Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2023 | |
Document Information [Line Items] | |
Document Type | S-4 |
Entity Registrant Name | ESGEN ACQUISITION CORPORATION |
Entity Incorporation, State or Country Code | E9 |
Entity Primary SIC Number | 6770 |
Entity Tax Identification Number | 98-1601409 |
Entity Address, Address Line One | 5956 Sherry Lane |
Entity Address, Address Line Two | Suite 1400 |
Entity Address, City or Town | Dallas |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 75225 |
City Area Code | 214 |
Local Phone Number | 987-6100 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Central Index Key | 0001865506 |
Amendment Flag | false |
Business Contact [Member] | |
Document Information [Line Items] | |
Contact Personnel Name | Andrea Bernatova |
Entity Address, Address Line One | 5956 Sherry Lane |
Entity Address, Address Line Two | Suite 1400 |
Entity Address, City or Town | Dallas |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 75225 |
City Area Code | 214 |
Local Phone Number | 987-6100 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | |||
Cash | $ 50,193 | $ 614,767 | $ 1,323,903 |
Prepaid expenses | 13,627 | 31,110 | 550,434 |
Total current assets | 63,820 | 645,877 | 1,874,337 |
Non-current assets: | |||
Prepaid expense - noncurrent | 26,081 | ||
Marketable securities held in Trust Account | 31,631,853 | 285,506,568 | 281,522,137 |
Total assets | 31,695,673 | 286,152,445 | 283,422,555 |
Current liabilities: | |||
Accounts payable and accrued expenses | 4,664,539 | 1,866,992 | 411,416 |
Due to related party | 279,193 | 144,193 | 24,193 |
Promissory note—related party | 687,208 | 171,346 | 171,346 |
Total current liabilities | 5,630,940 | 2,182,531 | 606,955 |
Non-current liabilities: | |||
Warrant Liabilities | 2,049,024 | 796,224 | 13,976,160 |
Deferred underwriters' fee | 0 | 9,660,000 | 9,660,000 |
Total liabilities | 7,679,964 | 12,638,755 | 24,243,115 |
Commitments and Contingencies | |||
Class A ordinary shares subject to possible redemption | 31,631,853 | 285,506,568 | 281,520,000 |
Shareholders' Deficit: | |||
Preferred shares, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding | 0 | 0 | 0 |
Accumulated deficit | (7,616,834) | (11,993,568) | (22,341,250) |
Total shareholders' deficit | (7,616,144) | (11,992,878) | (22,340,560) |
Total Liabilities, Redeemable Ordinary Shares and Shareholders' Deficit | 31,695,673 | 286,152,445 | 283,422,555 |
Class A common stock [Member] | |||
Shareholders' Deficit: | |||
Common stock | 0 | 0 | 0 |
Class B Common Stock [Member] | |||
Shareholders' Deficit: | |||
Common stock | $ 690 | $ 690 | $ 690 |
Condensed Balance Sheets (Pare
Condensed Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Preferred stock, par value, (per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 | 0 |
Class A common stock [Member] | |||
Temporary equity, par value, (per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Temporary equity, shares outstanding | 2,896,555 | 27,600,000 | 27,600,000 |
Redemption Price Per Share | $ 10.34 | $ 10.2 | |
Common shares, par value, (per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common shares, shares authorized | 250,000,000 | 250,000,000 | 250,000,000 |
Common shares, shares issued | 0 | 0 | 0 |
Common shares, shares outstanding | 0 | 0 | 0 |
Class B Common Stock [Member] | |||
Common shares, par value, (per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common shares, shares authorized | 25,000,000 | 25,000,000 | 25,000,000 |
Common shares, shares issued | 6,900,000 | 6,900,000 | 6,900,000 |
Common shares, shares outstanding | 6,900,000 | 6,900,000 | 6,900,000 |
Condensed Statements of Operati
Condensed Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | 8 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | |
Legal and professional fees | $ 1,675,962 | $ 160,057 | $ 3,044,803 | $ 791,522 | $ 0 | $ 1,913,373 |
Formation | 618,884 | 0 | ||||
Insurance | 6,036 | 131,853 | 22,566 | 262,257 | 107,221 | 528,861 |
Other operating costs | 110,714 | 79,833 | 207,924 | 160,954 | 25,735 | 267,883 |
Operating cost—related party | 30,000 | 30,000 | 60,000 | 60,000 | 24,193 | 120,000 |
Loss from operations | (1,822,712) | (401,743) | (3,335,293) | (1,274,733) | (776,033) | (2,830,117) |
Other income (expense): | ||||||
Interest income on marketable securities held in Trust Account | 365,224 | 368,774 | 1,305,870 | 386,945 | 2,137 | 3,984,431 |
Recovery of offering costs allocated to warrants | 425,040 | 0 | 425,040 | 0 | ||
Change in fair value of warrant liabilities | (378,624) | 1,527,600 | (1,252,800) | 8,262,960 | 10,944,240 | 13,179,936 |
Warrant issuance costs | (710,081) | |||||
Total other income, net | 411,640 | 1,896,374 | 478,110 | 8,649,905 | 10,236,296 | 17,164,367 |
Net (loss) income | $ (1,411,072) | $ 1,494,631 | $ (2,857,183) | $ 7,375,172 | $ 9,460,263 | $ 14,334,250 |
Class A common stock [Member] | ||||||
Other income (expense): | ||||||
Weighted Average Number of Shares Outstanding, Basic | 2,896,555 | 27,600,000 | 5,489,734 | 27,600,000 | 7,546,875 | 27,600,000 |
Weighted Average Number of Shares Outstanding, Diluted | 2,896,555 | 27,600,000 | 5,489,734 | 27,600,000 | 7,546,875 | 27,600,000 |
Basic net income per share | $ (2.21) | $ 0.05 | $ (0.97) | $ 0.22 | $ 1.96 | $ 0.44 |
Diluted net income per share | $ (2.21) | $ 0.05 | $ (0.97) | $ 0.22 | $ 1.96 | $ 0.44 |
Class B Common Stock [Member] | ||||||
Other income (expense): | ||||||
Weighted Average Number of Shares Outstanding, Basic | 6,900,000 | 6,900,000 | 6,900,000 | 6,900,000 | 6,684,375 | 6,900,000 |
Weighted Average Number of Shares Outstanding, Diluted | 6,900,000 | 6,900,000 | 6,900,000 | 6,900,000 | 6,684,375 | 6,900,000 |
Basic net income per share | $ 0.72 | $ 0.03 | $ 0.36 | $ 0.2 | $ (0.8) | $ 0.3 |
Diluted net income per share | $ 0.72 | $ 0.03 | $ 0.36 | $ 0.2 | $ (0.8) | $ 0.3 |
Condensed Statements of Changes
Condensed Statements of Changes in Ordinary Shares Subject to Possible Redemption and Shareholders' Deficit - USD ($) | Total | Initial Public Offering [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] Initial Public Offering [Member] | Accumulated Deficit [Member] | Accumulated Deficit [Member] Initial Public Offering [Member] | Class A common stock [Member] Common Stock [Member] | Class A common stock [Member] Common Stock [Member] Initial Public Offering [Member] | Class B Common Stock [Member] Common Stock [Member] |
Balance at the beginning at Apr. 18, 2021 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||
Balance at the beginning (in shares) at Apr. 18, 2021 | 0 | 0 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Issuance of founder shares | 25,000 | $ 0 | 24,310 | $ 0 | 0 | $ 0 | $ 248,427,879 | $ 690 | ||
Issuance of founder shares (in shares) | 27,600,000 | 6,900,000 | ||||||||
Sale of founder shares to Salient Client Accounts | 2,698 | 2,698 | 0 | |||||||
Excess proceeds over fair value of private warrants | 1,263,600 | 1,263,600 | 0 | |||||||
Accretion of ordinary shares subject to possible redemption | (33,092,121) | (1,290,608) | (31,801,513) | $ 33,092,121 | ||||||
Net income (loss) | 9,460,263 | $ 9,460,263 | 9,460,263 | |||||||
Balance at the end at Dec. 31, 2021 | (22,340,560) | 0 | (22,341,250) | $ 281,520,000 | $ 690 | |||||
Balance at the end (in shares) at Dec. 31, 2021 | 27,600,000 | 6,900,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Accretion of ordinary shares subject to possible redemption | (20,308) | (20,308) | $ 20,308 | |||||||
Net income (loss) | 5,880,541 | 5,880,541 | ||||||||
Balance at the end at Mar. 31, 2022 | (16,480,327) | 0 | (16,481,017) | $ 281,540,308 | $ 690 | |||||
Balance at the end (in shares) at Mar. 31, 2022 | 27,600,000 | 6,900,000 | ||||||||
Balance at the beginning at Dec. 31, 2021 | (22,340,560) | 0 | (22,341,250) | $ 281,520,000 | $ 690 | |||||
Balance at the beginning (in shares) at Dec. 31, 2021 | 27,600,000 | 6,900,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income (loss) | 7,375,172 | 7,375,172 | ||||||||
Balance at the end at Jun. 30, 2022 | (15,354,470) | 0 | (15,355,160) | $ 281,909,082 | $ 690 | |||||
Balance at the end (in shares) at Jun. 30, 2022 | 27,600,000 | 6,900,000 | ||||||||
Balance at the beginning at Dec. 31, 2021 | (22,340,560) | 0 | (22,341,250) | $ 281,520,000 | $ 690 | |||||
Balance at the beginning (in shares) at Dec. 31, 2021 | 27,600,000 | 6,900,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Accretion of ordinary shares subject to possible redemption | (3,986,568) | (3,986,568) | $ 3,986,568 | |||||||
Net income (loss) | 14,334,250 | 14,334,250 | 14,334,250 | |||||||
Balance at the end at Dec. 31, 2022 | (11,992,878) | 0 | (11,993,568) | $ 285,506,568 | $ 690 | |||||
Balance at the end (in shares) at Dec. 31, 2022 | 27,600,000 | 6,900,000 | ||||||||
Balance at the beginning at Mar. 31, 2022 | (16,480,327) | 0 | (16,481,017) | $ 281,540,308 | $ 690 | |||||
Balance at the beginning (in shares) at Mar. 31, 2022 | 27,600,000 | 6,900,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Accretion of ordinary shares subject to possible redemption | (368,774) | (368,774) | $ 368,774 | |||||||
Net income (loss) | 1,494,631 | 1,494,631 | 1,494,631 | |||||||
Balance at the end at Jun. 30, 2022 | (15,354,470) | 0 | (15,355,160) | $ 281,909,082 | $ 690 | |||||
Balance at the end (in shares) at Jun. 30, 2022 | 27,600,000 | 6,900,000 | ||||||||
Balance at the beginning at Dec. 31, 2022 | (11,992,878) | 0 | (11,993,568) | $ 285,506,568 | $ 690 | |||||
Balance at the beginning (in shares) at Dec. 31, 2022 | 27,600,000 | 6,900,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Accretion of ordinary shares subject to possible redemption | (1,288,233) | (1,288,233) | $ 1,288,233 | |||||||
Redemption of Class A ordinary shares subject to possible redemption | $ (255,875,758) | |||||||||
Redemption of Class A ordinary shares subject to possible redemption (in shares) | (24,703,445) | |||||||||
Net income (loss) | (1,446,111) | (1,446,111) | ||||||||
Balance at the end at Mar. 31, 2023 | (14,727,222) | 0 | (14,727,912) | $ 30,919,043 | $ 690 | |||||
Balance at the end (in shares) at Mar. 31, 2023 | 2,896,555 | 6,900,000 | ||||||||
Balance at the beginning at Dec. 31, 2022 | (11,992,878) | 0 | (11,993,568) | $ 285,506,568 | $ 690 | |||||
Balance at the beginning (in shares) at Dec. 31, 2022 | 27,600,000 | 6,900,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Waiver of Deferred Underwriters' Fee | 9,234,960 | |||||||||
Net income (loss) | (2,857,183) | (2,857,183) | ||||||||
Balance at the end at Jun. 30, 2023 | (7,616,144) | 0 | (7,616,834) | $ 31,631,853 | $ 690 | |||||
Balance at the end (in shares) at Jun. 30, 2023 | 2,896,555 | 6,900,000 | ||||||||
Balance at the beginning at Mar. 31, 2023 | (14,727,222) | 0 | (14,727,912) | $ 30,919,043 | $ 690 | |||||
Balance at the beginning (in shares) at Mar. 31, 2023 | 2,896,555 | 6,900,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Accretion of ordinary shares subject to possible redemption | (712,810) | (712,810) | $ 712,810 | |||||||
Waiver of Deferred Underwriters' Fee | 9,234,960 | 9,234,960 | ||||||||
Net income (loss) | (1,411,072) | $ (1,411,072) | (1,411,072) | |||||||
Balance at the end at Jun. 30, 2023 | $ (7,616,144) | $ 0 | $ (7,616,834) | $ 31,631,853 | $ 690 | |||||
Balance at the end (in shares) at Jun. 30, 2023 | 2,896,555 | 6,900,000 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) | 6 Months Ended | 8 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | |
Cash flows from Operating Activities: | ||||
Net (loss) income | $ (2,857,183) | $ 7,375,172 | $ 9,460,263 | $ 14,334,250 |
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | ||||
Formation costs paid by Sponsor | 18,356 | |||
Interest earned on cash held in Trust Account | 0 | (386,945) | ||
Recovery of offering costs allocated to warrants | (425,040) | 0 | ||
Change in fair value of warrant liabilities | 1,252,800 | (8,262,960) | (10,944,240) | (13,179,936) |
Warrant issuance costs | 710,081 | |||
Changes in current assets and liabilities: | ||||
Prepaid expenses | 17,483 | 253,918 | (576,515) | 545,405 |
Accrued expenses | 371,704 | 1,455,576 | ||
Accounts payable and accrued expenses | 2,797,547 | 584,389 | ||
Due to related party | 135,000 | 60,000 | 24,193 | 120,000 |
Net cash provided by (used in) operating activities | 920,607 | (376,426) | (936,158) | 3,275,295 |
Cash flows from investing activities: | ||||
Investment of cash in Trust Account | (281,520,000) | |||
Reinvestment of marketable securities held in Trust Account | (1,305,870) | 0 | (2,137) | (3,984,431) |
Extension funding of Trust Account | (695,173) | 0 | ||
Cash withdrawn from Trust Account in connection with redemption | 255,875,758 | 0 | ||
Net cash provided by investing activities | 253,874,715 | 0 | (281,522,137) | (3,984,431) |
Cash flows from financing activities: | ||||
Proceeds from initial public offering, net of underwriters fees payable | 270,480,000 | |||
Proceeds from sale of founder shares to Salient Client Accounts | 2,698 | 0 | ||
Proceeds from private placement warrants | 14,040,000 | |||
Repayment of a loan from related party | (90,922) | |||
Payment of other offering costs | (649,578) | |||
Redemption of Class A common stock subject to possible redemption | (255,875,758) | 0 | ||
Proceeds from note payable-related party | 515,862 | 0 | ||
Net cash used in financing activities | (255,359,896) | 0 | 283,782,198 | |
Net change in cash | (564,574) | (376,426) | 1,323,903 | (709,136) |
Cash, beginning of the period | 614,767 | 1,323,903 | 1,323,903 | |
Cash, end of the period | 50,193 | 947,477 | 1,323,903 | 614,767 |
Supplemental disclosure of cash flow information: | ||||
Change in value of Class A ordinary shares subject to possible redemption | 2,001,043 | 389,082 | 3,986,568 | |
Deferred underwriting fee | 9,660,000 | |||
Deferred offering cost included in accrued offering costs and expenses | 39,712 | |||
Deferred offering costs paid by Sponsor under the promissory note | 152,990 | |||
Formation and operating costs paid by Sponsor through issuance of promissory note | 18,356 | |||
Deferred offering cost paid by Sponsor in exchange for issuance of founder shares | $ 25,000 | |||
Impact of the waiver of deferred commission by the underwriters | $ 9,234,960 | $ 0 |
Organization and Business Opera
Organization and Business Operation | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Organization and Business Operation | Note 1 — Organization and Business Operation ESGEN Acquisition Corporation (the “Company”) was incorporated as a Cayman Islands exempted company on April 19, 2021. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities (the “Business Combination”). The Company will not be limited to a particular industry or geographic region in its identification and acquisition of a target company. As of June 30, 2023, the Company had not commenced any operations. All activity for the period from April 19, 2021 (inception) through June 30, 2023, relates to the Company’s formation and the initial public offering (“Public Offering” or “IPO”) described below and since the closing of the IPO, the search for a prospective initial business combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating The Company’s sponsor is ESGEN LLC, a Delaware limited liability company (the “Sponsor”). The registration statement for the Company’s IPO was declared effective on October 19, 2021. On October 22, 2021, the Company consummated its IPO of 27,600,000 units (the “Units” and, with respect to the ordinary shares included in the Units being offered, the “Public Shares”) at $10.00 per Unit and the sale of 14,040,000 warrants (the “Private Placement Warrants”) each exercisable to purchase one Class A ordinary share at $11.50 per share, at a price of $1.00 per Private Placement Warrant in a private placement to the Sponsor that closed simultaneously with the Public Offering. The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the net assets held in the Trust Account (as defined below) (excluding the deferred underwriting commissions and taxes payable on the interest earned on the Trust Account) at the time of signing a definitive agreement in connection with the initial Business Combination. However, the Company will complete the initial Business Combination only if the post-Business Combination company in which its public shareholders own shares will own or acquire 50% or more of the outstanding voting securities of the target or is otherwise not required to register as an investment company under the Investment Company Act (the “Investment Company Act”). There is no assurance that the Company will be able to complete a Business Combination successfully. Following the closing of the IPO on October 22, 2021, $281,520,000 ($10.20 per Unit) from the net proceeds sold in the IPO, including proceeds of the sale of the Private Placement Warrants, was deposited in a trust account (“Trust Account”) and is only be invested in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule2a-7promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations. Except with respect to interest or other income earned on the funds held in the Trust Account that may be released to the Company to pay its income taxes, if any, the amended and restated memorandum and articles of association, as discussed below and subject to the requirements of law and regulation, will provide that the proceeds from the Public Offering and the sale of the Private Placement Warrants held in the Trust Account will not be released from the Trust Account (1) to the Company, until the completion of the initial Business Combination, or (2) to the public shareholders, until the earliest of (a) the completion of the initial Business Combination, and then only in connection with those Class A ordinary shares that such shareholders properly elected to redeem, subject to the limitations described herein, (b) the redemption of any public shares properly tendered in connection with a shareholder vote to amend the amended and restated memorandum and articles of association (A) to modify the substance or timing of the Company’s obligation to provide holders of the Class A ordinary shares the right to have their shares redeemed in connection with the initial Business Combination or to redeem 100% of the public shares if the Company did not complete its initial Business Combination within months (which was extended pursuant to shareholder approval of the Charter Amendment (as defined below)) from the closing of this offering (the “Combination Period”) or (B) with respect to any other provision relating to the rights of holders of the Class A ordinary shares, and (c) the redemption of the public shares if the Company has not consummated the Business Combination within Combination Period, subject to applicable law. Public shareholders who redeem their Class A ordinary shares in connection with a shareholder vote described in clause (b) in the preceding sentence shall not be entitled to funds from the Trust Account upon the subsequent completion of an initial Business Combination or liquidation if the Company has not consummated an initial Business Combination within Combination Period, with respect to such Class A ordinary shares so redeemed. The Company will provide its public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of the initial Business Combination either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a proposed Business Combination or conduct a tender offer will be made by the Company, solely in its discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would require the Company to seek shareholder approval under applicable law or stock exchange listing requirement. The Company will provide its public shareholders with the opportunity to redeem all or a portion of their Class A ordinary shares upon the completion of its initial Business Combination at a per-share The ordinary shares subject to redemption were recorded at redemption value and classified as temporary equity upon the completion of the Public Offering, in accordance with Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and, if the Company seeks shareholder approval, a majority of the issued and outstanding shares voted are voted in favor of the Business Combination. The Company has until August 22, 2023, unless extended with the extension as described in the following paragraph below, to consummate the initial Business Combination. If the Company has not consummated the initial Business Combination within the Combination Period, the Company will: (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share On January 18, 2023, the Company held an extraordinary general meeting of shareholders (the “Meeting”) to consider and vote upon, among other things, a proposal to amend the Company’s amended and restated memorandum and articles of association (the “Charter Amendment”) to (i) extend the date by which the Company must consummate its initial business combination (the “Termination Date”) from January 22, 2023 to April 22, 2023 and (ii) in the event that the Company has not consummated an initial business combination by April 22, 2023, to allow the Company, by resolution of the Company’s board of directors (the “Board”) and, without any approval of the Company’s shareholders, upon five days’ advance notice prior to each Additional Extension, to extend the Termination Date up to six times (with each such extension being upon five days’ advance notice), each by one additional month (for a total of up to six additional months to complete a business combination) (each, an “Additional Extension” and such date, an “Additional Extension Date”), provided that the Sponsor or the Sponsor’s affiliates or permitted designees will deposit into the Trust Account for each Additional Extension Date the lesser of (a) US$140,000 or (b) $0.04 for each Public Share that is then-outstanding, in exchange for one or more non-interest The Sponsor and each member of the management team have entered into an agreement with the Company, pursuant to which they have agreed to (i) waive their redemption rights with respect to their Founder Shares; (ii) waive their redemption rights with respect to their Founder Shares and public shares in connection with a shareholder vote to approve an amendment to the Company’s amended and restated memorandum and articles of association (A) that would modify the substance or timing of the Company’s obligation to provide holders of the Class A ordinary shares the right to have their shares redeemed in connection with the initial Business Combination or to redeem 100% of the public shares if the Company did not complete its initial Business Combination within 15 months from the closing of the Public Offering (which was extended pursuant to shareholder approval of the Charter Amendment) or (B) with respect to any other provision relating to the rights of holders of the Company’s Class A ordinary shares and (iii) waive their rights to liquidating distributions from the Trust Account with respect to any Founder Shares they hold if the Company fails to consummate an initial business combination within Combination Period. The Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company (other than the Company’s independent registered public accounting firm), or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amounts in the Trust Account to below the lesser of (i) $10.00 per public share and (ii) the actual amount per public share held in the Trust Account as of the date of the liquidation of the Trust Account if less than $10.00 per public share due to reductions in the value of the Trust Account, in each case net of the interest that may be withdrawn to pay the Company’s income tax obligations, provided that such liability will not apply to any claims by a third party or prospective target business that executed a waiver of any and all rights to seek access to the Trust Account nor will it apply to any claims under the Company’s indemnity of the underwriters of the 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. However, the Company has not asked the Sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and the Company believe that the Sponsor’s only assets are securities of the Company. Therefore, the Company cannot assure you that the Sponsor would be able to satisfy those obligations. None of the Company’s officers or directors will indemnify the Company for claims by third parties including, without limitation, claims by vendors and prospective target businesses. Founder Shares Founder Shares refers to the Class B ordinary shares (the “Founder Shares”) acquired by the initial shareholders prior to the Company’s IPO. The initial shareholders and each member of the management team have entered into an agreement with the Company, pursuant to which they have agreed to (i) waive their redemption rights with respect to their Founder Shares and Public Shares in connection with the completion of the Business Combination; (ii) waive their redemption rights with respect to their Founder Shares and Public Shares in connection with a shareholder vote to approve an amendment to the amended and restated memorandum and articles of association (A) that would modify the substance or timing of the Company’s obligation to provide holders of the Class A ordinary shares the right to have their shares redeemed in connection with the Business Combination or to redeem 100% of the Company’s public shares if it does not complete the Business Combination by the Termination Date or (B) with respect to any other provision relating to the rights of holders of the Class A ordinary shares and (iii) waive their rights to liquidating distributions from the Trust Account with respect to any Founder Shares they hold if the Company fails to consummate an Business Combination by the Termination Date (although they will be entitled to liquidating distributions from the Trust Account with respect to any Public Shares they hold if the Company fails to complete the Business Combination within the prescribed time frame). If the Company seeks shareholder approval, it will complete the Business Combination only if it is approved by an ordinary resolution or such higher approval threshold as may be required by Cayman Islands law and pursuant to the amended and restated memorandum and articles of association. In such case, the initial shareholders and each member of the management team have agreed to vote their Founder Shares and Public Shares in favor of the Business Combination. Risks and Uncertainties The credit and financial markets have experienced extreme volatility and disruptions due to the current conflict between Ukraine and Russia. The conflict is expected to have further global economic consequences, including but not limited to the possibility of severely diminished liquidity and credit availability, declines in consumer confidence, declines in economic growth, increases in inflation rates and uncertainty about economic and political stability. In addition, the United States and other countries have imposed sanctions on Russia which increases the risk that Russia, as a retaliatory action, may launch cyberattacks against the United States, its government, infrastructure and businesses. Any of the foregoing consequences, including those we cannot yet predict, may cause our business, financial condition, results of operations and the price of our ordinary shares to be adversely affected. Going Concern As of June 30, 2023, the Company had $50,193 in cash held outside of the Trust Account and owes $4,664,539 in accounts payable and accrued expenses and an additional $966,401 to related parties. The Company anticipates that the cash held outside of the Trust Account as of June 30, 2023 will not be sufficient to allow the Company to operate for at least the next 12 months from the issuance of the financial statements, assuming that a Business Combination is not consummated during that time. The Company has incurred and expects to continue to incur significant costs in pursuit of its acquisition plans. In connection with the Company’s assessment of going concern considerations in accordance with ASC Subtopic 205-40, | Note 1 — Organization and Business Operation ESGEN Acquisition Corporation (the “Company”) was incorporated as a Cayman Islands exempted company on April 19, 2021. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities (the “Business Combination”). The Company has not selected any Business Combination target. The Company will not be limited to a particular industry or geographic region in its identification and acquisition of a target company. As of December 31, 2022, the Company had not commenced any operations. All activity for the period from April 19, 2021 (inception) through December 31, 2022, relates to the Company’s formation and the initial public offering (“Public Offering” or “IPO”) described below and since the closing of the IPO, the search for a prospective initial business combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating The Company’s sponsor is ESGEN LLC, a Delaware limited liability company (the “Sponsor”). The registration statement for the Company’s IPO was declared effective on October 19, 2021. On October 22, 2021, the Company consummated its IPO of 27,600,000 units (the “Units” and, with respect to the ordinary shares included in the Units being offered, the “Public Shares”) at $10.00 per Unit (which included the full exercise of the underwriters’ over-allotment option), which is discussed in Note 3 and the sale of 14,040,000 warrants (the “Private Placement Warrants”) each exercisable to purchase one Class A ordinary share at $11.50 per share, at a price of $1.00 per Private Placement Warrant in a private placement to the Sponsor that closed simultaneously with the Public Offering. Transaction costs amounted to $16,138,202 consisting of $5,520,000 of underwriting commissions, $9,660,000 of deferred underwriting commissions and $958,202 of other cash offering costs. Of this amount, $15,428,121 was charged to shareholder’s deficit and $710,081 was allocated to the warrants and expensed. The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the net assets held in the Trust Account (as defined below) (excluding the deferred underwriting commissions and taxes payable on the interest earned on the Trust Account) at the time of signing a definitive agreement in connection with the initial Business Combination. However, the Company will complete the initial Business Combination only if the post-Business Combination company in which its public shareholders own shares will own or acquire 50% or more of the outstanding voting securities of the target or is otherwise not required to register as an investment company under the Investment Company Act (the “Investment Company Act”). There is no assurance that the Company will be able to complete a Business Combination successfully. Following the closing of the IPO on October 22, 2021, $281,520,000 ($10.20 per Unit) from the net proceeds sold in the IPO, including proceeds of the sale of the Private Placement Warrants, was deposited in a trust account (“Trust Account”) and will only be invested in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 Except with respect to interest or other income earned on the funds held in the Trust Account that may be released to the Company to pay its income taxes, if any, the amended and restated memorandum and articles of association, as discussed below and subject to the requirements of law and regulation, will provide that the proceeds from the Public Offering and the sale of the Private Placement Warrants held in the Trust Account will not be released from the Trust Account (1) to the Company, until the completion of the initial Business Combination, or (2) to the public shareholders, until the earliest of (a) the completion of the initial Business Combination, and then only in connection with those Class A ordinary shares that such shareholders properly elected to redeem, subject to the limitations described herein, (b) the redemption of any public shares properly tendered in connection with a shareholder vote to amend the amended and restated memorandum and articles of association (A) to modify the substance or timing of the Company’s obligation to provide holders of the Class A ordinary shares the right to have their shares redeemed in connection with the initial Business Combination or to redeem 100% of the public shares if the Company does not complete its initial Business Combination within 15 months (unless otherwise extended as described in the prospectus relating to the IPO) from the closing of this offering (the “Combination Period”) or (B) with respect to any other provision relating to the rights of holders of the Class A ordinary shares, and (c) the redemption of the public shares if the Company has not consummated the Business Combination within Combination Period, subject to applicable law. Public shareholders who redeem their Class A ordinary shares in connection with a shareholder vote described in clause (b) in the preceding sentence shall not be entitled to funds from the Trust Account upon the subsequent completion of an initial Business Combination or liquidation if the Company has not consummated an initial Business Combination within Combination Period, with respect to such Class A ordinary shares so redeemed. The Company will provide its public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of the initial Business Combination either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a proposed Business Combination or conduct a tender offer will be made by the Company, solely in its discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would require the Company to seek shareholder approval under applicable law or stock exchange listing requirement. The Company will provide its public shareholders with the opportunity to redeem all or a portion of their Class A ordinary shares upon the completion of its initial Business Combination at aper-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account calculated as of two business days prior to the consummation of the initial Business Combination, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its income taxes, if any, divided by the number of then-outstanding public shares, subject to the limitations described herein. The amount in the Trust Account is initially $10.20 per public share. The per share amount the Company will distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters. The ordinary shares subject to redemption were recorded at redemption value and classified as temporary equity upon the completion of the Public Offering, in accordance with Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and, if the Company seeks shareholder approval, a majority of the issued and outstanding shares voted are voted in favor of the Business Combination. The Company has until April 22, 2023, with the extension as described below, to consummate the initial Business Combination. If the Company has not consummated the initial Business Combination within the Combination Period, the Company will: (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at aper-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its income taxes, if any (less up of interest to pay winding up and dissolution expenses) divided by the number of the then-outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and its board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii), to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. On January 18, 2023, the Company’s shareholders voted to amend the Company’s amended and restated memorandum and articles of association (the “Extension Proposal”) to extend from January 22, 2023 to April 22, 2023 (the “Extended Date”) the date (the “Termination Date”) by which the Company must mandatorily liquidate the Company. In connection with the vote to approve the Extension Proposal, the holders of 24,703,445 Class A ordinary shares of ESGEN properly exercised their right to redeem their shares for cash at a redemption price of approximately $10.35 per share, for an aggregate redemption amount of $255,875,757. Additionally, in the event that the Company has not consummated an initial business combination by the Extended Date, the Board may extend the Termination Date up to six times, each by one additional month (for a total of up to six additional months to complete a business combination) (each, an “Additional Extension Date”), provided that the Company deposits into the Trust Account for each Additional Extension Date the lesser of (a) $140,000 or (b) $0.04 for each Public Share that is then-outstanding. The Sponsor and each member of the management team have entered into an agreement with the Company, pursuant to which they have agreed to (i) waive their redemption rights with respect to their Founder Shares; (ii) waive their redemption rights with respect to their Founder Shares and public shares in connection with a shareholder vote to approve an amendment to the Company’s amended and restated memorandum and articles of association (A) that would modify the substance or timing of the Company’s obligation to provide holders of the Class A ordinary shares the right to have their shares redeemed in connection with the initial Business Combination or to redeem 100% of the public shares if the Company does not complete its initial Business Combination within 15 months from the closing of the Public Offering (or up to 21 months, if we extend the time to complete a business combination) or (B) with respect to any other provision relating to the rights of holders of the Company’s Class A ordinary shares and (iii) waive their rights to liquidating distributions from the Trust Account with respect to any Founder Shares they hold if the Company fails to consummate an initial business combination within Combination Period. The Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company (other than the Company’s independent registered public accounting firm), or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amounts in the Trust Account to below the lesser of (i) $10.00 per public share and (ii) the actual amount per public share held in the Trust Account as of the date of the liquidation of the Trust Account if less than $10.00 per public share due to reductions in the value of the Trust Account, in each case net of the interest that may be withdrawn to pay the Company’s income tax obligations, provided that such liability will not apply to any claims by a third party or prospective target business that executed a waiver of any and all rights to seek access to the Trust Account nor will it apply to any claims under the Company’s indemnity of the underwriters of the 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. However, the Company has not asked the Sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and the Company believe that the Sponsor’s only assets are securities of the Company. Therefore, the Company cannot assure you that the Sponsor would be able to satisfy those obligations. None of the Company’s officers or directors will indemnify the Company for claims by third parties including, without limitation, claims by vendors and prospective target businesses. Risks and Uncertainties In March 2020, the World Health Organization characterized the outbreak of the novel strain of coronavirus, specifically identified as COVID-19, The current challenging economic climate may lead to adverse changes in cash flows, working capital levels and/or debt balances, which may also have a direct impact on the Company’s operating results and financial position in the future. The ultimate duration and magnitude of the impact and the efficacy of government interventions on the economy and the financial effect on the Company is not known at this time. The extent of such impact will depend on future developments, which are highly uncertain and not in the Company’s control, including new information which may emerge concerning the spread and severity of COVID-19 In response to COVID-19, COVID-19. Management is currently evaluating the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the pandemic could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. The credit and financial markets have experienced extreme volatility and disruptions due to the current conflict between Ukraine and Russia. The conflict is expected to have further global economic consequences, including but not limited to the possibility of severely diminished liquidity and credit availability, declines in consumer confidence, declines in economic growth, increases in inflation rates and uncertainty about economic and political stability. In addition, the United States and other countries have imposed sanctions on Russia which increases the risk that Russia, as a retaliatory action, may launch cyberattacks against the United States, its government, infrastructure and businesses. Any of the foregoing consequences, including those we cannot yet predict, may cause our business, financial condition, results of operations and the price of our ordinary shares to be adversely affected. Going Concern As of December 31, 2022, the Company had $614,767 in cash held outside of the Trust Account and owes $1,866,992 in accrued offering costs and expenses and an additional In connection with the Company’s assessment of going concern considerations in accordance with ASC Subtopic 205-40, and an extension not obtained, there will be a mandatory liquidation and subsequent dissolution of the Company. Although the Company intends to consummate a Business Combination on or before April 22, 2023 (as extended), it is uncertain whether the Company will be able to consummate a Business Combination by this time. Management has determined that the mandatory liquidation, should a Business Combination not occur, and an extension is not obtained, as well as the potential for us to have insufficient funds available to operate our business prior to a Business Combination, raises substantial doubt about the Company’s ability to continue as a going concern. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Accounting Policies [Abstract] | ||
Significant Accounting Policies | Note 2 — Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Qand S-X The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K, The breakout of loss from operations on the condensed statement of operations for the three and six months ended June 30, 2022, has been revised to conform to the current presentation. This presentation did not impact any other financial statement line items. Emerging Growth Company Status The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. 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 unaudited condensed financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of Estimates The preparation of unaudited condensed financial statements in conformity with 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 unaudited condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of June 30, 2023 and December 31, 2022, respectively. Marketable Securities Held in Trust Account Substantially all of the assets held in the Trust Account were held in U.S. Money Market Funds. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held in Trust Account are included in investment income on marketable securities held in Trust Account in the accompanying statement s Fair Value Measurement The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the balance sheet, primarily due to its short-term nature. Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The Company’s financial instruments are classified as either Level 1, Level 2 or Level 3. These tiers include: • Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; • Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and • Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. 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”. The Company’s derivative instruments are recorded at fair value on the balance sheet with changes in the fair value reported in the statements of operations. Derivative assets and liabilities are classified on the balance sheets as current or non-current net-cash Warrant Liability The Company accounts for the Public and Private Placement warrants issued in connection with the Public Offering in accordance with the guidance contained in ASC Topic 815-40 and ASC Topic 480. Such guidance provides that because the warrants do not meet the criteria for equity treatment thereunder, each warrant must be recorded as a liability. Accordingly, the Company will classify each warrant as a liability at its fair value. This liability is subject to re-measurement re-measurement, Net (Loss) Income Per Ordinary Share The Company has two classes of shares, which are referred to as Class A ordinary shares and Class B The earnings per share presented in the statement of operations is based on the following: For the Three Months Ended For the Six Months Ended 2023 2022 2023 2022 Net (loss) income $ (1,411,072 ) $ 1,494,631 $ (2,857,183 ) $ 7,375,172 Accretion of temporary equity to redemption value 8,522,150 (368,774 ) 7,233,917 (386,945 ) Net income including accretion of temporary equity to redemption value $ 7,111,078 $ 1,125,857 $ 4,376,734 $ 6,988,227 For the Three Months Ended June 30, 2023 2022 Class A Class B Class A Class B Basic and diluted net (loss) income per share: Numerator: Allocation of net income including accretion of temporary equity $ 2,133,323 $ 4,977,755 $ 900,686 $ 225,171 Allocation of accretion of temporary equity to redemption value (8,522,150 ) — 368,774 — Allocation of net (loss) income $ (6,388,827 ) $ 4,977,755 $ 1,269,460 $ 225,171 Denominator: Weighted-average shares outstanding 2,896,555 6,900,000 27,600,000 6,900,000 Basic and diluted net (loss) income per share $ (2.21 ) $ 0.72 $ 0.05 $ 0.03 For the Six Months Ended June 30, 2023 2022 Class A Class B Class A Class B Basic and diluted net (loss) income per share: Numerator: Allocation of net (loss) income including accretion of temporary equity $ 1,925,763 $ 2,450,971 $ 5,590,582 $ 1,397,645 Allocation of accretion of temporary equity to redemption value (7,233,917 ) — 386,945 — Allocation of net (loss) income $ (5,308,154 ) $ 2,450,971 $ 5,977,527 $ 1,397,645 Denominator: Weighted-average shares outstanding 5,489,734 6,900,000 27,600,000 6,900,000 Basic and diluted net (loss) income per share $ (0.97 ) $ 0.36 $ 0.22 $ 0.20 Net (loss) income per share is computed by dividing net (loss) income by the weighted average number of ordinary shares outstanding during the period. The Company has not considered the effect of the ordinary shares issuable upon exercise of the Public Warrants and Private Placement Warrants in the calculation of diluted loss per share, since the exercise of such warrants are contingent upon the occurrence of Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in The Company has made a policy election in accordance with ASC 480-10-S99-3A paid-in paid-in Income Taxes The Company accounts for income taxes under ASC Topic 740, “Income Taxes” (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of June 30, 2023 and December 31, 2022. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s unaudited condensed financial statements. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of June 30, 2023 and December 31, 2022, there were no unrecognized tax benefits and no amounts were accrued for the payment of interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. Recent Accounting Pronouncements Management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s unaudited condensed financial statements. | Note 2 — Significant Accounting Policies Basis of Presentation The accompanying audited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The summary of significant accounting policies presented below is designed to assist in understanding the Company’s financial statements. Such financial statements and accompanying notes are the representations of the Company’s management, who is responsible for their integrity and objectivity. Emerging Growth Company Status The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. 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 non- company Use of Estimates The preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of December 31, 2022 and 2021, respectively. Marketable Securities Held in Trust Account Substantially all of the assets held in the Trust Account were held in U.S. Money Market Funds. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held in Trust Account are included in investment income on marketable securities held in Trust Account in the accompanying statement of operations. The estimated fair values of investments held in Trust Account are determined using available market information. Offering Costs Associated with Initial Public Offering The Company complies with the requirements of ASC Topic 340-10-S99-1 was deemed allocable to the warrants and charged to expense upon the completion of the IPO. Fair Value Measurement The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the balance sheet, primarily due to its short-term nature. Fair value is defined as the price that would be received for sale of an asset o r paid for transfer of a liability, in an orderly transaction between • 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. 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”. The Company’s derivative instruments are recorded at fair value on the balance sheet with changes in the fair value reported in the statement s non-current net-cash Warrant Liability The Company accounts for the Public and Private Placement warrants issued in connection with the Public Offering in accordance with the guidance contained in ASC Topic 815-40 re-measurement re-measurement, Net Income (loss) Per Ordinary Share The Company has two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro rata between the two classes of shares. Net income (loss) per ordinary share is calculated by dividing the net income (loss) by the weighted average ordinary shares outstanding for the respective period. Net loss for the period from inception to IPO was allocated fully to Class B ordinary shares. With respect to the accretion of Class A ordinary shares subject to possible redemption, the Company treated accretion in the same manner as a dividend, paid to the shareholder in the calculation of the net income (loss) per ordinary share. The earnings per share presented in the statements of operations is based on the following: Year Ended For the Net income $ 14,334,250 $ 9,460,263 Accretion of temporary equity to redemption value (3,984,431 ) (33,092,121 ) Net income (loss) including accretion of temporary equity to redemption value $ 10,349,819 $ (23,631,858 ) Year Ended December 31, 2022 For the Period from April 19, 2021 (Inception) Through December 31, 2021 Class A Class B Class A Class B Basic and diluted net income (loss) per share Numerator: Allocation of net income (loss) including accretion of $ 8,279,855 $ 2,069,964 $ (18,310,230 ) $ (5,321,628 ) Allocation of accretion of temporary equity to redemption 3,984,431 — 33,092,121 — Allocation of net income (loss) $ 12,264,286 $ 2,069,964 $ 14,781,891 $ (5,321,628 ) Year Ended December 31, 2022 For the Period from April 19, 2021 (Inception) Through December 31, 2021 Class A Class B Class A Class B Denominator: Weighted-average shares outstanding $ 27,600,000 $ 6,900,000 $ 7,546,875 $ 6,685,214 Basic and diluted net income (loss) per share $ 0.44 $ 0.30 $ 1.96 $ (0.80 ) Net income (loss) per share is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period, excluding ordinary shares forfeited. The Company has not considered the effect of the ordinary shares issuable Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480. Class A ordinary shares subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable ordinary shares (including shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholder’s equity. The Company’s Class A ordinary shares sold in the IPO feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. The Company has 480-10-S99-3A paid-in paid-in paid-in Income Taxes The Company accounts ASC Topic 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statements and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC Topic 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of December 31, 2022 and 2021. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statements. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of December 31, 2022 and 2021, there were no unrecognized tax benefits and no amounts were accrued for the payment of interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. U.S. taxation could be imposed if the Company is engaged in a U.S. trade or business. The Company is not expected to be treated as engaged in a U.S. trade or business at this time. Additionally, given the nature of the investment income generated from the funds held in the Trust Account, it is not subject to tax withholdings in the U.S. Moreover, the Company determined that no income tax liability would arise from any other jurisdictions outside of the Cayman Islands. Consequently, income taxes are not reflected in the Company’s financial statements. Recent Accounting Pronouncements In August 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-06, 470-20) 815-40)”, (“ASU2020-06”) ASU2020-06 ASU2020-06 if-converted ASU2020-06 ASU2020-06 Management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements. |
Public Offering
Public Offering | 12 Months Ended |
Dec. 31, 2022 | |
Public Offering | |
Public Offering | Note 3 — Public Offering On October 22, 2021, the Company consummated its IPO of 27,600,000 Units, which included the full exercise of the underwriters’ over-allotment option, at a price of $10.00 per Unit, generating gross proceeds of $276,000,000. Each Unit consists of one Class A ordinary share and one All of the 27,600,000 Class A ordinary shares sold as part of the Units in the IPO contain a redemption feature which 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 Business Combination and in connection with certain amendments to the Company’s certificate of incorporation. In accordance with the guidance in ASC Topic 480 and with the SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC Topic 480-10-S99, equity . The Class A ordinary shares is subject to SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99. period. The Company recognizes changes in redemption value im med paid-in As of December 31, 2022 and 2021, the ordinary shares reflected on the balance sheets are reconciled in the following table: Gross proceeds $ 276,000,000 Less: Proceeds allocated to Public Warrants (12,144,000 ) Class A ordinary share issuance costs (15,428,121 ) Plus: Accretion of carrying value to redemption value 33,092,121 Class A ordinary shares subject to possible redemption as of December 31, 2021 $ 281,520,000 Accretion of carrying value to redemption value 3,986,568 Class A ordinary shares subject to possible redemption as of December 31, 2022 $ 285,506,568 |
Private Placement
Private Placement | 12 Months Ended |
Dec. 31, 2022 | |
Private Placement. | |
Private Placement | Note 4 — Private Placement The Sponsor purchased 11,240,000 warrants, which included the underwriters’ exercise of the full over-allotment option (the “Private Placement Warrants”), each exercisable to purchase one Class A ordinary share at $11.50 per share, subject to adjustment, at a price of $1.00 per warrant and $11,240,000 in the aggregate, in a private placement that occurred concurrently with the closing of the Public Offering. Additionally, Salient Capital Advisors, LLC, acting in its capacity as investment advisor on behalf of one or more client accounts (“Salient Client Accounts”) purchased 2,800,000 warrants on the same terms as the Sponsor in a private placement that occurred concurrently with the closing of the Public Offering. The private placement resulted in an aggregate of 14,040,000 warrants and $14,040,000 in proceeds, a portion of whi |
Related Party Transactions
Related Party Transactions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Related Party Transactions [Abstract] | ||
Related Party Transactions | Note 3 — Related Party Transactions Promissory Notes — Related Party On April 27, 2021, the Sponsor agreed to loan the Company up to $300,000 to be used for a portion of the expenses of the Public Offering. The Company borrowed a total of $262,268. This loan was non-interest On April 5, 2023, the Company issued an unsecured promissory note (the “Note”) in the principal amount of up to $1,500,000 to the Sponsor, which may be drawn down by the Company from time to time prior to the consummation of the Company’s Business Combination. The Note does not bear interest, matures on the date of consummation of the Business Combination and is subject to customary events of default. As of June 30, 2023, the Company had $515,862 outstanding under the Note. Working Capital Loans In order to finance transaction costs in connection with an intended Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes the initial Business Combination, the Company may repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans may be repaid only out of funds held outside the Trust Account. In the event that the initial Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds from the Trust Account would be used to repay the Working Capital Loans. Up to $1,500,000 of such Working Capital Loans may be convertible into warrants of the post-Business Combination entity at a price of $1.00 per warrant at the option of the lender. The warrants would be identical to the Private Placement Warrants. As of June 30, 2023 and December 31, 2022, the Company had no borrowings under the Working Capital Loans. Office Space, Secretarial and Administrative Services Through the earlier of consummation of the initial Business Combination and the liquidation, the Company incurs $10,000 per month for office space, utilities, secretarial support and administrative services provided by the Sponsor. For the three and six months ended June 30, 2023 and 2022, the Company has incurred respectively. No amounts have been paid for these services. As of June 30, 2023 and December 31, 2022, the Company reported on the balance sheets | Note 5 — Related Party Transactions Founder Shares On April 27, 2021, the Sponsor paid $25,000, or approximately $0.004 per share, to cover certain offering costs in consideration for 5,750,000 Class B ordinary shares, par value $0.0001. In September 2021, certain shareholders surrendered, for no consideration, an aggregate of 1,437,500 Class B ordinary shares, leaving 5,750,000 Founder Shares outstanding. In October 2021, a share dividend was issued which resulted in 6,900,000 Founder Shares outstanding; of which 900,000 were subject to surrender if the underwriter had not exercised their full over-allotment option. All share values and related amounts have been retroactively restated to reflect the dividend. On September 10, 2021, the Sponsor transferred 115,000 Class B ordinary shares to each of its three independent directors. Additionally, on September 27, 2021, the Company sold 831,393 Class B ordinary shares to the Salient Client Accounts at a price of approximately $0.004 per share. As of December 31, 2022, the Sponsor held 4,573,607 Class B ordinary shares. The initial shareholders and each member of the management team have entered into an agreement with the Company, pursuant to which they have agreed to (i) waive their redemption rights with respect to their Founder Shares and Public Shares in connection with the completion of the Business Combination; (ii) waive their redemption rights with respect to their Founder Shares and Public Shares in connection with a shareholder vote to approve an amendment to the amended and restated memorandum and articles of association (A) that would modify the substance or timing of the Company’s obligation to provide holders of the Class A ordinary shares the right to have their shares redeemed in connection with the Business Combination or to redeem 100% of the Company’s public shares if it does not complete the Business Combination within 15 months from the closing of the Public Offering (or up to 21 months, if extended) to complete a Business Combination or (B) with respect to any other provision relating to the rights of holders of the Class A ordinary shares and (iii) waive their rights to liquidating distributions from the Trust Account with respect to any Founder Shares they hold if the Company fails to consummate an Business Combination within 15 months from the closing of this offering (or up to 21 months, if extended) to complete a Business Combination as described in the prospectus (although they will be entitled to liquidating distributions from the Trust Account with respect to any Public Shares they hold if the Company fails to complete the Business Combination within the prescribed time frame). If the Company seeks shareholder approval, it will complete the Business Combination only if it is approved by an ordinary resolution or such higher approval threshold as may be required by Cayman Islands law and pursuant to the amended and restated memorandum and articles of association. In such case, the initial shareholders and each member of the management team have agreed to vote their Founder Shares and Public Shares in favor of the Business Combination. Promissory Note — Related Party On April 27, 2021, the Sponsor agreed to loan the Company up to $ to be used for a portion of the expenses of the Public Offering. The Company borrowed a total of $ . This loan was non-interest bearing, unsecured and due at the earlier of December 31, 2021 or the closing of the Public Offering. The loan was to be repaid upon the closing of the Public Offering out of the offering proceeds not held in the Trust Account. In connection with the closing of the Public Offering, the Company paid down $ of the outstanding balance. As of December 31, 2022 and 2021, the Company had $ outstanding under the promissory note. Working Capital Loans In order to finance transaction costs in connection with an intended Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes the initial Business Combination, the Company may repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans may be repaid only out of funds held outside the Trust Account. In the event that the initial Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds from the Trust Account would be used to repay the Working Capital Loans. Up to $1,500,000 of such Working Capital Loans may be convertible into warrants of the post-Business Combination entity at a price of $1.00 per warrant at the option of the lender. The warrants would be identical to the Private Placement Warrants. As of December 31, 2022 and 2021, the Company had no borrowings under the Working Capital Loans. Office Space, Secretarial and Administrative Services Through the earlier of consummation of the initial Business Combination and the liquidation, the Company incurs per month for office space, utilities, secretarial support and administrative services provided by the Sponsor. For the year ended December 31, 2022 and for the period from April 19, 2021 (inception) through December 31, 2021, the Company has incurred respectively. No amounts have been paid for these services. As of December 31, 2022 and 2021, the Company reported on the balance sheets $120,000 and $24,193, respectively, pursuant to this agreement, in “Due to related party”. |
Prepaid Expenses
Prepaid Expenses | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Prepaid Expense, Current [Abstract] | ||
Prepaid Expenses | Note 4 — Prepaid Expenses The Company’s prepaid expenses as of June 30, 2023 and Dec em June 30, 2023 December 31, 2022 Prepaid insurance $ 3,515 $ 26,081 Other prepaid expenses 10,112 5,029 $ 13,627 $ 31,110 | Note 6 — Prepaid Expenses The Company’s prepaid expenses as of December 31, 2022 and 2021 primarily consisted of insurance. December 31, 2022 December 31, 2021 Current Current Non-current Prepaid insurance $ 26,081 $ 528,861 $ 26,081 Other prepaid expenses 5,029 21,573 — $ 31,110 $ 550,434 $ 26,081 |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 6 Months Ended |
Jun. 30, 2023 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Accounts Payable and Accrued Expenses | Note 5 — Accounts Payable and Accrued Expenses The Company’s accounts payable and accrued expenses as of June 30, 2023 and December 31, 2022 p rim June 30, 2023 December 31, 2022 Legal accrual $ 4,435,086 $ 1,705,049 Other payables and expenses 229,453 161,943 $ 4,664,539 $ 1,866,992 |
Commitments & Contingencies
Commitments & Contingencies | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments & Contingencies | Note 6 — Commitments & Contingencies Registration and Shareholder Rights The holders of the Founder Shares, Private Placement Warrants and any warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans) will be entitled to registration rights pursuant to a registration and expected shareholder rights agreement signed at the closing of our Public Offering. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company registers such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the Company’s completion of its initial Business Combination. However, the registration and expected shareholder rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable lock-up In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of its initial Business Combination. However, the registration and expected shareholder rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable lockup period, which occurs (i) in the case of the Founder Shares, as described in the following paragraph, and (ii) in the case of the Private Placement Warrants and the respective Class A ordinary shares underlying such warrants, 30 days after the completion of the initial Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Except as described herein, the Sponsor and its directors and executive officers have agreed not to transfer, assign or sell any of their Founder Shares until the earliest of (A) one year after the completion of the initial Business Combination or (B) subsequent to the initial Business Combination, (x) if the closing price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any30-tradingday period commencing at least 150 days after the initial Business Combination, or (y) the date on which the Company complete a liquidation, merger, share 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. Any permitted transferees would lock-up. In addition, pursuant to the registration and expected shareholder rights agreement, the Sponsor, upon and following consummation of an initial Business Combination, will be entitled to nominate three individuals for election to the board of directors, as long as the Sponsor holds any securities covered by the registration and expected shareholder rights agreement. Underwriting Agreement The underwriters were entitled to a deferred underwriting commission of 3.5% of the gross proceeds of the Public Offering upon the completion of the Company’s initial Business Combination. In April 2023, t he underwriters waived any right to receive the deferred underwriting commission and will therefore receive no additional underwriting commissions in connection with the Closing. As a result, the Company recognized $ 425,040 of income and $ 9,234,960 was recorded to accumulated deficit in relation to the reduction of the deferred underwriter fee. As of June 30, 2023 and December 31, 2022, the deferred underwriting fee is $ 0 and $ 9,660,000 , respectively. To account for the waiver of the deferred underwriting fee, the Company analogized to the SEC staff’s guidance on accounting for reducing a liability for “trailing fees”. Upon the waiver of the deferred underwriter fee, the Company reduced the deferred underwriter liability to $0 and reversed the previously recorded cost of issuing the instruments in the IPO, which included recognizing a contra-expense of $425,040, which is the amount previously allocated to liability classified warrants and expensed upon the IPO, and reduced the accumulated deficit and increased income available to Class B ordinary shares by $9,234,960, which was previously allocated to the Class A ordinary shares subject to redemption and accretion recognized at the IPO date. Proposed Business Combination On April 19, 2023, the Company entered into a Business Combination Agreement, by and among the Company, ESGEN OpCo, LLC, a Delaware limited liability company and wholly-owned subsidiary of ESGEN (“OpCo”), Sunergy Renewables, LLC, a Nevada limited liability company (“Sunergy”), the Sunergy equityholders set forth on the signature pages thereto (collectively, “Sellers” and each, a “Seller”, and collectively with Sunergy, the “Sunergy Parties”), for limited purposes, the Sponsor, and for limited purposes, Timothy Bridgewater, an individual, in his capacity as the Sellers Representative (the “Business Combination Agreement”). In accordance with the terms and subject to the conditions of the Business Combination Agreement, among other things: (i) prior to the consummation of the Business Combination (the “Closing”), each issued and outstanding Class B ordinary share, par value $0.0001 per share, of ESGEN will convert into one ESGEN Class A ordinary share, par value $0.0001 per share, of ESGEN (the “ESGEN Share Conversion”); and (ii) following the ESGEN Share Conversion but prior to the Closing, ESGEN will, subject to the receipt of the requisite shareholder approval, transfer by way of continuation from the Cayman Islands to the State of Delaware and domesticate as a Delaware corporation (the “Domestication”). In connection with the Domestication, (A) each outstanding ESGEN Class A Ordinary Share will become one share of Class A common stock, par value $0.0001 per share, of ESGEN, (B) each outstanding warrant to purchase one ESGEN Class A Ordinary Share will become a warrant to purchase one share of ESGEN Class A Common Stock at an exercise price of $11.50 per share, and (C) ESGEN will file its certificate of incorporation and will adopt bylaws to serve as its governing documents upon consummation of the Domestication. In connection with the ESGEN Share Conversion and the Domestication, each issued and outstanding unit of ESGEN, each consisting of ESGEN Class A Ordinary Share and one-half (y) warrant representing the right to purchase one share of ESGEN Class A Common Stock at an exercise price of $11.50 per share on the terms and subject to the conditions applicable to ESGEN Warrants set forth in the Warrant Agreement, dated as of October 22, 2021, between ESGEN and Continental Stock Transfer & Trust Company (the “Trustee”). In accordance with the terms and subject to the conditions of the Business Combination Agreement, Sunergy will cause all holders of any options, warrants or rights to subscribe for or purchase any equity interests of Sunergy or its subsidiaries or securities (including debt securities) convertible into or exchangeable for, or that otherwise confer on the holder any right to acquire, any equity interests of Sunergy or any subsidiary thereof (collectively, the “Sunergy Convertible Interests”) existing immediately prior to the Closing either to exchange or convert all such holder’s Sunergy Convertible Interests into limited liability interests of Sunergy (the “Sunergy Company Interests”) in accordance with the governing documents of Sunergy or the Sunergy Convertible Interests (collectively, the “Sunergy Exchanges”). At the Closing, ESGEN will contribute to OpCo (1) all of its assets (excluding its interests in OpCo, but including the amount of cash in the Trust Account as of immediately prior to the Closing (after giving effect to the exercise of redemption rights by any ESGEN shareholders)), and (2) a number of newly issued shares of Class V common stock of ESGEN, par value $0.0001 per share, which will generally have only voting rights (the “ESGEN Class V Common Stock”), equal to the number of Seller OpCo Units (as defined in the Business Combination Agreement) (the “Seller Class V Shares”) and (y) in exchange, OpCo shall issue to ESGEN (i) a number of common units of OpCo (the “OpCo Units”) which shall equal the number of total shares of ESGEN Class A Common Stock issued and outstanding immediately after the Closing and (ii) a number of warrants to purchase OpCo Units which shall equal the number of SPAC Warrants issued and outstanding immediately after the Closing (the transactions described above in this paragraph, the “ESGEN Contribution”). Immediately following the ESGEN Contribution, (x) the Sellers will contribute to OpCo the Sunergy Company Interests and (y) in exchange therefor, OpCo will transfer to the Sellers the Seller OpCo Units and the Seller Class V Shares. The obligation of ESGEN, the Sunergy Parties and OpCo to consummate the Business Combination is subject to certain customary closing conditions, including, but not limited to, (i) the absence of any order, law or other legal restraint or prohibition enacted, issued or promulgated by any court of competent jurisdiction or other governmental entity of competent jurisdiction having the effect of making the Business Combination illegal or otherwise prohibiting the consummation of the Business Combination, (ii) the termination or expiration of any applicable waiting period applicable to the consummation of the Business Combination under the Hart-Scott-Rodino Act, (iii) the effectiveness of the Registration Statement on Form S-4 3a51-1(g)(1) immediately after any holders of the ESGEN Class A Ordinary Shares exercise their redemption rights, (vii) the members of the post-Business Combination ESGEN board of directors shall have been elected or appointed in accordance with the Business Combination Agreement and (viii) the aggregate transaction proceeds, including from the Trust Account after giving effect to the exercise of redemption rights by any ESGEN shareholders pursuant to the ESGEN amended and restated memorandum and articles of association, as amended, and the proceeds resulting from the Initial PIPE Investment (as defined below) and any financing agreements executed in furtherance of the Business Combination Agreement, shall be greater or equal to $20.0 million. Concurrently with the execution of the Business Combination Agreement, ESGEN entered into a subscription agreement (the “Initial Subscription Agreement”) with Sponsor. Pursuant to the Initial Subscription Agreement, Sponsor agreed to subscribe for and purchase, and ESGEN agreed to issue and sell to Sponsor, concurrently with The Business Combination is expected to close in the fourth quarter of 2023, following the receipt of the required approvals by our shareholders and the fulfillment of other customary closing conditions. | Note 7 — Commitments & Contingencies Registration and Shareholder Rights The holders of the Founder Shares, Private Placement Warrants and any warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans) will be entitled to registration rights pursuant to a registration and expected shareholder rights agreement signed at the closing of our Public Offering. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company registers such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the Company’s completion of its initial Business Combination. However, the registration and expected shareholder rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable lock-up In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of its initial Business Combination. However, the registration and expected shareholder rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable lockup period, which occurs (i) in the case of the Founder Shares, as described in the following paragraph, and (ii) in the case of the Private Placement Warrants and the respective Class A ordinary shares underlying such warrants, 30 days after the completion of the initial Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Except as described herein, the Sponsor and its directors and executive officers have agreed not to transfer, assign or sell any of their Founder Shares until the earliest of (A) one year after the completion of the initial Business Combination or (B) subsequent to the initial Business Combination, (x) if the closing price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading directors and executive officers with respect to any founder shares. Any permitted transferees will be subject to the same restrictions and other agreements of the Sponsor with respect to any Founder Shares. The Company refers to such transfer restrictions throughout the Public Offering as the lock- up. In addition, pursuant to the registration and expected shareholder rights agreement, the Sponsor, upon and following consummation of an initial Business Combination, will be entitled to nominate three individuals for election to the board of directors, as long as the Sponsor holds any securities covered by the registration and expected shareholder rights agreement. Underwriting Agreement The Company granted the underwriters a 45-day additional Units to cover over-allotments, if any, at the Public Offering price less the underwriting commission. The underwriters exercised the full over-allotment at the consummation The underwriters earned an underwriting commission of two percent which was paid in cash at closing of the offering. Additionally, the underwriters are entitled to a deferred underwriting commission |
Warrant Liabilities
Warrant Liabilities | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Warrant Liabilities | ||
Warrant Liabilities | Note 7 The Company accounts for the warrants issued in connection with the Public Offering ( Public Warrants and Private Placement Warrants) in accordance with the guidance contained in ASC Topic 815-40. Such guidance provides that because the warrants do not meet the criteria for equity treatment thereunder, each warrant must be With each such remeasurement, the warrant liabilities will be adjusted to fair value Public Warrants Each whole warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as discussed herein. In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per ordinary share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, the $18.00 per share redemption trigger price described adjacent to “Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price described adjacent to the caption “Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price. The warrants will become exercisable 30 days after the completion of the Company’s initial Business Combination and will expire five years after the completion of the Company’s initial Business Combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation. The Company has agreed that as soon as practicable, but in no event later than 20 business days after the closing of the initial Business Combination, it will use its commercially reasonable efforts to file with the SEC a post-effective amendment to the registration statement of which this prospectus forms a part or a new registration statement for the registration, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the warrants, and the Company will use its commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of the initial Business Combination, and to maintain the effectiveness of such registration statement and a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed, as specified in the warrant agreement; provided that if the Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elect, it will not be required to file or maintain in effect a registration statement, 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. The “fair market value” as used in this paragraph shall mean the volume weighted average price of the Class A ordinary shares for the 10 trading days ending on the trading day prior to the date on which the notice of exercise is received by the warrant agent. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th 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 it will use its commercially reasonably efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. In such event, each holder would pay the exercise price by surrendering the warrants for that number of Class A ordinary shares equal to the lesser of (A) the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied by the excess of the “fair market value” (defined below) less the exercise price of the warrants by (y) the fair market value and (B) 0.361. The “fair market value” as used in this paragraph shall mean the volume weighted average price of the Class A ordinary shares for the 10 trading days ending on the trading day prior to the date on which the notice of exercise is received by the warrant agent. Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00. • in whole and not in part; • at a price of $0.01 per warrant; • upon a minimum of 30 days’ prior written notice of redemption to each warrant holder; and • if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “Description of Securities—Warrants—Public Shareholders’ Warrants—Anti-dilution Adjustments”) for any 20 trading days within a Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00. • in whole and not in part; • at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption; and • if, and only if, the closing price of the Class A ordinary shares equals or exceeds $10.00 per public share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “Description of Securities—Warrants—Public Shareholders’ Warrants—Anti-dilution Adjustments”) for any 20 trading days within the Private Warrants If the Private Placement Warrants are held by holders other than the Sponsor or its permitted transferees, the Private Placement Warrants will be redeemable by the Company in all redemption scenarios and exercisable by the holders on the same basis as the warrants included in the units sold in the Public Offering. Any amendment to the terms of the Private Placement Warrants or any provision of the warrant agreement with respect to the Private Placement Warrants will require a vote of holders of at least 50% of the number of the then outstanding Private Placement Warrants. The accounting treatment of derivative financial instruments requires that the Company record a derivative liability upon the closing of the IPO. Accordingly, the Company has classified each warrant as a liability at its fair value and the warrants were allocated a portion of the proceeds from the issuance of the Units equal to its fair value. This liability is subject re-measurement re-measurement, | Note 8 — Warrant Liabilities The Company accounts for the 27,840,000 warrants issued in connection with the Public Offering (13,800,000 Public Warrants and 14,040,000 Private Placement Warrants) in accordance with the guidance contained in ASC Topic 815 With each such remeasurement, the warrant liabilities will be adjusted to fair value, with the change in fair value recognized in the Company’s statements of operations. Public Warrants Each whole warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as discussed herein. In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per ordinary share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, the $18.00 per share redemption trigger price described adjacent to “Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price described adjacent to the caption “Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price. The The Company has agreed that as soon as practicable, but in no event later than 20 business days after the closing of the initial Business Combination, it will use its commercially reasonable efforts to file with the SEC a post-effective amendment to the registration statement of which this prospectus forms a part or a new registration statement for the registration, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the warrants, and the Company will use its commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of the initial Business Combination, and to maintain the effectiveness of such registration statement and a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed, as specified in the warrant agreement; provided that if the Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elect, it will not be required to file or maintain in effect a registration statement, 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. The “fair market value” as used in this paragraph shall mean the volume weighted average price of the Class A ordinary shares for the 10 trading days ending on the trading day prior to the date on which the notice of exercise is received by the warrant agent. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th 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 it will use its commercially reasonably efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. In such event, each holder would pay the exercise price by surrendering the warrants for that number of Class A ordinary shares equal to the lesser of (A) the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied by the excess of the “fair market value” (defined below) less the exercise price of the warrants by (y) the fair market value and (B) 0.361. The “fair market value” as used in this paragraph shall mean the volume weighted average price of the Class A ordinary shares for the 10 trading days ending on the trading day prior to the date on which the notice of exercise is received by the warrant agent. Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00 • in whole and not in part; • at a price of $0.01 per warrant; • upon a minimum of 30 days’ prior written notice of redemption to each warrant holder; and • if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “Description of Securities—Warrants—Public Shareholders’ Warrants—Anti-dilution Adjustments”) for any 20 trading days within a 30-trading Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00 • in whole and not in part; • at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption; and • if, and only if, the closing price of the Class A ordinary shares equals or exceeds $10.00 per public share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “Description of Securities—Warrants—Public Shareholders’ Warrants—Anti-dilution Adjustments”) for any 20 trading days within the 30-trading Private Warrants If the Private Placement Warrants are held by holders other than the Sponsor or its permitted transferees, the Private Placement Warrants will be redeemable by the Company in all redemption scenarios and exercisable by the holders on the same basis as the warrants included in the units sold in the Public Offering. Any amendment to the terms of the Private Placement Warrants or any provision of the warrant agreement with respect to the Private Placement Warrants will require a vote of holders of at least 50% of the number of the then outstanding Private Placement Warrants. The accounting treatment of derivative financial instruments requires that the Company record a derivative liability upon the closing of the IPO. Accordingly, the Company has classified each warrant as a liability at its fair value and the warrants were allocated a portion of the proceeds from the issuance of the Units equal to its fair value determined by a Black Scholes model. This liability is subject to re-measurement at each balance sheet date. With each such re-measurement, |
Recurring Fair Value Measuremen
Recurring Fair Value Measurements | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Derivative Instrument Detail [Abstract] | ||
Recurring Fair Value Measurements | Note 8 As of June 30, 2023 and December 31, 2022, investments held in the Trust Account are determined by Level 1 inputs utilizing quoted prices (unadjusted) in active markets for identical assets. The Company’s Public Warrants are traded on the Nasdaq. As such, the Public Warrant valuation is based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. The fair value of the Public Warrant liabilities is classified within Level 1 of the fair value hierarchy. At June 30, 2023 and December 31, 2022, the Company considers the Private Warrants to be economically equivalent to the Public Warrants. As such, the valuation of the Public Warrants was used to value the Private Warrants. The fair value of the Private Warrant liabilities is classified within Level 2 of the fair value hierarchy. The following tables presents fair value information as of June 30, 2023 and December 31, 2022 of the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. June 30, 2023 Level 1 Level 2 Level 3 Total Assets: Marketable securities held in Trust Account $ 31,631,853 $ — $ — $ 31,631,853 Liabilities: Public Warrants 1,015,680 — — 1,015,680 Private Warrants — 1,033,344 — 1,033,344 Total liabilities $ 966,000 $ 982,800 $ — $ 1,948,800 December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Marketable securities held in Trust Account $ 285,506,568 $ — $ — $ 285,506,568 Liabilities: Public Warrants 394,680 — — 394,680 Private Warrants — 401,544 — 401,544 Total liabilities $ 394,680 $ 401,544 $ — $ 796,224 There were no transfers to or from Levels 1, 2 or 3. | Note 9 — Recurring Fair Value Measurements As of December 31, 2022 and 2021, investments held in the Trust Account are determined by Level 1 inputs utilizing quoted prices (unadjusted) in active markets for identical assets. The Company’s Public Warrants are traded on the Nasdaq. As such, the Public Warrant valuation is based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. The fair value of the Public Warrant liabilities is classified within Level 1 of the fair value hierarchy. At December 31, 2022, the Company considers the Private Warrants to be economically equivalent to the Public Warrants. As such, the valuation of the Public Warrants was used to value the Private Warrants. The fair value of the Private Warrant liabilities is classified within Level 2 of the fair value hierarchy. At December 31, 2021, the Company’s Private Warrant liabilities is based on a valuation model utilizing management judgment and pricing inputs from observable and unobservable markets with less volume and transaction frequency than active markets. Significant deviations from these estimates and inputs could result in a material change in fair value. The fair value of the Private Warrant liabilities is classified within Level 3 of the fair value hierarchy. The following tables presents fair value information as of December 31, 2022 and 2021 of the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Marketable securities held in Trust Account $ 285,506,568 $ — $ — $ 285,506,568 Liabilities: Public Warrants $ 394,680 $ — $ — $ 394,680 Private Warrants — 401,544 — 401,544 Total liabilities $ 394,680 $ 401,544 $ — $ 796,224 December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Marketable securities held in Trust Account $ 281,522,137 $ — $ — $ 281,522,137 Liabilities: Public Warrants $ 6,900,000 $ — $ — $ 6,900,000 Private Warrants — — 7,076,160 7,076,160 Total liabilities $ 6,900,000 $ — $ 7,076,160 $ 13,976,160 The following table provides a summary of the changes in the fair value of the Company’s Level 3 financial instruments that are measured at fair value on a recurring basis: Private Public Warrant Warrant liabilities – initial measurement $ 12,776,400 $ 12,144,000 $ 24,920,400 Chang (5,700,240 ) (5,244,000 ) (10,944,240 ) Transfer to Level 1 — (6,900,000 ) (6,900,000 ) Warrant liabilities at December 31, 2021 $ 7,076,160 $ — $ 7,076,160 Change in fair value of warrant liabilities (5,812,560 ) — (5,812,560 ) Transfer to Level 2 (1,263,600 ) — (1,263,600 ) Warrant liabilities at December 31, 2022 $ — $ — $ — Transfers to/from Levels 1, 2 and 3 are recognized at the end of the reporting period. The estimated fair value of the Public Warrants transferred from a Level 3 measurement to a Level 1 fair value measurement during the period April 19, 2021 (Inception) through December 31, 2021 after the Public Warrants were separately listed and traded. The estimated fair value of the Private Placement Warrants transferred from a Level 3 measurement to a Level 2 fair value measurement during the year ended December 31, 2022 due to the use of an observable market quote for a similar asset in an active market. The estimated fair value of the Private Placement Warrants at December 31, 2021 was determined using a Black Scholes model with assumptions related to expected stock-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its ordinary shares based on projected volatility of comparable public companies that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon The following table presents quantitative information about the Company’s Level 3 liabilities that are measured at fair value on a recurring basis as of December 31, 2021. December 31, 2021 Exercise price $ 11.50 Share price $ 9.92 Risk-free rate 1.32 % Expected volatility 8.3 % Term (years) 5.81 |
Shareholders' Deficit
Shareholders' Deficit | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | ||
Shareholders' Deficit | Note 9 Preference shares Class A ordinary shares Class B ordinary shares Holders of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all matters submitted to a vote of the Company’s shareholders except as required by law. Unless specified in the Company’s amended and restated memorandum and articles of association, or as required by applicable provisions of the Companies Act or applicable stock exchange rules, the affirmative vote of a majority of the Company’s ordinary shares that are voted is required to approve any such matter voted on by its shareholders. The time of the initial Business Combination or earlier at the option of the holders thereof at a ratio such that the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted one-to-one. This is different than some other similarly structured blank check companies in which the initial shareholders will only be issued an aggregate of % of the total number of shares to be outstanding prior to the initial Business Combination. | Note 10 — Shareholders’ Deficit Preference shares no Class A ordinary shares Class B ordinary shares shares were subject to forfeiture to the Company for no consideration to the extent that the underwriter’s over-allotment option was not exercised in full or in part, so that the initial shareholders will collectively own % of the Company’s issued and outstanding ordinary shares after the Public Offering. The underwriters exercised their full over-allotment on October 22, 2021. Holders of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all matters submitted to a vote of the Company’s shareholders except as required by law. Unless specified in the Company’s amended and restated memorandum and articles of association, or as required by applicable provisions of the Companies Act or applicable stock exchange rules, the affirmative vote of a majority of the Company’s ordinary shares that are voted is required to approve any such matter voted on by its shareholders. The Class B ordinary shares will automatically convert into Class A ordinary shares (which such Class A ordinary shares delivered upon conversion will not have any redemption rights or be entitled to liquidating distributions from the Trust Account if the Company fails to consummate an initial Business Combination) at the time of the initial Business Combination or earlier at the option of the holders thereof at a ratio such that the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted Placement Warrants issued to the Sponsor, any of its affiliates or any members of the Company’s management team upon conversion of Working Capital Loans. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one-to-one. This is different than some other similarly structured blank check companies in which the initial shareholders will only be issued an aggregate of 20% of the total number of shares to be outstanding prior to the initial Business Combination. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 11 — Subsequent Events On January 18, 2023, the Company’s shareholders voted to amend the Company’s amended and restated memorandum and articles of association (the “Extension Proposal”) to extend from January 22, 2023 to April 22, 2023 (the “Extended Date”) the date (the “Termination Date”) by which the Company must mandatorily liquidate the C Additionally, in the event that the Company has not consummated an initial business combination by the Extended Date, the Board may extend the Termination Date up to six times, each by one additional month (for a total of up to six additional months to complete a business combination) (each, an “Additional Extension Date”), provided that the Company deposits into the Trust Account for each Additional Extension Date the lesser of (a) $140,000 or (b) $0.04 for each Public Share that is then-outstanding. n aggregate |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Accounting Policies [Abstract] | ||
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Qand S-X The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K, The breakout of loss from operations on the condensed statement of operations for the three and six months ended June 30, 2022, has been revised to conform to the current presentation. This presentation did not impact any other financial statement line items. | Basis of Presentation The accompanying audited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The summary of significant accounting policies presented below is designed to assist in understanding the Company’s financial statements. Such financial statements and accompanying notes are the representations of the Company’s management, who is responsible for their integrity and objectivity. |
Emerging Growth Company Status | Emerging Growth Company Status The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. 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 unaudited condensed 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. | Emerging Growth Company Status The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. 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 non- company |
Use of Estimates | Use of Estimates The preparation of unaudited condensed 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 unaudited condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. | Use of Estimates The preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. |
Cash Equivalents | Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of June 30, 2023 and December 31, 2022, respectively. | Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of December 31, 2022 and 2021, respectively. |
Marketable Securities Held in Trust Account | Marketable Securities Held in Trust Account Substantially all of the assets held in the Trust Account were held in U.S. Money Market Funds. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held in Trust Account are included in investment income on marketable securities held in Trust Account in the accompanying statement s | Marketable Securities Held in Trust Account Substantially all of the assets held in the Trust Account were held in U.S. Money Market Funds. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held in Trust Account are included in investment income on marketable securities held in Trust Account in the accompanying statement of operations. The estimated fair values of investments held in Trust Account are determined using available market information. |
Offering Costs Associated with Initial Public Offering | Offering Costs Associated with Initial Public Offering The Company complies with the requirements of ASC Topic 340-10-S99-1 was deemed allocable to the warrants and charged to expense upon the completion of the IPO. | |
Fair Value Measurement | Fair Value Measurement The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the balance sheet, primarily due to its short-term nature. Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The Company’s financial instruments are classified as either Level 1, Level 2 or Level 3. These tiers include: • Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; • Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and • Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. | Fair Value Measurement The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the balance sheet, primarily due to its short-term nature. Fair value is defined as the price that would be received for sale of an asset o r paid for transfer of a liability, in an orderly transaction between • 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. |
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”. The Company’s derivative instruments are recorded at fair value on the balance sheet with changes in the fair value reported in the statements of operations. Derivative assets and liabilities are classified on the balance sheets as current or non-current net-cash | 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”. The Company’s derivative instruments are recorded at fair value on the balance sheet with changes in the fair value reported in the statement s non-current net-cash |
Warrant Liability | Warrant Liability The Company accounts for the Public and Private Placement warrants issued in connection with the Public Offering in accordance with the guidance contained in ASC Topic 815-40 and ASC Topic 480. Such guidance provides that because the warrants do not meet the criteria for equity treatment thereunder, each warrant must be recorded as a liability. Accordingly, the Company will classify each warrant as a liability at its fair value. This liability is subject to re-measurement re-measurement, | Warrant Liability The Company accounts for the Public and Private Placement warrants issued in connection with the Public Offering in accordance with the guidance contained in ASC Topic 815-40 re-measurement re-measurement, |
Net (Loss) Income Per Ordinary Share | Net (Loss) Income Per Ordinary Share The Company has two classes of shares, which are referred to as Class A ordinary shares and Class B The earnings per share presented in the statement of operations is based on the following: For the Three Months Ended For the Six Months Ended 2023 2022 2023 2022 Net (loss) income $ (1,411,072 ) $ 1,494,631 $ (2,857,183 ) $ 7,375,172 Accretion of temporary equity to redemption value 8,522,150 (368,774 ) 7,233,917 (386,945 ) Net income including accretion of temporary equity to redemption value $ 7,111,078 $ 1,125,857 $ 4,376,734 $ 6,988,227 For the Three Months Ended June 30, 2023 2022 Class A Class B Class A Class B Basic and diluted net (loss) income per share: Numerator: Allocation of net income including accretion of temporary equity $ 2,133,323 $ 4,977,755 $ 900,686 $ 225,171 Allocation of accretion of temporary equity to redemption value (8,522,150 ) — 368,774 — Allocation of net (loss) income $ (6,388,827 ) $ 4,977,755 $ 1,269,460 $ 225,171 Denominator: Weighted-average shares outstanding 2,896,555 6,900,000 27,600,000 6,900,000 Basic and diluted net (loss) income per share $ (2.21 ) $ 0.72 $ 0.05 $ 0.03 For the Six Months Ended June 30, 2023 2022 Class A Class B Class A Class B Basic and diluted net (loss) income per share: Numerator: Allocation of net (loss) income including accretion of temporary equity $ 1,925,763 $ 2,450,971 $ 5,590,582 $ 1,397,645 Allocation of accretion of temporary equity to redemption value (7,233,917 ) — 386,945 — Allocation of net (loss) income $ (5,308,154 ) $ 2,450,971 $ 5,977,527 $ 1,397,645 Denominator: Weighted-average shares outstanding 5,489,734 6,900,000 27,600,000 6,900,000 Basic and diluted net (loss) income per share $ (0.97 ) $ 0.36 $ 0.22 $ 0.20 Net (loss) income per share is computed by dividing net (loss) income by the weighted average number of ordinary shares outstanding during the period. The Company has not considered the effect of the ordinary shares issuable upon exercise of the Public Warrants and Private Placement Warrants in the calculation of diluted loss per share, since the exercise of such warrants are contingent upon the occurrence of | Net Income (loss) Per Ordinary Share The Company has two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro rata between the two classes of shares. Net income (loss) per ordinary share is calculated by dividing the net income (loss) by the weighted average ordinary shares outstanding for the respective period. Net loss for the period from inception to IPO was allocated fully to Class B ordinary shares. With respect to the accretion of Class A ordinary shares subject to possible redemption, the Company treated accretion in the same manner as a dividend, paid to the shareholder in the calculation of the net income (loss) per ordinary share. The earnings per share presented in the statements of operations is based on the following: Year Ended For the Net income $ 14,334,250 $ 9,460,263 Accretion of temporary equity to redemption value (3,984,431 ) (33,092,121 ) Net income (loss) including accretion of temporary equity to redemption value $ 10,349,819 $ (23,631,858 ) Year Ended December 31, 2022 For the Period from April 19, 2021 (Inception) Through December 31, 2021 Class A Class B Class A Class B Basic and diluted net income (loss) per share Numerator: Allocation of net income (loss) including accretion of $ 8,279,855 $ 2,069,964 $ (18,310,230 ) $ (5,321,628 ) Allocation of accretion of temporary equity to redemption 3,984,431 — 33,092,121 — Allocation of net income (loss) $ 12,264,286 $ 2,069,964 $ 14,781,891 $ (5,321,628 ) Year Ended December 31, 2022 For the Period from April 19, 2021 (Inception) Through December 31, 2021 Class A Class B Class A Class B Denominator: Weighted-average shares outstanding $ 27,600,000 $ 6,900,000 $ 7,546,875 $ 6,685,214 Basic and diluted net income (loss) per share $ 0.44 $ 0.30 $ 1.96 $ (0.80 ) Net income (loss) per share is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period, excluding ordinary shares forfeited. The Company has not considered the effect of the ordinary shares issuable |
Class A Ordinary Shares Subject to Possible Redemption | Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in The Company has made a policy election in accordance with ASC 480-10-S99-3A paid-in paid-in | Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480. Class A ordinary shares subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable ordinary shares (including shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholder’s equity. The Company’s Class A ordinary shares sold in the IPO feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. The Company has 480-10-S99-3A paid-in paid-in paid-in |
Income Taxes | Income Taxes The Company accounts for income taxes under ASC Topic 740, “Income Taxes” (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of June 30, 2023 and December 31, 2022. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s unaudited condensed financial statements. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of June 30, 2023 and December 31, 2022, there were no unrecognized tax benefits and no amounts were accrued for the payment of interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. | Income Taxes The Company accounts ASC Topic 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statements and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC Topic 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of December 31, 2022 and 2021. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statements. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of December 31, 2022 and 2021, there were no unrecognized tax benefits and no amounts were accrued for the payment of interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. U.S. taxation could be imposed if the Company is engaged in a U.S. trade or business. The Company is not expected to be treated as engaged in a U.S. trade or business at this time. Additionally, given the nature of the investment income generated from the funds held in the Trust Account, it is not subject to tax withholdings in the U.S. Moreover, the Company determined that no income tax liability would arise from any other jurisdictions outside of the Cayman Islands. Consequently, income taxes are not reflected in the Company’s financial statements. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s unaudited condensed financial statements. | Recent Accounting Pronouncements In August 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-06, 470-20) 815-40)”, (“ASU2020-06”) ASU2020-06 ASU2020-06 if-converted ASU2020-06 ASU2020-06 Management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Accounting Policies [Abstract] | ||
Schedule of compute basic and diluted net income per share | The earnings per share presented in the statement of operations is based on the following: For the Three Months Ended For the Six Months Ended 2023 2022 2023 2022 Net (loss) income $ (1,411,072 ) $ 1,494,631 $ (2,857,183 ) $ 7,375,172 Accretion of temporary equity to redemption value 8,522,150 (368,774 ) 7,233,917 (386,945 ) Net income including accretion of temporary equity to redemption value $ 7,111,078 $ 1,125,857 $ 4,376,734 $ 6,988,227 For the Three Months Ended June 30, 2023 2022 Class A Class B Class A Class B Basic and diluted net (loss) income per share: Numerator: Allocation of net income including accretion of temporary equity $ 2,133,323 $ 4,977,755 $ 900,686 $ 225,171 Allocation of accretion of temporary equity to redemption value (8,522,150 ) — 368,774 — Allocation of net (loss) income $ (6,388,827 ) $ 4,977,755 $ 1,269,460 $ 225,171 Denominator: Weighted-average shares outstanding 2,896,555 6,900,000 27,600,000 6,900,000 Basic and diluted net (loss) income per share $ (2.21 ) $ 0.72 $ 0.05 $ 0.03 For the Six Months Ended June 30, 2023 2022 Class A Class B Class A Class B Basic and diluted net (loss) income per share: Numerator: Allocation of net (loss) income including accretion of temporary equity $ 1,925,763 $ 2,450,971 $ 5,590,582 $ 1,397,645 Allocation of accretion of temporary equity to redemption value (7,233,917 ) — 386,945 — Allocation of net (loss) income $ (5,308,154 ) $ 2,450,971 $ 5,977,527 $ 1,397,645 Denominator: Weighted-average shares outstanding 5,489,734 6,900,000 27,600,000 6,900,000 Basic and diluted net (loss) income per share $ (0.97 ) $ 0.36 $ 0.22 $ 0.20 | Year Ended For the Net income $ 14,334,250 $ 9,460,263 Accretion of temporary equity to redemption value (3,984,431 ) (33,092,121 ) Net income (loss) including accretion of temporary equity to redemption value $ 10,349,819 $ (23,631,858 ) Year Ended December 31, 2022 For the Period from April 19, 2021 (Inception) Through December 31, 2021 Class A Class B Class A Class B Basic and diluted net income (loss) per share Numerator: Allocation of net income (loss) including accretion of $ 8,279,855 $ 2,069,964 $ (18,310,230 ) $ (5,321,628 ) Allocation of accretion of temporary equity to redemption 3,984,431 — 33,092,121 — Allocation of net income (loss) $ 12,264,286 $ 2,069,964 $ 14,781,891 $ (5,321,628 ) Year Ended December 31, 2022 For the Period from April 19, 2021 (Inception) Through December 31, 2021 Class A Class B Class A Class B Denominator: Weighted-average shares outstanding $ 27,600,000 $ 6,900,000 $ 7,546,875 $ 6,685,214 Basic and diluted net income (loss) per share $ 0.44 $ 0.30 $ 1.96 $ (0.80 ) Net income (loss) per share is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period, excluding ordinary shares forfeited. The Company has not considered the effect of the ordinary shares issuable |
Public Offering (Tables)
Public Offering (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Public Offering | |
Summary of ordinary shares reflected on the balance sheet | As of December 31, 2022 and 2021, the ordinary shares reflected on the balance sheets are reconciled in the following table: Gross proceeds $ 276,000,000 Less: Proceeds allocated to Public Warrants (12,144,000 ) Class A ordinary share issuance costs (15,428,121 ) Plus: Accretion of carrying value to redemption value 33,092,121 Class A ordinary shares subject to possible redemption as of December 31, 2021 $ 281,520,000 Accretion of carrying value to redemption value 3,986,568 Class A ordinary shares subject to possible redemption as of December 31, 2022 $ 285,506,568 |
Prepaid Expenses (Tables)
Prepaid Expenses (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Prepaid Expense, Current [Abstract] | ||
Summary of Prepaid expenses | The Company’s prepaid expenses as of June 30, 2023 and Dec em June 30, 2023 December 31, 2022 Prepaid insurance $ 3,515 $ 26,081 Other prepaid expenses 10,112 5,029 $ 13,627 $ 31,110 | The Company’s prepaid expenses as of December 31, 2022 and 2021 primarily consisted of insurance. December 31, 2022 December 31, 2021 Current Current Non-current Prepaid insurance $ 26,081 $ 528,861 $ 26,081 Other prepaid expenses 5,029 21,573 — $ 31,110 $ 550,434 $ 26,081 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Schedule of company's accounts payable and accrued expenses | The Company’s accounts payable and accrued expenses as of June 30, 2023 and December 31, 2022 p rim June 30, 2023 December 31, 2022 Legal accrual $ 4,435,086 $ 1,705,049 Other payables and expenses 229,453 161,943 $ 4,664,539 $ 1,866,992 |
Recurring Fair Value Measurem_2
Recurring Fair Value Measurements (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Derivative Instrument Detail [Abstract] | ||
Schedule of fair value hierarchy for liabilities measured at fair value on recurring basis | The following tables presents fair value information as of June 30, 2023 and December 31, 2022 of the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. June 30, 2023 Level 1 Level 2 Level 3 Total Assets: Marketable securities held in Trust Account $ 31,631,853 $ — $ — $ 31,631,853 Liabilities: Public Warrants 1,015,680 — — 1,015,680 Private Warrants — 1,033,344 — 1,033,344 Total liabilities $ 966,000 $ 982,800 $ — $ 1,948,800 December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Marketable securities held in Trust Account $ 285,506,568 $ — $ — $ 285,506,568 Liabilities: Public Warrants 394,680 — — 394,680 Private Warrants — 401,544 — 401,544 Total liabilities $ 394,680 $ 401,544 $ — $ 796,224 | The following tables presents fair value information as of December 31, 2022 and 2021 of the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Marketable securities held in Trust Account $ 285,506,568 $ — $ — $ 285,506,568 Liabilities: Public Warrants $ 394,680 $ — $ — $ 394,680 Private Warrants — 401,544 — 401,544 Total liabilities $ 394,680 $ 401,544 $ — $ 796,224 December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Marketable securities held in Trust Account $ 281,522,137 $ — $ — $ 281,522,137 Liabilities: Public Warrants $ 6,900,000 $ — $ — $ 6,900,000 Private Warrants — — 7,076,160 7,076,160 Total liabilities $ 6,900,000 $ — $ 7,076,160 $ 13,976,160 |
Schedule of change in the fair value of the warrant liabilities | The following table provides a summary of the changes in the fair value of the Company’s Level 3 financial instruments that are measured at fair value on a recurring basis: Private Public Warrant Warrant liabilities – initial measurement $ 12,776,400 $ 12,144,000 $ 24,920,400 Chang (5,700,240 ) (5,244,000 ) (10,944,240 ) Transfer to Level 1 — (6,900,000 ) (6,900,000 ) Warrant liabilities at December 31, 2021 $ 7,076,160 $ — $ 7,076,160 Change in fair value of warrant liabilities (5,812,560 ) — (5,812,560 ) Transfer to Level 2 (1,263,600 ) — (1,263,600 ) Warrant liabilities at December 31, 2022 $ — $ — $ — | |
Schedule of quantitative information regarding Level 3 fair value measurements inputs | The following table presents quantitative information about the Company’s Level 3 liabilities that are measured at fair value on a recurring basis as of December 31, 2021. December 31, 2021 Exercise price $ 11.50 Share price $ 9.92 Risk-free rate 1.32 % Expected volatility 8.3 % Term (years) 5.81 |
Organization and Business Ope_2
Organization and Business Operation (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |||
Jan. 18, 2023 | Oct. 22, 2021 | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Subsidiary, Sale of Stock [Line Items] | |||||
Shares Issued, Price Per Share | $ 10 | ||||
Transaction Costs | $ 16,138,202 | ||||
Underwriting fees | 5,520,000 | ||||
Deferred Offering Cost Non-Current | 9,660,000 | ||||
Other offering costs | 958,202 | ||||
Shareholders deficit | 15,428,121 | ||||
Allocated to the warrants and expense | 710,081 | ||||
Net tangible assets | $ 5,000,001 | $ 5,000,001 | |||
Condition for future business combination threshold Percentage Ownership | 50 | 50 | |||
Redemption of shares calculated based on business days prior to consummation of business combination | 15 months | 15 months | |||
Condition for future business combination threshold Net Tangible Assets | $ 100,000 | $ 100,000 | |||
Obligation to redeem Public Shares if entity does not complete a Business Combination (as a percent) | 100% | 100% | |||
Cash held outside of the Trust Account | $ 140,000 | $ 50,193 | $ 614,767 | ||
Accrued Offering Costs And Expenses | $ 4,664,539 | $ 1,866,992 | |||
Public share | $ 0.04 | $ 9.2 | $ 9.2 | ||
Redemption Price Per Share | $ 10.35 | ||||
Aggregate redemption amount | $ 255,875,758 | ||||
Due to related party | $ 279,193 | $ 144,193 | $ 24,193 | ||
Subsequent Event [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Cash held outside of the Trust Account | $ 140,000 | ||||
Public share | $ 0.04 | ||||
Redemption Price Per Share | $ 10.35 | ||||
Aggregate redemption amount | $ 255,875,757 | ||||
Class A common stock [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Shares Issued, Price Per Share | $ 10 | ||||
Stock issued during period, shares, new issues | 24,703,445 | ||||
Redemption Price Per Share | $ 10.34 | $ 10.2 | |||
Class A common stock [Member] | Subsequent Event [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Stock issued during period, shares, new issues | 24,703,445 | ||||
Initial Public Offering [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Sale of Units, net of underwriting discounts (in shares) | 27,600,000 | ||||
Shares Issued, Price Per Share | $ 10.2 | 10 | 10 | ||
Proceeds from Issuance Initial Public Offering | $ 281,520,000 | ||||
Other offering costs | 16,138,202 | ||||
Shareholders deficit | 15,428,121 | ||||
Allocated to the warrants and expense | $ 710,081 | ||||
Initial Public Offering [Member] | Private Placement Warrants | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Shares Issued, Price Per Share | $ 11.5 | ||||
Sale of Private Placement Warrants (in shares) | 14,040,000 | ||||
Price of warrant | $ 1 | ||||
Initial Public Offering [Member] | Public Warrants | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Shares Issued, Price Per Share | $ 10.2 | $ 10.2 | |||
Private Placement [Member] | Private Placement Warrants | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Sale of Private Placement Warrants (in shares) | 14,040,000 | ||||
Percentage of business combinations aggregate fair market value | 80% | 80% | |||
Over-allotment option [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Sale of Units, net of underwriting discounts (in shares) | 3,600,000 | ||||
Shares Issued, Price Per Share | $ 10 | ||||
Over-allotment option [Member] | Private Placement Warrants | Class A common stock [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Price of warrant | $ 11.5 | ||||
Sponsor [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Redemption of shares calculated based on business days prior to consummation of business combination | 15 months | 15 months | |||
Obligation to redeem Public Shares if entity does not complete a Business Combination (as a percent) | 100% | 100% | |||
Month To Complete Acquisition | 21 months | ||||
Sponsor [Member] | Private Placement [Member] | Private Placement Warrants | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Sale of Private Placement Warrants (in shares) | 11,240,000 | ||||
Related Party [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Due to related party | $ 966,401 | $ 315,539 |
Significant Accounting Polici_4
Significant Accounting Policies (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 8 Months Ended | 12 Months Ended | |||
Oct. 22, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | |
Cash and cash equivalents | $ 0 | $ 0 | $ 0 | $ 0 | |||
Offering Cost | 958,202 | ||||||
Shareholders deficit | 15,428,121 | ||||||
Allocated to the warrants and expense | 710,081 | ||||||
Unrecognized tax benefits | 0 | 0 | 0 | 0 | |||
Unrecognized tax benefits accrued for interest and penalties | 0 | $ 0 | 0 | $ 0 | |||
Anti-dilutive securities attributable to warrants (in shares) | 27,840,000 | 27,840,000 | |||||
Accretion of carrying value to redemption value | $ 255,875,758 | 33,092,121 | $ 3,986,568 | ||||
Payments to Acquire Restricted Investments | 695,173 | $ 0 | |||||
Initial Public Offering [Member] | |||||||
Offering Cost | $ 16,138,202 | ||||||
Shareholders deficit | 15,428,121 | ||||||
Allocated to the warrants and expense | $ 710,081 | ||||||
Additional Paid-in Capital [Member] | |||||||
Accretion of carrying value to redemption value | 1,290,608 | ||||||
Accumulated Deficit [Member] | |||||||
Accretion of carrying value to redemption value | 712,810 | $ 368,774 | 2,001,043 | $ 389,082 | 31,801,513 | 3,986,568 | |
Class A common stock [Member] | Initial Public Offering [Member] | |||||||
Unrecognized tax benefits | $ 0 | $ 0 | $ 0 | $ 0 |
Significant Accounting Polici_5
Significant Accounting Policies - Reconciliation of Net Loss per Common Share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 8 Months Ended | 12 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | |
Net (loss) income | $ (1,411,072) | $ (1,446,111) | $ 1,494,631 | $ 5,880,541 | $ (2,857,183) | $ 7,375,172 | $ 9,460,263 | $ 14,334,250 |
Common Stock [Member] | ||||||||
Net (loss) income | (1,411,072) | 1,494,631 | (2,857,183) | 7,375,172 | 9,460,263 | 14,334,250 | ||
Accretion of temporary equity to redemption value | 8,522,150 | (368,774) | 7,233,917 | (386,945) | (33,092,121) | (3,984,431) | ||
Net income including accretion of temporary equity to redemption value | $ 7,111,078 | $ 1,125,857 | $ 4,376,734 | $ 6,988,227 | $ (23,631,858) | $ 10,349,819 | ||
Class A common stock [Member] | ||||||||
Weighted-average shares outstanding, basic | 2,896,555 | 27,600,000 | 5,489,734 | 27,600,000 | 7,546,875 | 27,600,000 | ||
Weighted average shares outstanding, diluted | 2,896,555 | 27,600,000 | 5,489,734 | 27,600,000 | 7,546,875 | 27,600,000 | ||
Basic net income (loss) per share | $ (2.21) | $ 0.05 | $ (0.97) | $ 0.22 | $ 1.96 | $ 0.44 | ||
Diluted net income per share | $ (2.21) | $ 0.05 | $ (0.97) | $ 0.22 | $ 1.96 | $ 0.44 | ||
Class A common stock [Member] | Common Stock [Member] | ||||||||
Accretion of temporary equity to redemption value | $ (8,522,150) | $ 368,774 | $ (7,233,917) | $ 386,945 | $ 33,092,121 | $ 3,984,431 | ||
Net income including accretion of temporary equity to redemption value | 2,133,323 | 900,686 | 1,925,763 | 5,590,582 | (18,310,230) | 8,279,855 | ||
Allocation of net (loss) income | $ (6,388,827) | $ 1,269,460 | $ (5,308,154) | $ 5,977,527 | $ 14,781,891 | $ 12,264,286 | ||
Weighted-average shares outstanding, basic | 2,896,555 | 27,600,000 | 5,489,734 | 27,600,000 | 7,546,875 | 27,600,000 | ||
Weighted average shares outstanding, diluted | 2,896,555 | 27,600,000 | 5,489,734 | 27,600,000 | 7,546,875 | 27,600,000 | ||
Basic net income (loss) per share | $ (2.21) | $ 0.05 | $ (0.97) | $ 0.22 | $ 1.96 | $ 0.44 | ||
Diluted net income per share | $ (2.21) | $ 0.05 | $ (0.97) | $ 0.22 | $ 1.96 | $ 0.44 | ||
Class B Common Stock [Member] | ||||||||
Weighted-average shares outstanding, basic | 6,900,000 | 6,900,000 | 6,900,000 | 6,900,000 | 6,684,375 | 6,900,000 | ||
Weighted average shares outstanding, diluted | 6,900,000 | 6,900,000 | 6,900,000 | 6,900,000 | 6,684,375 | 6,900,000 | ||
Basic net income (loss) per share | $ 0.72 | $ 0.03 | $ 0.36 | $ 0.2 | $ (0.8) | $ 0.3 | ||
Diluted net income per share | $ 0.72 | $ 0.03 | $ 0.36 | $ 0.2 | $ (0.8) | $ 0.3 | ||
Class B Common Stock [Member] | Common Stock [Member] | ||||||||
Accretion of temporary equity to redemption value | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||
Net income including accretion of temporary equity to redemption value | 4,977,755 | 225,171 | 2,450,971 | 1,397,645 | (5,321,628) | 2,069,964 | ||
Allocation of net (loss) income | $ 4,977,755 | $ 225,171 | $ 2,450,971 | $ 1,397,645 | $ (5,321,628) | $ 2,069,964 | ||
Weighted-average shares outstanding, basic | 6,900,000 | 6,900,000 | 6,900,000 | 6,900,000 | 6,685,214 | 6,900,000 | ||
Weighted average shares outstanding, diluted | 6,900,000 | 6,900,000 | 6,900,000 | 6,900,000 | 6,685,214 | 6,900,000 | ||
Basic net income (loss) per share | $ 0.72 | $ 0.03 | $ 0.36 | $ 0.2 | $ (0.8) | $ 0.3 | ||
Diluted net income per share | $ 0.72 | $ 0.03 | $ 0.36 | $ 0.2 | $ (0.8) | $ 0.3 |
Public Offering (Details)
Public Offering (Details) - USD ($) | 12 Months Ended | ||
Oct. 22, 2021 | Dec. 31, 2022 | Jun. 30, 2023 | |
Subsidiary, Sale of Stock [Line Items] | |||
Shares Issued, Price Per Share | $ 10 | ||
Class A common stock [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Shares Issued, Price Per Share | 10 | ||
Initial Public Offering [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of units sold | 27,600,000 | ||
Shares Issued, Price Per Share | $ 10.2 | $ 10 | 10 |
Initial Public Offering [Member] | Public Warrants [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Shares Issued, Price Per Share | $ 10.2 | $ 10.2 | |
Initial Public Offering [Member] | Public Warrants [Member] | Class A common stock [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of shares in a unit | 1 | ||
Number of warrants in a unit | 0.50 | ||
Number of shares issuable per warrant | 1 | ||
Exercise price of warrants | $ 11.5 | ||
Over-allotment option [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of units sold | 3,600,000 | ||
Shares Issued, Price Per Share | $ 10 | ||
Gross proceeds | $ 276,000,000 |
Public Offering - Summary of Or
Public Offering - Summary of Ordinary Shares Reflected on Balance Sheet (Details) - USD ($) | 6 Months Ended | 8 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2021 | Dec. 31, 2022 | |
Public Offering | |||
Gross proceeds | $ 276,000,000 | ||
Proceeds allocated to Public Warrants | (12,144,000) | ||
Class A ordinary share issuance costs | (15,428,121) | ||
Accretion of carrying value to redemption value | $ 255,875,758 | 33,092,121 | $ 3,986,568 |
Class A ordinary shares subject to possible redemption | $ 31,631,853 | $ 281,520,000 | $ 285,506,568 |
Private Placement (Details)
Private Placement (Details) | 12 Months Ended |
Dec. 31, 2022 USD ($) $ / shares shares | |
Over-allotment option [Member] | Private Placement Warrants [Member] | Class A common stock [Member] | |
Subsidiary, Sale of Stock [Line Items] | |
Price of warrants | $ / shares | $ 11.5 |
Private Placement [Member] | |
Subsidiary, Sale of Stock [Line Items] | |
Number of shares per warrant | 2,800,000 |
Private Placement [Member] | Private Placement Warrants [Member] | |
Subsidiary, Sale of Stock [Line Items] | |
Number of warrants to purchase shares issued | 14,040,000 |
Aggregate purchase price | $ | $ 14,040,000 |
Private Placement [Member] | Private Placement Warrants [Member] | Class A common stock [Member] | |
Subsidiary, Sale of Stock [Line Items] | |
Aggregate purchase price | $ | $ 11,240,000 |
Number of shares per warrant | 1 |
Exercise price of warrant | $ / shares | $ 1 |
Private Placement [Member] | Private Placement Warrants [Member] | Sponsor [Member] | |
Subsidiary, Sale of Stock [Line Items] | |
Number of warrants to purchase shares issued | 11,240,000 |
Related Party Transactions - Fo
Related Party Transactions - Founder Shares (Details) | 12 Months Ended | |||||
Sep. 27, 2021 $ / shares shares | Sep. 10, 2021 shares | Apr. 27, 2021 USD ($) $ / shares shares | Dec. 31, 2022 Month shares | Jun. 30, 2023 $ / shares shares | Dec. 31, 2021 shares | |
Related Party Transaction [Line Items] | ||||||
Consideration received | $ | $ 0 | |||||
Shares Issued, Price Per Share | $ / shares | $ 10 | |||||
Share dividend | 6,900,000 | |||||
Aggregate number of shares owned | 1,437,500 | |||||
Class B Common Stock [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Common shares, shares outstanding | 6,900,000 | 6,900,000 | 6,900,000 | |||
Founder Shares [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Number of shares surrender | 900,000 | |||||
Percentage of issued and outstanding shares after the Initial Public Offering collectively held by initial stockholders | 100% | |||||
Restrictions on transfer period of time after business combination completion | 15 months | |||||
Threshold trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination | Month | 21 | |||||
Founder Shares [Member] | Class B Common Stock [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Number of shares issued | 831,393 | |||||
Shares Issued, Price Per Share | $ / shares | $ 0.004 | $ 0.0001 | ||||
Founder Shares [Member] | Sponsor [Member] | Class B Common Stock [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Number of shares issued | 115,000 | |||||
Consideration received | $ | $ 25,000 | |||||
Consideration received, shares | 5,750,000 | |||||
Shares Issued, Price Per Share | $ / shares | $ 0.004 | |||||
Common shares, shares outstanding | 5,750,000 | |||||
Aggregate number of shares owned | 4,573,607 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 8 Months Ended | 12 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Apr. 05, 2023 | Apr. 27, 2021 | |
Related Party Transaction [Line Items] | ||||||||
Working Capital Loan | $ 0 | $ 0 | ||||||
Payments To Related Parties | $ 0 | 0 | ||||||
Expenses incurred and paid | 618,884 | 0 | ||||||
Due to related party | $ 279,193 | 279,193 | 24,193 | 144,193 | ||||
Selling, general and administrative expense | 30,000 | $ 60,000 | 30,000 | $ 60,000 | 24,193 | 120,000 | ||
Related Party [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Outstanding balance of related party note | $ 90,922 | |||||||
Expenses incurred and paid | 10,000 | 10,000 | ||||||
Due to related party | 966,401 | 966,401 | 315,539 | |||||
Unsecured Promissory Note [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Borrowed amount | $ 1,500,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 0% | |||||||
Long-Term Debt, Gross | 515,862 | 515,862 | ||||||
Working capital loans warrant [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Loan conversion agreement warrant | $ 1,500,000 | $ 1,500,000 | $ 1,500,000 | |||||
Price of warrant | $ 1 | $ 1 | $ 1 | |||||
Working Capital Loan | $ 0 | $ 0 | $ 0 | |||||
Promissory Note with Related Party [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Maximum borrowing capacity of related party promissory note | 300,000 | |||||||
Outstanding amount | 171,346 | 171,346 | 171,346 | 171,346 | ||||
Borrowed amount | $ 262,268 | |||||||
Selling, General and Administrative Expenses [Member] | Related Party [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Due to related party | $ 135,000 | $ 135,000 | $ 24,193 | $ 120,000 |
Prepaid Expenses (Details)
Prepaid Expenses (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Prepaid Expense, Current [Abstract] | |||
Prepaid insurance, Current | $ 3,515 | $ 26,081 | $ 528,861 |
Prepaid insurance, Non Current | 26,081 | ||
Other prepaid expenses, Current | 10,112 | 5,029 | 21,573 |
Prepaid Expense, Current, Total | $ 13,627 | $ 31,110 | 550,434 |
Total Prepaid Expenses, Non Current | $ 26,081 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Expenses - Schedule of Company's Accounts Payable and Accrued Expenses (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |||
Legal accrual | $ 4,435,086 | $ 1,705,049 | |
Other payables and expenses | 229,453 | 161,943 | |
Total | $ 4,664,539 | $ 1,866,992 | $ 411,416 |
Commitments & Contingencies (De
Commitments & Contingencies (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Apr. 19, 2023 USD ($) $ / shares shares | Oct. 22, 2021 USD ($) $ / shares shares | Jun. 30, 2023 USD ($) Day $ / shares | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) Day $ / shares | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) Day $ / shares shares | Dec. 31, 2021 $ / shares | |
Related Party Transaction [Line Items] | ||||||||
Threshold period for not to transfer, assign or sell any of their shares or warrants after the completion of the initial business combination | 30 days | 30 days | ||||||
Maximum number of demands for registration of securities | Day | 3 | 3 | 3 | |||||
Recovery of offering costs allocated to warrants | $ | $ 425,040 | $ 0 | $ 425,040 | $ 0 | ||||
Waiver of deferred underwriter fees | $ | $ 9,234,960 | 9,234,960 | ||||||
Deferred underwriting fees | $ | 0 | $ 9,660,000 | ||||||
Proceeds from sale of restricted investments | $ | $ 255,875,758 | $ 0 | ||||||
Shares Issued, Price Per Share | $ 10 | $ 10 | ||||||
Decrease in deferred underwriting liability | $ | $ 0 | |||||||
Reversal of offering costs | $ | $ 425,040 | |||||||
Business Combination Agreement [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Minimum Net Worth Required For Compliance | $ | $ 5,000,001 | |||||||
Proceeds from sale of restricted investments | $ | $ 20,000,000 | |||||||
Class A common stock [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Common shares, par value, (per share) | 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Shares Issued, Price Per Share | 10 | 10 | ||||||
Class A common stock [Member] | Business Combination Agreement [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Common shares, par value, (per share) | $ 0.0001 | |||||||
Class B Common Stock [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Common shares, par value, (per share) | 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Temporary equity, carrying amount, period increase (decrease) | $ | $ 9,234,960 | |||||||
Class B Common Stock [Member] | Business Combination Agreement [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Common shares, par value, (per share) | 0.0001 | |||||||
ESGEN Common Class A [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Common shares, par value, (per share) | $ 0.0001 | |||||||
Class Of Warrant Or Right Description | each outstanding warrant to purchase one ESGEN Class A Ordinary Share will become a warrant to purchase one share of ESGEN Class A Common Stock at an exercise price of $11.50 per share | |||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | shares | 1 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 11.5 | |||||||
ESGEN Common Class A [Member] | Warrant [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Common Stock, Conversion Basis | each issued and outstanding unit of ESGEN, each consisting of ESGEN Class A Ordinary Share and one-half of one warrant to purchase one ESGEN Class A Ordinary Share | |||||||
ESGEN Common Class A [Member] | Business Combination Agreement [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Common shares, par value, (per share) | $ 0.0001 | |||||||
ESGEN Common Class A [Member] | Warrant Agreement [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Class Of Warrant Or Right Description | one-half of onewarrant representing the right to purchase one share of ESGEN Class A Common Stock at an exercise price of $11.50 per share | |||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | shares | 1 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 11.5 | |||||||
Over-allotment option [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Sale of Units, net of underwriting discounts (in shares) | shares | 3,600,000 | |||||||
Shares Issued, Price Per Share | $ 10 | |||||||
Initial Public Offering [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Underwriting Discount Earned Percentage | 2% | |||||||
Deferred Underwriting Discount | 3.50% | |||||||
Sale of Units, net of underwriting discounts (in shares) | shares | 27,600,000 | |||||||
Underwriter cash discount | $ | $ 5,520,000 | |||||||
Shares Issued, Price Per Share | $ 10.2 | $ 10 | $ 10 | $ 10 | ||||
Sponsor [Member] | Class A common stock [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Warrants And Rights Outstanding Exercisable Term After Business Combinations | 30 days | 30 days | ||||||
Threshold period for not to transfer, assign or sell any of their shares or warrants after the completion of the initial business combination | 1 year | 1 year | ||||||
Threshold period after the business combination in which the 20 trading days within any 30 trading day period commences | 150 days | 150 days | ||||||
Threshold trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination | Day | 20 | 20 | ||||||
Stock price trigger to transfer, assign or sell any shares or warrants of the company, after the completion of the initial business combination (in dollars per share) | $ 12 | $ 12 | ||||||
Threshold consecutive trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination | Day | 30 | 30 | ||||||
Sponsor [Member] | Class A common stock [Member] | Initial Subscription Agreement [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Stock Issued During Period, Shares, Issued for Services | shares | 1,000,000 | |||||||
Shares Issued, Price Per Share | $ 10 | |||||||
Stock Issued During Period, Value, Issued for Services | $ | $ 10,000,000 |
Warrant Liabilities (Details)
Warrant Liabilities (Details) - $ / shares | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Dec. 31, 2022 | Jan. 18, 2023 | Oct. 22, 2021 | |
Warrants outstanding | 27,840,000 | |||
Share Price | $ 9.2 | $ 9.2 | $ 0.04 | |
Threshold Period For Registration Statement To Be Effective After Which Warrants Can Be Exercised | 60 days | 60 days | ||
Fair Market Value Price | $ 0.361 | $ 0.361 | ||
Public Warrants expiration term | 5 years | 5 years | ||
Percentage Of Gross Proceeds On Total Equity Proceeds | 60% | |||
Adjustment of exercise price of warrants based on market value (as a percent) | 115% | |||
Percentage of adjustment of redemption price of stock based on market value. | 180% | |||
Stock price trigger for redemption of public warrants | $ 18 | |||
Threshold period for not to transfer, assign or sell any of their shares or warrants after the completion of the initial business combination | 30 days | 30 days | ||
Shares Issued, Price Per Share | $ 10 | |||
Class A common stock [Member] | ||||
Trading Day Prior To The Date On Which The Notice Of Exercise | 10 days | 10 days | ||
Shares Issued, Price Per Share | $ 10 | |||
Redemption Of Warrant Price Per Share Equals Or Exceeds18.00 [Member] | ||||
Share Price | 18 | $ 18 | ||
Redemption price per public warrant (in dollars per share) | $ 0.01 | $ 0.01 | ||
Minimum threshold written notice period for redemption of public warrants | 30 days | 30 days | ||
Threshold trading days for redemption of public warrants | 20 days | 20 days | ||
Redemption Of Warrant Price Per Share Equals Or Exceeds10.00 [Member] | ||||
Share Price | $ 0.1 | $ 0.1 | ||
Redemption price per public warrant (in dollars per share) | $ 10 | $ 10 | ||
Minimum threshold written notice period for redemption of public warrants | 30 days | 30 days | ||
Threshold trading days for redemption of public warrants | 20 days | 20 days | ||
Shares Issued, Price Per Share | $ 10 | $ 10 | ||
Public Warrants [Member] | ||||
Warrants outstanding | 13,800,000 | |||
Public Warrants [Member] | Class A common stock [Member] | ||||
Shares Issued, Price Per Share | $ 11.5 | $ 11.5 | ||
Private Warrants [Member] | ||||
Warrants outstanding | 14,040,000 |
Recurring Fair Value Measurem_3
Recurring Fair Value Measurements - Fair value hierarchy for liabilities measured at fair value on recurring basis (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities held in Trust Account | $ 31,631,853 | $ 285,506,568 | $ 281,522,137 |
Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities held in Trust Account | 31,631,853 | 285,506,568 | 281,522,137 |
Total warrant liabilities | 1,948,800 | 796,224 | 13,976,160 |
Recurring [Member] | Public Warrants [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total warrant liabilities | 1,015,680 | 394,680 | 6,900,000 |
Recurring [Member] | Private Warrants [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total warrant liabilities | 1,033,344 | 401,544 | 7,076,160 |
Level 1 [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities held in Trust Account | 31,631,853 | 285,506,568 | 281,522,137 |
Total warrant liabilities | 966,000 | 394,680 | 6,900,000 |
Level 1 [Member] | Recurring [Member] | Public Warrants [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total warrant liabilities | 1,015,680 | 394,680 | 6,900,000 |
Level 2 [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total warrant liabilities | 982,800 | 401,544 | |
Level 2 [Member] | Recurring [Member] | Private Warrants [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total warrant liabilities | 1,033,344 | 401,544 | |
Level 3 [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total warrant liabilities | 0 | 0 | 7,076,160 |
Level 3 [Member] | Recurring [Member] | Private Warrants [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total warrant liabilities | $ 0 | $ 0 | $ 7,076,160 |
Recurring Fair Value Measurem_4
Recurring Fair Value Measurements - changes in the fair value (Details) - USD ($) | 8 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Dec. 31, 2022 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Warrant liabilities - initial measurement | $ 24,920,400 | $ 7,076,160 |
Change in fair value of warrant liabilities | (10,944,240) | (5,812,560) |
Transfer to Level 1 | (6,900,000) | |
Transfer to Level 2 | (1,263,600) | |
Warrant liabilities at end of the period | $ 7,076,160 | 0 |
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Fair Value Adjustment of Warrants | |
Public Warrants [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Warrant liabilities - initial measurement | $ 12,144,000 | |
Change in fair value of warrant liabilities | (5,244,000) | |
Transfer to Level 1 | (6,900,000) | |
Private Placement Warrants [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Warrant liabilities - initial measurement | 12,776,400 | 7,076,160 |
Change in fair value of warrant liabilities | (5,700,240) | (5,812,560) |
Transfer to Level 2 | (1,263,600) | |
Warrant liabilities at end of the period | $ 7,076,160 | $ 0 |
Recurring Fair Value Measurem_5
Recurring Fair Value Measurements - Companys Level 3 liabilities that are measured at fair value on a recurring basis (Details) | Dec. 31, 2021 d yr |
Exercise price [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Derivative liability, Measurement input | 11.5 |
Share price [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Derivative liability, Measurement input | 9.92 |
Risk-free rate [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Derivative liability, Measurement input | 1.32 |
Expected volatility [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Derivative liability, Measurement input | 8.3 |
Term (years) [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Derivative liability, Measurement input | yr | 5.81 |
Recurring Fair Value Measurem_6
Recurring Fair Value Measurements - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Derivative Instrument Detail [Abstract] | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers, Net | $ 0 |
Shareholders' Deficit - Preferr
Shareholders' Deficit - Preferred Stock Shares (Details) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Stockholders' Equity Note [Abstract] | |||
Preferred shares, shares authorized | 1,000,000 | 1,000,000 | 1,000,000 |
Preferred stock, par value, (per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Preferred shares, shares issued | 0 | 0 | 0 |
Preferred shares, shares outstanding | 0 | 0 | 0 |
Shareholders' Deficit - Common
Shareholders' Deficit - Common Stock Shares (Details) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 $ / shares shares | Dec. 31, 2022 $ / shares shares | Dec. 31, 2021 $ / shares shares | |
Class of Stock [Line Items] | |||
Aggregate Percentage of Outstanding Shares Issued to Initial Shareholders Prior to Business Combination | 20% | 20% | |
Class A common stock [Member] | |||
Class of Stock [Line Items] | |||
Common shares, shares authorized (in shares) | 250,000,000 | 250,000,000 | 250,000,000 |
Common shares, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common shares, shares issued (in shares) | 0 | 0 | 0 |
Common shares, shares outstanding (in shares) | 0 | 0 | 0 |
Class A common stock subject to possible redemption, outstanding (in shares) | 2,896,555 | 27,600,000 | 27,600,000 |
Class B Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Common shares, shares authorized (in shares) | 25,000,000 | 25,000,000 | 25,000,000 |
Common shares, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common shares, shares issued (in shares) | 6,900,000 | 6,900,000 | 6,900,000 |
Common shares, shares outstanding (in shares) | 6,900,000 | 6,900,000 | 6,900,000 |
Ratio to be applied to the stock in the conversion | 20 | 20 | |
Maximum shares subject to forfeiture | 900,000 | ||
Adjustment one of redemption price of stock based on market value and newly issued price (as a percent) | 20% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) | Jan. 18, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Subsequent Event [Line Items] | ||||
Deposits into the trust account | $ 140,000 | $ 50,193 | $ 614,767 | |
Public share | $ 0.04 | $ 9.2 | $ 9.2 | |
Redemption price per share | $ 10.35 | |||
Aggregate redemption amount | $ 255,875,758 | |||
Class A common stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Stock issued during period, shares, new issues | 24,703,445 | |||
Redemption price per share | $ 10.34 | $ 10.2 | ||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Deposits into the trust account | $ 140,000 | |||
Public share | $ 0.04 | |||
Redemption price per share | $ 10.35 | |||
Aggregate redemption amount | $ 255,875,757 | |||
Subsequent Event [Member] | Class A common stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Stock issued during period, shares, new issues | 24,703,445 |