Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2023 | Feb. 20, 2024 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-41108 | |
Entity Registrant Name | Capitalworks Emerging Markets Acquisition Corp | |
Entity Incorporation, State or Country Code | E9 | |
Entity Tax Identification Number | 98-1598114 | |
Entity Address, Address Line One | 1345 Avenue of the Americas | |
Entity Address, Address Line Two | 11th Floor | |
Entity Address, City or Town | New York | |
Entity Address State Or Province | NY | |
Entity Address, Postal Zip Code | 10105 | |
City Area Code | 202 | |
Local Phone Number | 320-4822 | |
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 | 0001865248 | |
Current Fiscal Year End Date | --03-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Units, each consisting of one Class A ordinary share, par value $0.0001 per 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, par value $0.0001 per share, and one-half of one redeemable warrant | |
Trading Symbol | CMCAU | |
Security Exchange Name | NASDAQ | |
Class A ordinary shares, par value $0.0001 per share, included as part of the units | ||
Document and Entity Information | ||
Title of 12(b) Security | Class A ordinary shares, par value $0.0001 per share, included as part of the units | |
Trading Symbol | CMCA | |
Security Exchange Name | NASDAQ | |
Class A ordinary shares | ||
Document and Entity Information | ||
Entity Common Stock, Shares Outstanding | 9,998,396 | |
Redeemable Warrants Exercisable For Class Common Stock | ||
Document and Entity Information | ||
Title of 12(b) Security | Redeemable warrants included as part of the units, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 | |
Trading Symbol | CMCAW | |
Security Exchange Name | NASDAQ | |
Class B ordinary shares | ||
Document and Entity Information | ||
Entity Common Stock, Shares Outstanding | 1 |
CONDENSED BALANCE SHEETS (UNAUD
CONDENSED BALANCE SHEETS (UNAUDITED) - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 |
Current Assets: | ||
Cash | $ 121,635 | $ 90,283 |
Prepaid expenses and other assets | 53,000 | 151,872 |
Total Current Assets | 174,635 | 242,155 |
Cash and Investments held in the Trust Account | 46,580,667 | 240,442,010 |
Total Assets | 46,755,302 | 240,684,165 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 830,124 | 558,731 |
Loan Arrangement | 710,440 | |
Working Capital Loan Agreement - Sponsor | 1,360,000 | 800,000 |
Accrued offering costs | 71,812 | 71,812 |
Total Current Liabilities | 2,972,376 | 1,430,543 |
Derivative warrant liabilities | 466,320 | 1,916,320 |
Forward purchase agreement liability | 1,207,099 | 864,223 |
Deferred underwriting commission | 8,050,000 | 8,050,000 |
Total liabilities | 12,695,795 | 12,261,086 |
COMMITMENTS AND CONTINGENCIES (Note 6) | ||
Shareholders' Deficit: | ||
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding | ||
Accumulated deficit | (12,521,735) | (12,019,506) |
Total Shareholders' Deficit | (12,521,160) | (12,018,931) |
Total Liabilities, Ordinary Shares Subject to Possible Redemption and Shareholders' Deficit | 46,755,302 | 240,684,165 |
Class A ordinary shares subject to possible redemption | ||
Current Liabilities: | ||
Class A ordinary shares subject to possible redemption; 4,248,397 and 23,000,000 shares (at redemption value), respectively, as of December 31, 2023 and March 31, 2023 | 46,580,667 | 240,442,010 |
Class A ordinary shares subject not to possible redemption | ||
Shareholders' Deficit: | ||
Ordinary shares | $ 575 | |
Class B ordinary shares | ||
Shareholders' Deficit: | ||
Ordinary shares | $ 575 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) (UNAUDITED) - $ / shares | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | May 23, 2023 | Mar. 31, 2023 | Mar. 31, 2022 |
Class A ordinary shares subject to possible redemption, outstanding | 4,248,397 | |||||
Preferred shares par value, (per share) | $ 0.0001 | $ 0.0001 | ||||
Preferred shares authorized | 5,000,000 | 5,000,000 | ||||
Preferred shares issued | 0 | 0 | ||||
Preferred shares outstanding | 0 | 0 | ||||
Ordinary shares outstanding | 9,998,396 | |||||
Class A ordinary shares | ||||||
Ordinary shares, par value (per share) | $ 0.0001 | $ 0.0001 | ||||
Ordinary shares authorized | 500,000,000 | 500,000,000 | ||||
Class A ordinary shares subject to possible redemption | ||||||
Class A ordinary shares subject to possible redemption, outstanding | 4,248,397 | 4,248,397 | 4,248,397 | 23,000,000 | 23,000,000 | |
Class A ordinary shares subject not to possible redemption | ||||||
Ordinary shares issued | 5,749,999 | 0 | ||||
Ordinary shares outstanding | 5,749,999 | 0 | ||||
Class B ordinary shares | ||||||
Ordinary shares, par value (per share) | $ 0.0001 | $ 0.0001 | ||||
Ordinary shares authorized | 50,000,000 | 50,000,000 | ||||
Ordinary shares issued | 1 | 1 | 5,750,000 | |||
Ordinary shares outstanding | 1 | 1 | 5,750,000 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
EXPENSES | ||||
General and administrative services - related party | $ 60,000 | $ 60,000 | $ 180,000 | $ 180,000 |
Operating and formation expenses | 270,422 | 210,086 | 1,079,353 | 1,234,315 |
TOTAL EXPENSES | 330,422 | 270,086 | 1,259,353 | 1,414,315 |
OTHER INCOME (EXPENSE) | ||||
Investment income earned on investment held in Trust Account | 581,496 | 1,959,780 | 2,981,390 | 3,305,210 |
Change in fair value of forward purchase agreement liability | 242,703 | 16,634 | (342,876) | (141,283) |
Change in fair value of derivative warrants | 201,840 | 1,621,680 | 1,450,000 | 3,709,680 |
TOTAL OTHER INCOME - NET | 1,026,039 | 3,598,094 | 4,088,514 | 6,873,607 |
Net income attributable to ordinary shares | $ 695,617 | 3,328,008 | 2,829,161 | 5,459,292 |
Class B ordinary shares | ||||
OTHER INCOME (EXPENSE) | ||||
Net income attributable to ordinary shares | $ 665,602 | $ 230,322 | $ 1,091,858 | |
Weighted average number of ordinary shares outstanding, basic | 1 | 5,750,000 | 1,108,183 | 5,750,000 |
Weighted average number of ordinary shares outstanding, diluted | 1 | 5,750,000 | 1,108,183 | 5,750,000 |
Net income per ordinary share, basic | $ 0.07 | $ 0.12 | $ 0.21 | $ 0.19 |
Net income per ordinary share, diluted | $ 0.07 | $ 0.12 | $ 0.21 | $ 0.19 |
Redeemable Class A ordinary shares | ||||
OTHER INCOME (EXPENSE) | ||||
Net income attributable to ordinary shares | $ 295,573 | $ 2,662,406 | $ 1,634,093 | $ 4,367,434 |
Weighted average number of ordinary shares outstanding, basic | 4,248,397 | 23,000,000 | 7,862,342 | 23,000,000 |
Weighted average number of ordinary shares outstanding, diluted | 4,248,397 | 23,000,000 | 7,862,342 | 23,000,000 |
Net income per ordinary share, basic | $ 0.07 | $ 0.12 | $ 0.21 | $ 0.19 |
Net income per ordinary share, diluted | $ 0.07 | $ 0.12 | $ 0.21 | $ 0.19 |
Non-redeemable Class A ordinary shares | ||||
OTHER INCOME (EXPENSE) | ||||
Net income attributable to ordinary shares | $ 400,044 | $ 964,746 | ||
Weighted average number of ordinary shares outstanding, basic | 5,749,999 | 4,641,817 | ||
Weighted average number of ordinary shares outstanding, diluted | 5,749,999 | 4,641,817 | ||
Net income per ordinary share, basic | $ 0.07 | $ 0.21 | ||
Net income per ordinary share, diluted | $ 0.07 | $ 0.21 |
CONDENSED STATEMENTS OF CHANGES
CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT (UNAUDITED) - USD ($) | Class A ordinary shares Ordinary shares | Class B ordinary shares Ordinary shares | Class B ordinary shares | Additional Paid-in Capital | Accumulated Deficit | Total |
Balance at the beginning at Mar. 31, 2022 | $ 575 | $ 0 | $ (11,164,576) | $ (11,164,001) | ||
Balance at the beginning (in shares) at Mar. 31, 2022 | 5,750,000 | |||||
STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT | ||||||
Remeasurement of Class A ordinary shares to redemption value | $ 0 | (307,310) | (307,310) | |||
Net income | 0 | 1,608,198 | 1,608,198 | |||
Balance at the end at Jun. 30, 2022 | $ 575 | (9,863,688) | (9,863,113) | |||
Balance at the end (in shares) at Jun. 30, 2022 | 5,750,000 | |||||
Balance at the beginning at Mar. 31, 2022 | $ 575 | 0 | (11,164,576) | (11,164,001) | ||
Balance at the beginning (in shares) at Mar. 31, 2022 | 5,750,000 | |||||
STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT | ||||||
Net income | $ 1,091,858 | 5,459,292 | ||||
Balance at the end at Dec. 31, 2022 | $ 575 | (9,010,494) | (9,009,919) | |||
Balance at the end (in shares) at Dec. 31, 2022 | 5,750,000 | |||||
Balance at the beginning at Jun. 30, 2022 | $ 575 | (9,863,688) | (9,863,113) | |||
Balance at the beginning (in shares) at Jun. 30, 2022 | 5,750,000 | |||||
STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT | ||||||
Remeasurement of Class A ordinary shares to redemption value | $ 0 | (1,038,120) | (1,038,120) | |||
Net income | 0 | 523,086 | 523,086 | |||
Balance at the end at Sep. 30, 2022 | $ 575 | (10,378,722) | (10,378,147) | |||
Balance at the end (in shares) at Sep. 30, 2022 | 5,750,000 | |||||
STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT | ||||||
Remeasurement of Class A ordinary shares to redemption value | $ 0 | (1,959,780) | (1,959,780) | |||
Net income | 0 | 665,602 | 3,328,008 | 3,328,008 | ||
Balance at the end at Dec. 31, 2022 | $ 575 | (9,010,494) | (9,009,919) | |||
Balance at the end (in shares) at Dec. 31, 2022 | 5,750,000 | |||||
Balance at the beginning at Mar. 31, 2023 | $ 0 | $ 575 | 0 | (12,019,506) | (12,018,931) | |
Balance at the beginning (in shares) at Mar. 31, 2023 | 0 | 5,750,000 | ||||
STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT | ||||||
Remeasurement of Class A ordinary shares to redemption value | (1,861,142) | (1,861,142) | ||||
Conversion of Class B ordinary shares to Class A ordinary shares | $ 575 | $ (575) | ||||
Conversion of Class B ordinary shares to Class A ordinary shares (in shares) | 5,749,999 | (5,749,999) | ||||
Net income | 1,056,119 | 1,056,119 | ||||
Balance at the end at Jun. 30, 2023 | $ 575 | (12,824,529) | (12,823,954) | |||
Balance at the end (in shares) at Jun. 30, 2023 | 5,749,999 | 1 | ||||
Balance at the beginning at Mar. 31, 2023 | $ 0 | $ 575 | $ 0 | (12,019,506) | (12,018,931) | |
Balance at the beginning (in shares) at Mar. 31, 2023 | 0 | 5,750,000 | ||||
STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT | ||||||
Net income | $ 230,322 | 2,829,161 | ||||
Balance at the end at Dec. 31, 2023 | $ 575 | (12,521,735) | (12,521,160) | |||
Balance at the end (in shares) at Dec. 31, 2023 | 5,749,999 | 1 | ||||
Balance at the beginning at Jun. 30, 2023 | $ 575 | (12,824,529) | (12,823,954) | |||
Balance at the beginning (in shares) at Jun. 30, 2023 | 5,749,999 | 1 | ||||
STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT | ||||||
Remeasurement of Class A ordinary shares to redemption value | (738,753) | (738,753) | ||||
Net income | 1,077,425 | 1,077,425 | ||||
Balance at the end at Sep. 30, 2023 | $ 575 | (12,485,857) | (12,485,282) | |||
Balance at the end (in shares) at Sep. 30, 2023 | 5,749,999 | 1 | ||||
STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT | ||||||
Remeasurement of Class A ordinary shares to redemption value | (731,496) | (731,496) | ||||
Net income | 695,617 | 695,617 | ||||
Balance at the end at Dec. 31, 2023 | $ 575 | $ (12,521,735) | $ (12,521,160) | |||
Balance at the end (in shares) at Dec. 31, 2023 | 5,749,999 | 1 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 9 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash Flows From Operating Activities: | ||
Net income | $ 2,829,161 | $ 5,459,292 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Investment income earned on investments held in the Trust Account | (2,981,390) | (3,305,210) |
Change in fair value of derivative warrant liabilities | (1,450,000) | (3,709,680) |
Change in fair value of forward purchase agreement liability | 342,876 | 141,283 |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 88,872 | 213,414 |
Other current assets | 34,626 | |
Other assets | 10,000 | 64,372 |
Accounts payable and accrued expenses | 271,393 | 367,785 |
Net Cash Used In Operating Activities | (889,088) | (734,118) |
Cash Flows From Investing Activities: | ||
Cash withdrawn from Trust Account in connection with redemption | 197,192,734 | |
Cash deposited into Trust Account | (350,000) | |
Net Cash Provided By Investing Activities | 196,842,734 | |
Cash Flows From Financing Activities: | ||
Redemptions of Class A ordinary shares | (197,192,734) | |
Proceeds from working capital loan agreement | 560,000 | |
Due from Sponsors | 25,000 | |
Proceeds from loan arrangement | 710,440 | |
Net Cash (Used In) Provided By Financing Activities | (195,922,294) | 25,000 |
Net change in cash | 31,352 | (709,118) |
Cash at beginning of period | 90,283 | 969,261 |
Cash at end of period | 121,635 | 260,143 |
Supplemental disclosure of non-cash financing activities: | ||
Class A ordinary shares remeasurement adjustment | $ 3,331,391 | $ 3,305,210 |
DESCRIPTION OF ORGANIZATION, BU
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN | 9 Months Ended |
Dec. 31, 2023 | |
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN | |
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN | NOTE 1 — DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN Capitalworks Emerging Markets Acquisition Corp (the “Company”) was incorporated in the Cayman Islands on April 20, 2021. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Company is not limited to a particular industry or sector for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. As of December 31, 2023, the Company had not commenced any operations. All activity for the period from April 20, 2021 (inception) through December 31, 2023 relates to the Company’s formation, initial public offering consummated on December 3, 2021 (“Initial Public Offering”) and search for a prospective target company, which is described below. The Company will not generate any operating revenues until after the completion of an initial Business Combination, at the earliest. The Company generates non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering and the Private Placement (as defined below) deposited in the Trust Account (as defined below). The Company has selected March 31 as its fiscal year end. Lexasure Business Combination On March 1, 2023, the Company announced the execution of a definitive business combination agreement (the “Lexasure Business Combination Agreement”) with Lexasure Financial Group Limited, a Cayman Islands exempted company limited by shares (together with its successors, “Lexasure”), Lexasure Financial Holdings Corp., a Cayman Islands exempted company limited by shares (“Pubco”), CEMAC Merger Sub Inc., a Cayman Islands exempted company limited by shares and a wholly-owned subsidiary of Pubco, Lexasure Merger Sub Inc., a Cayman Islands exempted company limited by shares and a wholly-owned subsidiary of Pubco, CEMAC Sponsor LP, a Cayman Islands exempted limited partnership (the “Sponsor”), in the capacity as the representative from and after the Effective Time (as defined below) for the shareholders of the Company and Pubco (other than the former Lexasure shareholders), and Ian Lim Teck Soon, an individual, in the capacity as the representative from and after the Effective Time for the former Lexasure shareholders, for a proposed business combination among the parties (the “Lexasure Business Combination”). Pursuant to the Lexasure Business Combination Agreement, Pubco will serve as the parent company of each of the Company and Lexasure following the consummation of the Lexasure Business Combination. Capitalized terms used but not defined in this subsection “Lexasure Business Combination” shall have the respective meanings given to them in the Lexasure Business Combination Agreement. The total consideration to be paid by Pubco to Lexasure’s shareholders at the Closing (the “Merger Consideration”) will be an amount equal to $250,000,000 plus the amount of aggregate net proceeds actually received by Lexasure between signing and Closing of the Lexasure Business Combination Agreement in respect of investments in the Company’s securities. The Merger Consideration will be payable in new Pubco Ordinary Shares, each valued at a price per share equal to the price per share at which the Public Shareholders (as defined below) may redeem their ordinary shares (as defined in Note 7) in connection with the Closing. The Public Shareholders who do not redeem their ordinary shares in connection with the Transactions will receive one Pubco Ordinary Share per ordinary share of the Company. In addition, the Lexasure shareholders will have the contingent right to receive up to an aggregate maximum of 5,000,000 additional Pubco Ordinary Shares (the “Earnout Shares”) as contingent consideration after the Closing based on Pubco, Lexasure and their respective subsidiaries achieving certain adjusted net income milestones for the fiscal years ending June 30, 2023 and June 30, 2024, as follows: (i) an aggregate of 2,500,000 Earnout Shares will be issued to the Lexasure shareholders in the event that adjusted net income for the Earnout Year ending June 30, 2023 is at least $18,000,000; and (ii) an aggregate of 2,500,000 Earnout Shares will be issued to the Lexasure shareholders in the event that the combined adjusted net income for both Earnout Years is at least $41,000,000. The Closing is subject to typical conditions. Upon the execution of the Lexasure Business Combination Agreement, the Company received an automatic three-month extension to June 3, 2023 to consummate an initial Business Combination. On May 23, 2023, the Company held an extraordinary general meeting of shareholders of the Company, at which the Company’s shareholders approved, among other things, an amendment to the Company's amended and restated memorandum and articles of associates (the "Charter") to extend the date by which the Company must consummate an initial Business Combination to March 3, 2024, and to permit the Board, in its sole discretion, to elect to wind up the Company’s operations on an earlier date than March 3, 2024. In connection with the Lexasure Business Combination Agreement, the Company entered into two side letters with Lexasure; one letter dated April 18, 2023, and the other dated April 19, 2023 (the “First Financials Side Letter”). Pursuant to the First Financials Side Letter, Lexasure agreed to loan the Company reasonable amounts that the Company is obligated to deposit into the Trust Account in connection with the Extension and related expenses such as the filing of an additional Quarterly Report on Form 10-Q, up to a maximum of $600,000 (the “First Lexasure Loan”), in the event that the PCAOB audited financial statements of Lexasure and its subsidiaries are not delivered on or before May 1, 2023 and/or the PCAOB reviewed quarterly financial statements of Lexasure and its subsidiaries are not delivered on or before May 7, 2023. The First Lexasure Loan is unsecured and interest free. In connection with the First Lexasure Loan, at the closing of the Lexasure Business Combination (or in the event that the Lexasure Business Combination Agreement is terminated in accordance with its terms and the Company consummates another transaction constituting a Business Combination, upon the consummation of such Business Combination (an “Alternative Closing”)), the Sponsor has agreed to transfer a number of ordinary shares to Lexasure or its designee equal to (x) the amount of the First Lexasure Loan that is used by the Company and not returned to Lexasure at or prior to the closing of the Lexasure Business Combination or Alternative Closing (less any amounts applied pursuant to the termination fee provision of the Lexasure Business Combination Agreement), divided by (y) $10.00 per share. The Company will repay the First Lexasure Loan amount directly to Lexasure at the closing of the Lexasure Business Combination, and in the event of the termination of the Lexasure Business Combination Agreement for any reason, the First Lexasure Loan shall be cancelled and no amounts shall be owed by the Company, provided that any amounts advanced by Lexasure pursuant to the First Financials Side Letter shall reduce the amounts payable by Lexasure pursuant to the termination fee provision of the Lexasure Business Combination Agreement. On November 8, 2023, the Company entered into another side letter with Lexasure (the “Second Financials Side Letter”), addressing Lexasure’s expectation of not meeting deadline for the delivery of the PCAOB audited company financials or the PCAOB reviewed quarterly company financials set forth in certain covenants and termination provisions of the Lexasure Business Combination Agreement, as extended by the First Financials Side Letter. Pursuant to the Second Financials Side Letter, the Company has agreed to forbear from enforcing its rights to terminate the Lexasure Business Combination Agreement pursuant to certain termination provisions thereunder, until either December 15, 2023, or December 31, 2023, depending on whether it relates to the PCAOB audited company financials or the PCAOB reviewed quarterly company financials, respectively. In exchange for this forbearance, Lexasure has agreed to loan to the Company reasonable amounts that the Company is obligated to deposit into the Trust Account in connection with extensions and related expenses such as the filing of an additional Quarterly Report on Form 10-Q and the renewal of the Company’s D&O insurance, up to a maximum of $400,000 (the “Second Lexasure Loan”). The Second Lexasure Loan is unsecured and interest free. In connection with the Second Lexasure Loan, the Sponsor agreed to transfer a number of Class B ordinary shares to Lexasure or its designee , equal to the amount not returned to Lexasure from the escrow divided by $10.00 per share regardless of whether the closing of the Lexasure Business Combination occurs. The Company agreed to repay the Second Lexasure Loan directly to Lexasure at the closing of the Lexasure Business Combination. In the event of the termination of the Lexasure Business Combination Agreement for any reason, the Second Lexasure Loan shall be cancelled and no amounts shall be owed by the Company, provided that any amounts advanced by Lexasure pursuant to the Second Financials Side Letter shall reduce the amounts payable by Lexasure pursuant to the termination fee provision of the Lexasure Business Combination Agreement. As of December 31, 2023, the Company had borrowed $710,440 under the First Lexasure Loan and the Second Lexasure Loan. Initial Public Offering The registration statement for the Company’s Initial Public Offering was declared effective on November 30, 2021. On December 3, 2021, the Company consummated the Initial Public Offering of 20,000,000 units (“Units” and, with respect to the ordinary shares included in the Units sold, the “Public Shares” and the warrants included in the Units sold, the “Public Warrants”), generating gross proceeds of $200,000,000 (as described in Note 3). Simultaneously with the closing of the Initial Public Offering, the Company consummated the private sale (the “Private Placement”) of an aggregate of 10,500,000 warrants (the “Private Placement Warrants” and together with the Public Warrants, the “warrants”) to the Sponsor at a purchase price of $1.00 per Private Placement Warrant, generating gross proceeds to the Company in the amount of $10,500,000. On December 3, 2021, the underwriters purchased an additional 3,000,000 Units pursuant to the exercise of the over-allotment option in full. The Units were sold at an offering price of $10.00 per Unit, generating additional gross proceeds to the Company of $30,000,000. Also, in connection with the full exercise of the over-allotment option, the Sponsor purchased an additional 1,200,000 Private Placement Warrants at a purchase price of $1.00 per warrant for total gross proceeds of $1,200,000. As of December 3, 2021, transaction costs amounted to $13,428,526 consisting of $4,600,000 of underwriting fees, $8,050,000 of deferred underwriting fees payable (which are held in a trust account with Continental Stock Transfer & Trust Company (“Continental”) acting as trustee (the “Trust Account”) and $778,526 of other offering costs related to the Initial Public Offering. Cash of $121,635 was held outside of the Trust Account on December 31, 2023 and available for working capital purposes. As described in Note 6, the $8,050,000 deferred underwriting fees are contingent upon the consummation of the Business Combination within the Combination Period (as defined below). Following the closing of the Initial Public Offering on December 3, 2021, an amount of $234,600,000 ($10.20 per Unit) from the net proceeds of the Initial Public Offering and the Private Placement was placed in the Trust Account which may be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the Trust Account, as described below. However, to mitigate the risk of the Company being deemed to have been operating as an unregistered investment company (including under the subjective test of Section 3(a)(1)(A) of the Investment Company Act), the Company intends to, on or prior to the 24-month anniversary of the effective date of the registration statement related to the Initial Public Offering, instruct Continental to liquidate the U.S. government treasury obligations or money market funds held in the Trust Account and thereafter to hold all funds in the Trust Account in cash items until the earlier of consummation of its Business Combination or liquidation. Business Combination The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and Private Placement, although substantially all of the net proceeds are intended to be and have been applied generally toward consummating a Business Combination. The stock exchange listing rules require that the Business Combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the assets held in the Trust Account (excluding the amount of deferred underwriting commissions and taxes payable on the income earned on the Trust Account). The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the issued and 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. There is no assurance that the Company will be able to successfully effect a Business Combination. 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 shareholder 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. There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. The Public Shares subject to redemption will be recorded at a redemption value and classified as temporary equity upon the completion of the Initial Public Offering in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “ Distinguishing Liabilities from Equity All of the Public Shares contain a redemption feature that allows for the redemption of such Public Shares in connection with the Company’s liquidation, if there is a shareholder vote or tender offer in connection with the Company’s Business Combination and in connection with certain amendments to the Charter. In accordance with the rules of the U.S. Securities and Exchange Commission (the “SEC”) and its guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption provisions not solely within the control of a company require ordinary shares subject to redemption to be classified outside of permanent equity. Given that the Public Shares will be issued with other freestanding instruments (i.e., the Public Warrants), the initial carrying value of the Class A ordinary shares (as defined in Note 7) classified as temporary equity were allocated proceeds determined in accordance with ASC Topic 470-20, “ Debt with Conversion and other Options If the Company seeks shareholder approval of the Business Combination, the Company will proceed with a Business Combination only if the Company receives an ordinary resolution under Cayman Islands law approving a Business Combination, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the Company, or such other vote as required by law or stock exchange rule. If a shareholder vote is not required and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its Charter, conduct the redemptions pursuant to the tender offer rules of the SEC, and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination. If the Company seeks shareholder approval in connection with a Business Combination, the Sponsor has agreed to vote its Founder Shares (as defined in Note 5) and any Public Shares held by it 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 a proposed Business Combination. Notwithstanding the foregoing, if the Company seeks shareholder approval of the Business Combination and the Company does not conduct redemptions pursuant to the tender offer rules, a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the Public Shares without the Company’s prior written consent. The Sponsor has agreed (a) to waive its redemption rights with respect to any Founder Shares and Public Shares held by it in connection with the completion of a Business Combination and (b) not to propose an amendment to the Charter (i) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the Company’s initial Business Combination or to redeem 100% of the Public Shares if the Company does not complete a Business Combination within the Combination Period (as defined below) or (ii) with respect to any other provision relating to shareholders’ rights or pre-initial Business Combination activity, unless the Company provides the Public Shareholders with the opportunity to redeem their Public Shares upon approval of any such amendment. The Company has a 27-month period, from the closing of the Initial Public Offering to March 3, 2024 (or such earlier date as determined by the Company’s Board of Directors (the “Board”)) as extended by the Extension (as defined below), unless further extended pursuant to the Charter, to consummate a Business Combination (the “Combination Period”). If the Company has not completed a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten The Sponsor has agreed to waive its rights to liquidate distributions from the Trust Account with respect to the Founder Shares it will receive if the Company fails to complete a Business Combination within the Combination Period. However, if the Sponsor or any of its respective affiliates acquire Public Shares, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period. The 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 that it will be liable to the Company if and to the extent any claims by a third party (other than the Company’s independent registered public accounting firm) for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below the lesser of (1) $10.20 per Public Share and (2) 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 $10.20 per Public Share, due to reductions in the value of trust assets, in each case net of the interest that may be withdrawn to pay taxes. This liability will not apply to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and 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”). In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (other than the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. Redemption and Extension On May 18, 2023 and May 22, 2023, the Company entered into non-redemption agreements with the Sponsor and certain unaffiliated third parties (individually, an “NRA Holder” and collectively, the “NRA Holders”) in exchange for the NRA Holder or NRA Holders agreeing either not to request redemption, or to reverse any previously submitted redemption demand with respect to an aggregate of 4,399,737 Class A ordinary shares sold in the Initial Public Offering in connection with the 2023 Extraordinary Meeting (as defined below). In consideration of the foregoing agreement, immediately prior to, and substantially concurrently with, the closing of a Business Combination, (i) the Sponsor (or its designees) will surrender and forfeit to the Company, for no consideration, an aggregate of 1,099,935 Class A ordinary shares (the “NRA Forfeited Shares”) and (ii) the Company shall issue to the NRA Holders a number of Class A ordinary shares equal to the NRA Forfeited Shares. On May 23, 2023, the Company held an extraordinary general meeting of shareholders of the Company (the “2023 Extraordinary Meeting”), at which the Company’s shareholders approved, among other things, an amendment to the Charter to extend the date by which the Company must consummate an initial Business Combination to March 3, 2024, and to permit the Board, in its sole discretion, to elect to wind up the Company’s operations on an earlier date than March 3, 2024 (the “Extension”). In connection with the vote to approve the Extension, the holders of 18,751,603 Class A ordinary shares properly exercised their right to redeem their shares for cash at a redemption price of approximately $10.51 per share, for an aggregate redemption amount of $197,192,734, in connection with the 2023 Extraordinary Meeting. As a result of the approvals at the 2023 Extraordinary Meeting, the Company will deposit into the Trust Account $50,000 per month, or portion thereof, that is needed to complete a Business Combination, for up to an aggregate of $450,000. On June 6, 2023, the first $50,000 was deposited into the Trust Account. On July 3, 2023, August 3, 2023, September 13, 2023, October 11, 2023, November 1, 2023 and December 11, 2023, respectively, the second, third, fourth, fifth, sixth and seventh payments of $50,000 were deposited into the Trust Account. For the information on the subsequent deposits made to the Trust Account, please refer to “ Note 10 — Subsequent Events On May 23, 2023, the Company issued an aggregate of 5,749,999 Class A ordinary shares to the Sponsor, upon the conversion of an equal number of Class B ordinary shares held by the Sponsor (the “Founder Conversion”). The 5,749,999 Class A ordinary shares issued in connection with the Founder Conversion are subject to the same restrictions as applied to the Class B ordinary shares before the Founder Conversion, including, among others, certain transfer restrictions, waiver of redemption rights and the obligation to vote in favor of an initial Business Combination as described in the IPO Prospectus. Following the Founder Conversion and the redemptions in connection with the Extension, there were 9,998,396 Class A ordinary shares issued and outstanding outstanding Going Concern Consideration As of December 31, 2023, the Company had cash of $121,635 and a working capital deficit of $2,797,741. Further, the Company has incurred and expects to continue 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 FASB Accounting Standards Update (“ASU”) Topic 2014-15, “ Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern Risks and Uncertainties The Company’s management is currently evaluating the impact of the COVID-19 pandemic 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 and/or search for a target company, the specific impact is not readily determinable as of the date of the balance sheet. Additionally, as a result of the military action commenced in February 2022 by the Russian Federation and Belarus in the country of Ukraine and related economic sanctions, the Company’s ability to consummate a Business Combination, or the operations of a target business with which the Company ultimately consummates a Business Combination, may be materially and adversely affected. In addition, the Company’s ability to consummate a transaction may be dependent on the ability to raise equity and debt financing which may be impacted by these events, including as a result of increased market volatility, or decreased market liquidity in third-party financing being unavailable on terms acceptable to the Company or at all. The impact of this action and related sanctions on the world economy and the specific impact on the Company’s financial position, results of operations and/or ability to consummate a Business Combination are not yet determinable. The accompanying financial statements do not include any adjustments that might result from the outcome of the above uncertainties. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Dec. 31, 2023 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the SEC. Certain information and note disclosures normally included in the financial statements prepared in accordance with US GAAP have been condensed. As such, the information included in these financial statements should be read in conjunction with the audited financial statements as of March 31, 2023 filed with the SEC on Form 10-K on July 14, 2023. In the opinion of the Company’s management, these condensed financial statements include all adjustments, which are only of a normal and recurring nature, necessary for a fair statement of the Company’s financial position as of December 31, 2023 and the Company’s results of operations and cash flows for the periods presented. The results of operations for the nine months ended December 31, 2023 are not necessarily indicative of the results to be expected for the full year ending March 31, 2024. 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, as amended (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that 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 the accompanying financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet. Making estimates requires the Company’s 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 balance sheet, which the Company’s 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 cash of $121,635 and $90,283 as of December 31, 2023 and March 31, 2023, respectively. The Company had no cash equivalents as of December 31, 2023 and March 31, 2023. Cash and Investments held in Trust Account The Company’s portfolio of investments is comprised solely of U.S. Treasury Bills, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities, or a combination thereof. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the accompanying balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities is included in gain on investments held in Trust Account in the accompanying statement of operations. The estimated fair values of investments held in the Trust Account are determined using available market information. At December 31, 2023 and March 31, 2023, the Company had approximately $46.6 million and $240.4 million in cash and investments held in the Trust Account, respectively. Offering Costs associated with the Initial Public Offering The Company complies with the requirements of ASC Topic 340-10-S99-1 and SEC Staff Accounting Bulletin Topic 5A, “ Expenses of Offering 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 enumerated in ASC 480. Ordinary shares subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s Class A ordinary shares feature certain redemption rights that are considered by the Company to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, at December 31, 2023 and March 31, 2023, the 4,248,397 and 23,000,000 Class A ordinary shares, respectively, subject to possible redemption in the amount of approximately $46.6 million and $240.4 million, respectively, were presented as temporary equity, outside of the shareholders’ deficit section of the accompanying condensed balance sheets. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable Class A ordinary shares to equal the redemption value at the end of each reporting period. Immediately upon the closing of the Initial Public Offering, the Company recognized a measurement adjustment from initial book value to redemption amount value. As of December 31, 2023, the change in the carrying value of redeemable Class A ordinary shares resulted in charges against deficit of approximately $3.3 million. For the year ended March 31, 2023, the change in the carrying value of redeemable Class A ordinary shares resulted in charges against additional paid-in capital and accumulated deficit of approximately $5.8 million. At December 31, 2023 and March 31, 2023, the Class A ordinary shares reflected in the accompanying condensed balance sheets is reconciled in the following table: Value Shares Class A ordinary shares subject to possible redemption – April 1, 2022 $ 234,616,409 23,000,000 Remeasurement of carrying value to redemption value 5,825,601 — Class A ordinary shares subject to possible redemption – March 31, 2023 $ 240,442,010 23,000,000 Current period remeasurement of carrying value to redemption value 1,861,142 — Withdrawal from Trust (197,192,734) (18,751,603) Class A ordinary shares subject to possible redemption – June 30, 2023 $ 45,110,418 4,248,397 Current period remeasurement of carrying value to redemption value 738,753 — Class A ordinary shares subject to possible redemption – September 30, 2023 $ 45,849,171 4,248,397 Current period remeasurement of carrying value to redemption value 731,496 — Class A ordinary shares subject to possible redemption – December 31, 2023 $ 46,580,667 4,248,397 Net income per share Net income per share is computed by dividing net income by the weighted average number of ordinary shares outstanding during the period. The Company applies the two-class method in calculating earnings per share. Earnings and losses are shared pro rata between the two classes of shares. The calculation of diluted income per ordinary share does not consider the effect of the warrants issued in connection with the (i) Initial Public Offering, (ii) exercise of over-allotment and (iii) Private Placement, since their inclusion would be anti-dilutive under the two-class method. As a result, diluted earnings per ordinary share is the same as basic earnings per ordinary share for the periods presented. The warrants are exercisable to purchase 23,200,000 Class A ordinary shares in the aggregate. The following table reflects the calculation of basic and diluted net income per ordinary share (in dollars, except for the share amounts): Three Months Ended Three Months Ended December 31, December 31, 2023 2022 Redeemable Class A ordinary share Numerator: Income allocable to redeemable Class A ordinary share $ 295,573 $ 2,662,406 Denominator: Basic and diluted weighted average shares outstanding 4,248,397 23,000,000 Basic and diluted net income per share, redeemable Class A ordinary share $ 0.07 $ 0.12 Non-redeemable Class A ordinary share Numerator: Income allocable to non-redeemable Class A ordinary share $ 400,044 $ — Denominator: Basic and diluted weighted average shares outstanding 5,749,999 — Basic and diluted net income per share, non-redeemable Class A ordinary share $ 0.07 $ — Class B ordinary share Numerator: Income allocable to Class B ordinary share $ — $ 665,602 Denominator: Basic and diluted weighted average shares outstanding 1 5,750,000 Basic and diluted net income per share, Class B ordinary share $ 0.07 $ 0.12 Nine Months Ended Nine Months Ended December 31, December 31, 2023 2022 Redeemable Class A ordinary share Numerator: Income allocable to redeemable Class A ordinary share $ 1,634,093 $ 4,367,434 Denominator: Basic and diluted weighted average shares outstanding 7,862,342 23,000,000 Basic and diluted net income per share, redeemable Class A ordinary share $ 0.21 $ 0.19 Non-redeemable Class A ordinary share Numerator: Income allocable to non-redeemable Class A ordinary share $ 964,746 $ — Denominator: Basic and diluted weighted average shares outstanding 4,641,817 — Basic and diluted net income per share, non-redeemable Class A ordinary share $ 0.21 $ — Class B ordinary share Numerator: Income allocable to Class B ordinary share $ 230,322 $ 1,091,858 Denominator: Basic and diluted weighted average shares outstanding 1,108,183 5,750,000 Basic and diluted net income per share, Class B ordinary share $ 0.21 $ 0.19 Income Taxes The Company follows the asset and liability method of accounting for income taxes under ASC Topic 740, “ Income Taxes 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 December 31, 2023 and March 31, 2023. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company 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 Islands income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the accompanying condensed balance sheets. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Corporation coverage limit of $250,000. The Company has not experienced losses on this account. Fair Value of Financial Instruments “Fair value” is defined as the price that would be received for sale of an asset or paid to 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). 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. See Note 9 for additional information regarding liabilities measured at fair value. Derivative Financial Instruments The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “ Derivatives and Hedging Fair Value Measurement Warrant Instruments The Company accounts for the Public Warrants and the Private Placement Warrants issued in connection with the Initial Public Offering and the Private Placement in accordance with the guidance contained in ASC 815, whereby under that provision, the Public Warrants and the Private Placement Warrants do not meet the criteria for equity treatment and must be recorded as a liability. Accordingly, the Company classifies the warrant instrument as a liability at fair value and adjust the instrument to fair value at each reporting period. This liability will be re-measured at each balance sheet date until the Public Warrants and the Private Placement Warrants are exercised or expire, and any change in fair value will be recognized in the Company’s statement of operations. The fair value at issuance was calculated using a Monte Carlo simulation model to value the Public Warrants and a modified Black-Scholes model to value the Private Placement Warrants. The valuation models utilize inputs and other assumptions and may not be reflective of the price at which they can be settled. Such warrant classification is also subject to re-evaluation at each reporting period. Due to the terms within the warrant agreement, as of March 31, 2022 and for all periods subsequent to the detachment of the Public Warrants from the Units, the Public Warrant quoted market price will be used to calculate the fair value of the Private Placement Warrants as of each relevant reporting date. Upon issuance of the Private Placement Warrants, the Company recorded a charge of $1,532,700 for the excess fair value of Private Placement Warrant liabilities over the proceeds received. Recent Accounting Standards In August 2020, the FASB issued ASU Topic 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) The Company’s management does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying financial statements. |
INITIAL PUBLIC OFFERING
INITIAL PUBLIC OFFERING | 9 Months Ended |
Dec. 31, 2023 | |
INITIAL PUBLIC OFFERING | |
INITIAL PUBLIC OFFERING | NOTE 3 — INITIAL PUBLIC OFFERING Pursuant to the Initial Public Offering, the Company sold 20,000,000 Units at a purchase price of $10.00 per Unit generating gross proceeds to the Company in the amount of $200,000,000. Each Unit consists of one Public Share and one On December 3, 2021, the underwriters purchased an additional 3,000,000 Units pursuant to the exercise in full of the over-allotment option. The Units were sold at an offering price of $10.00 per Unit, generating additional gross proceeds to the Company of $30,000,000. As a result of the closing of the Initial Public Offering and the full exercise of the over-allotment option, the Company sold a total of 23,000,000 Units generating gross proceeds of $230,000,000. |
PRIVATE PLACEMENT
PRIVATE PLACEMENT | 9 Months Ended |
Dec. 31, 2023 | |
PRIVATE PLACEMENT | |
PRIVATE PLACEMENT | NOTE 4 — PRIVATE PLACEMENT Simultaneously with the closing of the Initial Public Offering, the Company consummated the Private Placement and sold an aggregate of 10,500,000 Private Placement Warrants at a purchase price of $1.00 per Private Placement Warrant, generating gross proceeds to the Company in the amount of $10,500,000. On December 3, 2021, the underwriters exercised their over-allotment option in full. In connection with the full exercise of the over-allotment option, the Sponsor purchased an additional 1,200,000 Private Placement Warrants at a purchase price of $1.00 per warrant for total gross proceeds of $1,200,000. As a result of the closing of the Initial Public Offering and the full exercise of the over-allotment option, the Company sold a total of 11,700,000 Private Placement Warrants generating gross proceeds of $11,700,000. A portion of the proceeds from the Private Placement was added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the Private Placement held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants will be worthless. The Private Placement Warrants (including the Class A ordinary shares issuable upon exercise of the Private Placement Warrants) will not be transferable, assignable or salable until 30 days after the completion of an initial Business Combination, subject to certain exceptions. |
RELATED PARTIES
RELATED PARTIES | 9 Months Ended |
Dec. 31, 2023 | |
RELATED PARTIES | |
RELATED PARTIES | NOTE 5 — RELATED PARTIES Founder Shares On May 12, 2021, the Sponsor received 5,750,000 of the Class B ordinary shares (the “Founder Shares”) in exchange for cash of $25,000. The Founder Shares included an aggregate of up to 750,000 shares subject to forfeiture to the extent that the underwriters’ over-allotment was not exercised in full or in part, so that the number of Founder Shares would equal, on an as-converted basis, approximately 20% of the Company’s issued and outstanding ordinary shares after the Initial Public Offering. Due to the full exercise of the over-allotment option by the underwriters, these 750,000 shares are no longer subject to forfeiture. The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier to occur of: (A) one year after the completion of a Business Combination and (B) subsequent to a Business Combination, (x) if the last reported sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of the Public Shareholders having the right to exchange their ordinary shares for cash, securities or other property. On May 23, 2023, the Company issued an aggregate of 5,749,999 Class A ordinary shares to the Sponsor, upon the conversion of an equal number of Class B ordinary shares held by the Sponsor. The 5,749,999 Class A ordinary shares issued in connection with the Founder Conversion are subject to the same restrictions as applied to the Class B ordinary shares before the Founder Conversion, including, among others, certain transfer restrictions, waiver of redemption rights and the obligation to vote in favor of an initial Business Combination as described in the IPO Prospectus. Following the Founder Conversion and the redemptions in connection with the Extension, there were 9,998,396 Class A ordinary shares issued and outstanding outstanding General and Administrative Services Commencing on the date the Units were first listed on the Nasdaq Stock Market, the Company has agreed to pay an affiliate of the Sponsor a total of $20,000 per month for office space, utilities and secretarial and administrative support. Upon completion of the initial Business Combination or the Company’s liquidation, the Company will cease paying these monthly fees. During the three and nine months ended December 31, 2023 and 2022, the Company incurred $60,000 and $180,000 of expenses, respectively. The outstanding balance was $200,000 and $20,000 at December 31, 2023 and March 31, 2023, respectively. Promissory Note — Related Party On May 12, 2021, the Company issued an unsecured promissory note to the Sponsor (the “IPO Promissory Note”), pursuant to which the Company may borrow up to an aggregate principal amount of $300,000. The IPO Promissory Note was non-interest bearing and payable on the earlier of (i) December 31, 2021 or (ii) the consummation of the Initial Public Offering. During the period from inception to December 3, 2021, the Company borrowed $280,000 pursuant to the IPO Promissory Note. Such borrowings were repaid in full at the closing of the Initial Public Offering on December 3, 2021. No additional borrowings are allowed under the Promissory Note. Working Capital 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”). In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. On February 1, 2023, a loan agreement was entered into by and between the Company and the Sponsor (the “WCL Agreement”), pursuant to which the Sponsor agreed to provide the Working Capital Loan of up to $1,500,000 to the Company. As of December 31, 2023 and March 31, 2023, the Company had borrowed $1,360,000 and $800,000, respectively. At December 31, 2023, $140,000 was available under the WCL Agreement. Extension Loan The Company initially had 15 months from the closing of the Initial Public Offering to consummate an initial Business Combination, with an automatic three-month extension if it has signed a definitive agreement with respect to an initial Business Combination within such 15-month period (an “Automatic Extension”). If the Company anticipated that it would not be able to consummate its initial Business Combination within the initial 15 months and was not entitled to an Automatic Extension, it may, by resolution of the Board if requested by the Sponsor, extend the period of time to consummate a Business Combination by an additional three months (for a total of up to 18 months to complete a Business Combination), subject to the Sponsor depositing additional funds into the Trust Account (a “Paid Extension”). In connection with an Automatic Extension or a Paid Extension as described above, Public Shareholders would not be offered the opportunity to vote on or redeem their shares. Pursuant to the terms of the Charter and the trust agreement entered into between the Company and Continental, as amended, in order to extend the time available for the Company to consummate its initial Business Combination in connection with a Paid Extension, the Sponsor or its affiliates or designees, upon ten days’ advance notice prior to the deadline, would have to deposit into the Trust Account $2,300,000 on or prior to the date of the deadline. Any such payments would be made in the form of a loan (an “Extension Loan”). Any such Extension Loan would be non-interest bearing and payable upon the consummation of the Business Combination. If the Company completes its initial Business Combination, it would, at the option of the Sponsor, repay such loaned amounts out of the proceeds of the Trust Account released to it or convert a portion or all of the total Extension Loan amount into warrants at a price of $1.00 per warrant, which warrants would be identical to the Private Placement Warrants. If the Company does not complete a Business Combination, it would not repay such Extension Loans. Furthermore, the letter agreement with the Company’s initial shareholders contains a provision pursuant to which the Sponsor has agreed to waive its right to be repaid for such Extensions Loan out of the funds held in the Trust Account in the event that the Company does not complete a Business Combination. The Sponsor and its affiliates or designees were not obligated to make any Extension Loan. Upon the execution of the Lexasure Business Combination Agreement, the Company received an Automatic Extension of the time it had to consummate a Business Combination until June 3, 2023 and a Paid Extension was not needed. On May 23, 2023, the Company held the 2023 Extraordinary Meeting, at which the Company’s shareholders approved, among other things, an amendment to the Charter to extend the date by which the Company must consummate an initial Business Combination to March 3, 2024, and to permit the Board, in its sole discretion, to elect to wind up the Company’s operations on an earlier date than March 3, 2024. Lexasure Loans Pursuant to the First Financials Side Letter, Lexasure agreed to loan the Company reasonable amounts that the Company is obligated to deposit into the Trust Account in connection with the Extension and related expenses such as the filing of an additional Quarterly Report on Form 10-Q, up to a maximum of $600,000 (in the event that the PCAOB audited financial statements of Lexasure and its subsidiaries are not delivered on or before May 1, 2023 and/or the PCAOB reviewed quarterly financial statements of Lexasure and its subsidiaries are not delivered on or before May 7, 2023. This First Lexasure Loan is unsecured and interest free. In connection with the First Lexasure Loan, at the closing of the Lexasure Business Combination or an Alternative Closing, the Sponsor has agreed to transfer a number of ordinary shares to Lexasure or its designee equal to (x) the amount of the First Lexasure Loan that is used by the Company and not returned to Lexasure at or prior to the closing of the Lexasure Business Combination or Alternative Closing (less any amounts applied pursuant to the termination fee provision of the Lexasure Business Combination Agreement), divided by (y) $10.00 per share. The Company will repay the First Lexasure Loan amount directly to Lexasure at the closing of the Lexasure Business Combination, and in the event of the termination of the Lexasure Business Combination Agreement for any reason, the First Lexasure Loan shall be cancelled and no amounts shall be owed by the Company, provided that any amounts advanced by Lexasure pursuant to the First Financials Side Letter shall reduce the amounts payable by Lexasure pursuant to the termination fee provision of the Lexasure Business Combination Agreement. Pursuant to the Second Financials Side Letter, the Company has agreed to forbear from enforcing its rights to terminate the Lexasure Business Combination Agreement pursuant to certain termination provisions thereunder, until either December 15, 2023, or December 31, 2023, depending on whether it relates to the PCAOB audited company financials or the PCAOB reviewed quarterly company financials, respectively. In exchange for this forbearance, Lexasure has agreed to loan to the Company reasonable amounts that the Company is obligated to deposit into the Trust Account in connection with extensions and related expenses such as the filing of an additional Quarterly Report on Form 10-Q and the renewal of the Company’s D&O insurance, up to a maximum of $400,000. This Second Lexasure Loan is unsecured and interest free. In connection with the Second Lexasure Loan, the Sponsor agreed to transfer a number of Class B ordinary shares to Lexasure or its designee, equal to the amount not returned to Lexasure from the escrow divided by $10.00 per share regardless of whether the closing of the Lexasure Business Combination occurs. The Company agreed to repay the Second Lexasure Loan directly to Lexasure at the closing of the Lexasure Business Combination. In the event of the termination of the Lexasure Business Combination Agreement for any reason, the Second Lexasure Loan shall be cancelled and no amounts shall be owed by the Company, provided that any amounts advanced by Lexasure pursuant to the Second Financials Side Letter shall reduce the amounts payable by Lexasure pursuant to the termination fee provision of the Lexasure Business Combination Agreement. As of December 31, 2023, the Company had borrowed $710,440 under the First Lexasure Loan and Second Lexasure Loan, which was disclosed on the accompanying condensed balance sheet under the “Loan Arrangement” item. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Dec. 31, 2023 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | NOTE 6 — COMMITMENTS AND CONTINGENCIES Registration Rights The holders of the Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans or Extension Loan (and any ordinary shares issuable upon the exercise of the Private Placement Warrants or warrants issued upon conversion of the Working Capital Loans or Extension Loan and upon conversion of the Founder Shares) are entitled to registration rights pursuant to a registration rights agreement requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to Class A ordinary shares). The holders of these securities are 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 The Company granted the underwriters a 45-day option from the date of Initial Public Offering to purchase up to 3,000,000 additional Units to cover over-allotments, if any, at the Initial Public Offering price less the underwriting discounts and commissions. On December 3, 2021, the underwriters purchased an additional 3,000,000 Units pursuant to the full exercise of the over-allotment option. The Units were sold at an offering price of $10.00 per Unit, generating additional gross proceeds to the Company of $30,000,000. The underwriters were paid a cash underwriting discount of $0.20 per Unit, or $4,600,000, upon the closing of the Initial Public Offering. In addition, the underwriters are entitled to a deferred fee of $0.35 per Unit, or $8,050,000. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. Forward Purchase Agreement The Company entered into a Forward Purchase Agreement, as amended (the “Forward Purchase Agreement”) with Camber Base, LLC (“Camber”) pursuant to which Camber, or any of its subsidiaries or affiliates, may, at the sole written election of Camber, purchase up to $20.0 million units (the “Forward Purchase Units”), for $10.00 per Forward Purchase Unit, in a private placement that will close substantially concurrently with the closing of the Business Combination. One Forward Purchase Unit consists of one Class A ordinary share, at $11.50 per share, subject to adjustment, and one The Forward Purchase Warrants will have the same terms as the Public Warrants, and the Forward Purchase Shares will be identical to the Public Shares, except the Forward Purchase Shares will be subject to transfer restrictions and certain registration rights. Camber’s commitment to purchase securities pursuant to the Forward Purchase Agreement is intended to provide the Company with a minimum funding level for a Business Combination. The proceeds from the sale of the Forward Purchase Securities may be used as part of the consideration to be paid to the sellers in a Business Combination, pay for expenses incurred in connection with a Business Combination or for working capital in the post-transaction company. Subject to the conditions in the Forward Purchase Agreement, the purchase of the Forward Purchase Securities will be a binding obligation of Camber, regardless of whether any Class A ordinary shares are redeemed by the public shareholders in connection with a Business Combination. Vendor Agreements As of December 31, 2023, the Company had incurred unpaid legal fees of $512,704 which are included in accounts payable and accrued expenses and accrued offering costs on the accompanying condensed balance sheets. These fees are deferred until completion of an initial Business Combination. Consulting Agreements On November 27, 2022, the Company entered into an agreement (the “2022 Consulting Agreement”) with a transactional and strategic advisory firm (the “First Strategic Advisor”) for advisory services in connection with a potential Business Combination. Pursuant to the 2022 Consulting Agreement, if the Company consummates a Business Combination, the Company shall pay the First Strategic Advisor, at the consummation of the Business Combination, a cash fee (the “Capital Markets Advisory Fee”) in the amount equal to (i) $1,500,000 plus (ii) an incremental advisory fee (an “Incremental Advisory Fee”) based on the value of the proceeds held in the Trust Account immediately prior to the closing of the Business Combination (the “Trust Proceeds”). If the Trust Proceeds are: (i) greater than $58,650,000 but less than or equal to $117,300,000, the Company will pay the First Strategic Advisor an Incremental Advisory Fee of $250,000; (ii) greater than $117,300,000 but less than or equal to $175,950,000, the Company will pay the First Strategic Advisor an Incremental Advisory Fee of $1,000,000; or (iii) greater than $175,950,000, the Company will pay the First Strategic Advisor an Incremental Advisory Fee of $2,500,000. The Capital Markets Advisory Fee shall be due and payable to the First Strategic Advisor by the Company at the consummation of the Business Combination. If the Business Combination does not occur or is abandoned, the First Strategic Advisor will not be entitled to the Capital Markets Advisory Fee. The Company will also reimburse the First Strategic Advisor for all reasonable documented out-of-pocket expenses incurred in connection with the 2022 Consulting Agreement, provided that such expenses will not exceed $25,000 in the aggregate without the prior written approval of the Company. On August 3, 2023, the Company, the First Strategic Advisor, Sponsor, Roberta Brzezinski, and Herman Kotze entered into an amendment to the 2022 Consulting Agreement. This amendment, among other things, revised the terms of the Capital Markets Advisory Fee under the 2022 Consulting Agreement. Pursuant to the amendment, (i) if the Trust Proceeds are equal to or greater than $4 million, the Company will pay the First Strategic Advisor a Capital Markets Advisory Fee of $500,000 in cash, plus shares of common stock of the public company entity that survives the Business Combination which stock is listed on the New York Stock Exchange or Nasdaq Global Market (the “Stock”), equal to $500,000 and (ii) if the Trust Proceeds are less than $4 million, the Company will pay the First Strategic Advisor a Capital Markets Advisory Fee in Stock equal to $1,000,000. The number of shares of Stock owed to the First Strategic Advisor shall be calculated by dividing (x) the total value of the Stock payable by (y) the VWAP of the Stock over the five On February 1, 2023, the Company and Sponsor entered into a separate agreement with another transactional and strategic advisory firm (the “Second Strategic Advisor”) to provide consulting, advisory and related services in connection with a potential Business Combination. Upon consummation of a Business Combination, the Second Strategic Advisor will purchase from the Sponsor 250,000 Class B ordinary shares (together with any securities into which such Class B ordinary shares convert and any equity securities the Company or any other entity issues in exchange for such shares in the applicable Business Combination),at a purchase price of $0.04 per share or $10,000 in aggregate. Non-redemption Agreements On May 18, 2023 and May 22, 2023, the Company entered into non-redemption agreements with the NRA Holders in exchange for the NRA Holders agreeing either not to request redemption, or to reverse any previously submitted redemption demand with respect to an aggregate of 4,399,737 Class A ordinary shares sold in the Initial Public Offering in connection with the 2023 Extraordinary Meeting. In consideration of the foregoing agreement, immediately prior to, and substantially concurrently with, the closing of a Business Combination, (i) the Sponsor (or its designees) will surrender and forfeit to the Company, for no consideration, an aggregate of 1,099,935 NRA Forfeited Shares and (ii) the Company shall issue to the NRA Holders a number of Class A ordinary shares equal to the NRA Forfeited Shares. |
SHAREHOLDERS' DEFICIT
SHAREHOLDERS' DEFICIT | 9 Months Ended |
Dec. 31, 2023 | |
SHAREHOLDERS' DEFICIT | |
SHAREHOLDERS' DEFICIT | NOTE 7 — SHAREHOLDERS’ DEFICIT Preference Shares The Company is authorized to issue 5,000,000 preference shares with a par value of $0.0001 per share with such designations, voting and other rights and preferences as may be determined from time to time by the Board. As of December 31, 2023 and March 31, 2023, there were no preference shares issued or outstanding. Class A Ordinary Shares The Company is authorized to issue 500,000,000 Class A ordinary shares with a par value of $0.0001 per share. Holders of Class A ordinary shares are entitled to one vote for each share. As of December 31, 2023 and March 31, 2023, there were 5,749,999 and no Class A ordinary shares issued outstanding On May 23, 2023, the Company held the 2023 Extraordinary Meeting, at which the Company's shareholders approved, among other things, an amendment to the Charter to extend the date by which the Company must consummate an initial Business Combination to March 3, 2024, and to permit the Board, in its sole discretion, to elect to wind up the Company's operations on an earlier date than March 3, 2024. In connection with the vote to approve the Extension, the holders of 18,751,603 Class A ordinary shares properly exercised their right to redeem their shares for cash at a redemption price of approximately $10.51 per share, for an aggregate redemption amount of $197,192,734. As a result of the approvals at the 2023 Extraordinary Meeting, the Company will deposit into the Trust Account $50,000 per month, or portion thereof, that is needed to complete a Business Combination, for up to an aggregate of $450,000. On June 6, 2023, the first $50,000 was deposited into the Trust Account. On July 3, 2023, August 3, 2023, September 13, 2023, October 11, 2023, November 1, 2023 and December 11, 2023, respectively, the second, third, fourth, fifth, sixth and seventh payments of $50,000 were deposited into the Trust Account. On May 23, 2023, the Company issued an aggregate of 5,749,999 Class A ordinary shares to the Sponsor upon the Founder Conversion. The 5,749,999 Class A ordinary shares issued in connection with the Founder Conversion are subject to the same restrictions as applied to the Class B ordinary shares before the Founder Conversion, including, among others, certain transfer restrictions, waiver of redemption rights and the obligation to vote in favor of an initial Business Combination as described in the IPO Prospectus. Following the Founder Conversion and the redemptions in connection with the Extension, there were 9,998,396 Class A ordinary shares issued outstanding Class B Ordinary Shares The Company is authorized to issue 50,000,000 Class B ordinary shares with a par value of $0.0001 per share (the “Class B ordinary shares”, together with the Class A ordinary shares, the “ordinary shares”). Holders of Class B ordinary shares are entitled to one vote for each share. On May 23, 2023, the Company converted 5,749,999 Class B ordinary shares to Class A ordinary shares. As of December 31, 2023 and March 31, 2023, there were one and 5,750,000 Class B ordinary share(s), respectively, issued outstanding Only holders of the Class B ordinary shares have the right to vote on the election of directors prior to the Business Combination. Holders of ordinary shares, including 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 otherwise required by law. In connection with its initial Business Combination, the Company may enter into a shareholder’s agreement or other arrangements with the shareholders of the target or other investors to provide for voting or other corporate governance arrangements that differ from those in effect upon completion of the Initial Public Offering. The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of a Business Combination (or earlier at the option of the holders thereof), on a one-for-one basis, subject to adjustment. In the case that additional Class A ordinary shares, or equity-linked securities, are issued or deemed issued in excess of the amounts issued in the Initial Public Offering and related to the closing of a Business Combination, the ratio at which Class B ordinary shares shall convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the then-outstanding Class B ordinary shares agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all the Class B ordinary shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all ordinary shares outstanding upon the completion of Initial Public Offering plus all Class A ordinary shares and equity-linked securities issued or deemed issued in connection with a Business Combination (net of the number of Class A ordinary shares redeemed in connection with a Business Combination), excluding any shares or equity-linked securities issued or issuable to any seller of an interest in the target to us in a Business Combination. |
WARRANTS LIABILITIES
WARRANTS LIABILITIES | 9 Months Ended |
Dec. 31, 2023 | |
WARRANTS LIABILITIES | |
WARRANTS LIABILITIES | NOTE 8 — WARRANTS LIABILITIES Public Warrants may only be exercised for a whole number of shares. No fractional warrants were issued upon separation of the Units and only whole warrants trade. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination and (b) 12 months from the closing of the Initial Public Offering. The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. The Company will not be obligated to deliver any Class A ordinary share 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 Class A ordinary shares issuable upon exercise of the warrants is then effective and a current prospectus relating to those Class A ordinary shares is available, subject to the Company satisfying its obligations with respect to registration, or a valid exemption from registration is available. 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 residence of the exercising holder, or an exemption from registration is available. The Company has agreed that as soon as practicable, but in no event later than 30 business days after the closing of a Business Combination, the Company will use its commercially reasonable efforts to file, following the closing of a Business Combination, with the SEC a registration statement covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants and to maintain a current prospectus relating to those Class A ordinary shares effective until the warrants expire or are redeemed in accordance with the provisions of the warrant agreement. Notwithstanding the above, if the Class A ordinary share 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 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. If a registration statement covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants is not effective by the sixtieth day after the closing of the initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption, but the Company will use its commercially reasonably efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00 Once the warrants become exercisable, the Company may redeem the outstanding Public Warrants: ● in whole and not in part; ● at a price of $ 0.01 per Public Warrant; ● upon a minimum of 30 days ’ prior written notice of redemption, or the 30 - day redemption period to each warrant holder; and ● if, and only if, the last reported sale price of the Class A ordinary shares equals or exceeds $ 18.00 per share (as adjusted for stock splits, stock dividends, reorganization, recapitalizations and the like) for any 10 trading days within a 20 - trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to warrant holders. 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. Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $ 10.00 Once the warrants become exercisable, the Company may redeem the outstanding warrants: ● in whole and not in part; ● at a price of $ 0.10 per warrant provided that the holder will be able to exercise their warrants on cashless basis prior to redemption and receive that number of shares based on the redemption date and the fair market value of the Class A ordinary shares; ● upon a minimum of 30 days ’ prior written notice of redemption; ● if, and only if, the last reported sale price of the Class A ordinary share equals or exceeds $ 10.00 per share (as adjusted for stock splits, stock dividends, reorganization, recapitalizations and the like) for any 10 trading days within a 20 - 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; and ● if, and only if, the Private Placement Warrants are also concurrently exchanged at the same price (equal to a number of Class A ordinary share) as the outstanding Public Warrants, as described above. 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 stock 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. The Private Placement Warrants are identical to the Public Warrants, except that the Private Placement Warrants and the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable or saleable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable, except as described above, so long as they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. The Company accounts for the 23,200,000 warrants issued in connection with the Initial Public Offering (including 11,500,000 Public Warrants and 11,700,000 Private Placement Warrants) in accordance with the guidance contained in ASC 815-40. Such guidance provides that because the warrants do not meet the criteria for equity treatment thereunder, each warrant must be recorded as a liability. The accounting treatment of derivative financial instruments requires that the Company record a derivative liability upon the closing of the Initial Public Offering. Accordingly, the Company classifies each warrant as a liability at its fair value and the warrants are allocated a portion of the proceeds from the issuance of the Units equal to its fair value. This liability is subject to re-measurement at each balance sheet date. With each such re-measurement, the warrant liability is adjusted to fair value, with the change in fair value recognized in the Company’s statement of operations. The Company reassess the classification at each balance sheet date. If the classification changes as a result of events during the period, the warrants are reclassified as of the date of the event that causes the reclassification. Upon issuance of the derivative warrants, the Company recorded a derivative liability of $26,239,200 on the balance sheets. The proceeds received from the sale of the Private Placement Warrants exceeded the fair value of the Private Placement Warrants, and the Company recorded a charge of $1,532,700 to the statement of operations. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Dec. 31, 2023 | |
FAIR VALUE MEASUREMENTS | |
FAIR VALUE MEASUREMENTS | NOTE 9 — FAIR VALUE MEASUREMENTS The following table presents information about the Company’s assets and liabilities that are measured at fair value as of December 31, 2023 and March 31, 2023, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: December 31, March 31, Description Level 2023 2023 Assets: Investments held in Trust Account 1 $ — $ 240,442,010 Liabilities: Warrant liability – Private Placement Warrants 2 $ 236,910 $ 966,420 Warrant liability – Public Warrants 1 229,410 949,900 Forward Purchase Agreement liability 2 1,207,099 864,223 The Public Warrants, the Private Placement Warrants and the Forward Purchase Agreement are accounted for as liabilities in accordance with ASC 815-40 and are presented within liabilities on the accompanying condensed balance sheets. The warrant liabilities and Forward Purchase Agreement liability are measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of warrant liabilities in the condensed statement of operations. Upon initial issuance, the Company used a Monte Carlo simulation model to value the Public Warrants and a modified Black-Scholes model to value the Private Placement Warrants and the Forward Purchase Agreement liability. The Company allocated the proceeds received from (i) the sale of Units (which is inclusive of one Class A ordinary share and one-half of one Public Warrant), (ii) the sale of Private Placement Warrants, (iii) the sale of the Forward Purchase Agreement and (iv) the issuance of Class B ordinary shares, first to the warrants and the Forward Purchase Agreement based on their fair values as determined at initial measurement, with the remaining proceeds allocated to Class A ordinary shares subject to possible redemption (temporary equity) and Class B ordinary shares (permanent equity) based on their relative fair values at the initial measurement date. Upon initial issuance, the Public Warrants, the Private Placement Warrants and the Forward Purchase Agreement were classified within Level 3 of the fair value hierarchy at the measurement dates due to the use of unobservable inputs. Inherent in pricing models are assumptions related to expected share-price volatility, expected life and risk-free interest rate. The Company estimates the volatility of its ordinary shares based on historical volatility that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. Transfers to/from Levels 1, 2 and 3 are recognized at the end of the reporting period in which a change in valuation technique or methodology occurs. The warrants are measured at fair value on a recurring basis. The Public Warrants were initially valued using a Monte Carlo Simulation which at initial issuance was a Level 3 measurement. As of December 31, 2023 and March 31, 2023, the Public Warrants were valued using the instrument’s trading price as of the balance sheet date, which is considered to be a Level 1 measurement due to the use of an observable market quote in an active market. At initial measurement, the Private Placement Warrants were valued using a Modified Black-Scholes Option Pricing Model, which is considered to be a Level 3 fair value measurement. The primary unobservable input utilized in determining the fair value of the Private Placement Warrants was the expected volatility of the ordinary shares. Due to the attributes of the Private Placement Warrants, at December 31, 2023 and March 31, 2023, the Private Placement Warrants were valued using the Public Warrants trading price and considered to be a Level 2 fair value measurement. As of December 31, 2023 and March 31, 2023, the warrant derivative liability was $466,320 and $1,916,320, respectively. In addition, for the three and nine months ended December 31, 2023, the Company recorded $201,840 and $1,450,000, respectively, as a gain on the change in fair value of the derivative warrants on the statements of operations. The Forward Purchase Agreement is measured at fair value on a recurring basis. At initial measurement, the Forward Purchase Agreement was valued using a Modified Black-Scholes Option Pricing Model, which is considered to be a Level 3 fair value measurement. The primary unobservable input utilized in determining the fair value of the Forward Purchase Agreement was the expected volatility of the ordinary shares. Due to the attributes of the Forward Purchase Agreement, at December 31, 2023 and March 31, 2023, the Forward Purchase Agreement was valued using the Public Warrants publicly listed trading price and considered to be a Level 2 fair value measurement. As of December 31, 2023 and March 31, 2023, the Forward Purchase Agreement liability was $1,207,099 and $864,223, respectively. In addition, for the three and nine months ended December 31, 2023, the Company recorded a gain of $242,703 and a loss of $342,876, on the change in fair value on the statements of operations, respectively. The key inputs into the discount model for the Forward Purchase Agreement were as follows: December 31, March 31, 2023 2023 Risk-free interest rate 4.97 % 4.69 % Expected life of Forward Purchase Agreement 0.68 years 0.17 years Dividend yield 0 % 0 % Probability of business combination 50 % 70.0 % |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Dec. 31, 2023 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 10 — SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions that occurred after the condensed balance sheet date up to the date that the financial statements were issued. Based upon this review, the Company did not identify any subsequent events, other than those disclosed below, that would have required adjustment to or disclosure in the accompanying financial statements. On January 18, 2024 and February 6, 2024, the eighth and ninth extension payments of $50,000 were deposited into the Trust Account, respectively. On February 16, 2024, the Company filed a Definitive Proxy Statement on Schedule 14A with the SEC for its extraordinary meeting in lieu of an annual general meeting of shareholders, in connection with, among other things, a proposal to amend the Charter to further extend the date by which the Company must consummate an initial Business Combination to March 3, 2025. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Dec. 31, 2023 | |
SUMMARY OF 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 (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the SEC. Certain information and note disclosures normally included in the financial statements prepared in accordance with US GAAP have been condensed. As such, the information included in these financial statements should be read in conjunction with the audited financial statements as of March 31, 2023 filed with the SEC on Form 10-K on July 14, 2023. In the opinion of the Company’s management, these condensed financial statements include all adjustments, which are only of a normal and recurring nature, necessary for a fair statement of the Company’s financial position as of December 31, 2023 and the Company’s results of operations and cash flows for the periods presented. The results of operations for the nine months ended December 31, 2023 are not necessarily indicative of the results to be expected for the full year ending March 31, 2024. |
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, as amended (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that 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 the accompanying financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet. Making estimates requires the Company’s 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 balance sheet, which the Company’s 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 cash of $121,635 and $90,283 as of December 31, 2023 and March 31, 2023, respectively. The Company had no cash equivalents as of December 31, 2023 and March 31, 2023. |
Cash and Investments held in Trust Account | Cash and Investments held in Trust Account The Company’s portfolio of investments is comprised solely of U.S. Treasury Bills, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities, or a combination thereof. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the accompanying balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities is included in gain on investments held in Trust Account in the accompanying statement of operations. The estimated fair values of investments held in the Trust Account are determined using available market information. At December 31, 2023 and March 31, 2023, the Company had approximately $46.6 million and $240.4 million in cash and investments held in the Trust Account, respectively. |
Offering Costs associated with the Initial Public Offering | Offering Costs associated with the Initial Public Offering The Company complies with the requirements of ASC Topic 340-10-S99-1 and SEC Staff Accounting Bulletin Topic 5A, “ Expenses of Offering |
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 enumerated in ASC 480. Ordinary shares subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s Class A ordinary shares feature certain redemption rights that are considered by the Company to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, at December 31, 2023 and March 31, 2023, the 4,248,397 and 23,000,000 Class A ordinary shares, respectively, subject to possible redemption in the amount of approximately $46.6 million and $240.4 million, respectively, were presented as temporary equity, outside of the shareholders’ deficit section of the accompanying condensed balance sheets. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable Class A ordinary shares to equal the redemption value at the end of each reporting period. Immediately upon the closing of the Initial Public Offering, the Company recognized a measurement adjustment from initial book value to redemption amount value. As of December 31, 2023, the change in the carrying value of redeemable Class A ordinary shares resulted in charges against deficit of approximately $3.3 million. For the year ended March 31, 2023, the change in the carrying value of redeemable Class A ordinary shares resulted in charges against additional paid-in capital and accumulated deficit of approximately $5.8 million. At December 31, 2023 and March 31, 2023, the Class A ordinary shares reflected in the accompanying condensed balance sheets is reconciled in the following table: Value Shares Class A ordinary shares subject to possible redemption – April 1, 2022 $ 234,616,409 23,000,000 Remeasurement of carrying value to redemption value 5,825,601 — Class A ordinary shares subject to possible redemption – March 31, 2023 $ 240,442,010 23,000,000 Current period remeasurement of carrying value to redemption value 1,861,142 — Withdrawal from Trust (197,192,734) (18,751,603) Class A ordinary shares subject to possible redemption – June 30, 2023 $ 45,110,418 4,248,397 Current period remeasurement of carrying value to redemption value 738,753 — Class A ordinary shares subject to possible redemption – September 30, 2023 $ 45,849,171 4,248,397 Current period remeasurement of carrying value to redemption value 731,496 — Class A ordinary shares subject to possible redemption – December 31, 2023 $ 46,580,667 4,248,397 |
Net income per share | Net income per share Net income per share is computed by dividing net income by the weighted average number of ordinary shares outstanding during the period. The Company applies the two-class method in calculating earnings per share. Earnings and losses are shared pro rata between the two classes of shares. The calculation of diluted income per ordinary share does not consider the effect of the warrants issued in connection with the (i) Initial Public Offering, (ii) exercise of over-allotment and (iii) Private Placement, since their inclusion would be anti-dilutive under the two-class method. As a result, diluted earnings per ordinary share is the same as basic earnings per ordinary share for the periods presented. The warrants are exercisable to purchase 23,200,000 Class A ordinary shares in the aggregate. The following table reflects the calculation of basic and diluted net income per ordinary share (in dollars, except for the share amounts): Three Months Ended Three Months Ended December 31, December 31, 2023 2022 Redeemable Class A ordinary share Numerator: Income allocable to redeemable Class A ordinary share $ 295,573 $ 2,662,406 Denominator: Basic and diluted weighted average shares outstanding 4,248,397 23,000,000 Basic and diluted net income per share, redeemable Class A ordinary share $ 0.07 $ 0.12 Non-redeemable Class A ordinary share Numerator: Income allocable to non-redeemable Class A ordinary share $ 400,044 $ — Denominator: Basic and diluted weighted average shares outstanding 5,749,999 — Basic and diluted net income per share, non-redeemable Class A ordinary share $ 0.07 $ — Class B ordinary share Numerator: Income allocable to Class B ordinary share $ — $ 665,602 Denominator: Basic and diluted weighted average shares outstanding 1 5,750,000 Basic and diluted net income per share, Class B ordinary share $ 0.07 $ 0.12 Nine Months Ended Nine Months Ended December 31, December 31, 2023 2022 Redeemable Class A ordinary share Numerator: Income allocable to redeemable Class A ordinary share $ 1,634,093 $ 4,367,434 Denominator: Basic and diluted weighted average shares outstanding 7,862,342 23,000,000 Basic and diluted net income per share, redeemable Class A ordinary share $ 0.21 $ 0.19 Non-redeemable Class A ordinary share Numerator: Income allocable to non-redeemable Class A ordinary share $ 964,746 $ — Denominator: Basic and diluted weighted average shares outstanding 4,641,817 — Basic and diluted net income per share, non-redeemable Class A ordinary share $ 0.21 $ — Class B ordinary share Numerator: Income allocable to Class B ordinary share $ 230,322 $ 1,091,858 Denominator: Basic and diluted weighted average shares outstanding 1,108,183 5,750,000 Basic and diluted net income per share, Class B ordinary share $ 0.21 $ 0.19 |
Income Taxes | Income Taxes The Company follows the asset and liability method of accounting for income taxes under ASC Topic 740, “ Income Taxes 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 December 31, 2023 and March 31, 2023. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company 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 Islands income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the accompanying condensed balance sheets. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Corporation coverage limit of $250,000. The Company has not experienced losses on this account. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments “Fair value” is defined as the price that would be received for sale of an asset or paid to 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). 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. See Note 9 for additional information regarding liabilities measured at fair value. |
Derivative Financial Instruments | Derivative Financial Instruments The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “ Derivatives and Hedging Fair Value Measurement |
Warrant Instruments | Warrant Instruments The Company accounts for the Public Warrants and the Private Placement Warrants issued in connection with the Initial Public Offering and the Private Placement in accordance with the guidance contained in ASC 815, whereby under that provision, the Public Warrants and the Private Placement Warrants do not meet the criteria for equity treatment and must be recorded as a liability. Accordingly, the Company classifies the warrant instrument as a liability at fair value and adjust the instrument to fair value at each reporting period. This liability will be re-measured at each balance sheet date until the Public Warrants and the Private Placement Warrants are exercised or expire, and any change in fair value will be recognized in the Company’s statement of operations. The fair value at issuance was calculated using a Monte Carlo simulation model to value the Public Warrants and a modified Black-Scholes model to value the Private Placement Warrants. The valuation models utilize inputs and other assumptions and may not be reflective of the price at which they can be settled. Such warrant classification is also subject to re-evaluation at each reporting period. Due to the terms within the warrant agreement, as of March 31, 2022 and for all periods subsequent to the detachment of the Public Warrants from the Units, the Public Warrant quoted market price will be used to calculate the fair value of the Private Placement Warrants as of each relevant reporting date. Upon issuance of the Private Placement Warrants, the Company recorded a charge of $1,532,700 for the excess fair value of Private Placement Warrant liabilities over the proceeds received. |
Recent Accounting Standards | Recent Accounting Standards In August 2020, the FASB issued ASU Topic 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) The Company’s management does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Schedule of class A ordinary shares reflected in the balance sheet | At December 31, 2023 and March 31, 2023, the Class A ordinary shares reflected in the accompanying condensed balance sheets is reconciled in the following table: Value Shares Class A ordinary shares subject to possible redemption – April 1, 2022 $ 234,616,409 23,000,000 Remeasurement of carrying value to redemption value 5,825,601 — Class A ordinary shares subject to possible redemption – March 31, 2023 $ 240,442,010 23,000,000 Current period remeasurement of carrying value to redemption value 1,861,142 — Withdrawal from Trust (197,192,734) (18,751,603) Class A ordinary shares subject to possible redemption – June 30, 2023 $ 45,110,418 4,248,397 Current period remeasurement of carrying value to redemption value 738,753 — Class A ordinary shares subject to possible redemption – September 30, 2023 $ 45,849,171 4,248,397 Current period remeasurement of carrying value to redemption value 731,496 — Class A ordinary shares subject to possible redemption – December 31, 2023 $ 46,580,667 4,248,397 |
Schedule of basic and diluted net income per common share | The following table reflects the calculation of basic and diluted net income per ordinary share (in dollars, except for the share amounts): Three Months Ended Three Months Ended December 31, December 31, 2023 2022 Redeemable Class A ordinary share Numerator: Income allocable to redeemable Class A ordinary share $ 295,573 $ 2,662,406 Denominator: Basic and diluted weighted average shares outstanding 4,248,397 23,000,000 Basic and diluted net income per share, redeemable Class A ordinary share $ 0.07 $ 0.12 Non-redeemable Class A ordinary share Numerator: Income allocable to non-redeemable Class A ordinary share $ 400,044 $ — Denominator: Basic and diluted weighted average shares outstanding 5,749,999 — Basic and diluted net income per share, non-redeemable Class A ordinary share $ 0.07 $ — Class B ordinary share Numerator: Income allocable to Class B ordinary share $ — $ 665,602 Denominator: Basic and diluted weighted average shares outstanding 1 5,750,000 Basic and diluted net income per share, Class B ordinary share $ 0.07 $ 0.12 Nine Months Ended Nine Months Ended December 31, December 31, 2023 2022 Redeemable Class A ordinary share Numerator: Income allocable to redeemable Class A ordinary share $ 1,634,093 $ 4,367,434 Denominator: Basic and diluted weighted average shares outstanding 7,862,342 23,000,000 Basic and diluted net income per share, redeemable Class A ordinary share $ 0.21 $ 0.19 Non-redeemable Class A ordinary share Numerator: Income allocable to non-redeemable Class A ordinary share $ 964,746 $ — Denominator: Basic and diluted weighted average shares outstanding 4,641,817 — Basic and diluted net income per share, non-redeemable Class A ordinary share $ 0.21 $ — Class B ordinary share Numerator: Income allocable to Class B ordinary share $ 230,322 $ 1,091,858 Denominator: Basic and diluted weighted average shares outstanding 1,108,183 5,750,000 Basic and diluted net income per share, Class B ordinary share $ 0.21 $ 0.19 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
FAIR VALUE MEASUREMENTS | |
Schedule of company's assets that are measured at fair value on a recurring basis | December 31, March 31, Description Level 2023 2023 Assets: Investments held in Trust Account 1 $ — $ 240,442,010 Liabilities: Warrant liability – Private Placement Warrants 2 $ 236,910 $ 966,420 Warrant liability – Public Warrants 1 229,410 949,900 Forward Purchase Agreement liability 2 1,207,099 864,223 |
Schedule of key inputs into the discount model for the forward purchase agreement | December 31, March 31, 2023 2023 Risk-free interest rate 4.97 % 4.69 % Expected life of Forward Purchase Agreement 0.68 years 0.17 years Dividend yield 0 % 0 % Probability of business combination 50 % 70.0 % |
DESCRIPTION OF ORGANIZATION, _2
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||
May 23, 2023 USD ($) $ / shares shares | May 22, 2023 shares | May 18, 2023 shares | Dec. 03, 2021 USD ($) $ / shares shares | May 12, 2021 shares | Apr. 20, 2021 item | Mar. 31, 2023 USD ($) shares | Jun. 30, 2024 USD ($) shares | Jun. 30, 2023 USD ($) shares | Dec. 31, 2023 USD ($) $ / shares shares | Mar. 31, 2023 USD ($) shares | Feb. 06, 2024 USD ($) | Jan. 18, 2024 USD ($) | Dec. 15, 2023 USD ($) | Dec. 11, 2023 USD ($) | Nov. 01, 2023 USD ($) | Oct. 11, 2023 USD ($) | Sep. 13, 2023 USD ($) | Aug. 03, 2023 USD ($) | Jul. 03, 2023 USD ($) | Jun. 06, 2023 USD ($) | Apr. 19, 2023 USD ($) | |
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN | ||||||||||||||||||||||
Condition for future business combination number of businesses minimum | item | 1 | |||||||||||||||||||||
Sale of units, net of underwriting discounts (in shares) | shares | 23,000,000 | |||||||||||||||||||||
Unit price | $ / shares | $ 10 | |||||||||||||||||||||
Proceeds received from initial public offering, gross | $ 30,000,000 | $ 230,000,000 | ||||||||||||||||||||
Deferred underwriting commission | $ 8,050,000 | 8,050,000 | $ 8,050,000 | |||||||||||||||||||
Other offering costs | 778,526 | |||||||||||||||||||||
Cash held outside the Trust Account | $ 121,635 | |||||||||||||||||||||
Purchase price, per unit | $ / shares | $ 10.20 | $ 10.20 | ||||||||||||||||||||
Condition for future business combination use of proceeds percentage | 80 | |||||||||||||||||||||
Condition for future business combination threshold percentage ownership | 50 | |||||||||||||||||||||
Threshold percentage of public shares subject to redemption without company's before written consent | 15% | |||||||||||||||||||||
Obligation to redeem public shares if entity does not complete a business combination (as a percent) | 100% | |||||||||||||||||||||
Redemption period upon closure | 10 days | |||||||||||||||||||||
Maximum allowed dissolution expenses | $ 100,000 | |||||||||||||||||||||
Deposits | $ 50,000 | $ 50,000 | $ 50,000 | $ 50,000 | $ 50,000 | $ 50,000 | $ 50,000 | $ 50,000 | ||||||||||||||
Business Combination aggregate amount | $ 450,000 | |||||||||||||||||||||
Ordinary shares outstanding | shares | 9,998,396 | |||||||||||||||||||||
Working capital | $ 2,797,741 | |||||||||||||||||||||
Subsequent Event | ||||||||||||||||||||||
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN | ||||||||||||||||||||||
Deposits | $ 50,000 | $ 50,000 | ||||||||||||||||||||
Class A ordinary shares | ||||||||||||||||||||||
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN | ||||||||||||||||||||||
Number of shares issued | shares | 4,399,737 | 4,399,737 | ||||||||||||||||||||
Shares issued other (in shares) | shares | 1,099,935 | 1,099,935 | ||||||||||||||||||||
Shares redeemed (in shares) | shares | 18,751,603 | |||||||||||||||||||||
Redemption price per share | $ / shares | $ 10.51 | |||||||||||||||||||||
Aggregate redemption amount | $ 197,192,734 | |||||||||||||||||||||
Class B ordinary shares | ||||||||||||||||||||||
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN | ||||||||||||||||||||||
Ordinary shares issued | shares | 1 | 5,750,000 | 1 | 5,750,000 | ||||||||||||||||||
Ordinary shares outstanding | shares | 1 | 5,750,000 | 1 | 5,750,000 | ||||||||||||||||||
Lexasure | ||||||||||||||||||||||
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN | ||||||||||||||||||||||
Proceeds from business combination agreement | $ 250,000,000 | |||||||||||||||||||||
Issuance of earnout shares | shares | 2,500,000 | 2,500,000 | 5,000,000 | |||||||||||||||||||
Net income | $ 41,000,000 | $ 18,000,000 | ||||||||||||||||||||
Lexasure loan | Lexasure | ||||||||||||||||||||||
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN | ||||||||||||||||||||||
Outstanding borrowings | $ 710,440 | |||||||||||||||||||||
Initial Public Offering | ||||||||||||||||||||||
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN | ||||||||||||||||||||||
Sale of units, net of underwriting discounts (in shares) | shares | 20,000,000 | |||||||||||||||||||||
Proceeds from initial public offering placed in trust | $ 234,600,000 | |||||||||||||||||||||
Unit price | $ / shares | $ 10 | |||||||||||||||||||||
Proceeds received from initial public offering, gross | 200,000,000 | |||||||||||||||||||||
Transaction costs | 13,428,526 | |||||||||||||||||||||
Underwriting fees paid in cash | 4,600,000 | |||||||||||||||||||||
Deferred underwriting commission | 8,050,000 | $ 8,050,000 | ||||||||||||||||||||
Other offering costs | $ 778,526 | |||||||||||||||||||||
Purchase price, per unit | $ / shares | $ 10 | |||||||||||||||||||||
Investments maximum maturity term | 185 days | |||||||||||||||||||||
Private Placement | ||||||||||||||||||||||
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN | ||||||||||||||||||||||
Sale of private placement warrants (in shares) | shares | 11,700,000 | |||||||||||||||||||||
Proceeds from sale of private placement warrants | $ 11,700,000 | |||||||||||||||||||||
Private Placement | Private Placement Warrants | ||||||||||||||||||||||
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN | ||||||||||||||||||||||
Sale of private placement warrants (in shares) | shares | 10,500,000 | |||||||||||||||||||||
Price of warrant | $ / shares | $ 1 | |||||||||||||||||||||
Proceeds from sale of private placement warrants | $ 10,500,000 | |||||||||||||||||||||
Over-allotment | ||||||||||||||||||||||
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN | ||||||||||||||||||||||
Sale of units, net of underwriting discounts (in shares) | shares | 3,000,000 | 3,000,000 | ||||||||||||||||||||
Proceeds received from initial public offering, gross | $ 30,000,000 | |||||||||||||||||||||
Over-allotment | Private Placement Warrants | ||||||||||||||||||||||
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN | ||||||||||||||||||||||
Sale of private placement warrants (in shares) | shares | 1,200,000 | |||||||||||||||||||||
Price of warrant | $ / shares | $ 1 | |||||||||||||||||||||
Proceeds from sale of private placement warrants | $ 1,200,000 | |||||||||||||||||||||
Founder Shares | Class B ordinary shares | ||||||||||||||||||||||
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN | ||||||||||||||||||||||
Number of shares issued | shares | 5,749,999 | |||||||||||||||||||||
Related Party | First Lexasure Loan | Lexasure | ||||||||||||||||||||||
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN | ||||||||||||||||||||||
Maximum loan amount | $ 600,000 | $ 600,000 | ||||||||||||||||||||
Business combination share price | $ / shares | $ 10 | |||||||||||||||||||||
Related Party | Second Lexasure Loan | Lexasure | ||||||||||||||||||||||
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN | ||||||||||||||||||||||
Maximum loan amount | $ 400,000 | |||||||||||||||||||||
Business combination share price | $ / shares | $ 10 | |||||||||||||||||||||
Related Party | Second Lexasure Loan | Lexasure | Maximum | ||||||||||||||||||||||
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN | ||||||||||||||||||||||
Business combination share price | $ / shares | $ 10 | |||||||||||||||||||||
Maximum amount of borrowing | $ 400,000 | |||||||||||||||||||||
Related Party | First and Second Lexasure Loan | Lexasure | ||||||||||||||||||||||
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN | ||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 710,440 | |||||||||||||||||||||
Sponsor | Founder Shares | Class A ordinary shares | ||||||||||||||||||||||
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN | ||||||||||||||||||||||
Number of shares issued | shares | 5,749,999 | |||||||||||||||||||||
Conversion of shares issued | shares | 5,749,999 | |||||||||||||||||||||
Ordinary shares issued | shares | 9,998,396 | |||||||||||||||||||||
Ordinary shares outstanding | shares | 9,998,396 | |||||||||||||||||||||
Sponsor | Founder Shares | Class B ordinary shares | ||||||||||||||||||||||
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN | ||||||||||||||||||||||
Number of shares issued | shares | 5,750,000 | |||||||||||||||||||||
Ordinary shares issued | shares | 1 | |||||||||||||||||||||
Ordinary shares outstanding | shares | 1 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | 9 Months Ended | ||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||
Cash | $ 121,635 | $ 90,283 | |||
Cash equivalents | 0 | 0 | |||
Deposit into Trust | 350,000 | ||||
Marketable securities held in Trust | 46,600,000 | 240,400,000 | |||
Offering costs | 778,526 | ||||
Total underwriting fees | 12,650,000 | ||||
Paid in cash | 4,600,000 | ||||
Deferred fee | 8,050,000 | ||||
Transaction costs allocable to warrant liability | $ 778,526 | ||||
Class A ordinary shares subject to possible redemption, outstanding | 4,248,397 | ||||
Unrecognized tax benefits | $ 0 | 0 | |||
Unrecognized tax benefits accrued for interest and penalties | $ 0 | $ 0 | |||
Maximum | |||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||
Maturity period for investments held in Trust | 185 days | ||||
Private Placement Warrants | |||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||
Excess fair value | $ 1,532,700 | ||||
Class A ordinary shares | |||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||
Warrants are exercisable to purchase | 23,200,000 | ||||
Class A ordinary shares subject to possible redemption | |||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||
Class A ordinary shares subject to possible redemption, outstanding | 4,248,397 | 4,248,397 | 4,248,397 | 23,000,000 | 23,000,000 |
Class A ordinary shares subject to possible redemption | $ 46,580,667 | $ 45,849,171 | $ 45,110,418 | $ 240,442,010 | $ 234,616,409 |
Temporary equity redemption value | $ 3,300,000 | ||||
Additional paid-in capital and accumulated deficit | $ 5,800,000 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Class A ordinary shares reflected in the balance sheet (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||
Class A ordinary shares subject to possible redemption, outstanding | 4,248,397 | 4,248,397 | ||||
Withdrawal from Trust | $ (197,192,734) | |||||
Class A ordinary shares subject to possible redemption | ||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||
Class A ordinary shares subject to possible redemption, beginning balance | $ 45,849,171 | $ 45,110,418 | $ 240,442,010 | $ 240,442,010 | $ 234,616,409 | |
Class A ordinary shares subject to possible redemption, outstanding | 4,248,397 | 4,248,397 | 4,248,397 | 4,248,397 | 23,000,000 | 23,000,000 |
Remeasurement of carrying value to redemption value | $ 5,825,601 | |||||
Current period remeasurement of carrying value to redemption value | $ 731,496 | $ 738,753 | $ (1,861,142) | |||
Withdrawal from Trust | $ (197,192,734) | |||||
Withdrawal from Trust (in shares) | (18,751,603) | |||||
Class A ordinary shares subject to possible redemption, ending balance | $ 46,580,667 | $ 45,849,171 | $ 45,110,418 | $ 46,580,667 | $ 240,442,010 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Basic and diluted net income per ordinary share (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Numerator: | ||||||||
Income allocable to ordinary share | $ 695,617 | $ 1,077,425 | $ 1,056,119 | $ 3,328,008 | $ 523,086 | $ 1,608,198 | $ 2,829,161 | $ 5,459,292 |
Redeemable Class A ordinary shares | ||||||||
Numerator: | ||||||||
Income allocable to ordinary share | $ 295,573 | $ 2,662,406 | $ 1,634,093 | $ 4,367,434 | ||||
Denominator: | ||||||||
Weighted average shares outstanding, basic | 4,248,397 | 23,000,000 | 7,862,342 | 23,000,000 | ||||
Weighted average shares outstanding, diluted | 4,248,397 | 23,000,000 | 7,862,342 | 23,000,000 | ||||
Net income per ordinary share, basic | $ 0.07 | $ 0.12 | $ 0.21 | $ 0.19 | ||||
Net income per ordinary share, diluted | $ 0.07 | $ 0.12 | $ 0.21 | $ 0.19 | ||||
Non-redeemable Class A ordinary shares | ||||||||
Numerator: | ||||||||
Income allocable to ordinary share | $ 400,044 | $ 964,746 | ||||||
Denominator: | ||||||||
Weighted average shares outstanding, basic | 5,749,999 | 4,641,817 | ||||||
Weighted average shares outstanding, diluted | 5,749,999 | 4,641,817 | ||||||
Net income per ordinary share, basic | $ 0.07 | $ 0.21 | ||||||
Net income per ordinary share, diluted | $ 0.07 | $ 0.21 | ||||||
Class B ordinary shares | ||||||||
Numerator: | ||||||||
Income allocable to ordinary share | $ 665,602 | $ 230,322 | $ 1,091,858 | |||||
Denominator: | ||||||||
Weighted average shares outstanding, basic | 1 | 5,750,000 | 1,108,183 | 5,750,000 | ||||
Weighted average shares outstanding, diluted | 1 | 5,750,000 | 1,108,183 | 5,750,000 | ||||
Net income per ordinary share, basic | $ 0.07 | $ 0.12 | $ 0.21 | $ 0.19 | ||||
Net income per ordinary share, diluted | $ 0.07 | $ 0.12 | $ 0.21 | $ 0.19 |
INITIAL PUBLIC OFFERING (Detail
INITIAL PUBLIC OFFERING (Details) - USD ($) | 9 Months Ended | |
Dec. 03, 2021 | Dec. 31, 2023 | |
INITIAL PUBLIC OFFERING | ||
Number of units sold | 23,000,000 | |
Purchase price, per unit | $ 10.20 | $ 10.20 |
Proceeds received from initial public offering, gross | $ 30,000,000 | $ 230,000,000 |
Number of shares in a unit | 3 | |
Class A ordinary shares | ||
INITIAL PUBLIC OFFERING | ||
Number of shares in a unit | 1 | |
Number of warrants in a unit | 0.5 | |
Exercise price of warrants | $ 11.50 | |
Share price | $ 10 | |
Public Warrants | ||
INITIAL PUBLIC OFFERING | ||
Number of warrants in a unit | 1 | |
Initial Public Offering | ||
INITIAL PUBLIC OFFERING | ||
Number of units sold | 20,000,000 | |
Purchase price, per unit | $ 10 | |
Proceeds received from initial public offering, gross | $ 200,000,000 | |
Initial Public Offering | Class A ordinary shares | ||
INITIAL PUBLIC OFFERING | ||
Number of shares in a unit | 1 | |
Initial Public Offering | Public Warrants | ||
INITIAL PUBLIC OFFERING | ||
Number of warrants in a unit | 0.5 | |
Number of shares issuable per warrant | 1 | |
Initial Public Offering | Public Warrants | Class A ordinary shares | ||
INITIAL PUBLIC OFFERING | ||
Number of shares issuable per warrant | 1 | |
Exercise price of warrants | $ 11.50 | |
Over-allotment | ||
INITIAL PUBLIC OFFERING | ||
Number of units sold | 3,000,000 | 3,000,000 |
Proceeds received from initial public offering, gross | $ 30,000,000 | |
Share price | $ 10 |
PRIVATE PLACEMENT (Details)
PRIVATE PLACEMENT (Details) - USD ($) | 9 Months Ended | |
Dec. 03, 2021 | Dec. 31, 2023 | |
Private Placement Warrants | ||
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN | ||
Restrictions on transfer period of time after Business Combination completion | 30 days | |
Over-allotment | Private Placement Warrants | ||
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN | ||
Number of warrants to purchase shares issued | 1,200,000 | |
Price of warrants | $ 1 | |
Aggregate purchase price | $ 1,200,000 | |
Private Placement | ||
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN | ||
Number of warrants to purchase shares issued | 11,700,000 | |
Aggregate purchase price | $ 11,700,000 | |
Private Placement | Private Placement Warrants | ||
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN | ||
Number of warrants to purchase shares issued | 10,500,000 | |
Price of warrants | $ 1 | |
Aggregate purchase price | $ 10,500,000 |
RELATED PARTIES - Founder Share
RELATED PARTIES - Founder Shares (Details) - USD ($) | 9 Months Ended | |||||
May 23, 2023 | May 22, 2023 | May 18, 2023 | May 12, 2021 | Dec. 31, 2023 | Mar. 31, 2023 | |
RELATED PARTIES | ||||||
Threshold period for not to transfer, assign or sell any of their shares after the completion of the Business Combination | 30 days | |||||
Ordinary shares outstanding | 9,998,396 | |||||
Class A ordinary shares | ||||||
RELATED PARTIES | ||||||
Number of shares issued | 4,399,737 | 4,399,737 | ||||
Class B ordinary shares | ||||||
RELATED PARTIES | ||||||
Ordinary shares issued | 1 | 1 | 5,750,000 | |||
Ordinary shares outstanding | 1 | 1 | 5,750,000 | |||
Founder Shares | Class B ordinary shares | ||||||
RELATED PARTIES | ||||||
Number of shares issued | 5,749,999 | |||||
Founder Shares | Sponsor | ||||||
RELATED PARTIES | ||||||
Conversion of Class B ordinary shares to Class A ordinary shares (in shares) | 5,749,999 | |||||
Founder Shares | Sponsor | Class A ordinary shares | ||||||
RELATED PARTIES | ||||||
Number of shares issued | 5,749,999 | |||||
Conversion of Class B ordinary shares to Class A ordinary shares (in shares) | 5,749,999 | |||||
Conversion of shares issued | 5,749,999 | |||||
Ordinary shares issued | 9,998,396 | |||||
Ordinary shares outstanding | 9,998,396 | |||||
Founder Shares | Sponsor | Class B ordinary shares | ||||||
RELATED PARTIES | ||||||
Number of shares issued | 5,750,000 | |||||
Aggregate purchase price | $ 25,000 | |||||
Percentage of issued and outstanding shares after the Initial Public Offering collectively held by stockholders | 20% | |||||
Shares subject to forfeiture | 750,000 | |||||
Threshold period for not to transfer, assign or sell any of their shares after the completion of the Business Combination | 1 year | |||||
Stock price trigger to transfer, assign or sell any shares of the company, after the completion of the Business Combination (in dollars per share) | $ 12 | |||||
Threshold trading days for transfer, assign or sale of shares after the completion of the Business Combination | 20 days | |||||
Threshold consecutive trading days for transfer, assign or sale of shares 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 | |||||
Ordinary shares issued | 1 | |||||
Ordinary shares outstanding | 1 | |||||
Founder Shares | Sponsor | Class B ordinary shares | Maximum | ||||||
RELATED PARTIES | ||||||
Shares subject to forfeiture | 750,000 |
RELATED PARTIES - Additional In
RELATED PARTIES - Additional Information (Details) - USD ($) | 3 Months Ended | 7 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 03, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Apr. 19, 2023 | Feb. 01, 2023 | May 12, 2021 | |
RELATED PARTIES | |||||||||
Total expenses incurred | $ 60,000 | $ 60,000 | $ 180,000 | $ 180,000 | |||||
Proceeds from related party note | 25,000 | ||||||||
Lexasure | Lexasure loan | |||||||||
RELATED PARTIES | |||||||||
Outstanding borrowings | 710,440 | 710,440 | |||||||
Lexasure | First Lexasure Loan | Related Party | |||||||||
RELATED PARTIES | |||||||||
Maximum loan amount | $ 600,000 | $ 600,000 | $ 600,000 | ||||||
Business combination share price | $ 10 | $ 10 | |||||||
Lexasure | Second Lexasure Loan | Related Party | |||||||||
RELATED PARTIES | |||||||||
Maximum loan amount | $ 400,000 | $ 400,000 | |||||||
Business combination share price | $ 10 | $ 10 | |||||||
Administrative Support Agreement | Affiliate of the Sponsor | |||||||||
RELATED PARTIES | |||||||||
Expenses per month | $ 20,000 | ||||||||
Total expenses incurred | $ 60,000 | $ 180,000 | 60,000 | $ 180,000 | |||||
Outstanding balance | 200,000 | 200,000 | $ 20,000 | ||||||
Promissory Note with Related Party | Sponsor | |||||||||
RELATED PARTIES | |||||||||
Aggregate principal amount | $ 300,000 | ||||||||
Proceeds from related party note | $ 280,000 | ||||||||
Working Capital Loans | Sponsor or an affiliate of the Sponsor, or certain of the officers and directors | |||||||||
RELATED PARTIES | |||||||||
Maximum amount of borrowings by related party | $ 1,500,000 | ||||||||
Borrowing amount | 1,360,000 | $ 800,000 | |||||||
Repayment of promissory note - related party | 140,000 | $ 140,000 | |||||||
Extension Loan | Sponsor | |||||||||
RELATED PARTIES | |||||||||
Months to complete business combination | 15 months | ||||||||
Additional months to complete business combination | 3 months | ||||||||
Maximum months to complete business combination | 18 months | ||||||||
Net proceeds placed in Trust Account | $ 2,300,000 | $ 2,300,000 | |||||||
Price of warrant | $ 1 | $ 1 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) | 9 Months Ended | ||
Dec. 03, 2021 | Dec. 31, 2023 | Mar. 31, 2023 | |
COMMITMENTS AND CONTINGENCIES | |||
Number of shares in a unit | 3 | ||
Underwriting option period | 45 days | ||
Number of units sold | 23,000,000 | ||
Unit price | $ 10 | ||
Gross proceeds | $ 30,000,000 | ||
Deferred underwriting commission | $ 8,050,000 | $ 8,050,000 | |
Initial Public Offering | |||
COMMITMENTS AND CONTINGENCIES | |||
Number of units sold | 20,000,000 | ||
Unit price | $ 10 | ||
Underwriting cash discount per unit | $ 0.20 | ||
Underwriter cash discount | $ 4,600,000 | ||
Deferred fee per unit | $ 0.35 | ||
Deferred underwriting commission | $ 8,050,000 | $ 8,050,000 | |
Over-allotment | |||
COMMITMENTS AND CONTINGENCIES | |||
Number of units sold | 3,000,000 | 3,000,000 | |
Share price | $ 10 | ||
Class A ordinary shares | |||
COMMITMENTS AND CONTINGENCIES | |||
Number of shares in a unit | 1 | ||
Maximum forward purchase units to be purchased pursuant to agreement | $ 20,000,000 | ||
Share price | $ 10 | ||
Exercise price of warrant | $ 11.50 | ||
Number of warrants in a unit | 0.5 | ||
Class A ordinary shares | Initial Public Offering | |||
COMMITMENTS AND CONTINGENCIES | |||
Number of shares in a unit | 1 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($) | Aug. 03, 2023 | May 22, 2023 | May 18, 2023 | Feb. 01, 2023 | Nov. 27, 2022 | Dec. 31, 2023 | Dec. 03, 2021 |
COMMITMENTS AND CONTINGENCIES | |||||||
Share price | $ 10.20 | $ 10.20 | |||||
Unpaid legal fees | $ 512,704 | ||||||
Class A ordinary shares | |||||||
COMMITMENTS AND CONTINGENCIES | |||||||
Number of shares issued | 4,399,737 | 4,399,737 | |||||
Shares issued other (in shares) | 1,099,935 | 1,099,935 | |||||
Consulting agreement | If the Trust Proceeds equal to or greater than $4 million | |||||||
COMMITMENTS AND CONTINGENCIES | |||||||
Threshold proceeds from Trust Account | $ 4,000,000 | ||||||
Advisory Fee in cash | 500,000 | ||||||
Advisory Fee in Stock | $ 500,000 | ||||||
Threshold trading days | 5 days | ||||||
Threshold share price | $ 4 | ||||||
Consulting agreement | If the Trust Proceeds less than $4 million | |||||||
COMMITMENTS AND CONTINGENCIES | |||||||
Threshold proceeds from Trust Account | $ 4,000,000 | ||||||
Advisory Fee in Stock | $ 1,000,000 | ||||||
Consulting agreement | Class B ordinary shares | |||||||
COMMITMENTS AND CONTINGENCIES | |||||||
Number of shares issued | 250,000 | ||||||
Share price | $ 0.04 | ||||||
Aggregate purchase price | $ 10,000 | ||||||
Consulting agreement | Maximum | |||||||
COMMITMENTS AND CONTINGENCIES | |||||||
Consulting expense | $ 25,000 | ||||||
Transaction cost one | Minimum | |||||||
COMMITMENTS AND CONTINGENCIES | |||||||
Advisory fee cost | 58,650,000 | ||||||
Transaction cost one | Consulting agreement | |||||||
COMMITMENTS AND CONTINGENCIES | |||||||
Advisory fee cost | 1,500,000 | ||||||
Transaction cost one | Consulting agreement | Maximum | |||||||
COMMITMENTS AND CONTINGENCIES | |||||||
Advisory fee cost | 117,300,000 | ||||||
Transaction cost two | Consulting agreement | |||||||
COMMITMENTS AND CONTINGENCIES | |||||||
Advisory fee cost | 250,000 | ||||||
Transaction cost two | Consulting agreement | Maximum | |||||||
COMMITMENTS AND CONTINGENCIES | |||||||
Advisory fee cost | 175,950,000 | ||||||
Transaction cost two | Consulting agreement | Minimum | |||||||
COMMITMENTS AND CONTINGENCIES | |||||||
Advisory fee cost | 117,300,000 | ||||||
Transaction cost three | Consulting agreement | |||||||
COMMITMENTS AND CONTINGENCIES | |||||||
Advisory fee cost | 1,000,000 | ||||||
Transaction cost three | Consulting agreement | Maximum | |||||||
COMMITMENTS AND CONTINGENCIES | |||||||
Advisory fee cost | 175,950,000 | ||||||
Transaction cost three | Consulting agreement | Minimum | |||||||
COMMITMENTS AND CONTINGENCIES | |||||||
Advisory fee cost | $ 2,500,000 |
SHAREHOLDERS' DEFICIT - Preferr
SHAREHOLDERS' DEFICIT - Preferred Stock Shares (Details) - $ / shares | Dec. 31, 2023 | Mar. 31, 2023 |
SHAREHOLDERS' DEFICIT | ||
Preferred shares, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, par value, (per share) | $ 0.0001 | $ 0.0001 |
Preferred shares, shares issued | 0 | 0 |
Preferred shares, shares outstanding | 0 | 0 |
SHAREHOLDERS' DEFICIT - Common
SHAREHOLDERS' DEFICIT - Common Stock Shares (Details) | 9 Months Ended | |||||||||||||||
Dec. 11, 2023 USD ($) | Nov. 01, 2023 USD ($) | Oct. 11, 2023 USD ($) | Sep. 13, 2023 USD ($) | Aug. 03, 2023 USD ($) | Jul. 03, 2023 USD ($) | Jun. 06, 2023 USD ($) | May 23, 2023 USD ($) $ / shares shares | May 22, 2023 shares | May 18, 2023 shares | May 12, 2021 shares | Dec. 31, 2023 Vote $ / shares shares | Sep. 30, 2023 shares | Jun. 30, 2023 shares | Mar. 31, 2023 Vote $ / shares shares | Mar. 31, 2022 shares | |
SHAREHOLDERS' DEFICIT | ||||||||||||||||
Ordinary shares outstanding | 9,998,396 | |||||||||||||||
Class A ordinary shares subject to possible redemption, outstanding | 4,248,397 | |||||||||||||||
Amount deposited into trust account per month to complete the business combination | $ | $ 50,000 | $ 50,000 | $ 50,000 | $ 50,000 | $ 50,000 | $ 50,000 | $ 50,000 | $ 50,000 | ||||||||
Amount deposited into trust account to complete business combination | $ | $ 450,000 | |||||||||||||||
Founder Shares | Sponsor | ||||||||||||||||
SHAREHOLDERS' DEFICIT | ||||||||||||||||
Class A ordinary shares issued upon conversion | 5,749,999 | |||||||||||||||
Class A ordinary shares | ||||||||||||||||
SHAREHOLDERS' DEFICIT | ||||||||||||||||
Ordinary shares authorized | 500,000,000 | 500,000,000 | ||||||||||||||
Ordinary shares par value | $ / shares | $ 0.0001 | $ 0.0001 | ||||||||||||||
Ordinary shares, votes per share | Vote | 1 | 1 | ||||||||||||||
Number of shares redeemed | 18,751,603 | |||||||||||||||
Redemption price per share | $ / shares | $ 10.51 | |||||||||||||||
Number of shares issued | 4,399,737 | 4,399,737 | ||||||||||||||
Class A ordinary shares | Founder Shares | Sponsor | ||||||||||||||||
SHAREHOLDERS' DEFICIT | ||||||||||||||||
Ordinary shares issued | 9,998,396 | |||||||||||||||
Ordinary shares outstanding | 9,998,396 | |||||||||||||||
Class A ordinary shares issued upon conversion | 5,749,999 | |||||||||||||||
Number of shares issued | 5,749,999 | |||||||||||||||
Class A ordinary shares subject to possible redemption | ||||||||||||||||
SHAREHOLDERS' DEFICIT | ||||||||||||||||
Class A ordinary shares subject to possible redemption, outstanding | 4,248,397 | 4,248,397 | 4,248,397 | 23,000,000 | 23,000,000 | |||||||||||
Number of shares redeemed | 18,751,603 | |||||||||||||||
Redemption price per share | $ / shares | $ 10.51 | |||||||||||||||
Redemption value | $ | $ 197,192,734 | |||||||||||||||
Class A ordinary shares subject not to possible redemption | ||||||||||||||||
SHAREHOLDERS' DEFICIT | ||||||||||||||||
Ordinary shares issued | 5,749,999 | 0 | ||||||||||||||
Ordinary shares outstanding | 5,749,999 | 0 | ||||||||||||||
Class B ordinary shares | ||||||||||||||||
SHAREHOLDERS' DEFICIT | ||||||||||||||||
Ordinary shares authorized | 50,000,000 | 50,000,000 | ||||||||||||||
Ordinary shares par value | $ / shares | $ 0.0001 | $ 0.0001 | ||||||||||||||
Ordinary shares, votes per share | Vote | 1 | 1 | ||||||||||||||
Ordinary shares issued | 1 | 1 | 5,750,000 | |||||||||||||
Ordinary shares outstanding | 1 | 1 | 5,750,000 | |||||||||||||
Ratio to be applied to the stock in the conversion | 1 | |||||||||||||||
Aggregated shares issued upon converted basis (in percent) | 20% | |||||||||||||||
Class B ordinary shares | Founder Shares | ||||||||||||||||
SHAREHOLDERS' DEFICIT | ||||||||||||||||
Number of shares issued | 5,749,999 | |||||||||||||||
Class B ordinary shares | Founder Shares | Sponsor | ||||||||||||||||
SHAREHOLDERS' DEFICIT | ||||||||||||||||
Ordinary shares issued | 1 | |||||||||||||||
Ordinary shares outstanding | 1 | |||||||||||||||
Number of shares issued | 5,750,000 |
WARRANTS LIABILITIES (Details)
WARRANTS LIABILITIES (Details) | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) D $ / shares shares | Dec. 31, 2022 | |
WARRANTS LIABILITIES | |||
Threshold period for filling registration statement after business combination | 30 days | ||
Threshold period for not to transfer, assign or sell any of their shares after the completion of the Business Combination | 30 days | ||
Warrants and rights issued | shares | 23,200,000 | ||
Fair value measurement with unobservable inputs reconciliation recurring basis liability issuances | $ | $ 26,239,200 | ||
Gain(Loss) on the change in fair value of the derivative warrants | $ | $ 201,840 | $ 1,450,000 | |
Public Warrants | |||
WARRANTS LIABILITIES | |||
Public warrants exercisable term after the completion of a business combination | 30 days | 30 days | |
Warrants exercisable term from the completion of business combination | 12 months | ||
Public Warrants expiration term | 5 years | 5 years | |
Warrants and rights issued | shares | 11,500,000 | ||
Public Warrants | Redemption Of Warrant Price Per Share Equals Or Exceeds18.00 | |||
WARRANTS LIABILITIES | |||
Stock price trigger for redemption of public warrants (in dollars per share) | $ 18 | ||
Redemption price per public warrant (in dollars per share) | $ 0.01 | ||
Redemption period | 30 days | ||
Minimum threshold written notice period for redemption of public warrants | 30 days | ||
Threshold trading days for redemption of public warrants | 10 days | ||
Threshold consecutive trading days for redemption of public warrants | D | 20 | ||
Public Warrants | Redemption Of Warrant Price Per Share Equals Or Exceeds10.00 | |||
WARRANTS LIABILITIES | |||
Stock price trigger for redemption of public warrants (in dollars per share) | $ 10 | ||
Redemption price per public warrant (in dollars per share) | $ 0.10 | ||
Minimum threshold written notice period for redemption of public warrants | 30 days | ||
Threshold trading days for redemption of public warrants | 10 days | ||
Threshold consecutive trading days for redemption of public warrants | D | 20 | ||
Private Warrants | |||
WARRANTS LIABILITIES | |||
Warrants and rights issued | shares | 11,700,000 | ||
Gain(Loss) on the change in fair value of the derivative warrants | $ | $ 1,532,700 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2023 | Mar. 31, 2023 | |
Assets: | |||
Cash and Investments held in the Trust Account | $ 46,580,667 | $ 46,580,667 | $ 240,442,010 |
Liabilities: | |||
Warrant liability | 466,320 | 466,320 | 1,916,320 |
Forward Purchase Agreement liability | 1,207,099 | $ 1,207,099 | 864,223 |
Number of shares in a unit | 3 | ||
Change in gain on fair value of derivative warrants | 201,840 | $ 1,450,000 | |
Class A ordinary shares | |||
Liabilities: | |||
Number of shares in a unit | 1 | ||
Number of warrants in a unit | 0.5 | ||
Public Warrants | |||
Liabilities: | |||
Number of warrants in a unit | 1 | ||
Level 1 | Recurring | |||
Assets: | |||
Cash and Investments held in the Trust Account | 240,442,010 | ||
Level 1 | Recurring | Public Warrants | |||
Liabilities: | |||
Warrant liability | 229,410 | $ 229,410 | 949,900 |
Level 2 | Recurring | |||
Liabilities: | |||
Forward Purchase Agreement liability | 1,207,099 | 1,207,099 | 864,223 |
Level 2 | Recurring | Private Placement Warrants | |||
Liabilities: | |||
Warrant liability | $ 236,910 | $ 236,910 | $ 966,420 |
FAIR VALUE MEASUREMENTS - Summa
FAIR VALUE MEASUREMENTS - Summary of the changes in fair value on a recurring basis (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2023 | Mar. 31, 2023 | |
Increase or decrease in fair value, including net transfers on recurring basis | |||
Forward purchase agreement liability | $ 1,207,099 | $ 1,207,099 | $ 864,223 |
Forward Purchase Agreement Liability | |||
Increase or decrease in fair value, including net transfers on recurring basis | |||
Forward purchase agreement liability | 1,207,099 | 1,207,099 | $ 864,223 |
Change in fair value of Forward Purchase Agreement liability | $ 242,703 | $ 342,876 |
FAIR VALUE MEASUREMENTS - Key i
FAIR VALUE MEASUREMENTS - Key inputs into the discount model for the Forward Purchase Agreement (Details) - Forward Purchase Agreement Liability | Dec. 31, 2023 Y | Mar. 31, 2023 Y |
Risk-free interest rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Derivative Liability | 0.0497 | 0.0469 |
Expected life of Forward Purchase Agreement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Derivative Liability | 0.68 | 0.17 |
Dividend yield | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Derivative Liability | 0 | 0 |
Probability of a business combination | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Derivative Liability | 0.50 | 0.700 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) | Feb. 06, 2024 | Jan. 18, 2024 | Dec. 11, 2023 | Nov. 01, 2023 | Oct. 11, 2023 | Sep. 13, 2023 | Aug. 03, 2023 | Jul. 03, 2023 | Jun. 06, 2023 | May 23, 2023 |
Subsequent Event | ||||||||||
Deposits | $ 50,000 | $ 50,000 | $ 50,000 | $ 50,000 | $ 50,000 | $ 50,000 | $ 50,000 | $ 50,000 | ||
Subsequent Event | ||||||||||
Subsequent Event | ||||||||||
Deposits | $ 50,000 | $ 50,000 |