Document And Entity Information
Document And Entity Information | 9 Months Ended |
Sep. 30, 2023 | |
Document Information Line Items | |
Entity Registrant Name | PHOENIX BIOTECH ACQUISITION CORP. |
Document Type | S-4/A |
Amendment Flag | true |
Amendment Description | AMENDMENT NO. 4 |
Entity Central Index Key | 0001870404 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Incorporation, State or Country Code | DE |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
CURRENT ASSETS | |||
Cash | $ 119,014 | $ 475,870 | $ 1,098,573 |
Prepaid expenses and other assets | 21,815 | 225,188 | 262,500 |
Restricted cash held in Trust Account | 41,665,974 | ||
Total current assets | 42,367,032 | 1,361,073 | |
OTHER ASSETS | |||
Prepaid expenses-noncurrent | 200,651 | ||
Deferred tax asset | 16,868 | ||
Investments held in Trust Account | 178,499,615 | ||
TOTAL ASSETS | 8,470,621 | 42,367,032 | 180,078,207 |
LIABILITIES, REDEEMABLE COMMON STOCK, AND STOCKHOLDERS’ DEFICIT | |||
Accounts payable and accrued expenses | 3,311,098 | 1,653,120 | 14,433 |
Income tax payable | 28,769 | 599,159 | |
Shareholder redemption liability | 27,842,747 | ||
Franchise tax payable | 6,100 | 80,324 | |
Excise tax payable | 56,389 | ||
Due to Affiliate | 3,315 | 3,315 | 3,315 |
Total current liabilities | 4,800,671 | 30,748,341 | 98,072 |
LONG TERM LIABILITIES | |||
Deferred underwriting fee payable | 9,150,000 | 9,150,000 | 9,150,000 |
Total liabilities | 13,950,671 | 39,898,341 | 9,248,072 |
COMMITMENTS AND CONTINGENCIES | |||
REDEEMABLE COMMON STOCK | |||
Class A Common stock subject to possible redemption | 8,287,049 | 13,468,845 | 178,500,000 |
STOCKHOLDERS’ DEFICIT | |||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding | |||
Common stock value | 547 | 88 | 88 |
Common stock value one | 459 | 459 | |
Additional paid-in capital | |||
Accumulated deficit | (13,767,646) | (11,000,701) | (7,670,412) |
Total stockholders’ deficit | (13,767,099) | (11,000,154) | (7,669,865) |
TOTAL LIABILITIES, REDEEMABLE COMMON STOCK, AND STOCKHOLDERS’ DEFICIT | 8,470,621 | 42,367,032 | 180,078,207 |
CURRENT ASSETS | |||
Money market funds held in Trust Account | 8,329,792 | ||
Related Party | |||
LIABILITIES, REDEEMABLE COMMON STOCK, AND STOCKHOLDERS’ DEFICIT | |||
Working capital loan – related party | $ 1,395,000 | $ 650,000 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parentheticals) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Common stock subject to possible redemption, par or stated value per share (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock subject to possible redemption, share authorized | 764,957 | 1,288,298 | 17,500,000 |
Common stock subject to possible redemption, price per share (in Dollars per share) | $ 10.83 | $ 10.45 | $ 10.2 |
Preferred stock par value (in Dollars 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 | |||
Preferred stock, shares outstanding | |||
Class A common stock | |||
Common stock par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock shares authorized | 60,000,000 | 60,000,000 | 60,000,000 |
Common stock shares issued | 5,481,250 | 885,000 | 885,000 |
Common stock shares outstanding | 5,481,250 | 885,000 | 885,000 |
Class B common stock | |||
Common stock par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock shares authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Common stock shares issued | 0 | 4,596,250 | 4,596,250 |
Common stock shares outstanding | 0 | 4,596,250 | 4,596,250 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 7 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
OPERATING EXPENSES | ||||||
General and administrative | $ 430,901 | $ 786,685 | $ 251,706 | $ 2,518,347 | $ 1,468,042 | $ 2,841,391 |
Franchise tax | (1,100) | 50,000 | 80,324 | 45,300 | 150,000 | 64,050 |
Loss from operations | (429,801) | (836,685) | (2,563,647) | (1,618,042) | ||
Total operating expenses | 332,030 | 2,905,441 | ||||
OTHER INCOME (LOSS) | ||||||
Unrealized gain on marketable securities held in Trust Account | 661,176 | (385) | 915,859 | |||
Total other income | 121,524 | 981,651 | 380,583 | 1,273,442 | ||
Interest income earned on marketable securities held in Trust Account | 121,524 | 320,475 | 380,583 | 357,583 | 2,836,864 | |
(Loss) income before provision for income taxes | (308,277) | 144,966 | (332,415) | (2,183,064) | (344,600) | (68,577) |
Provision for income taxes | (25,751) | (60,461) | (70,409) | (60,461) | ||
Income tax expense (benefit) | (16,868) | 599,159 | ||||
Net (loss) income | $ (334,028) | $ 84,505 | $ (315,547) | $ (2,253,473) | $ (405,061) | $ (667,736) |
Class A common stock | ||||||
OTHER INCOME (LOSS) | ||||||
Weighted average shares outstanding common stock (in Shares) | 6,281,964 | 18,385,000 | 5,041,048 | 3,547,888 | 18,385,000 | 17,896,428 |
Basic net (loss) per share (in Dollars per share) | $ (0.05) | $ 0 | $ 4.15 | $ (0.34) | $ (0.02) | $ (0.03) |
Class B common stock | ||||||
OTHER INCOME (LOSS) | ||||||
Weighted average shares outstanding common stock (in Shares) | 50,508 | 4,596,250 | 4,607,658 | 3,075,432 | 4,596,250 | 4,596,250 |
Basic net (loss) per share (in Dollars per share) | $ (0.05) | $ 0 | $ (0.03) | $ (0.34) | $ (0.02) | $ (0.03) |
Condensed Statements of Opera_2
Condensed Statements of Operations (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 7 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Class A common stock | ||||||
Diluted net (loss) income per share | $ (0.05) | $ 0 | $ 4.15 | $ (0.34) | $ (0.02) | $ (0.03) |
Class B common stock | ||||||
Diluted net (loss) income per share | $ (0.05) | $ 0 | $ (0.03) | $ (0.34) | $ (0.02) | $ (0.03) |
Condensed Statements of Changes
Condensed Statements of Changes in Stockholders’ Deficit (Unaudited) - USD ($) | Class A Common stock | Class B Common stock | Additional paid-in capital | Accumulated deficit | Total |
Beginning Balance at Jun. 07, 2021 | |||||
Beginning Balance (in Shares) at Jun. 07, 2021 | |||||
Issuance of Common Stock to initial stockholder | $ 467 | 24,533 | 25,000 | ||
Issuance of Common Stock to initial stockholder (in Shares) | 4,679,125 | ||||
Proceeds from Initial Public Offering Costs allocated to Public Warrants (net of offering costs) | 4,866,687 | 4,866,687 | |||
Sale of private placement units | $ 88 | 8,849,912 | 8,850,000 | ||
Sale of private placement units (in Shares) | 885,000 | ||||
Forfeiture of shares | $ (8) | 8 | |||
Forfeiture of shares (in Shares) | (82,875) | ||||
Accretion for Class A Common Stock Subject to Redemption | (13,741,140) | (7,354,865) | (21,096,005) | ||
Net income (loss) | (315,547) | (315,547) | |||
Ending Balance at Dec. 31, 2021 | $ 88 | $ 459 | (7,670,412) | (7,669,865) | |
Ending Balance (in Shares) at Dec. 31, 2021 | 885,000 | 4,596,250 | |||
Net income (loss) | (377,997) | (377,997) | |||
Ending Balance at Mar. 31, 2022 | $ 88 | $ 459 | (8,048,409) | (8,047,862) | |
Ending Balance (in Shares) at Mar. 31, 2022 | 885,000 | 4,596,250 | |||
Beginning Balance at Dec. 31, 2021 | $ 88 | $ 459 | (7,670,412) | (7,669,865) | |
Beginning Balance (in Shares) at Dec. 31, 2021 | 885,000 | 4,596,250 | |||
Net income (loss) | (405,061) | ||||
Ending Balance at Sep. 30, 2022 | $ 88 | $ 459 | (9,057,744) | (9,057,197) | |
Ending Balance (in Shares) at Sep. 30, 2022 | 885,000 | 4,596,250 | |||
Beginning Balance at Dec. 31, 2021 | $ 88 | $ 459 | (7,670,412) | (7,669,865) | |
Beginning Balance (in Shares) at Dec. 31, 2021 | 885,000 | 4,596,250 | |||
Accretion for Class A Common Stock Subject to Redemption | (2,662,553) | (2,662,553) | |||
Net income (loss) | (667,736) | (667,736) | |||
Ending Balance at Dec. 31, 2022 | $ 88 | $ 459 | (11,000,701) | (11,000,154) | |
Ending Balance (in Shares) at Dec. 31, 2022 | 885,000 | 4,596,250 | |||
Beginning Balance at Mar. 31, 2022 | $ 88 | $ 459 | (8,048,409) | (8,047,862) | |
Beginning Balance (in Shares) at Mar. 31, 2022 | 885,000 | 4,596,250 | |||
Net income (loss) | (111,569) | (111,569) | |||
Ending Balance at Jun. 30, 2022 | $ 88 | $ 459 | (8,159,978) | (8,159,431) | |
Ending Balance (in Shares) at Jun. 30, 2022 | 885,000 | 4,596,250 | |||
Accretion for Class A Common Stock Subject to Redemption | (982,271) | (982,271) | |||
Net income (loss) | 84,505 | 84,505 | |||
Ending Balance at Sep. 30, 2022 | $ 88 | $ 459 | (9,057,744) | (9,057,197) | |
Ending Balance (in Shares) at Sep. 30, 2022 | 885,000 | 4,596,250 | |||
Beginning Balance at Dec. 31, 2022 | $ 88 | $ 459 | (11,000,701) | (11,000,154) | |
Beginning Balance (in Shares) at Dec. 31, 2022 | 885,000 | 4,596,250 | |||
Accretion for Class A Common Stock Subject to Redemption | (96,794) | (96,794) | |||
Net income (loss) | (481,712) | (481,712) | |||
Ending Balance at Mar. 31, 2023 | $ 88 | $ 459 | (11,579,207) | (11,578,660) | |
Ending Balance (in Shares) at Mar. 31, 2023 | 885,000 | 4,596,250 | |||
Beginning Balance at Dec. 31, 2022 | $ 88 | $ 459 | (11,000,701) | (11,000,154) | |
Beginning Balance (in Shares) at Dec. 31, 2022 | 885,000 | 4,596,250 | |||
Net income (loss) | (2,253,473) | ||||
Ending Balance at Sep. 30, 2023 | $ 547 | (13,767,646) | (13,767,099) | ||
Ending Balance (in Shares) at Sep. 30, 2023 | 5,481,250 | ||||
Beginning Balance at Mar. 31, 2023 | $ 88 | $ 459 | (11,579,207) | (11,578,660) | |
Beginning Balance (in Shares) at Mar. 31, 2023 | 885,000 | 4,596,250 | |||
Accretion for Class A Common Stock Subject to Redemption | (275,001) | (275,001) | |||
Net income (loss) | (1,437,733) | (1,437,733) | |||
Ending Balance at Jun. 30, 2023 | $ 88 | $ 459 | (13,291,941) | (13,291,394) | |
Ending Balance (in Shares) at Jun. 30, 2023 | 885,000 | 4,596,250 | |||
Accretion for Class A Common Stock Subject to Redemption | (85,288) | (85,288) | |||
Excise tax liability accrued for Class A common stock redemptions | (56,389) | (56,389) | |||
Conversion of Class B common stock to Class A common stock | $ 459 | $ (459) | |||
Conversion of Class B common stock to Class A common stock (in Shares) | 4,596,250 | (4,596,250) | |||
Net income (loss) | (334,028) | (334,028) | |||
Ending Balance at Sep. 30, 2023 | $ 547 | $ (13,767,646) | $ (13,767,099) | ||
Ending Balance (in Shares) at Sep. 30, 2023 | 5,481,250 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 7 Months Ended | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net loss | $ (315,547) | $ (2,253,473) | $ (405,061) | $ (667,736) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Unrealized loss on marketable securities held in Trust Account | (915,859) | |||
Interest income earned on marketable securities held in Trust Account | (380,583) | (357,583) | ||
Changes in operating assets and liabilities: | ||||
Prepaid expenses and other assets | 203,373 | 181,461 | ||
Income tax payable | (570,390) | 60,461 | ||
Accounts payable and accrued expenses | 1,657,978 | 695,922 | ||
Franchise tax payable | 6,100 | 21,512 | ||
Net cash used in operating activities | (1,336,995) | (719,147) | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Investment of cash into Trust Account | (443,846) | |||
Cash withdrawn from Trust Account in connection with Class A common stock redemption | 5,638,879 | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Proceeds from promissory note – related party | 745,000 | |||
Cash withdrawn from Trust Account for taxes | 678,985 | 128,489 | ||
Net cash provided by investing activities | 5,874,018 | 128,489 | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Redemption of Class A common stock | (5,638,879) | |||
Net cash used in financing activities | (4,893,879) | |||
NET CHANGE IN CASH | (356,856) | (590,658) | ||
CASH, BEGINNING OF PERIOD | 475,870 | 1,098,573 | 1,098,573 | |
CASH, END OF PERIOD | 1,098,573 | 119,014 | 507,915 | 475,870 |
Supplemental cash flow information: | ||||
Cash paid for income taxes | 577,099 | |||
Supplemental disclosure of noncash activities: | ||||
Accretion of Class A common stock subject to possible redemption | 457,083 | 982,271 | ||
Conversion of Class B common to Class A common | (459) | |||
Excise tax liability accrued for Class A common stock redemptions | 56,389 | |||
Shareholder redemption liability | 27,842,747 | |||
Previously Reported | ||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net loss | (315,547) | (667,736) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Unrealized loss on marketable securities held in Trust Account | 385 | |||
Interest income earned on marketable securities held in Trust Account | (2,836,864) | |||
Income tax benefit | (16,868) | |||
Changes in operating assets and liabilities: | ||||
Prepaid expenses and other assets | (463,151) | 254,831 | ||
Income tax payable | 599,159 | |||
Due to Affiliates | 3,315 | |||
Accounts payable and accrued expenses | 14,433 | 1,638,687 | ||
Franchise tax payable | 80,324 | (80,324) | ||
Net cash used in operating activities | (697,109) | (1,092,247) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Cash deposited to Trust Account | (178,500,000) | (325,000) | ||
Cash withdrawn from Trust Account for taxes | 144,544 | |||
Cash withdrawn from Trust Account in connection with redemption | 181,516,935 | |||
Net cash provided by investing activities | (178,500,000) | 181,336,479 | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from initial public offering | 172,365,000 | |||
Proceeds from working capital loan – related party | 55,000 | 650,000 | ||
Payments of notes payable – related party | (55,000) | |||
Proceeds from private placement units | 8,850,000 | |||
Proceeds from the issuance of Class B common stock to sponsor | 25,000 | |||
Payment of offering costs | (944,318) | |||
Redemption of Class A common stock | (139,850,961) | |||
Net cash used in financing activities | 180,295,682 | (139,200,961) | ||
NET CHANGE IN CASH | 1,098,573 | 41,043,271 | ||
CASH, BEGINNING OF PERIOD | $ 42,141,844 | $ 1,098,573 | 1,098,573 | |
CASH, END OF PERIOD | 1,098,573 | 42,141,844 | ||
Supplemental disclosure of noncash activities: | ||||
Deferred underwriting commissions payable charged to additional paid in capital | 9,150,000 | |||
Accretion of Class A common stock subject to possible redemption | 21,096,005 | 2,417,776 | ||
Shareholder redemption liability | $ 27,842,747 |
Description of Organization and
Description of Organization and Business Operations and Liquidity | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Description of Organization and Business Operations and Liquidity [Abstract] | ||
Description of Organization and Business Operations and Liquidity | Note 1 — Description of Organization and Business Operations and Liquidity Phoenix Biotech Acquisition Corp. (the “Company”) was incorporated in Delaware on June 8, 2021. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses (the “Business Combination”). The Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. As of September 30, 2023, the Company had not commenced any operations. All activity through September 30, 2023, relates to the Company’s formation and initial public offering (“IPO”), which is described below and, since the offering, 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 generates non -operating Simultaneously with the closing of the IPO, the Company consummated the sale of 845,000 units (“Private Placement Units”) (with respect to the Class A common stock included in the Private Placement Units offered, the “Private Placement Shares”) at a price of $10.00 per Private Placement Unit in a private placement to the Company’s sponsor, Phoenix Biotech Sponsor, LLC (the “Sponsor”), Cantor Fitzgerald & Co.(“Cantor”) and Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC (“CCM”), generating gross proceeds of $8,450,000, which is described in Note 4. Simultaneously with the closing of the IPO, the Company consummated the sale of 2,000,000 additional Units upon receiving notice of the underwriter’s election to partially exercise its overallotment option (“Overallotment Units”), generating additional gross proceeds of $20,000,000 and incurring additional offering costs of $1,400,000 in underwriting fees, all of which are deferred until the completion of the Company’s initial Business Combination. Simultaneously with the exercise of the overallotment, the Company consummated the Private Placement of an additional 40,000 Private Placement Units to the Sponsor and CCM, generating gross proceeds of $400,000. Offering costs for the IPO and exercise of the overallotment option amounted to $12,729,318, consisting of $2,635,000 of underwriting fees, $9,150,000 of deferred underwriting fees payable (which are held in the Trust Account (defined below)) and $944,318 of other costs. As described in Note 6, the $9,150,000 of deferred underwriting fees payable is contingent upon the consummation of a Business Combination by January 8, 2024, subject to the terms of the underwriting agreement. Following the closing of the IPO, $178,500,000 ($10.20 per Unit) from the net proceeds of the sale of the Units in the IPO, the Overallotment Units and the Private Placement Units was placed in a trust account (“Trust Account”) and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less or in money market funds meeting the conditions of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account, as described below. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the IPO and the sale of the Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the assets held in the Trust Account (excluding the deferred underwriting commissions and taxes payable on income earned on the Trust Account) at the time of the agreement to enter into the initial Business Combination. However, the Company will only complete a Business Combination if the post -transaction The Company will provide the holders of the outstanding Public Shares (the “Public Stockholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company. The Public Stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially $10.20 per Public Share, plus any pro rata interest then in the Trust Account, net of taxes payable). There will be no redemption rights with respect to the Company’s warrants. All of the Public Shares contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s liquidation, if there is a stockholder vote or tender offer in connection with the Company’s Business Combination and in connection with certain amendments to the Company’s amended and restated certificate of incorporation (the “Certificate of Incorporation”). In accordance with the rules of the U.S. Securities and Exchange Commission (the “SEC”) and its guidance on redeemable equity instruments, which has been codified in Accounting Standards Codification (“ASC”) 480 -10-S99 -20 -10-S99 -in Redemptions of the Company’s Public Shares may be subject to the satisfaction of conditions, including minimum cash conditions, pursuant to an agreement relating to the Company’s Business Combination. If the Company seeks stockholder approval of the Business Combination, the Company will proceed with a Business Combination if a majority of the shares voted are voted in favor of the Business Combination, or such other vote as required by law or stock exchange rule. If a stockholder vote is not required by applicable law or stock exchange listing requirements and the Company does not decide to hold a stockholder vote for business or other reasons, the Company will, pursuant to its Certificate of Incorporation, conduct the redemptions pursuant to the tender offer rules of the SEC and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the transaction is required by applicable law or stock exchange listing requirements, or the Company decides to obtain stockholder approval for business or other reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks stockholder approval in connection with a Business Combination, the Sponsor has agreed to vote its Founder Shares (as defined in Note 5), Private Placement Shares and any Public Shares purchased during or after the IPO in favor of approving a Business Combination. Additionally, each Public Stockholder may elect to redeem their Public Shares without voting, and if they do vote, irrespective of whether they vote for or against the proposed transaction. Notwithstanding the foregoing, the Certificate of Incorporation provides that a Public Stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 20% or more of the Class A common stock sold in the IPO, without the prior consent of the Company. The Company’s Sponsor, officers and directors (the “Initial Stockholders”) have agreed not to propose an amendment to the Certificate of Incorporation that would affect the substance or timing of the Company’s obligation to redeem 100% of its Public Shares if the Company does not complete a Business Combination within the Combination Period (defined below), unless the Company provides the Public Stockholders with the opportunity to redeem their shares of Class A common stock in conjunction with any such amendment. On December 16, 2022, the Company held a special meeting of its stockholders (the “Special Meeting”). At the Special Meeting, our stockholders approved an amendment (the “IMTA Amendment”) to the Company’s Investment Management Trust Agreement (the “IMTA”), dated October 5, 2021, with Continental Stock Transfer & Trust Company (“CST”), as trustee, and an amendment to the Company’s Certificate of Incorporation, to extend the date by which we must consummate a business combination transaction by a maximum of six additional months (the “Charter Amendment”). In connection with the Special Meeting, our sponsor agreed that if the Charter Amendment and the IMTA Amendment were approved at the Special Meeting, our sponsor, or one or more of its affiliates, members or third -party In connection with the approval of the extension, holders of 16,211,702 shares of Class A common stock exercised redemption rights (the “Redemption”). As a result, following the satisfaction of such redemptions, as of December 31, 2022, the Company had 2,173,298 shares of Class A common stock outstanding, of which 1,288,298 constituted Public Shares issued to the public in the Company’s IPO. The Public Shares are entitled to receive a pro rata portion of the remaining funds in the Company’s Trust Account in connection with its initial business combination, a liquidation or certain other events. The remaining 885,000 are shares of Class A common stock included in the private placement units acquired in the private placement by the Sponsor and other investors concurrent with the Company’s IPO, which shares of Class A common stock do not have redemption rights. On March 31, 2023, May 8, 2023 and June 30, 2023, the Company deposited $100,000, $125,000 and $150,000 into the Trust Account in connection with the Company’s extensions, respectively. As of September 30, 2023, the Company has deposited $768,846 into the Trust Account in connection with drawdowns under the Promissory Note in order to effect the extension of the business combination period. On July 3, 2023, the Sponsor delivered notice of conversion of an aggregate of 4,596,250 shares of Class B common stock into an equal number of shares of Class A common stock (the “Conversion”). On July 7, 2023, the Company held a special meeting of its stockholders at which the Company’s stockholders approved a proposal to amend (the “Trust Agreement Amendment”) the IMTA, as amended by the IMTA Amendment, and a proposal to amend the Company’s Certificate of Incorporation, as amended by the Charter Amendment (the “Second Charter Amendment”), to extend the business combination period up to six times for one month each time from July 8, 2023 to August 8, 2023, September 8, 2023, October 8, 2023, November 8, 2023, December 8, 2023 or January 8, 2024. On July 7, 2023, July 28, 2023, September 1, 2023 and October 4 2023, the Company deposited $37,052, $8,846, $22,949 and $22,949 into the Trust Account in connection with the Company’s extensions, respectively. As of October 31, 2023, the liquidation date of the Company has been extended to November 8, 2023. In connection with the adoption of the Second Charter Amendment, holders of 523,341 shares of Class A common stock exercised redemption rights. On July 18, 2023, the Company made a series of payments of an aggregate of $5,638,879 to holders of redeemed shares of Class A common stock (an aggregate of $10.77 per redeemed share of Class A common stock). As a result, following the satisfaction of such redemptions and the Conversion, as of September 30, 2023, the Company had 6,246,207 shares of Class A common stock outstanding, of which 764,957 constituted Public Shares issued to the public in the Company’s IPO. As a result of the deposits described above, such payments and accrual of interest, the balance in the Trust Account as of September 30, 2023 is approximately $8.3 million. If the Company is unable to complete a Business Combination by January 8, 2024 or a further extended date approved by the Company’s stockholders (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 The Initial Stockholders have agreed to waive their liquidation rights with respect to the Founder Shares and Private Placement Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Initial Stockholders should acquire Public Shares in or after the IPO, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriter has agreed to waive its rights to the deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period, and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be only $10.20 per share held in the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account. This liability will not apply with respect to any claims by a third party who executed a waiver of any right, title, interest or claim of any kind in or to any monies held in the Trust Account or to any claims under the Company’s indemnity of the underwriter of the IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third -party The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. NASDAQ Notice On April 3, 2023, the Company received a letter (the “Letter”) from the staff at The Nasdaq Global Market (“Nasdaq”) notifying the Company that, for the 30 consecutive trading days prior to the date of the Letter, the Company’s common stock had traded at a value below the minimum $50,000,000 “Market Value of Listed Securities” (“MVLS”) requirement set forth in Nasdaq Listing Rule 5450(b)(2)(A), which is required for continued listing of the Company’s common stock on Nasdaq. The Letter is only a notification of deficiency, not of imminent delisting, and has no current effect on the listing or trading of the Company’s securities on Nasdaq. In order to bring the Company into compliance with the MVLS requirement, on July 3, 2023, the Sponsor elected to effect the Conversion. As of the date hereof, there are 6,246,207 shares of Class A common stock and no shares of Class B common stock issued and outstanding and entitled to vote. On September 7, 2023, the Company received a written notice (the “Notice”) from the Nasdaq Listing Qualifications Department of Nasdaq indicating that the Company was not in compliance with Listing Rule 5450(a)(2), which requires the Company to have at least 400 public holders for continued listing on the Nasdaq Global Market (the “Minimum Public Holders Rule”). The Notice is only a notification of deficiency, not of imminent delisting, and has no current effect on the listing or trading of the Company’s securities on Nasdaq Global Market. The Notice states that the Company has 45 calendar days to submit a plan to regain compliance with the Minimum Public Holders Rule. The Company has submitted a plan to regain compliance with the Minimum Public Holders Rule. If Nasdaq accepts the Company’s plan, Nasdaq may grant the Company an extension of up to 180 calendar days from the date of the Notice to evidence compliance with the Minimum Public Holders Rule. If Nasdaq does not accept the Company’s plan, the Company will have the opportunity to appeal the decision in front of a Nasdaq Hearings Panel. The MVLS deficiency was cured by the conversion of the Class B into Class A because the Class A shares held by Sponsor count towards satisfying such requirement. We submitted a “plan of compliance” to NASDAQ indicating that we are aiming to be able to cure the deficiency upon closing of the business combination. Nasdaq has not responded. Risks and Uncertainties In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (“COVID -19 -19 -19 Inflation Reduction Act of 2022 (the “IR Act”) On August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for, among other things, a new U.S. federal 1% excise tax on certain repurchases of stock by publicly traded U.S. domestic corporations and certain U.S. domestic subsidiaries of publicly traded foreign corporations occurring on or after January 1, 2023. The excise tax is imposed on the repurchasing corporation itself, not its stockholders from which shares are repurchased. The amount of the excise tax is generally 1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the excise tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year. In addition, certain exceptions apply to the excise tax. The U.S. Department of the Treasury (the “Treasury”) has been given authority to provide regulations and other guidance to carry out and prevent the abuse or avoidance of the excise tax. Any redemption or other repurchase that occurs after December 31, 2022, in connection with a Business Combination, extension vote or otherwise, may be subject to the excise tax. Whether and to what extent the Company would be subject to the excise tax in connection with a Business Combination, extension vote or otherwise would depend on a number of factors, including (i) the fair market value of the redemptions and repurchases in connection with the Business Combination, extension or otherwise, (ii) the structure of a Business Combination, (iii) the nature and amount of any “PIPE” or other equity issuances in connection with a Business Combination (or otherwise issued not in connection with a Business Combination but issued within the same taxable year of a Business Combination) and (iv) the content of regulations and other guidance from the Treasury. In addition, because the excise tax would be payable by the Company and not by the redeeming holder, the mechanics of any required payment of the excise tax have not been determined. The foregoing could cause a reduction in the cash available on hand to complete a Business Combination and in the Company’s ability to complete a Business Combination. On July 17, 2023, the Company redeemed 523,341 shares of Class A common stock tendered for redemption by the Public Stockholders for a total redemption amount of $5,638,879 in connection with the implementation of the Extension. The Company evaluated the classification and accounting of the stock redemption under ASC 450, “Contingencies” to determine whether the Company should currently recognize an excise tax obligation associated therewith. ASC 450 states that when a loss contingency exists the likelihood that the future event(s) will confirm the loss or impairment of an asset, or the incurrence of a liability can range from probable to remote. Contingent liability must be reviewed at each reporting period to determine appropriate treatment. The Company evaluated whether a United States excise tax obligation should be recognized currently related to the stock redemption and concluded that this obligation should be recognized. As of September 30, 2023, the Company recorded $56,389 of excise tax liability calculated as 1% of shares redeemed on July 17, 2023. Any reduction to this liability resulting from either a subsequent stock issuance or an event giving rise to an exception that occurs within this tax year, will be recognized in the period (including an interim period) that such stock issuance or event giving rise to an exception occurs. Liquidity and Going Concern As of September 30, 2023, the Company had $119,014 in its operating bank accounts, $8,329,792 in marketable securities held in the Trust Account to be used for a Business Combination or to repurchase or redeem its Public Shares in connection therewith and a working capital deficit of $4,624,973. On May 9, 2023, the Company received a notice from the IRS stating an additional $182,308 of federal income taxes were due by May 22, 2023. The Company made this payment on June 23, 2023. The Company currently projects that it will not have sufficient funds to cover its expenses over a one -year | NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Phoenix Biotech Acquisition Corp. (the “Company”) was incorporated in Delaware on June 8, 2021. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses (the “Business Combination”). The Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. As of December 31, 2022, the Company had not commenced any operations. All activity through December 31, 2022, relates to the Company’s formation and initial public offering (“IPO”), which is described below and, since the offering, 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 generates non -operating Simultaneously with the closing of the IPO, the Company consummated the sale of 845,000 units (“Private Placement Units”) (with respect to the Class A common stock included in the Private Placement Units offered, the “Private Placement Shares”) at a price of $10.00 per Private Placement Unit in a private placement to the Company’s sponsor, Phoenix Biotech Sponsor, LLC (the “Sponsor”), Cantor Fitzgerald & Co. (“Cantor”) and Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC (“CCM”), generating gross proceeds of $8,450,000, which is described in Note 4. Simultaneously with the closing of the IPO, the Company consummated the sale of 2,000,000 additional Units upon receiving notice of the underwriter’s election to partially exercise its overallotment option (“Overallotment Units”), generating additional gross proceeds of $20,000,000 and incurring additional offering costs of $1,400,000 in underwriting fees, all of which are deferred until the completion of the Company’s initial Business Combination. Simultaneously with the exercise of the overallotment, the Company consummated the Private Placement of an additional 40,000 Private Placement Units to the Sponsor and CCM, generating gross proceeds of $400,000. Offering costs for the IPO and exercise of the overallotment option amounted to $12,729,318, consisting of $2,635,000 of underwriting fees, $9,150,000 of deferred underwriting fees payable (which are held in the Trust Account (defined below)) and $944,318 of other costs. As described in Note 6, the $9,150,000 of deferred underwriting fee payable is contingent upon the consummation of a Business Combination, subject to the terms of the underwriting agreement. Following the closing of the IPO, $178,500,000 ($10.20 per Unit) from the net proceeds of the sale of the Units in the IPO, the Overallotment Units and the Private Placement Units was placed in a trust account (“Trust Account”) and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less or in money market funds meeting the conditions of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account, as described below. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the IPO and the sale of the Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the assets held in the Trust Account (excluding the deferred underwriting commissions and taxes payable on income earned on the Trust Account) at the time of the agreement to enter into the initial Business Combination. However, the Company will only complete a Business Combination if the post -transaction The Company will provide the holders of the outstanding Public Shares (the “Public Stockholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company. The Public Stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially $10.20 per Public Share, plus any pro rata interest then in the Trust Account, net of taxes payable). There will be no redemption rights with respect to the Company’s warrants. All of the Public Shares contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s liquidation, if there is a stockholder vote or tender offer in connection with the Company’s Business Combination and in connection with certain amendments to the Company’s amended and restated certificate of incorporation (the “Certificate of Incorporation”). In accordance with the rules of the U.S. Securities and Exchange Commission (the “SEC”) and its guidance on redeemable equity instruments, which has been codified in Accounting Standards Codification (“ASC”) 480 -10-S99 -20 -10-S99 -in Redemptions of the Company’s Public Shares may be subject to the satisfaction of conditions, including minimum cash conditions, pursuant to an agreement relating to the Company’s Business Combination. If the Company seeks stockholder approval of the Business Combination, the Company will proceed with a Business Combination if a majority of the shares voted are voted in favor of the Business Combination, or such other vote as required by law or stock exchange rule. If a stockholder vote is not required by applicable law or stock exchange listing requirements and the Company does not decide to hold a stockholder vote for business or other reasons, the Company will, pursuant to its Certificate of Incorporation, conduct the redemptions pursuant to the tender offer rules of the SEC and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the transaction is required by applicable law or stock exchange listing requirements, or the Company decides to obtain stockholder approval for business or other reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks stockholder approval in connection with a Business Combination, the Sponsor has agreed to vote its Founder Shares (as defined in Note 5), Private Placement Shares and any Public Shares purchased during or after the IPO in favor of approving a Business Combination. Additionally, each Public Stockholder may elect to redeem their Public Shares without voting, and if they do vote, irrespective of whether they vote for or against the proposed transaction. Notwithstanding the foregoing, the Certificate of Incorporation provides that a Public Stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 20% or more of the Class A common stock sold in the IPO, without the prior consent of the Company. The Company’s Sponsor, officers and directors (the “Initial Stockholders”) have agreed not to propose an amendment to the Certificate of Incorporation that would affect the substance or timing of the Company’s obligation to redeem 100% of its Public Shares if the Company does not complete a Business Combination within the Combination Period (defined below), unless the Company provides the Public Stockholders with the opportunity to redeem their shares of Class A common stock in conjunction with any such amendment. On December 16, 2022, the Company held a special meeting of our stockholders (the “Special Meeting”). At the Special Meeting, our stockholders approved an amendment (the “IMTA Amendment”) to the Company’s Investment Management Trust Agreement (the “IMTA”), dated October 5, 2021, with Continental Stock Transfer & Trust Company (“CST”), as trustee, and an amendment to the Company’s amended and restated certificate of incorporation, to extend the date by which we must consummate a business combination transaction by three months from January 8, 2023 to April 8, 2023, and provide our board of directors the ability to further extend the date by which we have to consummate a business combination up to three additional times for one month each time, for a maximum of six additional months (the “Charter Amendment”). In connection with the Special Meeting, our sponsor agreed that if the Charter Amendment and the IMTA Amendment were approved at the Special Meeting, our sponsor, or one or more of its affiliates, members or third -party In connection with the approval of the extension, holders of 16,211,702 If the Company is unable to complete a Business Combination by April 8, 2023 or a further extended date under the Charter Amendment discussed above, (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 The Initial Stockholders have agreed to waive their liquidation rights with respect to the Founder Shares and Private Placement Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Initial Stockholders should acquire Public Shares in or after the IPO, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriter has agreed to waive its rights to the deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period, and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be only $10.20 per share held in the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account. This liability will not apply with respect to any claims by a third party who executed a waiver of any right, title, interest or claim of any kind in or to any monies held in the Trust Account or to any claims under the Company’s indemnity of the underwriter of the IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third -party The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. Risks and Uncertainties In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (“COVID -19 -19 -19 Inflation Reduction Act of 2022 (the “IR Act”) On August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for, among other things, a new U.S. federal 1% excise tax on certain repurchases of stock by publicly traded U.S. domestic corporations and certain U.S. domestic subsidiaries of publicly traded foreign corporations occurring on or after January 1, 2023. The excise tax is imposed on the repurchasing corporation itself, not its shareholders from which shares are repurchased. The amount of the excise tax is generally 1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the excise tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year. In addition, certain exceptions apply to the excise tax. The U.S. Department of the Treasury (the “Treasury”) has been given authority to provide regulations and other guidance to carry out and prevent the abuse or avoidance of the excise tax. Any redemption or other repurchase that occurs after December 31, 2022, in connection with a Business Combination, extension vote or otherwise, may be subject to the excise tax. Whether and to what extent the Company would be subject to the excise tax in connection with a Business Combination, extension vote or otherwise would depend on a number of factors, including (i) the fair market value of the redemptions and repurchases in connection with the Business Combination, extension or otherwise, (ii) the structure of a Business Combination, (iii) the nature and amount of any “PIPE” or other equity issuances in connection with a Business Combination (or otherwise issued not in connection with a Business Combination but issued within the same taxable year of a Business Combination) and (iv) the content of regulations and other guidance from the Treasury. In addition, because the excise tax would be payable by the Company and not by the redeeming holder, the mechanics of any required payment of the excise tax have not been determined. The foregoing could cause a reduction in the cash available on hand to complete a Business Combination and in the Company’s ability to complete a Business Combination. Liquidity and Going Concern As of December 31, 2022, the Company had $475,870 in its operating bank accounts, $41,665,974 in cash and marketable securities held in the Trust Account to be used for a Business Combination or to repurchase or redeem its Public Shares in connection therewith and a working capital deficit of $1,605,546, excluding the effects of taxes payable. The total Trust balance of $41,665,974 included a delayed $26,481,101 redemption payment to redeeming shareholders (2,581,004 -up The Company currently projects that it will not have sufficient funds to cover its expenses over a one -year |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Summary of Significant Accounting Policies [Abstract] | ||
Summary of Significant Accounting Policies | Note 2 — Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10 -Q -X The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on Form 10 -K Reclassifications Certain prior year amounts have been reclassified due to an immaterial correction of an error and for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations. An adjustment for $244,777 has been made to Class A common stock subject to possible redemption and Accumulated deficit as of December 31, 2022 to correct the total amount redeemable to stockholders. Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes -Oxley 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 Use of Estimates The preparation of condensed financial statements in conformity with U.S. 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 condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those estimates. 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. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all short -term Restricted Cash The Company considers all cash to be held for a specific purpose restricted cash. As of September 30, 2023 and December 31, 2022, the Company had $0 and $41,665,974 in restricted cash, respectively. The restricted cash as of December 31, 2022 was intended to satisfy stockholder redemption payments. The cash and restricted cash balances included in the balance sheets as of September 30, 2023 and December 31, 2022, are comprised of the following: September 30, December 31, (Unaudited) Cash $ 119,014 $ 475,870 Restricted cash — 41,665,974 Total cash and restricted cash $ 119,014 $ 42,141,844 Money market funds Held in Trust Account At September 30, 2023, the assets held in Trust Account were held in money market funds that invested in U.S. Treasury securities. At December 31, 2022, substantially all of the assets held in the Trust Account were held as cash. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held in the Trust Account and interest earned on marketable securities are included in the accompanying unaudited condensed statements of operations. The estimated fair values of investments held in the Trust Account are determined using available market information. Shareholder Redemption Liability On December 20, 2022, in connection with the Company’s special meeting held to consider the Charter Amendment, the Company’s stockholders redeemed 16,211,702 shares of Class A common stock subject to possible redemption at $10.20 per share redemption value, plus a pro rata share of interest earned. Of the total amount redeemed, payments for 2,581,004 shares of Class A common stock totaling $26,481,101 plus a true -up liability of $27,842,747 were subsequently paid to redeeming stockholders on January 3, 2023. Therefore, a portion of the total redemption payment has been classified as a stockholder redemption liability in the accompanying unaudited condensed balance sheet as of December 31, 2022. Offering Costs associated with the Initial Public Offering Offering costs, including additional underwriting fees associated with the underwriter’s partial exercise of the over -allotment -allotment Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. At September 30, 2023 and December 31, 2022, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. Fair Value of Financial Instruments The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. Income Taxes The Company complies with the accounting and reporting requirements of ASC 740, “ Income Taxes ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were no No Class A Common Stock Subject to Possible Redemption The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in ASC 480. Shares of Class A common stock subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable Class A common stock (including Class A common stock that features redemption rights that are within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, Class A common stock is classified as stockholders’ equity. The Company’s Class A common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, at September 30, 2023 and December 31, 2022, 764,957 and 1,288,298 shares of Class A common stock subject to possible redemption are presented as temporary equity, outside of the stockholders’ deficit section of the Company’s condensed balance sheets. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable Class A common stock to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable common stock are affected by charges against additional paid in capital and accumulated deficit. At September 30, 2023 and December 31, 2022, the Class A common stock subject to possible redemption reflected in the condensed balance sheets is reconciled in the following table: Class A common stock subject to possible redemption, December 31, 2022 $ 13,468,845 Plus: Accretion of carrying value to redemption value 96,795 Class A common stock subject to possible redemption, March 31, 2023 13,565,640 Plus: Accretion of carrying value to redemption value 275,001 Class A common stock subject to possible redemption, June 30, 2023 13,840,640 Less: Redemption (5,638,879 ) Plus: Accretion of carrying value to redemption value 85,288 Class A common stock subject to possible redemption, September 30, 2023 $ 8,287,049 Net (Loss) Income per Common Stock The Company has two classes of shares, which are referred to as Class A common stock and Class B common stock (the “Class B common stock” or the “Founder Shares”). Earnings and losses are shared pro rata between the two classes of shares. Public Warrants (see Note 3) and Private Placement Warrants (see Note 4) to purchase an aggregate of 9,192,500 shares of Class A common stock at $11.50 per share were issued on October 29, 2021. At September 30, 2023 and December 31, 2022, no Public Warrants or Private Placement Warrants have been exercised. The 9,192,500 shares of Class A common stock underlying outstanding Public Warrants and Private Placement Warrants were excluded from diluted net (loss) income per share for the three and nine months ended September 30, 2023 and 2022 because they are contingently exercisable, and the contingencies have not yet been met. As a result, diluted net (loss) income per common stock is the same as basic net (loss) income per common stock for the period. The tables below present a reconciliation of the numerator and denominator used to compute basic and diluted net (loss) income per share for each class of stock. For the Three Months Ended 2023 2022 Class A Class B Class A Class B Basic and diluted net (loss) income per share: Numerator: Allocation of net (loss) income $ (331,364 ) $ (2,664 ) $ 67,604 $ 16,901 Denominator: Weighted average shares outstanding 6,281,964 50,508 18,385,000 4,596,250 Basic and diluted net (loss) income per share $ (0.05 ) $ (0.05 ) $ 0.00 $ 0.00 For the Nine Months Ended 2023 2022 Class A Class B Class A Class B Basic and diluted net (loss) income per share: Numerator: Allocation of net (loss) income $ (1,207,109 ) $ (1,046,364 ) $ (324,049 ) $ (81,012 ) Denominator: Weighted average shares outstanding 3,547,888 3,075,432 18,385,000 4,596,250 Basic and diluted net (loss) income per share $ (0.34 ) $ (0.34 ) $ (0.02 ) $ (0.02 ) Accounting for Warrants The Company accounts for warrants as either equity -classified -classified Derivatives and Hedging Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016 -13 — Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016 -13 ”). the new standard including changing the effective date for smaller reporting companies. The guidance is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years, with early adoption permitted. The Company adopted ASU 2016 -13 -13 Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying unaudited condensed financial statements. | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes -Oxley 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 Use of Estimates The preparation of the 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 and Cash Equivalents The Company considers all short -term Restricted Cash The Company considers all cash to be held for a specific purpose restricted cash. As of December 31, 2022 and 2021, the Company had $41,665,974 and $0 in restricted cash, respectively. The restricted cash is intended to satisfy shareholder redemption payments as part of the Company’s option to extend the mandatory liquidation date to April 8, 2023. The cash and restricted cash balances included in the balance sheets as of December 31, 2022 and 2021 are comprised of the following: December 31, December 31, Cash $ 475,870 $ 1,098,573 Restricted cash $ 41,665,974 $ — Total cash and restricted cash $ 42,141,844 $ 1,098,573 Investments Held in Trust Account At December 31, 2022, substantially all of the assets held in the Trust Account were held as cash. At December 31, 2021, substantially all of the assets held in the Trust Account were held in U.S. Treasury securities. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held in the Trust Account and interest earned on marketable securities are included in the accompanying statements of operations. The estimated fair values of investments held in the Trust Account are determined using available market information. Shareholder Redemption Liability On December 20, 2022, in connection with the Company’s special meeting held to consider the Charter Amendment, the Company’s shareholders redeemed 16,211,702 shares of Class A common stock subject to possible redemption at $10.20 per share redemption value, plus a pro rata share of interest earned. Of the total amount redeemed, 2,581,004 shares of Class A common stock totaling $26,481,101 plus a true -up Offering Costs associated with the Initial Public Offering Offering costs, including additional underwriting fees associated with the underwriter’s partial exercise of the over -allotment -allotment Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. At December 31, 2022, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. Fair Value of Financial Instruments The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. Income Taxes The Company complies with the accounting and reporting requirements of ASC 740, “ Income Taxes ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of December 31, 2022 and 2021. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties at December 31, 2022 and 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals, or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. Deferred tax liabilities and assets are determined based on the difference between the financial statement and tax basis of assets and liabilities, using enacted tax rates in effect for the year in which the differences are expected to reverse. Current income taxes are based on the year’s income taxable for federal and state income tax reporting purposes. Total tax provision may differ from the statutory tax rates applied to income before provision for income taxes due principally to expenses charged which are not tax deductible. All of the Company’s tax years remain subject to examination by tax authorities. The total provision benefit for (benefit from) income taxes is comprised of the following: December 31, 2022 December 31, 2021 Current expense $ 599,159 $ — Deferred tax benefit — 69,807 Change in valuation allowance — (52,939 ) Total income tax expense (benefit) $ 599,159 $ (16,868 ) The net deferred tax assets in the accompanying balance sheets included the following components: December 31, 2022 December 31, 2021 Deferred tax assets $ 596,692 $ 69,807 Deferred tax liabilities — Valuation allowance for deferred tax assets (596,692 ) (52,939 ) Net deferred tax assets $ — $ 16,868 The deferred tax assets as of December 31, 2022 and 2021 were comprised of the tax effect of cumulative temporary differences as follows: December 31, 2022 December 31, 2021 General and administration expenses before business combination $ 596,692 $ 69,807 Valuation allowance for deferred tax assets (596,692 ) (52,939 ) Total $ — $ 16,868 In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences representing net future deductible amounts become deductible. Management considers the scheduled reversal of deferred tax assets, projected future taxable income and tax planning strategies in making this assessment. For the year ended December 31, 2022 and period from June 8, 2021 (inception) to December 31, 2021, the valuation allowance was $596,692 and $52,939. A reconciliation of the statutory federal income tax provision (benefit) to the Company’s effective tax rate is as follows: December 31, 2022 December 31, 2021 Statutory federal income tax rate 21.0 % 21.0 % State taxes, net of federal tax benefit 0.0 % 0.0 % Valuation allowance 852.7 % (26.1 )% Income tax provision (benefit) 873.7 % (5.1 )% Class A Common Stock Subject to Possible Redemption The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in ASC 480. Shares of Class A common stock subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable Class A common stock (including Class A common stock that features redemption rights that are within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, Class A common stock is classified as stockholders’ equity. The Company’s Class A common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, at December 31, 2022 and 2021, 1,288,298 and 17,500,000 shares of Class A common stock subject to possible redemption, respectively, are presented as temporary equity, outside of the stockholders’ deficit section of the Company’s balance sheets. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable Class A common stock to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable common stock are affected by charges against additional paid in capital and accumulated deficit. At December 31, 2022 and 2021, the Class A common stock subject to possible redemption reflected in the balance sheets is reconciled in the following table: Gross proceeds $ 175,000,000 Less: IPO Costs allocated to Public Warrants (5,250,000 ) Class A common stock issuance costs (12,346,005 ) Plus: Accretion of carrying value to redemption value 21,096,005 Class A common stock subject to possible redemption, December 31, 2021 $ 178,500,000 Plus: Accretion of carrying value to redemption value 2,662,553 Less: Redemption of shares (167,693,708 ) Class A common stock subject to possible redemption, December 31, 2022 $ 13,468,845 Net Loss per Common Stock The Company has two classes of shares, which are referred to as Class A common stock and Class B common stock (the “Founder Shares”). Losses are shared pro rata between the two classes of shares. Public Warrants (see Note 3) and Private Placement Warrants (see Note 4) to purchase 9,192,500 shares of Class A common stock at $11.50 per share were issued on October 29, 2021. At December 31, 2022 and 2021, no Public Warrants or Private Placement Warrants have been exercised. The 9,192,500 potential shares of Class A common stock underlying outstanding Public Warrants and Private Placement Warrants to purchase the Company’s stock were excluded from diluted losses per share for the year ended December 31, 2022 and period from June 8, 2021 (inception) to December 31, 2021, because they are contingently exercisable, and the contingencies have not yet been met. As a result, diluted net loss per common stock is the same as basic net loss per common stock for the period. The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net loss per share for each class of stock. Year Ended December 31, 2022 Class A Class B Basic and diluted net loss per common share Numerator: Allocation of net loss, as adjusted $ (531,288 ) $ (136,448 ) Denominator: Basic and diluted weighted average shares outstanding 17,896,428 4,596,250 Basic and diluted net loss per common share $ (0.03 ) $ (0.03 ) For the period (inception) December 31, Net loss $ (315,547 ) Accretion for Class A Common Stock to redemption value (21,096,005 ) Net loss including accretion of temporary equity to redemption value $ (21,411,552 ) For the period (inception) through December 31, 2021 Class A Class B NUMERATOR Allocation of net loss $ (164,860 ) $ (150,687 ) Accretion for Class A Common Stock to redemption value 21,096,005 — Net loss including accretion of temporary equity to redemption value $ 20,931,145 $ (150,687 ) DENOMINATOR Weighted Average Shares Outstanding including common stock subject to redemption 5,041,048 4,607,658 Basic and dilution net loss per share $ 4.15 $ (0.03 ) Accounting for Warrants The Company accounts for warrants as either equity -classified -classified Derivatives and Hedging Recent Accounting Pronouncements The Company’s management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements as of and for the year ended December 31, 2022. |
Initial Public Offering and Ove
Initial Public Offering and Over-Allotment | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Initial Public Offering and Over-Allotment [Abstract] | ||
Initial Public Offering and Over-Allotment | Note 3 — Initial Public Offering and Over-Allotment Pursuant to the IPO, the Company sold 17,500,000 units (including 2,000,000 units as part of the underwriter’s partial exercise of the over -allotment -half | NOTE 3. INITIAL PUBLIC OFFERING Pursuant to the IPO, the Company sold 17,500,000 units (including 2,000,000 units as part of the underwriter’s partial exercise of the over -allotment -half |
Private Placement Warrants
Private Placement Warrants | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Private Placement Warrants [Abstract] | ||
Private Placement Warrants | Note 4 — Private Placement Warrants On October 8, 2021, simultaneously with the consummation of the IPO, the Company consummated the issuance and sale (“Private Placement”) of 885,000 Units (the “Private Placement Units”) in a private placement transaction at a price of $10.00 per Private Placement Unit, generating gross proceeds of $8,850,000. The Private Placement Units were purchased by Cantor (155,000 Units), CCM (30,004 Units) and the Sponsor (699,996 Units). Each whole Private Placement Unit consists of one Private Placement Share and one -half | NOTE 4. PRIVATE PLACEMENT On October 8, 2021, simultaneously with the consummation of the IPO, the Company consummated the issuance and sale (“Private Placement”) of 885,000 Units (the “Private Placement Units”) in a private placement transaction at a price of $10.00 per Private Placement Unit, generating gross proceeds of $8,850,000. The Private Placement Units were purchased by Cantor (155,000 Units), CCM (30,004 Units) and the Sponsor (699,996 Units). Each whole Private Placement Unit consists of one Private Placement Share and one -half |
Related Party Transactions
Related Party Transactions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Related Party Transactions [Abstract] | ||
Related Party Transactions | Note 5 — Related Party Transactions Founder Shares On September 18, 2021, the Sponsor provided funds to pay for certain costs totaling $25,000 on behalf of the Company as consideration for 4,598,750 Founder Shares. Later in September 2021, the Company effected a 0.017 for 1 stock dividend for each Founder Share outstanding, and, as a result, the Sponsor held 4,679,125 Founder Shares following the stock dividend. As a result, the Company’s shares have been retroactively adjusted for this stock dividend; however, due to the shares being closely held the corresponding earnings have not been capitalized from retained earnings. The Sponsor agreed to forfeit up to 592,875 Founder Shares to the extent that the 45 -day -allotment -allotment The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earliest of: (a) one year after the completion of a Business Combination and (b) subsequent to a Business Combination, (x) if the closing price of the shares of Class A common stock equals or exceeds $12.00 per share (as adjusted) for any 20 trading days within any 30 -trading On July 3, 2023, the Sponsor delivered notice of conversion of an aggregate of 4,596,250 Founder Shares into an equal number of shares of Class A common stock (the “Conversion”). The Sponsor shares have been converted to Class B common shares. Related Party Loans On June 18, 2021, the Sponsor agreed to loan the Company an aggregate of up to $300,000 to cover expenses related to the IPO pursuant to a promissory note which was amended on September 10, 2021 (as amended, the “Note”). This loan is non -interest-bearing In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. The Working Capital Loans will either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1.5 million of such Working Capital Loans may be convertible into units of the post Business Combination entity at a price of $10.00 per unit. The units would be identical to the Private Placement Units. On December 13, 2022, the Company entered into a promissory note with the Sponsor. In order to fund ongoing operations, the Sponsor will loan up to $1,500,000 to the Company. The Promissory Note does not bear interest and matures upon the earlier of (a) the closing of an initial business combination and (b) the Company’s liquidation. In the event that the Company does not consummate an initial business combination, the Promissory Note will be repaid only from amounts remaining outside of the Trust Account, if any. On May 8, 2023, June 9, 2023 and September 12, 2023, the sponsor loaned the company $250,000, $275,000 and $220,000 under the Promissory Note in connection with extensions of the Company’s liquidation date, respectively. As of September 30, 2023 and December 31, 2022, there was $1,395,000 and $650,000 in borrowings under the Working Capital Loans, respectively. Consulting Services The Company entered into an agreement, commencing on the date of its listing on NASDAQ, to pay the spouse of our Chief Executive Officer a monthly consulting fee of $15,000 for assisting the Company in identifying and evaluating potential acquisition targets. Upon completion of our initial business combination or our liquidation, we will cease paying these monthly fees. The payments ended on December 31, 2022 in connection with the approval of the Charter Amendment. For the three and nine months ended September 30, 2023, $0 has been incurred under this agreement. For the three and nine months ended September 30, 2022, $45,000 and $90,000 has been incurred under this agreement, respectively. Support Services The Company entered into an agreement, commencing on the date of its listing on NASDAQ through the earlier of the consummation of a Business Combination and the Company’s liquidation, to pay an affiliate of the Sponsor a monthly fee of $20,000 for office space, secretarial and administrative services. Payments under the agreement were suspended on December 31, 2022 and reinstated on March 31, 2023. For the three and nine months ended September 30, 2023, $60,000 and $140,000 has been incurred under this agreement, respectively. For the three and nine months ended September 30, 2022, $60,000 and $180,000 has been incurred under this agreement, respectively. As of September 30, 2023, there was a $35,000 outstanding balance owed to the Sponsor. | NOTE 5. RELATED PARTY TRANSACTIONS Founder Shares On September 18, 2021, the Sponsor provided funds to pay for certain costs totaling $25,000 on behalf of the Company as consideration for 4,598,750 shares of Class B common stock (the “Founder Shares”). In September 2021, the Company effected a 0.017 for 1 stock dividend for each share of Class B common stock outstanding, and, as a result, the Sponsor held 4,679,125 Founder Shares following the stock dividend. As a result, the Company’s shares have been retroactively adjusted for this stock dividend; however, due to the shares being closely held the corresponding earnings have not been capitalized from retained earnings. The Sponsor agreed to forfeit up to 592,875 Founder Shares to the extent that the 45 -day -allotment -allotment The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earliest of: (a) one year after the completion of a Business Combination and (b) subsequent to a Business Combination, (x) if the closing price of the shares of Class A common stock equals or exceeds $12.00 per share (as adjusted) for any 20 trading days within any 30 -trading Related Party Loans On June 18, 2021, the Sponsor agreed to loan the Company an aggregate of up to $300,000 to cover expenses related to the IPO pursuant to a promissory note which was amended on September 10, 2021 (as amended, the “Note”). This loan is non -interest-bearing In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. The Working Capital Loans will either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1.5 million of such Working Capital Loans may be convertible into units of the post Business Combination entity at a price of $10.00 per unit. The units would be identical to the Private Placement Units. At December 31, 2021, the Company had no outstanding borrowings under the Working Capital Loans. On December 13, 2022, the Company entered into a promissory note with the Sponsor. In order to fund ongoing operations, the Sponsor will loan up to $1,500,000 to the Company. The Promissory Note does not bear interest and matures upon the earlier of (a) the closing of an initial business combination and (b) the Company’s liquidation. In the event that the Company does not consummate an initial business combination, the Promissory Note will be repaid only from amounts remaining outside of the trust account, if any. As of December 31, 2022, there was $650,000 in borrowings under the Working Capital Loans. Consulting Services The Company entered into an agreement, commencing on the date of its listing on NASDAQ, to pay the spouse of our Chief Executive Officer a monthly consulting fee of $15,000 for assisting the Company in identifying and evaluating potential acquisition targets. Upon completion of our initial business combination or our liquidation, we will cease paying these monthly fees. For the year ended December 31, 2022 and period from June 8, 2021 (inception) to December 31, 2021, $180,000 and $41,613 has been incurred under this agreement, respectively. Support Services The Company entered into an agreement, commencing on the date of its listing on NASDAQ through the period ended December 31, 2022 to pay an affiliate of the Sponsor a monthly fee of $20,000 for office space, secretarial and administrative services. For the year ended December 31, 2022 and period from June 8, 2021 (inception) to December 31, 2021, $240,000 and $60,000 has been incurred under this agreement, respectively. The agreement was terminated in December 2022. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies | Note 6 — Commitments and Contingencies Registration Rights Pursuant to a registration rights agreement entered into on October 5, 2021, the holders of the Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans (and any Class A common stock issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans and upon conversion of the Founder Shares) are entitled to registration rights, requiring the Company to register such securities and any other securities of the Company acquired by them prior to the consummation of a Business Combination for resale. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy -back Underwriting Agreement The Company granted the underwriter a 45 -day -allotments -allotment The underwriter was paid a cash underwriting discount of $0.20 per unit, or $3,100,000 in the aggregate at the closing of the IPO, of which $465,000 was reimbursed to the Company to pay for additional advisors. The underwriter agreed to defer any additional fees related to the exercise of the over -allotment -allotment Business Combination Agreement On June 4, 2023, the Company entered into a business combination agreement and plan of reorganization (the “Business Combination Agreement”), by and among the Company, PBCE Merger Sub, Inc., a Delaware corporation (“Merger Sub”), and CERo Therapeutics, Inc., a Delaware corporation (“CERo”). At the effective time of the Business Combination (the “Effective Time”), (i) each outstanding share of CERo common stock, par value $0.0001 per share (the “CERo common stock”) will be cancelled and converted into (a) the right to receive a number of shares of PBAX Class A common stock, par value $0.0001 per share (“Class A common stock”), equal to $50,000,000, minus divided divided four multiplied $0.0001 per share (the “CERo preferred stock”), will be converted into a number of shares of Class A common stock, equal to the number of shares of Class A common stock obtained by dividing -Out multiplied divided multiplied divided Sponsor Support Agreement In connection with the execution of the Business Combination Agreement, the Sponsor, as the sole holder of the Class B common stock, and each of the Company’s officers and directors entered into a support agreement with the Company and CERo (the “Sponsor Support Agreement”). Under the Sponsor Support Agreement, the Sponsor agreed to vote, at any meeting of the stockholders of the Company and in any action by written consent of the stockholders of the Company, all of its shares of Class B common stock (together with any other equity securities of the Company that it holds of record or beneficially, as of the date of the Sponsor Support Agreement, or of which it acquires record or beneficial ownership after the date thereof, the “Subject Company Shares”) (i) in favor of (a) the Business Combination Agreement and the transactions contemplated thereby and (b) the other proposals that the Company and CERo agreed in the Business Combination Agreement shall be submitted at such meeting for approval by the Company’s stockholders (together with the proposal to obtain the Company Stockholder Approval, the “Required Transaction Proposals”) and (ii) against any proposal that conflicts or materially impedes or interferes with any Required Transaction Proposals or that would adversely affect or delay the Business Combination. The Sponsor Support Agreement also prohibits the Sponsor from, among other things and subject to certain exceptions, transferring any Subject Company Shares held by the Sponsor or taking any action that would have the effect of preventing or materially delaying the Sponsor from performing its obligations under the Sponsor Support Agreement, until the earlier of the Closing or the termination of the Sponsor Support Agreement according to its terms. On July 3, 2023, the Sponsor delivered notice of conversion of an aggregate of 4,596,250 shares of Class B common stock into an equal number of shares of Class A common stock. Following the Conversion, the Sponsor held an aggregate of 5,296,246 shares of Class A common stock, all of which are subject to the Sponsor Support Agreement. CERo Support Agreements In connection with the execution of the Business Combination Agreement, certain CERo stockholders (the “CERo Supporting Stockholders”) entered into support agreements with CERo (the “CERo Support Agreements”). Under the CERo Support Agreements, each CERo Supporting Stockholder agreed as promptly as practicable following the time at which the Registration Statement/Proxy Statement shall have been declared effective and made available to such CERo Supporting Stockholders, to execute and deliver a written consent with respect to all outstanding shares of CERo common stock and CERo preferred stock held by such CERo Supporting Stockholder (the “Subject CERo Shares”) approving the Business Combination Agreement and the transactions contemplated thereby (including the Business Combination). In addition to the foregoing, each CERo Supporting Stockholder agreed that, at any meeting of the holders of CERo capital stock, each such CERo Supporting Stockholder will appear at the meeting, in person or by proxy, and cause its Subject CERo Shares to be counted as present thereat for purposes of calculating a quorum and voted (i) to approve and adopt the Business Combination Agreement, the transactions contemplated thereby (including the Business Combination), and any other matters necessary or reasonably requested by CERo for consummation of the Business Combination, and (ii) against any proposal that conflicts or materially impedes or interferes with, or would adversely affect or delay, the consummation of the transactions contemplated by the Business Combination Agreement (including the Business Combination). | NOTE 6. COMMITMENTS AND CONTINGENCIES Registration Rights Pursuant to a registration rights agreement entered into on October 5, 2021, the holders of the Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans (and any Class A common stock issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans and upon conversion of the Founder Shares) are entitled to registration rights pursuant to a registration rights agreement, requiring the Company to register such securities and any other securities of the Company acquired by them prior to the consummation of a Business Combination for resale. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy -back Underwriting Agreement The Company granted the underwriter a 45 -day -allotments -allotment The underwriter was paid a cash underwriting discount of $0.20 per unit, or $3,100,000 in the aggregate at the closing of the IPO, of which $465,000 was reimbursed to the Company to pay for additional advisors. The underwriter agreed to defer any additional fees related to the exercise of the over -allotment -allotment |
Stockholders' Deficit
Stockholders' Deficit | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Stockholders' Deficit [Abstract] | ||
Stockholders' Deficit | Note 7 — Stockholders’ Deficit Common Stock Class A common stock Class B common stock Prior to the consummation of an initial Business Combination, only holders of shares of Class B common stock will have the right to vote on the election of directors. Holders of shares of Class A common stock and shares of Class B common stock will vote together as a single class on all other matters submitted to a vote of stockholders. Preferred stock Warrants — Notwithstanding the foregoing, if a registration statement covering the common stock issuable upon exercise of the Public Warrants is not effective within a specified period following the consummation of a Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act, provided that such exemption is available. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis. The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. Once the warrants become exercisable, the Company may redeem the Public Warrants: • • • • -trading-day • If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the IPO, except that the Private Placement Warrants and the common stock issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable, or salable until after the completion of a Business Combination, subject to certain limited exceptions. The Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. The exercise price and number of shares of common stock issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, extraordinary dividend or recapitalization, reorganization, merger, or consolidation. However, the warrants will not be adjusted for issuances of common stock at a price below their respective exercise prices, other than as set forth below. Additionally, in no event will the Company be required to net cash settle the warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such warrants. Accordingly, the warrants may expire worthless. In addition, if the Company issues additional common stock or equity -linked -average -trading-day | NOTE 7. STOCKHOLDERS’ DEFICIT Common Stock Class A common stock — The Company is authorized to issue 60,000,000 shares of Class A common stock with a par value of $0.0001 per share. As of December 31, 2022 and 2021, there were 885,000 shares of Class A common stock issued and outstanding (excluding 1,288,298 and 17,500,000 shares subject to possible redemption). Class B common stock — The Company is authorized to issue 10,000,000 shares of Class B common stock with a par value of $0.0001 per share. Holders of Class B common stock are entitled to one vote for each share. As of December 31, 2022 and 2021, there were 4,596,250 shares of Class B common stock issued and outstanding. Prior to the consummation of an initial Business Combination, only holders of shares of Class B common stock will have the right to vote on the election of directors. Holders of shares of Class A common stock and shares of Class B common stock will vote together as a single class on all other matters submitted to a vote of stockholders. The shares of Class B common stock will automatically convert into shares of Class A common stock at the time of a Business Combination at a ratio such that the number of shares of Class A common stock issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as -converted -linked -linked -equivalent -to-one Preferred Stock Warrants Notwithstanding the foregoing, if a registration statement covering the common stock issuable upon exercise of the Public Warrants is not effective within a specified period following the consummation of a Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act, provided that such exemption is available. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis. The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. Once the warrants become exercisable, the Company may redeem the Public Warrants: • • • • -trading-day • If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the IPO, except that the Private Placement Warrants and the common stock issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable, or salable until after the completion of a Business Combination, subject to certain limited exceptions. The Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. The exercise price and number of shares of common stock issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, extraordinary dividend or recapitalization, reorganization, merger, or consolidation. However, the warrants will not be adjusted for issuances of common stock at a price below their respective exercise prices, other than as set forth below. Additionally, in no event will the Company be required to net cash settle the warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless. In addition, if the Company issues additional common stock or equity -linked -average -trading-day |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | ||
Fair Value Measurements | Note 8 — Fair Value Measurements The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. At September 30, 2023, the assets held in the Trust Account were held in money market funds. All of the Company’s investments held in the Trust Account are classified as trading securities. The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at September 30, 2023, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value. At December 31, 2022 there were no assets or liabilities measured at fair value. September 30, 2023 (Unaudited) Level Quoted Significant Significant Assets: Money Market Funds 1 $ 8,329,792 — — | NOTE 8. FAIR VALUE MEASUREMENTS The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. At December 31, 2022 and 2021, the assets held in the Trust Account were held in U.S. Treasury securities. All of the Company’s investments held in the Trust Account are classified as trading securities. The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2021 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value. At December 31, 2022 there were no assets or liabilities measured at fair value. December 31, 2021 Level Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Assets: U.S. Treasury Securities 1 $ 178,499,615 — — |
Uncertainty Regarding Impacts o
Uncertainty Regarding Impacts of Recent Disruptions in U.S. Banking System | 12 Months Ended |
Dec. 31, 2022 | |
Uncertainty Regarding Impacts of Recent Disruptions in U.S. Banking System [Abstract] | |
Uncertainty Regarding Impacts of Recent Disruptions in U.S. Banking System | NOTE 9. UNCERTAINTY REGARDING IMPACTS OF RECENT DISRUPTIONS IN U.S. BANKING SYSTEM In March 2023, the shut -down |
Subsequent Events
Subsequent Events | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Subsequent Events [Abstract] | ||
Subsequent Events | Note 9 — Subsequent Events The Company evaluated subsequent events and transactions that occurred up to the date the unaudited condensed financial statements were issued. Based upon this review, other than described below, the Company did not identify any other subsequent events that would have required adjustment or disclosure in the unaudited condensed financial statements. On October 4, 2023, the Sponsor deposited $22,949 in the Trust Account in connection with the extension of the business combination deadline. | NOTE 10. SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date of the financial statements. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements except for the subsequently paid shareholder redemptions as described in Note 1 and the uncertainty regarding impacts of recent disruptions in the U.S. Banking System described in Note 9. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Summary of Significant 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 (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10 -Q -X The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on Form 10 -K | Basis of Presentation The accompanying financial statements are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. |
Emerging Growth Company | Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes -Oxley 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 | Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes -Oxley 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 |
Use of Estimates | Use of Estimates The preparation of condensed financial statements in conformity with U.S. 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 condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those estimates. 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. Actual results could differ from those estimates. | Use of Estimates The preparation of the 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 and Cash Equivalents | Cash and Cash Equivalents The Company considers all short -term | Cash and Cash Equivalents The Company considers all short -term |
Restricted Cash | Restricted Cash The Company considers all cash to be held for a specific purpose restricted cash. As of September 30, 2023 and December 31, 2022, the Company had $0 and $41,665,974 in restricted cash, respectively. The restricted cash as of December 31, 2022 was intended to satisfy stockholder redemption payments. The cash and restricted cash balances included in the balance sheets as of September 30, 2023 and December 31, 2022, are comprised of the following: September 30, December 31, (Unaudited) Cash $ 119,014 $ 475,870 Restricted cash — 41,665,974 Total cash and restricted cash $ 119,014 $ 42,141,844 | Restricted Cash The Company considers all cash to be held for a specific purpose restricted cash. As of December 31, 2022 and 2021, the Company had $41,665,974 and $0 in restricted cash, respectively. The restricted cash is intended to satisfy shareholder redemption payments as part of the Company’s option to extend the mandatory liquidation date to April 8, 2023. The cash and restricted cash balances included in the balance sheets as of December 31, 2022 and 2021 are comprised of the following: December 31, December 31, Cash $ 475,870 $ 1,098,573 Restricted cash $ 41,665,974 $ — Total cash and restricted cash $ 42,141,844 $ 1,098,573 |
Money market funds Held in Trust Account | Money market funds Held in Trust Account At September 30, 2023, the assets held in Trust Account were held in money market funds that invested in U.S. Treasury securities. At December 31, 2022, substantially all of the assets held in the Trust Account were held as cash. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held in the Trust Account and interest earned on marketable securities are included in the accompanying unaudited condensed statements of operations. The estimated fair values of investments held in the Trust Account are determined using available market information. | Investments Held in Trust Account At December 31, 2022, substantially all of the assets held in the Trust Account were held as cash. At December 31, 2021, substantially all of the assets held in the Trust Account were held in U.S. Treasury securities. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held in the Trust Account and interest earned on marketable securities are included in the accompanying statements of operations. The estimated fair values of investments held in the Trust Account are determined using available market information. |
Shareholder Redemption Liability | Shareholder Redemption Liability On December 20, 2022, in connection with the Company’s special meeting held to consider the Charter Amendment, the Company’s stockholders redeemed 16,211,702 shares of Class A common stock subject to possible redemption at $10.20 per share redemption value, plus a pro rata share of interest earned. Of the total amount redeemed, payments for 2,581,004 shares of Class A common stock totaling $26,481,101 plus a true -up liability of $27,842,747 were subsequently paid to redeeming stockholders on January 3, 2023. Therefore, a portion of the total redemption payment has been classified as a stockholder redemption liability in the accompanying unaudited condensed balance sheet as of December 31, 2022. | Shareholder Redemption Liability On December 20, 2022, in connection with the Company’s special meeting held to consider the Charter Amendment, the Company’s shareholders redeemed 16,211,702 shares of Class A common stock subject to possible redemption at $10.20 per share redemption value, plus a pro rata share of interest earned. Of the total amount redeemed, 2,581,004 shares of Class A common stock totaling $26,481,101 plus a true -up |
Offering Costs associated with the Initial Public Offering | Offering Costs associated with the Initial Public Offering Offering costs, including additional underwriting fees associated with the underwriter’s partial exercise of the over -allotment -allotment | Offering Costs associated with the Initial Public Offering Offering costs, including additional underwriting fees associated with the underwriter’s partial exercise of the over -allotment -allotment |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. At September 30, 2023 and December 31, 2022, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. At December 31, 2022, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. | Fair Value of Financial Instruments The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. |
Income Taxes | Income Taxes The Company complies with the accounting and reporting requirements of ASC 740, “ Income Taxes ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were no No | Income Taxes The Company complies with the accounting and reporting requirements of ASC 740, “ Income Taxes ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of December 31, 2022 and 2021. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties at December 31, 2022 and 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals, or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. Deferred tax liabilities and assets are determined based on the difference between the financial statement and tax basis of assets and liabilities, using enacted tax rates in effect for the year in which the differences are expected to reverse. Current income taxes are based on the year’s income taxable for federal and state income tax reporting purposes. Total tax provision may differ from the statutory tax rates applied to income before provision for income taxes due principally to expenses charged which are not tax deductible. All of the Company’s tax years remain subject to examination by tax authorities. The total provision benefit for (benefit from) income taxes is comprised of the following: December 31, 2022 December 31, 2021 Current expense $ 599,159 $ — Deferred tax benefit — 69,807 Change in valuation allowance — (52,939 ) Total income tax expense (benefit) $ 599,159 $ (16,868 ) The net deferred tax assets in the accompanying balance sheets included the following components: December 31, 2022 December 31, 2021 Deferred tax assets $ 596,692 $ 69,807 Deferred tax liabilities — Valuation allowance for deferred tax assets (596,692 ) (52,939 ) Net deferred tax assets $ — $ 16,868 The deferred tax assets as of December 31, 2022 and 2021 were comprised of the tax effect of cumulative temporary differences as follows: December 31, 2022 December 31, 2021 General and administration expenses before business combination $ 596,692 $ 69,807 Valuation allowance for deferred tax assets (596,692 ) (52,939 ) Total $ — $ 16,868 In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences representing net future deductible amounts become deductible. Management considers the scheduled reversal of deferred tax assets, projected future taxable income and tax planning strategies in making this assessment. For the year ended December 31, 2022 and period from June 8, 2021 (inception) to December 31, 2021, the valuation allowance was $596,692 and $52,939. A reconciliation of the statutory federal income tax provision (benefit) to the Company’s effective tax rate is as follows: December 31, 2022 December 31, 2021 Statutory federal income tax rate 21.0 % 21.0 % State taxes, net of federal tax benefit 0.0 % 0.0 % Valuation allowance 852.7 % (26.1 )% Income tax provision (benefit) 873.7 % (5.1 )% |
Class A Common Stock Subject to Possible Redemption | Class A Common Stock Subject to Possible Redemption The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in ASC 480. Shares of Class A common stock subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable Class A common stock (including Class A common stock that features redemption rights that are within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, Class A common stock is classified as stockholders’ equity. The Company’s Class A common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, at September 30, 2023 and December 31, 2022, 764,957 and 1,288,298 shares of Class A common stock subject to possible redemption are presented as temporary equity, outside of the stockholders’ deficit section of the Company’s condensed balance sheets. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable Class A common stock to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable common stock are affected by charges against additional paid in capital and accumulated deficit. At September 30, 2023 and December 31, 2022, the Class A common stock subject to possible redemption reflected in the condensed balance sheets is reconciled in the following table: Class A common stock subject to possible redemption, December 31, 2022 $ 13,468,845 Plus: Accretion of carrying value to redemption value 96,795 Class A common stock subject to possible redemption, March 31, 2023 13,565,640 Plus: Accretion of carrying value to redemption value 275,001 Class A common stock subject to possible redemption, June 30, 2023 13,840,640 Less: Redemption (5,638,879 ) Plus: Accretion of carrying value to redemption value 85,288 Class A common stock subject to possible redemption, September 30, 2023 $ 8,287,049 | Class A Common Stock Subject to Possible Redemption The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in ASC 480. Shares of Class A common stock subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable Class A common stock (including Class A common stock that features redemption rights that are within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, Class A common stock is classified as stockholders’ equity. The Company’s Class A common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, at December 31, 2022 and 2021, 1,288,298 and 17,500,000 shares of Class A common stock subject to possible redemption, respectively, are presented as temporary equity, outside of the stockholders’ deficit section of the Company’s balance sheets. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable Class A common stock to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable common stock are affected by charges against additional paid in capital and accumulated deficit. At December 31, 2022 and 2021, the Class A common stock subject to possible redemption reflected in the balance sheets is reconciled in the following table: Gross proceeds $ 175,000,000 Less: IPO Costs allocated to Public Warrants (5,250,000 ) Class A common stock issuance costs (12,346,005 ) Plus: Accretion of carrying value to redemption value 21,096,005 Class A common stock subject to possible redemption, December 31, 2021 $ 178,500,000 Plus: Accretion of carrying value to redemption value 2,662,553 Less: Redemption of shares (167,693,708 ) Class A common stock subject to possible redemption, December 31, 2022 $ 13,468,845 |
Net (Loss) Income per Common Stock | Net (Loss) Income per Common Stock The Company has two classes of shares, which are referred to as Class A common stock and Class B common stock (the “Class B common stock” or the “Founder Shares”). Earnings and losses are shared pro rata between the two classes of shares. Public Warrants (see Note 3) and Private Placement Warrants (see Note 4) to purchase an aggregate of 9,192,500 shares of Class A common stock at $11.50 per share were issued on October 29, 2021. At September 30, 2023 and December 31, 2022, no Public Warrants or Private Placement Warrants have been exercised. The 9,192,500 shares of Class A common stock underlying outstanding Public Warrants and Private Placement Warrants were excluded from diluted net (loss) income per share for the three and nine months ended September 30, 2023 and 2022 because they are contingently exercisable, and the contingencies have not yet been met. As a result, diluted net (loss) income per common stock is the same as basic net (loss) income per common stock for the period. The tables below present a reconciliation of the numerator and denominator used to compute basic and diluted net (loss) income per share for each class of stock. For the Three Months Ended 2023 2022 Class A Class B Class A Class B Basic and diluted net (loss) income per share: Numerator: Allocation of net (loss) income $ (331,364 ) $ (2,664 ) $ 67,604 $ 16,901 Denominator: Weighted average shares outstanding 6,281,964 50,508 18,385,000 4,596,250 Basic and diluted net (loss) income per share $ (0.05 ) $ (0.05 ) $ 0.00 $ 0.00 For the Nine Months Ended 2023 2022 Class A Class B Class A Class B Basic and diluted net (loss) income per share: Numerator: Allocation of net (loss) income $ (1,207,109 ) $ (1,046,364 ) $ (324,049 ) $ (81,012 ) Denominator: Weighted average shares outstanding 3,547,888 3,075,432 18,385,000 4,596,250 Basic and diluted net (loss) income per share $ (0.34 ) $ (0.34 ) $ (0.02 ) $ (0.02 ) | Net Loss per Common Stock The Company has two classes of shares, which are referred to as Class A common stock and Class B common stock (the “Founder Shares”). Losses are shared pro rata between the two classes of shares. Public Warrants (see Note 3) and Private Placement Warrants (see Note 4) to purchase 9,192,500 shares of Class A common stock at $11.50 per share were issued on October 29, 2021. At December 31, 2022 and 2021, no Public Warrants or Private Placement Warrants have been exercised. The 9,192,500 potential shares of Class A common stock underlying outstanding Public Warrants and Private Placement Warrants to purchase the Company’s stock were excluded from diluted losses per share for the year ended December 31, 2022 and period from June 8, 2021 (inception) to December 31, 2021, because they are contingently exercisable, and the contingencies have not yet been met. As a result, diluted net loss per common stock is the same as basic net loss per common stock for the period. The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net loss per share for each class of stock. Year Ended December 31, 2022 Class A Class B Basic and diluted net loss per common share Numerator: Allocation of net loss, as adjusted $ (531,288 ) $ (136,448 ) Denominator: Basic and diluted weighted average shares outstanding 17,896,428 4,596,250 Basic and diluted net loss per common share $ (0.03 ) $ (0.03 ) For the period (inception) December 31, Net loss $ (315,547 ) Accretion for Class A Common Stock to redemption value (21,096,005 ) Net loss including accretion of temporary equity to redemption value $ (21,411,552 ) For the period (inception) through December 31, 2021 Class A Class B NUMERATOR Allocation of net loss $ (164,860 ) $ (150,687 ) Accretion for Class A Common Stock to redemption value 21,096,005 — Net loss including accretion of temporary equity to redemption value $ 20,931,145 $ (150,687 ) DENOMINATOR Weighted Average Shares Outstanding including common stock subject to redemption 5,041,048 4,607,658 Basic and dilution net loss per share $ 4.15 $ (0.03 ) |
Accounting for Warrants | Accounting for Warrants The Company accounts for warrants as either equity -classified -classified Derivatives and Hedging | Accounting for Warrants The Company accounts for warrants as either equity -classified -classified Derivatives and Hedging |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016 -13 — Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016 -13 ”). the new standard including changing the effective date for smaller reporting companies. The guidance is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years, with early adoption permitted. The Company adopted ASU 2016 -13 -13 Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying unaudited condensed financial statements. | Recent Accounting Pronouncements The Company’s management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements as of and for the year ended December 31, 2022. |
Reclassifications | Reclassifications Certain prior year amounts have been reclassified due to an immaterial correction of an error and for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations. An adjustment for $244,777 has been made to Class A common stock subject to possible redemption and Accumulated deficit as of December 31, 2022 to correct the total amount redeemable to stockholders. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Summary of Significant Accounting Policies [Abstract] | ||
Schedule of Cash and Restricted Cash | The cash and restricted cash balances included in the balance sheets September 30, December 31, (Unaudited) Cash $ 119,014 $ 475,870 Restricted cash — 41,665,974 Total cash and restricted cash $ 119,014 $ 42,141,844 | December 31, December 31, Cash $ 475,870 $ 1,098,573 Restricted cash $ 41,665,974 $ — Total cash and restricted cash $ 42,141,844 $ 1,098,573 |
Schedule of Total Provision (Benefit) for Income Taxes | December 31, 2022 December 31, 2021 Current expense $ 599,159 $ — Deferred tax benefit — 69,807 Change in valuation allowance — (52,939 ) Total income tax expense (benefit) $ 599,159 $ (16,868 ) | |
Schedule of Net Deferred Tax Assets and Liabilities in the Accompanying Balance Sheets | December 31, 2022 December 31, 2021 Deferred tax assets $ 596,692 $ 69,807 Deferred tax liabilities — Valuation allowance for deferred tax assets (596,692 ) (52,939 ) Net deferred tax assets $ — $ 16,868 | |
Schedule of Disclosure of Reconciliation of Deferred Tax Assets | December 31, 2022 December 31, 2021 General and administration expenses before business combination $ 596,692 $ 69,807 Valuation allowance for deferred tax assets (596,692 ) (52,939 ) Total $ — $ 16,868 | |
Schedule of Reconciliation of the Statutory Federal Income Tax Rate (Benefit) to the Company's Effective Tax Rate | December 31, 2022 December 31, 2021 Statutory federal income tax rate 21.0 % 21.0 % State taxes, net of federal tax benefit 0.0 % 0.0 % Valuation allowance 852.7 % (26.1 )% Income tax provision (benefit) 873.7 % (5.1 )% | |
Schedule of Reconciliation of Cash Flow from Common Stock Subject to Possible Redemption to Redemption Value | the Class A common stock subject to possible redemption reflected in the condensed balance sheets is reconciled in the following table: Class A common stock subject to possible redemption, December 31, 2022 $ 13,468,845 Plus: Accretion of carrying value to redemption value 96,795 Class A common stock subject to possible redemption, March 31, 2023 13,565,640 Plus: Accretion of carrying value to redemption value 275,001 Class A common stock subject to possible redemption, June 30, 2023 13,840,640 Less: Redemption (5,638,879 ) Plus: Accretion of carrying value to redemption value 85,288 Class A common stock subject to possible redemption, September 30, 2023 $ 8,287,049 | Gross proceeds $ 175,000,000 Less: IPO Costs allocated to Public Warrants (5,250,000 ) Class A common stock issuance costs (12,346,005 ) Plus: Accretion of carrying value to redemption value 21,096,005 Class A common stock subject to possible redemption, December 31, 2021 $ 178,500,000 Plus: Accretion of carrying value to redemption value 2,662,553 Less: Redemption of shares (167,693,708 ) Class A common stock subject to possible redemption, December 31, 2022 $ 13,468,845 |
Schedule of Basic and Diluted Net Income (Loss) Per Common Share | The tables below present a reconciliation of the numerator and denominator used to compute basic and diluted net (loss) income per share for each class of stock. For the Three Months Ended 2023 2022 Class A Class B Class A Class B Basic and diluted net (loss) income per share: Numerator: Allocation of net (loss) income $ (331,364 ) $ (2,664 ) $ 67,604 $ 16,901 Denominator: Weighted average shares outstanding 6,281,964 50,508 18,385,000 4,596,250 Basic and diluted net (loss) income per share $ (0.05 ) $ (0.05 ) $ 0.00 $ 0.00 For the Nine Months Ended 2023 2022 Class A Class B Class A Class B Basic and diluted net (loss) income per share: Numerator: Allocation of net (loss) income $ (1,207,109 ) $ (1,046,364 ) $ (324,049 ) $ (81,012 ) Denominator: Weighted average shares outstanding 3,547,888 3,075,432 18,385,000 4,596,250 Basic and diluted net (loss) income per share $ (0.34 ) $ (0.34 ) $ (0.02 ) $ (0.02 ) | The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net loss per share for each class of stock. Year Ended December 31, 2022 Class A Class B Basic and diluted net loss per common share Numerator: Allocation of net loss, as adjusted $ (531,288 ) $ (136,448 ) Denominator: Basic and diluted weighted average shares outstanding 17,896,428 4,596,250 Basic and diluted net loss per common share $ (0.03 ) $ (0.03 ) For the period (inception) December 31, Net loss $ (315,547 ) Accretion for Class A Common Stock to redemption value (21,096,005 ) Net loss including accretion of temporary equity to redemption value $ (21,411,552 ) For the period (inception) through December 31, 2021 Class A Class B NUMERATOR Allocation of net loss $ (164,860 ) $ (150,687 ) Accretion for Class A Common Stock to redemption value 21,096,005 — Net loss including accretion of temporary equity to redemption value $ 20,931,145 $ (150,687 ) DENOMINATOR Weighted Average Shares Outstanding including common stock subject to redemption 5,041,048 4,607,658 Basic and dilution net loss per share $ 4.15 $ (0.03 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | ||
Schedule of fair value measurements | The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2021 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value. At December 31, 2022 there were no assets or liabilities measured at fair value. Level Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Assets: U.S. Treasury Securities 1 $ 178,499,615 — — | |
Schedule of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis | The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at September 30, 2023, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value. At December 31, 2022 there were no assets or liabilities measured at fair value. Level Quoted Significant Significant Assets: Money Market Funds 1 $ 8,329,792 — — |
Description of Organization a_2
Description of Organization and Business Operations and Liquidity (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Oct. 04, 2023 | Sep. 01, 2023 | Jul. 28, 2023 | Jul. 18, 2023 | Jul. 17, 2023 | Jul. 07, 2023 | Jun. 30, 2023 | May 09, 2023 | May 08, 2023 | Mar. 31, 2023 | Jan. 26, 2023 | Jan. 03, 2023 | Dec. 20, 2022 | Dec. 16, 2022 | Aug. 16, 2022 | Oct. 08, 2021 | Oct. 08, 2021 | Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Jul. 03, 2023 | Apr. 03, 2023 | Jan. 27, 2023 | Dec. 31, 2021 | |
Description of Organization and Business Operations and Liquidity (Details) [Line Items] | |||||||||||||||||||||||||
Deferred underwriting fees payable | $ 9,150,000 | $ 9,150,000 | |||||||||||||||||||||||
Investment of cash in trust account | $ 178,500,000 | $ 178,500,000 | |||||||||||||||||||||||
Cash deposited in trust account per unit (in Dollars per share) | $ 10.2 | $ 10.2 | $ 10.2 | $ 10.2 | |||||||||||||||||||||
Term of restricted investments | 185 days | ||||||||||||||||||||||||
Public shares (in Dollars per share) | $ 10.2 | $ 10.2 | $ 10.2 | ||||||||||||||||||||||
Minimum net worth to consummate business combination | $ 5,000,001 | $ 5,000,001 | $ 5,000,001 | ||||||||||||||||||||||
Aggregate of share percentage | 20% | ||||||||||||||||||||||||
Assets held in trust non current | $ 178,499,615 | ||||||||||||||||||||||||
Public Shares issued | 547 | 547 | 88 | 88 | |||||||||||||||||||||
Expenses payable on dissolution | $ 100,000 | ||||||||||||||||||||||||
Value per share to be maintained in the trust account (in Dollars per share) | $ 10.2 | ||||||||||||||||||||||||
Excise tax percentage | 1% | ||||||||||||||||||||||||
Cash | 119,014 | 119,014 | $ 475,870 | 1,098,573 | |||||||||||||||||||||
Trust account | 41,665,974 | ||||||||||||||||||||||||
Net working capital | $ 4,624,973 | $ 4,624,973 | $ 1,605,546 | ||||||||||||||||||||||
Temporary equity, redemption price per share (in Dollars per share) | $ 10.83 | $ 10.83 | $ 10.45 | $ 10.2 | |||||||||||||||||||||
Deferred underwriting commissions including fees | $ 9,150,000 | $ 9,150,000 | |||||||||||||||||||||||
deferred underwriting fees payable | $ 9,150,000 | ||||||||||||||||||||||||
Fair value percentage | 80% | 80% | |||||||||||||||||||||||
Percentage of aggregate share | 20% | ||||||||||||||||||||||||
Deposit held in trust account | $ 22,949 | $ 8,846 | $ 37,052 | $ 150,000 | $ 125,000 | $ 100,000 | $ 768,846 | ||||||||||||||||||
Payments of aggregate | $ (56,389) | ||||||||||||||||||||||||
Sale of stock price per share (in Dollars per share) | $ 10.2 | $ 10.2 | |||||||||||||||||||||||
payments of accrual interest | $ 8,300,000 | $ 8,300,000 | |||||||||||||||||||||||
Interest to pay dissolution expenses | $ 100,000 | ||||||||||||||||||||||||
Percentage of excise tax | 1% | 1% | |||||||||||||||||||||||
(in Shares) | 523,341 | ||||||||||||||||||||||||
Total redemption amount | $ 5,638,879 | $ 5,638,879 | |||||||||||||||||||||||
Excise tax liability | 56,389 | $ 56,389 | |||||||||||||||||||||||
Percentage of excise tax liability | 1% | ||||||||||||||||||||||||
Cash and Cash Equivalents, at Carrying Value | 119,014 | $ 119,014 | |||||||||||||||||||||||
Bank Acceptances Executed and Outstanding | 8,329,792 | 8,329,792 | |||||||||||||||||||||||
Additional federal income tax due | $ 182,308 | ||||||||||||||||||||||||
Minimum [Member] | |||||||||||||||||||||||||
Description of Organization and Business Operations and Liquidity (Details) [Line Items] | |||||||||||||||||||||||||
Fair market value as percentage of net assets held in trust account included in initial business combination | 80% | ||||||||||||||||||||||||
Post-transaction ownership percentage of the target entity | 50% | ||||||||||||||||||||||||
Temporary equity, redemption price per share (in Dollars per share) | $ 10.26 | ||||||||||||||||||||||||
Common stock traded at a value | $ 50,000,000 | ||||||||||||||||||||||||
Maximum [Member] | |||||||||||||||||||||||||
Description of Organization and Business Operations and Liquidity (Details) [Line Items] | |||||||||||||||||||||||||
Temporary equity, redemption price per share (in Dollars per share) | $ 10.34 | ||||||||||||||||||||||||
Unsecured Promissory Note [Member] | |||||||||||||||||||||||||
Description of Organization and Business Operations and Liquidity (Details) [Line Items] | |||||||||||||||||||||||||
Assets held in trust non current | $ 325,000 | ||||||||||||||||||||||||
Marketable Securities [Member] | |||||||||||||||||||||||||
Description of Organization and Business Operations and Liquidity (Details) [Line Items] | |||||||||||||||||||||||||
Trust account | 41,665,974 | ||||||||||||||||||||||||
IPO [Member] | |||||||||||||||||||||||||
Description of Organization and Business Operations and Liquidity (Details) [Line Items] | |||||||||||||||||||||||||
Units issued during the period shares (in Shares) | 15,500,000 | 15,500,000 | |||||||||||||||||||||||
Unit price per share (in Dollars per share) | $ 10 | $ 10 | |||||||||||||||||||||||
Proceeds from initial public offering gross | $ 155,000,000 | $ 155,000,000 | |||||||||||||||||||||||
Offering costs | 12,729,318 | 12,729,318 | |||||||||||||||||||||||
Underwriting fees | 2,635,000 | 2,635,000 | |||||||||||||||||||||||
Other costs | $ 944,318 | 944,318 | |||||||||||||||||||||||
Public Shares issued | $ 1,288,298 | ||||||||||||||||||||||||
Deferred underwriting commissions including fees | $ 9,150,000 | $ 9,150,000 | |||||||||||||||||||||||
Sale of stock price per share (in Dollars per share) | $ 10 | $ 10 | |||||||||||||||||||||||
Private Placement [Member] | |||||||||||||||||||||||||
Description of Organization and Business Operations and Liquidity (Details) [Line Items] | |||||||||||||||||||||||||
Units issued during the period shares (in Shares) | 885,000 | ||||||||||||||||||||||||
Unit price per share (in Dollars per share) | $ 10 | $ 10 | |||||||||||||||||||||||
Proceeds from issuance of private placement | $ 8,850,000 | ||||||||||||||||||||||||
Private placement Units (in Shares) | 885,000 | 885,000 | |||||||||||||||||||||||
Over-Allotment Option [Member] | |||||||||||||||||||||||||
Description of Organization and Business Operations and Liquidity (Details) [Line Items] | |||||||||||||||||||||||||
Units issued during the period shares (in Shares) | 2,000,000 | 2,000,000 | |||||||||||||||||||||||
Unit price per share (in Dollars per share) | $ 10 | $ 10 | |||||||||||||||||||||||
Units issued during the period value | $ 20,000,000 | ||||||||||||||||||||||||
Deferred underwriting fees payable | 1,400,000 | $ 1,400,000 | $ 1,400,000 | $ 1,400,000 | |||||||||||||||||||||
Offering costs | 12,729,318 | ||||||||||||||||||||||||
Gross proceeds | $ 20,000,000 | ||||||||||||||||||||||||
Common Class A [Member] | |||||||||||||||||||||||||
Description of Organization and Business Operations and Liquidity (Details) [Line Items] | |||||||||||||||||||||||||
Number of shares redeemed (in Shares) | 2,581,004 | 16,211,702 | 16,211,702 | ||||||||||||||||||||||
Number of temporary equity shares outstanding for redemptions (in Shares) | 2,173,298 | ||||||||||||||||||||||||
Temporary equity, redemption price per share (in Dollars per share) | $ 10.2 | ||||||||||||||||||||||||
Number of shares redemption (in Shares) | 16,211,702 | ||||||||||||||||||||||||
Common stock issued (in Shares) | 5,481,250 | 5,481,250 | 885,000 | 6,246,207 | 885,000 | ||||||||||||||||||||
Exercised redemption rights (in Shares) | 523,341 | ||||||||||||||||||||||||
Payments of aggregate | $ 5,638,879 | ||||||||||||||||||||||||
Sale of stock price per share (in Dollars per share) | $ 10.77 | ||||||||||||||||||||||||
Redemptions and conversion of shares (in Shares) | 6,246,207 | ||||||||||||||||||||||||
Common stock outstanding (in Shares) | 5,481,250 | 5,481,250 | 885,000 | 6,246,207 | 885,000 | ||||||||||||||||||||
Common Class A [Member] | IPO [Member] | |||||||||||||||||||||||||
Description of Organization and Business Operations and Liquidity (Details) [Line Items] | |||||||||||||||||||||||||
Units issued during the period shares (in Shares) | 17,500,000 | ||||||||||||||||||||||||
Unit price per share (in Dollars per share) | $ 10 | ||||||||||||||||||||||||
Common Class A [Member] | Over-Allotment Option [Member] | |||||||||||||||||||||||||
Description of Organization and Business Operations and Liquidity (Details) [Line Items] | |||||||||||||||||||||||||
Units issued during the period shares (in Shares) | 2,000,000 | ||||||||||||||||||||||||
IPO [Member] | |||||||||||||||||||||||||
Description of Organization and Business Operations and Liquidity (Details) [Line Items] | |||||||||||||||||||||||||
Redemptions and conversion of shares (in Shares) | 764,957 | ||||||||||||||||||||||||
Common Class B [Member] | |||||||||||||||||||||||||
Description of Organization and Business Operations and Liquidity (Details) [Line Items] | |||||||||||||||||||||||||
Common stock issued (in Shares) | 0 | 0 | 4,596,250 | 0 | 4,596,250 | ||||||||||||||||||||
Common stock outstanding (in Shares) | 0 | 0 | 4,596,250 | 0 | 4,596,250 | ||||||||||||||||||||
Investment Company Act [Member] | |||||||||||||||||||||||||
Description of Organization and Business Operations and Liquidity (Details) [Line Items] | |||||||||||||||||||||||||
Ownership percentage | 50% | 50% | |||||||||||||||||||||||
Subsequent Event | |||||||||||||||||||||||||
Description of Organization and Business Operations and Liquidity (Details) [Line Items] | |||||||||||||||||||||||||
Temporary equity stock shares redeemed during the period value | $ 26,481,101 | ||||||||||||||||||||||||
Temporary equity stock redeemed during the period shares (in Shares) | 2,581,004 | ||||||||||||||||||||||||
True up payment made to the redeeming shareholders | $ 1,361,646 | ||||||||||||||||||||||||
Deposit held in trust account | $ 22,949 | ||||||||||||||||||||||||
Subsequent Event | Marketable Securities [Member] | |||||||||||||||||||||||||
Description of Organization and Business Operations and Liquidity (Details) [Line Items] | |||||||||||||||||||||||||
Trust account | $ 41,665,974 | ||||||||||||||||||||||||
Subsequent Event | Common Class A [Member] | |||||||||||||||||||||||||
Description of Organization and Business Operations and Liquidity (Details) [Line Items] | |||||||||||||||||||||||||
Number of shares redeemed (in Shares) | 2,581,004 | ||||||||||||||||||||||||
Subsequent Event | US Treasury Securities [Member] | |||||||||||||||||||||||||
Description of Organization and Business Operations and Liquidity (Details) [Line Items] | |||||||||||||||||||||||||
Cash balance in trust account | $ 13,823,227 | ||||||||||||||||||||||||
IR Act [Member] | |||||||||||||||||||||||||
Description of Organization and Business Operations and Liquidity (Details) [Line Items] | |||||||||||||||||||||||||
Excise tax percentage | 1% | ||||||||||||||||||||||||
Business Combination [Member] | |||||||||||||||||||||||||
Description of Organization and Business Operations and Liquidity (Details) [Line Items] | |||||||||||||||||||||||||
Business acquisition, effective date of acquisition | Jan. 08, 2024 | Apr. 08, 2023 | |||||||||||||||||||||||
Sponsor [Member] | IPO [Member] | |||||||||||||||||||||||||
Description of Organization and Business Operations and Liquidity (Details) [Line Items] | |||||||||||||||||||||||||
Deferred underwriting fees payable | $ 9,150,000 | $ 9,150,000 | |||||||||||||||||||||||
Sponsor [Member] | |||||||||||||||||||||||||
Description of Organization and Business Operations and Liquidity (Details) [Line Items] | |||||||||||||||||||||||||
Maximum borrowing capacity | $ 1,500,000 | $ 1,500,000 | $ 1,500,000 | $ 1,500,000 | |||||||||||||||||||||
Common stock issued (in Shares) | 4,596,250 | ||||||||||||||||||||||||
Sponsor [Member] | Unsecured Promissory Note [Member] | |||||||||||||||||||||||||
Description of Organization and Business Operations and Liquidity (Details) [Line Items] | |||||||||||||||||||||||||
Unsecured promissory note | $ 1,500,000 | ||||||||||||||||||||||||
Sponsor [Member] | Private Placement [Member] | |||||||||||||||||||||||||
Description of Organization and Business Operations and Liquidity (Details) [Line Items] | |||||||||||||||||||||||||
Units issued during the period shares (in Shares) | 845,000 | 845,000 | |||||||||||||||||||||||
Unit price per share (in Dollars per share) | $ 10 | $ 10 | $ 10 | $ 10 | |||||||||||||||||||||
Proceeds from issuance of private placement | $ 8,450,000 | ||||||||||||||||||||||||
Gross proceeds | $ 8,450,000 | ||||||||||||||||||||||||
Sponsor [Member] | Common Class B [Member] | |||||||||||||||||||||||||
Description of Organization and Business Operations and Liquidity (Details) [Line Items] | |||||||||||||||||||||||||
Common stock outstanding (in Shares) | 4,679,125 | ||||||||||||||||||||||||
Sponsor [Member] | Subsequent Event | |||||||||||||||||||||||||
Description of Organization and Business Operations and Liquidity (Details) [Line Items] | |||||||||||||||||||||||||
Deposit held in trust account | $ 22,949 | ||||||||||||||||||||||||
Sponsor and Cohen and Company Capital Markets [Member] | Private Placement [Member] | |||||||||||||||||||||||||
Description of Organization and Business Operations and Liquidity (Details) [Line Items] | |||||||||||||||||||||||||
Units issued during the period shares (in Shares) | 699,996 | ||||||||||||||||||||||||
Additional units issued during the period shares (in Shares) | 40,000 | 40,000 | |||||||||||||||||||||||
Proceeds from issuance of additional private placement units | $ 400,000 | ||||||||||||||||||||||||
Gross proceeds | $ 400,000 | ||||||||||||||||||||||||
Initial Stockholders [Member] | |||||||||||||||||||||||||
Description of Organization and Business Operations and Liquidity (Details) [Line Items] | |||||||||||||||||||||||||
Percentage of Public Shares that would not be redeemed if Business Combination is not completed within Initial Combination Period | 100% | 100% | 100% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | 7 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jan. 03, 2023 | Dec. 20, 2022 | Dec. 16, 2022 | Dec. 31, 2021 | Sep. 30, 2023 | Dec. 31, 2022 | Oct. 29, 2021 | |
Summary of Significant Accounting Policies (Details) [Line Items] | |||||||
Restricted cash | $ 0 | $ 0 | $ 41,665,974 | ||||
Temporary Equity, Redemption Price Per Share (in Dollars per share) | $ 10.2 | $ 10.83 | $ 10.45 | ||||
Shareholder redemption liability | $ 27,842,747 | ||||||
Coverage limit amount | $ 250,000 | 250,000 | |||||
Valuation allowance | $ 52,939 | $ 596,692 | |||||
Temporary equity shares outstanding (in Shares) | 17,500,000 | 764,957 | 1,288,298 | ||||
Price per share (in Dollars per share) | $ 10 | ||||||
Subsequently paid | $ 27,842,747 | ||||||
Unrecognized tax benefits | |||||||
Payment of interest and penalties | |||||||
Initial Public Offer And Overallotement [Member] | |||||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||||
Offering costs | $ 12,729,318 | ||||||
Over-Allotment Option [Member] | |||||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||||
Offering costs | $ 12,729,318 | ||||||
Common Class A [Member] | |||||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||||
Number of shares redeemed (in Shares) | 2,581,004 | 16,211,702 | 16,211,702 | ||||
Temporary Equity, Redemption Price Per Share (in Dollars per share) | $ 10.2 | ||||||
Common stock totaling | $ 26,481,101 | ||||||
True-up payment | $ 1,361,646 | ||||||
Temporary equity shares outstanding (in Shares) | 17,500,000 | 1,288,298 | |||||
Stock issued during the period shares (in Shares) | 9,192,500 | 9,192,500 | |||||
Price per share (in Dollars per share) | $ 11.5 | ||||||
Accumulated deficit | $ 244,777 | ||||||
Subject to possible redemption per share (in Dollars per share) | $ 10.2 | ||||||
Subsequent Event [Member] | Common Class A [Member] | |||||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||||
Number of shares redeemed (in Shares) | 2,581,004 | ||||||
Common stock totaling | $ 26,481,101 | ||||||
True-up payment | 1,361,646 | ||||||
Shareholder redemption liability | $ 27,842,747 | ||||||
Public Warrants And Private Placement Warrants To Purchase Common Stock [Member] | |||||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||||
Stock issued during the period shares (in Shares) | 9,192,500 | ||||||
Price per share (in Dollars per share) | $ 11.5 | ||||||
Antidilutive securities excluded from the computation of earnings per share (in Shares) | 9,192,500 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Schedule of Cash and Restricted Cash - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents [Abstract] | |||
Cash | $ 119,014 | $ 475,870 | $ 1,098,573 |
Restricted cash | $ 0 | 41,665,974 | 0 |
Total cash and restricted cash | $ 42,141,844 | $ 1,098,573 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details) - Schedule of Total Provision (Benefit) for Income Taxes - USD ($) | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Summary of total provision (benefit) for income taxes [Abstract] | |||
Current expense | $ 599,159 | ||
Deferred tax benefit | 69,807 | ||
Change in valuation allowance | (52,939) | ||
Total income tax expense (benefit) | $ (16,868) | $ 599,159 | $ (16,868) |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Details) - Schedule of Net Deferred Tax Assets and Liabilities in the Accompanying Balance Sheets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule Of Net Deferred Tax Assets And Liabilities In The Accompanying Balance Sheets Abstract | ||
Deferred tax assets | $ 596,692 | $ 69,807 |
Deferred tax liabilities | ||
Valuation allowance for deferred tax assets | (596,692) | (52,939) |
Net deferred tax assets | $ 16,868 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Details) - Schedule of Disclosure of Reconciliation of Deferred Tax Assets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule Of Disclosure Of Reconciliation Of Deferred Tax Assets Abstract | ||
General and administration expenses before business combination | $ 596,692 | $ 69,807 |
Valuation allowance for deferred tax assets | (596,692) | (52,939) |
Total | $ 16,868 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Details) - Schedule of Reconciliation of the Statutory Federal Income Tax Rate (Benefit) to the Company's Effective Tax Rate | 7 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Dec. 31, 2022 | |
Schedule Of Reconciliation Of The Statutory Federal Income Tax Rate Benefit To The Companys Effective Tax Rate Abstract | ||
Statutory federal income tax rate | 21% | 21% |
State taxes, net of federal tax benefit | 0% | 0% |
Valuation allowance | (26.10%) | 852.70% |
Income tax provision (benefit) | (5.10%) | 873.70% |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies (Details) - Schedule of Reconciliation of Cash Flow from Common Stock Subject to Possible Redemption to Redemption Value - Common Class A [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2022 | |
Summary of Significant Accounting Policies (Details) - Schedule of Reconciliation of Cash Flow from Common Stock Subject to Possible Redemption to Redemption Value [Line Items] | ||
Gross proceeds | $ 175,000,000 | |
IPO Costs allocated to Public Warrants | (5,250,000) | |
Class A common stock issuance costs | (12,346,005) | |
Plus: Accretion of carrying value to redemption value | 21,096,005 | $ 2,662,553 |
Class A common stock subject to possible redemption | $ 178,500,000 | 13,468,845 |
Less: Redemption of shares | $ (167,693,708) |
Summary of Significant Accou_10
Summary of Significant Accounting Policies (Details) - Schedule of Basic and Diluted Net Income (Loss) Per Common Share - USD ($) | 3 Months Ended | 7 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Numerator: | ||||||
Allocation of net loss | $ (315,547) | |||||
Denominator: | ||||||
Accretion for Class A Common Stock to redemption value | (21,096,005) | |||||
Net loss including accretion of temporary equity to redemption value | (21,411,552) | |||||
Class A | ||||||
Numerator: | ||||||
Allocation of net loss | $ (164,860) | $ (531,288) | ||||
Denominator: | ||||||
Basic weighted average shares outstanding (in Shares) | 6,281,964 | 18,385,000 | 5,041,048 | 3,547,888 | 18,385,000 | 17,896,428 |
Basic and diluted net loss per common share (in Dollars per share) | $ (0.05) | $ 0 | $ 4.15 | $ (0.34) | $ (0.02) | $ (0.03) |
Accretion for Class A Common Stock to redemption value | $ 21,096,005 | |||||
Net loss including accretion of temporary equity to redemption value | 20,931,145 | |||||
Class B | ||||||
Numerator: | ||||||
Allocation of net loss | $ (150,687) | $ (136,448) | ||||
Denominator: | ||||||
Basic weighted average shares outstanding (in Shares) | 50,508 | 4,596,250 | 4,607,658 | 3,075,432 | 4,596,250 | 4,596,250 |
Basic and diluted net loss per common share (in Dollars per share) | $ (0.05) | $ 0 | $ (0.03) | $ (0.34) | $ (0.02) | $ (0.03) |
Accretion for Class A Common Stock to redemption value | ||||||
Net loss including accretion of temporary equity to redemption value | $ (150,687) |
Summary of Significant Accou_11
Summary of Significant Accounting Policies (Details) - Schedule of Basic and Diluted Net Income (Loss) Per Common Share (Parentheticals) - $ / shares | 3 Months Ended | 7 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Class A | ||||||
Summary of Significant Accounting Policies (Details) - Schedule of Basic and Diluted Net Income (Loss) Per Common Share (Parentheticals) [Line Items] | ||||||
Diluted weighted average shares outstanding (in Shares) | 5,041,048 | 17,896,428 | ||||
Diluted net loss per common share (in Dollars per share) | $ (0.05) | $ 0 | $ 4.15 | $ (0.34) | $ (0.02) | $ (0.03) |
Class B | ||||||
Summary of Significant Accounting Policies (Details) - Schedule of Basic and Diluted Net Income (Loss) Per Common Share (Parentheticals) [Line Items] | ||||||
Diluted weighted average shares outstanding (in Shares) | 4,607,658 | 4,596,250 | ||||
Diluted net loss per common share (in Dollars per share) | $ (0.05) | $ 0 | $ (0.03) | $ (0.34) | $ (0.02) | $ (0.03) |
Initial Public Offering and O_2
Initial Public Offering and Over-Allotment (Details) - $ / shares | 9 Months Ended | 12 Months Ended | ||||
Oct. 08, 2021 | Oct. 08, 2021 | Sep. 30, 2023 | Dec. 31, 2022 | Jul. 18, 2023 | Oct. 29, 2021 | |
Initial Public Offering and Over-Allotment (Details) [Line Items] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ 10 | |||||
Price per unit (in Dollars per share) | $ 10.2 | |||||
IPO [Member] | ||||||
Initial Public Offering and Over-Allotment (Details) [Line Items] | ||||||
Units Issued During Period Shares New Issues | 15,500,000 | 15,500,000 | ||||
Shares Issued, Price Per Share (in Dollars per share) | $ 10 | $ 10 | ||||
Sale of units | 17,500,000 | |||||
Price per unit (in Dollars per share) | $ 10 | |||||
Over-Allotment Option [Member] | ||||||
Initial Public Offering and Over-Allotment (Details) [Line Items] | ||||||
Units Issued During Period Shares New Issues | 2,000,000 | 2,000,000 | ||||
Shares Issued, Price Per Share (in Dollars per share) | $ 10 | $ 10 | ||||
Sale of units | 2,000,000 | |||||
Class A Common Stock [Member] | ||||||
Initial Public Offering and Over-Allotment (Details) [Line Items] | ||||||
Number Of Shares Included In Unit | 1 | 1 | 1 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ 11.5 | |||||
Price per unit (in Dollars per share) | $ 10.77 | |||||
Share of common stock | 1 | |||||
Class A Common Stock [Member] | IPO [Member] | ||||||
Initial Public Offering and Over-Allotment (Details) [Line Items] | ||||||
Units Issued During Period Shares New Issues | 17,500,000 | |||||
Shares Issued, Price Per Share (in Dollars per share) | $ 10 | |||||
Price Per unit (in Dollars per share) | $ 11.5 | |||||
Class A Common Stock [Member] | Over-Allotment Option [Member] | ||||||
Initial Public Offering and Over-Allotment (Details) [Line Items] | ||||||
Units Issued During Period Shares New Issues | 2,000,000 | |||||
Class A Common Stock [Member] | Public Warrants [Member] | ||||||
Initial Public Offering and Over-Allotment (Details) [Line Items] | ||||||
Share of common stock | 1 | |||||
Public Warrants [Member] | ||||||
Initial Public Offering and Over-Allotment (Details) [Line Items] | ||||||
Number of warrants included in Unit | 1 | |||||
Public Warrants [Member] | Class A Common Stock [Member] | ||||||
Initial Public Offering and Over-Allotment (Details) [Line Items] | ||||||
Shares Issued, Price Per Share (in Dollars per share) | $ 18 | $ 18 | ||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 1 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ 11.5 |
Private Placement Warrants (Det
Private Placement Warrants (Details) - USD ($) | Oct. 08, 2021 | Oct. 08, 2021 | Sep. 30, 2023 | Dec. 31, 2022 | Oct. 29, 2021 |
Private Placement Warrants (Details) [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ 10 | ||||
Private Placement [Member] | |||||
Private Placement Warrants (Details) [Line Items] | |||||
Units Issued During Period Shares New Issues | 885,000 | ||||
Shares issued, price per share (in Dollars per share) | $ 10 | $ 10 | |||
Proceeds from Issuance of Private Placement (in Dollars) | $ 8,850,000 | ||||
Purchased shares | 885,000 | ||||
Gross proceeds (in Dollars) | $ 8,850,000 | ||||
Common Class A [Member] | |||||
Private Placement Warrants (Details) [Line Items] | |||||
Number of Shares Included In Unit | 1 | 1 | 1 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ 11.5 | ||||
Common stock price per share (in Dollars per share) | $ 11.5 | ||||
Public Warrants [Member] | |||||
Private Placement Warrants (Details) [Line Items] | |||||
Number of warrants included in Unit | 1 | 1 | |||
Public Warrants [Member] | |||||
Private Placement Warrants (Details) [Line Items] | |||||
Number of warrants included in Unit | 1 | ||||
Public Warrants [Member] | Common Class A [Member] | |||||
Private Placement Warrants (Details) [Line Items] | |||||
Shares issued, price per share (in Dollars per share) | $ 18 | $ 18 | |||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 1 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ 11.5 | ||||
Private Placement Warrants [Member] | Common Class A [Member] | |||||
Private Placement Warrants (Details) [Line Items] | |||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 1 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ 11.5 | ||||
Cantor Fitzgerald and Co [Member] | Private Placement [Member] | |||||
Private Placement Warrants (Details) [Line Items] | |||||
Units Issued During Period Shares New Issues | 155,000 | ||||
Purchased shares | 155,000 | ||||
Cohen and Company Capital Markets [Member] | Private Placement [Member] | |||||
Private Placement Warrants (Details) [Line Items] | |||||
Units Issued During Period Shares New Issues | 30,004 | ||||
Purchased shares | 30,004 | ||||
Sponsor and Cohen and Company Capital Markets [Member] | Private Placement [Member] | |||||
Private Placement Warrants (Details) [Line Items] | |||||
Units Issued During Period Shares New Issues | 699,996 | ||||
Purchased shares | 699,996 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Jul. 03, 2023 | Oct. 08, 2021 | Sep. 30, 2021 | Sep. 18, 2021 | Sep. 30, 2021 | Sep. 18, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Sep. 12, 2023 | Jun. 09, 2023 | May 08, 2023 | Dec. 13, 2022 | Jun. 18, 2021 | |
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Stock issued during the period for services value | $ 25,000 | ||||||||||||||||
Exceeds per share (in Dollars per share) | $ 12 | ||||||||||||||||
Sponsor provided funds to pay for certain costs totaling | $ 745,000 | ||||||||||||||||
Restrictions on transfer period of time after business combination completion | 1 year | ||||||||||||||||
Threshold trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination | 20 days | ||||||||||||||||
Working capital loan | $ 1,395,000 | $ 1,395,000 | $ 650,000 | $ 220,000 | $ 275,000 | $ 250,000 | |||||||||||
Consulting fees | 0 | $ 45,000 | 0 | 90,000 | |||||||||||||
Sponsor a monthly fee | 20,000 | ||||||||||||||||
Sponsor fees | $ 60,000 | $ 60,000 | $ 140,000 | $ 180,000 | |||||||||||||
Common Class B [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Common stock shares outstanding (in Shares) | 0 | 0 | 4,596,250 | 0 | 4,596,250 | ||||||||||||
Common Class B [Member] | Underwriter Agreement [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Option for underwriters to purchase additional units term | 45 days | ||||||||||||||||
Common Class A [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Common stock shares outstanding (in Shares) | 6,246,207 | 5,481,250 | 885,000 | 5,481,250 | 885,000 | ||||||||||||
Founder shares into an equal number of shares of class A common stock (in Shares) | 6,246,207 | ||||||||||||||||
Chief Executive Officer [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Monthly consulting fee | $ 15,000 | ||||||||||||||||
Founder Shares [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Common stock dividends per share (in Dollars per share) | $ 0.017 | ||||||||||||||||
Consideration for founder shares (in Shares) | 4,598,750 | ||||||||||||||||
Founder Shares [Member] | Over-Allotment Option [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Shares subject to forfeiture (in Shares) | 82,875 | 82,875 | |||||||||||||||
Sponsor [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Monthly consulting fee | $ 15,000 | ||||||||||||||||
Consulting fee incurred under this agreement | $ 41,613 | 180,000 | |||||||||||||||
Sponsor provided funds to pay for certain costs totaling | $ 25,000 | ||||||||||||||||
Founder shares stock dividend (in Shares) | 4,679,125 | ||||||||||||||||
Sponsor [Member] | Promissory Note [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Aggregate to cover expenses | $ 650,000 | $ 1,500,000 | $ 300,000 | ||||||||||||||
Sponsor [Member] | Common Class B [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Stock issued during the period for services value | $ 25,000 | ||||||||||||||||
Stock issued during the period shares issued for services (in Shares) | 4,598,750 | ||||||||||||||||
Common stock shares outstanding (in Shares) | 4,679,125 | ||||||||||||||||
Common stock subject to forfeiture (in Shares) | 592,875 | ||||||||||||||||
Founder shares forfeited during the period (in Shares) | 82,875 | ||||||||||||||||
Sponsor [Member] | Recapitalization [Member] | Common Class B [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Common stock dividends per share (in Dollars per share) | $ 0.017 | ||||||||||||||||
Sponsor [Member] | Working Capital Loans [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Aggregate to cover expenses | $ 1,500,000 | $ 1,500,000 | $ 1,500,000 | ||||||||||||||
Business combination entity at a price per share (in Dollars per share) | $ 10 | $ 10 | $ 10 | ||||||||||||||
Bank overdraft | 0 | $ 0 | |||||||||||||||
Related party transaction fees payable per month | 20,000 | ||||||||||||||||
Sponsor [Member] | Administration And Support Services [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Cumulative Expenses Incurred | $ 60,000 | $ 240,000 | |||||||||||||||
Sponsor [Member] | Founder Shares [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Common stock subject to forfeiture (in Shares) | 592,875 | ||||||||||||||||
Stock price trigger to transfer, assign or sell any shares or warrants of the company, after the completion of the initial business combination (in Dollars per share) | $ 12 | ||||||||||||||||
Threshold consecutive trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination | 30 days | ||||||||||||||||
Threshold period after the business combination in which the 20 trading days within any 30 trading day period commences | 150 years | ||||||||||||||||
Sponsor [Member] | Founder Shares [Member] | Common Class A [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Founder shares into an equal number of shares of class A common stock (in Shares) | 4,596,250 | ||||||||||||||||
Related Party [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Outstanding balance owed to the sponsor | $ 35,000 | $ 35,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |||||
Oct. 08, 2021 | Oct. 08, 2021 | Sep. 30, 2023 | Dec. 31, 2022 | Jul. 03, 2023 | Dec. 31, 2021 | Oct. 29, 2021 | |
Commitments and Contingencies (Details) [Line Items] | |||||||
Deferred underwriting commissions, price per unit | $ 0.5 | ||||||
Reimbursed to pay for additional advisors | $ 465,000 | ||||||
Deferred underwriting commissions | 8,750,000 | ||||||
Deferred underwriting commissions including fees | $ 9,150,000 | ||||||
Preferred stock price per share | $ 0.0001 | ||||||
Preference shares | 10 | ||||||
Exercise price per share | 10 | ||||||
CERo common stock [Member] | |||||||
Commitments and Contingencies (Details) [Line Items] | |||||||
Common stock, par value | $ 0.0001 | ||||||
Over-Allotment Option [Member] | |||||||
Commitments and Contingencies (Details) [Line Items] | |||||||
Number of units issued | 2,000,000 | 2,000,000 | |||||
Price per unit | $ 10 | $ 10 | |||||
Additional underwriting fees | $ 400,000 | ||||||
IPO [Member] | |||||||
Commitments and Contingencies (Details) [Line Items] | |||||||
Number of units issued | 15,500,000 | 15,500,000 | |||||
Price per unit | $ 10 | $ 10 | |||||
Deferred underwriting commissions including fees | $ 9,150,000 | ||||||
Underwriter Agreement [Member] | |||||||
Commitments and Contingencies (Details) [Line Items] | |||||||
Additional Units That Can Be Purchased To Cover Over Allotments | 2,325,000 | ||||||
Deferred underwriting fees payable | $ 400,000 | $ 400,000 | |||||
Underwriter Agreement [Member] | Over-Allotment Option [Member] | |||||||
Commitments and Contingencies (Details) [Line Items] | |||||||
Deferred underwriting fees payable | $ 400,000 | $ 400,000 | |||||
Underwriter Agreement [Member] | IPO [Member] | |||||||
Commitments and Contingencies (Details) [Line Items] | |||||||
Underwriting discount, price per unit | $ 0.2 | $ 0.2 | |||||
Cash Underwriting Discount | $ 3,100,000 | ||||||
Reimbursement from Underwriters for Payment to Additional Parties | 465,000 | ||||||
Deferred underwriting fees payable | $ 8,750,000 | $ 8,750,000 | |||||
Deferred underwriting commissions, price per unit | $ 0.5 | $ 0.5 | |||||
Underwriter Agreement [Member] | Initial Public Offer And Overallotment [Member] | |||||||
Commitments and Contingencies (Details) [Line Items] | |||||||
Deferred underwriting fees payable | $ 9,150,000 | $ 9,150,000 | |||||
Common Class A [Member] | |||||||
Commitments and Contingencies (Details) [Line Items] | |||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Additional shares | 1,200,000 | ||||||
Exercise price per share | $ 11.5 | ||||||
Common stock shares issued | 5,481,250 | 885,000 | 6,246,207 | 885,000 | |||
Common Class A [Member] | CERo common stock [Member] | |||||||
Commitments and Contingencies (Details) [Line Items] | |||||||
Common stock shares issued | 5,000,000 | ||||||
Common Class A [Member] | Over-Allotment Option [Member] | |||||||
Commitments and Contingencies (Details) [Line Items] | |||||||
Number of units issued | 2,000,000 | ||||||
Common Class A [Member] | IPO [Member] | |||||||
Commitments and Contingencies (Details) [Line Items] | |||||||
Number of units issued | 17,500,000 | ||||||
Price per unit | $ 10 | ||||||
Common Class A [Member] | Sponsor Support Agreement [Member] | |||||||
Commitments and Contingencies (Details) [Line Items] | |||||||
Aggregate Shares | 5,296,246 | ||||||
Underwriting Agreement [Member] | |||||||
Commitments and Contingencies (Details) [Line Items] | |||||||
Underwriting discount, price per unit | $ 0.2 | ||||||
Underwriter cash discount | $ 3,100,000 | ||||||
Underwriting Agreement [Member] | Over-Allotment Option [Member] | |||||||
Commitments and Contingencies (Details) [Line Items] | |||||||
Number of units issued | 2,325,000 | ||||||
Underwriters option period from the date of initial public offering | 45 years | ||||||
Business Combination Agreement [Member] | |||||||
Commitments and Contingencies (Details) [Line Items] | |||||||
Aggregate liquidation preference | $ 50,000,000 | ||||||
Diluted price per share | $ 10 | ||||||
Closing term | 4 years | ||||||
Underwriting Agreement [Member] | Over-Allotment Option [Member] | |||||||
Commitments and Contingencies (Details) [Line Items] | |||||||
Option purchased | 2,000,000 | ||||||
Sponsor [Member] | |||||||
Commitments and Contingencies (Details) [Line Items] | |||||||
Common stock shares issued | 4,596,250 |
Stockholders' Deficit (Details)
Stockholders' Deficit (Details) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 $ / shares shares | Dec. 31, 2022 $ / shares shares | Jul. 03, 2023 shares | Dec. 31, 2021 $ / shares shares | |
Stockholders' Deficit (Details) [Line Items] | ||||
Temporary equity shares outstanding | 764,957 | 1,288,298 | 17,500,000 | |
Preferred stock shares authorized | 1,000,000 | 1,000,000 | 1,000,000 | |
Period to exercise warrants after business combination | 30 days | |||
Notice period to redeem warrants | 30 days | |||
Class A Common Stock [Member] | ||||
Stockholders' Deficit (Details) [Line Items] | ||||
Common stock shares authorized | 60,000,000 | 60,000,000 | 60,000,000 | |
Common stock par or stated value per share (in Dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
Common stock shares issued | 5,481,250 | 885,000 | 6,246,207 | 885,000 |
Common stock shares outstanding | 5,481,250 | 885,000 | 6,246,207 | 885,000 |
Temporary equity shares outstanding | 1,288,298 | 17,500,000 | ||
Class B Common Stock [Member] | ||||
Stockholders' Deficit (Details) [Line Items] | ||||
Common stock shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | |
Common stock par or stated value per share (in Dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
Common stock shares issued | 0 | 4,596,250 | 0 | 4,596,250 |
Common stock shares outstanding | 0 | 4,596,250 | 0 | 4,596,250 |
Public Warrants [Member] | ||||
Stockholders' Deficit (Details) [Line Items] | ||||
Class of warrant or right, outstanding | 8,750,000 | 8,750,000 | 8,750,000 | |
Public Warrants [Member] | Class A Common Stock [Member] | ||||
Stockholders' Deficit (Details) [Line Items] | ||||
Shares issued price per share (in Dollars per share) | $ / shares | $ 18 | $ 18 | ||
Percentage of market value and the newly issued price | 180% | 180% | ||
Public Warrants [Member] | Class A Common Stock [Member] | Event Triggering Adjustment To Exercise Price Of Warrants [Member] | ||||
Stockholders' Deficit (Details) [Line Items] | ||||
Shares issued price per share (in Dollars per share) | $ / shares | $ 9.2 | $ 9.2 | ||
Percentage of total equity proceeds | 60% | 60% | ||
Threshold trading days | 20 years | |||
Market value price per share (in Dollars per share) | $ / shares | $ 9.2 | $ 9.2 | ||
Adjusted Exercise Price of Warrants Percentage | 115% | 115% | ||
Public Warrants [Member] | Warrants And Rights Subject To Mandatory Redemption Trigger Price Exceeds Or Equals To Eighteen Dollars Per Share [Member] | ||||
Stockholders' Deficit (Details) [Line Items] | ||||
Warrant price per share (in Dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||
Threshold trading days | 20 | |||
Threshold consecutive trading days | 30 years | |||
Public Warrants [Member] | Warrants And Rights Subject To Mandatory Redemption Trigger Price Exceeds Or Equals To Eighteen Dollars Per Share [Member] | Class A Common Stock [Member] | ||||
Stockholders' Deficit (Details) [Line Items] | ||||
Shares issued price per share (in Dollars per share) | $ / shares | $ 18 | |||
Private Placement Warrants [Member] | ||||
Stockholders' Deficit (Details) [Line Items] | ||||
Class of warrant or right, outstanding | 442,500 | 442,500 | ||
Private Placement Warrants [Member] | ||||
Stockholders' Deficit (Details) [Line Items] | ||||
Class of warrant or right, outstanding | 442,500 | 442,500 | ||
Sponsor [Member] | ||||
Stockholders' Deficit (Details) [Line Items] | ||||
Common stock shares issued | 4,596,250 | |||
Sponsor [Member] | Class B Common Stock [Member] | ||||
Stockholders' Deficit (Details) [Line Items] | ||||
Common stock shares outstanding | 4,679,125 | |||
Common Stock Voting Rights | one | one | ||
Percentage of common stock issued and outstanding | 20% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Schedule of fair value measurements | Dec. 31, 2022 USD ($) |
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |
U.S. Treasury Securities | $ 1 |
Fair Value, Inputs, Level 1 [Member] | |
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |
U.S. Treasury Securities | $ 178,499,615 |
Uncertainty Regarding Impacts_2
Uncertainty Regarding Impacts of Recent Disruptions in U.S. Banking System (Details) | Dec. 31, 2022 USD ($) |
Credit Concentration Risk [Member] | |
Uncertainty Regarding Impacts of Recent Disruptions in U.S. Banking System (Details) [Line Items] | |
Cash, FDIC Insured amount | $ 42,141,844 |
Subsequent Events (Details)
Subsequent Events (Details) | Oct. 04, 2023 USD ($) |
Sponsor [Member] | Subsequent Event [Member] | |
Subsequent Events (Details) [Line Items] | |
Amount deposited into the Trust Account | $ 22,949 |
Summary of Significant Accou_12
Summary of Significant Accounting Policies (Details) - Schedule of Cash and Restricted Cash - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents [Abstract] | |||
Cash | $ 119,014 | $ 475,870 | $ 1,098,573 |
Restricted cash | 41,665,974 | ||
Total cash and restricted cash | $ 119,014 | $ 42,141,844 |
Summary of Significant Accou_13
Summary of Significant Accounting Policies (Details) - Schedule of Reconciliation of Cash Flow from Common Stock Subject To Possible Redemption To Redemption Value - USD ($) | 3 Months Ended | ||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | |
Summary of Reconciliation of Cash Flow From Common Stock Subject to Possible Redemption to Redemption Value [Abstract] | |||
Class A common stock subject to possible redemption | $ 13,840,640 | $ 13,565,640 | $ 13,468,845 |
Class A common stock subject to possible redemption | 8,287,049 | 13,840,640 | 13,565,640 |
Less: Redemption | (5,638,879) | ||
Plus: Accretion of carrying value to redemption value | $ 85,288 | $ 275,001 | $ 96,795 |
Summary of Significant Accou_14
Summary of Significant Accounting Policies (Details) - Schedule of Basic and Diluted Net Income (Loss) Per Common Share - USD ($) | 3 Months Ended | 7 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Class A Common Stock [Member] | ||||||
Numerator: | ||||||
Allocation of net (loss) income | $ (331,364) | $ 67,604 | $ (1,207,109) | $ (324,049) | ||
Denominator: | ||||||
Weighted average shares outstanding | 6,281,964 | 18,385,000 | 5,041,048 | 3,547,888 | 18,385,000 | 17,896,428 |
Basic net (loss) income per share | $ (0.05) | $ 0 | $ 4.15 | $ (0.34) | $ (0.02) | $ (0.03) |
Class B Common Stock [Member] | ||||||
Numerator: | ||||||
Allocation of net (loss) income | $ (2,664) | $ 16,901 | $ (1,046,364) | $ (81,012) | ||
Denominator: | ||||||
Weighted average shares outstanding | 50,508 | 4,596,250 | 4,607,658 | 3,075,432 | 4,596,250 | 4,596,250 |
Basic net (loss) income per share | $ (0.05) | $ 0 | $ (0.03) | $ (0.34) | $ (0.02) | $ (0.03) |
Summary of Significant Accou_15
Summary of Significant Accounting Policies (Details) - Schedule of Basic and Diluted Net Income (Loss) Per Common Share (Parentheticals) - $ / shares | 3 Months Ended | 7 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Class A Common Stock [Member] | ||||||
Summary of Significant Accounting Policies (Details) - Schedule of Basic and Diluted Net Income (Loss) Per Common Share (Parentheticals) [Line Items] | ||||||
Diluted net loss per share | $ (0.05) | $ 0 | $ 4.15 | $ (0.34) | $ (0.02) | $ (0.03) |
Class B Common Stock [Member] | ||||||
Summary of Significant Accounting Policies (Details) - Schedule of Basic and Diluted Net Income (Loss) Per Common Share (Parentheticals) [Line Items] | ||||||
Diluted net loss per share | $ (0.05) | $ 0 | $ (0.03) | $ (0.34) | $ (0.02) | $ (0.03) |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details) - Schedule of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis | Sep. 30, 2023 USD ($) |
Quoted Prices in Active Markets (Level 1) [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Money Market Funds | $ 8,329,792 |
Significant Other Observable Inputs (Level 2) [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Money Market Funds | |
Significant Other Unobservable Inputs (Level 3) [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Money Market Funds |