Description of Organization and Business Operations | NOTE 1—DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Berenson Acquisition Corp. I (the “Company”) was incorporated in Delaware on June 1, 2021. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (a “Business Combination”). As of December 31, 2023 and 2022, the Company had not commenced any operations. All activity through December 31, 2023 and 2022 relates to the Company’s formation and the initial public offering (the “Initial Public Offering”), which is described below. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating On September 27, 2021, the registration statement on Form S-1 No. 333-259470) one-half 4 Simultaneously with the consummation of the Initial Public Offering, the Company consummated the sale of 7,000,000 warrants (the “Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant, in a private placement to Berenson SPAC Holdings I, LLC, a Delaware limited liability company (the “Sponsor”), generating gross proceeds of $7,000,000, which is described in Note 5 On October 22, 2021, the underwriters of the Initial Public Offering partially exercised their over-allotment option and purchased 2,510,000 additional Units at $10.00 per Unit, generating additional gross proceeds of $25,100,000. In addition, on October 22, 2021, simultaneously with the partial exercise of the over-allotment option by the underwriters, the Sponsor purchased an additional 502,000 Private Placement Warrants at $1.00 per private placement warrant, generating additional gross proceeds of $502,000. Transaction costs amounted to $16,646,076, consisting of $5,502,000 of underwriting commissions, $9,628,500 of deferred underwriting commissions (see Note 9 1,009,105 for the excess fair value of founder shares attributable to the anchor investors (see Note 5 A total of $275,100,000 (or $10.00 per Unit) of the net proceeds of the sale of the Units (including the partial exercise of the over-allotment option) in the Initial Public Offering and the sale of the Private Placement Warrants was placed in a trust account (the “Trust Account”) with Continental Stock Transfer & Trust Company acting as trustee, located in the United States and invested only in U.S. “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), having a maturity of 185 days or less, or in money market funds meeting certain conditions under Rule 2a-7 or pre-initial The Company initially had until March 30, 2023 to complete a Business Combination, which was extended to September 30, 2023 (the “Initial Extension”) after the approval obtained at a special meeting of stockholders held on March 28, 2023 and further extended to September 30, 2024 (the “Combination Period”) after the approval obtained at a special meeting of stockholders held on September 27, 2023 (the “Extension). If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of the public shares, at a per share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to us to pay our taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any) and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders and our board of directors, dissolve and liquidate, subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to our warrants, which will expire worthless if we do not complete an initial business combination by the Combination Period. At the special meeting of stockholders on March 28, 2023 in connection with the Initial Extension, stockholders holding 24,899,629 Public Shares exercised their right to redeem such shares for a pro rata portion of the funds in the Trust Account. At the special meeting of stockholders on September 27, 2023 in connection with the Extension, stockholders holding 1,544,903 Public Shares exercised their right to redeem such shares for a pro rata portion of the funds in the Trust Account. As a result of the two extensions, $269,427,564 was removed from the Trust Account to pay such holders as of December 31, 2023. Following the above redemptions, the Company had 4,045,468 Class A Shares outstanding (including the 2,980,000 converted Class B shares and 1,065,468 shares issued pursuant to the Initial Public Offering) and the aggregate amount remaining in the Trust Account of $11,214,335 as of December 31, 2023. The Public Shares are recorded at their redemption amount and classified as temporary equity at the balance sheet, in accordance with Accounting Standards Codification (“ASC”) Topic 480, “Distinguishing Liabilities from Equity.” Business Combination Agreement On December 22, 2023, the Company entered into a business combination agreement (as amended, the “Business Combination Agreement”) with Custom Health, Inc., a Delaware corporation (“Custom Health”), and Continental Merger Sub Inc., a Delaware corporation and wholly-owned direct subsidiary of the Company (“Merger Sub”). If the Business Combination Agreement and the transactions contemplated thereby are adopted and approved by our stockholders, and the Business Combination is subsequently completed, Merger Sub will merge with and into Custom Health (the “Merger”), with Custom Health continuing as the surviving company after the Merger, as a result of which Custom Health will become a wholly-owned subsidiary of the Company (the “Business Combination,” and together with other transactions contemplated by the Business Combination and the ancillary agreements, the “Proposed Transaction”). The Proposed Transaction is subject to customary conditions of the respective parties, including the approval of the business combination by our stockholders. In connection with the closing of the Business Combination, the Company will be renamed as “Custom Health, Inc.” and is referred to herein as the “Post-Combination Company” as of the time following such change of name. Stockholder Support Agreement Concurrently with the execution and delivery of the Business Combination Agreement, the Company, Custom Health and certain stockholders of Custom Health holding at least a majority of the shares of common stock of Custom Health entered into a stockholder support agreement (the “Stockholder Support Agreement”), pursuant to which, among other things, such stockholders of Custom Health agreed to (a) vote all of their shares of common stock of Custom Health in favor of the adoption and approval of the Business Combination Agreement and the Proposed Transaction (in any event, within five business days after the Registration Statement becomes effective) and (b) subject their shares of common stock of Custom Health to certain transfer restrictions; in each case, on the terms and subject to the conditions set forth therein. Sponsor Support Agreement Concurrently with the execution and delivery of the Business Combination Agreement, the sponsor, the Company and Custom Health entered into the Sponsor Support Agreement, pursuant to which, among other things, the sponsor agreed to (i) vote all of its shares of common stock of the Company (or execute and deliver an action by written consent) in favor of the Proposed Transaction, including the Merger; (ii) not redeem its shares of common stock of the Company, and waive its anti-dilution protection with respect to its shares of Class B common stock of the Company; and (iii) subject to forfeiture 1,719,375 of the shares (“Post-Combination Company Common Stock”) of the combined company (the “Founder Earn-Out Shares”) such earn-out. Liquidity, Capital Resources and Going Concern In connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that because of the conditions described below, specifically, because of the additional current liabilities incurred in the fourth quarter of 2023 related to the forward purchase liabilities and excise tax payable, the Company may lack the financial resources it needs to sustain operations for a reasonable period of time, which is considered to be one year from the issuance date of the financial statements. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. As of December 31, 2023, the Company had $115,435 in cash and working capital deficit of approximately $4,004,819 (without taking into account the income taxes payable obligations of $392,496 that may be paid using investment income earned in the Trust Account). The Company may need to raise additional capital in order to operate the Company’s business prior to its initial Business Combination through loans or additional investments. The Company’s Officers, Directors, Sponsor or affiliate of the Sponsor may, but are not obligated to loan the Company funds to meet working capital needs. Accordingly, the Company may not be able to obtain additional financing to meet its current obligations. On September 26, 2023, the Company issued an unsecured promissory note (the “Note”) in the principal amount of up to $ with the Sponsor, which may be drawdown upon request by the Company (see Note 5 |