Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2023 | May 12, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | OPY ACQUISITION CORP. I | |
Entity Central Index Key | 0001870778 | |
Entity File Number | 001-40968 | |
Entity Current Reporting Status | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | true | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Tax Identification Number | 85-2624164 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 85 Broad Street | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10004 | |
City Area Code | 212 | |
Local Phone Number | 668-8000 | |
Title of 12(b) Security | Class A Common Stock, par value $0.0001 per share | |
Trading Symbol | OHAA | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 5,642,009 | |
Units | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Units, each consisting of one share of Class A Common Stock and one-half of one Redeemable Warrant | |
Trading Symbol | OHAAU | |
Security Exchange Name | NASDAQ | |
Redeemable Warrant | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Redeemable Warrants, each whole warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 | |
Trading Symbol | OHAAW | |
Security Exchange Name | NASDAQ | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash | $ 53,909 | $ 815,608 |
Investments in mutual funds | 475,000 | 0 |
Prepaid expenses and other assets | 267,516 | 312,165 |
Total Current Assets | 796,425 | 1,127,773 |
Other Assets | ||
Deferred tax asset | 5,506 | 5,506 |
Cash and investments held in Trust Account | 25,581,416 | 25,534,097 |
TOTAL ASSETS | 26,383,347 | 26,667,376 |
Current liabilities | ||
Accounts payable and accrued expenses | 380,257 | 288,837 |
Franchise Tax Payable | 50,000 | 168,231 |
Income taxes payable | 413,067 | 336,733 |
Working capital loan – related party | 350,000 | 350,000 |
Total Liabilities | 1,193,324 | 1,143,801 |
Commitments and Contingencies | ||
Class A common stock subject to possible redemption, 2,479,510 shares at a redemption value of $10.31 and $10.27 per share as of March 31, 2023 and December 31, 2022, respectively | 25,555,467 | 25,466,251 |
Stockholders' (Deficit) Equity | ||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding as of March 31, 2023 and December 31, 2022 | ||
Common stock | 316 | 316 |
Additional paid-in capital | 212,756 | 384,496 |
Accumulated deficit | (578,516) | (327,488) |
Total Stockholders' (Deficit) Equity | (365,444) | 57,324 |
TOTAL LIABILITIES, CLASS A COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION, AND STOCKHOLDERS' (DEFICIT) EQUITY | 26,383,347 | 26,667,376 |
Class A Common Stock | ||
Current liabilities | ||
Class A common stock subject to possible redemption, 2,479,510 shares at a redemption value of $10.31 and $10.27 per share as of March 31, 2023 and December 31, 2022, respectively | 25,555,467 | 25,466,251 |
Stockholders' (Deficit) Equity | ||
Common stock |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 | Oct. 26, 2021 |
Common stock, par or stated value per share | $ 0.0001 | $ 0.0001 | |
Common stock, shares authorized | 10,000,000 | 10,000,000 | |
Common stock, shares, issued | 3,162,500 | 3,162,500 | 3,162,500 |
Common stock, shares outstanding | 3,162,500 | 3,162,500 | 3,162,500 |
Preferred stock, par or stated value per share | $ 0.0001 | $ 0.0001 | |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | |
Preferred stock, shares issued | 0 | 0 | |
Preferred stock, shares outstanding | 0 | 0 | |
Temporary equity, Redemption price per share | $ 10.1 | ||
Class A Common Stock | |||
Common stock, par or stated value per share | $ 0.0001 | $ 0.0001 | |
Common stock, shares authorized | 100,000,000 | 100,000,000 | |
Common stock, shares, issued | 0 | 0 | |
Common stock, shares outstanding | 0 | 0 | |
Temporary Equity, Shares Outstanding | 2,479,510 | 2,479,510 | |
Temporary equity, Redemption price per share | $ 10.31 | $ 10.27 |
Condensed Statements Of Operati
Condensed Statements Of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
OPERATING EXPENSES | ||
General and administrative | $ 428,144 | $ 253,616 |
Franchise tax | 52,187 | 52,188 |
Total operating expenses | 480,331 | 305,804 |
OTHER INCOME | ||
Interest income – bank | 5,375 | 0 |
Interest income on investments held in Trust Account | 300,262 | 16,612 |
Total other income, net | 305,637 | 16,612 |
LOSS BEFORE PROVISION FOR INCOME TAXES | (174,694) | (289,192) |
Provision for income taxes | 76,334 | 0 |
NET LOSS | $ (251,028) | $ (289,192) |
Weighted Average Number of Shares Outstanding, Basic | 3,162,500 | 3,162,500 |
Weighted Average Number of Shares Outstanding, Diluted | 3,162,500 | 3,162,500 |
Earnings Per Share, Basic | $ (0.04) | $ (0.02) |
Earnings Per Share, Diluted | $ (0.04) | $ (0.02) |
Common Class A [Member] | ||
OTHER INCOME | ||
Weighted Average Number of Shares Outstanding, Basic | 2,479,510 | 12,650,000 |
Weighted Average Number of Shares Outstanding, Diluted | 2,479,510 | 12,650,000 |
Earnings Per Share, Basic | $ (0.04) | $ (0.02) |
Earnings Per Share, Diluted | $ (0.04) | $ (0.02) |
Condensed Statements of Changes
Condensed Statements of Changes in Stockholders' (Deficit) Equity - USD ($) | Total | Common Stock | Common Stock Common Class A [Member] | Additional paid-in capital | Retained earnings (accumulated deficit) |
Beginning Balance, shares at Dec. 31, 2021 | 3,162,500 | 0 | |||
Beginning Balance, Value at Dec. 31, 2021 | $ 1,273,548 | $ 316 | $ 0 | $ 1,621,335 | $ (348,103) |
Net loss | (289,192) | $ (54,885) | $ (234,307) | (289,192) | |
Ending balance, shares at Mar. 31, 2022 | 3,162,500 | 0 | |||
Ending Balance, Value at Mar. 31, 2022 | 984,356 | $ 316 | $ 0 | 1,621,335 | (637,295) |
Beginning Balance, shares at Dec. 31, 2022 | 3,162,500 | 0 | |||
Beginning Balance, Value at Dec. 31, 2022 | 57,324 | $ 316 | $ 0 | 384,496 | (327,488) |
Accretion of Class A common stock subject to possible redemption | (171,740) | (171,740) | |||
Net loss | (251,028) | $ (140,708) | $ (110,320) | (251,028) | |
Ending balance, shares at Mar. 31, 2023 | 3,162,500 | 0 | |||
Ending Balance, Value at Mar. 31, 2023 | $ (365,444) | $ 316 | $ 0 | $ 212,756 | $ (578,516) |
Condensed Statements Of Cash Fl
Condensed Statements Of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (251,028) | $ (289,192) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Interest income on cash and investments held in Trust Account | (300,262) | (16,612) |
Changes in operating assets and liabilities | ||
Prepaid expenses and other assets | 44,649 | 52,287 |
Due to affiliates | 0 | (20,000) |
Accounts payable and accrued expenses | 91,420 | 27,901 |
Franchise tax payable | (118,231) | 15,098 |
Income taxes payable | 76,334 | |
Net cash used in operating activities | (457,118) | (230,518) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Cash withdrawn from Trust Account for tax purposes | 170,419 | |
Cash withdrawn from Trust Account in connection with redemption | 82,524 | |
Investment in mutual funds | (475,000) | |
Net cash used in investing activities | (222,057) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Redemption of common stock | (82,524) | |
Net cash used in financing activities | (82,524) | |
NET CHANGE IN CASH | (761,699) | (230,518) |
CASH, BEGINNING OF THE PERIOD | 815,608 | 670,998 |
CASH, END OF THE PERIOD | $ 53,909 | $ 440,480 |
Description of Organization and
Description of Organization and Business Operations and Liquidity | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Organization and Business Operations and Liquidity | Note 1 – Description of Organization and Business Operations and Liquidity OPY Acquisition Corp. I (the “Company”) was incorporated in Delaware on July 20, 2020. The Company is a blank check company formed for the purpose of entering a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities (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 March 31, 2023, the Company had not commenced any operations. All activity through March 31, 2023 relates to the Company’s formation and Initial Public Offering (“IPO”), which is described below and subsequent to the IPO, the search for a business combination target. 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 one-half Simultaneously with the closing of the IPO, the Company consummated the sale of 2,100,667 private placement warrants (“Private Placement Warrants”) at a price of $1.50 per Private Placement Warrant in a private placement to the Company’s sponsor, OPY Acquisition LLC I (the “Sponsor”) generating gross proceeds of $3,151,000 which is described in Note 4. Simultaneously with the closing the Over-Allotment, the Company consummated the sale of an additional 110,000 Private Placement Warrants at a price of $1.50 in a private placement to the Sponsor, generating gross proceeds of $165,000 which is described in Note 4. Offering costs for the IPO amounted to $2,654,349, consisting of $2,200,000 underwriting fees (1,466,667 Private Placement Warrants valued at $1.50 per Private Placement Warrant was issued to the underwriters in lieu of underwriting fees) and $454,349 of other costs. Offering costs for the Over-Allotment amounted to $330,000 consisting of 220,000 Private Placement Warrants valued at $1.50 per Private Placement Warrant or $330,000 of Underwriting fees. Following the closing of the IPO and the Over-Allotment, $127,765,000 ($10.10 per Unit) from the net proceeds of the sale of the Units in the IPO and the Private Placement Warrants 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 180 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of paragraphs (d)(2), (d)(3) and (d)(4) of Rule 2a-7 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 Warrants, 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 company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance the Company will be able to successfully effect a Business Combination. 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 anticipated to be $10.10 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. In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480 Subtopic 10-S99, ASC470-20, ASC480-10-S99. issuance (or from the date that it becomes probable that the instrument will become redeemable, if later) to the earliest redemption date of the instrument or (ii) recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Company has elected to recognize the changes immediately. While redemptions cannot cause the Company’s net tangible assets to fall below $5,000,001, the Public Shares are redeemable and are classified as such on the balance sheet until such date that a redemption event takes place. 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) 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 Amended and Restated 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 15% 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 Amended and Restated 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, 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. As approved by the Company’s stockholders at the meeting on December 20, 2022, the Company filed an amendment to its Amended and Restated Certificate of Incorporation with the Delaware Secretary of State on December 21, 2022, which extends the deadline by which it must complete its initial business combination from April 29, 2023 to October 30, 2023. In connection with the approval of the Extension Amendment as defined, the Company was required to give holders of its Class A Common Stock the right to redeem their shares. Holders of an aggregate 10,170,490 shares of Class A Common Stock exercised their redemption rights and did not subsequently reverse that decision. If the Company is unable to complete a Business Combination by October 30, 2023, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at aper-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to pay the Company’s franchise and income taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. The Initial Stockholders have agreed to waive their liquidation rights with respect to the Founder 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 underwriters have agreed to waive their rights to its 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 $10.10 per shares 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 underwriters 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 claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (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”) COVID-19 COVID-19 In February 2022, the Russian Federation and Belarus commenced a military action with the country of Ukraine. As a result of this action, various nations, including the United States, have instituted economic sanctions against the Russian Federation and Belarus. Further, the impact of this action and related sanctions on the world economy is not determinable as of the date of these unaudited condensed financial statements, and the specific impact on the Company’s financial condition, results of operations, and cash flows is also not determinable as of the date of these unaudited condensed financial statements. On March 10, 2023, the Company’s bank, Silicon Valley Bank, became insolvent. State regulators closed the bank and the Federal Deposit Insurance Corporation (FDIC) was appointed as its receiver. The Company held deposits with this bank. As a result of the actions by the FDIC, the Company’s insured and uninsured deposits have been restored. Inflation Reduction Act of 2022 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 Capital Resources As of March 31, 2023, the Company had $53,909 in its operating bank accounts, $475,000 invested in mutual funds, and $ U.S. Treasury securities In connection with the Company’s assessment of going concern considerations in accordance with the authoritative guidance in FASB Accounting Standards Update (“ASU”) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
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 S-X The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements included in its Annual Report on Form 10-K Emerging Growth Company The Company is an emerging growth company as defined in Section 102(b)(1) of the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), which 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 an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging This may make comparison of the Company’s unaudited condensed financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of Estimates The preparation of unaudited condensed financial statements in conformity with 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 unaudited 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 unaudited condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of March 31, 2023 and December 31, 2022. Investments in Mut ua At March 31, 2023 and December 31, 2022, the Company had $475,000 and $0 invested in mutual funds. Trading securities are presented on the balance sheet at fair value at the end of each reporting period. The estimated fair values of the mutual fund investments are determined using available market information. Cash and Investments Held in Trust Account At March 31, 2023, all of the assets held in the Trust Account were held 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 sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held in Trust Account are included in interest income o n inve Shareholder Redemption Payment In connection with the approval of the Extension Amendment, the Company was required to give holders of its Class A Common Stock the right to redeem their shares. Holders of an aggregate 10,170,490 shares of Class A Common Stock exercised their redemption rights and did not subsequently reverse that decision. On January 3 ,2023, a true-up payment of $82,524 for additional interest earned during the period ended December 31, 2022 was paid to the redeeming shareholders. Offering Costs Associated with the Initial Public Offering Offering costs, including additional underwriting fees associated with the underwriters’ exercise of the over-allotment option, consist principally of legal, accounting, underwriting fees and other costs directly related to the IPO. Offering costs are allocated to the separable financial instruments issued in the IPO based on a relative fair value basis, compared to total proceeds received. Offering costs associated with the Class A common shares were charged against their carrying value upon the completion of the IPO. Offering costs, including those attributable to the underwriters’ exercise of the over-allotment option in full, amounted to $2,984,349, which consisted of 1,686,667 Private Placement Warrants valued at $1.50 per Private Placement Warrant, or $2,530,000, issued to the underwriters’ in lieu of underwriting fees and $454,349 of other costs. These costs were charged to permanent stockholders’ equity upon the completion of the IPO. 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 March 31, 2023 and December 31, 2022, the Company has not experienced losses on these accounts however, any loss or lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations and cash flows. 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 the assessment of the assumptions that market participants would use in pricing the asset or liability. As of March 31, 2023 and December 31, 2022, the carrying values of cash, cash in trust, prepaid expenses, deferred offering costs, accounts payable and accrued expenses, franchise tax payable, and due to affiliates approximate their fair values primarily due to the short-term nature of the instruments. Income Taxes The Company complies with the accounting and reporting requirements of ASC 740, “Income Taxes” (“ASC 740”), which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC 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 March 31, 2023. 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 for the period from July 20, 2020 (inception) to September 30, 2022. 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. 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 either 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 March 31, 2023 and December 31, 2022, shares of Class A common stock subject to possible redemption are presented as temporary equity, respectively, outside of the stockholders’ equity (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. This method would view the end of the reporting period as if it were also the redemption date for the security. Immediately upon the closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption amount value. Increases or decreases in the carrying amount of redeemable common stock are affected by charges against additional paid-in At March 31, 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, 2021 $ 127,765,000 Less: Redemption of 10,170,490 common shares (103,535,588 ) Add: Accretion of carrying value to redemption value 1,236,839 Class A common stock subject to possible redemption, December 31, 2022 $ 25,466,251 Less: Redemption payment (82,524 ) Add: Accretion of carrying value to redemption value 171,740 Class A common stock subject to possible redemption, March 31, 2023 $ 25,555,467 Net Loss per Common Share The Company has two classes of shares, which are referred to as Class A common stock and Common Stock (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 8,535,667 shares of Common Stock at $11.50 per share were issued on October 29, 2021. As of March 31, 2023 and 2022, no Public Warrants or Private Placement Warrants have been exercised. The 8,535,667 potential shares of Class A common stock for outstanding Public Warrants and Private Placement Warrants to purchase the Company’s stock were excluded from diluted losses per share for the period ended March 2023 For the Three Months Ended Class A Common stock Common stock Basic and diluted net loss per share Numerator: Allocation of net loss $ (110,320 ) $ (140,708 ) Denominator: Weighted average shares outstanding 2,479,510 3,162,500 Basic and dilution net loss per share $ (0.04 ) $ (0.04 ) For the Three Months Ended March 31, 2022 Class A Common stock Common stock Basic and diluted net loss per share Numerator: Allocation of net loss $ (234,307 ) $ (54,885 ) Denominator: Weighted average shares outstanding 12,650,000 3,162,500 Basic and dilution net loss per share $ (0.02 ) $ (0.02 ) Accounting for Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the instruments’ specific terms and applicable authoritative guidance in ASC 480 and ASC 815, “Derivatives and Hedging” (“ASC 815”). The assessment considers whether the instruments are free standing financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the instruments meet all of the requirements for equity classification under ASC 815, including whether the instruments are indexed to the Company’s own common shares and whether the instrument holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, was conducted at the time of warrant issuance and as of each subsequent period end date while the instruments are outstanding. Management has concluded that the Public Warrants and Private Placement Warrants issued pursuant to the warrant agreement qualify for equity accounting treatment. Recent Accounting Standards The Company’s management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying unaudited condensed financial statements. |
Initial Public Offering and Ove
Initial Public Offering and Over-Allotment | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Initial Public Offering and Over-Allotment | Note 3 — Initial Public Offering and Over-Allotment Pursuant to the IPO and the Over-Allotment on October 29, 2021 and November 5, 2021 respectively, the Company sold an aggregate of 12,650,000 Units at a price of $10.00 per Unit. Each Unit consists of one share of Class A common stock and one-half |
Private Placement Warrants
Private Placement Warrants | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Private Placement Warrants | Note 4 — Private Placement Warrants Simultaneously with the closing of the IPO, on October 29, 2021 the Company consummated the issuance and sale (“Private Placement”) of 2,100,667 Private Placement Warrants in a private placement transaction at a price of $1.50 per Private Placement Warrant, generating gross proceeds of $3,151,000. Upon the closing of the Over-Allotment on November 5, 2021, the Company consummated a private sale of an additional 110,000 Private Placement Warrants at a price of $1.50 per Private Placement Warrant, generating gross proceeds of $165,000. Each whole Private Placement Warrant will be exercisable to purchase one share of Class A common stock at a price of $11.50 per share. A portion of the proceeds from the Private Placement Warrants will be added to the proceeds from the IPO to be held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law), and the Private Placement Warrants and all underlying securities will be worthless. The Sponsor and the Company’s officers and directors and other holders have agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Warrants until 30 days after the completion of the initial Business Combination. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 5 — Related Party Transactions Founder Shares On August 20, 2020, the Sponsor purchased 2,875,000 shares of common stock (the “Founder Shares”) of the Company’s common stock, par value $0.0001 for an aggregate price of $25,000. The Founder Shares will automatically convert into common shares at the time of the Company’s initial Business Combination and are subject to certain transfer restrictions, as described in Note 7. In connection with the increase in the size of the offering, on October 26, 2021 the Company declared a 10% stock dividend on each founder share thereby increasing the number of issued and outstanding founder shares to 3,162,500 (up to 412,500 of which are subject to forfeiture) so as to maintain the number of founder shares at 20% of the outstanding shares of our common stock upon the consummation of this offering. The Initial Stockholders agreed to forfeit up to 412,500 Founder Shares to the extent that the over- allotment option is not exercised in full by the underwriter. Since the underwriters exercised the over-allotment option in full, no Founders Shares were forfeited. The Sponsor will agree, subject to limited exceptions, not to transfer, assign or sell any of its Founder Shares until the earlier to occur of: (A) one year after the completion of the initial Business Combination or (B) subsequent to the initial Business Combination, (x) if the last sale price of the common equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading Related Party Loans On March 30, 2021, the Sponsor loaned the Company an aggregate of up to $75,000 to cover expenses related to the IPO pursuant to a promissory note. On March 31, 2021, the Company and the Sponsor entered into a second promissory note (collectively, the “Notes”) for $30,000 which converted the due to affiliate balance of $25,000 at December 31, 2020 related to the offering costs paid by the Sponsor on the Company’s behalf. On September 15, 2021, the Company and the Sponsor entered into a third promissory note for $100,000 to cover expenses related to the IPO. The notes payable of $205,000 were repaid on December 14, 2021. The Notes are no longer available to the Company. Working Capital Loans 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 would either be repaid upon consummation of a Business Combination or April 30, 2023, whichever is earlier, without interest, or, at the lender’s discretion, up to $2.0 million of such Working Capital Loans may be convertible into warrants of the post Business Combination entity at a price of $1.50 per warrant. The warrants would be identical to the Private Placement Warrants. On April 30, 2023, the Working Capital Loans maturity date was extended to October 30, 2023 from April 30, 2023 by the Sponsor. As Support Services The Company will pay an entity affiliated with the Sponsor a fee of approximately $10,000 per month following the consummation of the IPO until the earlier of the consummation of the Business Combination or liquidation for office space and administrative support services. For the three months ended March 31, 2023 and 2022, $30,000 and $30,000, respectively, have been expensed during the period. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 6 — Commitments and Contingencies Registration Rights The holders of Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans, if any, will be entitled to registration rights (in the case of the Founder Shares, only after conversion of such shares to shares of common stock) pursuant to a registration rights agreement to be signed on or before the date of the prospectus for the IPO. These holders will be entitled to certain demand and “piggyback” registration rights. However, the registration rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until the termination of the applicable lock-up Underwriting Agreement The Company granted the underwriters a 45-day The underwriters were paid an underwriting fee consisting of 1,466,667 warrants for the IPO and an additional 220,000 warrants in connection with the Over-Allotment valued at $1.50 per warrant or $2,530,000 in the aggregate under the same terms as the Private Placement Warrants. |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) | 3 Months Ended |
Mar. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity (Deficit) | Note 7 — Stockholders’ Equity (Deficit) Pursuant to the Amended and Restated Certificate of Incorporation as of October 26, 2021 the Company is authorized to issue the following classes of stock: Preferred Stock Class A Common Stock Common Stock Holders of common stock will have the right to elect all of the Company’s directors prior to a Business Combination. Holders of Class A common stock and common stock will vote together as a single class on all other matters submitted to a vote of stockholders except as required by law. Warrants Redemption of warrants when the price per share of Class A common stock equals or exceeds $18.00. Once the warrants become exercisable, the Company may redeem the outstanding warrants: • in whole and not in part; • at a price of $0.01 per warrant; • upon a minimum of 30 day prior written notice of redemption, which we refer to as the “30-day • if, and only if, the last reported sale price (the “closing price”) of our common stock equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “Description of Securities—Warrants— Public Stockholders’ Warrants—Anti-Dilution Adjustments”) for any 20 trading days within a 30-trading The Company will not redeem the warrants as described above unless an effective registration statement under the Securities Act covering the common stock issuable upon exercise of the warrants is effective and a current prospectus relating to those common stock is available throughout the 30-day If the Company calls the Warrants for redemption, management will have the option to require all holders that wish to exercise the 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 being sold in the IPO. The exercise price and number of shares of common stock issuable on exercise of the warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or our recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuances of shares of common stock at a price below their respective exercise prices. 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 shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of a Business Combination at an issue price or effective issue price of less than $9.20 per share of common stock (with such issue price or effective issue price to be determined in good faith by the board of directors, and in the case of any such issuance to the initial shareholders or their affiliates, without taking into account any Founder Shares held by them prior to such issuance), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of a Business Combination on the date of the consummation of a Business Combination (net of redemptions), and (z) the volume weighted average trading price of common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of (i) the Market Value or (ii) the price at which the Company issues the additional shares of common stock or equity-linked securities. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023, substantially all of 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 March 31, 2023 Level Quoted Prices in Significant Other Significant Other Assets: U.S. Treasury securities 1 $ 25,581,416 — — Investment in mutual funds 1 $ 475,000 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 9 — Subsequent Events The Company has evaluated subsequent events through the date these unaudited condensed financial statements were issued and determined that, other than below, there were no subsequent events that would require adjustment or disclosure. On April 3, 2023, the Company received a letter (the “MVLS Notice”) from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that for the last 30 180 On April 10, 2023, the Sponsor agreed to exchange 3,162,499 shares of the issued and outstanding shares of undesignated common stock held by it (the “Founders Shares”) into shares of Class A common stock. On a pro forma basis, based on the closing stock price of the Class A common stock on April 7, 2023 of $10.22, this exchange will increase the MVLS by approximately $32 million. In order for the Company to regain compliance with the MVLS Rule, the Company’s MVLS must equal or exceed $50.0 million for at least 10 consecutive trading days however and the Staff must provide written confirmation to the Company to close the matter. On April 24, 2023, the Sponsor loaned the Company $70,000 under the working capital loan program. The loan is a promissory note and is subject to the same terms as the $350,000 working capital loan that was loaned during 2022 On April 27, 2023, the Company received a subsequent letter from the Listing Qualifications Staff of Nasdaq informing the Company that the Staff had determined that for the period from April 11 to April 26, 2023, the Company’s market value of listed securities had been $50,000,000 or greater. Accordingly, the Company has regained compliance with the Rule and the matter was now closed. On April 30, 2023, the Sponsor or its registered assigns or successors in interest (the “Payee”) and the Company (the “Maker”) mutually agree to extend the maturity of the Working Capital Loans dated November 14, 2022 in the original principal amount of Three Hundred-Fifty Thousand dollars ($350,000) to the earlier of the close of its initial business combination or October 30, 2023. All other terms of the Working Capital Loans remain unchanged by the Working Capital Loans Extension. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
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 S-X The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements included in its Annual Report on Form 10-K |
Emerging Growth Company | Emerging Growth Company The Company is an emerging growth company as defined in Section 102(b)(1) of the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), which 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 an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging This may make comparison of the Company’s unaudited condensed financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. |
Use of Estimates | Use of Estimates The preparation of unaudited 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 unaudited 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 unaudited condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of March 31, 2023 and December 31, 2022. |
Investments in Mutual Funds | Investments in Mut ua At March 31, 2023 and December 31, 2022, the Company had $475,000 and $0 invested in mutual funds. Trading securities are presented on the balance sheet at fair value at the end of each reporting period. The estimated fair values of the mutual fund investments are determined using available market information. |
Cash and Investments Held in Trust Account | Cash and Investments Held in Trust Account At March 31, 2023, all of the assets held in the Trust Account were held 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 sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held in Trust Account are included in interest income o n inve |
Shareholder Redemption Payment | Shareholder Redemption Payment In connection with the approval of the Extension Amendment, the Company was required to give holders of its Class A Common Stock the right to redeem their shares. Holders of an aggregate 10,170,490 shares of Class A Common Stock exercised their redemption rights and did not subsequently reverse that decision. On January 3 ,2023, a true-up payment of $82,524 for additional interest earned during the period ended December 31, 2022 was paid to the redeeming shareholders. |
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 underwriters’ exercise of the over-allotment option, consist principally of legal, accounting, underwriting fees and other costs directly related to the IPO. Offering costs are allocated to the separable financial instruments issued in the IPO based on a relative fair value basis, compared to total proceeds received. Offering costs associated with the Class A common shares were charged against their carrying value upon the completion of the IPO. Offering costs, including those attributable to the underwriters’ exercise of the over-allotment option in full, amounted to $2,984,349, which consisted of 1,686,667 Private Placement Warrants valued at $1.50 per Private Placement Warrant, or $2,530,000, issued to the underwriters’ in lieu of underwriting fees and $454,349 of other costs. These costs were charged to permanent stockholders’ equity upon the completion of the IPO. |
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 March 31, 2023 and December 31, 2022, the Company has not experienced losses on these accounts however, any loss or lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations and cash flows. |
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 the assessment of the assumptions that market participants would use in pricing the asset or liability. As of March 31, 2023 and December 31, 2022, the carrying values of cash, cash in trust, prepaid expenses, deferred offering costs, accounts payable and accrued expenses, franchise tax payable, and due to affiliates approximate their fair values primarily due to the short-term nature of the instruments. |
Income Taxes | Income Taxes The Company complies with the accounting and reporting requirements of ASC 740, “Income Taxes” (“ASC 740”), which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC 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 March 31, 2023. 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 for the period from July 20, 2020 (inception) to September 30, 2022. 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. |
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 either 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 March 31, 2023 and December 31, 2022, shares of Class A common stock subject to possible redemption are presented as temporary equity, respectively, outside of the stockholders’ equity (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. This method would view the end of the reporting period as if it were also the redemption date for the security. Immediately upon the closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption amount value. Increases or decreases in the carrying amount of redeemable common stock are affected by charges against additional paid-in At March 31, 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, 2021 $ 127,765,000 Less: Redemption of 10,170,490 common shares (103,535,588 ) Add: Accretion of carrying value to redemption value 1,236,839 Class A common stock subject to possible redemption, December 31, 2022 $ 25,466,251 Less: Redemption payment (82,524 ) Add: Accretion of carrying value to redemption value 171,740 Class A common stock subject to possible redemption, March 31, 2023 $ 25,555,467 |
Net Loss per Common Share | Net Loss per Common Share The Company has two classes of shares, which are referred to as Class A common stock and Common Stock (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 8,535,667 shares of Common Stock at $11.50 per share were issued on October 29, 2021. As of March 31, 2023 and 2022, no Public Warrants or Private Placement Warrants have been exercised. The 8,535,667 potential shares of Class A common stock for outstanding Public Warrants and Private Placement Warrants to purchase the Company’s stock were excluded from diluted losses per share for the period ended March 2023 For the Three Months Ended Class A Common stock Common stock Basic and diluted net loss per share Numerator: Allocation of net loss $ (110,320 ) $ (140,708 ) Denominator: Weighted average shares outstanding 2,479,510 3,162,500 Basic and dilution net loss per share $ (0.04 ) $ (0.04 ) For the Three Months Ended March 31, 2022 Class A Common stock Common stock Basic and diluted net loss per share Numerator: Allocation of net loss $ (234,307 ) $ (54,885 ) Denominator: Weighted average shares outstanding 12,650,000 3,162,500 Basic and dilution net loss per share $ (0.02 ) $ (0.02 ) |
Accounting for warrants | Accounting for Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the instruments’ specific terms and applicable authoritative guidance in ASC 480 and ASC 815, “Derivatives and Hedging” (“ASC 815”). The assessment considers whether the instruments are free standing financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the instruments meet all of the requirements for equity classification under ASC 815, including whether the instruments are indexed to the Company’s own common shares and whether the instrument holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, was conducted at the time of warrant issuance and as of each subsequent period end date while the instruments are outstanding. Management has concluded that the Public Warrants and Private Placement Warrants issued pursuant to the warrant agreement qualify for equity accounting treatment. |
Recent Accounting Standards | Recent Accounting Standards The Company’s management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying unaudited condensed financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Common Stock Subject to Possible Redemption | At March 31, 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, 2021 $ 127,765,000 Less: Redemption of 10,170,490 common shares (103,535,588 ) Add: Accretion of carrying value to redemption value 1,236,839 Class A common stock subject to possible redemption, December 31, 2022 $ 25,466,251 Less: Redemption payment (82,524 ) Add: Accretion of carrying value to redemption value 171,740 Class A common stock subject to possible redemption, March 31, 2023 $ 25,555,467 |
Summary of Basic and Diluted Net Loss Per Share | 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. For the Three Months Ended Class A Common stock Common stock Basic and diluted net loss per share Numerator: Allocation of net loss $ (110,320 ) $ (140,708 ) Denominator: Weighted average shares outstanding 2,479,510 3,162,500 Basic and dilution net loss per share $ (0.04 ) $ (0.04 ) For the Three Months Ended March 31, 2022 Class A Common stock Common stock Basic and diluted net loss per share Numerator: Allocation of net loss $ (234,307 ) $ (54,885 ) Denominator: Weighted average shares outstanding 12,650,000 3,162,500 Basic and dilution net loss per share $ (0.02 ) $ (0.02 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary Of Assets Measured At Fair Value On Recurring Basis | The following table presents information about the Company’s assets March 31, 2023 Level Quoted Prices in Significant Other Significant Other Assets: U.S. Treasury securities 1 $ 25,581,416 — — Investment in mutual funds 1 $ 475,000 |
Description of Organization a_2
Description of Organization and Business Operations and Liquidity - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2023 USD ($) Day $ / shares | Aug. 16, 2022 | Nov. 05, 2021 USD ($) $ / shares shares | Oct. 29, 2021 USD ($) $ / shares shares | Mar. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | |
Entity incorporation, Date of incorporation | Jul. 20, 2020 | |||||
Shares issued, Price per share | $ / shares | $ 11.5 | |||||
Per share value of restricted assets | $ / shares | $ 10.1 | |||||
Term of restricted investments | 180 days | |||||
Temporary equity, Redemption price per share | $ / shares | $ 10.1 | $ 10.1 | ||||
Minimum net worth required for compliance | $ 5,000,001 | $ 5,000,001 | ||||
Percentage of public shares for which redemption restriction is applied | 15% | 15% | ||||
Percentage of public shares to be redeemed in case business combination is not consummated | 100% | 100% | ||||
Business combination completion date | Oct. 30, 2023 | |||||
Number of days within which the public shares shall be redeemed | Day | 10 | |||||
Liquidation basis of accounting, accrued costs to dispose of assets and liabilities | $ 100,000 | $ 100,000 | ||||
Temporary equity, Liquidation preference per share | $ / shares | $ 10.1 | $ 10.1 | ||||
Investments in mutual funds | $ 475,000 | $ 475,000 | $ 0 | |||
Cash and investments held in Trust Account | 25,581,416 | 25,581,416 | $ 25,534,097 | |||
Working capital | 66,168 | 66,168 | ||||
Temporary equity redeemed during the period shares | shares | 10,170,490 | |||||
Cash | 53,909 | 53,909 | $ 815,608 | |||
Mutual Fund [Member] | ||||||
Investments in mutual funds | $ 475,000 | $ 475,000 | $ 0 | |||
Minimum | ||||||
Prospective assets of acquiree as a percentage of fair value of assets in the trust account | 80% | 80% | ||||
Minimum | Investment | ||||||
Equity method investment, Ownership percentage | 50% | 50% | ||||
Sponsor | Private Placement Warrants | ||||||
Class of warrant or right, Warrants issued to cover underwriting expense, Price per warrant | $ / shares | $ 1.5 | |||||
Class of warrants and rights issued during the period | shares | 110,000 | |||||
Proceeds from issuance of private placement | $ 165,000 | |||||
IPO | ||||||
Offering costs | $ 2,654,349 | $ 2,984,349 | ||||
Payments for underwriting expense | $ 1,466,667 | 2,200,000 | 2,530,000 | |||
Other offering costs | $ 454,349 | $ 454,349 | ||||
Stock conversion basis | Each Unit consists of one share of Class A common stock and one-half a redeemable warrant | |||||
IPO | Private Placement Warrants | ||||||
Class of warrant or right, Warrants issued to cover underwriting expense | shares | (1,466,667) | 1,686,667 | ||||
Class of warrant or right, Warrants issued to cover underwriting expense, Price per warrant | $ / shares | $ 1.5 | $ 1.5 | $ 1.5 | |||
Private Placement | Sponsor | Private Placement Warrants | ||||||
Class of warrant or right, Warrants issued | shares | 110,000 | 2,100,667 | ||||
Class of warrant or right, Warrants issued, Price per warrant | $ / shares | $ 1.5 | $ 1.5 | ||||
Proceeds from issuance of warrants | $ 165,000 | $ 3,151,000 | ||||
Over-Allotment Option | ||||||
Stock issued during period, Shares | shares | 1,650,000 | |||||
Proceeds from issuance initial public offering | $ 16,500,000 | |||||
Offering costs | 330,000 | |||||
Payments for underwriting expense | $ 220,000 | |||||
Payments to acquire restricted investments | $ 127,765,000 | |||||
Share price | $ / shares | $ 10 | |||||
Proceeds from issuance of common stock | $ 16,500,000 | |||||
Over-Allotment Option | Private Placement Warrants | ||||||
Class of warrant or right, Warrants issued to cover underwriting expense | shares | 220,000 | |||||
Class of warrant or right, Warrants issued to cover underwriting expense, Price per warrant | $ / shares | $ 1.5 | |||||
Inflation Reduction Act2022 [Member] | ||||||
Percentage of excise tax on certain repurchases of stock | 1% | |||||
Amount of Excise Tax Percentage of fair market value of shares repurchased at the time of the repurchase | 1% | |||||
Class A Common Stock | ||||||
Proceeds from issuance initial public offering | $ 110,000,000 | |||||
Temporary equity, Redemption price per share | $ / shares | $ 10.31 | $ 10.31 | $ 10.27 | |||
Stock conversion basis | one-half of one | |||||
Temporary equity redeemed during the period shares | shares | 10,170,490 | 10,170,490 | ||||
Class A Common Stock | Public Warrants | ||||||
Shares issuable per warrant | shares | 1 | |||||
Exercise price of warrant | $ / shares | $ 11.5 | |||||
Class A Common Stock | IPO | ||||||
Stock issued during period, Shares | shares | 11,000,000 | |||||
Shares issued, Price per share | $ / shares | $ 10 | |||||
Class A Common Stock | IPO | Public Warrants | ||||||
Shares issuable per warrant | shares | 1 | |||||
Exercise price of warrant | $ / shares | $ 11.5 | |||||
Class A Common Stock | Private Placement | Private Placement Warrants | ||||||
Shares issuable per warrant | shares | 1 | |||||
Exercise price of warrant | $ / shares | $ 11.5 | |||||
Class A Common Stock | Over-Allotment Option | ||||||
Stock issued during period, Shares | shares | 12,650,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2023 | Oct. 29, 2021 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Oct. 26, 2021 | |
Cash equivalents at carrying value | $ 0 | $ 0 | $ 0 | |||
Investments in mutual funds | 475,000 | 475,000 | 0 | |||
Cash, FDIC insured amount | 250,000 | 250,000 | $ 250,000 | |||
Unrecognized tax benefits | $ 0 | $ 0 | ||||
Unrecognized tax benefits, income tax penalties and interest accrued | $ 0 | |||||
Stock issued during period, shares, conversion of units | 8,535,667 | |||||
Shares issued, Price per share | $ 11.5 | |||||
Common stock, shares outstanding | 3,162,500 | 3,162,500 | 3,162,500 | 3,162,500 | ||
Temporary Equity, additional interest earned | $ 82,524 | |||||
Temporary equity redeemed during the period shares | 10,170,490 | |||||
Mutual Fund [Member] | ||||||
Investments in mutual funds | $ 475,000 | $ 475,000 | $ 0 | |||
IPO [Member] | ||||||
Offering costs | $ 2,654,349 | 2,984,349 | ||||
Payments for underwriting expense | $ 1,466,667 | 2,200,000 | 2,530,000 | |||
Other offering costs | $ 454,349 | $ 454,349 | ||||
IPO [Member] | Private Placement Warrants [Member] | ||||||
Class of warrant or right, Warrants issued to cover underwriting expense | (1,466,667) | 1,686,667 | ||||
Class of warrant or right, Warrants issued to cover underwriting expense, Price per warrant | $ 1.5 | $ 1.5 | $ 1.5 | |||
Common Class A [Member] | ||||||
Temporary Equity, Shares Outstanding | 2,479,510 | 2,479,510 | 2,479,510 | |||
Common stock, shares outstanding | 0 | 0 | 0 | |||
Temporary equity redeemed during the period shares | 10,170,490 | 10,170,490 | ||||
Common Class A [Member] | Public Warrants [Member] | ||||||
Common stock, shares outstanding | 8,535,667 | |||||
Common Class A [Member] | IPO [Member] | ||||||
Shares issued, Price per share | $ 10 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Common Stock Subject to Possible Redemption (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Redemption of 10,170,490 common shares | $ (82,524) | $ (103,535,588) | |
Class A common stock subject to possible redemption | 25,555,467 | 25,466,251 | |
Class A Common Stock | |||
Add: Accretion of carrying value to redemption value | 171,740 | 1,236,839 | |
Class A common stock subject to possible redemption | $ 25,555,467 | $ 25,466,251 | $ 127,765,000 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Common Stock Subject to Possible Redemption (Detail) (Parenthetical) | 12 Months Ended |
Dec. 31, 2022 shares | |
Accounting Policies [Abstract] | |
Redemption of 10,170,490 ordinary shares | 10,170,490 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Summary of Basic and Diluted Net Loss Per Share (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Numerator: | ||
Allocation of net income (loss) | $ (251,028) | $ (289,192) |
Denominator: | ||
Weighted Average Number of Shares Outstanding, Basic | 3,162,500 | 3,162,500 |
Weighted Average Number of Shares Outstanding, Diluted | 3,162,500 | 3,162,500 |
Earnings Per Share, Basic | $ (0.04) | $ (0.02) |
Earnings Per Share, Diluted | $ (0.04) | $ (0.02) |
Common Stock [Member] | ||
Numerator: | ||
Allocation of net income (loss) | $ (140,708) | $ (54,885) |
Denominator: | ||
Weighted Average Number of Shares Outstanding, Basic | 3,162,500 | 3,162,500 |
Weighted Average Number of Shares Outstanding, Diluted | 3,162,500 | 3,162,500 |
Earnings Per Share, Basic | $ (0.04) | $ (0.02) |
Earnings Per Share, Diluted | $ (0.04) | $ (0.02) |
Common Class A [Member] | ||
Denominator: | ||
Weighted Average Number of Shares Outstanding, Basic | 2,479,510 | 12,650,000 |
Weighted Average Number of Shares Outstanding, Diluted | 2,479,510 | 12,650,000 |
Earnings Per Share, Basic | $ (0.04) | $ (0.02) |
Earnings Per Share, Diluted | $ (0.04) | $ (0.02) |
Common Class A [Member] | Common Stock [Member] | ||
Numerator: | ||
Allocation of net income (loss) | $ (110,320) | $ (234,307) |
Initial Public Offering and O_2
Initial Public Offering and Over-Allotment - Additional Information (Detail) - $ / shares | Nov. 05, 2021 | Oct. 29, 2021 |
Business Acquisition [Line Items] | ||
Shares issued, Price per share | $ 11.5 | |
IPO | ||
Business Acquisition [Line Items] | ||
Stock conversion basis | Each Unit consists of one share of Class A common stock and one-half a redeemable warrant | |
Over-Allotment Option [Member] | ||
Business Acquisition [Line Items] | ||
Stock issued during period, Shares | 1,650,000 | |
Class A Common Stock | ||
Business Acquisition [Line Items] | ||
Stock conversion basis | one-half of one | |
Class A Common Stock | Public Warrants | ||
Business Acquisition [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 | $ 11.5 | |
Class A Common Stock | IPO | ||
Business Acquisition [Line Items] | ||
Stock issued during period, Shares | 11,000,000 | |
Shares issued, Price per share | $ 10 | |
Class A Common Stock | IPO | Public Warrants | ||
Business Acquisition [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 | $ 11.5 | |
Class A Common Stock | Over-Allotment Option [Member] | ||
Business Acquisition [Line Items] | ||
Stock issued during period, Shares | 12,650,000 |
Private Placement Warrants - Ad
Private Placement Warrants - Additional Information (Detail) - Private Placement Warrants - USD ($) | 3 Months Ended | ||
Nov. 05, 2021 | Oct. 29, 2021 | Mar. 31, 2023 | |
Class A Common Stock | Private Placement | |||
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 | $ 11.5 | ||
Sponsor | |||
Lock up period | 30 days | ||
Sponsor | Private Placement | |||
Class of warrant or right, Warrants issued | 110,000 | 2,100,667 | |
Class of warrant or right, Warrants issued, Price per warrant | $ 1.5 | $ 1.5 | |
Proceeds from issuance of warrants | $ 165,000 | $ 3,151,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | 3 Months Ended | |||||||||||
Dec. 31, 2022 | Dec. 14, 2021 | Nov. 05, 2021 | Oct. 29, 2021 | Oct. 26, 2021 | Dec. 31, 2020 | Aug. 20, 2020 | Mar. 31, 2023 | Mar. 31, 2022 | Sep. 15, 2021 | Mar. 31, 2021 | Mar. 30, 2021 | |
Common stock, par or stated value per share | $ 0.0001 | $ 0.0001 | ||||||||||
Percentage of stock dividend declared | 10% | |||||||||||
Common stock, shares, issued | 3,162,500 | 3,162,500 | 3,162,500 | |||||||||
Common stock, shares outstanding | 3,162,500 | 3,162,500 | 3,162,500 | |||||||||
Bank overdrafts | $ 350,000 | $ 350,000 | ||||||||||
Sponsor | ||||||||||||
Common stock, par or stated value per share | $ 0.0001 | |||||||||||
Repayment of related party debt | $ 205,000 | |||||||||||
Sponsor | Promissory Note | ||||||||||||
Debt instrument, face amount | $ 75,000 | |||||||||||
Sponsor | Second Promissory Note | ||||||||||||
Debt instrument, face amount | $ 30,000 | |||||||||||
Sponsor | Due To Affiliate Current Amount Converted To Second Promissory Note | ||||||||||||
Debt conversion, original debt, amount | $ 25,000 | |||||||||||
Sponsor | Third Promissory Note | ||||||||||||
Debt instrument, face amount | $ 100,000 | |||||||||||
Sponsor | Restriction On Transfer of Founder Shares | ||||||||||||
Number of trading days determining share price | 30 days | |||||||||||
Number of consecutive trading days determining share price | 20 days | |||||||||||
Threshold number of trading days determining share price | 150 days | |||||||||||
Sponsor | Restriction On Transfer of Founder Shares | Share Price Equals or Exceeds Twelve USD | ||||||||||||
Share price | $ 12 | |||||||||||
An Entity Affiliated With The Sponsor | Support Services | ||||||||||||
Related party transaction, amounts of transaction | $ 10,000 | |||||||||||
Due to related parties, current | $ 30,000 | $ 30,000 | ||||||||||
Related party transaction, selling, general and administrative expenses from transactions with related party | 30,000 | $ 30,000 | ||||||||||
Working Capital Loans | ||||||||||||
Debt instrument, convertible, carrying amount of equity component | $ 2,000,000 | |||||||||||
Debt instrument, convertible, conversion price | $ 1.5 | |||||||||||
Bank overdrafts | $ 350,000 | $ 350,000 | ||||||||||
Founder Shares | ||||||||||||
Percentage of common stock outstanding | 20% | |||||||||||
Founder Shares | Sponsor | ||||||||||||
Stock issued during period, shares, issued for services | 2,875,000 | |||||||||||
Common stock, terms of conversion | The Founder Shares will automatically convert into common shares at the time of the Company’s initial Business Combination and are subject to certain transfer restrictions | |||||||||||
Stock issued during period, value, issued for services | $ 25,000 | |||||||||||
Lock up period | 1 year | |||||||||||
Over-Allotment Option | ||||||||||||
Common stock, other shares, outstanding | 412,500 | 412,500 | ||||||||||
Share price | $ 10 | |||||||||||
Over-Allotment Option | Founder Shares | ||||||||||||
Shares issued, shares, share-based payment arrangement, forfeited | 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 3 Months Ended | |||
Mar. 31, 2023 | Nov. 05, 2021 | Oct. 29, 2021 | Mar. 31, 2023 | |
Over-Allotment Option | ||||
Loss Contingencies [Line Items] | ||||
Payments for underwriting expense | $ 220,000 | |||
Stock issued during period, Shares | 1,650,000 | |||
Proceeds from issuance initial public offering | $ 16,500,000 | |||
Over-Allotment Option | Private Placement Warrants | ||||
Loss Contingencies [Line Items] | ||||
Class of warrant or right, Warrants issued to cover underwriting expense, Price per warrant | $ 1.5 | |||
IPO | ||||
Loss Contingencies [Line Items] | ||||
Payments for underwriting expense | $ 1,466,667 | $ 2,200,000 | $ 2,530,000 | |
IPO | Private Placement Warrants | ||||
Loss Contingencies [Line Items] | ||||
Class of warrant or right, Warrants issued to cover underwriting expense, Price per warrant | $ 1.5 | $ 1.5 | $ 1.5 | |
Underwriting Agreement [Member] | Over-Allotment Option | ||||
Loss Contingencies [Line Items] | ||||
Option vesting period | 45 days | |||
Common stock, shares subscribed but unissued | 1,650,000 | |||
Underwriting Agreement [Member] | IPO | ||||
Loss Contingencies [Line Items] | ||||
Payments for underwriting expense | $ 2,530,000 | |||
Underwriting Agreement [Member] | IPO | Private Placement Warrants | ||||
Loss Contingencies [Line Items] | ||||
Class of warrant or right, Warrants issued to cover underwriting expense, Price per warrant | $ 1.5 |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) - Additional Information (Detail) - $ / shares | 3 Months Ended | ||||
Oct. 29, 2021 | Mar. 31, 2023 | Dec. 31, 2022 | Oct. 26, 2021 | Aug. 20, 2020 | |
Preferred stock, par or stated value per share | $ 0.0001 | $ 0.0001 | |||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | |||
Preferred stock, shares issued | 0 | 0 | |||
Preferred stock, shares outstanding | 0 | 0 | |||
Common stock, par or stated value per share | $ 0.0001 | $ 0.0001 | |||
Common stock, shares authorized | 10,000,000 | 10,000,000 | |||
Common Stock, Voting Rights | one | ||||
Common stock, shares, issued | 3,162,500 | 3,162,500 | 3,162,500 | ||
Common stock, shares outstanding | 3,162,500 | 3,162,500 | 3,162,500 | ||
Common Stock | |||||
Number of Trading Days Determining Volume Weighted Average Trading Price Per Share | 60 days | ||||
Common Stock | Share Price Less Than Nine Point Twenty [Member] | |||||
Share price | $ 9.2 | ||||
Common Stock | Share Price Below Nine Point Twenty USD [Member] | |||||
Volume Weighted Average Trading Price Per Share | $ 9.2 | ||||
Class Of Warrant or Right Exercise Price Adjustment Percentage | 115% | ||||
Public Warrants | |||||
Class Of Warrant Or Right Number Of Days After Which Warrants Or Rights Becomes Exercisable | 30 days | ||||
Warrants and Rights Outstanding, Term | 5 years | ||||
Minimum Notice Period | 30 days | ||||
Sponsor | |||||
Common stock, par or stated value per share | $ 0.0001 | ||||
Percentage of Common Stock Issued And Outstanding Owned After Initial Public Offer | $ 20 | ||||
IPO [Member] | Public Warrants | |||||
Common stock, other shares, outstanding | 6,325,000 | 6,325,000 | |||
IPO [Member] | Private Placement Warrants [Member] | |||||
Common stock, other shares, outstanding | 3,897,334 | 3,897,334 | |||
Class A Common Stock | |||||
Common stock, par or stated value per share | $ 0.0001 | $ 0.0001 | |||
Common stock, shares authorized | 100,000,000 | 100,000,000 | |||
Common Stock, Voting Rights | one | ||||
Common stock, shares, issued | 0 | 0 | |||
Common stock, shares outstanding | 0 | 0 | |||
Temporary Equity, Shares Outstanding | 2,479,510 | 2,479,510 | |||
Class A Common Stock | Common Stock | |||||
Share price | $ 18 | ||||
Number of Trading Days Determining Share Price | 20 days | ||||
Number Of Consecutive Trading Days Determining Share Price | 30 days | ||||
Class A Common Stock | Common Stock | Share Price Equals Or Exceeds Eighteen USD [Member] | |||||
Share price | $ 18 | ||||
Class A Common Stock | Public Warrants | |||||
Common stock, shares outstanding | 8,535,667 | ||||
Class of Warrant Or Right Redemption Price per Warrant | $ 0.01 | ||||
Minimum Notice Period | 30 days |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset at fair value | $ 0 | $ 0 |
Liabilites fair value | 0 | $ 0 |
(Level 1) | Investments in Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset at fair value | 475,000 | |
US Treasury Securities [Member] | (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset at fair value | 25,581,416 | |
US Treasury Securities [Member] | (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset at fair value | 0 | |
US Treasury Securities [Member] | (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset at fair value | $ 0 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | Apr. 10, 2023 | Apr. 30, 2023 | Apr. 27, 2023 | Apr. 24, 2023 | Apr. 03, 2023 | Oct. 29, 2021 |
Shares issued, Price per share | $ 11.5 | |||||
Subsequent Event | ||||||
Minimum Market Value of Listed Securities | $ 50,000,000 | $ 50,000,000 | ||||
Stock Issued During Period, Shares, New Issues | 3,162,499 | |||||
Shares issued, Price per share | $ 10.22 | |||||
Increase Decrease In Minimum Market Value Of Listed Securities | $ 32,000,000 | |||||
Number Of Consecutive Days Within Which Minimum Market Value Of Listed Securities Must Equal Or Exceed Prescribed Limit | 10 days | |||||
Minimum market value of listed securities to regain compliance | $ 50,000,000 | |||||
Subsequent Event | Working Capital Loan [Member] | ||||||
Promissory Note | $ 350,000 | |||||
Subsequent Event | Sponsor [Member] | Working Capital Loan [Member] | ||||||
Due to Related Parties | $ 70,000 | |||||
Subsequent Event | Sponsor [Member] | Working Capital Loan [Member] | Promissory Note [Member] | ||||||
Due to Related Parties | $ 350,000 |