Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 14, 2023 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity Registrant Name | MOUNTAIN & CO. I ACQUISITION CORP. | |
Entity Incorporation, State or Country Code | KY | |
Entity File Number | 001-41021 | |
Entity Tax Identification Number | 00-0000000 | |
Entity Address, Address Line One | 4001 Kennett Pike, Suite 302 | |
Entity Address, City or Town | Wilmington | |
Entity Address State Or Province | DE | |
Entity Address, Postal Zip Code | 19807 | |
City Area Code | 302 | |
Local Phone Number | 273 0765 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | true | |
Entity Central Index Key | 0001856995 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Class A ordinary shares | ||
Document and Entity Information | ||
Title of 12(b) Security | Class A ordinary shares, par value $0.0001 per share | |
Trading Symbol | MCAA | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 11,513,065 | |
Redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 | ||
Document and Entity Information | ||
Title of 12(b) Security | Redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 | |
Trading Symbol | MCAAW | |
Security Exchange Name | NASDAQ | |
Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant | ||
Document and Entity Information | ||
Title of 12(b) Security | Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant | |
Trading Symbol | MCAAU | |
Security Exchange Name | NASDAQ | |
Class B ordinary shares | ||
Document and Entity Information | ||
Entity Common Stock, Shares Outstanding | 5,750,000 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Current Assets | ||
Cash | $ 91,629 | $ 34,186 |
Receivable from Sponsor | 257,478 | |
Prepaid expenses | 58,273 | 347,876 |
Total Current Assets | 149,902 | 639,540 |
Investments held in Trust Account | 127,562,236 | 239,430,719 |
Total Assets | 127,712,138 | 240,070,259 |
Current liabilities | ||
Accrued offering costs and expenses | 1,756,829 | 579,550 |
Due to related party | 373,841 | 132,000 |
Promissory note - related party | 3,477,666 | 118,833 |
Total Current Liabilities | 5,608,336 | 830,383 |
Deferred underwriting fee | 8,050,000 | 8,050,000 |
Total Liabilities | 13,658,336 | 8,880,383 |
Commitments and Contingencies (See Note 6) | ||
Shareholders' Deficit: | ||
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding | ||
Accumulated deficit | (13,509,009) | (8,241,418) |
Total Shareholders' Deficit | (13,508,434) | (8,240,843) |
Total Liabilities, Redeemable Ordinary Shares, and Shareholders' Deficit | 127,712,138 | 240,070,259 |
Class A ordinary shares | ||
Shareholders' Deficit: | ||
Ordinary shares | 0 | 0 |
Class A ordinary shares subject to possible redemption | ||
Current liabilities | ||
Class A ordinary shares subject to possible redemption, 11,513,065 and 23,000,000 shares at redemption value of $11.08 and $10.41 per share at September 30, 2023 and December 31, 2022, respectively | 127,562,236 | 239,430,719 |
Class B ordinary shares | ||
Shareholders' Deficit: | ||
Ordinary shares | $ 575 | $ 575 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
Preference shares, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preference shares, shares authorized | 5,000,000 | 5,000,000 |
Preference shares, shares issued | 0 | 0 |
Preference shares, shares outstanding | 0 | 0 |
Ordinary shares, shares issued | 0 | |
Ordinary shares, shares outstanding | 0 | 0 |
Class B ordinary shares | ||
Ordinary shares, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Ordinary shares, shares authorized | 50,000,000 | 50,000,000 |
Ordinary shares, shares issued | 5,750,000 | 5,750,000 |
Ordinary shares, shares outstanding | 5,750,000 | 5,750,000 |
Class A ordinary shares | ||
Ordinary shares, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Ordinary shares, shares authorized | 500,000,000 | 500,000,000 |
Class A ordinary shares not subject to redemption | ||
Ordinary shares, shares issued | 0 | 0 |
Ordinary shares, shares outstanding | 0 | 0 |
Class A ordinary shares subject to possible redemption | ||
Class A ordinary shares subject to possible redemption | 11,513,065 | 23,000,000 |
Class A ordinary shares subject to possible redemption, redemption value per share | $ 11.08 | $ 10.41 |
UNAUDITED CONDENSED STATEMENTS
UNAUDITED CONDENSED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Formation and operating costs | $ 861,466 | $ 299,707 | $ 2,027,590 | $ 1,170,196 |
Loss from operations | (861,466) | (299,707) | (2,027,590) | (1,170,196) |
Other income: | ||||
Interest income on trust account | 2,106,298 | 742,534 | 5,701,602 | 855,719 |
Total other income | 2,106,298 | 742,534 | 5,701,602 | 855,719 |
Net income (loss) | 1,244,832 | 442,827 | 3,674,012 | (314,477) |
Class A ordinary shares | ||||
Other income: | ||||
Net income (loss) | $ 843,677 | $ 343,943 | $ 2,586,472 | $ (244,254) |
Weighted average shares outstanding, basic (in shares) | 12,092,956 | 20,000,000 | 13,675,100 | 20,000,000 |
Weighted average shares outstanding, diluted (in shares) | 12,092,956 | 20,000,000 | 13,675,100 | 20,000,000 |
Basic net income (loss) per share | $ 0.07 | $ 0.02 | $ 0.19 | $ (0.01) |
Diluted net income (loss) per share | $ 0.07 | $ 0.02 | $ 0.19 | $ (0.01) |
Class A ordinary shares subject to possible redemption | ||||
Other income: | ||||
Weighted average shares outstanding, basic (in shares) | 12,092,956 | 20,000,000 | 13,675,100 | 20,000,000 |
Weighted average shares outstanding, diluted (in shares) | 12,092,956 | 20,000,000 | 13,675,100 | 20,000,000 |
Basic net income (loss) per share | $ 0.07 | $ 0.02 | $ 0.19 | $ (0.01) |
Diluted net income (loss) per share | $ 0.07 | $ 0.02 | $ 0.19 | $ (0.01) |
Class B ordinary shares | ||||
Other income: | ||||
Net income (loss) | $ 401,155 | $ 98,884 | $ 1,087,540 | $ (70,223) |
Weighted average shares outstanding, basic (in shares) | 5,750,000 | 5,750,000 | 5,750,000 | 5,750,000 |
Weighted average shares outstanding, diluted (in shares) | 5,750,000 | 5,750,000 | 5,750,000 | 5,750,000 |
Basic net income (loss) per share | $ 0.07 | $ 0.02 | $ 0.19 | $ (0.01) |
Diluted net income (loss) per share | $ 0.07 | $ 0.02 | $ 0.19 | $ (0.01) |
UNAUDITED CONDENSED STATEMENT_2
UNAUDITED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT - USD ($) | Class A ordinary shares | Class B ordinary shares Ordinary Shares | Class B ordinary shares | Accumulated Deficit | Total |
Balance at the beginning at Dec. 31, 2021 | $ 575 | $ (6,936,980) | $ (6,936,405) | ||
Balance at the beginning (in shares) at Dec. 31, 2021 | 5,750,000 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Accretion for Class A Common Stock to redemption | (114,215) | (114,215) | |||
Net income | (757,304) | (757,304) | |||
Balance at the end at Jun. 30, 2022 | $ 575 | (7,808,499) | (7,807,924) | ||
Balance at the end (in shares) at Jun. 30, 2022 | 5,750,000 | ||||
Balance at the beginning at Dec. 31, 2021 | $ 575 | (6,936,980) | (6,936,405) | ||
Balance at the beginning (in shares) at Dec. 31, 2021 | 5,750,000 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Net income | $ (244,254) | $ (70,223) | (314,477) | ||
Balance at the end at Sep. 30, 2022 | $ 575 | (8,108,206) | (8,107,631) | ||
Balance at the end (in shares) at Sep. 30, 2022 | 5,750,000 | ||||
Balance at the beginning at Jun. 30, 2022 | $ 575 | (7,808,499) | (7,807,924) | ||
Balance at the beginning (in shares) at Jun. 30, 2022 | 5,750,000 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Accretion for Class A Common Stock to redemption | (742,534) | (742,534) | |||
Net income | 343,943 | 98,884 | 442,827 | 442,827 | |
Balance at the end at Sep. 30, 2022 | $ 575 | (8,108,206) | (8,107,631) | ||
Balance at the end (in shares) at Sep. 30, 2022 | 5,750,000 | ||||
Balance at the beginning at Dec. 31, 2022 | $ 575 | (8,241,418) | (8,240,843) | ||
Balance at the beginning (in shares) at Dec. 31, 2022 | 5,750,000 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Accretion for Class A Common Stock to redemption | (2,978,061) | (2,978,061) | |||
Net income | 1,617,637 | 1,617,637 | |||
Balance at the end at Mar. 31, 2023 | $ 575 | (9,601,842) | (9,601,267) | ||
Balance at the end (in shares) at Mar. 31, 2023 | 5,750,000 | ||||
Balance at the beginning at Dec. 31, 2022 | $ 575 | (8,241,418) | (8,240,843) | ||
Balance at the beginning (in shares) at Dec. 31, 2022 | 5,750,000 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Net income | 2,586,472 | 1,087,540 | 3,674,012 | ||
Balance at the end at Sep. 30, 2023 | $ 575 | (13,509,009) | (13,508,434) | ||
Balance at the end (in shares) at Sep. 30, 2023 | 5,750,000 | ||||
Balance at the beginning at Mar. 31, 2023 | $ 575 | (9,601,842) | (9,601,267) | ||
Balance at the beginning (in shares) at Mar. 31, 2023 | 5,750,000 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Accretion for Class A Common Stock to redemption | (2,717,244) | (2,717,244) | |||
Net income | 811,543 | 811,543 | |||
Balance at the end at Jun. 30, 2023 | $ 575 | (11,507,543) | (11,506,968) | ||
Balance at the end (in shares) at Jun. 30, 2023 | 5,750,000 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Accretion for Class A Common Stock to redemption | (3,246,298) | (3,246,298) | |||
Net income | $ 843,677 | $ 401,155 | 1,244,832 | 1,244,832 | |
Balance at the end at Sep. 30, 2023 | $ 575 | $ (13,509,009) | $ (13,508,434) | ||
Balance at the end (in shares) at Sep. 30, 2023 | 5,750,000 |
UNAUDITED CONDENSED STATEMENT_3
UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from Operating Activities: | ||
Net income (loss) | $ 3,674,012 | $ (314,477) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Interest earned on investments held in Trust Account | (5,701,602) | (855,719) |
Changes in current assets and liabilities: | ||
Prepaid expenses | 289,603 | 315,397 |
Accrued expenses | 1,177,278 | 510,232 |
Receivable from Sponsor | 257,478 | 18,522 |
Due to related party | 241,841 | 90,000 |
Net cash used in operating activities | (61,390) | (236,045) |
Cash flows from Investing Activities: | ||
Extension contributions in Trust Account | (3,240,000) | |
Cash withdrawn from Trust Account in connection with redemption | 120,810,086 | |
Net cash provided by investing activities | 117,570,086 | |
Cash flows from Financing Activities: | ||
Payment of redemptions | (120,810,086) | |
Proceeds from the promissory note to related party | 3,358,833 | |
Net cash used in financing activities | (117,451,253) | |
Net change in cash | 57,443 | (236,045) |
Cash, beginning of the period | 34,186 | 303,858 |
Cash, end of the period | 91,629 | 67,813 |
Supplemental Disclosure of Non-cash Financing Activities: | ||
Accretion for Class A Common Stock to redemption | $ 8,941,603 | $ 856,749 |
DESCRIPTION OF ORGANIZATION, BU
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND LIQUIDITY | 9 Months Ended |
Sep. 30, 2023 | |
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND LIQUIDITY | |
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND LIQUIDITY | NOTE 1. DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND LIQUIDITY Mountain & Co. I Acquisition Corp. (the “Company”) was incorporated as a Cayman Islands exempted company on April 16, 2021. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar Business Combination with one or more businesses or entities (the “Business Combination”). As of September 30, 2023, the Company had not commenced any operations. All activity through September 30, 2023 relates to the Company’s formation and the initial public offering (“IPO”) described below. The Company will not generate any operating revenues at the earliest until after the completion of its initial Business Combination. The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the Public Offering (as defined below). The Company’s sponsor is Mountain & Co. I Sponsor LLC, a Cayman Islands limited liability company (the “Sponsor”). The registration statement for the Company’s IPO was declared effective on November 4, 2021 (the “Effective Date”). On November 9, 2021, the Company consummated its IPO of 20,000,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units being offered, the “Public Shares”) at $10.00 per Unit, which is discussed in Note 3 (the “Public Offering”) and the sale of 12,000,000 warrants (the “Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant in a private placement to the Sponsor that closed simultaneously with the Public Offering. On November 12, 2021, the underwriters exercised their full over-allotment option, resulting in an addition 3,000,000 units purchased and $30,000,000 in additional gross proceeds for aggregate units purchased of 23,000,000 and aggregate gross proceeds of $230,000,000 from both the IPO and over-allotment option exercise. Transaction costs related to the IPO and the exercise of the over-allotment option amounted to $13,406,427 consisting of $4,600,000 of underwriting commissions, $8,050,000 of deferred underwriting fees and $756,427 of other cash offering costs. The Company must consummate an initial Business Combination with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the trust account (as defined below) (excluding the amount of any deferred underwriting discount held in trust) at the time of its signing a definitive agreement in connection with the initial Business Combination. However, the Company will only complete such Business Combination if the post-Business Combination company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended, or the Investment Company Act. The Company does not believe that its anticipated principal activities will subject them to the Investment Company Act. To this end, the proceeds held in the trust account may only be invested in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations. Pursuant to the trust agreement, the trustee is not permitted to invest in other securities or assets. By restricting the investment of the proceeds to these instruments, and by having a business plan targeted at acquiring and growing businesses for the long term (rather than on buying and selling businesses in the manner of a merchant bank or private equity fund), the Company intends to avoid being deemed an “investment company” within the meaning of the Investment Company Act. The IPO offering is not intended for persons who are seeking a return on investments in government securities or investment securities. The trust account is intended as a holding place for funds pending the earliest to occur of either: (i) the completion of the initial Business Combination; (ii) the redemption of any public shares properly tendered in connection with a shareholder vote to amend the amended and restated memorandum and articles of association (A) to modify the substance or timing of its obligation to provide holders of the Company’s Class A ordinary shares the right to have their shares redeemed in connection with the initial Business Combination or to redeem 100% of public shares if the Company does not complete its initial Business Combination by March 9, 2024 or (B) with respect to any other provision relating to the rights of holders of Class A ordinary shares; or (iii) absent its completing an initial Business Combination within 15 months from the closing of this offering (or up to 18 months from the closing of this offering if we extend the period of time to consummate a Business Combination), the return of the funds held in the trust account to the public shareholders as part of the redemption of the public shares. If the Company does not invest the proceeds as discussed above, the Company may be deemed to be subject to the Investment Company Act. Although the Company expects to enter into an agreement with a target company for a business combination no later than 18 months after, and to consummate a business combination prior to the 24 month anniversary of, its IPO, should the Company be unable to do so, the Company intends to instruct Continental Stock Transfer & Trust Company, the trustee with respect to the trust account, to liquidate the U.S. government securities or money market funds held in the trust account and thereafter to hold all funds in the trust account in cash until the earlier of consummation of the Company’s business combination or liquidation, to mitigate the risk that we might be deemed to be an investment company for purposes of the Investment Company Act. If the Company were deemed to be subject to the Investment Company Act, compliance with these additional regulatory burdens would require additional expenses for which the Company has not allotted funds and may hinder the ability to complete a Business Combination. If the Company has not consummated the initial Business Combination within the required time period, the public shareholders may receive only approximately $10.30 per public share, or less in certain circumstances, on the liquidation of the trust account and the warrants will expire worthless. Following the closing of the IPO on November 9, 2021, and subsequent close of the over-allotment option exercise on November 12, 2021, a total of $236,900,000, comprised of $225,400,000 of the net proceeds from the IPO, including $8,050,000 of the underwriters’ deferred discount, and $11,500,000 of the proceeds of the sale of the Private Placement Warrants, was placed in a U.S.-based trust account at J.P. Morgan Chase Bank, N.A., maintained by Continental Stock Transfer & Trust Company, acting as trustee. The Company will provide its public shareholders with the opportunity to redeem all or a portion of their Class A ordinary shares upon the completion of the initial Business Combination either (i) in connection with a general meeting called to approve the initial Business Combination or (ii) without a shareholder vote by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a proposed initial Business Combination or conduct a tender offer will be made by the Company, solely in its discretion and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would require the Company to seek shareholder approval under applicable law or stock exchange listing requirement or whether the Company were deemed to be a foreign private issuer (which would require a tender offer rather than seeking shareholder approval under SEC rules). The Company will provide its public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of the initial Business Combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account calculated as of two The ordinary shares subject to redemption will be recorded at a redemption value and classified as temporary equity upon the completion of the Public Offering, in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and, if the Company seeks shareholder approval, a majority of the issued and outstanding shares voted are voted in favor of the Business Combination. If the Company has not consummated an initial Business Combination by March 9, 2024, the proceeds then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to pay income taxes, if any (less up to $100,000 of interest to pay dissolution expenses), will be used to fund the redemption of its public shares, as further described herein. Any redemption of public shareholders from the trust account will be effected automatically by function of the amended and restated memorandum and articles of association prior to any voluntary winding up. If the Company were required to wind up, liquidate the trust account and distribute such amount therein, pro rata, to its public shareholders, as part of any liquidation process, such winding up, liquidation and distribution must comply with the applicable provisions of the Companies Act. In that case, investors may be forced to wait beyond March 9, 2024 before the redemption proceeds of the trust account become available to them, and they receive the return of their pro rata portion of the proceeds from the trust account. The Company has no obligation to return funds to investors prior to the date of the redemption or liquidation unless, prior thereto, the Company consummated its initial Business Combination or amend certain provisions of the amended and restated memorandum and articles of association, and only then in cases where investors have sought to redeem their Class A ordinary shares. Only upon the redemption or any liquidation will public redemptions be entitled to distributions if the Company does not complete its initial Business Combination and do not amend certain provisions of the amended and restated memorandum and articles of association. The amended and restated memorandum and articles of association will provide that, if the Company winds up for any other reason prior to the consummation of its initial Business Combination, the Company will follow the foregoing procedures with respect to the liquidation of the trust account as promptly as reasonably possible but not more than ten The Sponsor, officers and directors have agreed to (i) waive their redemption rights with respect to their Founder Shares and public shares in connection with the completion of the initial Business Combination; (ii) waive their redemption rights with respect to their Founder Shares and public shares in connection with a shareholder vote to approve an amendment to the Company’s amended and restated memorandum and articles of association (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the initial Business Combination or to redeem 100% of the public shares if the Company has not consummated an initial Business Combination within the Combination Period or (B) with respect to any other material provisions relating to shareholders’ rights or pre-initial Business Combination activity; (iii) waive their rights to liquidating distributions from the trust account with respect to their Founder Shares if the Company fails to complete its initial Business Combination within the Combination Period, although they will be entitled to liquidating distributions from the trust account with respect to any public shares they hold if the Company fails to complete the initial Business Combination within the prescribed time frame; and (iv) vote any Founder Shares held by them and any public shares purchased during or after the Public Offering (including in open market and privately-negotiated transactions) in favor of the initial Business Combination. On February 6, 2023, the Company held an extraordinary general meeting of shareholders, where our shareholders approved a special resolution (the “Extension Amendment Proposal”) to amend the Company’s amended and restated memorandum and articles of association to (i) extend from February 9, 2023 to November 9, 2023 (the “Extension”), the date by which the Company must consummate an initial business combination. In connection with the vote to approve the Extension Amendment Proposal, shareholders holding 10,784,962 public shares exercised their right to redeem such shares for a pro rata portion of the funds in the trust account. As a result, approximately $113.0 million (approximately $10.48 per share) was removed from the trust account to pay such redeeming holders, representing 46.9% of the public shares. 53.1% of the public shares issued in our IPO remain outstanding. On September 14, 2023, we held an extraordinary general meeting of shareholders, where our shareholders approved a special resolution (the “Second Extension Amendment Proposal”) to amend the Company’s amended and restated memorandum and articles of association to (i) extend from November 9, 2023 to March 9, 2024 (the “Second Extended Date”), the date by which the Company must consummate an initial business combination (the “Second Extension”). In connection with the Second Extension, the Sponsor agreed to advance to the Company (i) $300,000 plus(ii) $300,000 for each subsequent calendar month commencing on October 9, 2023, and on the 9th day of each subsequent month, or portion thereof, that the Company requires to complete a Business Combination, to be deposited in the trust account on or before the 9th day of each calendar month, until the Second Extended Date. On September 14, 2023, the Company amended and restated that certain promissory note, dated February 6, 2023 (the “Amended and Restated Note”) previously issued by the Company to the Sponsor in respect of such advances and the Sponsor has waived any and all rights to the monies held in the trust account with respect to those advances. The Amended and Restated Note bears no interest and is repayable in full upon the earlier of (a) the date of the consummation of the Company’s initial business combination, or (b) the date of the liquidation of the Company. At the option of the Sponsor, up to $1,500,000 of the loan would be convertible into warrants identical to the Company’s private placement warrants, at $1.00 per warrant. Any amendments to the Amended and Restated Note and the loan may be made with the written consent of the Sponsor and the Company. For example, if we determine that we no longer expect to complete a business combination within the prescribed time frame, the Sponsor and the Company may agree to discontinue such loans. In connection with the vote to approve the Second Extension Amendment Proposal, shareholders holding 701,973 public shares exercised their right to redeem such shares for a pro rata portion of the funds in the trust account. As a result, approximately $7.8 million (approximately $11.05 per share), was removed from the trust account to pay such redeeming holders, representing 49.9% of the public shares in the aggregate. 50.1% of the public shares issued in our IPO remain outstanding. The Sponsor has agreed that it will 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 entered into a written letter of intent, confidentiality or other similar agreement or Business Combination agreement, reduce the amount of funds in the trust account to below the lesser of (i) $10.30 per public share and (ii) the actual amount per public share held in the trust account as of the date of the liquidation of the trust account, if less than $10.30 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the trust account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the Public Offering against certain liabilities, including liabilities under the Securities Act. However, the Company has not asked the Sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and the Company believes that the Sponsor’s only assets are securities of the company. Therefore, the Company cannot assure you that the Sponsor would be able to satisfy those obligations. As a result, if any such claims were successfully made against the trust account, the funds available for the initial Business Combination and redemptions could be reduced to less than $10.30 per public share. In such event, the Company may not be able to complete the initial Business Combination, and you would receive such lesser amount per share in connection with any redemption of your public shares. None of the Company’s officers or directors will indemnify the Company for claims by third parties including, without limitation, claims by vendors and prospective target businesses. Liquidity, Capital Resources and Going Concern At September 30, 2023, the Company had $91,629 in operating cash and a working capital deficit of $5,458,434. The Company’s liquidity needs up to September 30, 2023 have been satisfied through the payment of certain offering costs by Sponsor of $25,000 (see Note 5) for the Founder Shares and the loan under an unsecured promissory note from the Sponsor of $500,000 (see Note 5). In addition, in order to finance transaction costs in connection with a Business Combination, the Company’s Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, provide the Company Working Capital Loans, as defined below (see Note 5). As of September 30, 2023 and December 31, 2022, there were no amounts outstanding under any Working Capital Loans. In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Account Standards Update (“ASU”) 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”, management has determined that the Company has incurred and expects to continue to incur significant costs in pursuit of its financing and acquisition plans. In addition, the Company has until March 9, 2024 to consummate a Business Combination. Management considers that liquidity and capital resources available might not be sufficient to operate through March 9, 2024. Also, it is uncertain that the Company will be able to consummate a Business Combination by this date. If a Business Combination is not consummated by this date, there will be a mandatory liquidation and subsequent dissolution of the Company. Management has determined that the mandatory liquidation, should a Business Combination not occur, and potential subsequent dissolution, in addition to potential liquidity and capital shortage raise substantial doubt about the Company’s ability to continue as a going concern. The unaudited condensed financial statements do not include any adjustment that might result from the outcome of this uncertainty. Risks and Uncertainties On March 11, 2020, the World Health Organization declared the outbreak of COVID-19 as a “pandemic”, or a worldwide spread of a new disease. Many countries imposed quarantines and restrictions on travel and mass gatherings to slow the spread of the virus and have closed non-essential businesses. On May 5, 2023, the World Health Organization declared that COVID-19 no longer constitutes a public health emergency. The extent to which COVID-19 may impact our business will depend on future developments, which are highly uncertain and cannot be predicted with confidence, such as the duration of the pandemic, travel restrictions and social distancing in the United States and other countries, business closures or business disruptions and the effectiveness of actions taken in the United States and other countries to contain and treat the pandemic. The unaudited condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2023 | |
SIGNIFICANT ACCOUNTING POLICIES | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2. 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 (“US GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X of the U.S. Securities and Exchange Commission (“SEC”). Certain information or footnote disclosures normally included in unaudited condensed financial statements prepared in accordance with US 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 accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Form 10-K for the year ended December 31, 2022 as filed with the SEC on March 31, 2023, which contains the audited financial statements and notes thereto. The interim results for the three and nine months 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 Status The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s 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 unaudited condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Investments Held in Trust Account At September 30, 2023 and December 31, 2022, funds held in the Trust Account include $127,562,236 and $239,430,719 of investments held in a money market fund characterized as Level 1 investments within the fair value hierarchy under ASC 820 (as defined below), respectively. Offering Costs Associated with Initial Public Offering Deferred offering costs consist of underwriter, accounting, filing and legal expenses incurred through the balance sheet date that are directly related to the IPO. Upon consummation, they were charged ratably to the underlying instruments they related to on a relative fair value basis. If the IPO had proved to be unsuccessful, these deferred costs, as well as additional expenses to be incurred, would have been charged to operations. Offering costs amounted to $13,406,427 and were charged to temporary equity, outside of shareholders’ deficit, upon the completion of the IPO on November 9, 2021. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the FASB ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheets, primarily due to its short-term nature. Fair Value Measurement Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The Company’s financial instruments are classified as either Level 1, Level 2 or Level 3. These tiers include: ● Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; ● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and ● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Ordinary shares subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable shares (including 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, Class A ordinary shares are classified as shareholders’ deficit. The Company’s Class A ordinary shares sold in the IPO feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. Such changes are reflected in additional paid-in capital, or in the absence of additional capital, in accumulated deficit. Accordingly, as of September 30, 2023 and December 31, 2022, there were no Class A ordinary shares issued or outstanding. The Class A ordinary shares subject to possible redemption reflected on the balance sheets as of September 30, 2023 and December 31, 2022 is reconciled in the following table: September 30, December 31, 2023 2022 Proceeds from IPO $ 230,000,000 $ 230,000,000 Less: Proceeds allocated to Public Warrants (6,900,000) (6,900,000) Class A ordinary shares issuance costs (12,963,555) (12,963,555) Redemptions (120,810,086) — Plus: Fair value of over-allotment option 60,000 60,000 Remeasurement of Class A ordinary shares to redemption value 38,175,877 29,234,274 Class A ordinary shares subject to possible redemption $ 127,562,236 $ 239,430,719 Warrants The Company must account for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in FASB ASC 480, “Distinguishing Liabilities from Equity” (“ASC 480”) and ASC 815, “Derivatives and Hedging” (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all of the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter. The Company accounts for the warrants as equity-classified. Net Income (Loss) Per Ordinary Share Net income (loss) per share is computed by dividing net income (loss) by the weighted average number of ordinary shares outstanding during the period, excluding ordinary shares subject to forfeiture by the Sponsor. As of September 30, 2023 and December 31, 2022, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted income (loss) per share is the same as basic loss per share for the period presented. For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Class A Class B Class A Class B Class A Class B Class A Class B Basic and diluted net income (loss) per share: Numerator: Allocation of net income (loss) $ 843,677 $ 401,155 $ 343,943 $ 98,884 $ 2,586,472 $ 1,087,540 $ (244,254) $ (70,223) Denominator: Weighted-average shares outstanding including ordinary shares subject to redemption 12,092,956 5,750,000 20,000,000 5,750,000 13,675,100 5,750,000 20,000,000 5,750,000 Basic and diluted net income (loss) per share $ 0.07 $ 0.07 $ 0.02 $ 0.02 $ 0.19 $ 0.19 $ (0.01) $ (0.01) Income Taxes The Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the unaudited condensed financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 2023 and December 31, 2022. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s unaudited condensed financial statements. Recent Accounting Pronouncements In August 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. As a smaller reporting company, ASU 2020-06 is effective January 1, 2024 for fiscal years beginning after December 15, 2023 and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. The Company is currently assessing the impact, if any, that ASU 2020-06 would have on its financial position, results of operations or cash flows. The Company has not adopted this guidance as of September 30, 2023. Management does not believe that any other recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements. |
PUBLIC OFFERING
PUBLIC OFFERING | 9 Months Ended |
Sep. 30, 2023 | |
PUBLIC OFFERING | |
PUBLIC OFFERING | NOTE 3. PUBLIC OFFERING On November 9, 2021, the Company consummated the sale of 20,000,000 Units at a price of $10.00 per Unit. On November 12, 2021, the underwriters fully exercised their over-allotment option, which resulted in the sale of an additional 3,000,000 Units for an aggregate of 23,000,000 Units. Each Unit consists of one Class A ordinary share and one |
PRIVATE PLACEMENT
PRIVATE PLACEMENT | 9 Months Ended |
Sep. 30, 2023 | |
PRIVATE PLACEMENT | |
PRIVATE PLACEMENT | NOTE 4. PRIVATE PLACEMENT Simultaneously with the closing of the IPO, the Company’s Sponsor purchased an aggregate of 12,000,000 warrants at a price of $1.00 per warrant (the “Private Placement Warrants”), for an aggregate purchase price of $12,000,000. On November 12, 2021, the underwriters exercised their full over-allotment option exercise, which resulted in an additional 1,500,000 Private Placement Warrants being sold for an aggregated of 13,500,000 Private Placement Warrants. The Private Placement Warrants are identical to the warrants sold in the Public Offering except that, so long as they are held by the Sponsor or its permitted transferees, the private placement warrants (i) will not be redeemable by the Company, (ii) may not (including the Class A ordinary shares issuable upon exercise of these warrants), subject to certain limited exceptions, be transferred, assigned or sold by the holders until 30 days after the completion of the initial Business Combination, (iii) may be exercised by the holders on a cashless basis and (iv) will be entitled to registration rights. If the private placement warrants are held by holders other than the Sponsor or its permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by the holders on the same basis as the warrants included in the units being sold in the Public Offering. If the Company does not complete its initial Business Combination within the Combination Period, the private placement warrants will expire worthless. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2023 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | NOTE 5. RELATED PARTY TRANSACTIONS Receivable from Sponsor As of September 30, 2023 and December 31, 2022, the Company has outstanding receivable from Sponsor of $0 and $257,478, respectively. On February 25, 2022 and December 14, 2021, the Company transferred cash amounting to $1,100,000 and $7,002, to the Sponsor, respectively. The Sponsor paid $824,000 to the Company as of December 31, 2021. Due to Related Party As of September 30, 2023 and December 31, 2022, the Company has outstanding payable to a related party of $373,841 and $132,000, which is composed mainly of the accrued administrative service fee, respectively. Founder Shares On April 23, 2021, Mountain & Co. Sponsor One LLP, an affiliate of the Company, paid $25,000, or approximately $0.003 per share, to cover certain offering costs in consideration for 7,187,500 Class B ordinary shares, par value $0.0001 (the “Founder Shares”). On July 13, 2021, 1,437,500 Class B ordinary shares were cancelled by the Company resulting in a decrease in the total number of Class B ordinary shares outstanding from 7,187,500 shares to 5,750,000 shares. All amounts have been retroactively restated to reflect this. Up to 750,000 Founder Shares are subject to forfeiture by the Sponsor depending on the extent to which the underwriters’ over-allotment option is exercised. On November 12, 2021, the underwriters elected to fully exercise their over-allotment option, 750,000 Founder Shares were no longer subject to forfeiture. On August 23, 2021, the Sponsor transferred 550,000 Class B ordinary shares to Prof. Dr. Utz Claassen, 25,000 Class B ordinary shares to Winston Ma and 20,000 Class B ordinary shares each to Dr. Cornelius Boersch, Daniel Alexander Miles Gilburne Phillip Rösler The initial shareholders have agreed not to transfer, assign or sell any of their Founder Shares and any Class A ordinary shares issuable upon conversion thereof until the earlier to occur of: (i) one year after the completion of the initial Business Combination or (ii) the date on which the Company completes a liquidation, merger, share exchange or other similar transaction after the initial Business Combination that results in all of the Company’s shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property. Any permitted transferees will be subject to the same restrictions and other agreements of the initial shareholders with respect to any Founder Shares (the “Lock-up”). Notwithstanding the foregoing, if (1) the closing price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination or (2) if the Company consummates a transaction after the initial Business Combination which results in the shareholders having the right to exchange their shares for cash, securities or other property, the Founder Shares will be released from the Lock-up. Promissory Note — Related Party On April 23, 2021, the Sponsor agreed to loan the Company up to $500,000 to be used for a portion of the expenses of the Public Offering. These loans are non-interest bearing, unsecured and are due at the date when the Company consummates its Initial Business Combination. On January 6, 2023 the Company drew and additional amount of $118,833 under the $500,000 the promissory note to Sponsor and called $257,478 of the outstanding balance of Accounts Receivable from Sponsor. As of September 30, 2023 and December 31, 2022, the Company had $237,666 and $118,833 outstanding under the Promissory Note, respectively. On February 6, 2023, the Company issued to the Sponsor a promissory note (the “Note”) for $3,780,000 in respect of advances to be put by Sponsor in the Trust account. The Note bears no interest and is repayable in full upon the earlier of (a) the date of the consummation of the Company’s initial business combination, or (b) the date of the liquidation of the Company. At the option of the Sponsor, up to $1,500,000 of the loan would be convertible into warrants identical to the Company’s private placement warrants, at $1.00 per warrant. On September 14, 2023, this note was amended and restate to increase the maximum principal amount thereof from up to $3,780,000 to up to $4,740,000. Since the First Extension Meeting (as defined below), the Sponsor had advanced seven monthly payments of $420,000 each ($2,940,000 in the aggregate) under the Promissory Note (the “First Extension Advance”) to the Company’s trust account (the “Trust Account”). Promptly following September 9, 2023, the Sponsor paid $300,000 to the Trust Account. In total, $3,240,000 was drawn and outstanding under the Note through September 30, 2023. Related Party Loans In addition, in order to finance transaction costs in connection with an intended initial Business Combination, the sponsor or an affiliate of the sponsor or certain of its officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes its initial Business Combination, the Company would repay the Working Capital Loans. In the event that the initial Business Combination does not close, the Company may use a portion of the working capital held outside the trust account to repay the Working Capital Loans but no proceeds from the trust account would be used to repay the Working Capital Loans. Up to $1,500,000 of the Working Capital Loans may be convertible into private placement warrants of the post Business Combination entity at a price of $1.00 per warrant at the option of the lender. Such warrants would be identical to the private placement warrants. Except as set forth above, the terms of the Working Capital Loans, if any, have not been determined and no written agreements exist with respect to the Working Capital Loans. Prior to the completion of the initial Business Combination, the Company does not expect to seek loans from parties other than the Sponsor or an affiliate of the Sponsor as the Company does not believe third parties will be willing to the Working Capital Loans funds and provide a waiver against any and all rights to seek access to funds in the trust account. As of September 30, 2023 and December 31, 2022, no such Working Capital Loans were outstanding. Administrative Support Agreement Commencing on November 5, 2021, the Company will pay the Sponsor $10,000 per month for office space, utilities, secretarial and administrative services provided to the members of the Company’s management team. Upon completion of the initial Business Combination or the Company’s liquidation, the Company will cease paying these monthly fees. For the three and nine months ended September 30, 2023, the Company had incurred $30,000 and $90,000 of administrative support expense pursuant to this agreement. For the three and nine months ended September 30, 2022, the Company had incurred $30,000 and $90,000, respectively of administrative support expense pursuant to this agreement. |
COMMITMENTS & CONTINGENCIES
COMMITMENTS & CONTINGENCIES | 9 Months Ended |
Sep. 30, 2023 | |
COMMITMENTS & CONTINGENCIES | |
COMMITMENTS & CONTINGENCIES | NOTE 6. COMMITMENTS & CONTINGENCIES Registration Rights The holders of the (i) Founder Shares, which were issued in a private placement prior to the closing of the Public Offering, (ii) Private Placement Warrants, which were issued in a private placement simultaneously with the closing of the Public Offering and the Class A ordinary shares underlying such Private Placement Warrants and (iii) private placement warrants that may be issued upon conversion of working capital loans will have registration rights to require the Company to register a sale of any of the Company’s securities held by them pursuant to a registration rights agreement to be signed prior to or on the effective date of the Public Offering. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company registers such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the Company’s completion of its initial Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The Company granted the underwriters a 45-day option from the date of the Public Offering to purchase up to an additional 3,000,000 units to cover over-allotments, if any. The underwriters exercised their full over-allotment option on November 12, 2021. The underwriters were paid in cash for underwriting discount of two percent (2%) of the gross proceeds of the Public Offering and full exercise of the over-allotment option, or $4,600,000. Additionally, the underwriters will be entitled to a deferred underwriting discount of 3.5% of the gross proceeds of the Public Offering upon the completion of the Company’s initial Business Combination. Service Provider Agreements From time to time the Company has entered into and may enter into agreements with various services providers and advisors, including investment banks, to help us identify targets, negotiate terms of potential Business Combinations, consummate a Business Combination and/or provide other services. In connection with these agreements, the Company may be required to pay such service providers and advisors fees in connection with their services to the extent that certain conditions, including the closing of a potential Business Combination, are met. If a Business Combination does not occur, the Company would not expect to be required to pay these contingent fees. There can be no assurance that the Company will complete a Business Combination. The Company has recorded an accrual of $460,269 of fees for legal services by outside counsel related to on-going compliance with reporting obligations and mergers and acquisitions-related activity subsequent to the date of the IPO. In addition, up to $400,000 of fees for legal services by outside counsel related to the IPO may be payable by the Company on completion of the Business Combination in the Company’s discretion. As of September 30, 2023, $10.6 million were incurred by the Company for legal services by outside counsel, which will be payable solely on completion of the Business Combination. Additional fees for legal services by outside counsel related to the Business Combination may be payable by the Company on completion of the Business Combination in the Company’s discretion. Business Combination Agreement On August 11, 2023, the Company entered into a Business Combination Agreement (as it may be amended, supplemented or otherwise modified from time to time, the “Business Combination Agreement”), by and among the Company, Futbol Club Barcelona, a sport association (“FCB”), and Barça Produccions S.L., a Spanish limited liability corporation wholly owned by FCB (“BP”). The Business Combination Agreement provides for a series of transactions (collectively, the “Business Combination”), pursuant to which, among other things: (i) Sponsor will transfer all of the equity of a newly-formed Netherlands private limited liability company to be renamed Barça Media (“TopCo”), which shall own all of the equity interests of a Cayman Islands exempted company (“Merger Sub”) to BP for nominal consideration; (ii) FCB and BP will cause TopCo and Merger Sub to become a party to the Business Combination Agreement; and (iii) Merger Sub will merge with and into the Company (the “Merger”), with the Company as the surviving company (the “Surviving Company”) and, after giving effect to the Merger, become a wholly owned subsidiary of TopCo. Each issued and outstanding Class A ordinary share of the Company and Class B ordinary share of the Company will be converted into one Class A ordinary share of the Surviving Company, and immediately thereafter, each of the resulting Class A ordinary shares of the Surviving Company will be immediately exchanged for one ordinary share in the share capital of TopCo, and each outstanding warrant to purchase one Class A ordinary share of the Company at a price of $11.50 per share will, by its terms, convert into a Converted Warrant (as defined in the Business Combination Agreement). Bridgeburg Invest, S.L., a Spanish limited liability corporation and an indirect subsidiary of FCB, will assume, prior to the consummation of the Merger, the assets and liabilities associated with FCB’s content creation platform. Consummation of the Business Combination is subject to the receipt of required approval by the Company’s shareholders and the general assembly of the members of FCB, as well as the satisfaction of other closing conditions. There can be no assurance that the Company’s plans to complete the Business Combination will be successful or that financing, if any, will be obtained in connection with the Business Combination. If these conditions are not satisfied, amended or waived by the parties pursuant to the terms of the Business Combination Agreement, then the Business Combination would not be consummated. On September 8, 2023, Mountain, FCB and BP entered into an amendment to the Business Combination Agreement to amend certain conditions to the closing of the Business Combination. On August 11, 2023, the Sponsor, directors and officers of the Company (the “D&Os”) and the Company entered into the sponsor support agreement, pursuant to which, among other things, each of the Sponsor and the D&Os has agreed to (i) vote in favor of the Business Combination Agreement and the transactions contemplated thereby and (ii) waive any adjustment to the conversion ratio set forth in the governing documents of the Company or any other anti-dilution protection with respect to the Company’s Class B ordinary shares. On August 11, 2023, LIBERO Football Finance AG (“LIBERO”), Orpheus Media, S.L. (together with its affiliates, “Orpheus”), Blaugrana Invest, S.á.r.l. (together with its affiliates, “Blaugrana”), BP and the Company entered into definitive agreements, pursuant to which, among other things, LIBERO has agreed to purchase, and Orpheus and Blaugrana have agreed to sell, 294 ordinary shares of Bridgeburg that are owned by Orpheus and Blaugrana in exchange for cash payments by LIBERO to BP in an amount equal to approximately (i) €20 million ($21.7 million) in the aggregate on or before August 11, 2023, but not before the execution of the Business Combination Agreement and (ii) €20 million ($21.7 million) in the aggregate on or before August 21, 2023. On August 11, 2023, a holding company advised by NIPA Capital B.V. (“Holding”), Orpheus, Blaugrana, BP and the Company entered into definitive agreements, pursuant to which, among other things, Holding has agreed to purchase, and Orpheus and Blaugrana have agreed to sell, 590 ordinary shares of Bridgeburg in the aggregate that are owned by Orpheus and Blaugrana in exchange for cash payments by Holding directly to BP in an amount equal to approximately €20 million ($21.7 million) on August 11, 2023 and the assumption by Holding of Orpheus’ obligation (pursuant to that certain sale and purchase agreement, dated August 11, 2022, between Orpheus and BP) to pay €30 million ($32.6 million) to BP on June 15, 2024 and €30 million ($32.6 million) to BP on June 15, 2025. In connection with and subject to the closing of the Business Combination, Holding will also purchase from the Sponsor 5,750,000 warrants to purchase ordinary shares of TopCo and 2,537,500 ordinary shares of TopCo. On August 11, 2023, the Company and PRIMARY metaverse d.o.o., a limited liability company organized in Croatia (the “Consultant”) entered into the consulting agreement, pursuant to which, among other things, the Consultant agreed to provide the Company with support in identifying third-party investors to backstop or assume certain payment obligations of Orpheus and Socios Deportes Services, S.L., for which the Consultant will be paid a fee of €4.1 million ($4.46 million). As a result of the Consultant’s efforts to identify third-party investors, LIBERO, the Sponsor and a guarantor (the “Guarantor”) entered into the Backstop Agreement, pursuant to which, in exchange for certain warrants the Sponsor will provide to the Guarantor and the Consultant, the Guarantor will pay any remaining balance of the Secondary Payment Amount (as defined in the Backstop Agreement) outstanding as of August 21, 2023, so long as the Company and BP have entered into and publicly announced a business combination agreement. On August 9, 2023, the Company instructed Continental Stock Transfer & Trust Company, the trustee with respect to the Trust Account, to liquidate the U.S. government securities or money market funds held in the Trust Account and thereafter to hold all funds in the Trust Account in a deposit account with a financial institution in the United States. The interest rate on such deposit account is currently approximately 4.60% per annum, but such deposit account carries a variable rate, and the Company cannot assure investors that such rate will not decrease or increase significantly. Forward Purchase Agreement On July 31, 2023, the Company entered into a Forward Purchase Agreement (the “Forward Purchase Agreement”) and Subscription Agreement (the “FPA Subscription Agreement”) with Meteora Special Opportunity Fund I, LP (“MSOF”), Meteora Capital Partners, LP (“MCP”), Meteora Select Trading Opportunities Master, LP (“MSTO”), and Meteora Strategic Capital, LLC (“MSC”) (with MSOF, MCP, MSC and MSTO collectively referred to as “Seller”) for an OTC Equity Prepaid Forward Transaction. Pursuant to the terms of the Forward Purchase Agreement and FPA Subscription Agreement, Seller agreed to subscribe for and purchase, and the Company agreed to issue and sell to Seller, on the Closing, up to 12,500,000 Class A ordinary shares of the Company, less the number of Class A ordinary shares of the Company purchased by Seller separately from third parties through a broker in the open market at prices no higher than the redemption price. Seller has agreed to waive any redemption rights under the Company’s Amended and Restated Articles of Association with respect to any Class A ordinary shares of the Company purchased through the FPA Subscription Agreement and any Recycled Shares in connection with the Business Combination, extensions or otherwise that would require redemption by the Company of such shares. On July 3, 2023, the Company entered into an engagement letter pursuant to which it agreed to pay to a capital markets advisor a fee of $4 million, subject to and conditional upon the closing of a business combination, and certain other conditions. |
SHAREHOLDERS' DEFICIT
SHAREHOLDERS' DEFICIT | 9 Months Ended |
Sep. 30, 2023 | |
SHAREHOLDERS' DEFICIT | |
SHAREHOLDERS' DEFICIT | NOTE 7. SHAREHOLDERS’ DEFICIT Preference Shares Class A Ordinary Shares Class B Ordinary Shares Holders of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all matters submitted to a vote of the Company’s shareholders except as required by law. Unless specified in the amended and restated memorandum and articles of association, or as required by applicable provisions of the Companies Act or applicable stock exchange rules, the affirmative vote of a majority of its ordinary shares that are voted is required to approve any such matter voted on by the Company’s shareholders. Approval of certain actions will require a special resolution under Cayman Islands law, being the affirmative vote of at least two two The Founder Shares are designated as Class B ordinary shares and will automatically convert into Class A ordinary shares, which such Class A ordinary shares delivered upon conversion will not have any redemption rights or be entitled to liquidating distributions if the Company does not consummate an initial Business Combination, at the time of the initial Business Combination or earlier at the option of the holders thereof at a ratio such that the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of the IPO offering, plus (ii) the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities (as defined herein) or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial Business Combination, excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, deemed issued, or to be issued to any seller in the initial Business Combination and any private placement warrants issued to the Company’s sponsor, its affiliates or any member of its management team upon conversion of working capital loans. Any conversion of Class B ordinary shares described herein will take effect as a compulsory redemption of Class B ordinary shares and an issuance of Class A ordinary shares as a matter of Cayman Islands law. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one-to-one. Warrants The warrants will expire at 5:00 p.m., New York City time on the warrant expiration date, which is five years after the completion of the initial Business Combination or earlier upon redemption or liquidation. On the exercise of any warrant, the warrant exercise price will be paid directly to the Company and not placed in the trust account. 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 covering the issuance of the shares of Class A ordinary shares issuable upon exercise of the warrants is then effective and a current prospectus relating to those shares of Class A ordinary shares is available, subject to the satisfying the Company’s obligations described below with respect to registration. No warrant will be exercisable for cash or on a cashless basis, and the Company will not be obligated to issue any shares to holders seeking to exercise their warrants, unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising holder, or an exemption from registration is available. In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In no event will the Company be required to net cash settle any warrant. In the event that a registration statement is not effective for the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for the share of Class A ordinary shares underlying such Unit. The Company is not registering the shares of Class A ordinary shares issuable upon exercise of the warrants at this time. However, the Company has agreed that as soon as practicable, but in no event later than 20 business days after the closing of the initial Business Combination, the Company will use its commercially reasonable efforts to file with the SEC, and within 60 business days following the initial Business Combination to have declared effective, a registration statement covering the issuance of the shares of Class A ordinary shares issuable upon exercise of the warrants and to maintain a current prospectus relating to those shares of Class A ordinary shares until the warrants expire or are redeemed; 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 it satisfies 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 the Company will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. Redemption of warrants The Company may redeem the Public Warrants: ● in whole and not in part; ● at a price of $0.01 per warrant; ● if, and only if, the last reported sale price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share splits, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30 - trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. ● upon a minimum of 30 days ’ prior written notice of redemption; and If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws. If the Company calls the public warrants for redemption, as described above, its management will have the option to require any holder that wishes to exercise the public warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of ordinary shares issuable upon exercise of the public warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, except as described below, the public warrants will not be adjusted for issuances of ordinary shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the public warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the trust account, holders of public warrants will not receive any of such funds with respect to their public warrants, nor will they receive any distribution from the Company’s assets held outside of the trust account with respect to such public warrants. Accordingly, the public warrants may expire worthless. In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of a Business Combination at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the Company’s board 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, and (z) the volume weighted average trading price of the 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, and the $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price. The Private Placement Warrants will be identical to the public warrants underlying the Units being sold in the Public Offering, except that (x) the Private Placement Warrants will not be transferable, assignable or salable and the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, in each case subject to certain limited exceptions, (y) the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable and (z) the Private Placement Warrants and the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants will be entitled to registration rights. The Company accounts for 25,000,000 warrants issued in connection with the Public Offering and the full exercise of the underwriters’ over-allotment option (including 11,500,000 Public Warrants and 13,500,000 Private Placement Warrants) in accordance with the guidance contained in ASC 815-40. Such guidance provides that the warrants described above are not precluded from equity classification. Equity-classified contracts are initially measured at fair value (or allocated value). Subsequent changes in fair value are not recognized as long as the contracts continue to be classified in equity. |
RECURRING FAIR VALUE MEASUREMEN
RECURRING FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2023 | |
RECURRING FAIR VALUE MEASUREMENTS | |
RECURRING FAIR VALUE MEASUREMENTS | NOTE 8. RECURRING FAIR VALUE MEASUREMENTS Substantially all of the Company’s investments held in the Trust Account on the balance sheets consist of U. S. Money Market funds which are classified as cash equivalents. Fair values of these investments are determined by Level 1 inputs utilizing quoted prices (unadjusted) in active markets for identical assets. The following table presents information about the Company’s assets and were measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022, and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. Quoted Significant Significant Prices In Other Other Active Observable Unobservable September 30, Markets Inputs Inputs 2023 (Level 1) (Level 2) (Level 3) Assets: Investments held in Trust Account $ 127,562,236 $ 127,562,236 $ — $ — Quoted Significant Significant Prices In Other Other Active Observable Unobservable December 31, Markets Inputs Inputs 2022 (Level 1) (Level 2) (Level 3) Assets: Investments held in Trust Account $ 239,430,719 $ 239,430,719 $ — $ — |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2023 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 9. SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions that occurred after the balance sheet date up through the date that the unaudited condensed financial statements was issued. Based upon this review, the Company did not identify any other subsequent events, except as noted below, that would have required adjustment or disclosure in the unaudited condensed financial statements. In connection with the Second Extension, the Sponsor agreed to advance to the Company (i) $300,000 plus (ii) $300,000 for each subsequent calendar month commencing on October 9, 2023, and on the 9th day of each subsequent month, or portion thereof, that the Company requires to complete a Business Combination, to be deposited in the trust account on or before the 9th day of each calendar month, until the Second Extended Date. On October 26, 2023, Mountain, FCB and BP entered into an Amended and Restated Business Combination Agreement (the “A&R Business Combination Agreement”). The A&R Business Combination Agreement, among others, amends certain closing conditions relating to the financial requirements that must be satisfied to complete the Business Combination with the objective to enhance structural flexibility. The previous minimum cash condition, designated to cover expenses, has been adjusted to require that the a newly-formed Netherlands private limited liability company to be renamed Barça Media has not less than €90 million in cash at closing of the Business Combination, which will be reduced by any cash received by FCB in connection with the contemplated transactions, and will be measured prior to the payment of any transaction expenses. The minimum proceeds condition (i.e., the requirement that FCB or its affiliates receive €40 million) can now be met through various sources, and is only required to be satisfied as of the closing of the business combination. Furthermore, FCB’s previous unilateral termination right has been removed. As amended, the A&R Business Combination Agreement provides for a termination right by FCB if funding of €40 million has not been received or committed by December 31, 2023. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
SIGNIFICANT ACCOUNTING POLICIES | |
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 (“US GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X of the U.S. Securities and Exchange Commission (“SEC”). Certain information or footnote disclosures normally included in unaudited condensed financial statements prepared in accordance with US 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 accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Form 10-K for the year ended December 31, 2022 as filed with the SEC on March 31, 2023, which contains the audited financial statements and notes thereto. The interim results for the three and nine months 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 Status | Emerging Growth Company Status The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s 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 unaudited condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. |
Investments Held in Trust Account | Investments Held in Trust Account At September 30, 2023 and December 31, 2022, funds held in the Trust Account include $127,562,236 and $239,430,719 of investments held in a money market fund characterized as Level 1 investments within the fair value hierarchy under ASC 820 (as defined below), respectively. |
Offering Costs Associated with Initial Public Offering | Offering Costs Associated with Initial Public Offering Deferred offering costs consist of underwriter, accounting, filing and legal expenses incurred through the balance sheet date that are directly related to the IPO. Upon consummation, they were charged ratably to the underlying instruments they related to on a relative fair value basis. If the IPO had proved to be unsuccessful, these deferred costs, as well as additional expenses to be incurred, would have been charged to operations. Offering costs amounted to $13,406,427 and were charged to temporary equity, outside of shareholders’ deficit, upon the completion of the IPO on November 9, 2021. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the FASB ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheets, primarily due to its short-term nature. |
Fair Value Measurement | Fair Value Measurement Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The Company’s financial instruments are classified as either Level 1, Level 2 or Level 3. These tiers include: ● Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; ● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and ● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
Class A Ordinary Shares Subject to Possible Redemption | Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Ordinary shares subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable shares (including 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, Class A ordinary shares are classified as shareholders’ deficit. The Company’s Class A ordinary shares sold in the IPO feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. Such changes are reflected in additional paid-in capital, or in the absence of additional capital, in accumulated deficit. Accordingly, as of September 30, 2023 and December 31, 2022, there were no Class A ordinary shares issued or outstanding. The Class A ordinary shares subject to possible redemption reflected on the balance sheets as of September 30, 2023 and December 31, 2022 is reconciled in the following table: September 30, December 31, 2023 2022 Proceeds from IPO $ 230,000,000 $ 230,000,000 Less: Proceeds allocated to Public Warrants (6,900,000) (6,900,000) Class A ordinary shares issuance costs (12,963,555) (12,963,555) Redemptions (120,810,086) — Plus: Fair value of over-allotment option 60,000 60,000 Remeasurement of Class A ordinary shares to redemption value 38,175,877 29,234,274 Class A ordinary shares subject to possible redemption $ 127,562,236 $ 239,430,719 |
Warrants | Warrants The Company must account for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in FASB ASC 480, “Distinguishing Liabilities from Equity” (“ASC 480”) and ASC 815, “Derivatives and Hedging” (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all of the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter. The Company accounts for the warrants as equity-classified. |
Net Income (Loss) Per Ordinary Share | Net Income (Loss) Per Ordinary Share Net income (loss) per share is computed by dividing net income (loss) by the weighted average number of ordinary shares outstanding during the period, excluding ordinary shares subject to forfeiture by the Sponsor. As of September 30, 2023 and December 31, 2022, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted income (loss) per share is the same as basic loss per share for the period presented. For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Class A Class B Class A Class B Class A Class B Class A Class B Basic and diluted net income (loss) per share: Numerator: Allocation of net income (loss) $ 843,677 $ 401,155 $ 343,943 $ 98,884 $ 2,586,472 $ 1,087,540 $ (244,254) $ (70,223) Denominator: Weighted-average shares outstanding including ordinary shares subject to redemption 12,092,956 5,750,000 20,000,000 5,750,000 13,675,100 5,750,000 20,000,000 5,750,000 Basic and diluted net income (loss) per share $ 0.07 $ 0.07 $ 0.02 $ 0.02 $ 0.19 $ 0.19 $ (0.01) $ (0.01) |
Income Taxes | Income Taxes The Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the unaudited condensed financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 2023 and December 31, 2022. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s unaudited condensed financial statements. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. As a smaller reporting company, ASU 2020-06 is effective January 1, 2024 for fiscal years beginning after December 15, 2023 and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. The Company is currently assessing the impact, if any, that ASU 2020-06 would have on its financial position, results of operations or cash flows. The Company has not adopted this guidance as of September 30, 2023. Management does not believe that any other recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
SIGNIFICANT ACCOUNTING POLICIES | |
Schedule of Class A ordinary shares subject to possible redemption reflected on the balance sheets | September 30, December 31, 2023 2022 Proceeds from IPO $ 230,000,000 $ 230,000,000 Less: Proceeds allocated to Public Warrants (6,900,000) (6,900,000) Class A ordinary shares issuance costs (12,963,555) (12,963,555) Redemptions (120,810,086) — Plus: Fair value of over-allotment option 60,000 60,000 Remeasurement of Class A ordinary shares to redemption value 38,175,877 29,234,274 Class A ordinary shares subject to possible redemption $ 127,562,236 $ 239,430,719 |
Schedule of calculation of basic and diluted loss per share | For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Class A Class B Class A Class B Class A Class B Class A Class B Basic and diluted net income (loss) per share: Numerator: Allocation of net income (loss) $ 843,677 $ 401,155 $ 343,943 $ 98,884 $ 2,586,472 $ 1,087,540 $ (244,254) $ (70,223) Denominator: Weighted-average shares outstanding including ordinary shares subject to redemption 12,092,956 5,750,000 20,000,000 5,750,000 13,675,100 5,750,000 20,000,000 5,750,000 Basic and diluted net income (loss) per share $ 0.07 $ 0.07 $ 0.02 $ 0.02 $ 0.19 $ 0.19 $ (0.01) $ (0.01) |
RECURRING FAIR VALUE MEASUREM_2
RECURRING FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
RECURRING FAIR VALUE MEASUREMENTS | |
Schedule of Company's assets that are measured at fair value on a recurring basis | Quoted Significant Significant Prices In Other Other Active Observable Unobservable September 30, Markets Inputs Inputs 2023 (Level 1) (Level 2) (Level 3) Assets: Investments held in Trust Account $ 127,562,236 $ 127,562,236 $ — $ — Quoted Significant Significant Prices In Other Other Active Observable Unobservable December 31, Markets Inputs Inputs 2022 (Level 1) (Level 2) (Level 3) Assets: Investments held in Trust Account $ 239,430,719 $ 239,430,719 $ — $ — |
DESCRIPTION OF ORGANIZATION, _2
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND LIQUIDITY (Details) | 9 Months Ended | 12 Months Ended | |||||||
Sep. 14, 2023 USD ($) $ / shares shares | Mar. 09, 2023 USD ($) | Feb. 09, 2023 USD ($) | Feb. 06, 2023 USD ($) $ / shares shares | Nov. 12, 2021 USD ($) shares | Nov. 09, 2021 USD ($) $ / shares shares | Sep. 30, 2023 USD ($) item $ / shares shares | Dec. 31, 2022 USD ($) | Apr. 23, 2021 $ / shares | |
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND LIQUIDITY | |||||||||
Condition for future business combination number of businesses minimum | item | 1 | ||||||||
Number of units issued | shares | 23,000,000 | ||||||||
Proceeds from issuance initial public offering | $ 230,000,000 | ||||||||
Transaction costs | $ 13,406,427 | ||||||||
Underwriting commissions | 4,600,000 | ||||||||
Deferred underwriting fee | 8,050,000 | $ 8,050,000 | $ 8,050,000 | ||||||
Other cash offering costs | $ 756,427 | ||||||||
Threshold minimum aggregate fair market value as a percentage of the net assets held in the Trust Account | 80% | ||||||||
Threshold percentage of outstanding voting securities of the target to be acquired by post-transaction company to complete business combination | 50% | ||||||||
Maturity period of investments in money market funds | 185 days | ||||||||
Obligation to redeem public shares if entity does not complete a business combination (as a percent) | 100% | ||||||||
Number of months within consummated an initial Business Combination from closing of offering to redeem the shares | 15 months | ||||||||
Number of months if the entity does not consummated an initial Business Combination within 15 months from closing of offering to redeem the shares | 18 months | ||||||||
Threshold period to enter into an agreement for a business combination | 18 months | ||||||||
Threshold period to consummate the business combination | 24 months | ||||||||
Redemption price per share | $ / shares | $ 10.30 | ||||||||
Total proceeds | 236,900,000 | ||||||||
Underwriters deferred discount | $ 8,050,000 | ||||||||
Redemption of shares calculated based on business days prior to consummation of business combination (in days) | 2 days | ||||||||
Condition for future business combination threshold net tangible assets | $ 5,000,001 | ||||||||
Maximum allowed dissolution expenses | $ 100,000 | ||||||||
Threshold business days for redemption of public shares | 10 days | ||||||||
Shareholders exercised the right to redeem for number of shares | shares | 701,973 | 10,784,962 | |||||||
Amount removed from trust account for redemption of shares | $ 7,800,000 | $ 113,000,000 | |||||||
Funds in trust account per public share | $ / shares | $ 11.05 | $ 10.48 | |||||||
Percentage of public shares redeemed | 49.90% | 46.90% | |||||||
Percentage of public shares outstanding | 50.10% | 53.10% | |||||||
Working capital loans | $ 0 | $ 0 | |||||||
Cash at bank | 91,629 | ||||||||
Working capital deficit | $ 5,458,434 | ||||||||
Private Placement Warrants | |||||||||
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND LIQUIDITY | |||||||||
Number of warrants issued | shares | 13,500,000 | ||||||||
Price of warrant | $ / shares | $ 1 | $ 1 | |||||||
Initial Public Offering | |||||||||
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND LIQUIDITY | |||||||||
Number of units issued | shares | 20,000,000 | ||||||||
Purchase price, per unit | $ / shares | $ 10 | ||||||||
Proceeds from issuance initial public offering | $ 225,400,000 | ||||||||
Initial Public Offering | Private Placement Warrants | |||||||||
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND LIQUIDITY | |||||||||
Number of warrants issued | shares | 13,500,000 | ||||||||
Private Placement | Private Placement Warrants | |||||||||
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND LIQUIDITY | |||||||||
Number of warrants issued | shares | 12,000,000 | ||||||||
Price of warrant | $ / shares | $ 1 | ||||||||
Proceeds from sale of private placement warrants | $ 11,500,000 | $ 12,000,000 | |||||||
Over-allotment option | |||||||||
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND LIQUIDITY | |||||||||
Number of units issued | shares | 3,000,000 | 3,000,000 | |||||||
Proceeds from issuance initial public offering | $ 30,000,000 | ||||||||
Sponsor | |||||||||
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND LIQUIDITY | |||||||||
Threshold period to deposit amount in trust account for each calendar month | 9 days | ||||||||
Deposit into the trust account | $ 300,000 | ||||||||
Amount required to be deposited in trust account for each subsequent calendar month or portion thereof | $ 300,000 | ||||||||
Loans convertible into warrants at the option of sponsor | $ 1,500,000 | ||||||||
Unsecured promissory note from related party | 500,000 | ||||||||
Sponsor | Founder shares | |||||||||
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND LIQUIDITY | |||||||||
Purchase price, per unit | $ / shares | $ 0.003 | ||||||||
Aggregate purchase price | $ 25,000 |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES- Investments Held in Trust Account (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
SIGNIFICANT ACCOUNTING POLICIES | ||
Investments held in Trust Account | $ 127,562,236 | $ 239,430,719 |
SIGNIFICANT ACCOUNTING POLICI_5
SIGNIFICANT ACCOUNTING POLICIES - Offering Costs Associated with Initial Public Offering (Details) | Nov. 09, 2021 USD ($) |
SIGNIFICANT ACCOUNTING POLICIES | |
Offering costs | $ 13,406,427 |
SIGNIFICANT ACCOUNTING POLICI_6
SIGNIFICANT ACCOUNTING POLICIES - Class A Ordinary Shares Subject to Possible Redemption Reflected on the Balance Sheets (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Proceeds from IPO | $ 230,000,000 | $ 230,000,000 |
Proceeds allocated to Public Warrants | (6,900,000) | (6,900,000) |
Class A ordinary shares issuance costs | (12,963,555) | (12,963,555) |
Redemptions | (120,810,086) | |
Fair value of over-allotment option | 60,000 | 60,000 |
Class A ordinary shares subject to possible redemption | ||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Remeasurement of Class A ordinary shares to redemption value | 38,175,877 | 29,234,274 |
Class A ordinary shares subject to possible redemption | $ 127,562,236 | $ 239,430,719 |
SIGNIFICANT ACCOUNTING POLICI_7
SIGNIFICANT ACCOUNTING POLICIES - Net Income (Loss) Per Ordinary Share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Numerator: | |||||||
Allocation of net income (loss) | $ 1,244,832 | $ 811,543 | $ 1,617,637 | $ 442,827 | $ (757,304) | $ 3,674,012 | $ (314,477) |
Class A ordinary shares | |||||||
Numerator: | |||||||
Allocation of net income (loss) | $ 843,677 | $ 343,943 | $ 2,586,472 | $ (244,254) | |||
Denominator: | |||||||
Weighted-average shares outstanding including ordinary shares subject to redemption, basic | 12,092,956 | 20,000,000 | 13,675,100 | 20,000,000 | |||
Weighted-average shares outstanding including ordinary shares subject to redemption, diluted | 12,092,956 | 20,000,000 | 13,675,100 | 20,000,000 | |||
Basic net income (loss) per share | $ 0.07 | $ 0.02 | $ 0.19 | $ (0.01) | |||
Diluted net income (loss) per share | $ 0.07 | $ 0.02 | $ 0.19 | $ (0.01) | |||
Class B ordinary shares | |||||||
Numerator: | |||||||
Allocation of net income (loss) | $ 401,155 | $ 98,884 | $ 1,087,540 | $ (70,223) | |||
Denominator: | |||||||
Weighted-average shares outstanding including ordinary shares subject to redemption, basic | 5,750,000 | 5,750,000 | 5,750,000 | 5,750,000 | |||
Weighted-average shares outstanding including ordinary shares subject to redemption, diluted | 5,750,000 | 5,750,000 | 5,750,000 | 5,750,000 | |||
Basic net income (loss) per share | $ 0.07 | $ 0.02 | $ 0.19 | $ (0.01) | |||
Diluted net income (loss) per share | $ 0.07 | $ 0.02 | $ 0.19 | $ (0.01) |
SIGNIFICANT ACCOUNTING POLICI_8
SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
SIGNIFICANT ACCOUNTING POLICIES | ||
Unrecognized tax benefits | $ 0 | $ 0 |
Unrecognized tax benefits accrued for interest and penalties | $ 0 | $ 0 |
PUBLIC OFFERING (Details)
PUBLIC OFFERING (Details) - $ / shares | Nov. 12, 2021 | Nov. 09, 2021 |
PUBLIC OFFERING | ||
Number of units sold | 23,000,000 | |
Public Warrants | ||
PUBLIC OFFERING | ||
Public warrants exercisable term after the completion of a business combination | 30 days | |
Warrants expiration term | 5 years | |
Initial Public Offering | ||
PUBLIC OFFERING | ||
Number of units sold | 20,000,000 | |
Purchase price, per unit | $ 10 | |
Number of shares in a unit | 1 | |
Number of warrants in a unit | 0.50 | |
Number of shares issuable per warrant | 1 | |
Exercise price of warrants | $ 11.50 | |
Over-allotment option | ||
PUBLIC OFFERING | ||
Number of units sold | 3,000,000 | 3,000,000 |
PRIVATE PLACEMENT (Details)
PRIVATE PLACEMENT (Details) - Private Placement Warrants - USD ($) | 9 Months Ended | ||
Nov. 12, 2021 | Nov. 09, 2021 | Sep. 30, 2023 | |
PRIVATE PLACEMENT | |||
Number of warrants issued | 13,500,000 | ||
Price of warrants | $ 1 | $ 1 | |
Over-allotment option | |||
PRIVATE PLACEMENT | |||
Additional units sold of shares | 1,500,000 | ||
Private Placement | |||
PRIVATE PLACEMENT | |||
Number of warrants issued | 12,000,000 | ||
Price of warrants | $ 1 | ||
Aggregate purchase price | $ 11,500,000 | $ 12,000,000 | |
Threshold days for transfer, assign or sell any shares or warrants of the company, after the completion of the initial business combination subject to certain limited exceptions | 30 days |
RELATED PARTY TRANSACTIONS - Re
RELATED PARTY TRANSACTIONS - Receivable from Sponsor (Details) - Sponsor - USD ($) | Feb. 25, 2022 | Dec. 14, 2021 | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
RELATED PARTY TRANSACTIONS | |||||
Outstanding receivable | $ 0 | $ 257,478 | |||
Sponsor payment | $ 824,000 | ||||
Cash transfer | |||||
RELATED PARTY TRANSACTIONS | |||||
Transferred cash | $ 1,100,000 | $ 7,002 |
RELATED PARTY TRANSACTIONS - Du
RELATED PARTY TRANSACTIONS - Due to Related Party (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
RELATED PARTY TRANSACTIONS | ||
Relate party outstanding payable | $ 373,841 | $ 132,000 |
RELATED PARTY TRANSACTIONS - Fo
RELATED PARTY TRANSACTIONS - Founder Shares (Details) - USD ($) | 9 Months Ended | |||||
Jul. 13, 2021 | Apr. 23, 2021 | Sep. 30, 2023 | Dec. 31, 2022 | Nov. 12, 2021 | Aug. 23, 2021 | |
RELATED PARTY TRANSACTIONS | ||||||
Ordinary shares, shares outstanding | 0 | 0 | ||||
Class B ordinary shares | ||||||
RELATED PARTY TRANSACTIONS | ||||||
Number of shares issued | 7,187,500 | |||||
Ordinary shares, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | ||||
Number of shares cancelled | 1,437,500 | |||||
Ordinary shares, shares outstanding | 5,750,000 | 7,187,500 | 5,750,000 | 5,750,000 | ||
Maximum shares subject to forfeiture | 750,000 | |||||
Over-allotment option | Class B ordinary shares | ||||||
RELATED PARTY TRANSACTIONS | ||||||
Number of shares not subject to forfeiture | 750,000 | |||||
Founder shares | Class B ordinary shares | ||||||
RELATED PARTY TRANSACTIONS | ||||||
Number of shares issued | 7,187,500 | 7,187,500 | ||||
Ordinary shares, par value (in dollars per share) | $ 0.0001 | |||||
Number of shares cancelled | 1,437,500 | |||||
Ordinary shares, shares outstanding | 5,750,000 | |||||
Stock price trigger to transfer, assign or sell any shares or warrants of the company, after the completion of the initial Business Combination (in dollars per share) | $ 12 | |||||
Threshold trading days for transfer, assign or sale of shares or warrants, after the completion of the initial Business Combination | 20 days | |||||
Threshold consecutive trading days for transfer, assign or sale of shares or warrants, after the completion of the initial Business Combination | 30 days | |||||
Threshold period after the business combination in which the 20 trading days within any 30 trading day period commences | 150 days | |||||
Founder shares | Sponsor | ||||||
RELATED PARTY TRANSACTIONS | ||||||
Consideration received | $ 25,000 | |||||
Price per share | $ 0.003 | |||||
Period after to transfer shares | 1 year | |||||
Founder shares | Sponsor | Class B ordinary shares | Dr. Utz Claassen | ||||||
RELATED PARTY TRANSACTIONS | ||||||
Number of shares transferred by sponsor | 550,000 | |||||
Founder shares | Sponsor | Class B ordinary shares | Winston Ma | ||||||
RELATED PARTY TRANSACTIONS | ||||||
Number of shares transferred by sponsor | 25,000 | |||||
Founder shares | Sponsor | Class B ordinary shares | Dr. Cornelius Boersch | ||||||
RELATED PARTY TRANSACTIONS | ||||||
Number of shares transferred by sponsor | 20,000 | |||||
Founder shares | Sponsor | Class B ordinary shares | Daniel Wenzel | ||||||
RELATED PARTY TRANSACTIONS | ||||||
Number of shares transferred by sponsor | 20,000 | |||||
Founder shares | Sponsor | Class B ordinary shares | Alexander Hornung | ||||||
RELATED PARTY TRANSACTIONS | ||||||
Number of shares transferred by sponsor | 20,000 | |||||
Founder shares | Sponsor | Class B ordinary shares | Miles Gilburne | ||||||
RELATED PARTY TRANSACTIONS | ||||||
Number of shares transferred by sponsor | 20,000 | |||||
Founder shares | Sponsor | Class B ordinary shares | Dr. Phillip Rosler | ||||||
RELATED PARTY TRANSACTIONS | ||||||
Number of shares transferred by sponsor | 20,000 | |||||
Founder shares | Over-allotment option | ||||||
RELATED PARTY TRANSACTIONS | ||||||
Maximum shares subject to forfeiture | 750,000 | |||||
Number of shares not subject to forfeiture | 750,000 |
RELATED PARTY TRANSACTIONS - Pr
RELATED PARTY TRANSACTIONS - Promissory Note Related Party (Details) - USD ($) | 9 Months Ended | ||||||
Sep. 14, 2023 | Jan. 06, 2023 | Sep. 30, 2023 | Sep. 09, 2023 | Feb. 06, 2023 | Dec. 31, 2022 | Apr. 23, 2021 | |
RELATED PARTY TRANSACTIONS | |||||||
Additional drawings | $ 3,358,833 | ||||||
Sponsor | |||||||
RELATED PARTY TRANSACTIONS | |||||||
Outstanding receivable | 0 | $ 257,478 | |||||
Promissory Note with Related Party | |||||||
RELATED PARTY TRANSACTIONS | |||||||
Maximum borrowing capacity of related party promissory note | $ 500,000 | $ 1,500,000 | $ 500,000 | ||||
Outstanding balance of related party note | 237,666 | 118,833 | |||||
Price of warrant | $ 1 | ||||||
Amount deposited in trust account | $ 3,780,000 | ||||||
Additional drawings | 118,833 | ||||||
Outstanding receivable | $ 257,478 | ||||||
Periodic payments | $ 420,000 | ||||||
Aggregate debt instrument amount | $2,940,000 | ||||||
Promissory Note with Related Party | Maximum | |||||||
RELATED PARTY TRANSACTIONS | |||||||
Principal amount | $ 4,740,000 | ||||||
Promissory Note with Related Party | Minimum | |||||||
RELATED PARTY TRANSACTIONS | |||||||
Principal amount | $ 3,780,000 | ||||||
Promissory Note with Related Party | Sponsor | |||||||
RELATED PARTY TRANSACTIONS | |||||||
Amount deposited in trust account | $ 300,000 | ||||||
Outstanding receivable | 3,240,000 | ||||||
Related Party Loans | Working capital loans warrant | |||||||
RELATED PARTY TRANSACTIONS | |||||||
Outstanding balance of related party note | 0 | $ 0 | |||||
Proceeds from trust account to repay working capital loans | 0 | ||||||
Loan conversion agreement warrant | $ 1,500,000 | ||||||
Price of warrant | $ 1 |
RELATED PARTY TRANSACTIONS - Ad
RELATED PARTY TRANSACTIONS - Administrative Support Agreement (Details) - Administrative Support Agreement - Sponsor - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
RELATED PARTY TRANSACTIONS | ||||
Expenses incurred and paid | $ 30,000 | $ 30,000 | $ 90,000 | $ 90,000 |
Expenses per month | $ 10,000 |
COMMITMENTS & CONTINGENCIES (De
COMMITMENTS & CONTINGENCIES (Details) $ / shares in Units, € in Millions | 9 Months Ended | |||||||||||||
Jun. 15, 2025 USD ($) | Jun. 15, 2025 EUR (€) | Jun. 15, 2024 USD ($) | Jun. 15, 2024 EUR (€) | Aug. 21, 2023 USD ($) | Aug. 21, 2023 EUR (€) | Aug. 11, 2023 USD ($) $ / shares shares | Aug. 11, 2023 EUR (€) shares | Jul. 03, 2023 USD ($) | Nov. 12, 2021 shares | Nov. 09, 2021 USD ($) $ / shares shares | Sep. 30, 2023 USD ($) item shares | Aug. 09, 2023 | Jul. 31, 2023 shares | |
COMMITMENTS & CONTINGENCIES | ||||||||||||||
Maximum number of demands for registration of securities | item | 3 | |||||||||||||
Number of units sold | 23,000,000 | |||||||||||||
Purchase of ordinary shares | 2,537,500 | 2,537,500 | ||||||||||||
Interest rate | 4.60% | |||||||||||||
Ordinary shares, shares issued | 0 | |||||||||||||
Capital market advisor fee | $ | $ 4,000,000 | |||||||||||||
NIPA Capital B.V. | Forward Purchase Agreement | ||||||||||||||
COMMITMENTS & CONTINGENCIES | ||||||||||||||
Aggregate amount of cash | $ 32,600,000 | € 30 | $ 32,600,000 | € 30 | $ 21,700,000 | € 20 | ||||||||
PRIMARY Metaverse d.o.o | ||||||||||||||
COMMITMENTS & CONTINGENCIES | ||||||||||||||
Business combination closing transaction transaction occur | 4,460,000 | 4.1 | ||||||||||||
LIBERO Football Finance AG | ||||||||||||||
COMMITMENTS & CONTINGENCIES | ||||||||||||||
Aggregate amount of cash | $ 21,700,000 | € 20 | $ 21,700,000 | € 20 | ||||||||||
Class A ordinary shares | ||||||||||||||
COMMITMENTS & CONTINGENCIES | ||||||||||||||
Ordinary shares, shares issued | 12,500,000 | |||||||||||||
Service Provider Agreements | ||||||||||||||
COMMITMENTS & CONTINGENCIES | ||||||||||||||
Legal services payable | $ | $ 10,600,000 | |||||||||||||
Business Combination Agreement | ||||||||||||||
COMMITMENTS & CONTINGENCIES | ||||||||||||||
Number of shares issued | 294 | 294 | ||||||||||||
Business Combination Agreement | Ordinary Shares | ||||||||||||||
COMMITMENTS & CONTINGENCIES | ||||||||||||||
Shares issued during period shares conversion of units | 1 | 1 | ||||||||||||
Business Combination Agreement | Class A ordinary shares | ||||||||||||||
COMMITMENTS & CONTINGENCIES | ||||||||||||||
Shares issued during period shares conversion of units | 1 | 1 | ||||||||||||
Number of shares issuable per warrant | 1 | |||||||||||||
Exercise price of warrant | $ / shares | $ 11.50 | |||||||||||||
Sponsor | ||||||||||||||
COMMITMENTS & CONTINGENCIES | ||||||||||||||
Purchase of ordinary shares | 5,750,000 | 5,750,000 | ||||||||||||
Initial Public Offering | ||||||||||||||
COMMITMENTS & CONTINGENCIES | ||||||||||||||
Number of days to exercise the option granted for underwriters | 45 days | |||||||||||||
Number of units sold | 20,000,000 | |||||||||||||
Percentage of cash underwriting cash discount | 2% | |||||||||||||
Underwriter cash discount | $ | $ 4,600,000 | |||||||||||||
Percentage of deferred underwriting cash discount | 3.50% | |||||||||||||
Number of shares issuable per warrant | 1 | |||||||||||||
Exercise price of warrant | $ / shares | $ 11.50 | |||||||||||||
Initial Public Offering | Service Provider Agreements | ||||||||||||||
COMMITMENTS & CONTINGENCIES | ||||||||||||||
Fees for legal services | $ | 460,269 | |||||||||||||
Legal services payable | $ | $ 400,000 | |||||||||||||
Over-allotment option | ||||||||||||||
COMMITMENTS & CONTINGENCIES | ||||||||||||||
Number of units sold | 3,000,000 | 3,000,000 |
SHAREHOLDERS' DEFICIT - Prefere
SHAREHOLDERS' DEFICIT - Preference Shares (Details) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
SHAREHOLDERS' DEFICIT | ||
Preference shares, shares authorized | 5,000,000 | 5,000,000 |
Preference shares, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preference shares, shares issued | 0 | 0 |
Preference shares, shares outstanding | 0 | 0 |
SHAREHOLDERS' DEFICIT - Ordinar
SHAREHOLDERS' DEFICIT - Ordinary Shares (Details) | 9 Months Ended | |||||
Jul. 13, 2021 shares | Sep. 30, 2023 class $ / shares shares | Jul. 31, 2023 shares | Dec. 31, 2022 $ / shares shares | Nov. 12, 2021 shares | Apr. 23, 2021 shares | |
SHAREHOLDERS' DEFICIT | ||||||
Ordinary shares, shares issued | 0 | |||||
Ordinary shares, shares outstanding | 0 | 0 | ||||
Stockholders percentage of vote for certain actions | 0.6667% | |||||
Board of directors, number of classes | class | 3 | |||||
Board of directors term | 3 years | |||||
Board of directors, number of classes appointed each year | class | 1 | |||||
Class B shares minimum conversion ratio to class A | 1 | |||||
Class A ordinary shares | ||||||
SHAREHOLDERS' DEFICIT | ||||||
Ordinary shares, shares authorized | 500,000,000 | 500,000,000 | ||||
Ordinary shares, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | ||||
Ordinary shares, shares issued | 12,500,000 | |||||
Class A ordinary shares not subject to redemption | ||||||
SHAREHOLDERS' DEFICIT | ||||||
Ordinary shares, shares issued | 0 | 0 | ||||
Ordinary shares, shares outstanding | 0 | 0 | ||||
Class A ordinary shares subject to possible redemption | ||||||
SHAREHOLDERS' DEFICIT | ||||||
Class A ordinary shares subject to possible redemption | 11,513,065 | 23,000,000 | ||||
Class B ordinary shares | ||||||
SHAREHOLDERS' DEFICIT | ||||||
Ordinary shares, shares authorized | 50,000,000 | 50,000,000 | ||||
Ordinary shares, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | ||||
Ordinary shares, shares issued | 5,750,000 | 5,750,000 | 7,187,500 | |||
Ordinary shares, shares outstanding | 5,750,000 | 5,750,000 | 5,750,000 | 7,187,500 | ||
Number of shares issued | 7,187,500 | |||||
Number of shares cancelled | 1,437,500 | |||||
Maximum shares subject to forfeiture | 750,000 | |||||
Percentage of shares issued and outstanding collectively own by initial shareholders | 20% | |||||
Aggregated shares issued upon converted basis (in percent) | 20% | |||||
Class B ordinary shares | Over-allotment option | ||||||
SHAREHOLDERS' DEFICIT | ||||||
Number of shares not subject to forfeiture | 750,000 |
SHAREHOLDERS' DEFICIT - Warrant
SHAREHOLDERS' DEFICIT - Warrants (Details) - $ / shares | 9 Months Ended | ||
Sep. 30, 2023 | Nov. 12, 2021 | Nov. 09, 2021 | |
Initial Public Offering | |||
SHAREHOLDERS' DEFICIT | |||
Number of shares issuable per warrant | 1 | ||
Exercise price of warrants | $ 11.50 | ||
Warrants | |||
SHAREHOLDERS' DEFICIT | |||
Warrants expiration term | 5 years | ||
Warrants exercisable for cash or cashless basis | 0 | ||
Warrants | Initial Public Offering | |||
SHAREHOLDERS' DEFICIT | |||
Number of warrants issued | 25,000,000 | ||
Warrants | Class A ordinary shares | |||
SHAREHOLDERS' DEFICIT | |||
Number of shares issuable per warrant | 1 | ||
Exercise price of warrants | $ 11.50 | ||
Maximum period after business combination in which to file registration statement | 20 days | ||
Period of time within which registration statement is expected to become effective | 60 days | ||
Public Warrants | |||
SHAREHOLDERS' DEFICIT | |||
Warrants expiration term | 5 years | ||
Public Warrants | Initial Public Offering | |||
SHAREHOLDERS' DEFICIT | |||
Number of warrants issued | 11,500,000 | ||
Public Warrants | Class A ordinary shares | |||
SHAREHOLDERS' DEFICIT | |||
Threshold issue price per share | $ 9.20 | ||
Percentage of gross proceeds on total equity proceeds | 60% | ||
Threshold trading days determining weighted average trading price | 20 days | ||
Adjustment one of redemption price of stock based on market value and newly issued price (as a percent) | 115% | ||
Public Warrants | Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00 | |||
SHAREHOLDERS' DEFICIT | |||
Redemption price per public warrant (in dollars per share) | $ 0.01 | ||
Stock price trigger for redemption of public warrants (in dollars per share) | $ 18 | ||
Threshold trading days for redemption of public warrants | 20 days | ||
Threshold consecutive trading days for redemption of public warrants | 30 days | ||
Minimum threshold written notice period for redemption of public warrants | 30 days | ||
Adjustment one of redemption price of stock based on market value and newly issued price (as a percent) | 180% | ||
Private Placement Warrants | |||
SHAREHOLDERS' DEFICIT | |||
Number of warrants issued | 13,500,000 | ||
Private Placement Warrants | Initial Public Offering | |||
SHAREHOLDERS' DEFICIT | |||
Number of warrants issued | 13,500,000 | ||
Private Placement Warrants | Private Placement | |||
SHAREHOLDERS' DEFICIT | |||
Threshold days for transfer, assign or sell any shares or warrants of the company, after the completion of the initial business combination subject to certain limited exceptions | 30 days | ||
Number of warrants issued | 12,000,000 |
RECURRING FAIR VALUE MEASUREM_3
RECURRING FAIR VALUE MEASUREMENTS (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
RECURRING FAIR VALUE MEASUREMENTS | ||
Investments held in Trust Account | $ 127,562,236 | $ 239,430,719 |
Recurring | ||
RECURRING FAIR VALUE MEASUREMENTS | ||
Investments held in Trust Account | 127,562,236 | 239,430,719 |
Recurring | Level 1 | ||
RECURRING FAIR VALUE MEASUREMENTS | ||
Investments held in Trust Account | $ 127,562,236 | $ 239,430,719 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) € in Millions | Aug. 11, 2023 USD ($) shares | Aug. 11, 2023 EUR (€) shares | Jul. 03, 2023 USD ($) | Feb. 09, 2023 USD ($) | Oct. 26, 2023 EUR (€) | Aug. 09, 2023 | Mar. 09, 2023 USD ($) |
SUBSEQUENT EVENTS | |||||||
Purchase of ordinary shares | shares | 2,537,500 | 2,537,500 | |||||
Interest rate | 4.60% | ||||||
Capital market advisor fee | $ 4,000,000 | ||||||
PRIMARY Metaverse d.o.o | |||||||
SUBSEQUENT EVENTS | |||||||
Business combination closing transaction transaction occur | $ 4,460,000 | € 4.1 | |||||
Sponsor | |||||||
SUBSEQUENT EVENTS | |||||||
Deposit into the trust account | $ 300,000 | ||||||
Amount required to be deposited in trust account for each subsequent calendar month or portion thereof | $ 300,000 | ||||||
Subsequent Events | A&R Business Combination Agreement | |||||||
SUBSEQUENT EVENTS | |||||||
Minimum Cash to be held at closing of business combination | € | € 90 | ||||||
Minimum funding as of closing of business combination | € | € 40 |