares to redemption amount | (971,818) | (971,818) | ||||
Net income (loss) | (551,852) | (551,852) | ||||
Balance at Sep. 30, 2022 | $ 549 | (13,905,982) | (13,905,433) | |||
Balance (in Shares) at Sep. 30, 2022 | 5,490,283 | |||||
Balance at Dec. 31, 2022 | $ 549 | (14,936,967) | (14,936,418) | |||
Balance (in Shares) at Dec. 31, 2022 | 5,490,283 | |||||
Remeasurement of Class A shares to redemption amount | (2,359,422) | (2,359,422) | ||||
Net income (loss) | 2,545,037 | 2,545,037 | ||||
Balance at Mar. 31, 2023 | $ 549 | (14,751,352) | (14,750,803) | |||
Balance (in Shares) at Mar. 31, 2023 | 5,490,283 | |||||
Balance at Dec. 31, 2022 | $ 549 | (14,936,967) | (14,936,418) | |||
Balance (in Shares) at Dec. 31, 2022 | 5,490,283 | |||||
Deferred underwriter’s commission fee waiver | (4,996,157) | |||||
Deferred advisory fee – related party | 2,690,239 | |||||
Net income (loss) | 6,482,665 | |||||
Balance at Sep. 30, 2023 | $ 549 | 6,225,361 | (7,391,391) | (1,165,481) | ||
Balance (in Shares) at Sep. 30, 2023 | 21,961,131 | 5,490,283 | ||||
Balance at Mar. 31, 2023 | $ 549 | (14,751,352) | (14,750,803) | |||
Balance (in Shares) at Mar. 31, 2023 | 5,490,283 | |||||
Capital contribution from Sponsor | 6,187,074 | 6,187,074 | ||||
Remeasurement of Class A shares to redemption amount | (2,646,288) | (2,646,288) | ||||
Net income (loss) | 3,291,850 | 3,291,850 | ||||
Balance at Jun. 30, 2023 | $ 549 | 6,187,074 | (14,105,790) | (7,918,167) | ||
Balance (in Shares) at Jun. 30, 2023 | 5,490,283 | |||||
Capital contribution from Sponsor | 38,287 | 38,287 | ||||
Deferred underwriter’s commission fee waiver | 4,996,157 | 4,996,157 | ||||
Deferred advisory fee – related party | 2,690,239 | 2,690,239 | ||||
Extension contributions | (200,000) | (200,000) | ||||
Remeasurement of Class A shares to redemption amount | (1,417,774) | (1,417,774) | ||||
Net income (loss) | 645,778 | 645,778 | ||||
Balance at Sep. 30, 2023 | $ 549 | $ 6,225,361 | $ (7,391,391) | $ (1,165,481) | ||
Balance (in Shares) at Sep. 30, 2023 | 21,961,131 | 5,490,283 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flow from operating activities: | ||
Net income | $ 6,482,665 | $ 1,107,826 |
Gain on securities held in trust | (6,423,484) | (302,107) |
Change in fair value of warrant liabilities | (1,156,437) | (3,987,713) |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 156,535 | (18,498) |
Prepaid expenses – non-current | 200,125 | |
Accounts payable | 287,600 | (110,978) |
Accrued expenses | 28,504 | 2,261,972 |
Due to Sponsor | 60,000 | |
Net cash used in operating activities | (564,617) | (297,521) |
Cash flow from investing activities: | ||
Withdrawal from Trust Account for redemptions | 160,732,917 | |
Extension payments | (200,000) | |
Net cash provided by investing activities | 160,532,917 | |
Cash flow from financing activities: | ||
Capital Contribution | 519,958 | |
Trust redemptions | (160,732,917) | |
Proceeds from affiliate promissory note | 200,000 | 215,588 |
Net cash used in financing activities | (160,012,959) | 215,588 |
Net change in cash | (44,659) | (81,933) |
Cash at beginning of period | 44,659 | 352,190 |
Cash at end of period | 270,257 | |
Non-cash financing activities: | ||
Remeasurement of ordinary shares subject to possible redemption value | 6,423,484 | 302,107 |
Capital contribution from Former Sponsor – Accounts Payable | 318,493 | |
Capital contribution from Former Sponsor – Accrued Expenses | 4,994,910 | |
Capital Contribution from Former Sponsor – Offering Costs | 92,000 | |
Capital Contribution from Former Sponsor – Due to Sponsor | 519,958 | |
Capital Contribution from Former Sponsor – Promissory Note | 300,000 | |
Deferred underwriter’s commission fee waiver | 4,996,157 | |
Deferred advisory fee – related party | $ 2,690,239 |
Organization and Business Backg
Organization and Business Background | 9 Months Ended |
Sep. 30, 2023 | |
Organization and Business Background [Abstract] | |
ORGANIZATION AND BUSINESS BACKGROUND | NOTE 1 — ORGANIZATION AND BUSINESS BACKGROUND Zalatoris II Acquisition Corp., formerly XPAC Acquisition Corp., (the “Company”) was incorporated in the Cayman Islands on March 11, 2021. The Company was formed for the purpose of entering into a merger, amalgamation, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Company is not limited to a particular industry or sector for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. As of September 30, 2023, the Company had not commenced any operations. All activity for the period from March 11, 2021 (inception) through September 30, 2023 relates to the Company’s formation and the initial public offering (“Initial Public Offering”), and since the Initial Public Offering, the search for a target for its Business Combination. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering. The Company has selected December 31 as its fiscal year end. The registration statement for the Company’s Initial Public Offering was declared effective on July 29, 2021 (the “Effective Date”). On August 3, 2021, the Company consummated the Initial Public Offering of 20,000,000 Units (as defined below) at $10.00 per Unit, generating gross proceeds of $200,000,000, which is discussed in Note 3. Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 4,000,000 Private Warrants (the “Private Warrants”) at a price of $1.50 per Private Warrant in a private placement to XPAC Sponsor, LLC (the “Former Sponsor”) generating proceeds of $6,000,000 from the sale of the Private Warrants, which is discussed in Note 4. The Company had granted the underwriter in the Initial Public Offering (the “Underwriter”) a 45-day option to purchase up to 3,000,000 additional Units to cover over-allotments, if any. On August 16, 2021, the underwriter partially exercised the over-allotment option and on August 19, 2021, purchased an additional 1,961,131 Units from the Company (the “Over-Allotment Units”), generating gross proceeds of $19,611,310. Simultaneously with the closing of the exercise of the over-allotment option, the Company consummated the sale of 261,485 additional Private Warrants at a purchase price of $1.50 per Private Warrant in a private placement to the Former Sponsor, generating gross proceeds of $392,228. The remainder of the over-allotment option expired unexercised. 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 the Private 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 by the termination date (as defined below). The Company must complete a Business Combination with one or more operating businesses or assets that together have an aggregate fair market value equal to at least 80% of the net assets held in the Trust Account (excluding the deferred underwriting commissions and taxes payable on the income earned on the Trust Account) at the time of the Company’s signing a definitive agreement in connection with its initial Business Combination. The Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). Management agreed that an amount equal to at least $10.00 per Unit sold in the Initial Public Offering, including the proceeds from the sale of the Private Warrants, will be held in a trust account (“Trust Account”), located in the United States and invested only in U.S. government treasury bills, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less or in money market funds investing solely in U.S. Treasuries and meeting certain conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds held in the Trust Account, as described below. The Company will provide its public shareholders with the opportunity to redeem all or a portion of the Class A ordinary shares included in the units (the “Units”) sold in the Initial Public Offering (the “Public Shares”) upon the completion of the initial Business Combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account calculated as of two business days prior to the consummation of the initial Business Combination, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay taxes (which interest shall be net of taxes payable), divided by the number of then issued and outstanding Public Shares, subject to the limitations described herein. The amount deposited in the Trust Account as a result of the Initial Public Offering and subsequent partial exercise of the over-allotment option was an aggregate of $219,611,310, or $10.00 per public share. The per-share amount the Company will distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriter. The redemption rights will include the requirement that a beneficial holder must identify itself in order to validly redeem its shares. There will be no redemption rights upon the completion of the Business Combination with respect to the warrants. The initial shareholders, directors and officers have entered into a letter agreement with the Company, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares and Public Shares held by them in connection with the completion of the Business Combination. The Company will only proceed with a Business Combination if the Company seeks shareholder approval, a majority of the shares voted are voted in favor of the Business Combination. If a shareholder vote is not required by applicable law or stock exchange rules and the Company does not decide to hold a shareholder vote for business or other 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 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 applicable law or stock exchange rules, or the Company decides to obtain shareholder approval for business or other 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. If the Company seeks shareholder approval in connection with a Business Combination, the Sponsor has agreed to vote its Founder Shares (as defined in Note 5), and any Public Shares purchased during or after the Initial Public Offering in favor of approving a Business Combination. Additionally, each public shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction or do not vote at all. Notwithstanding the above, if the Company seeks shareholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the amended and restated memorandum and articles of association provides 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% or more of the Public Shares, without the prior consent of the Company. The Sponsor has agreed (a) to waive its redemption rights with respect to its Founder Shares and Public Shares held by it in connection with the completion of a Business Combination and (b) not to propose an amendment to the amended and restated memorandum and articles of association (i) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the Company’s initial Business Combination or to redeem 100% of its Public Shares if the Company does not complete a Business Combination or (ii) 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. The Company will have up to 36 months from the closing of the Initial Public Offering to complete a Business Combination (i.e., August 3, 2024) (the “Termination Date”) (subject to any extension in the amount of time that the Company has to consummate a Business Combination beyond 36 months as a result of a shareholder vote to amend the Company’s amended and restated memorandum and articles of association) (the “Combination Period”). If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, originally offered together with Public Warrants (as defined in “Note 3”) as Units in the Initial Public Offering, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public shareholders rights as shareholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless if the Company fails to complete a Business Combination within the Combination Period. The Sponsor has agreed to waive its liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Sponsor acquires additional Public Shares, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period. The underwriter has agreed to waive its right to its deferred underwriting commission (see Note 8) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period. The underwriter formally waived such right in July 2023 and as such the 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 the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the Initial Public Offering price per Unit ($10.00). In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (1) $10.00 per Public Share or (2) such 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 the interest which may be withdrawn to pay franchise and income taxes. This liability will not apply with respect to claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriter of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except the Company’s independent registered public accounting firm), prospective target businesses and 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. Terminated Business Combination On April 25, 2022, the Company entered into a Business Combination Agreement (the “Business Combination Agreement”) with (i) SUPERBAC PubCo Holdings Inc., an exempted company limited by shares incorporated under the laws of the Cayman Islands (“PubCo”), (ii) BAC1 Holdings Inc., an exempted company limited by shares incorporated under the laws of the Cayman Islands and a direct wholly owned subsidiary of PubCo (“Merger Sub 1”), (iii) BAC2 Holdings Inc., an exempted company limited by shares incorporated under the laws of the Cayman Islands and a direct wholly owned subsidiary of PubCo (“Merger Sub 2”), and (iv) SuperBac Biotechnology Solutions S.A., a corporation incorporated under the laws of the Federative Republic of Brazil (“SuperBac”), pursuant to which the Company agreed to combine with SuperBac in a series of transactions that would result in PubCo becoming a publicly-traded company and listed on the Nasdaq Capital Market (the “Nasdaq”), with PubCo indirectly owning at least ninety-five percent (95%), but potentially less than one hundred percent (100%) of the equity interests in SuperBac (on a fully-diluted basis). Consummation of the transactions contemplated by the Business Combination Agreement or any of the other Transaction Documents (as defined in the Business Combination Agreement) (the “Transactions”) was subject to customary conditions, including (i) approval by the Company’s and SuperBac’s shareholders (certain of which SuperBac shareholder approvals were obtained on May 12, 2022, with other approvals remaining outstanding), (ii) the absence of any law or governmental order which has the effect of making consummation of the Transactions illegal or which otherwise prevents or prohibits consummation of the Transactions, (ii) the effectiveness of the registration statement filed in connection with the proposed SuperBac Business Combination, (iii) PubCo’s initial listing application with Nasdaq in connection with the Transactions shall have been conditionally approved and Class A ordinary shares of PubCo to be issued in connection with the Transactions shall have been approved for listing on the Nasdaq Capital Market, subject to official notice of issuance, and (iv) material accuracy of representations and warranties, and material compliance with covenants, in the Business Combination Agreement. In addition, the obligations of SuperBac to consummate the Transactions were subject, among others, to: (i) the condition that the Post-Redemption Trust Account Balance (as defined in the Business Combination Agreement), plus the PIPE Gross Proceeds (as defined in the Business Combination Agreement) (minus any unreimbursed Excess of Company Transaction Expenses (as defined in the Business Combination Agreement)), in each case, to be made available to PubCo at the Acquisition Closing (as defined in the Business Combination Agreement), shall be at least $150,000,000, and (ii) at the Acquisition Closing, the Company having at least $5,000,001 in tangible net assets after giving effect to the XPAC Share Redemptions (as defined in the Business Combination Agreement). On December 2, 2022, the Company, PubCo, Merger Sub 1, Merger Sub 2, Newco BAC Holdings, Inc. (“Newco”), and SuperBac entered into the First Amendment Agreement to the Business Combination Agreement, pursuant to which the parties thereto amended the Business Combination Agreement to extend the date by which either the Company or SuperBac could terminate the Business Combination Agreement if the transactions contemplated thereby have not been consummated by such date from November 21, 2022 to January 31, 2023 (and if such date is not a business day, then the next following business day). On February 9, 2023, the Company, PubCo, Merger Sub 1, Merger Sub 2, Newco and SuperBac entered into the Second Amendment Agreement to the Business Combination Agreement, pursuant to which the parties thereto amended the Business Combination Agreement to extend the date by which either the Company or SuperBac could terminate the Business Combination Agreement if the transactions contemplated thereby have not been consummated by such date from January 31, 2023 to February 28, 2023 (and if such date is not a business day, then the next following business day). On May 2, 2023, SuperBac informed the Company that it had decided to terminate the Business Combination Agreement, which SuperBac is entitled to do pursuant to Section 10.1(i) of the Business Combination Agreement. Effective as of May 3, 2023, the Company, PubCo, Merger Sub 1, Merger Sub 2, Newco and SuperBac mutually agreed to terminate the Business Combination Agreement pursuant to a Termination of the Business Combination Agreement dated May 3, 2023 by and between the Parties (the “Termination Agreement”). Upon the termination of the Business Combination Agreement, each of the (i) Sponsor Support Agreement, (ii) Voting and Support Agreement, (iii) Lock-up Agreements, and (iv) Investment Agreement (each as defined in the Business Combination Agreement) were automatically terminated in accordance with their respective terms. See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Recent Developments—Terminated SuperBac Business Combination.” Change in Sponsor On July 10, 2023, the Company entered into a Purchase and Sponsor Handover Agreement (the “Purchase and Sponsor Handover Agreement”) with J. Streicher Holdings, LLC, (the “Sponsor”), and Former Sponsor, pursuant to which, subject to satisfaction of certain conditions, (i) the Former Sponsor sold, and the Sponsor purchased, 4,400,283 Class B ordinary shares of the Company, par value $0.0001 per share (“Founder Shares”), and 4,261,485 Private Warrants to acquire 4,261,485 Public Shares of the Company held by the Sponsor, for a total purchase price of $250,000, and (ii) the Sponsor became the Sponsor of the Company (together, the “Sponsor Handover”). The Sponsor has also agreed to reimburse the Former Sponsor for $25,000 of legal fees and other expenses incurred by the Former Sponsor in connection with the transactions contemplated by the Purchase and Sponsor Handover Agreement. In addition, pursuant to the terms of the Purchase and Sponsor Handover Agreement, (i) each of the parties thereto agreed, among other things, that the provisions of each of the indemnity agreements dated July 29, 2021 entered into between the Company and each of the directors and officers of the Company shall remain in full force and effect notwithstanding any resignation of the directors and officers of the Company, and (ii) the Company and the Sponsor agreed to release the directors and officers of the Company (as of the date of the Purchase and Sponsor Handover Agreement) and the Former Sponsor from any and all claims relating to the Company that accrued or may have accrued prior to consummation of the Sponsor Handover. Amendment to Letter Agreement On July 27, 2023, the Company, Former Sponsor and each of the insiders named therein entered into an amendment (the “Amendment”) to that certain Letter Agreement dated as of July 29, 2021 entered into between the Company, the Former Sponsor and the insiders named therein. Entry into the Amendment was authorized by the Letter Agreement Amendment Proposal (as defined below), which was approved by the shareholders of the Company in the Shareholder Meeting (as defined below). Pursuant to the Amendment, the parties thereto agreed that, notwithstanding any other provision of the Letter Agreement, the Transfer of Founder Shares or Private Warrants, directly or indirectly, to the Sponsor or its affiliates shall not be restricted by the Letter Agreement (each of the foregoing capitalized terms not defined herein having the meaning given to such terms in the Amendment). Joinder to Letter Agreement On July 27, 2023, the Company, the Former Sponsor and the Sponsor entered into a joinder (the “Joinder”) to the Letter Agreement. Entry into the Joinder was a condition to the consummation of the transactions contemplated by the Purchase and Sponsor Handover Agreement (as defined above). Pursuant to the Joinder, the Sponsor agreed, with effect from the date of the Joinder, to join as a party to the Letter Agreement and assume the obligations of the Former Sponsor under the Letter Agreement as if the Sponsor had been named as the Former Sponsor in the Letter Agreement. Waiver to Promissory Note On July 27, 2023, the Former Sponsor and the Company entered into a waiver (the “Promissory Note Waiver”) to that certain Promissory Note, dated March 19, 2021, by and between the Former Sponsor and the Company (the “Promissory Note”). Pursuant to the Promissory Note Waiver, the Former Sponsor irrevocably and unconditionally waived its right to receive any payment from the Company of the principal balance of, and any other amounts payable under, the Promissory Note. The balance of the Promissory Note was comprised of Company expenditures for which the Former Sponsor paid previously. Pursuant to the Reimbursement Agreement signed May 16, 2023 (defined and discussed in Note 5), these expenses were subject to reimbursement and as such have been accounted for as additional paid-in capital as of June 30, 2023. Amendment to Amended and Restated Memorandum and Articles of Association On July 27, 2023, the Company held an extraordinary general meeting of shareholders of the Company (the “Shareholder Meeting”). The proposals to be voted upon by the shareholders of the Company were described in the Company’s proxy statement dated July 10, 2023 (the “Proxy Statement”) that was mailed to the shareholders of the Company. In the Shareholder Meeting, shareholders of the Company approved each of the following proposals: (i) Proposal No. 1 – The Extension Amendment Proposal (the “Extension Amendment Proposal”); (ii) Proposal No. 2 – The Redemption Limitation Amendment Proposal (the “Redemption Limitation Amendment Proposal”); (iii) Proposal No. 3 – The Name Change Amendment Proposal (the “Name Change Amendment Proposal”); and (iv) Proposal No. 4 – The Letter Agreement Amendment Proposal (the “Letter Agreement Amendment Proposal”), each proposal as further described below and more fully described in the Proxy Statement. The Company’s shareholders’ approval of the Extension Amendment Proposal allows the Company to extend the date (the “Termination Date”) by which the Company has to consummate a Business Combination from August 3, 2023 (the date which is 24 months from the closing date of the Company’s Initial Public Offering (the “Original Termination Date”) on a monthly basis for up to twelve times by an additional one month each time after the Original Termination Date, by resolution of the Company’s board of directors up to August 3, 2024 (the date which is 36 months from the closing date of the IPO), or a total of up to twelve months after the Original Termination Date, unless the closing of a Business Combination shall have occurred prior thereto or such earlier date as determined by the Company’s board of directors. In connection with the approval of the Extension Amendment Proposal in the Shareholder Meeting held on July 27, 2023, holders of 15,446,457 Class A Ordinary Shares properly exercised their right to redeem their Public Shares for cash at a redemption price of approximately $10.41 per Class A Ordinary Share, for an aggregate redemption amount of $160,732,917 (the “Redemptions”). After the satisfaction of the Redemptions, the balance in the Trust Account was approximately $67,790,468. Prior to the Redemptions, the Company had 21,961,131 Class A Ordinary Shares outstanding. Following the Redemptions, 6,514,674 Class A Ordinary Shares remain outstanding. Under Cayman Islands law, the amendments to the Company’s amended and restated memorandum and articles of association (the “Memorandum and Articles of Association”) took effect upon approval of each of the relevant proposals approved in the Shareholder Meeting, changing the name of the Company from “XPAC Acquisition Corp.” to “Zalatoris II Acquisition Corp.” and replacing each reference to “XPAC Acquisition Corp.” with “Zalatoris II Acquisition Corp.” Going Concern Consideration As of September 30, 2023, the Company had no cash and working capital deficit of $247,481. The Company has incurred significant costs in pursuit of its acquisition plans, and the Company expects to incur significant costs in connection with its extraordinary general meeting and its continued acquisition plans. In order to meet the Company’s financial needs after September 30, 2023, the Company’s Sponsor or its affiliates can, but are not obligated to, provide funding through Working Capital Loans (as defined below) (Note 5). These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of time within one year after the date that the financial statements are issued. The Company’s financial statements do not include any adjustments that might result from the outcome of this uncertainty. If the Company is not able to consummate a Business Combination before August 3, 2024, the Company will commence an automatic winding up, dissolution and liquidation. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after August 3, 2024 or, any accelerated liquidation date that may be approved by the shareholders of the Company in an extraordinary general meeting. Risks and Uncertainties Management is currently evaluating the impact of the COVID-19 pandemic and Russia-Ukraine war and has concluded that while it is reasonably possible that the virus and war could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The 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 | 9 Months Ended |
Sep. 30, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The results for the period ended September 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any future interim periods. Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and 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 a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of Estimates The preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Income Taxes The Company accounts for income taxes in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC 740”). Under the asset and liability method, as required by this accounting standard, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities in the financial statements and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to the period when assets are realized or liabilities are settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in the operation of statement in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. 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 September 30, 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. ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero Offering Costs The Company complies with the requirements of the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A – “Expenses of Offering.” Offering costs consist principally of professional and registration fees incurred through the balance sheet date that are related to the Initial Public Offering. Offering costs are charged to shareholders’ equity or the statement of operations based on the relative value of the Public Warrants and the Private Warrants to the proceeds received from the Units sold upon the completion of the Initial Public Offering and any over-allotment exercised. Accordingly, on August 3, 2021, offering costs totaling $11,761,739 (consisting of $4,000,000 of underwriting fee, $7,000,000 of deferred underwriting fee and $761,739 of other offering costs) were recognized with $477,711 included in accumulated deficit as an allocation for the Public Warrants and the Private Warrants, and $11,284,028 included in additional paid-in capital. On August 16, 2021, the underwriter partially exercised the over-allotment option and, on August 19, 2021, purchased an additional 1,961,131 Units (the “Over-Allotment Units”) from the Company, generating gross proceeds of $19,611,310. As a result of the partial exercise of the over-allotment option, the incremental increase in offering costs was $1,078,624 (consisting of $392,228 of underwriting fee and $686,396 of deferred underwriting fee) with $41,786 included in accumulated deficit as allocation for the Public Warrants and the Private Warrants, and $1,036,838 included in additional paid-in capital. Net Income (Loss) Per Ordinary Share The Company’s statements of operations include a presentation of net income (loss) per share for ordinary shares subject to possible redemption and applies the two-class method in calculating net income (loss) per share. Net income (loss) per ordinary share, basic and diluted, is calculated by dividing the pro-rata allocation of net income (loss) for each class, by the weighted average number of Class A and Class B non-redeemable ordinary shares outstanding for the period. Net income (loss) is allocated pro-rata between Class A redeemable and Class B non-redeemable shares based on their respective weighted average shares outstanding for the period. The following tables reflect the calculation of basic and diluted net income (loss) per ordinary share (in dollars, except per share amounts): For the three months ended For the three months ended September 30, 2023 September 30, 2022 Non- Non- Redeemable Redeemable Redeemable Redeemable Class A Class B Class A Class B Ordinary Ordinary Ordinary Ordinary Shares Shares Shares Shares Basic and diluted net loss per share Numerator: Allocation of net income (loss) $ 429,196 $ 216,582 $ (441,482 ) $ (110,370 ) Denominator: Weighted-average shares outstanding 10,879,977 5,490,283 21,961,131 5,490,283 Basic and diluted net income (loss) per share $ 0.04 $ 0.04 $ (0.02 ) $ (0.02 ) For the nine months ended For the nine months ended September 30, 2023 September 30, 2022 Non- Non- Redeemable Redeemable Redeemable Redeemable Class A Class B Class A Class B Ordinary Ordinary Ordinary Ordinary Shares Shares Shares Shares Basic and diluted net income per share Numerator: Allocation of net income $ 4,981,990 $ 1,500,675 $ 886,261 $ 221,565 Denominator: Weighted-average shares outstanding 18,226,823 5,490,283 21,961,131 5,490,283 Basic and diluted net income per share $ 0.27 $ 0.27 $ 0.04 $ 0.04 Fair Value of Financial Instruments The fair value of the Company’s assets held in the Trust Account which qualify as financial instruments under ASC 820, “Fair Value Measurement,” approximates the carrying amounts represented in the balance sheet, primarily due to their short-term nature. The Company applies ASC 820, which establishes a framework for measuring fair value and clarifies the definition of fair value within that framework. ASC 820 defines fair value as an exit price, which is the price that would be received for an asset or paid to transfer a liability in the Company’s principal or most advantageous market in an orderly transaction between market participants on the measurement date. The fair value hierarchy established in ASC 820 generally requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the entity’s own assumptions based on market data and the entity’s judgments about the assumptions that market participants would use in pricing the asset or liability and are to be developed based on the best information available in the circumstances. Level 1 — Assets and liabilities with unadjusted, quoted prices listed on active market exchanges. Inputs to the fair value measurement are observable inputs, such as quoted prices in active markets for identical assets or liabilities. Level 2 — Inputs to the fair value measurement are determined using prices for recently traded assets and liabilities with similar underlying terms, as well as direct or indirect observable inputs, such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 — Inputs to the fair value measurement are unobservable inputs, such as estimates, assumptions, and valuation techniques when little or no market data exists for the assets or liabilities. Warrant Liabilities The Company accounts for warrants for the Company’s ordinary shares that are not indexed to its own shares as liabilities at fair value on the balance sheet. The warrants are subject to remeasurement at each balance sheet date and any change in fair value is recognized as a component of other income (expense), net on the statement of operations. The Company will continue to adjust the liabilities for changes in fair value until the earlier of the exercise or expiration of the ordinary share warrants. At that time, the portion of the warrant liabilities related to the ordinary share warrants will be reclassified to additional paid-in capital. Related Parties Parties, which can be a corporation or individual, are considered related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence. 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 cash of $0 and $44,659 and no Investments Held in Trust Account As of September 30, 2023 and December 31, 2022, $68,616,837 and $222,726,270, respectively, held in the Trust Account was held in money market funds, which are invested in U.S. Treasury securities. The investments held in the Trust Account are presented at fair value at the end of each reporting period. Gains or losses resulting from the change in fair value of these securities are included in gains (losses) on investments held in the Trust Account on the accompanying statement of operations. The estimated fair value of investments held in the Trust Account are determined using available market information. Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Ordinary shares subject to mandatory redemption (if any) are classified as a liability instrument and is measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholder’s equity. The Company’s ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholder’s equity section of the Company’s balance sheet. Immediately upon the closing of the Initial Public Offering, the Company recognized the remeasurement from initial book value to redemption amount. Increases or decreases in the carrying amount of redeemable ordinary shares are affected by charges against additional paid-in capital and accumulated deficit. The year to date activity and balances as of September 30, 2023 and December 31, 2022, for the Class A ordinary shares subject to possible redemption reflected in the balance sheet is reconciled in the following table: As of As of September 30, December 31, 2023 2022 Beginning Balance, January 1 $ 222,726,270 $ 219,617,731 Less: Class A shareholder redemptions (160,732,917 ) - Plus: Remeasurement of carrying value to redemption value 6,423,484 3,108,539 Extension Contributions 200,000 - Class A ordinary shares subject to possible redemption $ 68,616,837 $ 222,726,270 Recent Accounting Pronouncements In August 2020, the FASB issued ASU No. 2020-06, Debt with Conversion and other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40). The new guidance eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. It also amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives because of specific settlement provisions. In addition, the new guidance modifies how particular convertible instruments and certain contracts that may be settled in cash or shares impact the diluted EPS computation. This guidance is effective as of January 1, 2024 for smaller reporting companies (early adoption is permitted effective January 1, 2021). The Company is currently evaluating the effect the updated standard will have on its financial position, results of operations or financial statement disclosure. In June 2022, the FASB issued ASU 2022-03, ASC Subtopic 820 “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions”. The ASU amends ASC 820 to clarify that a contractual sales restriction is not considered in measuring an equity security at fair value and to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value. The ASU applies to both holders and issuers of equity and equity-linked securities measured at fair value. The amendments in this ASU are effective for the Company in fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Company is currently assessing what impact, if any, that ASU 2022-03 would have on its financial position, results of operations or cash flows. |
Initial Public Offering
Initial Public Offering | 9 Months Ended |
Sep. 30, 2023 | |
Initial Public Offering [Abstract] | |
INITIAL PUBLIC OFFERING | NOTE 3 — INITIAL PUBLIC OFFERING Pursuant to the Initial Public Offering on August 3, 2021, the Company sold 20,000,000 Units at a price of $10.00 per Unit. Each Unit consisted of one Class A ordinary share and one-third of one warrant (“Public Warrant”). Each whole Public Warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment (see Note 7). On August 16, 2021, the underwriter partially exercised the over-allotment option and on August 19, 2021, purchased an additional 1,961,131 Units from the Company (the “Over-Allotment Units”), generating gross proceeds of $19,611,310. In connection with the Underwriter’s partial exercise of their over-allotment option, the Former Sponsor purchased an additional 261,485 Private Warrants (the “Additional Private Warrants”), generating gross proceeds to the Company of approximately $392,228. An aggregate of $10.00 per Unit sold in the Initial Public Offering was held in the Trust Account and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less or in money market funds investing solely in U.S. Treasuries and meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company. |
Private Placement
Private Placement | 9 Months Ended |
Sep. 30, 2023 | |
Private Placement [Abstract] | |
PRIVATE PLACEMENT | NOTE 4 — PRIVATE PLACEMENT Simultaneously with the closing of the Initial Public Offering, the Former Sponsor purchased an aggregate of 4,000,000 Private Warrants, at a price of $1.50 per Private Warrant, for an aggregate of $6,000,000, in a private placement. Simultaneously, with the closing of the exercise of the over-allotment option, the Company completed the sale of an additional 261,485 Private Warrants to the Former Sponsor, at a purchase price of $1.50 per Private Warrant, generating additional gross proceeds of $392,228. A portion of the proceeds from the sale of Private Warrants were added to the proceeds from the Initial Public Offering and partial over-allotment exercise held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Warrants held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law), and the Private Warrants will expire worthless. In July 2023, pursuant to the Sponsor Handover transaction, the Former Sponsor sold and assigned 4,261,485 Private Warrants to the Sponsor. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 5 — RELATED PARTY TRANSACTIONS Founder Shares In March 2021, the Former Sponsor purchased 5,750,000 shares of the Company’s Founder Shares for an aggregate purchase price of $25,000. This amount was paid on behalf of the Company to cover certain expenses. The Founder Shares included an aggregate of up to 750,000 shares subject to forfeiture by the Former Sponsor to the extent that the underwriter’s overallotment was not exercised in full or in part, so that the number of Founder Shares collectively represent 20% of the Company’s issued and outstanding shares after the Initial Public Offering. Since the underwriter did not exercise the over-allotment option in full, the Former Sponsor surrendered 259,717 Founder Shares, which were forfeited by the Company. As a result of such forfeiture, there are currently 5,490,283 Founder Shares issued and outstanding. The Sponsor and the Company’s directors and executive officers have agreed, subject to certain limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier of (A) one In July 2023, pursuant to the Sponsor Handover transaction, the Former Sponsor sold and assigned 4,400,283 Founder Shares to the Sponsor. Director Shares On May 12, 2021, the Former Sponsor transferred 90,000 Founder Shares in the aggregate to independent directors (“Director Shares”) at a price of $0.004 per share for gross proceeds of $390. The fair value of the Director Shares was approximately $8.01 per share or $720,459 in total as of May 12, 2021, which was calculated using a valuation model that takes into account various assumptions such as the probability of successfully completing the Business Combination among other factors. The excess fair value over the purchase price of $720,068 is deemed to be a benefit to the Company under SAB Topic 5A. However, as the assignment agreement underlying the Director Shares contains a performance obligation contingent upon consummation of the Business Combination, the expense will not be recognized until such time as the Business Combination is considered probable. A liquidity event such as a change in control or a Business Combination is not considered probable under ASC Topic 718, “Compensation – Stock Compensation,” and as such this will not be recorded until consummation of the Company’s Business Combination. The Director Shares were not repurchased or forfeited pursuant to the change in sponsor and surrounding transactions. On August 8, 2023, the New Sponsor approved the transfer of 80,000 Founder Shares in the aggregate to directors (“New Director Shares”). The terms and conditions of this transfer were still under negotiation and as such, they do not meet the criteria under ASC Topic 718, “Compensation – Stock Compensation,” to qualify as granted and transferred. Promissory Note — Related Party In March 2021, the Former Sponsor issued an unsecured promissory note to the Company (the “Promissory Note”), pursuant to which the Company may borrow up to an aggregate principal amount of $300,000. The Promissory Note is non-interest bearing. On December 27, 2021, the Promissory Note was amended to be payable upon consummation of the Business Combination. As of December 31, 2022 and September 30, 2023, the Company had $300,000 and $0 outstanding under the Promissory Note. In July 2023, in connection with the Sponsor Handover and Extraordinary Shareholder Meeting, the Promissory Note was waived. As a result of the Reimbursement, defined and discussed below in the “Capital Contribution – Related Party” section of this Note, which was entered into on May 16, 2023, the expenditures made by the Former Sponsor under the Promissory Note were to be reimbursed by Superbac to the Former Sponsor and the Promissory Note is not intended to be re-paid to the Former Sponsor. As such, the entirety of this balance was reclassified to additional paid-in capital as of June 30, 2023. On July 29, 2023, the New Sponsor issued an unsecured promissory note (the “July 2023 Promissory Note”), pursuant to which the Company may borrow up to an aggregate principal amount of $1,500,000. This July 2023 Promissory Note is non-interest bearing and at the lender’s discretion, up to $1,500,000 may be convertible to warrants at a price of $1.50 per warrant. Such warrants would be identical to the Private Warrants. As of September 30, 2023, the Company had $200,000 outstanding under the July 2023 Promissory Note. Related Party Loans In order to fund working capital deficiencies or finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor may, but is not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company may repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. 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 $1.50 per warrant. The warrants would be identical to the Private Warrants. As of September 30, 2023 and December 31, 2022, the Company had no Due to Former Sponsor The Former Sponsor has paid certain expenses on the Company’s behalf in the amount of $519,958. As a result of the Reimbursement, defined and discussed below in the “Capital Contribution – Related Party” section of this Note, which was entered into on May 16, 2023, the expenditures made by the Former Sponsor within the Due to / from Former Sponsor line of the Balance Sheet were to be reimbursed by Superbac to the Former Sponsor and this amount is not intended to be re-paid to the Former Sponsor. As such, the entirety of this balance was reclassified to additional paid-in capital as of June 30, 2023. Due to New Sponsor The New Sponsor has paid certain expenses on the Company’s behalf in the amount of $60,000 for which the Company intends to reimburse the Sponsor. This is primarily comprised of payment to a third party for consulting services. Administrative Services Agreement Pursuant to an administrative services agreement entered into with the Former Sponsor on July 29, 2021 which was then assigned to the New Sponsor, the New Sponsor may charge the Company a $10,000 per month fee for office space, administrative and support services. As of September 30, 2023, neither the Former Sponsor nor the New Sponsor has charged, and do not intend to charge in the future, any administrative fee. As a result, the Company has not incurred or accrued for any expense related to this agreement. Advisory Services The Company engaged XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários S.A. (“XP Investimentos”), an indirect, wholly-owned subsidiary of XP, Inc. and an affiliate of the Former Sponsor, to provide financial consulting services, consisting of a review of deal structure and terms and related advice in connection with the Initial Public Offering, for which it received a fee of $1,725,443 of the cash underwriting paid to the Underwriter. See Note 8 below for further discussion of the Underwriting Agreement. In July 2023 the Company received a letter from its underwriter formally waiving the Company’s obligation to pay the Deferred Underwriting Fee of $7,686,396. The Company has not received a formal waiver with regards to the advisory fee; however, the advisory fee is a part of the Deferred Underwriting Fee and contingent upon its payment. Given its relation to the Deferred Underwriting Fee and the fact that the Sponsor Handover agreement indicated that the Company would be handed over to the New Sponsor debt free, the Company has derecognized the advisory fee as of this date as well. Capital Contribution – Related Party The Company’s Former Sponsor engaged a third-party professional services provider on behalf of the Company to conduct business due diligence services in 2021. The $0.5 million payment of such fees was deemed to be a benefit to the Company under SAB Topic 5A and was recorded to accumulated deficit and formation and operating expenses. On May 16, 2023, the Company entered into an agreement (the “Reimbursement Agreement”) with SuperBAC Biotechnology Solutions S.A. (“Superbac”), a related party, SUPERBAC PubCo Holdings, Inc (“PubCo”), a related party, and BAC1 Holdings Inc., and BAC2 Holdings, Inc, each of which are related parties, whereby Superbac agreed to provide reimbursement of certain Business Combination expenses previously incurred up to $13.5 million to the Former Sponsor. This reimbursement was meant to aid the Company in recouping its costs related to the terminated Business Combination. Under the Reimbursement Agreement, Superbac has agreed to reimburse qualifying expenses that have previously been paid by either the Former Sponsor or the Company. For any qualifying expenses that have not yet been paid, Superbac has agreed to pay those directly. Further, under the Sponsor Handover Agreement signed on July 27, 2023, the Former Sponsor is responsible for all costs, fees and expenses incurred prior to that date with the exception of a $25,000 reimbursement to be made by the Sponsor to the Former Sponsor. The reimbursement of qualifying expenses under the Reimbursement Agreement was deemed to be a benefit to the Company under SAB Topic 5T. In order to recognize this benefit, the Company de-recognized the outstanding accounts payable, accrued expenses, Promissory Note and due to / from Former Sponsor amounts and reclassed them to additional paid-in capital, as an in-substance capital contribution, in the amount of approximately $6.3 million as these amounts are expected to be paid by Superbac or the Former Sponsor in accordance with the Expense Reimbursement Agreement and the Sponsor Handover Agreement. Under the guidance in ASC 405-20-40 “Derecognition”, the Company has become a guarantor of the de-recognized liabilities as if they are not paid by Superbac or the Former Sponsor in accordance with the aforementioned contracts a creditor would request related payment from the Company. The Company expects Superbac or the Former Sponsor to pay these liabilities under the aforementioned referenced contractual agreements and as such has nothing recorded for these de-recognized liabilities as of September 30, 2023. The Company will continue to assess the likelihood of payment on a quarterly basis. |
Shareholders_ Deficit
Shareholders’ Deficit | 9 Months Ended |
Sep. 30, 2023 | |
Shareholders’ Deficit [Abstract] | |
SHAREHOLDERS’ DEFICIT | NOTE 6 — SHAREHOLDERS’ DEFICIT Preference shares no Class A ordinary shares no Class B ordinary shares The Founder Shares will automatically convert into Public Shares at the time of a Business Combination on a one-for-one basis, subject to adjustment. In the case that additional Public Shares, or equity-linked securities, are issued or deemed issued in excess of the amounts offered in the Initial Public Offering and related to the closing of a Business Combination, the ratio at which Class B ordinary shares shall convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the outstanding Class B ordinary shares agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all ordinary shares outstanding upon the completion of the Initial Public Offering plus all Class A ordinary shares and equity-linked securities issued or deemed issued in connection with a Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in a Business Combination). Refer to Note 3 for discussion of the Initial Public Offering that occurred on August 3, 2021. In July 2023, pursuant to the Sponsor Handover transaction, the Former Sponsor sold and assigned 4,400,283 Founder Shares to the Sponsor. |
Warrant Liabilities
Warrant Liabilities | 9 Months Ended |
Sep. 30, 2023 | |
Warrant Liabilities [Abstract] | |
WARRANT LIABILITIES | NOTE 7 — WARRANT LIABILITIES Public Warrants may only be exercised for a whole number of shares. No fractional warrants will be issued upon separation of the Units and only whole warrants will trade. The Public Warrants will become exercisable on the later of (a) 12 months from the closing of the Initial Public Offering and (b) 30 days after the completion of a Business Combination. The Company will not be obligated to deliver any shares of Class A ordinary shares pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the shares of Class A ordinary shares underlying the warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations with respect to registration, or a valid exemption from registration is available. No warrant will be exercisable, and the Company will not be obligated to issue any shares of Class A ordinary shares upon exercise of a warrant unless the share of Class A ordinary shares issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. The Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of a Business Combination, it will use its commercially reasonable efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the shares of Class A ordinary shares issuable upon exercise of the warrants, and the Company will use its commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of a Business Combination, and to maintain the effectiveness of such registration statement and a current prospectus relating to those shares of Class A ordinary shares until the warrants expire or are redeemed, as specified in the warrant agreement; provided that if the Class A ordinary shares is at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement, but it will use its commercially reasonably efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. If a registration statement covering the shares of Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th business day after the closing of a Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption, but the Company will use its commercially reasonably efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00. Once the Public Warrants become exercisable, the Company may redeem the Public Warrants: ● in whole and not in part; ● at a price of $0.01 per warrant; ● upon not less than 30 days’ prior written notice of redemption to each warrant holder; and ● if, and only if, the last reported sale price of the Class A ordinary shares 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 will send the notice of redemption to the warrant holders (referred to as the “Reference Value”) equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant). If and when the Public Warrants become redeemable by the Company, it may exercise its redemption right even if the Company is unable to register or qualify the underlying securities for sale under all applicable state securities laws. Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00. Once the Public Warrants become exercisable, the Company may redeem the Public Warrants: ● in whole and not in part; ● at $0.10 per warrant; ● upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares based on the redemption date and the fair market value of the Class A ordinary shares; ● if, and only if, the Reference Value equals or exceeds $10.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant); and ● if the Reference Value is less than $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant), the Private Warrants must also be concurrently called for redemption on the same terms as the outstanding public warrants, as described above. In addition, if (x) the Company issues additional shares of Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of a Business Combination at an issue price or effective issue price of less than $9.20 per share of Class A ordinary shares (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of a Business Combination on the date of the consummation of a Business Combination (net of redemptions), and (z) the volume weighted average trading price of the shares of Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates a Business Combination (such price, the “Market Value”) is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, the $18.00 per share redemption trigger price and the “Redemption of Warrants when the price per share of Class A ordinary shares equals or exceeds $10.00” described above will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price described above. The Private Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Warrants and the shares of Class A ordinary shares issuable upon the exercise of the Private Warrants will not be transferable, assignable or saleable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Warrants will be exercisable for cash or on a cashless basis, at the holder’s option, and be non-redeemable so long as they are held by the initial purchasers or their permitted transferees (except for a number of shares of Class A ordinary shares as described above under Redemption of warrants for Class A ordinary shares). If the Private Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Warrants will be redeemable by the Company in all redemption scenarios and exercisable by such holders on the same basis as the Public Warrants. As of September 30, 2023 and December 31, 2022, there were 7,320,377 Public Warrants and 4,261,485 Private Warrants outstanding. The Company accounts for the Public Warrants and Private Warrants in accordance with the guidance contained in ASC 815-40. Such guidance provides that because an event that is not within the entity’s control could require net cash settlement the warrants do not meet the criteria for equity classification and as a result each warrant must be recorded as a derivative liability. The accounting treatment of derivative financial instruments required that the Company record a derivative liability upon the closing of the Initial Public Offering. Accordingly, the Company classified each warrant as a liability at its fair value and the warrants were allocated a portion of the proceeds from the issuance of the Units equal to its fair value. These liabilities are subject to re-measurement at each balance sheet date. With each such re-measurement, the warrant liabilities will be adjusted to fair value, with the change in fair value recognized in the Company’s statement of operations. The Company will reassess the classification at each balance sheet date. If the classification changes as a result of events during the period, the warrants will be reclassified as of the date of the event that causes the reclassification. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 8 — COMMITMENTS AND CONTINGENCIES Registration and Shareholder Rights The holders of the Founder Shares and Private Warrants (and any shares of Class A ordinary shares issuable upon the exercise of the Private Warrants and warrants that may be issued upon conversion of the Working Capital Loans and upon conversion of the Founder Shares) are entitled to registration rights pursuant to a registration rights and shareholder agreement signed on the effective date of the Initial Public Offering, requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to shares of Class A ordinary shares). The holders of these securities will be entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders will have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration and shareholder rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable lock-up period. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement In connection with the Initial Public Offering, the underwriter was granted a 45-day option from the date of the prospectus to purchase up to 3,000,000 additional Units to cover over-allotments. On August 16, 2021, the underwriter partially exercised the over-allotment option and on August 19, 2021, purchased an additional 1,961,131 Units at an offering price of $10.00 per Unit, generating gross proceeds of $19,611,310 to the Company. The underwriter was paid a cash underwriting discount of $0.20 per Unit, or $4,392,226 in the aggregate upon the closing of the Initial Public Offering and the partial exercise of the over-allotment option. In addition, the underwriter was entitled to a deferred fee of $0.35 per Unit, or $7,686,396 in the aggregate. In July 2023 the Company received a letter from its underwriter formally waiving the Company’s obligation to pay the Deferred Underwriting Fee of $7,686,396. |
Recurring Fair Value Measuremen
Recurring Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Recurring Fair Value Measurements [Abstract] | |
RECURRING FAIR VALUE MEASUREMENTS | NOTE 9 — RECURRING FAIR VALUE MEASUREMENTS As of September 30, 2023 and December 31, 2022, the Company’s warrant liabilities were valued at $718,000 and $1,874,437, respectively. Under the guidance in ASC 815-40, the Public Warrants and the Private Warrants do not meet the criteria for equity treatment. As such, the Public Warrants and the Private Warrants must be recorded on the balance sheet at fair value. This valuation is subject to re-measurement at each balance sheet date. With each re-measurement, the valuations will be adjusted to fair value, with the change in fair value recognized in the Company’s statement of operations. The following tables present fair value information as of September 30, 2023 and December 31, 2022 of the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. As of September 30, 2023 (Level 1) (Level 2) (Level 3) Assets: Investments held in the Trust Account $ 68,616,837 $ — $ — Liabilities: Public Warrants $ 454,000 $ — $ — Private Warrants $ — $ 264,000 $ — As of December 31, 2022 (Level 1) (Level 2) (Level 3) Assets: Investments held in the Trust Account $ 222,726,270 $ — $ — Liabilities: Public Warrants $ 1,184,437 $ — $ — Private Warrants $ — $ — $ 690,000 The fair value of the Private Warrant liabilities was classified within Level 3 of the fair value hierarchy at the initial measurement date. On September 20, 2021, the Public Warrants started trading separately from the Public Shares underlying the Units that were sold in the Initial Public Offering and partial exercise of the over-allotment. Accordingly, as of September 30, 2021, the Public Warrants were reclassified from a Level 3 to a Level 1 classification due to use of the observed trading price of the separated Public Warrants. Transfers between Levels are recorded at the end of each reporting period. For the nine month period ended September 30, 2023, the Private Warrants were classified from Level 3 to Level 2 on the basis that the make-whole provision within the warrant agreement effectively values them in alignment with the value of the Public Warrants. Measurement The Company established the initial fair value for the warrants on August 3, 2021, the date of the consummation of the Company’s Initial Public Offering, using a Black-Scholes-Merton formula model. At the date of the Initial Public Offering, the Company allocated the proceeds received from (i) the sale of Units (which were inclusive of one Class A ordinary share and one-third of one Public Warrant), and (ii) the sale of Private Warrants, first to the warrants based on their fair values as determined at initial measurement, with the remaining proceeds allocated to Class A ordinary shares subject to possible redemption (temporary equity), based on their relative fair values at the initial measurement date. As of September 30, 2023, the Public Warrants were publicly traded and their fair value was based on the market trade price on that date. The following table presents a summary of the changes in the fair value of the Warrants liabilities classified as Level 3, measured on a recurring basis. Private Warrant Public Warrant Liabilities Liabilities Fair value as of December 31, 2021 $ 2,160,000 $ — Change in fair value of warrant liabilities (1,470,000 ) — Fair value as of December 31, 2022 $ 690,000 $ — Change in fair value of warrant liabilities (301,000 ) — Fair value of as of March 31, 2023 $ 389,000 $ — Transfer out of Level 3 (389,000 ) — Fair value of as of September 30, 2023 $ — $ — The key inputs into the Monte Carlo formula model were as follows for December 31, 2022: Private Warrant December 31, Share price $ 10.00 Exercise price $ 11.50 Risk-free rate 3.95 % Expected term of warrants 5.08 years Volatility 0.001 % |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 10 SUBSEQUENT EVENTS On October 5, 2023, the Company, issued a press release announcing that $100,000 (the “Extension Payment”) was deposited into the trust account of the Company, which enables the Company to extend the period of time it has to consummate its initial business combination by one month from October 3, 2023 to November 3, 2023 (the “Extension”). The Extension is the third of twelve one-month extensions permitted under the Company’s governing documents. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The results for the period ended September 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any future interim periods. |
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, 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 a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC 740”). Under the asset and liability method, as required by this accounting standard, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities in the financial statements and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to the period when assets are realized or liabilities are settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in the operation of statement in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. 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 September 30, 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. ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero |
Offering Costs | Offering Costs The Company complies with the requirements of the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A – “Expenses of Offering.” Offering costs consist principally of professional and registration fees incurred through the balance sheet date that are related to the Initial Public Offering. Offering costs are charged to shareholders’ equity or the statement of operations based on the relative value of the Public Warrants and the Private Warrants to the proceeds received from the Units sold upon the completion of the Initial Public Offering and any over-allotment exercised. Accordingly, on August 3, 2021, offering costs totaling $11,761,739 (consisting of $4,000,000 of underwriting fee, $7,000,000 of deferred underwriting fee and $761,739 of other offering costs) were recognized with $477,711 included in accumulated deficit as an allocation for the Public Warrants and the Private Warrants, and $11,284,028 included in additional paid-in capital. On August 16, 2021, the underwriter partially exercised the over-allotment option and, on August 19, 2021, purchased an additional 1,961,131 Units (the “Over-Allotment Units”) from the Company, generating gross proceeds of $19,611,310. As a result of the partial exercise of the over-allotment option, the incremental increase in offering costs was $1,078,624 (consisting of $392,228 of underwriting fee and $686,396 of deferred underwriting fee) with $41,786 included in accumulated deficit as allocation for the Public Warrants and the Private Warrants, and $1,036,838 included in additional paid-in capital. |
Net Income (Loss) Per Ordinary Share | Net Income (Loss) Per Ordinary Share The Company’s statements of operations include a presentation of net income (loss) per share for ordinary shares subject to possible redemption and applies the two-class method in calculating net income (loss) per share. Net income (loss) per ordinary share, basic and diluted, is calculated by dividing the pro-rata allocation of net income (loss) for each class, by the weighted average number of Class A and Class B non-redeemable ordinary shares outstanding for the period. Net income (loss) is allocated pro-rata between Class A redeemable and Class B non-redeemable shares based on their respective weighted average shares outstanding for the period. The following tables reflect the calculation of basic and diluted net income (loss) per ordinary share (in dollars, except per share amounts): For the three months ended For the three months ended September 30, 2023 September 30, 2022 Non- Non- Redeemable Redeemable Redeemable Redeemable Class A Class B Class A Class B Ordinary Ordinary Ordinary Ordinary Shares Shares Shares Shares Basic and diluted net loss per share Numerator: Allocation of net income (loss) $ 429,196 $ 216,582 $ (441,482 ) $ (110,370 ) Denominator: Weighted-average shares outstanding 10,879,977 5,490,283 21,961,131 5,490,283 Basic and diluted net income (loss) per share $ 0.04 $ 0.04 $ (0.02 ) $ (0.02 ) For the nine months ended For the nine months ended September 30, 2023 September 30, 2022 Non- Non- Redeemable Redeemable Redeemable Redeemable Class A Class B Class A Class B Ordinary Ordinary Ordinary Ordinary Shares Shares Shares Shares Basic and diluted net income per share Numerator: Allocation of net income $ 4,981,990 $ 1,500,675 $ 886,261 $ 221,565 Denominator: Weighted-average shares outstanding 18,226,823 5,490,283 21,961,131 5,490,283 Basic and diluted net income per share $ 0.27 $ 0.27 $ 0.04 $ 0.04 |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The fair value of the Company’s assets held in the Trust Account which qualify as financial instruments under ASC 820, “Fair Value Measurement,” approximates the carrying amounts represented in the balance sheet, primarily due to their short-term nature. The Company applies ASC 820, which establishes a framework for measuring fair value and clarifies the definition of fair value within that framework. ASC 820 defines fair value as an exit price, which is the price that would be received for an asset or paid to transfer a liability in the Company’s principal or most advantageous market in an orderly transaction between market participants on the measurement date. The fair value hierarchy established in ASC 820 generally requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the entity’s own assumptions based on market data and the entity’s judgments about the assumptions that market participants would use in pricing the asset or liability and are to be developed based on the best information available in the circumstances. Level 1 — Assets and liabilities with unadjusted, quoted prices listed on active market exchanges. Inputs to the fair value measurement are observable inputs, such as quoted prices in active markets for identical assets or liabilities. Level 2 — Inputs to the fair value measurement are determined using prices for recently traded assets and liabilities with similar underlying terms, as well as direct or indirect observable inputs, such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 — Inputs to the fair value measurement are unobservable inputs, such as estimates, assumptions, and valuation techniques when little or no market data exists for the assets or liabilities. |
Warrant Liabilities | Warrant Liabilities The Company accounts for warrants for the Company’s ordinary shares that are not indexed to its own shares as liabilities at fair value on the balance sheet. The warrants are subject to remeasurement at each balance sheet date and any change in fair value is recognized as a component of other income (expense), net on the statement of operations. The Company will continue to adjust the liabilities for changes in fair value until the earlier of the exercise or expiration of the ordinary share warrants. At that time, the portion of the warrant liabilities related to the ordinary share warrants will be reclassified to additional paid-in capital. |
Related Parties | Related Parties Parties, which can be a corporation or individual, are considered related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence. |
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 cash of $0 and $44,659 and no |
Investments Held in Trust Account | Investments Held in Trust Account As of September 30, 2023 and December 31, 2022, $68,616,837 and $222,726,270, respectively, held in the Trust Account was held in money market funds, which are invested in U.S. Treasury securities. The investments held in the Trust Account are presented at fair value at the end of each reporting period. Gains or losses resulting from the change in fair value of these securities are included in gains (losses) on investments held in the Trust Account on the accompanying statement of operations. The estimated fair value of investments held in the Trust Account are determined using available market information. |
Class A Ordinary Shares Subject to Possible Redemption | Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Ordinary shares subject to mandatory redemption (if any) are classified as a liability instrument and is measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholder’s equity. The Company’s ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholder’s equity section of the Company’s balance sheet. Immediately upon the closing of the Initial Public Offering, the Company recognized the remeasurement from initial book value to redemption amount. Increases or decreases in the carrying amount of redeemable ordinary shares are affected by charges against additional paid-in capital and accumulated deficit. The year to date activity and balances as of September 30, 2023 and December 31, 2022, for the Class A ordinary shares subject to possible redemption reflected in the balance sheet is reconciled in the following table: As of As of September 30, December 31, 2023 2022 Beginning Balance, January 1 $ 222,726,270 $ 219,617,731 Less: Class A shareholder redemptions (160,732,917 ) - Plus: Remeasurement of carrying value to redemption value 6,423,484 3,108,539 Extension Contributions 200,000 - Class A ordinary shares subject to possible redemption $ 68,616,837 $ 222,726,270 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2020, the FASB issued ASU No. 2020-06, Debt with Conversion and other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40). The new guidance eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. It also amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives because of specific settlement provisions. In addition, the new guidance modifies how particular convertible instruments and certain contracts that may be settled in cash or shares impact the diluted EPS computation. This guidance is effective as of January 1, 2024 for smaller reporting companies (early adoption is permitted effective January 1, 2021). The Company is currently evaluating the effect the updated standard will have on its financial position, results of operations or financial statement disclosure. In June 2022, the FASB issued ASU 2022-03, ASC Subtopic 820 “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions”. The ASU amends ASC 820 to clarify that a contractual sales restriction is not considered in measuring an equity security at fair value and to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value. The ASU applies to both holders and issuers of equity and equity-linked securities measured at fair value. The amendments in this ASU are effective for the Company in fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Company is currently assessing what impact, if any, that ASU 2022-03 would have on its financial position, results of operations or cash flows. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
Schedule of Basic and Diluted Net Income (Loss) Per Ordinary Share | The following tables reflect the calculation of basic and diluted net income (loss) per ordinary share (in dollars, except per share amounts): For the three months ended For the three months ended September 30, 2023 September 30, 2022 Non- Non- Redeemable Redeemable Redeemable Redeemable Class A Class B Class A Class B Ordinary Ordinary Ordinary Ordinary Shares Shares Shares Shares Basic and diluted net loss per share Numerator: Allocation of net income (loss) $ 429,196 $ 216,582 $ (441,482 ) $ (110,370 ) Denominator: Weighted-average shares outstanding 10,879,977 5,490,283 21,961,131 5,490,283 Basic and diluted net income (loss) per share $ 0.04 $ 0.04 $ (0.02 ) $ (0.02 ) For the nine months ended For the nine months ended September 30, 2023 September 30, 2022 Non- Non- Redeemable Redeemable Redeemable Redeemable Class A Class B Class A Class B Ordinary Ordinary Ordinary Ordinary Shares Shares Shares Shares Basic and diluted net income per share Numerator: Allocation of net income $ 4,981,990 $ 1,500,675 $ 886,261 $ 221,565 Denominator: Weighted-average shares outstanding 18,226,823 5,490,283 21,961,131 5,490,283 Basic and diluted net income per share $ 0.27 $ 0.27 $ 0.04 $ 0.04 |
Schedule of Class A Ordinary Shares Subject to Possible Redemption | The year to date activity and balances as of September 30, 2023 and December 31, 2022, for the Class A ordinary shares subject to possible redemption reflected in the balance sheet is reconciled in the following table: As of As of September 30, December 31, 2023 2022 Beginning Balance, January 1 $ 222,726,270 $ 219,617,731 Less: Class A shareholder redemptions (160,732,917 ) - Plus: Remeasurement of carrying value to redemption value 6,423,484 3,108,539 Extension Contributions 200,000 - Class A ordinary shares subject to possible redemption $ 68,616,837 $ 222,726,270 |
Recurring Fair Value Measurem_2
Recurring Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Recurring Fair Value Measurements [Abstract] | |
Schedule of Fair Value Hierarchy the Company's Financial Assets and Liabilities | The following tables present fair value information as of September 30, 2023 and December 31, 2022 of the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. As of September 30, 2023 (Level 1) (Level 2) (Level 3) Assets: Investments held in the Trust Account $ 68,616,837 $ — $ — Liabilities: Public Warrants $ 454,000 $ — $ — Private Warrants $ — $ 264,000 $ — As of December 31, 2022 (Level 1) (Level 2) (Level 3) Assets: Investments held in the Trust Account $ 222,726,270 $ — $ — Liabilities: Public Warrants $ 1,184,437 $ — $ — Private Warrants $ — $ — $ 690,000 |
Schedule of Changes in the Fair Value of the Warrants Liabilities | The following table presents a summary of the changes in the fair value of the Warrants liabilities classified as Level 3, measured on a recurring basis. Private Warrant Public Warrant Liabilities Liabilities Fair value as of December 31, 2021 $ 2,160,000 $ — Change in fair value of warrant liabilities (1,470,000 ) — Fair value as of December 31, 2022 $ 690,000 $ — Change in fair value of warrant liabilities (301,000 ) — Fair value of as of March 31, 2023 $ 389,000 $ — Transfer out of Level 3 (389,000 ) — Fair value of as of September 30, 2023 $ — $ — |
Schedule of Key Inputs into the Monte Carlo Formula Model | The key inputs into the Monte Carlo formula model were as follows for December 31, 2022: Private Warrant December 31, Share price $ 10.00 Exercise price $ 11.50 Risk-free rate 3.95 % Expected term of warrants 5.08 years Volatility 0.001 % |
Organization and Business Bac_2
Organization and Business Background (Details) - USD ($) | 9 Months Ended | |||||||
Sep. 30, 2023 | Jul. 27, 2023 | Jul. 10, 2023 | Aug. 19, 2021 | Aug. 03, 2021 | Sep. 30, 2023 | Dec. 31, 2022 | Apr. 25, 2022 | |
Organization and Business Background (Details) [Line Items] | ||||||||
Sale of private warrant (in Shares) | 261,485 | 261,485 | ||||||
Gross proceeds from sale of warrants | $ 392,228 | |||||||
Net assets held in trust account, percentage | 80% | |||||||
Business combination owns, percentage | 50% | |||||||
Per unit sold per share (in Dollars per share) | $ 10 | $ 10 | ||||||
Investment maturity | 185 years | 185 years | ||||||
Redemption limit percentage without prior consent | 15% | |||||||
Percentage of redeem public shares | 100% | |||||||
Interest to pay dissolution expenses | $ 100,000 | |||||||
Acquisition closing in tangible net assets of business combination | $ 5,000,001 | 5,000,001 | ||||||
Holders of shares redeemed (in Shares) | 15,446,457 | |||||||
Balance in trust account | $ 67,790,468 | |||||||
Working capital deficit | $ 247,481 | |||||||
PubCo [Member] | ||||||||
Organization and Business Background (Details) [Line Items] | ||||||||
Ownership interest, percentage | 95% | |||||||
SuperBAC Biotechnology Solutions S.A [Member] | ||||||||
Organization and Business Background (Details) [Line Items] | ||||||||
Ownership interest, percentage | 100% | |||||||
IPO [Member] | ||||||||
Organization and Business Background (Details) [Line Items] | ||||||||
Purchased additional units (in Shares) | 20,000,000 | |||||||
Issued price per share (in Dollars per share) | $ 10 | |||||||
Gross proceeds | $ 200,000,000 | |||||||
Amount deposited in the trust account | $ 219,611,310 | |||||||
Price per unit share (in Dollars per share) | $ 10 | |||||||
Private Placement [Member] | ||||||||
Organization and Business Background (Details) [Line Items] | ||||||||
Sale of private warrant (in Shares) | 4,000,000 | 4,000,000 | 4,000,000 | |||||
Warrants issue price (in Dollars per share) | $ 1.5 | |||||||
Gross proceeds from sale of warrants | $ 6,000,000 | $ 6,000,000 | ||||||
Sale of private warrant (in Shares) | 261,485 | |||||||
Purchase price per share (in Dollars per share) | $ 1.5 | |||||||
Over-Allotment Option [Member] | ||||||||
Organization and Business Background (Details) [Line Items] | ||||||||
Purchased additional units (in Shares) | 1,961,131 | |||||||
Gross proceeds | $ 19,611,310 | |||||||
Purchase additional Units (in Shares) | 3,000,000 | |||||||
Gross proceeds | 19,611,310 | |||||||
Aggregate per public share (in Dollars per share) | $ 10 | $ 10 | ||||||
Sponsor [Member] | ||||||||
Organization and Business Background (Details) [Line Items] | ||||||||
Gross proceeds from sale of warrants | $ 392,228 | |||||||
Trust Account [Member] | ||||||||
Organization and Business Background (Details) [Line Items] | ||||||||
Aggregate per public share (in Dollars per share) | 10 | 10 | ||||||
Class B Ordinary Shares [Member] | ||||||||
Organization and Business Background (Details) [Line Items] | ||||||||
Founder shares par value (in Dollars per share) | 0.0001 | 0.0001 | $ 0.0001 | |||||
Class A Ordinary Shares Subject to Redemption [Member] | ||||||||
Organization and Business Background (Details) [Line Items] | ||||||||
Redemption price per share (in Dollars per share) | $ 10.41 | |||||||
Class A Ordinary Shares [Member] | ||||||||
Organization and Business Background (Details) [Line Items] | ||||||||
Founder shares par value (in Dollars per share) | 0.0001 | 0.0001 | 0.0001 | |||||
Redemption price per share (in Dollars per share) | $ 10.53 | $ 10.53 | $ 10.14 | |||||
Aggregate redemption amount | $ 160,732,917 | |||||||
Ordinary shares outstanding (in Shares) | 21,961,131 | 21,961,131 | ||||||
Ordinary shares outstanding (in Shares) | 6,514,674 | 6,514,674 | 21,961,131 | |||||
Purchase and Sponsor Handover Agreement [Member] | ||||||||
Organization and Business Background (Details) [Line Items] | ||||||||
Sale of private warrant (in Shares) | 4,261,485 | |||||||
Private warrants shares (in Shares) | 4,261,485 | |||||||
Total purchase price | $ 250,000 | |||||||
Purchase and Sponsor Handover Agreement [Member] | Class B Ordinary Shares [Member] | ||||||||
Organization and Business Background (Details) [Line Items] | ||||||||
Former sponsor sold and sponsor purchased (in Shares) | 4,400,283 | |||||||
Founder shares par value (in Dollars per share) | $ 0.0001 | |||||||
Purchase and Sponsor Handover Agreement [Member] | Sponsor [Member] | ||||||||
Organization and Business Background (Details) [Line Items] | ||||||||
Legal fees and other expenses | $ 25,000 | |||||||
PubCo [Member] | ||||||||
Organization and Business Background (Details) [Line Items] | ||||||||
Acquisition closing in business combination | $ 150,000,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | 9 Months Ended | |||
Aug. 19, 2021 | Aug. 03, 2021 | Sep. 30, 2023 | Dec. 31, 2022 | |
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Tax benefit percentage | 50% | |||
Provision for income taxes | ||||
Cash | 0 | $ 44,659 | ||
Cash equivalents | ||||
Held in the trust account | $ 68,616,837 | $ 222,726,270 | ||
IPO [Member] | ||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Offering costs | $ 11,761,739 | |||
Underwriting fee expense | 4,000,000 | |||
Deferred underwriting fee | 7,000,000 | |||
Other offering costs | 761,739 | |||
Offering costs included In accumulated deficit | 477,711 | |||
Offering costs included in additional paid-in capital | $ 11,284,028 | |||
Over-Allotment Option [Member] | ||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Offering costs included In accumulated deficit | $ 41,786 | |||
Offering costs included in additional paid-in capital | $ 1,036,838 | |||
Purchased units (in Shares) | 1,961,131 | |||
Generating gross proceeds | $ 19,611,310 | |||
Offering costs | 1,078,624 | |||
Underwriting fee | 392,228 | |||
Deferred underwriting fee | $ 686,396 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Schedule of Basic and Diluted Net Income (Loss) Per Ordinary Share - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Redeemable Class A Ordinary Shares [Member] | ||||
Numerator: | ||||
Allocation of net income (loss) | $ 429,196 | $ (441,482) | $ 4,981,990 | $ 886,261 |
Denominator: | ||||
Weighted-average shares outstanding | 10,879,977 | 21,961,131 | 18,226,823 | 21,961,131 |
Basic net income (loss) per share | $ 0.04 | $ (0.02) | $ 0.27 | $ 0.04 |
Non-Redeemable Class B Ordinary Shares [Member] | ||||
Numerator: | ||||
Allocation of net income (loss) | $ 216,582 | $ (110,370) | $ 1,500,675 | $ 221,565 |
Denominator: | ||||
Weighted-average shares outstanding | 5,490,283 | 5,490,283 | 5,490,283 | 5,490,283 |
Basic net income (loss) per share | $ 0.04 | $ (0.02) | $ 0.27 | $ 0.04 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details) - Schedule of Basic and Diluted Net Income (Loss) Per Ordinary Share (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Redeemable Class A Ordinary Shares [Member] | ||||
Summary of Significant Accounting Policies (Details) - Schedule of Basic and Diluted Net Income (Loss) Per Ordinary Share (Parentheticals) [Line Items] | ||||
Diluted net income (loss) per share | $ 0.04 | $ (0.02) | $ 0.27 | $ 0.04 |
Non-Redeemable Class B Ordinary Shares [Member] | ||||
Summary of Significant Accounting Policies (Details) - Schedule of Basic and Diluted Net Income (Loss) Per Ordinary Share (Parentheticals) [Line Items] | ||||
Diluted net income (loss) per share | $ 0.04 | $ (0.02) | $ 0.27 | $ 0.04 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Details) - Schedule of Class A Ordinary Shares Subject to Possible Redemption - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Schedule of Class A Ordinary Shares Subject to Possible Redemption [Abstract] | ||
Beginning Balance, January 1 | $ 222,726,270 | $ 219,617,731 |
Less: | ||
Class A shareholder redemptions | (160,732,917) | |
Plus: | ||
Remeasurement of carrying value to redemption value | 6,423,484 | 3,108,539 |
Extension Contributions | 200,000 | |
Class A ordinary shares subject to possible redemption | $ 68,616,837 | $ 222,726,270 |
Initial Public Offering (Detail
Initial Public Offering (Details) - USD ($) | 9 Months Ended | ||
Aug. 19, 2021 | Aug. 03, 2021 | Sep. 30, 2023 | |
IPO [Member] | |||
Initial Public Offering [Line Items] | |||
Number of units issued | 20,000,000 | ||
Price per unit (in Dollars per share) | $ 10 | ||
Number of shares in a unit | 1 | ||
IPO proceeds held in trust account, per unit (in Dollars per share) | $ 10 | ||
Maturity term | 185 days | ||
Over-Allotment Option [Member] | |||
Initial Public Offering [Line Items] | |||
Number of units issued | 1,961,131 | ||
Price per unit (in Dollars per share) | $ 10 | ||
Gross proceeds (in Dollars) | $ 19,611,310 | ||
Public Warrants [Member] | IPO [Member] | |||
Initial Public Offering [Line Items] | |||
Number of warrants in a unit | 1 | ||
Number of shares issuable per warrant | 1 | ||
Price of per share (in Dollars per share) | $ 11.5 | ||
Private Placement Warrants [Member] | |||
Initial Public Offering [Line Items] | |||
Number of units issued | 261,485 | ||
Private Placement Warrants [Member] | Private Placement [Member] | |||
Initial Public Offering [Line Items] | |||
Gross proceeds (in Dollars) | $ 392,228 |
Private Placement (Details)
Private Placement (Details) - USD ($) | 1 Months Ended | 9 Months Ended | ||
Aug. 03, 2021 | Jul. 31, 2023 | Sep. 30, 2023 | Jul. 10, 2023 | |
Private Placement [Line Items] | ||||
Number of warrants to be issued | 261,485 | |||
Price of warrant (in Dollars per share) | $ 1.5 | |||
Private warrant (in Dollars) | $ 392,228 | |||
Private Placement [Member] | ||||
Private Placement [Line Items] | ||||
Number of warrants to be issued | 4,000,000 | 4,000,000 | ||
Price of warrant (in Dollars per share) | $ 1.5 | |||
Private warrant (in Dollars) | $ 6,000,000 | $ 6,000,000 | ||
Purchase and Sponsor Handover Agreement [Member] | ||||
Private Placement [Line Items] | ||||
Number of warrants to be issued | 4,261,485 | |||
Purchase and Sponsor Handover Agreement [Member] | Purchase and Sponsor Handover Agreement [Member] | ||||
Private Placement [Line Items] | ||||
Former sponsor sold by the former sponsor | 4,261,485 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 1 Months Ended | 9 Months Ended | ||||||||
Jul. 27, 2023 | May 16, 2023 | Jul. 29, 2021 | May 12, 2021 | Jul. 31, 2023 | Mar. 31, 2021 | Sep. 30, 2023 | Aug. 08, 2023 | Jul. 29, 2023 | Dec. 31, 2022 | |
Related Party Transactions [Line Items] | ||||||||||
Percentage of outstanding | 20% | |||||||||
Aggregate principal amount | $ 1,500,000 | |||||||||
Promissory note | 200,000 | |||||||||
Price of per warrant (in Dollars per share) | $ 1.5 | |||||||||
Due to former sponsor amount | $ 60,000 | |||||||||
Deferred underwriting fee | $ 7,686,396 | |||||||||
Sponsor [Member] | ||||||||||
Related Party Transactions [Line Items] | ||||||||||
Due to former sponsor amount | 519,958 | |||||||||
Expenses incurred up to former sponsor | $ 13,500,000 | |||||||||
Sponsor fees | $ 25,000 | |||||||||
Founder Shares | ||||||||||
Related Party Transactions [Line Items] | ||||||||||
Pursuant to the Sponsor Handover transaction (in Shares) | 4,400,283 | |||||||||
Related Party [Member] | ||||||||||
Related Party Transactions [Line Items] | ||||||||||
Promissory note | 200,000 | $ 300,000 | ||||||||
Former Sponsor [Member] | ||||||||||
Related Party Transactions [Line Items] | ||||||||||
Payment of fee | $ 500,000 | |||||||||
Founder Shares | ||||||||||
Related Party Transactions [Line Items] | ||||||||||
Founder shares issued (in Shares) | 5,490,283 | |||||||||
Founder shares outstanding (in Shares) | 5,490,283 | |||||||||
Founder Shares | Sponsor [Member] | ||||||||||
Related Party Transactions [Line Items] | ||||||||||
Number of shares issued (in Shares) | 5,750,000 | |||||||||
Aggregate purchase price | $ 25,000 | |||||||||
Shares subject to forfeiture (in Shares) | 750,000 | |||||||||
Percentage of issued | 20% | |||||||||
Number of shares forfeited by company (in Shares) | 259,717 | |||||||||
Business combination completion | 1 year | |||||||||
Exceeds per share (in Dollars per share) | $ 12 | |||||||||
Period commencing after a business combination | 120 days | |||||||||
Founder Shares | Director [Member] | ||||||||||
Related Party Transactions [Line Items] | ||||||||||
Former sponsor transferred founder shares (in Shares) | 90,000 | 80,000 | ||||||||
Price per share (in Dollars per share) | $ 0.004 | |||||||||
Gross proceeds | $ 390 | |||||||||
Fair value of director shares, per share (in Dollars per share) | $ 8.01 | |||||||||
Fair value of director shares | $ 720,459 | |||||||||
Purchase price | $ 720,068 | |||||||||
Promissory Note with Related Party | ||||||||||
Related Party Transactions [Line Items] | ||||||||||
Aggregate principal amount | $ 300,000 | |||||||||
Promissory note | $ 0 | 300,000 | ||||||||
Working capital loans convertible into warrants | $ 1,500,000 | |||||||||
Price of per warrant (in Dollars per share) | $ 1.5 | |||||||||
Related Party Loans [Member] | Working Capital Loans Warrant [Member] | ||||||||||
Related Party Transactions [Line Items] | ||||||||||
Price of per warrant (in Dollars per share) | $ 1.5 | |||||||||
Related Party Loans [Member] | Related Party [Member] | ||||||||||
Related Party Transactions [Line Items] | ||||||||||
Working capital loans convertible into warrants | $ 1,500,000 | |||||||||
Related Party Loans [Member] | Related Party [Member] | Working Capital Loans Warrant [Member] | ||||||||||
Related Party Transactions [Line Items] | ||||||||||
Outstanding borrowings | ||||||||||
Administrative Support Agreement | Related Party [Member] | ||||||||||
Related Party Transactions [Line Items] | ||||||||||
Expenses per month | $ 10,000 | |||||||||
Advisory Services | Related Party [Member] | XP Investimentos [Member] | ||||||||||
Related Party Transactions [Line Items] | ||||||||||
Received a fee of cash underwriting paid | $ 1,725,443 | |||||||||
Purchase and Sponsor Handover Agreement [Member] | SuperBAC Biotechnology Solutions S.A [Member] | ||||||||||
Related Party Transactions [Line Items] | ||||||||||
Reimbursement of certain business combination expenses previously incurred | $ 6,300,000 |
Shareholders_ Deficit (Details)
Shareholders’ Deficit (Details) | 9 Months Ended | ||
Jul. 31, 2023 shares | Sep. 30, 2023 $ / shares shares | Dec. 31, 2022 $ / shares shares | |
Shareholders’ Deficit (Details) [Line Items] | |||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | |
Preferred stock, par value (in Dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | |
Preferred stock, shares issued | |||
Preferred stock, shares outstanding | |||
Class A Common Stock [Member] | |||
Shareholders’ Deficit (Details) [Line Items] | |||
Common shares, shares authorized | 200,000,000 | 200,000,000 | |
Par value per Founder share sold (in Dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | |
Common shares, votes per share | 1 | ||
Common shares, shares outstanding | |||
Temporary equity, subject to possible redemption shares | 6,514,674 | 21,961,131 | |
Common shares, shares issued | |||
Class A Common Stock [Member] | Public Share [Member] | |||
Shareholders’ Deficit (Details) [Line Items] | |||
Temporary equity, shares issued | 6,514,674 | 21,961,131 | |
Class A Common Stock Not Subject to Redemption [Member] | |||
Shareholders’ Deficit (Details) [Line Items] | |||
Common shares, shares outstanding | |||
Class A Common Stock Subject to Redemption [Member] | Public Share [Member] | |||
Shareholders’ Deficit (Details) [Line Items] | |||
Temporary equity, subject to possible redemption shares | 6,514,674 | 21,961,131 | |
Class B Ordinary Shares [Member] | |||
Shareholders’ Deficit (Details) [Line Items] | |||
Common shares, shares authorized | 20,000,000 | 20,000,000 | |
Par value per Founder share sold (in Dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | |
Common shares, shares outstanding | 5,490,283 | 5,490,283 | |
Common shares, shares issued | 5,490,283 | 5,490,283 | |
Percentage of issued and outstanding ordinary shares | 20% | ||
Converted basis percentage | 20% | ||
Purchase and Sponsor Handover Agreement [Member] | Class B Ordinary Shares [Member] | |||
Shareholders’ Deficit (Details) [Line Items] | |||
Founder shares sold by the former sponsor | 4,400,283 |
Warrant Liabilities (Details)
Warrant Liabilities (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Warrant Liabilities [Line Items] | ||
Redemption of warrants, description | ●in whole and not in part; ●at a price of $0.01 per warrant; ●upon not less than 30 days’ prior written notice of redemption to each warrant holder; and ●if, and only if, the last reported sale price of the Class A ordinary shares 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 will send the notice of redemption to the warrant holders (referred to as the “Reference Value”) equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant). If and when the Public Warrants become redeemable by the Company, it may exercise its redemption right even if the Company is unable to register or qualify the underlying securities for sale under all applicable state securities laws.Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00. Once the Public Warrants become exercisable, the Company may redeem the Public Warrants: ●in whole and not in part; ●at $0.10 per warrant; ●upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares based on the redemption date and the fair market value of the Class A ordinary shares; ●if, and only if, the Reference Value equals or exceeds $10.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant); and ●if the Reference Value is less than $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant), the Private Warrants must also be concurrently called for redemption on the same terms as the outstanding public warrants, as described above | |
Class A Ordinary Shares [Member] | ||
Warrant Liabilities [Line Items] | ||
Price per share | $ 9.2 | |
Public Warrants [Member] | ||
Warrant Liabilities [Line Items] | ||
Redemption trigger price | $ 10 | |
Public warrants outstanding (in Shares) | 7,320,377 | 7,320,377 |
Public Warrants [Member] | Class A Ordinary Shares [Member] | ||
Warrant Liabilities [Line Items] | ||
Price per share | $ 9.2 | |
Percentage of total equity proceeds | 60% | |
Trading days | 20 days | |
Percentage of market value and newly issued price | 115% | |
Private Placement Warrants [Member] | ||
Warrant Liabilities [Line Items] | ||
Public warrants outstanding (in Shares) | 4,261,485 | 4,261,485 |
Redemption of Warrants When the Price per Class A Ordinary Shares Equals or Exceeds $18.00 [Member] | ||
Warrant Liabilities [Line Items] | ||
Redemption of warrants | $ 18 | |
Redemption of Warrants When the Price per Class A Ordinary Shares Equals or Exceeds $18.00 [Member] | Public Warrants [Member] | ||
Warrant Liabilities [Line Items] | ||
Redemption of warrants | $ 18 | |
Redemption of Warrants When the Price per Class A Ordinary Shares Equals or Exceeds $10.00 [Member] | ||
Warrant Liabilities [Line Items] | ||
Percentage of market value and newly issued price | 180% | |
Redemption of Warrants When the Price per Class A Ordinary Shares Equals or Exceeds $10.00 [Member] | Public Warrants [Member] | ||
Warrant Liabilities [Line Items] | ||
Redemption trigger price | $ 10 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 9 Months Ended | |||
Aug. 19, 2021 USD ($) $ / shares | Aug. 19, 2021 $ / shares shares | Sep. 30, 2023 USD ($) $ / shares shares | Jul. 31, 2023 USD ($) | |
Commitments and Contingencies [Line Items] | ||||
Maximum number of demands for registration of securities | 3 | |||
Underwriting cash discount per unit (in Dollars per share) | $ / shares | $ 0.2 | |||
Underwriter cash discount | $ 4,392,226 | |||
Deferred fee per unit (in Dollars per share) | $ / shares | $ 0.35 | |||
Aggregate deferred underwriting fee payable | $ 7,686,396 | |||
Deferred underwriting fee waived | $ 7,686,396 | |||
Over-Allotment Option [Member] | ||||
Commitments and Contingencies [Line Items] | ||||
Underwriting option period | 45 years | |||
Additional units to be purchased (in Shares) | shares | 1,961,131 | 3,000,000 | ||
Issue price per share (in Dollars per share) | $ / shares | $ 10 | $ 10 | ||
Gross proceeds from sale of units | $ 19,611,310 |
Recurring Fair Value Measurem_3
Recurring Fair Value Measurements (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Recurring Fair Value Measurements [Line Items] | ||
Warrant liabilities | $ 718,000 | $ 1,874,437 |
Recurring Fair Value Measurem_4
Recurring Fair Value Measurements (Details) - Schedule of Fair Value Hierarchy the Company's Financial Assets and Liabilities - Fair Value, Recurring [Member] - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Level 1 [Member] | ||
Assets: | ||
Investments held in the Trust Account | $ 68,616,837 | $ 222,726,270 |
Level 1 [Member] | Public Warrants [Member] | ||
Liabilities: | ||
Warrants | 454,000 | 1,184,437 |
Level 1 [Member] | Private Placement Warrants [Member] | ||
Liabilities: | ||
Warrants | ||
Level 2 [Member] | ||
Assets: | ||
Investments held in the Trust Account | ||
Level 2 [Member] | Public Warrants [Member] | ||
Liabilities: | ||
Warrants | ||
Level 2 [Member] | Private Placement Warrants [Member] | ||
Liabilities: | ||
Warrants | 264,000 | |
Level 3 [Member] | ||
Assets: | ||
Investments held in the Trust Account | ||
Level 3 [Member] | Public Warrants [Member] | ||
Liabilities: | ||
Warrants | ||
Level 3 [Member] | Private Placement Warrants [Member] | ||
Liabilities: | ||
Warrants | $ 690,000 |
Recurring Fair Value Measurem_5
Recurring Fair Value Measurements (Details) - Schedule of Changes in the Fair Value of the Warrants Liabilities - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | |
Private Placement Warrants [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value as of beginning | $ 690,000 | $ 389,000 | $ 2,160,000 |
Change in fair value of warrant liabilities | (301,000) | (1,470,000) | |
Fair value as of ending | 389,000 | 690,000 | |
Transfer out of Level 3 | (389,000) | ||
Public Warrants [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value as of beginning | |||
Change in fair value of warrant liabilities | |||
Fair value as of ending | |||
Transfer out of Level 3 |
Recurring Fair Value Measurem_6
Recurring Fair Value Measurements (Details) - Schedule of Key Inputs into the Monte Carlo Formula Model - Fair Value, Inputs, Level 3 [Member] - Private Placement Warrants [Member] - Monte Carlo formula Model [Member] | 12 Months Ended |
Dec. 31, 2022 $ / shares | |
Share price [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Share price | $ 10 |
Exercise price [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Exercise price | $ 11.5 |
Risk-free rate [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Risk-free rate | 3.95% |
Expected term of warrants [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Expected term of warrants | 5 years 29 days |
Volatility [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Volatility | 0.001% |
Subsequent Events (Details)
Subsequent Events (Details) | Oct. 05, 2023 USD ($) |
Subsequent Event [Member] | |
Subsequent Events (Details) [Line Items] | |
Deposited into trust account | $ 100,000 |