Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 08, 2022 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-41212 | |
Entity Registrant Name | BROAD CAPITAL ACQUISITION CORP | |
Entity Central Index Key | 0001865120 | |
Entity Tax Identification Number | 86-3382967 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 5345 Annabel Lane | |
Entity Address, City or Town | Plano | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75093 | |
City Area Code | (469) | |
Local Phone Number | 951-3088 | |
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 | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | true | |
Entity Common Stock, Shares Outstanding | 11,250,417 | |
Units, Each Consisting of One Share of Common Stock, Par Value $0.000001 Per Share, and One Right to Acquire 1/10 of One Share of Common Stock [Member] | ||
Title of 12(b) Security | Units, each consisting of one share of common stock, par value $0.000001 per share, and one Right to acquire 1/10 of one share of common stock | |
Trading Symbol | BRACU | |
Security Exchange Name | NASDAQ | |
Common Stock Included as Part of Units [Member] | ||
Title of 12(b) Security | common stock included as part of the Units | |
Trading Symbol | BRAC | |
Security Exchange Name | NASDAQ | |
Rights Included as Part of Units [Member] | ||
Title of 12(b) Security | Rights included as part of the Units | |
Trading Symbol | BRACR | |
Security Exchange Name | NASDAQ |
Balance Sheets
Balance Sheets - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Current Assets | ||
Cash | $ 622,351 | $ 2,164 |
Deferred offering costs | 287,601 | |
Total Current Assets | 622,351 | 289,765 |
Cash and Marketable Securities held in trust account | 102,755,004 | |
Total Assets | 103,377,355 | 289,765 |
Current liabilities | ||
Accrued expenses | 140,315 | 151,503 |
Accounts payable | 7,500 | |
Promissory note – related party | 133,357 | |
Total Current Liabilities | 147,815 | 284,860 |
Deferred underwriter commission | 3,555,674 | |
Total Liabilities | 3,703,489 | 284,860 |
Commitments and Contingencies | ||
Common Stock subject to possible redemption; 10,159,069 shares (at $10.10 per share) | 102,606,597 | |
Shareholders’ Equity (Deficit) | ||
Preference Shares, $0.000001 par value; 1,000,000 shares authorized; none issued and outstanding | ||
Common Stock, $0.000001 par value, 100,000,000 shares authorized; 2,990,897 issued and outstanding (excluding 10,159,069 shares subject to possible redemption) | 3 | 3 |
Additional paid-in capital | 24,997 | |
Accumulated deficit | (2,932,734) | (20,095) |
Total Shareholders’ Equity (Deficit) | (2,932,731) | 4,905 |
Total Liabilities and Shareholders’ Equity (Deficit) | $ 103,377,355 | $ 289,765 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) | Jun. 30, 2022 $ / shares shares |
Statement of Financial Position [Abstract] | |
Common stock subject to possible redemption, shares | 10,159,069 |
Temporary equity, par value | $ / shares | $ 10.10 |
Preferred stock, par value | $ / shares | $ 0.000001 |
Preferred stock, shares authorized | 1,000,000 |
Preferred stock, shares issued | 0 |
Preferred stock, shares outstanding | 0 |
Common stock, par value | $ / shares | $ 0.000001 |
Common stock, shares authorized | 100,000,000 |
Common stock, shares issued | 2,990,897 |
Common stock, shares outstanding | 2,990,897 |
Temporary equity, shares issued | 10,159,069 |
Temporary equity, shares outstanding | 10,159,069 |
Statement of Operations (Unaudi
Statement of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | |
Income Statement [Abstract] | |||
Formation and operating costs | $ (117,309) | $ (576,722) | |
Loss from Operations | (117,309) | (576,722) | |
Other Income | |||
Interest earned on marketable securities held in trust account | 108,459 | 148,407 | |
Net Income (Loss) | $ (8,850) | $ (428,315) | |
Weighted average shares outstanding of ordinary shares | 13,485,199 | 2,500,000 | 12,752,366 |
Basic and diluted net loss per ordinary share | $ 0 | $ 0 | $ (0.03) |
Statement of Changes in Stockho
Statement of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Apr. 15, 2021 | ||||
Balance, shares at Apr. 15, 2021 | ||||
Issuance of common stock to Sponsor | $ 3 | 24,997 | 25,000 | |
Issuance of common stock to Sponsor, shares | 2,875,000 | |||
Net loss | ||||
Balance at Jun. 30, 2021 | $ 3 | 24,997 | 25,000 | |
Balance, shares at Jun. 30, 2021 | 2,875,000 | |||
Balance at Dec. 31, 2021 | $ 3 | 24,997 | (20,095) | 4,905 |
Balance, shares at Dec. 31, 2021 | 2,875,000 | |||
Sale of Units in Initial Public Offering | $ 10 | 101,590,680 | 101,590,690 | |
Sale of Units in Initial Public Offering, shares | 10,159,069 | |||
Common Stock subject to possible redemption | $ (10) | (102,606,587) | (102,606,597) | |
Common Stock subject to possible redemption, shares | (10,159,069) | |||
Sale of Placement Units | 4,511,300 | 4,511,300 | ||
Sale of Placement Units, shares | 451,130 | |||
Offering and Underwriting costs | (2,449,040) | (2,449,040) | ||
Deferred underwriting commission | (3,555,674) | (3,555,674) | ||
Forfeiture of Insider Shares | ||||
Forfeiture of Insider Shares, shares | (335,233) | |||
Re-classification | 2,484,324 | (2,484,324) | ||
Net loss | (419,465) | (419,465) | ||
Balance at Mar. 31, 2022 | $ 3 | (2,923,884) | (2,923,881) | |
Balance, shares at Mar. 31, 2022 | 2,990,897 | |||
Balance at Dec. 31, 2021 | $ 3 | 24,997 | (20,095) | 4,905 |
Balance, shares at Dec. 31, 2021 | 2,875,000 | |||
Net loss | (428,315) | |||
Balance at Jun. 30, 2022 | $ 3 | (2,932,734) | (2,932,731) | |
Balance, shares at Jun. 30, 2022 | 2,990,897 | |||
Balance at Mar. 31, 2022 | $ 3 | (2,923,884) | (2,923,881) | |
Balance, shares at Mar. 31, 2022 | 2,990,897 | |||
Net loss | (8,850) | (8,850) | ||
Balance at Jun. 30, 2022 | $ 3 | $ (2,932,734) | $ (2,932,731) | |
Balance, shares at Jun. 30, 2022 | 2,990,897 |
Statement of Cash Flows (Unaudi
Statement of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (428,315) | |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Interest earned on marketable securities held in Trust Account | (148,407) | |
Changes in operating assets and liabilities: | ||
Account payables | 7,500 | |
Accrued expenses | 36,283 | (11,012) |
Net cash used in operating activities | (36,283) | (580,234) |
Cash flows from investing activities: | ||
Investment of cash in Trust Account | (102,606,597) | |
Net cash used in investing activities | (102,606,597) | |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock to Sponsor | 25,000 | |
Proceeds from sale of Units, net of IPO costs | 99,429,074 | |
Proceeds from sale of Placement Units | 4,511,301 | |
Payment of deferred offering costs | (90,536) | |
Proceeds from Promissory Note – related party | 35,452 | |
Repayment of Promissory note – related party | (133,357) | |
Net cash provided by financing activities | (30,084) | 103,807,018 |
Net change in cash | 6,199 | 620,187 |
Cash at the beginning of the period | 2,164 | |
Cash at the end of the period | 6,199 | 622,351 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Deferred offering costs | 36,283 | |
Deferred underwriting fee payable | 3,555,674 | |
Initial Classification of Common Stock subject to redemption | 102,606,597 | |
Deferred offering costs paid for by Promissory note – related party | $ 176 |
DESCRIPTION OF ORGANIZATION, BU
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS | NOTE 1. DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS Broad Capital Acquisition Corp (the “Company”) is a blank check company incorporated in the State of Delaware on April 16, 2021. The Company was formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation with, purchasing all or substantially all of the assets of, entering into contractual arrangements with, or engaging in any other similar business combination with one or more businesses or entities (“Business Combination”). The Company is not limited to a particular industry or sector for purposes of consummating a Business Combination. As of June 30, 2022, the Company had not commenced any operations. All activity for the (inception) through December 31, 2021 and the six months ended June 30, 2022 relates to the Company’s formation and the Initial Public Offering (as defined below). The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the Initial Public Offering. The Company has selected December 31 as its fiscal year end. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. The Company’s sponsor is Broad Capital LLC, a Delaware limited liability company (the “Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective on January 10, 2022. On January 13, 2022, the Company closed its Initial Public Offering of 10,000,000 10.00 100,000,000 6,917,226 3,500,000 1,500,000 159,069 1,590,690 Simultaneously with the consummation of the closing of the Initial Public Offering, the Company consummated the private placement of an aggregate of 446,358 10.00 4,463,580 4,772 47,720 On February 10, 2022, the underwriters partially exercised the over-allotment option and purchased an additional 159,069 1,590,690 335,233 1,606,597 31,814 Following the closing of the Initial Public Offering on January 13, 2022, an amount of $ 101,000,000 10.10 The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of Placement Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations with one or more operating businesses or assets with a fair market value equal to at least 80 The Company will only complete a Business Combination if the post transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”) Upon the closing of the Initial Public Offering, management has agreed that an amount equal to at least $ 10.10 The Company will provide the holders of the outstanding Public Shares (the “Public Shareholders”) with the opportunity to redeem all or a portion of their Public Shares either (i) in connection with a shareholders meeting called to approve the Business Combination or (ii) by means of a tender offer in connection with the Business Combination. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company. The Public Shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $ 10.10 Distinguishing Liabilities from Equity The Company will not redeem Public Shares in an amount that would cause its net tangible assets to be less than $ 5,000,001 If, however, shareholder approval of the transaction is required by applicable law or stock exchange listing requirements, or the Company decides to obtain shareholder approval for business or other reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks shareholder approval in connection with a Business Combination, the Sponsor has agreed to vote its Insider shares (as defined in Note 5) and any Public Shares purchased during or after the Public Offering in favor of approving a Business Combination. Additionally, each Public Shareholder may elect to redeem their Public Shares without voting, and if they do vote, irrespective of whether they vote for or against the proposed transaction. Notwithstanding the foregoing, if the Company seeks shareholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Certificate of Incorporation will provide that a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 20% of the Public Shares, without the prior consent of the Company. The holders of the Insider Shares have agreed (a) to waive their redemption rights with respect to the Insider Shares and Public Shares held by them in connection with the completion of a Business Combination and (b) not to propose an amendment to the Certificate of Incorporation (i) to modify the substance or timing of the Company’s obligation to allow redemptions in connection with a Business Combination or to redeem 100 If the Company has not completed a Business Combination within 12 months (or 15 months, or 18 months, as applicable from the closing of the Initial Public Offering (the “Combination Period”), the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to pay taxes (less up to $ 100,000 The holders of the Insider Shares have agreed to waive their liquidation rights with respect to the Insider shares if the Company fails to complete a Business Combination within the Combination Period. However, if the holders of Insider shares acquire Public Shares in or after the Initial Public Offering, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the Initial Public Offering price per Unit ($10.00) In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (i) $10.10 per Public Share or (ii) such lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.10 per Public Share due to reductions in the value of the trust assets, in each case net of the amount of interest which may be withdrawn to pay taxes, except as to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims Liquidity and Capital Resources As of June 30, 2022, the Company had $ 622,351 The Company’s liquidity needs prior to the consummation of the Initial Public Offering were satisfied through the payment of $ 25,000 133,533 Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity to meet its needs through the earlier of the consummation of a Business Combination or one year from this filing. Over this time period, the Company will be using the funds held outside of the Trust Account for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination. Going Concern Consideration The Company expects to incur significant costs in pursuit of its financing and acquisition plans. In connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that if the Company is unsuccessful in consummating an initial business combination within the prescribed period of time from the closing of the Initial Public Offering, the requirement that the Company cease all operations, redeem the public shares and thereafter liquidate and dissolve raises substantial doubt about the ability to continue as a going concern. The balance sheet does not include any adjustments that might result from the outcome of this uncertainty. Management has determined that the Company has funds that are sufficient to fund the working capital needs of the Company until the consummation of an initial business combination or the winding up of the Company as stipulated in the Company’s amended and restated memorandum of association. The accompanying financial statement has been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”), which contemplate continuation of the Company as a going concern. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements are presented in U.S. Dollars and conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor 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 financial statements in conformity with 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no Marketable Securities Held in Trust Account As of June 30, 2022, substantially all of the assets held in the Trust Account were held in government securities (United States Treasury Bills). As of June 30, 2022, the balance in the Trust Account was $ 102,755,004 Deferred offering costs Deferred offering costs consist of underwriting, legal, accounting and other expenses incurred through the balance sheet date that are directly related to the Proposed Offering and that will be charged to stockholders’ equity upon the completion of the Proposed Offering. Should the Proposed Offering have proved to be unsuccessful, these deferred costs, as well as additional expenses incurred, would have been charged to operations. Income Taxes The Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company’s management determined the United States is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income tax expense. There were no no The provision for income taxes was deemed to be de minimis for the six months ended June 30, 2022. Net loss per share The Company complies with accounting and disclosure requirements of ASC Topic 260, “Earnings Per Share.” Net loss per share is computed by dividing net loss by the weighted average number of common stock outstanding during the period, excluding common stock subject to forfeiture. As of June 30, 2022, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into common stock and then share in the earnings of the Company. As a result, diluted loss per share is the same as basic loss per share for the periods presented. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal depository insurance coverage of $ 250,000 Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature. Recent Accounting Standards The Company’s management does not believe that any recently issued, but not yet effective, accounting standards updates, if currently adopted, would have a material effect on the accompanying financial statement. Risks and Uncertainties Management is currently evaluating the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations, close of the Initial Public Offering, and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
INITIAL PUBLIC OFFERING
INITIAL PUBLIC OFFERING | 6 Months Ended |
Jun. 30, 2022 | |
Initial Public Offering | |
INITIAL PUBLIC OFFERING | NOTE 3. INITIAL PUBLIC OFFERING On January 13, 2022, the Company closed its Initial Public Offering of 10,000,000 10.00 100,000,000 Each Unit consists of one share of common stock and one right to receive one-tenth (1/10) of one share of common stock upon the consummation of an initial business combination. As of January 13, 2022, the Company closed its Initial Public Offering and incurred transaction costs of approximately $ 6,917,226 3,500,000 On February 9, 2022, the Underwriters partially exercised the over-allotment option and on February 10, 2022, purchased an additional 159,069 1,590,690 |
PRIVATE PLACEMENT
PRIVATE PLACEMENT | 6 Months Ended |
Jun. 30, 2022 | |
Private Placement | |
PRIVATE PLACEMENT | NOTE 4. PRIVATE PLACEMENT Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 446,358 10.00 4,463,580 The proceeds from the sale of the Placement Units were added to the net proceeds from the Initial Public Offering held in the Trust Account. The Placement Units are identical to the Units sold in the Initial Public Offering. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Placement Units will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Placement Units will expire worthless. Simultaneously with the closing of the Over-Allotment, the Company completed the private sale of an additional 4,772 10.00 47,720 In connection with the closing and sale of the Over-Allotment Units and the additional placement units (together, the “Over-Allotment Closing”), a total of $ 1,606,597 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 5. RELATED PARTY TRANSACTIONS Insider shares On May 7, 2021, the Sponsor purchased 2,875,000 25,000 20 On May 25, 2021, our sponsor transferred 80,000 2,795,000 Due to the over-allotment option being partially exercised by the underwriter on February 10, 2022 (see note 6), the Sponsor forfeited 335,233 2,539,767 no The initial stockholders have agreed not to transfer, assign or sell any of the common stock (except to certain permitted transferees as disclosed herein) until, with respect to any of the common stock, the earlier of (i) six months after the date of the consummation of a Business Combination, or (ii) the date on which the closing price of the Company’s common stock equals or exceeds $12.00 per share (as adjusted for share subdivisions, share dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing after a Business Combination, or earlier, if, subsequent to a Business Combination, the Company consummates a subsequent liquidation, merger, share exchange or other similar transaction which results in all of the Company’s stockholders having the right to exchange their common stock for cash, securities or other property. Promissory Note – Related Party On April 16, 2021, the Sponsor issued an unsecured promissory note to the Company, pursuant to which the Company may borrow up to an aggregate principal amount of $ 300,000 133,357 133,357 Related Party Loans In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes may be repaid upon completion of a Business Combination, without interest, or, at the lender’s discretion, up to $ 1,500,000 10.00 no Administrative Services Arrangement Commencing on the date the Units were first listed on the Nasdaq, the Company agreed to pay the Sponsor $ 10,000 50,000 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 6. COMMITMENTS AND CONTINGENCIES Registration Rights The holders of the insider shares and Placement Units that may be issued upon conversion of Working Capital Loans (and any shares of ordinary shares issuable upon the exercise of the Placement Units or units issued upon conversion of the Working Capital Loans and upon conversion of the Insider shares) will be entitled to registration rights pursuant to a registration rights agreement to be signed prior to or on the effective date of Initial Public Offering requiring the Company to register such securities for resale. The holders of these securities will be entitled to make up to three demands, excluding short form registration demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides that the Company will not be required to effect or permit any registration or cause any registration statement to become effective until the securities covered thereby are released from their lock-up restrictions. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement On February 9, 2022, the Underwriters partially exercised the over-allotment option and on February 10, 2022, purchased an additional 159,069 1,590,690 The underwriters were entitled to a cash underwriting discount of $ 0.20 2,000,000 2,300,000 0.35 3,500,000 4,025,000 On February 10, 2022, the underwriters purchased an additional 159,069 10.00 1,590,690 |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 7. STOCKHOLDERS’ EQUITY Common Stock 100,000,000 0.000001 Holders of the Company’s common stock are entitled to one vote for each share 2,990,897 10,159,069 Preferred Shares 1,000,000 0.000001 no Rights Except in cases where the Company is not the surviving company in a Business Combination, each holder of a Public Right will automatically receive one-tenth (1/10) of one share of common stock upon consummation of a Business Combination, even if the holder of a Public Right converted all shares held by him, her or it in connection with a Business Combination or an amendment to the Company’s Amended and Restated Certificate of Incorporation with respect to its pre-business combination activities. In the event that the Company will not be the surviving company upon completion of a Business Combination, each holder of a Public Right will be required to affirmatively convert his, her or its rights in order to receive the one-tenth (1/10) of a share underlying each Public Right upon consummation of the Business Combination. The Company will not issue fractional shares in connection with an exchange of Public Rights. Fractional shares will either be rounded down to the nearest whole share or otherwise addressed in accordance with the applicable provisions of the Delaware General Corporation Law. As a result, the holders of the Public Rights must hold rights in multiples of 10 in order to receive shares for all of the holders’ rights upon closing of a Business Combination. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 8. SUBSEQUENT EVENTS In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred through the date the financial statements were available to issue. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements are presented in U.S. Dollars and conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. |
Emerging Growth Company | Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor 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 financial statements in conformity with 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no |
Marketable Securities Held in Trust Account | Marketable Securities Held in Trust Account As of June 30, 2022, substantially all of the assets held in the Trust Account were held in government securities (United States Treasury Bills). As of June 30, 2022, the balance in the Trust Account was $ 102,755,004 |
Deferred offering costs | Deferred offering costs Deferred offering costs consist of underwriting, legal, accounting and other expenses incurred through the balance sheet date that are directly related to the Proposed Offering and that will be charged to stockholders’ equity upon the completion of the Proposed Offering. Should the Proposed Offering have proved to be unsuccessful, these deferred costs, as well as additional expenses incurred, would have been charged to operations. |
Income Taxes | Income Taxes The Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company’s management determined the United States is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income tax expense. There were no no The provision for income taxes was deemed to be de minimis for the six months ended June 30, 2022. |
Net loss per share | Net loss per share The Company complies with accounting and disclosure requirements of ASC Topic 260, “Earnings Per Share.” Net loss per share is computed by dividing net loss by the weighted average number of common stock outstanding during the period, excluding common stock subject to forfeiture. As of June 30, 2022, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into common stock and then share in the earnings of the Company. As a result, diluted loss per share is the same as basic loss per share for the periods presented. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal depository insurance coverage of $ 250,000 |
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 ASC Topic 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature. |
Recent Accounting Standards | Recent Accounting Standards The Company’s management does not believe that any recently issued, but not yet effective, accounting standards updates, if currently adopted, would have a material effect on the accompanying financial statement. |
Risks and Uncertainties | Risks and Uncertainties Management is currently evaluating the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations, close of the Initial Public Offering, and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
DESCRIPTION OF ORGANIZATION, _2
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Feb. 10, 2022 | Jan. 19, 2022 | Jan. 13, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | |
Subsidiary, Sale of Stock [Line Items] | ||||||
Stock issued during period initial public offering | 101,000,000 | |||||
Shares issued price per share | $ 10.10 | |||||
Proceeds from issuance initial public offering | $ 99,429,074 | |||||
Payments of stock issuance costs | 90,536 | |||||
Gross proceeds from private placement | 4,511,301 | |||||
Proceeds from over allotment | $ 1,606,597 | |||||
Underwriters deferred discount | $ 31,814 | |||||
Minimum market value net asset held in trust account, percentage | 80% | |||||
Minimum net tangible asset upon consummation of business combination | $ 5,000,001 | |||||
Percentage of the public shareholding to be redeemed in case the business combination is not complete | 100% | |||||
Interest to pay dissolution expenses | $ 100,000 | |||||
Sale of stock description | Each Unit consists of one share of common stock and one right to receive one-tenth (1/10) of one share of common stock upon the consummation of an initial business combination. | |||||
Cash in operating bank account | 622,351 | $ 2,164 | ||||
Proceeds from issuance of common stock to Sponsor | $ 25,000 | |||||
Repayments of promissory note | $ 133,533 | |||||
Post Business Combination [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Business acquisition, voting interest rate | The Company will only complete a Business Combination if the post transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”) | |||||
Trust Account [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Shares issued price per share | $ 10.10 | |||||
Sale of stock description | In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (i) $10.10 per Public Share or (ii) such lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.10 per Public Share due to reductions in the value of the trust assets, in each case net of the amount of interest which may be withdrawn to pay taxes, except as to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims | |||||
IPO [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Stock issued during period initial public offering | 10,000,000 | |||||
Shares issued price per share | $ 10 | |||||
Proceeds from issuance initial public offering | $ 100,000,000 | |||||
Payments of stock issuance costs | 6,917,226 | |||||
Deferred underwriting commissions | $ 3,500,000 | |||||
Sale of stock description | In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the Initial Public Offering price per Unit ($10.00) | |||||
Over-Allotment Option [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Stock issued during period initial public offering | 159,069 | 1,500,000 | ||||
Shares issued price per share | $ 10 | |||||
Proceeds from issuance initial public offering | $ 1,590,690 | |||||
Gross proceeds from private placement | $ 1,606,597 | |||||
Forfeited shares | 335,233 | |||||
Over-Allotment Option [Member] | Broad Capital LLC [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Stock issued during period initial public offering | 4,772 | |||||
Shares issued price per share | $ 10 | |||||
Gross proceeds from private placement | $ 47,720 | |||||
Private Placement [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Stock issued during period initial public offering | 446,358 | 446,358 | ||||
Shares issued price per share | $ 10 | $ 10 | ||||
Gross proceeds from private placement | $ 4,463,580 | $ 4,463,580 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | ||
Cash equivalents | $ 0 | |
Marketable Securities | 102,755,004 | |
Unrecognized tax benefits | 0 | |
Accrued interest and penalties on unrecognized tax benefits | 0 | |
Federal depository insurance coverage amount | $ 250,000 |
INITIAL PUBLIC OFFERING (Detail
INITIAL PUBLIC OFFERING (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Feb. 10, 2022 | Jan. 13, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | |
Subsidiary, Sale of Stock [Line Items] | ||||
Stock issued during period initial public offering | 101,000,000 | |||
Shares issued, price per share | $ 10.10 | |||
Proceeds from issuance initial public offering | $ 99,429,074 | |||
Stock transaction description | Each Unit consists of one share of common stock and one right to receive one-tenth (1/10) of one share of common stock upon the consummation of an initial business combination. | |||
Payments of Stock Issuance Costs | $ 90,536 | |||
IPO [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Stock issued during period initial public offering | 10,000,000 | |||
Shares issued, price per share | $ 10 | |||
Proceeds from issuance initial public offering | $ 100,000,000 | |||
Stock transaction description | In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the Initial Public Offering price per Unit ($10.00) | |||
Payments of Stock Issuance Costs | $ 6,917,226 | |||
Deferred underwriting commissions | $ 3,500,000 | |||
Over-Allotment Option [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Stock issued during period initial public offering | 159,069 | 1,500,000 | ||
Shares issued, price per share | $ 10 | |||
Proceeds from issuance initial public offering | $ 1,590,690 |
PRIVATE PLACEMENT (Details Narr
PRIVATE PLACEMENT (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Feb. 10, 2022 | Jan. 13, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | |
Subsidiary, Sale of Stock [Line Items] | ||||
Stock issued during period initial public offering | 101,000,000 | |||
Shares issued price per share | $ 10.10 | |||
Proceeds from private placement | $ 4,511,301 | |||
Private Placement [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Stock issued during period initial public offering | 446,358 | 446,358 | ||
Shares issued price per share | $ 10 | $ 10 | ||
Proceeds from private placement | $ 4,463,580 | $ 4,463,580 | ||
Over-Allotment Option [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Stock issued during period initial public offering | 159,069 | 1,500,000 | ||
Shares issued price per share | $ 10 | |||
Proceeds from private placement | $ 1,606,597 | |||
Over-Allotment Option [Member] | Broad Capital LLC [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Stock issued during period initial public offering | 4,772 | |||
Shares issued price per share | $ 10 | |||
Proceeds from private placement | $ 47,720 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 15 Months Ended | |||||||
Feb. 10, 2022 | Jan. 19, 2022 | Jan. 13, 2022 | May 25, 2021 | May 07, 2021 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Apr. 16, 2021 | |
Related Party Transaction [Line Items] | ||||||||||
Stock issued during period shares | 101,000,000 | |||||||||
Stock issued during period, value | $ 4,511,300 | |||||||||
Forfeiture of insider shares, shares | 335,233 | |||||||||
Common stock shares issued | 2,990,897 | 2,990,897 | 2,990,897 | |||||||
Common Stock, Shares, Outstanding | 2,990,897 | 2,990,897 | 2,990,897 | |||||||
Number of forfeiture shares outstanding | 0 | |||||||||
Promissory note - related party | $ 133,357 | |||||||||
Repayments for promissory note - related party | $ 133,533 | |||||||||
Working capital loan | 0 | 0 | ||||||||
Administrative Support Agreement [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Sponsor fees | 10,000 | |||||||||
Operating expenses | $ 50,000 | |||||||||
Sponsor [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Debt instrument converted amount | $ 1,500,000 | |||||||||
Debt instrument converted price per shares | 10% | |||||||||
Insider Shares [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Common stock shares issued | 2,539,767 | 2,539,767 | ||||||||
Common Stock, Shares, Outstanding | 2,539,767 | 2,539,767 | ||||||||
Four Independent Directors [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Stock issued during period shares | 2,795,000 | |||||||||
Sponsor [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Stock issued during period shares | 80,000 | 2,875,000 | ||||||||
Stock issued during period, value | $ 25,000 | |||||||||
Percentage of issued outstanding shares | 20% | |||||||||
Related party transaction, description | The initial stockholders have agreed not to transfer, assign or sell any of the common stock (except to certain permitted transferees as disclosed herein) until, with respect to any of the common stock, the earlier of (i) six months after the date of the consummation of a Business Combination, or (ii) the date on which the closing price of the Company’s common stock equals or exceeds $12.00 per share (as adjusted for share subdivisions, share dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing after a Business Combination, or earlier, if, subsequent to a Business Combination, the Company consummates a subsequent liquidation, merger, share exchange or other similar transaction which results in all of the Company’s stockholders having the right to exchange their common stock for cash, securities or other property. | |||||||||
Principal amount | $ 300,000 | |||||||||
Promissory note - related party | $ 133,357 | $ 133,357 | ||||||||
Repayments for promissory note - related party | $ 133,357 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Feb. 10, 2022 | Feb. 09, 2022 | Jan. 13, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | |
Subsidiary, Sale of Stock [Line Items] | |||||
Sale of Placement Units, shares | 101,000,000 | ||||
Proceeds from issuance initial public offering | $ 99,429,074 | ||||
Shares issued, price per share | $ 10.10 | ||||
Underwriting Agreement [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Shares issued, price per share | $ 0.20 | ||||
Cash underwriting discount | $ 2,000,000 | ||||
Cash underwriting discount were exercised | $ 2,300,000 | ||||
Deferred fees, per unit | $ 0.35 | ||||
Deferred underwriting commissions in initial public offering | $ 3,500,000 | ||||
Deferred underwriting commissions were exercised | $ 4,025,000 | ||||
Over-Allotment Option [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Sale of Placement Units, shares | 159,069 | 1,500,000 | |||
Proceeds from issuance initial public offering | $ 1,590,690 | ||||
Shares issued, price per share | $ 10 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - $ / shares | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | ||
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, par value | $ 0.000001 | $ 0.000001 |
Common stock, voting right | Holders of the Company’s common stock are entitled to one vote for each share | |
Common stock shares issued | 2,990,897 | 2,990,897 |
Common stock shares outstanding | 2,990,897 | 2,990,897 |
Temporary equity, shares issued | 10,159,069 | 10,159,069 |
Temporary equity, shares outstanding | 10,159,069 | 10,159,069 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, par value | $ 0.000001 | $ 0.000001 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Public right, description | Except in cases where the Company is not the surviving company in a Business Combination, each holder of a Public Right will automatically receive one-tenth (1/10) of one share of common stock upon consummation of a Business Combination, even if the holder of a Public Right converted all shares held by him, her or it in connection with a Business Combination or an amendment to the Company’s Amended and Restated Certificate of Incorporation with respect to its pre-business combination activities. In the event that the Company will not be the surviving company upon completion of a Business Combination, each holder of a Public Right will be required to affirmatively convert his, her or its rights in order to receive the one-tenth (1/10) of a share underlying each Public Right upon consummation of the Business Combination. |