Cover
Cover - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Apr. 15, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Interactive Data Current | Yes | ||
ICFR Auditor Attestation Flag | false | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Information [Line Items] | |||
Entity Registrant Name | BLOCKCHAIN COINVESTORS ACQUISITION CORP. I | ||
Entity Central Index Key | 0001873441 | ||
Entity File Number | 001-41050 | ||
Entity Tax Identification Number | 98-1607883 | ||
Entity Incorporation, State or Country Code | E9 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | true | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
Entity Public Float | $ 52.3 | ||
Entity Incorporation, Date of Incorporation | Jun. 11, 2021 | ||
Entity Contact Personnel [Line Items] | |||
Entity Address, Address Line One | PO Box 1093, Boundary Hall | ||
Entity Address, Address Line Two | Cricket Square | ||
Entity Address, City or Town | Grand Cayman | ||
Entity Address, Country | KY | ||
Entity Address, Postal Zip Code | KY1-1102 | ||
Entity Phone Fax Numbers [Line Items] | |||
City Area Code | (345) | ||
Local Phone Number | 814-5726 | ||
Units, eUnits, each consisting of one Class A ordinary share, par value $0.0001 per share, and one-half of one redeemable warrantach consisting of one Class A ordinary share, par value $0.0001 per share, and one-half of one redeemable warrant | |||
Entity Listings [Line Items] | |||
Title of 12(b) Security | Units, each consisting of one Class A ordinary share, par value $0.0001 per share, and one-half of one redeemable warrant | ||
Trading Symbol | BCSAU | ||
Security Exchange Name | NASDAQ | ||
Class A ordinary shares, par value $0.0001 per share | |||
Entity Listings [Line Items] | |||
Title of 12(b) Security | Class A ordinary shares, par value $0.0001 per share | ||
Trading Symbol | BCSA | ||
Security Exchange Name | NASDAQ | ||
Redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 | |||
Entity Listings [Line Items] | |||
Title of 12(b) Security | Redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 | ||
Trading Symbol | BCSAW | ||
Security Exchange Name | NASDAQ | ||
Class A Ordinary Shares | |||
Entity Listings [Line Items] | |||
Entity Common Stock, Shares Outstanding | 13,433,794 | ||
Class B Ordinary Shares | |||
Entity Listings [Line Items] | |||
Entity Common Stock, Shares Outstanding | 0 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor [Table] | |
Auditor Name | WithumSmith+Brown, PC |
Auditor Firm ID | 100 |
Auditor Location | New York, New York |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash | $ 95,895 | $ 254,781 |
Prepaid expenses | 413,509 | 384,630 |
Total current assets | 509,404 | 639,411 |
Investment in Qenta Equity | 4,070,807 | |
Investments held in Trust Account | 23,226,984 | 310,263,214 |
Total Assets | 27,807,195 | 310,902,625 |
Current liabilities: | ||
Accounts payable | 4,413,961 | 3,704,441 |
Accrued expenses | 83,641 | 320,516 |
Total current liabilities | 6,514,846 | 4,550,781 |
Derivative liabilities | 781,484 | 1,581,227 |
Deferred underwriting commissions in connection with the initial public offering | 11,280,000 | 11,280,000 |
Total Liabilities | 18,576,330 | 17,412,008 |
Commitments and Contingencies | ||
Class A ordinary shares subject to possible redemption; $0.0001 par value; 2,111,794 and 30,000,000 shares at redemption value of approximately $10.95 and $10.34 per share as of December 31, 2023 and 2022, respectively | 23,126,984 | 310,163,214 |
Shareholders’ Deficit: | ||
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued or outstanding as of December 31, 2023 and 2022 | ||
Additional paid-in capital | ||
Accumulated deficit | (13,897,151) | (16,673,629) |
Total shareholders’ deficit | (13,896,119) | (16,672,597) |
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit | 27,807,195 | 310,902,625 |
Class A Ordinary Shares | ||
Shareholders’ Deficit: | ||
Ordinary shares value | 1,032 | 132 |
Class B Ordinary Shares | ||
Shareholders’ Deficit: | ||
Ordinary shares value | 900 | |
Related Party Fair Value [Member] | ||
Current liabilities: | ||
Convertible promissory note – related party, fair value | 525,824 | 525,824 |
Related Party Par Value [Member] | ||
Current liabilities: | ||
Convertible promissory note – related party, par value | $ 1,491,420 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Preference shares, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Preference shares, shares authorized | 5,000,000 | 5,000,000 |
Preference shares, shares issued | ||
Preference shares, shares outstanding | ||
Class A Ordinary Shares | ||
Ordinary shares subject to possible redemption, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Ordinary shares subject to possible redemption, shares at redemption value | 2,111,794 | 30,000,000 |
Ordinary shares subject to possible redemption, per share (in Dollars per share) | $ 10.95 | $ 10.34 |
Ordinary shares, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Ordinary shares, shares authorized | 500,000,000 | 500,000,000 |
Ordinary shares, shares issued | 11,322,000 | 1,322,000 |
Ordinary shares, shares outstanding | 11,322,000 | 1,322,000 |
Class B Ordinary Shares | ||
Ordinary shares, par value (in Dollars per share) | $ 0.00009 | $ 0.00009 |
Ordinary shares, shares authorized | 50,000,000 | 50,000,000 |
Ordinary shares, shares issued | 0 | 10,000,000 |
Ordinary shares, shares outstanding | 0 | 10,000,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
General and administrative expenses | $ 1,974,992 | $ 4,100,895 |
Loss from operations | (2,094,072) | (4,280,895) |
Other income: | ||
Change in fair value of derivative liabilities | 158,176 | 9,908,473 |
Termination fee income | 4,070,807 | |
Expense related to the Issuance of Non-Redemption agreements | (35,915) | |
Change in fair value of forward purchase agreement | 641,567 | (527,000) |
Income earned on investments held in Trust Account | 3,339,718 | 4,262,124 |
Total Other income | 8,174,353 | 13,629,773 |
Net income | $ 6,080,281 | $ 9,348,878 |
Class A Ordinary Shares | ||
Other income: | ||
Weighted average number of shares outstanding, basic (in Shares) | 9,349,495 | 31,322,000 |
Basic, net income per share (in Dollars per share) | $ 0.35 | $ 0.23 |
Class B Ordinary Shares | ||
Other income: | ||
Weighted average number of shares outstanding, basic (in Shares) | 8,219,178 | 10,000,000 |
Basic, net income per share (in Dollars per share) | $ 0.35 | $ 0.23 |
Related Party | ||
General and administrative expenses - related party | $ 119,080 | $ 180,000 |
Other income: | ||
Change in fair value of convertible note - related party | $ (13,824) |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Class A Ordinary Shares | ||
Weighted average number of shares outstanding , Diluted | 9,349,495 | 31,322,000 |
Diluted, net income per share | $ 0.35 | $ 0.23 |
Class B Ordinary Shares | ||
Weighted average number of shares outstanding , Diluted | 8,219,178 | 10,000,000 |
Diluted, net income per share | $ 0.35 | $ 0.23 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders’ Deficit - USD ($) | Class A Ordinary Shares | Class B Ordinary Shares | Additional Paid-in Capital | Accumulated Deficit | Total |
Balance at Dec. 31, 2021 | $ 132 | $ 900 | $ (21,859,293) | $ (21,858,261) | |
Balance (in Shares) at Dec. 31, 2021 | 1,322,000 | 10,000,000 | |||
Increase in redemption value of Class A ordinary shares subject to possible redemption | (4,163,214) | (4,163,214) | |||
Net income (loss) | 9,348,878 | 9,348,878 | |||
Balance at Dec. 31, 2022 | $ 132 | $ 900 | (16,673,629) | (16,672,597) | |
Balance (in Shares) at Dec. 31, 2022 | 1,322,000 | 10,000,000 | |||
Conversion of Class B ordinary shares to Class A ordinary shares | $ 900 | $ (900) | |||
Conversion of Class B ordinary shares to Class A ordinary shares (in Shares) | 10,000,000 | (10,000,000) | |||
Shareholder non-redemption agreements | 155,250 | ||||
Shareholder non-redemption agreements | (155,250) | ||||
Expense related to the Issuance of Non-Redemption agreements | 35,915 | 35,915 | |||
Increase in redemption value of Class A ordinary shares subject to possible redemption | (35,915) | (3,303,803) | (3,339,718) | ||
Net income (loss) | 6,080,281 | 6,080,281 | |||
Balance at Dec. 31, 2023 | $ 1,032 | $ (13,897,151) | $ (13,896,119) | ||
Balance (in Shares) at Dec. 31, 2023 | 11,322,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash Flows from Operating Activities: | ||
Net income | $ 6,080,281 | $ 9,348,878 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Proceeds from termination of business combination | (4,070,807) | |
Change in fair value of derivative warrant liabilities | (158,176) | (9,908,473) |
Change in fair value of forward purchase agreement | (641,567) | 527,000 |
Expense related to the Issuance of Non-Redemption agreements | 35,915 | |
Income earned on investments held in Trust Account | (3,339,718) | (4,262,124) |
Changes in operating assets and liabilities: | ||
Prepaid expenses | (28,879) | 331,812 |
Accounts payable | 709,520 | 3,140,415 |
Accrued expenses | (236,875) | 271,414 |
Net cash used in operating activities | (1,650,306) | (537,254) |
Cash Flows from Investing Activities: | ||
Cash withdrawn from trust account for redemptions | 290,375,948 | |
Net cash provided by investing activities | 290,375,948 | |
Cash Flows from Financing Activities: | ||
Proceeds from note payable to related party | 1,491,420 | 512,000 |
Offering costs paid | (100,000) | |
Redemption of Class A Ordinary Shares | (290,375,948) | |
Net cash (used in) provided by financing activities | (288,884,528) | 412,000 |
Net change in cash | (158,886) | (125,254) |
Cash - beginning of the period | 254,781 | 380,035 |
Cash - end of the period | 95,895 | 254,781 |
Related Party | ||
Adjustments to reconcile net income to net cash used in operating activities: | ||
Change in fair value of convertible note related party | $ 13,824 |
Organization and Business Opera
Organization and Business Operations | 12 Months Ended |
Dec. 31, 2023 | |
Organization and Business Operations [Abstract] | |
Organization and Business Operations | Note 1 — Organization and Business Operations Blockchain Coinvestors Acquisition Corp. I (the “Company”) was incorporated as a Cayman Islands exempted company on June 11, 2021. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Company is an emerging growth company and, as such, the Company is subject to all of the risks associated with emerging growth companies. As of December 31, 2023, the Company had not commenced any operations. All activity for the period from June 11, 2021 (inception) through December 31, 2023 relates to the Company’s formation and the initial public offering (the “Initial Public Offering”) described below, and, subsequent to the Initial Public Offering, identifying a target company for a Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company generates non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the Initial Public Offering. The Company’s sponsor is Blockchain Coinvestors Acquisition Sponsors I LLC, a Delaware limited liability company (the “Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective on November 9, 2021 (the “Effective Date”). On November 15, 2021, the Company commenced the Initial Public Offering of 30,000,000 units (the “Units”) at $10.00 per unit, including the issuance of 3,900,000 Units as a result of the underwriters’ partial exercise of the over-allotment option, which is discussed in Note 4. Each Unit consists of one Class A ordinary share and one-half of one redeemable warrant (the “Public Warrants”). Each whole warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share. Simultaneously with the consummation of the Initial Public Offering and partial exercise of the over-allotment option by the underwriters, the Company consummated the private placement of 1,322,000 units (the “Private Placement Units”) with the Sponsor, at a price of $10.00 per Private Placement Unit. Transaction costs amounted to $17,800,002, consisting of $5,220,000 of underwriting commissions, $11,280,000 of deferred underwriting commissions, and $1,300,002 of other offering costs. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. 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 (as defined below) (excluding any deferred underwriters’ commission and taxes payable on the interest income earned on the Trust Account at the time of the Company’s signing of a definitive agreement in connection with the initial Business Combination) 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 of 1940, as amended (the “Investment Company Act”). There is no assurance that the Company will be able to successfully effect a Business Combination. Following the closing of the Initial Public Offering and partial exercise of the over-allotment by the underwriters on November 15, 2021, $306,000,000 ($10.20 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Units was deposited into a trust account (the “Trust Account”) and were subsequently invested only in U.S. government treasury obligations with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations. The Company intends to maintain trust funds only in demand deposit accounts after November 15, 2023. The Company will provide holders of its Class A ordinary shares, par value $0.0001, originally sold in the Initial Public Offering (the “Public Shares” and such holders, the “Public Shareholders”), 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 shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a proposed Business Combination or conduct a tender offer will be made by the Company, solely in its discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would require the Company to seek shareholder approval under applicable law or stock exchange listing requirement. Asset acquisitions and share purchases would not typically require shareholder approval, while direct mergers with the Company where the Company does not survive and any transactions, where the Company issues more than 20% of the outstanding ordinary shares or seek to amend its memorandum and articles of association would typically require shareholder approval. The Company currently intends to conduct redemptions in connection with a shareholder vote unless shareholder approval is not required by applicable law or stock exchange listing requirements or the Company chooses to conduct redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) for business or other reasons. The Public Shares subject to redemption will be recorded at redemption value and classified as temporary equity upon the completion of the Initial Public Offering in accordance with the Accounting Standards Codification (“ASC”) Topic 480, “Distinguishing Liabilities from Equity” (“ASC 480”). Notwithstanding the foregoing, the Memorandum and Articles of Association provide that a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined in 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 ordinary shares originally sold in the Initial Public Offering, without the prior consent of the Company. The Company’s Sponsor, officers and directors (the “initial shareholders”) have agreed not to propose an amendment to the Memorandum and Articles of Association (A) that would modify the substance or timing of the Company’s obligation to allow redemption in connection with its initial Business Combination or to redeem 100% of its Public Shares if the Company does not complete a Business Combination within the time period set forth in its Amended and Restated Memorandum and Articles of Association, as may be amended from time to time or (B) with respect to any other provision relating to shareholders’ rights or pre-initial Business Combination activity, unless the Company provides the Public Shareholders with the opportunity to redeem their Class A ordinary shares in conjunction with any such amendment. The Company had 18 months from the closing of the Initial Public Offering to consummate the initial Business Combination, which has been subsequently extended to May 15, 2024 (the “ Combination Deadline The Sponsor and each member of the Company’s management team have entered into an agreement with the Company, pursuant to which they have agreed to (i) waive their redemption rights with respect to the ordinary shares of the Company that they received in connection with the Company’s initial public offering in connection with the completion of a Business Combination; (ii) waive their redemption rights with respect to the ordinary shares that they received in connection with the Company’s initial public offering in connection with a shareholder vote to approve an amendment to the Company’s Memorandum and Articles of Association (A) that would modify the substance or timing of the Company’s obligation to provide holders of the Class A ordinary shares the right to have their shares redeemed in connection with the initial Business Combination or to redeem 100% of the Public Shares if the Company does not complete the initial Business Combination by the Combination Deadline or (B) with respect to any other provision relating to the rights of holders of the Class A ordinary shares; and (iii) waive their rights to liquidating distributions from the Trust Account with respect to their ordinary shares of the Company that they received in connection with the Company’s initial public offering if the Company fails to consummate an initial Business Combination by the Combination Deadline (although they will be entitled to liquidating distributions from the Trust Account with respect to any public shares they hold if the Company fails to complete the initial Business Combination within the prescribed time frame). Termination of Proposed Business Combination with Qenta On November 10, 2022, the Company entered into a Business Combination Agreement (as it may be amended, supplemented or otherwise modified from time to time, the “Business Combination Agreement”), by and among the Company, BCSA Merger Sub, Inc., a Delaware corporation (“Merger Sub”), and Qenta Inc., a Delaware corporation (“Qenta”). The Business Combination Agreement and the transactions contemplated thereby were approved by the boards of directors of each of the Company and Qenta. The Business Combination Agreement provides for, among other things, the following transactions: (i) the Company would become a Delaware corporation (the “Domestication”) and, in connection with the Domestication, (A) the Company’s name would be changed to “Qenta Inc.” (“New Qenta”) and (B) each outstanding ordinary share of the Company will become one share of common stock of New Qenta (the “New Qenta Common Stock”); and (ii) following the Domestication, Merger Sub would merge with and into Qenta, with Qenta as the surviving company in the merger and continuing as a wholly owned subsidiary of New Qenta (the “Merger”). The Domestication, the Merger and the other transactions contemplated by the Business Combination Agreement are referred to as the “Qenta Business Combination.” On August 24, 2023, the Company, Merger Sub, and Qenta entered into an amendment (the “First BCA Amendment”) to the Business Combination agreement, to, among other things, extend the Termination Date (as defined in the Business Combination Agreement) until May 15, 2024. In addition, under the terms of the First BCA Amendment, Qenta agreed to deliver to the Company specified financial statements and other financial information by specified deadlines (the “Financial Information Obligations”), and the Company agreed not to exercise, but did not waive, BCSA’s Financial Statement Termination Right (as defined in the Business Combination Agreement) unless Qenta failed to comply with the Financial Information Obligations. Qenta failed to meet the first specified Financial Information Obligations deadline. On August 29, 2023, the Company, Merger Sub, and Qenta entered into a second amendment (the “Second BCA Amendment”) to the Business Combination Agreement to eliminate the exclusive dealing provision applicable to the Company and to limit the exclusive dealing provision applicable to Qenta to transactions involving special purpose acquisition companies and similar “blank check” companies. On August 24, 2023, the Company, Sponsor and Qenta entered into an amendment (the “Sponsor Letter Amendment”) to the Sponsor Letter Agreement, dated as of November 10, 2022, by and among the Company, the Sponsor and Qenta, pursuant to which the Sponsor agreed, in connection with the completion of a financing transaction between Qenta and financing parties, to transfer and assign, contingent and conditioned upon the closing of the transactions contemplated by the Business Combination Agreement, up to 3,178,000 of the Sponsor’s Class B ordinary shares of the Company (or, if converted, Class A ordinary shares) and 1,322,000 of the Sponsor’s private placement units of the Company to such financing parties or to Qenta in such amounts and proportions as designated by Qenta, provided that all transferees of such shares or units, as applicable, execute and deliver to the Company a lockup agreement in respect of such securities. In connection with the execution of the Business Combination Agreement, the Company entered into a Confirmation (the “Forward Purchase Agreement”), with Vellar Opportunity Fund SPV LLC—Series 5 (the “FPA Seller”), a client of Cohen & Company Financial Management, LLC (“Cohen”). Entities and funds managed by Cohen own equity interests in the Sponsor. The primary purpose of entering into the Forward Purchase Agreement was to help ensure the aggregate cash proceeds condition in the Business Combination Agreement would be met, increasing the likelihood that the transaction would close. Pursuant to the Forward Purchase Agreement, (a) the FPA Seller could have, but was not obligated to, purchase after the date of the Company’s redemption deadline through a broker in the open market the Company’s Class A ordinary shares, including such shares that holders had elected to redeem pursuant to the Company’s organizational documents in connection with the Qenta Business Combination, other than from the Company or affiliates of the Company, and (b) the FPA Seller agreed to waive any redemption rights in connection with the Qenta Business Combination with respect to such Class A ordinary shares of the Company it purchased in accordance with the Forward Purchase Agreement (the “Subject Shares”). See Note 7 where the Forward Purchase Agreement is more fully described. Termination of Proposed Business Combination On November 8, 2023, the Company delivered to Qenta written notice of its election to terminate the Business Combination Agreement pursuant to the termination provisions in the Business Combination Agreement and abandoned the Qenta Business Combination (“The Qenta Termination”). In conjunction with The Qenta Termination, the Lock-up Agreements, Sponsor Letter Agreement, Transaction Support Agreements and Forward Purchase Agreement were also terminated in accordance with their respective terms. As a result of The Qenta Termination, the Sponsor of the Company received 50 Shares of Qenta Common Stock (“Qenta Shares”) to reimburse the Sponsor and the Company for costs, expenses and other liabilities incurred in connection with the Business Combination Agreement. The Company has recorded the Fair Value of the Qenta Shares as an investment on its Balance Sheet and a termination fee on its Statement of Operations as of and for the year ended December 31, 2023 in the amount of $4,070,807. The Company intends to continue its search for an initial Business Combination. Emerging Growth Company Status The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make the comparison of the Company’s consolidated financial statements with those of 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. Going Concern, Liquidity and Capital Resources As of December 31, 2023, the Company had approximately $96,000 in its operating bank account and working capital deficit of approximately $6.0 million, inclusive of convertible note payable – related party of approximately $2.0 million. The Company’s liquidity needs up to December 31, 2023 had been satisfied through a payment from the Sponsor of $25,000 (see Note 6) for the Founder Shares (as defined in Note 6) to cover certain offering costs and through the loan under an unsecured promissory note from the Sponsor of $131,517 (see Note 6) and the proceeds from the consummation of the Private Placement not held in the Trust Account. The promissory note was paid in full on November 15, 2021. In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor, initial shareholders, officers, directors or their affiliates may, but are not obligated to, provide the Company Working Capital Loans (see Note 6). On June 15, 2022, the Company issued a promissory note (the “Sponsor Note”) in the principal amount of up to $1,500,000 to the Sponsor, which was amended effective June 2023 to increase the maximum principal amount to $3,000,000 (see Note 6). As of December 31, 2023, the Company has drawn down a total of $2,017,244 and still can borrow up $982,756 on the Sponsor Note. In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” the Company has until May 15, 2024 to consummate a Business Combination. The Company does not have adequate liquidity to sustain operations; however, the Company has access to a Working Capital Loan from the Sponsor that management believes will enable the Company to sustain operations until it completes its initial Business Combination. If a Business Combination is not consummated by May 15, 2024, and such deadline to consummate a Business Combination is not further extended, there will be a mandatory liquidation and subsequent dissolution of the Company. Management has determined that the Company’s liquidity issue, mandatory liquidation should a Business Combination not occur by the applicable deadline, and potential subsequent dissolution, raises substantial doubt about the Company’s ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after May 15, 2024. There can be no assurance that the Company will be able to consummate any Business Combination by May 15, 2024. Risks and Uncertainties 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 consolidated 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 consolidated financial statements. On May 1, 2023, First Republic Bank became insolvent. Federal regulators seized the assets of the bank and negotiated a sale of its assets to JP Morgan Chase. The Company held deposits with this bank. As a result of the sale of the assets to JP Morgan Chase, the Company’s insured and uninsured deposits are held at JP Morgan Chase. The Company also moved the funds held in trust for the shareholders and invested in federal government securities through Morgan Stanley. |
Restatement of Previously Issue
Restatement of Previously Issued Financial Statements | 12 Months Ended |
Dec. 31, 2023 | |
Restatement of Previously Issued Financial Statements [Abstract] | |
Restatement of Previously Issued Financial Statements | Note 2 — Restatement of Previously Issued Financial Statements During preparation of the financial statements for the year ended December 31, 2023, the Company determined that the amounts of prepaid expenses, accrued expenses and general and administrative costs were not accounted for properly as of and for the three months ended March 31, 2023, as of and for the three and six months ended June 30, 2023 and as of and for the three and nine months ended September 30, 2023. In accordance with SEC Staff Accounting Bulletin No. 99, “Materiality,” and SEC Staff Accounting Bulletin No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements,” the Company evaluated the changes and has determined that the related impacts were material to previously presented financial statements. Therefore, the Company, in consultation with its Audit Committee, concluded that its previously issued financial statements for the impacted periods ended March 31, 2023, June 30, 2023, and September 30, 2023, which it filed with the SEC on May 19, 2023, August 14, 2023, and November 14, 2023, respectively, should be restated to reflect the impact of the proper accounting. Impact of the Restatement As Adjustments As Condensed Consolidated Balance sheet as of March 31, 2023 Accounts Payable $ 4,619,652 $ (548,688 ) $ 4,070,964 Total Liabilities 19,672,576 (548,688 ) 19,123,888 Accumulated Deficit (19,181,132 ) 548,688 (18,632,444 ) Total Shareholder’s Deficit (19,180,100 ) 548,688 (18,631,412 ) Condensed Consolidated Balance sheet as of June 30, 2023 Prepaid Expenses $ 184,943 $ 589,867 $ 774,810 Total Assets 38,875,925 589,867 39,465,792 Accounts Payable 4,845,235 (820,266 ) 4,024,969 Total Liabilities 19,356,482 (820,266 ) 18,536,216 Accumulated Deficit (18,921,120 ) 1,410,133 (17,510,987 ) Total Shareholder’s Deficit (18,920,088 ) 1,410,133 (17,509,955 ) Condensed Consolidated Balance sheet as of September 30, 2023 Prepaid Expenses $ 63,224 $ 352,143 $ 415,367 Total Assets 39,327,270 352,143 39,679,413 Accounts Payable 4,944,332 (854,898 ) 4,089,434 Total Liabilities 19,372,294 (854,898 ) 18,517,396 Accumulated Deficit (18,987,646 ) 1,207,041 (17,780,605 ) Total Shareholder’s Deficit (18,986,614 ) 1,207,041 (17,779,573 ) Condensed Consolidated Statement of Operations for the Three Months Ended March 31, 2023 General & Administrative Costs $ 1,148,752 $ (548,688 ) $ 600,064 Net Income (loss) (479,264 ) 548,688 69,424 Basic and diluted net income (loss) per share, Class A ordinary shares (0.02 ) (0.02 ) 0.00 Basic and diluted net income (loss) per share, Class B ordinary shares (0.02 ) (0.02 ) 0.00 As Adjustments As Condensed Consolidated Statement of Operations for the Three Months Ended June 30, 2023 General & Administrative Costs $ 1,231,268 $ (861,445 ) $ 369,823 Net income (loss) 715,816 861,445 1,577,261 Basic and diluted net income per share, Class A ordinary shares 0.05 0.06 0.11 Basic and diluted net income per share, Class B ordinary shares 0.05 0.06 0.11 Condensed Consolidated Statement of Operations for the Six Months Ended June 30, 2023 General & Administrative Costs $ 2,380,020 $ (1,410,133 ) $ 969,887 Net income (loss) 236,552 1,410,133 1,646,685 Basic and diluted net income per share, Class A ordinary shares 0.01 0.07 0.08 Basic and diluted net income per share, Class B ordinary shares 0.01 0.07 0.08 Condensed Consolidated Statement of Operations for the Three Months Ended September 30, 2023 General & Administrative Costs $ 355,310 $ 203,092 $ 558,402 Net income (loss) 435,533 (203,092 ) 232,441 Basic and diluted net income per share, Class A ordinary shares 0.03 (0.01 ) 0.02 Basic and diluted net income per share, Class B ordinary shares 0.03 (0.01 ) 0.02 Condensed Consolidated Statement of Operations for the Nine Months Ended September 30, 2023 General & Administrative Costs $ 2,735,330 $ (1,207,041 ) $ 1,528,289 Net income (loss) 672,085 1,207,041 1,879,126 Basic and diluted net income per share, Class A ordinary shares 0.04 0.06 0.10 Basic and diluted net income per share, Class B ordinary shares 0.04 0.06 0.10 Condensed Consolidated Statement of Changes in Shareholder’s Deficit as of and for the three months ended March 31, 2023 Net Income (Loss) $ (479,239 ) $ 548,688 $ 69,424 Accumulated Deficit Balance - March 31, 2023 (19,181,132 ) 548,688 (18,632,444 ) Total Shareholders’ Deficit as of March 31, 2023 (19,180,100 ) 548,688 (18,631,412 ) Condensed Consolidated Statement of Changes in Shareholder’s Deficit as of and for the six months ended June 30, 2023 Net Income (loss) $ (479,239 ) $ 548,688 $ 69,424 Accumulated Deficit Balance - March 31, 2023 (19,181,132 ) 548,688 (18,632,444 ) Net Income (loss) 715,816 861,445 1,577,261 Accumulated Deficit Balance – June 30, 2023 (18,921,120 ) 1,410,133 (17,510,987 ) Total Shareholders’ Deficit as of June 30, 2023 (18,920,088 ) 1,410,133 (17,509,955 ) As Adjustments As Condensed Consolidated Statement of Changes in Shareholder’s Deficit as of and for the nine months ended September 30, 2023 Net Income (loss) $ (479,239 ) $ 548,688 $ 69,424 Accumulated Deficit Balance - March 31, 2023 (19,181,132 ) 548,688 (18,632,444 ) Net Income (loss) 715,816 861,445 1,577,261 Accumulated Deficit Balance – June 30, 2023 (18,921,120 ) 1,410,133 (17,510,987 ) Net Income (loss) 435,533 (203,092 ) 232,441 Accumulated Deficit Balance – September 30, 2023 (18,987,646 ) 1,207,041 (17,780,605 ) Total Shareholders' Deficit as of September 30, 2023 (18,986,614 ) 1,207,041 (17,779,573 ) Condensed Consolidated Statements of Cash flows for the Three Months Ended March 31, 2023 Net Income (Loss) $ (479,264 ) $ 548,688 $ 69,424 Accounts Payable 915,211 (548,688 ) 366,523 Condensed Consolidated Statements of Cash flows for the Six Months Ended June 30, 2023 Net Income (Loss) $ 236,552 $ 1,410,133 $ 1,646,685 Accounts Payable 1,140,794 (820,266 ) 320,528 Prepaid Expenses 199,687 (589,867 ) (390,180 ) Condensed Consolidated Statements of Cash flows for the Nine Months Ended September 30, 2023 Net Income (Loss) $ 672,085 $ 1,207,041 $ 1,879,126 Accounts Payable 1,239,891 (854,898 ) 384,993 Prepaid Expenses 321,406 (352,143 ) (30,737 ) |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 3 — Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements are presented in U.S. dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the accounting and disclosure rules and regulations of the SEC. Principles of Consolidation The consolidated financial statements of the Company include its wholly owned subsidiary in connection with the planned merger. All inter-company accounts and transactions are eliminated in consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires 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 consolidated financial statements and the reported amounts of income and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. One of the more significant accounting estimates included in the accompanying consolidated financial statements is the determination of the fair value of derivative warrant liabilities. Accordingly, the actual results could differ significantly from those estimates. Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of December 31, 2023 and 2022. Investments Held in Trust Account The Company’s portfolio of investments is comprised of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities and generally have a readily determinable fair value, or a combination thereof. When the Company’s investments held in the Trust Account are comprised of U.S. government securities, the investments are classified as trading securities. When the Company’s investments held in the Trust Account are comprised of money market funds, the investments are recognized at fair value. Trading securities and investments in money market funds are presented on the consolidated balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities are included in income earned on investments held in Trust Account in the accompanying consolidated statements of operations. The estimated fair values of investments held in the Trust Account are determined using available market information. 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. Any loss incurred or a 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 assets and liabilities, which qualify as financial instruments under the FASB ASC Topic 820, “Fair Value Measurements,” equals or approximates the carrying amounts represented in the consolidated balance sheets. Fair Value Measurements Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers consist of: ● Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; ● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and ● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. Convertible Promissory Note —Related Party, Fair Value The Company entered into a convertible promissory note with its Sponsor on June 15, 2022. The Company has elected the fair value option to account for proceeds received during 2022. This amount is presented on the balance sheet as “Convertible Promissory Note —Related Party, Fair Value.” The primary reason for electing the fair value option in the 2022 proceeds is to provide better information on the financial liability amount given current market and economic conditions of the Company. As a result of applying the fair value option, the Company records each draw at fair value with a gain or loss recognized at issuance, and subsequent changes in fair value recorded as change in the fair value of convertible note—related party on the accompanying consolidated statements of operations. The fair value is based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s and, if applicable, an independent third-party valuation firm’s own assumption about the assumptions a market participant would use in pricing the asset or liability. Convertible Promissory Note —Related Party, Par Value The Company has elected the bifurcated option to account for proceeds received during 2023 from the Convertible promissory notes with its Sponsor on June 2023. This amount is presented on the balance sheet as “Convertible Promissory Note —Related Party, Par Value.” The Company analyzed the Convertible Promissory Note – Related Party to assess if the fair value option was appropriate in 2023, due to the substantial premium which results in an offsetting entry to additional paid in capital and under the related party guidance which precludes the fair value option it was determined the fair value option was not appropriate. As such, the Company accounted for the Convertible Promissory Note – Related Party, Par Value, analyzing the conversion options embedded in convertible notes in accordance with ASC 815. ASC 815 generally requires companies to bifurcate conversion options embedded in convertible notes from their host instruments and to account for them as free-standing derivative financial instruments. The Company reviews the terms of convertible debt issued to determine whether there are embedded derivative instruments, including embedded conversion options, which are required to be bifurcated and accounted for separately as derivative financial instruments. In circumstances where the host instrument contains more than one embedded derivative instrument, including the conversion option, that is required to be bifurcated, the bifurcated derivative instruments are accounted for as a single, compound derivative instrument. Bifurcated embedded derivatives are initially recorded at fair value and are then revalued at each reporting date with changes in the fair value reported as nonoperating income or expense. When the equity or convertible debt instruments contain embedded derivative instruments that are to be bifurcated and accounted for as liabilities, the total proceeds received are first allocated to the fair value of all the bifurcated derivative instruments. The remaining proceeds, if any, are then allocated to the host instruments themselves, usually resulting in those instruments being recorded at a discount from their face value. The discount from the face value of the convertible debt, together with the stated interest on the instrument, is amortized over the life of the instrument through periodic charges to interest expense. It was determined that the previous conversion option was de minimis, as such the Company has recorded the Convertible Promissory Note – Related Party at par value through the rest of the note’s use. Derivative Liabilities The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and FASB ASC Topic 815-40, “Derivatives and Hedging—Contracts in Entity’s Own Equity” (“ASC 815-40”). The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period. The Public Warrants and the Private Placement Warrants are recognized as derivative liabilities in accordance with ASC 815. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s consolidated statements of operations. The initial fair value of the Public Warrants issued in connection with the Initial Public Offering and Private Placement Warrants was estimated using a stochastic trinomial tree model. The determination of the fair value of the warrants may be subject to change as more current information becomes available and accordingly the actual results could differ significantly. Derivative warrant liabilities are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities. The Company determined the Forward Purchase Agreement (defined in Note 1) is a derivative instrument. Accordingly, the Company recognizes the instrument as an asset or liability at fair value and adjusts the instrument to fair value at each reporting period. Any changes in fair value are recognized on the Company’s consolidated statements of operations. The estimated fair value of the Forward Purchase Agreement is measured at fair value utilizing a Monte Carlo simulation model. Offering Costs Associated with the Initial Public Offering Offering costs consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering costs were allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with derivative warrant liabilities were expensed as incurred and presented as non-operating expenses in the consolidated statements of operations. Offering costs associated with the Class A ordinary shares were charged against the carrying value of the Class A ordinary shares upon the completion of the Initial Public Offering. The Company classifies deferred underwriting commissions as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities. Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC 480. Class A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, Class A ordinary shares are classified as shareholders’ equity. As part of the Private Placement, the Company issued 1,322,000 Class A ordinary shares to the Sponsor (“Private Placement Shares”). These Private Placement Shares will not be transferable, assignable or saleable until 30 days after the completion of the initial Business Combination, as such they are considered non-redeemable and presented as permanent equity in the Company’s consolidated balance sheets. Excluding the Private Placement Shares, the Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, as of December 31, 2023 and 2022, 2,111,794 and 30,000,000 Class A ordinary shares subject to possible redemption are presented as temporary equity, outside of the shareholders’ deficit section of the Company’s consolidated balance sheets, respectively. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of the Class A ordinary shares subject to possible redemption 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. Effective with the closing of the Initial Public Offering (including exercise of the over-allotment option), the Company recognized the accretion from initial book value to redemption amount, which resulted in charges against additional paid-in capital (to the extent available) and accumulated deficit. Subsequently, the Company recognized changes in the redemption value as an increase in redemption value of Class A ordinary shares subject to possible redemption as reflected on the accompanying consolidated statements of changes in shareholders’ deficit. Income Taxes The Company complies with the accounting and reporting requirements of FASB ASC Topic 740, “Income Taxes,” which prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of December 31, 2023 and 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. There is currently no taxation imposed on income by the government of the Cayman Islands. In accordance with Cayman Islands federal income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s consolidated financial statements. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. Net Income per Ordinary Share The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” The Company has two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro rata between the two classes of shares. Net income per ordinary share is calculated by dividing the net income by the weighted average shares of ordinary shares outstanding for the respective period. The calculation of diluted net income per ordinary share does not consider the effect of the warrants issued in connection with the Initial Public Offering (including exercise of the over-allotment option) and the Private Placement to purchase an aggregate of 15,661,000 Class A ordinary shares because their exercise is contingent upon future events. Accretion associated with the redeemable Class A ordinary shares is excluded from earnings per share as the redemption value approximates fair value. The following tables present a reconciliation of the numerator and denominator used to compute basic and diluted net income per ordinary share for each period presented: December 31, 2023 2022 Class A Class B Class A Class B Basic and diluted net income per ordinary share Numerator: Allocation of net income, as adjusted $ 3,235,734 $ 2,844,547 $ 7,086,432 $ 2,262,446 Denominator: Basic and diluted weighted average shares outstanding 9,349,495 8,219,178 31,322,000 10,000,000 Basic and diluted net income per ordinary share $ 0.35 $ 0.35 $ 0.23 $ 0.23 Non-Redemption Agreements In relation to the Non-Redemption Agreements discussed in Note 7, the Company estimated the aggregate fair value of the shares attributable to the Non-Redeeming Shareholders to be $35,915 or approximately $0.12 per share. The Company complies with the requirements of SEC Staff Accounting Bulletin (“SAB”) Topic 5(A) – “Expenses of Offering” and SAB Topic 5(T): Miscellaneous Accounting – Accounting for Expenses or Liabilities Paid by Principal Shareholder(s). As such, the value of Promote Shares assigned to the Non-redeeming Investors is recognized as offering costs and charged to shareholders’ deficit. The value of the Class B common stock forfeited by the Sponsors is reported as an increase to shareholders’ deficit. Equity Investments As a result of The Qenta Termination, discussed above, the Sponsor of the Company received 50 Shares of Qenta Common Stock (“Qenta Shares”) to reimburse the Sponsor and the Company for costs, expenses and other liabilities incurred in connection with the Business Combination Agreement. The Company has recorded the Fair Value of the Qenta Shares as an investment on its Balance Sheet and a termination income on its Consolidated Statement of Operations for the year ended December 31, 2023 in the amount of $4,070,807. Recent Accounting Standards In June 2022, the FASB issued ASU 2022-03, ASC Subtopic 820, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions.” The ASU amends ASC 820 to clarify that a contractual sales restriction is not considered in measuring an equity security at fair value and to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value. The ASU applies to both holders and issuers of equity and equity-linked securities measured at fair value. The amendments in this ASU are effective for the Company in fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Company is still evaluating the impact of this pronouncement on the consolidated financial statements. In June 2016, the FASB issued ASU 2016-13 – Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” This update requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. Since June 2016, the FASB issued clarifying updates to the new standard including changing the effective date for smaller reporting companies. The guidance is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years, with early adoption permitted. The Company adopted ASU 2016-13 on January 1, 2023. The adoption of ASU 2016-13 did not have a material impact on its consolidated financial statements. Management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s consolidated financial statements. |
Initial Public Offering
Initial Public Offering | 12 Months Ended |
Dec. 31, 2023 | |
Initial Public Offering [Abstract] | |
Initial Public Offering | Note 4 — Initial Public Offering On November 15, 2021, the Company consummated its Initial Public Offering of 30,000,000 Units, including 3,900,000 Units from the partial exercise of over-allotment option at a purchase price of $10.00 per Unit. Each Unit that the Company offered had a price of $10.00 and consisted of one Class A ordinary share and one-half of one redeemable warrant. Each whole warrant will entitle the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment (see Note 11). Following the closing of the Initial Public Offering and the partial exercise of the over-allotment by the underwriters on November 15, 2021, $306,000,000 ($10.20 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Units, was placed in a Trust Account. |
Private Placement
Private Placement | 12 Months Ended |
Dec. 31, 2023 | |
Private Placement [Abstract] | |
Private Placement | Note 5 — Private Placement Simultaneously with the closing of the Initial Public Offering and partial exercise of the over-allotment option by the underwriters, the Company’s Sponsor purchased an aggregate of 1,322,000 Private Placement Units, at a price of $10.00 per Unit, or $13,220,000 in the aggregate, in a private placement. Each Private Placement Unit consists of one share of Class A ordinary share and one-half of one warrant (the “Private Placement Warrant”). Each whole Private Placement Warrant is exercisable for one whole Class A ordinary share at a price of $11.50 per share. A portion of the proceeds from the sale of the Private Placement Warrants to the Sponsor was added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination by the Combination Deadline, the Private Placement Warrants will expire worthless. The Private Placement Warrants will be non-redeemable except as described below in Note 10 and exercisable on a cashless basis so long as they are held by the Sponsor or its permitted transferees. The Sponsor and the Company’s officers and directors 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 or 12 months from the closing of the Initial Public Offering. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 6 — Related Party Transactions Founder Shares On July 2, 2021, the Sponsor paid $25,000, or approximately $0.003 per share, in consideration for issuance of 8,625,000 Class B ordinary shares (the “Founder Shares”). Effective November 9, 2021, the Company effected a stock split and a stock dividend with respect to Class B ordinary shares, resulting in 10,005,000 Class B ordinary shares being issued and outstanding, 1,305,000 of which were subject to forfeiture if the over-allotment option were not exercised in full or in part by the underwriters. At the Initial Public Offering, the underwriters partially exercised their over-allotment option resulting in 5,000 Founder Shares being forfeited, such that the Founder Shares represented approximately 25% of the Company’s issued and outstanding shares after the Initial Public Offering (excluding Private Placement Shares), and 1,300,000 shares no longer being subject to forfeiture. The initial shareholders agreed, subject to limited exceptions, not to transfer, assign or sell any of their Founder Shares until the earliest of (A) one year after the completion of the initial Business Combination and (B) subsequent to the initial Business Combination, (x) if the closing price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the Public Shareholders having the right to exchange their ordinary shares for cash, securities or other property. Promissory Note—Related Party On July 2, 2021, the Sponsor agreed to loan the Company up to $300,000 to cover expenses related to the Initial Public Offering pursuant to a promissory note (the “Note”). This loan was non-interest bearing and payable on the earlier of September 30, 2022 or the completion of the Initial Public Offering. The aggregate amount of $131,517 was paid in full on November 15, 2021 upon closing of the Initial Public Offering. Subsequent to the repayment, the facility was no longer available to the Company. Working Capital Loans In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors, may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1.5 million of such Working Capital Loans may be convertible into private placement units at a price of $10.00 per unit. Convertible Promissory Notes – Related Party, Fair Value and Par Value On June 15, 2022, the Company issued a promissory note for a Working Capital Loan, as described above, of $1,500,000 to the Sponsor for the Sponsor to provide additional working capital to the Company on an as-needed basis toward the consummation of a Business Combination. The Sponsor Note was amended effective June 29, 2023 to increase the maximum principal amount to $3,000,000. Proceeds from the Trust Account may only be used to pay off outstanding working capital loans under this promissory note upon the closing of the Business Combination. The Sponsor Note bears no interest and is due and payable upon the earlier to occur of (i) the date on which the Company consummates its initial Business Combination and (ii) the date that the winding up of the Company is effective. At the election of the Sponsor, all or any portion of the Sponsor Note may be converted into units of the Company upon the consummation of an initial Business Combination (the “Conversion Units”), equal to (x) the portion of the principal amount of the Sponsor Note being converted, divided by (y) $10.00. The Conversion Units are identical to the Private Placement Units issued by the Company to the Sponsor in connection with the Company’s Initial Public Offering. As of December 31, 2023, principal in the amount of $2,017,244 was outstanding, leaving $982,756 of borrowing capacity under the Sponsor Note. As of December 31, 2023 and 2022, the portion of the Sponsor Note carried under the fair value method is described as “Convertible Promissory Note – Related Party, Fair Value” on the accompanying consolidated balance sheets with a balance of $525,824, respectively. The 2022 proceeds from principal on the Convertible Promissory Note – Related Party, Fair Value totaled $512,000, and were historically fair valued to the amount of $525,824, containing a $13,824 change in value recorded on the statement of operations for the year ended December 31, 2022. There were no changes in fair value or principal recorded during the period ended December 31, 2023. During the period ended December 31, 2023, the Company has concluded that the fair value of the conversion feature on 2023 proceeds from principal, require bifurcation under ASC 815 and is considered de minimis. The underlying economics of the transaction are more accurately represented by recording this portion of the convertible debt agreement as a liability at par value given the de minimis value of the embedded conversion feature in this case. As of December 31, 2023, a portion of the Sponsor Note carried under the bifurcation method is described as “Convertible Promissory Note – Related Party, Par Value” on the accompanying consolidated balance sheets with a balance of $1,491,420, as of December 31, 2022, the balance was zero. 2023 proceeds from principal on the Convertible Promissory Note – Related Party, Par Value totaled $1,491,420. Administrative Services Agreement Commencing on the date the securities are first listed on Nasdaq, the Company has agreed to pay the Sponsor a total of $15,000 per month for secretarial and administrative support services provided to the Company. Upon completion of the initial Business Combination or the Company’s liquidation, the Company will cease paying these monthly fees. For the year ended December 31, 2023 and 2022, the Company incurred expenses of approximately $119,080 and $180,000 under this agreement, respectively. As of December 31, 2023, and 2022, approximately $84,000 and approximately $106,000, respectively, were due for administrative services in connection with such agreement and have been included in the accrued expenses of the accompanying consolidated balance sheets. In addition, the Sponsor, executive officers and directors, or their respective affiliates will be reimbursed for any out-of-pocket expenses incurred in connection with activities on the Company’s behalf such as identifying potential target businesses and performing due diligence on suitable Business Combinations. The audit committee will review on a quarterly basis all payments that were made by the Company to the Sponsor, executive officers or directors, or their affiliates. Any such payments prior to an initial Business Combination will be made using funds held outside the Trust Account. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 7 — Commitments and Contingencies Registration and Shareholder Rights The holders of Founder Shares, Private Placement Warrants and securities included in private placement units that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans) will be entitled to registration rights pursuant to a registration rights agreement entered into in connection with the Initial Public Offering. These holders are entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, these holders have certain “piggyback” registration rights with respect to registration statements filed after the completion of the initial Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreements and Amendments The underwriters had a 45-day option from the date of the Initial Public Offering to purchase up to an additional 3,915,000 Units to cover over-allotments, if any. On November 15, 2021, the underwriters partially exercised the over-allotment and the unexercised portion of the over-allotment of 15,000 units was forfeited. The underwriters were paid underwriting commission of $0.20 per unit, or $5,220,000 in the aggregate, upon the closing of the Initial Public Offering. In addition, $11,280,000 in the aggregate, is payable to the underwriters for deferred underwriting commissions. The deferred underwriting commission will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. The Company entered into an amended agreement with one of its underwriters (Cantor Fitzgerald) to reduce the amount of deferred underwriting fees associated with the Qenta Business Combination. Upon the successful completion of the Qenta Business Combination, the $7,896,000 deferred underwriting fee owed to Cantor Fitzgerald would have been reduced to $3,948,000. In conjunction with the termination of the Business Combination Agreement, the amended agreement with one of its underwriters mentioned above, was terminated in accordance with its terms on November 8, 2023. Forward Share Purchase Agreement In connection with the execution of the Business Combination Agreement, the Company entered into the Forward Purchase Agreement. Pursuant to the Forward Purchase Agreement, (a) the FPA Seller could have, but was not obligated to, purchase after the date of the Company’s redemption deadline through a broker in the open market the Company’s Class A ordinary shares, including such shares that holders had elected to redeem pursuant to the Company’s organizational documents in connection with the Qenta Business Combination, other than from the Company or affiliates of the Company, and (b) the FPA Seller agreed to waive any redemption rights in connection with the Qenta Business Combination with respect to such Class A ordinary shares of the Company it purchased in accordance with the Forward Purchase Agreement (the “Subject Shares”). The Number of Shares were to equal the Subject Shares but be no more than 12,000,000 Shares. The FPA Seller agreed to not beneficially own more than 9.9% of the New Qenta Common Stock on a post-combination pro forma basis. The Forward Purchase Agreement provided that (a) one business day following the closing of the Qenta Business Combination, New Qenta would pay to the FPA Seller, out of the Trust Account, an amount (the “Prepayment Amount”) equal to the Redemption Price per share (the “Initial Price”) multiplied by the aggregate number of Subject Shares, if any (together, the “Number of Shares”), less 10% (the “Shortfall Amount”) on the date of such prepayment. New Qenta would also deliver the FPA Seller an amount equal to the product of 500,000 multiplied by the Redemption Price to repay the FPA Seller for having purchased up to an additional 500,000 Class A ordinary shares of the Company, which would not be included in the Number of Shares or the Terminated Shares (as defined in the Forward Purchase Agreement). From time to time and on any scheduled trading day after the closing of the Qenta Business Combination, the FPA Seller could have sold Subject Shares or Additional Shares (as defined in the Forward Purchase Agreement) at its absolute discretion in one or more transactions, publicly or privately, and, in connection with such sales, terminate the Forward Purchase Transaction in whole or in part in an amount corresponding to the number of Subject Shares and Additional Shares. The Forward Purchase Agreement had a tenure of 36 months (“Maturity Date”), after which time New Qenta would be required to purchase from the FPA Seller such number of shares equal to the Maximum Number of Shares (as defined in the Forward Purchase Agreement) less the Terminated Shares (as defined in the Forward Purchase Agreement) for consideration, settled in cash or New Qenta Common Stock, equal to the Maturity Consideration, which is the amount of (a) in the case of cash, the product of the Maximum Number of Shares less the Terminated Shares and $1.75 and (b) in the case of New Qenta Common Stock, such number of New Qenta Common Stock with a value equal to the product of the Maximum Number of Shares less the Terminated Shares and $1.75 divided by the VWAP Price of the Shares for the 30 trading days prior to the Maturity Date. In certain circumstances, the Maturity Date could have been accelerated, as described in the Forward Purchase Agreement. The Company and Qenta agreed to pay to the FPA Seller a break-up fee equal to the sum of (i) all fees (in an amount not to exceed $75,000), plus (ii) $350,000, if the Company or Qenta were to terminate the Forward Purchase Agreement prior to the FPA Sellers purchasing shares under the agreement, other than because the Qenta Business Combination did not close, or Class A Ordinary Share redemptions were less than 80%. The primary purpose of entering into the Forward Purchase Agreement was to help ensure the aggregate cash proceeds condition in the Business Combination Agreement would be met, increasing the likelihood that the transaction would close. In conjunction with the termination of the Business Combination Agreement, the Forward Purchase Agreement was terminated in accordance with its terms on November 8, 2023. Shareholder Meetings, Extensions, and Redemptions On February 3, 2023, the Company held an extraordinary general meeting (the “Shareholder Meeting”) at which the Company’s shareholders approved a proposal to amend our Memorandum and Articles (the “Memorandum and Articles of Association”) to extend the date by which it has to consummate a business combination from May 15, 2023 to November 15, 2023 (the “Extension Amendment Proposal”). The Extension Amendment Proposal is described in more detail in the Company’s definitive proxy statement filed with the U.S. Securities and Exchange Commission on December 29, 2022. In connection with the vote to approve the Extension Amendment Proposal, holders of 26,406,729 Class A ordinary shares of the Company exercised their right to redeem their shares for cash at a redemption price of approximately $10.95 per share, for an aggregate redemption amount of approximately $274.2 million. As a result, approximately $274.2 million has been removed from the Trust Account to redeem such shares and 4,915,271 Class A ordinary shares remain outstanding after the redemption, including 1,322,000 shares underlying the Private Placement Units. Upon payment of the redemption, approximately $37.3 million remained in the Trust Account. On October 27, 2023, the Company held an extraordinary general meeting in lieu of the 2023 annual general meeting of shareholders (the “Second Shareholder Meeting”) at which the Company shareholders approved proposals to amend our Memorandum and Articles to (i) extend the date by which BCSA must consummate a business combination from November 15, 2023 to May 15, 2024 or such earlier date as may be determined by the Company’s board of directors in its sole discretion (the “Second Extension Amendment Proposal”), (ii) eliminate the limitation that the Company may not redeem its Class A ordinary shares in an amount that would cause the Company’s net tangible assets to be less than $5,000,001 either immediately prior to or upon consummation of a business combination (the “Redemption Limitation Amendment Proposal”), and (iii) permit for the issuance of Class A Shares to holders of the Company’s Class B ordinary shares (“Founder Shares”) upon the exercise of the right of a holder of BCSA’s Founder Shares to convert such holder’s Founder Shares into Class A Shares on a one-for-one basis at any time and from time to time prior to the closing of an initial business combination at the election of the holder (the “Founder Share Amendment Proposal,” and together with the Second Extension Amendment Proposal and the Redemption Limitation Amendment Proposal, the “Articles Amendment Proposals”). The Articles Amendment Proposals are described in more detail in BCSA’s definitive proxy statement filed with the U.S. Securities and Exchange Commission on September 5, 2023. In connection with the approval of the Founder Share Amendment Proposal, the Sponsor voluntarily elected to convert all 9,850,000 of its Founder Shares to Class A Shares, and the independent directors of BCSA voluntarily elected to convert all 150,000 of their Founder Shares to Class A Shares, in each case, on a one-for-one basis in accordance with the Memorandum and Articles of Association (such conversions collectively, the “Founder Share Conversion”). The Sponsor and the independent directors waived any right to receive funds from the trust account established by the Company in connection with its initial public offering with respect to the Class A Shares received upon such conversion and no additional amounts were deposited into the Trust Account in respect of any of those Class A Shares. In connection with the vote to approve the Articles Amendment Proposals, holders of 1,481,477 Class A Shares exercised their right to redeem such shares for a pro rata portion of the funds in the Trust Account. As a result, approximately $16.2 million (approximately $10.91 per share) was removed from the Trust Account to redeem such shares. Upon payment of the redemption, and after giving effect to the Founder Share Conversion, BCSA has approximately 13,433,794 Class A Shares outstanding, including 2,111,794 Class A Shares having a right to request redemptions for a pro rata portion of the funds remaining in the Trust Account. Vendor Agreements Contingent on the Business Combination The Company entered into an agreement with a vendor for merger advisory services and the total fee will be $6,200,000, contingent upon completion of the Qenta Business Combination. In January 2023, the Company entered into an agreement with a vendor for investment banking services. The agreement specifies that upon a successful Business Combination, the Company will owe a fee of $1,250,000 which is payable in cash or equity at the Company’s option. Non-redemption Agreements The Sponsor entered into Non-Redemption Agreements with various shareholders of the Company (the “Non-Redeeming Shareholders”), pursuant to which these shareholders agreed not to redeem a portion of their shares of Company common stock (the “Non-Redeemed Shares”) in connection with the Special Meeting held on February 3, 2023, but such shareholders retained their right to require the Company to redeem such Non-Redeemed Shares in connection with the closing of the Business Combination. The Sponsor has agreed to transfer to such Non-Redeeming shareholders an aggregate of 739,286 the Founder Shares held by the Sponsor immediately following the consummation of an initial Business Combination. The Company estimated the aggregate fair value of such 739,286 Founder Shares transferrable to the Non-Redeeming shareholders pursuant to the Non-Redemption Agreement to be $155,250 or $0.21 per share. The fair value was determined using the probability of a successful Business Combination of 2.25%, a volatility of 60.0%, a discount for lack or marketability of $1.04 and the value per shares as of the valuation date of $9.32 derived from an option pricing model for publicly traded warrants. Each Non-Redeeming Shareholder acquired from the Sponsor an indirect economic interest in such Founder Shares. The excess of the fair value of such Founder Shares was determined to be an offering cost in accordance with Staff Accounting Bulletin Topic 5A. Accordingly, in substance, it was recognized by the Company as a capital contribution by the Sponsor to induce these Non-Redeeming Shareholders not to redeem the Non-Redeemed Shares, with a corresponding charge to additional paid-in capital to recognize the fair value of the Founder Shares subject to transfer as an offering cost. On October 27, 2023 the Company and the Sponsor entered into non-redemption agreements (the “October Non-Redemption Agreements”) with certain Shareholders, pursuant to which the Shareholders have, in connection with the Extraordinary General Meeting, on October 27, 2023, agreed not to redeem, or to reverse and revoke any prior redemption election with respect to an aggregate of 2,031,411 of their Class A Ordinary Shares (the “October Non-Redeemed Shares”). Pursuant to the October Non-Redemption Agreements, the Company will issue to such Shareholders an aggregate of 304,712 additional Class A Ordinary Shares immediately following the consummation of an initial Business Combination if they continue to hold such October Non-Redeemed Shares through the Extraordinary General Meeting. The Company estimated the aggregate fair value of the 304,712 Class A ordinary shares attributable to the non-redeeming shareholders to be $0.12 per share, for an aggregate amount of $35,915. The Company has considered the relevance of SAB Topic 5T and concluded that if a business combination is consummated and if the Sponsor forfeits shares to be issued to the investor as a result of non-redemption, any settlement amounts in excess of the fair value originally recorded under ASC 815, would be recorded as an additional expense under SAB Topic 5T. |
Class A Ordinary Shares Subject
Class A Ordinary Shares Subject to Possible Redemption | 12 Months Ended |
Dec. 31, 2023 | |
Class A Ordinary Shares Subject to Possible Redemption [Abstract] | |
Class A Ordinary Shares Subject to Possible Redemption | Note 8 — Class A Ordinary Shares Subject to Possible Redemption The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of future events. The Company is authorized to issue 500,000,000 Class A ordinary shares with a par value of $0.0001 per share. Holders of the Company’s Class A ordinary shares are entitled to one vote for each share. As of December 31, 2023 and 2022, there were 2,111,794 and 30,000,000 Class A ordinary shares subject to possible redemption, respectively. The Class A ordinary shares subject to possible redemption reflected on the consolidated balance sheets is reconciled on the following table: Gross proceeds from Initial Public Offering $ 300,000,000 Less: Fair value of Public Warrants at issuance (11,113,500 ) Offering Costs allocated to Class A ordinary shares subject to possible redemption (17,088,566 ) Plus: Increase in redemption value of Class A ordinary shares subject to possible redemption 38,365,280 Class A ordinary shares subject to possible redemption as of December 31, 2022 310,163,214 Less: Redemption (290,375,948 ) Increase in redemption value of Class A ordinary shares subject to possible redemption 3,339,718 Class A ordinary shares subject to possible redemption as of December 31, 2023 $ 23,126,984 |
Shareholders' Deficit
Shareholders' Deficit | 12 Months Ended |
Dec. 31, 2023 | |
Shareholders' Deficit [Abstract] | |
Shareholders' Deficit | Note 9 — Shareholders’ Deficit Preference shares no Class A ordinary shares Class B ordinary shares Prior to the initial Business Combination, only holders of Class B ordinary shares will have the right to vote on the appointment of directors. In addition, in a vote to continue the company in a jurisdiction outside the Cayman Islands (which requires the approval of at least two thirds of the votes of all ordinary shares voted at a general meeting), holders of the Class B ordinary shares will have ten votes for every Class B ordinary share and holders of Class A ordinary shares will have one vote for every Class A ordinary share. Holders of the Class A ordinary shares will not be entitled to vote on the appointment of directors during such time. In addition, prior to the completion of an initial Business Combination, holders of a majority of Class B ordinary shares may remove a member of the board of directors for any reason. With respect to any other matter submitted to a vote of the shareholders, including any vote in connection with the initial Business Combination, except as required by law, holders of Class B and Class A ordinary shares will vote together as a single class, with each share entitling the holder to one vote. The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the initial Business Combination at a ratio such that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, on an as-converted basis, approximately 25% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of the Initial Public Offering, plus (ii) the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities (as defined herein) or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial Business Combination (after giving effect to any redemptions of Class A ordinary shares by Public Shareholders), excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, deemed issued, or to be issued, to any seller in the initial Business Combination and any Private Placement Units (and securities included in the units) issued to the Sponsor, its affiliates or any member of the management team in the Private Placement or upon conversion of Working Capital Loans. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one to one. |
Warrants
Warrants | 12 Months Ended |
Dec. 31, 2023 | |
Warrants [Abstract] | |
Warrants | Note 10 — Warrants As of December 31, 2023, and 2022, the Company had 15,000,000 Public Warrants and 661,000 Private Placement Warrants outstanding. The Public Warrants will become exercisable at $11.50 per share on the later of (a) 30 days after the completion of a Business Combination or (b) 12 months from the closing of the Initial Public Offering; provided in each case that the Company has an effective registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their warrants on a cashless basis and such cashless exercise is exempt from registration under the Securities Act). The Company has agreed that as soon as practicable, but in no event later than 20 business days, after the closing of the initial Business Combination, the Company will use commercially reasonable efforts to file with the SEC a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants and, following the effective date of the registration statement, the Company will use commercially reasonable efforts to maintain a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed, as specified in the warrant agreement. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th business day after the closing of the initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if the Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, it will not be required to file or maintain in effect a registration statement, and in the event the Company does not so elect, it will use commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. The warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. The exercise price and number of shares issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a share dividend or recapitalization, reorganization, merger or consolidation. In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per ordinary share (with such issue price or effective issue price to be determined in good faith by the board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price and the $18.00 per share redemption trigger price described under “Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market value and the Newly Issued Price. The warrants underlying the Private Placement Units (the “Private Placement Warrants”) are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants and the ordinary shares issuable upon exercise of the Private Placement Warrants, so long as they are held by the Sponsor or its permitted transferees, (i) will not be redeemable by the Company, (ii) may not (including the Class A ordinary shares issuable upon exercise of these warrants), subject to certain limited exceptions, be transferred, assigned or sold by the holders until 30 days after the completion of the initial Business Combination, (iii) may be exercised by the holders on a cashless basis and (iv) will be entitled to registration rights. If the Private Placement Warrants are held by holders other than the Sponsor or its permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by the holders on the same basis as the Public Warrants. Once the warrants become exercisable, the Company may redeem the outstanding warrants (except as described herein with respect to the Private Placement Warrants): ● in whole and not in part; ● at a price of $0.01 per warrant; ● upon a minimum of 30 days’ prior written notice of redemption; and ● if, and only if, the Redemption Reference Price equals or exceeds $18.00 per share (as adjusted). The Company will not redeem the warrants as described above unless an effective registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the warrants is effective and a current prospectus relating to those Class A ordinary shares is available throughout the 30-day redemption period. If and when the warrants become redeemable by the Company, it may exercise its redemption right even if the Company is unable to register or qualify the underlying securities for sale under all applicable state securities laws. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 11 — Fair Value Measurements The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2023 and 2022 and indicate the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value: December 31, 2023 Description Quoted Significant Significant Assets: Investments held in Trust Account – Money market fund $ 23,226,984 $ — $ — Investment in Qenta Equity $ — $ $ 4,070,807 Liabilities: Derivative warrant liabilities—Public Warrants $ — $ 748,500 $ — Derivative warrant liabilities—Private Warrants $ — $ — $ 32,984 Forward Purchase Agreement $ — $ — $ — Convertible note – related party $ — $ — $ 525,824 December 31, 2022 Description Quoted Significant Significant Assets: Investments held in Trust Account – Money market fund $ 310,263,214 $ — $ — Liabilities: Derivative warrant liabilities—Public Warrants $ — $ 900,000 $ — Derivative warrant liabilities—Private Warrants $ — $ — $ 39,660 Forward Purchase Agreement $ — $ — $ 641,567 Convertible note – related party $ — $ — $ 525,824 Transfers to/from Levels 1, 2, and 3 are recognized at the beginning of the reporting period. The Company values its investments held in money market accounts as Level 1 instruments, since they include investments in money market funds invested in U.S. government securities. The Company uses inputs such as actual trade data, quoted market prices from dealers or brokers, and other similar sources to determine the fair value of its investments. The estimated fair value of Public Warrants for $10,500,000 was transferred from a Level 3 fair value measurement to Level 1 and Level 2 measurements when the Public Warrants were separately listed and traded in January 2022. The initial fair value of the Public Warrants and Private Placement Warrants was measured at fair value using a stochastic trinomial tree model, a Level 3 Measurement. On December 31, 2022 the Public Warrants were transferred to a Level 2 Measurement, due to limited traded volume. During January 2023, the Public warrants traded at a higher volume and were measured as a Level 1 Measurement on March 31, 2023. During September 2023, on or around period end, the Public Warrants were transferred to a Level 2 measurement, due to a limited trading volume. The estimated fair value of the Private Placement Warrants is determined using Level 3 input during the IPO of the Company in November 2021. The Company used a stochastic trinomial tree model to value the Private Placement warrants, wherein input assumptions are related to expected flat volatility, expected life, risk-free rate and dividend yield. There have been no transfers to/from levels 1, 2 or 3 for Private Placement Warrants during the reporting period ending December 31, 2023 and 2022. The Company used an intrinsic value model to determine the fair value of the Convertible note at December 31, 2022. As of December 31, 2023 and 2022, the portion of the Sponsor Note carried under the fair value method is described as “Convertible Promissory Note – Related Party, Fair Value” on the accompanying consolidated balance sheets with a balance of $525,824, respectively. The 2022 proceeds from principal on the Convertible Promissory Note – Related Party, Fair Value totaled $512,000, and were historically fair valued to the amount of $525,824, containing a $13,824 change in value recorded on the statement of operations for the year ended December 31, 2022. There were no changes in fair value or principle recorded during the period ended December 31, 2023. During the period ended June 30, 2023, the Company has concluded that the fair value of the conversion feature on 2023 proceeds from principal, require bifurcation under ASC 815 and is considered de minimis. The underlying economics of the transaction are more accurately represented by recording this portion of the convertible debt agreement as a liability at par value given the de minimis value of the embedded conversion feature in this case. The estimated fair value of the Forward Purchase Agreement was measured at fair value using a Monte Carlo simulation model, which was determined using Level 3 inputs. Inherent in the Monte Carlo simulation are assumptions related to expected stock-price volatility, expected life, risk-free interest rate, expected Business Combination close date and probability of a successful transaction. The Company estimates the volatility based on implied volatility from the Company’s traded warrants and from historical volatility of select peer company’s shares that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. Any changes in these assumptions can change the valuation significantly. For the year ended December 31, 2023, the Company recognized a gain of approximately $158,000, respectively, resulting from a change in the fair value of derivative liabilities, which represent changes in fair value of the Private Placement Warrants and the FPA, presented as change in fair value of derivative liabilities on the accompanying consolidated statements of operations. For the year ended December 31, 2022, the Company recognized a gain of approximately $9.9 million. The fair value of the shares received from Qenta were determined by the Finnerty model. This model incorporates Level 3 inputs and critical assumptions, including an assessment of the company's assets, liabilities, stock price volatility, expected duration until value realization, and the probability of successful transactions. It evaluates stock price volatility using historical data and market movements, integrating the risk-free interest rate. The Company has recorded the estimated Fair Value of the Qenta Shares as an investment on its Balance Sheet and as termination income on its Statement of Operations as of and for the year ended December 31, 2023 in the amount of $4,070,807. The Company recorded the fair value of the Qenta Shares on the date they were received and determined that the change in fair value between inception and December 31, 2023 was de minimis. The following table provides quantitative information regarding Level 3 fair value measurement inputs at their measurement dates for the derivative Private Placement warrant liabilities: December 31, December 31, Exercise price $ 11.50 $ 11.50 Stock price $ 10.87 $ 10.24 Volatility 3.5 % 1.5 % Term (years) 5 5 Risk-free rate 2.00 % 2.00 % Dividend yield 0.0 % 0.0 % The following table provides quantitative information regarding Level 3 fair value measurement inputs at their measurement dates for the Forward Purchase Agreement derivative liabilities: December 31, December 31, Probability of a Business Combination Close 1.00 % 1.5 % Stock price as of Valuation Date $ 10.80 $ 10.24 Expected Stock price as of Business Combination Date $ 11.45 $ 10.51 Risk-Free Rate 4.74 % 4.18 % The following table provides quantitative information regarding Level 3 fair value measurement inputs at their measurement dates for the Qenta Investment Asset as of December 31, 2023: December 31, Expected Time to Liquidity Event 1.5 Years Expected Volatility $ 61.30 % Risk-Free Rate 4.83 % Discount of Lack of Marketability 15.0 % The change in the fair value of derivative assets and liabilities, measured using Level 3 inputs, for the year ended December 31, 2023 and 2022 is summarized as follows: Fair Valued Asset at December 31, 2022 $ — Change in fair value of Fair Valued Assets 4,070,807 Fair Valued Assets at December 31, 2023 $ 32,984 Derivative warrant liabilities at December 31, 2022 $ 681,227 Change in fair value of derivative liabilities (648,243 ) Derivative warrant liabilities at December 31, 2023 $ 32,984 Derivative warrant liabilities at December 31, 2021 $ 10,962,700 Transfer of Public Warrants to Level 1 (10,500,000 ) Issuance of Forward Purchase Agreement 527,000 Change in fair value of derivative warrant liabilities (308,473 ) Derivative warrant liabilities at December 31, 2022 $ 681,227 The change in the fair value of the convertible note—related party, measured utilizing Level 3 measurements for the year ended December 31, 2023, is summarized as follows: Working capital loan – related party at December 31, 2022—Level 3 measurement $ 525,824 Proceeds from the convertible note—related party — Change in fair value of convertible note—related party—Level 3 measurement — Working capital loan – related party at December 31, 2023—Level 3 measurement $ 525,824 Working capital loan – related party at December 31, 2021—Level 3 measurement $ — Proceeds from the convertible note—related party 512,000 Change in fair value of convertible note—related party—Level 3 measurement 13,824 Working capital loan – related party at December 31, 2022—Level 3 measurement $ 525,824 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 12 — Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date through the date that the consolidated financial statements were issued. Based on this review, the Company did not identify any subsequent events, that would have required adjustment or disclosure in the consolidated financial statements. On April 9, 2024 we entered into a Business Combination Agreement (the “Linqto Business Combination Agreement”), by and among the Company, BCSA Merger Sub I, Inc., a Delaware corporation (“Merger Sub”), and Linqto, Inc., a Delaware corporation (“Linqto”). Upon signing, Linqto paid us a non-refundable cash payment of $1.0 million pursuant to the Linqto Business Combination Agreement. The Linqto Business Combination Agreement and the transactions contemplated thereby were approved unanimously by the boards of directors of each of BCSA and Linqto. The Linqto Business Combination Agreement The Business Combination Agreement provides for, among other things, the following transactions: ● BCSA will change its jurisdiction of incorporation from the Cayman Islands to Delaware (the “Domestication”) and change its name to a name chosen by Linqto (such entity, “New Linqto”); ● in connection with the Domestication, each ordinary share of BCSA (each, a “BCSA Share”) that is issued and outstanding immediately prior to the Domestication will become one share of common stock of New Linqto (each, a “New Linqto Share”); ● BCSA will solicit the holders of BCSA Public Warrants to approve an amendment to the Warrant Agreement that would cause each outstanding Public Warrant to automatically convert at the time of the Domestication into a portion of a newly issued New Linqto Share (the “Warrant Conversion”); and ● following the Domestication, Merger Sub will merge with and into Linqto, with Linqto surviving the merger and continuing as a wholly-owned subsidiary of New Linqto (the “Merger”). The Domestication, the Merger and the other transactions contemplated by the Linqto Business Combination Agreement are referred to as the “Linqto Business Combination.” The Company expects the Linqto Business Combination to close in the second half of 2024, following receipt of the required approvals by our shareholders and Linqto’s shareholders and the fulfillment of regulatory requirements and the completion of other customary closing conditions. Business Combination Consideration In accordance with the terms and subject to the conditions of the Linqto Business Combination Agreement, (i) each outstanding share of common stock of Linqto will be exchanged for a number of New Linqto Shares based on an enterprise value of Linqto of approximately $700 million, subject to certain adjustments, (ii) each outstanding Company Equity Award (as defined in the Linqto Business Combination Agreement) will be converted into a comparable type of equity award in respect of New Linqto, and (iii) each outstanding Company Warrant (as defined in the Linqto Business Combination Agreement) will be converted into a warrant with respect to New Linqto Shares having the same general terms. Representations and Warranties; Covenants The Linqto Business Combination Agreement contains representations, warranties and covenants of each of the parties to the agreement that are customary for transactions of this type. The parties have also agreed to take all action as may be necessary or reasonably appropriate such that, as of the effective time of the Linqto Business Combination, the New Linqto board of directors will consist of up to nine directors (as determined by Linqto), which shall be divided into three classes as nearly equal in size as is practicable, with one director appointed by the Company and the remaining directors appointed by Linqto. Conditions to Each Party’s Obligations The obligation of the Company and Linqto to consummate the Linqto Business Combination is subject to certain closing conditions, including, but not limited to, (i) the expiration or termination of the applicable waiting period under applicable antitrust law, (ii) the absence of any order, law or other legal restraint prohibiting the consummation of the Domestication or the Merger, (iii) the effectiveness of the Registration Statement on Form S-4 (the “Registration Statement”) registering the New Linqto Shares to be issued in the Merger and the Domestication, (iv) the approvals of the Company’s shareholders, (v) the approval of Linqto’s shareholders, (vi) the approval by Nasdaq of our listing application in connection with the Business Combination, (vii) the consummation of the Domestication, and (viii) the approval by the Financial Industry Regulatory Authority (“FINRA”) of the transactions as necessary, or the expiration of the relevant time periods for FINRA review without FINRA imposing restrictions. The Linqto Business Combination Agreement also contains certain other customary closing conditions. Termination Each of the Company and Linqto may terminate the Linqto Business Combination Agreement for any reason. If the Linqto Business Combination Agreement is validly terminated, none of the parties to the Linqto Business Combination Agreement will have any liability or any further obligation under the Linqto Business Combination Agreement, except in the case of willful breach or fraud (each, as defined in the Linqto Business Combination Agreement) and for customary obligations that survive the termination (such as confidentiality obligations). In the event of any termination of the Linqto Business Combination Agreement, Linqto will pay the Company a termination fee of $5,000,000 no later than 30 days following the termination of the Linqto Business Combination Agreement. A copy of the Linqto Business Combination Agreement is filed with this Annual Report as Exhibit 2.4, and the foregoing description of the Linqto Business Combination Agreement is qualified in its entirety by reference to the full Business Combination Agreement. The Linqto Business Combination Agreement contains representations, warranties and covenants that the respective parties made to each other as of the date of the Linqto Business Combination Agreement or other specific dates. The assertions embodied in those representations, warranties and covenants were made for purposes of the contract among the respective parties and are subject to important qualifications and limitations agreed to by the parties in connection with negotiating such agreement. The representations, warranties and covenants in the Linqto Business Combination Agreement are also modified in important part by the underlying disclosure schedules which are not filed publicly and which are subject to a contractual standard of materiality different from that generally applicable to shareholders and were used for the purpose of allocating risk among the parties rather than establishing matters as facts. Sponsor Support Agreement Concurrently with the execution of the Linqto Business Combination Agreement, the Company, the Sponsor and Linqto entered into the Sponsor Support Agreement (the “Sponsor Support Agreement”), pursuant to which the Sponsor agreed to, among other things, (i) vote in favor of each of the transaction proposals to be voted upon at the meeting of the Company’s shareholders and the meeting of the Company’s warrant holders, including approval of the Linqto Business Combination Agreement and the transactions contemplated thereby (including the Merger); (ii) forfeit to the Company for no consideration, immediately prior to the effective time of the Linqto Business Combination, (x) all Private Placement Units held by Sponsor (including the ordinary shares and warrants underlying the private placement units), and (y) a number of Founder Shares held by the Sponsor such that the Sponsor will hold no more than 4,000,000 New Linqto Shares at the Closing Date, and (iii) if the Company’s total liabilities at the closing of the Linqto Business Combination exceed $12,500,000 at the Closing Date, to pay the amount of that excess. A copy of the Sponsor Support Agreement is filed with this Current Report on Form 8-K as Exhibit 10.1, and the foregoing description of the Sponsor Support Agreement is qualified in its entirety by reference to the Full Sponsor Support Agreement. Transaction Support Agreements Concurrently with the execution of the Linqto Business Combination Agreement, certain shareholders of Linqto entered into Transaction Support Agreements with the Company (collectively, the “Transaction Support Agreements”), pursuant to which they have agreed to, among other things, support and vote in favor of the Business Combination Agreement (including the Merger). A copy of the form of Transaction Support Agreement is filed with this Annual Report as Exhibit 10.15, and the foregoing description of the Transaction Support Agreements is qualified in its entirety by reference to the full Transaction Support Agreement. New Registration Rights Agreement Prior to the Closing Date, each of the Company, Sponsor, certain directors and officers of the Company and certain shareholders of Linqto (collectively, the “Holders”) will enter into a registration rights agreement (the “New Registration Rights Agreement”) pursuant to which, among other things, the Company will agree to file a registration statement registering the resale of shares held by the Holders no later than 30 days before the first expiration of a lock-up period under the Lock-Up Agreements signed by the Holders. The Company has also agreed to provide customary “piggyback” registration rights, subject to certain requirements and customary conditions. The New Registration Rights Agreement also provides that the Company will pay certain expenses relating to those registrations and indemnify the Holders against certain liabilities. A copy of the form of New Registration Rights Agreement is filed with this Annual Report as Exhibit 10.16, and the foregoing description of the New Registration Rights Agreement is qualified in its entirety by reference to the full New Registration Rights Agreement. Lock-Up Agreement Within 30 days following the date of the Linqto Business Combination Agreement, the Company will enter into a lock-up agreement with each of Sponsor, certain directors and officers of the Company and certain shareholders of Linqto, having specified terms and conditions to be agreed by the parties to the Linqto Business Combination Agreement. Special Committee A special committee of independent and disinterested members of our board of directors evaluated and approved the Linqto Business Combination Agreement and the related ancillary documents and recommended approval on behalf of the Company by our board of directors. Other than as specifically discussed, this Annual Report does not assume the closing of the Linqto Business Combination. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 6,080,281 | $ 9,348,878 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements are presented in U.S. dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the accounting and disclosure rules and regulations of the SEC. Principles of Consolidation The consolidated financial statements of the Company include its wholly owned subsidiary in connection with the planned merger. All inter-company accounts and transactions are eliminated in consolidation. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements of the Company include its wholly owned subsidiary in connection with the planned merger. All inter-company accounts and transactions are eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires 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 consolidated financial statements and the reported amounts of income and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. One of the more significant accounting estimates included in the accompanying consolidated financial statements is the determination of the fair value of derivative warrant liabilities. Accordingly, the actual results could differ significantly from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of December 31, 2023 and 2022. |
Investments Held in Trust Account | Investments Held in Trust Account The Company’s portfolio of investments is comprised of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities and generally have a readily determinable fair value, or a combination thereof. When the Company’s investments held in the Trust Account are comprised of U.S. government securities, the investments are classified as trading securities. When the Company’s investments held in the Trust Account are comprised of money market funds, the investments are recognized at fair value. Trading securities and investments in money market funds are presented on the consolidated balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities are included in income earned on investments held in Trust Account in the accompanying consolidated statements of operations. The estimated fair values of investments held in the Trust Account are determined using available market information. |
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. Any loss incurred or a 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 assets and liabilities, which qualify as financial instruments under the FASB ASC Topic 820, “Fair Value Measurements,” equals or approximates the carrying amounts represented in the consolidated balance sheets. |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers consist of: ● Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; ● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and ● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. |
Convertible Promissory Note —Related Party, Fair Value | Convertible Promissory Note —Related Party, Fair ValueThe Company entered into a convertible promissory note with its Sponsor on June 15, 2022. The Company has elected the fair value option to account for proceeds received during 2022. This amount is presented on the balance sheet as “Convertible Promissory Note —Related Party, Fair Value.” The primary reason for electing the fair value option in the 2022 proceeds is to provide better information on the financial liability amount given current market and economic conditions of the Company. As a result of applying the fair value option, the Company records each draw at fair value with a gain or loss recognized at issuance, and subsequent changes in fair value recorded as change in the fair value of convertible note—related party on the accompanying consolidated statements of operations. The fair value is based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s and, if applicable, an independent third-party valuation firm’s own assumption about the assumptions a market participant would use in pricing the asset or liability. |
Convertible Promissory Note —Related Party, Par Value | Convertible Promissory Note —Related Party, Par ValueThe Company has elected the bifurcated option to account for proceeds received during 2023 from the Convertible promissory notes with its Sponsor on June 2023. This amount is presented on the balance sheet as “Convertible Promissory Note —Related Party, Par Value.”The Company analyzed the Convertible Promissory Note – Related Party to assess if the fair value option was appropriate in 2023, due to the substantial premium which results in an offsetting entry to additional paid in capital and under the related party guidance which precludes the fair value option it was determined the fair value option was not appropriate. As such, the Company accounted for the Convertible Promissory Note – Related Party, Par Value, analyzing the conversion options embedded in convertible notes in accordance with ASC 815. ASC 815 generally requires companies to bifurcate conversion options embedded in convertible notes from their host instruments and to account for them as free-standing derivative financial instruments.The Company reviews the terms of convertible debt issued to determine whether there are embedded derivative instruments, including embedded conversion options, which are required to be bifurcated and accounted for separately as derivative financial instruments. In circumstances where the host instrument contains more than one embedded derivative instrument, including the conversion option, that is required to be bifurcated, the bifurcated derivative instruments are accounted for as a single, compound derivative instrument.Bifurcated embedded derivatives are initially recorded at fair value and are then revalued at each reporting date with changes in the fair value reported as nonoperating income or expense. When the equity or convertible debt instruments contain embedded derivative instruments that are to be bifurcated and accounted for as liabilities, the total proceeds received are first allocated to the fair value of all the bifurcated derivative instruments. The remaining proceeds, if any, are then allocated to the host instruments themselves, usually resulting in those instruments being recorded at a discount from their face value. The discount from the face value of the convertible debt, together with the stated interest on the instrument, is amortized over the life of the instrument through periodic charges to interest expense.It was determined that the previous conversion option was de minimis, as such the Company has recorded the Convertible Promissory Note – Related Party at par value through the rest of the note’s use. |
Derivative Liabilities | Derivative Liabilities The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and FASB ASC Topic 815-40, “Derivatives and Hedging—Contracts in Entity’s Own Equity” (“ASC 815-40”). The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period. The Public Warrants and the Private Placement Warrants are recognized as derivative liabilities in accordance with ASC 815. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s consolidated statements of operations. The initial fair value of the Public Warrants issued in connection with the Initial Public Offering and Private Placement Warrants was estimated using a stochastic trinomial tree model. The determination of the fair value of the warrants may be subject to change as more current information becomes available and accordingly the actual results could differ significantly. Derivative warrant liabilities are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities. The Company determined the Forward Purchase Agreement (defined in Note 1) is a derivative instrument. Accordingly, the Company recognizes the instrument as an asset or liability at fair value and adjusts the instrument to fair value at each reporting period. Any changes in fair value are recognized on the Company’s consolidated statements of operations. The estimated fair value of the Forward Purchase Agreement is measured at fair value utilizing a Monte Carlo simulation model. |
Offering Costs Associated with the Initial Public Offering | Offering Costs Associated with the Initial Public Offering Offering costs consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering costs were allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with derivative warrant liabilities were expensed as incurred and presented as non-operating expenses in the consolidated statements of operations. Offering costs associated with the Class A ordinary shares were charged against the carrying value of the Class A ordinary shares upon the completion of the Initial Public Offering. The Company classifies deferred underwriting commissions as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities. |
Class A Ordinary Shares Subject to Possible Redemption | Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC 480. Class A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, Class A ordinary shares are classified as shareholders’ equity. As part of the Private Placement, the Company issued 1,322,000 Class A ordinary shares to the Sponsor (“Private Placement Shares”). These Private Placement Shares will not be transferable, assignable or saleable until 30 days after the completion of the initial Business Combination, as such they are considered non-redeemable and presented as permanent equity in the Company’s consolidated balance sheets. Excluding the Private Placement Shares, the Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, as of December 31, 2023 and 2022, 2,111,794 and 30,000,000 Class A ordinary shares subject to possible redemption are presented as temporary equity, outside of the shareholders’ deficit section of the Company’s consolidated balance sheets, respectively. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of the Class A ordinary shares subject to possible redemption 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. Effective with the closing of the Initial Public Offering (including exercise of the over-allotment option), the Company recognized the accretion from initial book value to redemption amount, which resulted in charges against additional paid-in capital (to the extent available) and accumulated deficit. Subsequently, the Company recognized changes in the redemption value as an increase in redemption value of Class A ordinary shares subject to possible redemption as reflected on the accompanying consolidated statements of changes in shareholders’ deficit. |
Income Taxes | Income Taxes The Company complies with the accounting and reporting requirements of FASB ASC Topic 740, “Income Taxes,” which prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of December 31, 2023 and 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. There is currently no taxation imposed on income by the government of the Cayman Islands. In accordance with Cayman Islands federal income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s consolidated financial statements. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. |
Net Income per Ordinary Share | Net Income per Ordinary Share The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” The Company has two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro rata between the two classes of shares. Net income per ordinary share is calculated by dividing the net income by the weighted average shares of ordinary shares outstanding for the respective period. The calculation of diluted net income per ordinary share does not consider the effect of the warrants issued in connection with the Initial Public Offering (including exercise of the over-allotment option) and the Private Placement to purchase an aggregate of 15,661,000 Class A ordinary shares because their exercise is contingent upon future events. Accretion associated with the redeemable Class A ordinary shares is excluded from earnings per share as the redemption value approximates fair value. The following tables present a reconciliation of the numerator and denominator used to compute basic and diluted net income per ordinary share for each period presented: December 31, 2023 2022 Class A Class B Class A Class B Basic and diluted net income per ordinary share Numerator: Allocation of net income, as adjusted $ 3,235,734 $ 2,844,547 $ 7,086,432 $ 2,262,446 Denominator: Basic and diluted weighted average shares outstanding 9,349,495 8,219,178 31,322,000 10,000,000 Basic and diluted net income per ordinary share $ 0.35 $ 0.35 $ 0.23 $ 0.23 |
Non-Redemption Agreements | Non-Redemption Agreements In relation to the Non-Redemption Agreements discussed in Note 7, the Company estimated the aggregate fair value of the shares attributable to the Non-Redeeming Shareholders to be $35,915 or approximately $0.12 per share. The Company complies with the requirements of SEC Staff Accounting Bulletin (“SAB”) Topic 5(A) – “Expenses of Offering” and SAB Topic 5(T): Miscellaneous Accounting – Accounting for Expenses or Liabilities Paid by Principal Shareholder(s). As such, the value of Promote Shares assigned to the Non-redeeming Investors is recognized as offering costs and charged to shareholders’ deficit. The value of the Class B common stock forfeited by the Sponsors is reported as an increase to shareholders’ deficit. |
Equity Investments | Equity Investments As a result of The Qenta Termination, discussed above, the Sponsor of the Company received 50 Shares of Qenta Common Stock (“Qenta Shares”) to reimburse the Sponsor and the Company for costs, expenses and other liabilities incurred in connection with the Business Combination Agreement. The Company has recorded the Fair Value of the Qenta Shares as an investment on its Balance Sheet and a termination income on its Consolidated Statement of Operations for the year ended December 31, 2023 in the amount of $4,070,807. |
Recent Accounting Standards | Recent Accounting Standards In June 2022, the FASB issued ASU 2022-03, ASC Subtopic 820, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions.” The ASU amends ASC 820 to clarify that a contractual sales restriction is not considered in measuring an equity security at fair value and to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value. The ASU applies to both holders and issuers of equity and equity-linked securities measured at fair value. The amendments in this ASU are effective for the Company in fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Company is still evaluating the impact of this pronouncement on the consolidated financial statements. In June 2016, the FASB issued ASU 2016-13 – Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” This update requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. Since June 2016, the FASB issued clarifying updates to the new standard including changing the effective date for smaller reporting companies. The guidance is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years, with early adoption permitted. The Company adopted ASU 2016-13 on January 1, 2023. The adoption of ASU 2016-13 did not have a material impact on its consolidated financial statements. Management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s consolidated financial statements. |
Restatement of Previously Iss_2
Restatement of Previously Issued Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Restatement of Previously Issued Financial Statements [Abstract] | |
Schedule of Impact of the Restatement | Impact of the Restatement As Adjustments As Condensed Consolidated Balance sheet as of March 31, 2023 Accounts Payable $ 4,619,652 $ (548,688 ) $ 4,070,964 Total Liabilities 19,672,576 (548,688 ) 19,123,888 Accumulated Deficit (19,181,132 ) 548,688 (18,632,444 ) Total Shareholder’s Deficit (19,180,100 ) 548,688 (18,631,412 ) Condensed Consolidated Balance sheet as of June 30, 2023 Prepaid Expenses $ 184,943 $ 589,867 $ 774,810 Total Assets 38,875,925 589,867 39,465,792 Accounts Payable 4,845,235 (820,266 ) 4,024,969 Total Liabilities 19,356,482 (820,266 ) 18,536,216 Accumulated Deficit (18,921,120 ) 1,410,133 (17,510,987 ) Total Shareholder’s Deficit (18,920,088 ) 1,410,133 (17,509,955 ) Condensed Consolidated Balance sheet as of September 30, 2023 Prepaid Expenses $ 63,224 $ 352,143 $ 415,367 Total Assets 39,327,270 352,143 39,679,413 Accounts Payable 4,944,332 (854,898 ) 4,089,434 Total Liabilities 19,372,294 (854,898 ) 18,517,396 Accumulated Deficit (18,987,646 ) 1,207,041 (17,780,605 ) Total Shareholder’s Deficit (18,986,614 ) 1,207,041 (17,779,573 ) Condensed Consolidated Statement of Operations for the Three Months Ended March 31, 2023 General & Administrative Costs $ 1,148,752 $ (548,688 ) $ 600,064 Net Income (loss) (479,264 ) 548,688 69,424 Basic and diluted net income (loss) per share, Class A ordinary shares (0.02 ) (0.02 ) 0.00 Basic and diluted net income (loss) per share, Class B ordinary shares (0.02 ) (0.02 ) 0.00 As Adjustments As Condensed Consolidated Statement of Operations for the Three Months Ended June 30, 2023 General & Administrative Costs $ 1,231,268 $ (861,445 ) $ 369,823 Net income (loss) 715,816 861,445 1,577,261 Basic and diluted net income per share, Class A ordinary shares 0.05 0.06 0.11 Basic and diluted net income per share, Class B ordinary shares 0.05 0.06 0.11 Condensed Consolidated Statement of Operations for the Six Months Ended June 30, 2023 General & Administrative Costs $ 2,380,020 $ (1,410,133 ) $ 969,887 Net income (loss) 236,552 1,410,133 1,646,685 Basic and diluted net income per share, Class A ordinary shares 0.01 0.07 0.08 Basic and diluted net income per share, Class B ordinary shares 0.01 0.07 0.08 Condensed Consolidated Statement of Operations for the Three Months Ended September 30, 2023 General & Administrative Costs $ 355,310 $ 203,092 $ 558,402 Net income (loss) 435,533 (203,092 ) 232,441 Basic and diluted net income per share, Class A ordinary shares 0.03 (0.01 ) 0.02 Basic and diluted net income per share, Class B ordinary shares 0.03 (0.01 ) 0.02 Condensed Consolidated Statement of Operations for the Nine Months Ended September 30, 2023 General & Administrative Costs $ 2,735,330 $ (1,207,041 ) $ 1,528,289 Net income (loss) 672,085 1,207,041 1,879,126 Basic and diluted net income per share, Class A ordinary shares 0.04 0.06 0.10 Basic and diluted net income per share, Class B ordinary shares 0.04 0.06 0.10 Condensed Consolidated Statement of Changes in Shareholder’s Deficit as of and for the three months ended March 31, 2023 Net Income (Loss) $ (479,239 ) $ 548,688 $ 69,424 Accumulated Deficit Balance - March 31, 2023 (19,181,132 ) 548,688 (18,632,444 ) Total Shareholders’ Deficit as of March 31, 2023 (19,180,100 ) 548,688 (18,631,412 ) Condensed Consolidated Statement of Changes in Shareholder’s Deficit as of and for the six months ended June 30, 2023 Net Income (loss) $ (479,239 ) $ 548,688 $ 69,424 Accumulated Deficit Balance - March 31, 2023 (19,181,132 ) 548,688 (18,632,444 ) Net Income (loss) 715,816 861,445 1,577,261 Accumulated Deficit Balance – June 30, 2023 (18,921,120 ) 1,410,133 (17,510,987 ) Total Shareholders’ Deficit as of June 30, 2023 (18,920,088 ) 1,410,133 (17,509,955 ) As Adjustments As Condensed Consolidated Statement of Changes in Shareholder’s Deficit as of and for the nine months ended September 30, 2023 Net Income (loss) $ (479,239 ) $ 548,688 $ 69,424 Accumulated Deficit Balance - March 31, 2023 (19,181,132 ) 548,688 (18,632,444 ) Net Income (loss) 715,816 861,445 1,577,261 Accumulated Deficit Balance – June 30, 2023 (18,921,120 ) 1,410,133 (17,510,987 ) Net Income (loss) 435,533 (203,092 ) 232,441 Accumulated Deficit Balance – September 30, 2023 (18,987,646 ) 1,207,041 (17,780,605 ) Total Shareholders' Deficit as of September 30, 2023 (18,986,614 ) 1,207,041 (17,779,573 ) Condensed Consolidated Statements of Cash flows for the Three Months Ended March 31, 2023 Net Income (Loss) $ (479,264 ) $ 548,688 $ 69,424 Accounts Payable 915,211 (548,688 ) 366,523 Condensed Consolidated Statements of Cash flows for the Six Months Ended June 30, 2023 Net Income (Loss) $ 236,552 $ 1,410,133 $ 1,646,685 Accounts Payable 1,140,794 (820,266 ) 320,528 Prepaid Expenses 199,687 (589,867 ) (390,180 ) Condensed Consolidated Statements of Cash flows for the Nine Months Ended September 30, 2023 Net Income (Loss) $ 672,085 $ 1,207,041 $ 1,879,126 Accounts Payable 1,239,891 (854,898 ) 384,993 Prepaid Expenses 321,406 (352,143 ) (30,737 ) |
Significant Accounting Polici_2
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Significant Accounting Policies [Abstract] | |
Schedule of Basic and Diluted Net Income Per Ordinary Share | The following tables present a reconciliation of the numerator and denominator used to compute basic and diluted net income per ordinary share for each period presented: December 31, 2023 2022 Class A Class B Class A Class B Basic and diluted net income per ordinary share Numerator: Allocation of net income, as adjusted $ 3,235,734 $ 2,844,547 $ 7,086,432 $ 2,262,446 Denominator: Basic and diluted weighted average shares outstanding 9,349,495 8,219,178 31,322,000 10,000,000 Basic and diluted net income per ordinary share $ 0.35 $ 0.35 $ 0.23 $ 0.23 |
Class A Ordinary Shares Subje_2
Class A Ordinary Shares Subject to Possible Redemption (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Class A Ordinary Shares Subject to Possible Redemption [Abstract] | |
Schedule of Subject to Possible Redemption Reflected on the Condensed Consolidated Balance Sheets | The Class A ordinary shares subject to possible redemption reflected on the consolidated balance sheets is reconciled on the following table: Gross proceeds from Initial Public Offering $ 300,000,000 Less: Fair value of Public Warrants at issuance (11,113,500 ) Offering Costs allocated to Class A ordinary shares subject to possible redemption (17,088,566 ) Plus: Increase in redemption value of Class A ordinary shares subject to possible redemption 38,365,280 Class A ordinary shares subject to possible redemption as of December 31, 2022 310,163,214 Less: Redemption (290,375,948 ) Increase in redemption value of Class A ordinary shares subject to possible redemption 3,339,718 Class A ordinary shares subject to possible redemption as of December 31, 2023 $ 23,126,984 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Measurements [Abstract] | |
Schedule of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis | The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2023 and 2022 and indicate the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value: Description Quoted Significant Significant Assets: Investments held in Trust Account – Money market fund $ 23,226,984 $ — $ — Investment in Qenta Equity $ — $ $ 4,070,807 Liabilities: Derivative warrant liabilities—Public Warrants $ — $ 748,500 $ — Derivative warrant liabilities—Private Warrants $ — $ — $ 32,984 Forward Purchase Agreement $ — $ — $ — Convertible note – related party $ — $ — $ 525,824 Description Quoted Significant Significant Assets: Investments held in Trust Account – Money market fund $ 310,263,214 $ — $ — Liabilities: Derivative warrant liabilities—Public Warrants $ — $ 900,000 $ — Derivative warrant liabilities—Private Warrants $ — $ — $ 39,660 Forward Purchase Agreement $ — $ — $ 641,567 Convertible note – related party $ — $ — $ 525,824 |
Schedule of Fair Value Measurement Inputs at their Measurement Dates for the Derivative Private Placement Warrant Liabilities | The following table provides quantitative information regarding Level 3 fair value measurement inputs at their measurement dates for the derivative Private Placement warrant liabilities: December 31, December 31, Exercise price $ 11.50 $ 11.50 Stock price $ 10.87 $ 10.24 Volatility 3.5 % 1.5 % Term (years) 5 5 Risk-free rate 2.00 % 2.00 % Dividend yield 0.0 % 0.0 % December 31, December 31, Probability of a Business Combination Close 1.00 % 1.5 % Stock price as of Valuation Date $ 10.80 $ 10.24 Expected Stock price as of Business Combination Date $ 11.45 $ 10.51 Risk-Free Rate 4.74 % 4.18 % December 31, Expected Time to Liquidity Event 1.5 Years Expected Volatility $ 61.30 % Risk-Free Rate 4.83 % Discount of Lack of Marketability 15.0 % |
Schedule of Change in the Fair Value of Derivative Assets and Liabilities, Measured Using Level 3 Inputs | The change in the fair value of derivative assets and liabilities, measured using Level 3 inputs, for the year ended December 31, 2023 and 2022 is summarized as follows: Fair Valued Asset at December 31, 2022 $ — Change in fair value of Fair Valued Assets 4,070,807 Fair Valued Assets at December 31, 2023 $ 32,984 Derivative warrant liabilities at December 31, 2022 $ 681,227 Change in fair value of derivative liabilities (648,243 ) Derivative warrant liabilities at December 31, 2023 $ 32,984 Derivative warrant liabilities at December 31, 2021 $ 10,962,700 Transfer of Public Warrants to Level 1 (10,500,000 ) Issuance of Forward Purchase Agreement 527,000 Change in fair value of derivative warrant liabilities (308,473 ) Derivative warrant liabilities at December 31, 2022 $ 681,227 |
Schedule of Fair Value of the Convertible Note Related Party | The change in the fair value of the convertible note—related party, measured utilizing Level 3 measurements for the year ended December 31, 2023, is summarized as follows: Working capital loan – related party at December 31, 2022—Level 3 measurement $ 525,824 Proceeds from the convertible note—related party — Change in fair value of convertible note—related party—Level 3 measurement — Working capital loan – related party at December 31, 2023—Level 3 measurement $ 525,824 Working capital loan – related party at December 31, 2021—Level 3 measurement $ — Proceeds from the convertible note—related party 512,000 Change in fair value of convertible note—related party—Level 3 measurement 13,824 Working capital loan – related party at December 31, 2022—Level 3 measurement $ 525,824 |
Organization and Business Ope_2
Organization and Business Operations (Details) - USD ($) | 12 Months Ended | |||
Nov. 15, 2021 | Dec. 31, 2023 | Aug. 24, 2023 | Jun. 15, 2022 | |
Organization and Business Operations (Details) [Line Items] | ||||
Transaction costs | $ 17,800,002 | |||
Underwriting commissions | 5,220,000 | |||
Deferred underwriting commissions | 11,280,000 | |||
Other offering costs | $ 1,300,002 | |||
Percentage fair market value balance in trust account | 80% | |||
Proceeds from sale of units | $ 306,000,000 | |||
Stock price (in Dollars per share) | $ 10.2 | $ 0.12 | ||
Maturity of deposite trust account | 185 days | |||
Outstanding ordinary shares, percentage | 20% | |||
Public shares percentage | 100% | |||
Dissolution expenses | $ 100,000 | |||
Termination fee | 4,070,807 | |||
Operating bank account | 96,000 | |||
Working capital deficit | 6,000,000 | |||
Convertible note payable | 2,000,000 | |||
Principal amount | 2,017,244 | |||
Borrowing capacity amount | $ 982,756 | |||
Incorporation date | Jun. 11, 2021 | |||
IPO [Member] | ||||
Organization and Business Operations (Details) [Line Items] | ||||
Initial public offering units (in Shares) | 30,000,000 | |||
Shares Issued Price Per Share (in Dollars per share) | $ 10 | |||
Underwriting commissions | $ 5,220,000 | |||
Over-Allotment Option [Member] | ||||
Organization and Business Operations (Details) [Line Items] | ||||
Initial public offering units (in Shares) | 3,900,000 | |||
Private Placement [Member] | ||||
Organization and Business Operations (Details) [Line Items] | ||||
Initial public offering units (in Shares) | 1,322,000 | |||
Shares Issued Price Per Share (in Dollars per share) | $ 10 | |||
Class A Ordinary Shares [Member] | ||||
Organization and Business Operations (Details) [Line Items] | ||||
Shares Issued Price Per Share (in Dollars per share) | $ 10 | |||
Share Price (in Dollars per share) | $ 11.5 | |||
Stock price (in Dollars per share) | $ 12 | |||
Aggregate percentage | 15% | |||
Shares issued (in Shares) | 1,481,477 | |||
Class A Ordinary Shares [Member] | Sponsor [Member] | ||||
Organization and Business Operations (Details) [Line Items] | ||||
Shares issued (in Shares) | 1,322,000 | |||
Class A Ordinary Shares [Member] | IPO [Member] | ||||
Organization and Business Operations (Details) [Line Items] | ||||
Ordinary share price per share (in Dollars per share) | $ 0.0001 | |||
Class B Ordinary Shares [Member] | ||||
Organization and Business Operations (Details) [Line Items] | ||||
Shares of common stock (in Shares) | 1 | |||
Class B Ordinary Shares [Member] | Sponsor [Member] | ||||
Organization and Business Operations (Details) [Line Items] | ||||
Shares issued (in Shares) | 3,178,000 | |||
Common Stock [Member] | ||||
Organization and Business Operations (Details) [Line Items] | ||||
Shares issued (in Shares) | 50 | |||
Blockchain Coinvestors Acquisition Corp. [Member] | ||||
Organization and Business Operations (Details) [Line Items] | ||||
Ownership percentage | 50% | |||
Sponsor [Member] | ||||
Organization and Business Operations (Details) [Line Items] | ||||
Payments from sponsor | $ 25,000 | |||
Unsecured promissory note | $ 131,517 | |||
Sponsor [Member] | Minimum [Member] | ||||
Organization and Business Operations (Details) [Line Items] | ||||
Principal amount | $ 1,500,000 | |||
Sponsor [Member] | Maximum [Member] | ||||
Organization and Business Operations (Details) [Line Items] | ||||
Principal amount | $ 3,000,000 | |||
Sponsor [Member] | Class A Ordinary Shares [Member] | Private Placement [Member] | ||||
Organization and Business Operations (Details) [Line Items] | ||||
Initial public offering units (in Shares) | 1,322,000 | |||
Business Combination [Member] | ||||
Organization and Business Operations (Details) [Line Items] | ||||
Public shares percentage | 100% |
Restatement of Previously Iss_3
Restatement of Previously Issued Financial Statements (Details) - Schedule of Impact of the Restatement - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2023 | Sep. 30, 2023 | |
As Previously Reported [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Accounts Payable | $ 4,944,332 | $ 4,845,235 | $ 4,619,652 | $ 4,845,235 | $ 4,944,332 |
Total Liabilities | 19,372,294 | 19,356,482 | 19,672,576 | 19,356,482 | 19,372,294 |
Accumulated Deficit | (18,987,646) | (18,921,120) | (19,181,132) | (18,921,120) | (18,987,646) |
Total Shareholder’s Deficit | (18,986,614) | (18,920,088) | (19,180,100) | (18,920,088) | (18,986,614) |
Condensed Consolidated Balance sheet as of June 30, 2023 | |||||
Prepaid Expenses | 63,224 | 184,943 | 184,943 | 63,224 | |
Total Assets | 39,327,270 | 38,875,925 | 38,875,925 | 39,327,270 | |
Condensed Consolidated Statement of Operations for the Three Months Ended March 31, 2023 | |||||
General & Administrative Costs | 355,310 | 1,231,268 | 1,148,752 | 2,380,020 | 2,735,330 |
Net Income (loss) | 435,533 | 715,816 | (479,264) | 236,552 | 672,085 |
Condensed Consolidated Statement of Changes in Shareholder’s Deficit as of and for the three months ended March 31, 2023 | |||||
Net income (loss) | 435,533 | 715,816 | (479,239) | ||
Accumulated Deficit | 18,987,646 | 18,921,120 | 19,181,132 | 18,921,120 | 18,987,646 |
Total Stockholder’s Deficit | (18,986,614) | (18,920,088) | (19,180,100) | (18,920,088) | (18,986,614) |
Condensed Consolidated Statements of Cash flows for the Three Months Ended March 31, 2023 | |||||
Net Income (Loss) | 435,533 | 715,816 | (479,264) | 236,552 | 672,085 |
Accounts Payable | 915,211 | 1,140,794 | 1,239,891 | ||
Prepaid Expenses | 199,687 | 321,406 | |||
As Previously Reported [Member] | Retained Earnings [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Accumulated Deficit | 18,987,646 | 18,921,120 | 19,181,132 | 18,921,120 | 18,987,646 |
Condensed Consolidated Statement of Changes in Shareholder’s Deficit as of and for the three months ended March 31, 2023 | |||||
Accumulated Deficit | $ (18,987,646) | $ (18,921,120) | $ (19,181,132) | $ (18,921,120) | $ (18,987,646) |
As Previously Reported [Member] | Class A Ordinary Shares [Member] | |||||
Condensed Consolidated Statement of Operations for the Three Months Ended March 31, 2023 | |||||
Basic net income (loss) per share (in Dollars per share) | $ 0.03 | $ 0.05 | $ (0.02) | $ 0.01 | $ 0.04 |
As Previously Reported [Member] | Class B Ordinary Shares [Member] | |||||
Condensed Consolidated Statement of Operations for the Three Months Ended March 31, 2023 | |||||
Basic net income (loss) per share (in Dollars per share) | $ 0.03 | $ (0.02) | $ 0.01 | $ 0.04 | |
Adjustments [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Accounts Payable | $ (854,898) | $ (820,266) | $ (548,688) | $ (820,266) | $ (854,898) |
Total Liabilities | (854,898) | (820,266) | (548,688) | (820,266) | (854,898) |
Accumulated Deficit | 1,207,041 | 1,410,133 | 548,688 | 1,410,133 | 1,207,041 |
Total Shareholder’s Deficit | 1,207,041 | 1,410,133 | 548,688 | 1,410,133 | 1,207,041 |
Condensed Consolidated Balance sheet as of June 30, 2023 | |||||
Prepaid Expenses | 352,143 | 589,867 | 589,867 | 352,143 | |
Total Assets | 352,143 | 589,867 | 589,867 | 352,143 | |
Condensed Consolidated Statement of Operations for the Three Months Ended March 31, 2023 | |||||
General & Administrative Costs | 203,092 | (861,445) | (548,688) | (1,410,133) | (1,207,041) |
Net Income (loss) | (203,092) | 861,445 | 548,688 | 1,410,133 | 1,207,041 |
Condensed Consolidated Statement of Changes in Shareholder’s Deficit as of and for the three months ended March 31, 2023 | |||||
Net income (loss) | (203,092) | 861,445 | 548,688 | ||
Accumulated Deficit | (1,207,041) | (1,410,133) | (548,688) | (1,410,133) | (1,207,041) |
Total Stockholder’s Deficit | 1,207,041 | 1,410,133 | 548,688 | 1,410,133 | 1,207,041 |
Condensed Consolidated Statements of Cash flows for the Three Months Ended March 31, 2023 | |||||
Net Income (Loss) | (203,092) | 861,445 | 548,688 | 1,410,133 | 1,207,041 |
Accounts Payable | (548,688) | (820,266) | (854,898) | ||
Prepaid Expenses | (589,867) | (352,143) | |||
Adjustments [Member] | Retained Earnings [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Accumulated Deficit | (1,207,041) | (1,410,133) | (548,688) | (1,410,133) | (1,207,041) |
Condensed Consolidated Statement of Changes in Shareholder’s Deficit as of and for the three months ended March 31, 2023 | |||||
Accumulated Deficit | $ 1,207,041 | $ 1,410,133 | $ 548,688 | $ 1,410,133 | $ 1,207,041 |
Adjustments [Member] | Class A Ordinary Shares [Member] | |||||
Condensed Consolidated Statement of Operations for the Three Months Ended March 31, 2023 | |||||
Basic net income (loss) per share (in Dollars per share) | $ (0.01) | $ 0.06 | $ (0.02) | $ 0.07 | $ 0.06 |
Adjustments [Member] | Class B Ordinary Shares [Member] | |||||
Condensed Consolidated Statement of Operations for the Three Months Ended March 31, 2023 | |||||
Basic net income (loss) per share (in Dollars per share) | $ (0.01) | $ (0.02) | $ 0.07 | $ 0.06 | |
As Restated [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Accounts Payable | $ 4,089,434 | $ 4,024,969 | $ 4,070,964 | $ 4,024,969 | $ 4,089,434 |
Total Liabilities | 18,517,396 | 18,536,216 | 19,123,888 | 18,536,216 | 18,517,396 |
Accumulated Deficit | (17,780,605) | (17,510,987) | (18,632,444) | (17,510,987) | (17,780,605) |
Total Shareholder’s Deficit | (17,779,573) | (17,509,955) | (18,631,412) | (17,509,955) | (17,779,573) |
Condensed Consolidated Balance sheet as of June 30, 2023 | |||||
Prepaid Expenses | 415,367 | 774,810 | 774,810 | 415,367 | |
Total Assets | 39,679,413 | 39,465,792 | 39,465,792 | 39,679,413 | |
Condensed Consolidated Statement of Operations for the Three Months Ended March 31, 2023 | |||||
General & Administrative Costs | 558,402 | 369,823 | 600,064 | 969,887 | 1,528,289 |
Net Income (loss) | 232,441 | 1,577,261 | 69,424 | 1,646,685 | 1,879,126 |
Condensed Consolidated Statement of Changes in Shareholder’s Deficit as of and for the three months ended March 31, 2023 | |||||
Net income (loss) | 232,441 | 1,577,261 | 69,424 | ||
Accumulated Deficit | 17,780,605 | 17,510,987 | 18,632,444 | 17,510,987 | 17,780,605 |
Total Stockholder’s Deficit | (17,779,573) | (17,509,955) | (18,631,412) | (17,509,955) | (17,779,573) |
Condensed Consolidated Statements of Cash flows for the Three Months Ended March 31, 2023 | |||||
Net Income (Loss) | 232,441 | 1,577,261 | 69,424 | 1,646,685 | 1,879,126 |
Accounts Payable | 366,523 | 320,528 | 384,993 | ||
Prepaid Expenses | (390,180) | (30,737) | |||
As Restated [Member] | Retained Earnings [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Accumulated Deficit | 17,780,605 | 17,510,987 | 18,632,444 | 17,510,987 | 17,780,605 |
Condensed Consolidated Statement of Changes in Shareholder’s Deficit as of and for the three months ended March 31, 2023 | |||||
Accumulated Deficit | $ (17,780,605) | $ (17,510,987) | $ (18,632,444) | $ (17,510,987) | $ (17,780,605) |
As Restated [Member] | Class A Ordinary Shares [Member] | |||||
Condensed Consolidated Statement of Operations for the Three Months Ended March 31, 2023 | |||||
Basic net income (loss) per share (in Dollars per share) | $ 0.02 | $ 0.11 | $ 0 | $ 0.08 | $ 0.1 |
As Restated [Member] | Class B Ordinary Shares [Member] | |||||
Condensed Consolidated Statement of Operations for the Three Months Ended March 31, 2023 | |||||
Basic net income (loss) per share (in Dollars per share) | $ 0.02 | $ 0 | $ 0.08 | $ 0.1 |
Restatement of Previously Iss_4
Restatement of Previously Issued Financial Statements (Details) - Schedule of Impact of the Restatement (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2023 | Sep. 30, 2023 | |
As Previously Reported [Member] | Class A Ordinary Shares [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Diluted net income (loss) per share | $ 0.03 | $ 0.05 | $ (0.02) | $ 0.01 | $ 0.04 |
As Previously Reported [Member] | Class B Ordinary Shares [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Diluted net income (loss) per share | 0.03 | (0.02) | 0.01 | 0.04 | |
Adjustments [Member] | Class A Ordinary Shares [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Diluted net income (loss) per share | (0.01) | 0.06 | (0.02) | 0.07 | 0.06 |
Adjustments [Member] | Class B Ordinary Shares [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Diluted net income (loss) per share | (0.01) | (0.02) | 0.07 | 0.06 | |
As Restated [Member] | Class A Ordinary Shares [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Diluted net income (loss) per share | 0.02 | $ 0.11 | 0 | 0.08 | 0.10 |
As Restated [Member] | Class B Ordinary Shares [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Diluted net income (loss) per share | $ 0.02 | $ 0 | $ 0.08 | $ 0.10 |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Nov. 15, 2021 | |
Significant Accounting Policies (Details) [Line Items] | |||
Cash insured with federal insurance (in Dollars) | $ 250,000 | ||
Purchase an aggregate shares | 15,661,000 | ||
Per share (in Dollars per share) | $ 0.12 | $ 10.2 | |
Fair value amount (in Dollars) | $ 4,070,807 | ||
Non-Redemption Agreements [Member] | |||
Significant Accounting Policies (Details) [Line Items] | |||
Shareholders amount (in Dollars) | $ 35,915 | ||
Non-Redeeming [Member] | |||
Significant Accounting Policies (Details) [Line Items] | |||
Per share (in Dollars per share) | $ 0.12 | ||
Sponsor [Member] | |||
Significant Accounting Policies (Details) [Line Items] | |||
Common stock shares | 50 | ||
Class A Ordinary Shares [Member] | |||
Significant Accounting Policies (Details) [Line Items] | |||
Share issued | 1,322,000 | ||
Temporary equity, shares outstanding | 2,111,794 | 30,000,000 | |
Per share (in Dollars per share) | $ 12 | ||
Common stock shares | 1,481,477 |
Significant Accounting Polici_4
Significant Accounting Policies (Details) - Schedule of Basic and Diluted Net Income Per Ordinary Share - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Class A Ordinary Shares [Member] | ||
Schedule of Basic and Diluted Net Income (loss) Per Share [Line Items] | ||
Allocation of net income, as adjusted | $ 3,235,734 | $ 7,086,432 |
Basic weighted average ordinary shares outstanding | 9,349,495 | 31,322,000 |
Basic net income per ordinary share | $ 0.35 | $ 0.23 |
Class B Ordinary Shares [Member] | ||
Schedule of Basic and Diluted Net Income (loss) Per Share [Line Items] | ||
Allocation of net income, as adjusted | $ 2,844,547 | $ 2,262,446 |
Basic weighted average ordinary shares outstanding | 8,219,178 | 10,000,000 |
Basic net income per ordinary share | $ 0.35 | $ 0.23 |
Significant Accounting Polici_5
Significant Accounting Policies (Details) - Schedule of Basic and Diluted Net Income Per Ordinary Share (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Class A Ordinary Shares [Member] | ||
Schedule of Basic and Diluted Net Income (loss) Per Share [Line Items] | ||
Diluted weighted average ordinary shares outstanding | 9,349,495 | 31,322,000 |
Diluted net income per ordinary share | $ 0.35 | $ 0.23 |
Class B Ordinary Shares [Member] | ||
Schedule of Basic and Diluted Net Income (loss) Per Share [Line Items] | ||
Diluted weighted average ordinary shares outstanding | 8,219,178 | 10,000,000 |
Diluted net income per ordinary share | $ 0.35 | $ 0.23 |
Initial Public Offering (Detail
Initial Public Offering (Details) | Nov. 15, 2021 USD ($) $ / shares shares |
Initial Public Offering (Details) [Line Items] | |
Payments to acquire trust preferred investment (in Dollars) | $ | $ 306,000,000 |
IPO [Member] | |
Initial Public Offering (Details) [Line Items] | |
Stock issued during period shares new issues (in Shares) | shares | 30,000,000 |
Sale of stock issue price per share | $ 10 |
Over-Allotment Option [Member] | |
Initial Public Offering (Details) [Line Items] | |
Stock issued during period shares new issues (in Shares) | shares | 3,900,000 |
Price per Share [Member] | |
Initial Public Offering (Details) [Line Items] | |
Sale of stock issue price per share | $ 10.2 |
Class A Ordinary Shares [Member] | |
Initial Public Offering (Details) [Line Items] | |
Sale of stock issue price per share | 10 |
Public Warrants [Member] | Class A Ordinary Shares [Member] | |
Initial Public Offering (Details) [Line Items] | |
Class of warrant or right, exercise price of warrants or rights | $ 11.5 |
Private Placement (Details)
Private Placement (Details) | 12 Months Ended |
Dec. 31, 2023 USD ($) $ / shares shares | |
Private Placement (Details) [Line Items] | |
Warrants term | 30 days |
Private Placement [Member] | |
Private Placement (Details) [Line Items] | |
Stock issued during period value new issues (in Shares) | shares | 1,322,000 |
Class A Ordinary Shares [Member] | |
Private Placement (Details) [Line Items] | |
Aggregate, in a private placement (in Dollars) | $ | $ 700,000,000 |
Class A Ordinary Shares [Member] | Private Placement [Member] | |
Private Placement (Details) [Line Items] | |
Aggregate, in a private placement (in Dollars) | $ | $ 13,220,000 |
Private Placement [Member] | Class A Ordinary Shares [Member] | |
Private Placement (Details) [Line Items] | |
Class of warrants exercise price per share | $ / shares | $ 11.5 |
Private Placement [Member] | Class A Ordinary Shares [Member] | Private Placement [Member] | |
Private Placement (Details) [Line Items] | |
Class of warrants exercise price per share | $ / shares | $ 10 |
Sponsor [Member] | Class A Ordinary Shares [Member] | Private Placement [Member] | |
Private Placement (Details) [Line Items] | |
Stock issued during period value new issues (in Shares) | shares | 1,322,000 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 12 Months Ended | ||||||
Nov. 15, 2021 | Nov. 09, 2021 | Nov. 09, 2021 | Jul. 02, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Jun. 15, 2022 | |
Related Party Transactions (Details) [Line Items] | |||||||
Sponsor paid | $ 25,000 | $ 15,000 | |||||
Issued and outstanding (in Shares) | 10,005,000 | 10,005,000 | 10,000,000 | ||||
Shares subject to forfeiture (in Shares) | 1,305,000 | ||||||
Shares issued (in Shares) | 1,300,000 | 1,300,000 | |||||
Founder shares year | 1 year | ||||||
Price per share (in Dollars per share) | $ 10.2 | $ 0.12 | |||||
Aggregate amount | $ 131,517 | ||||||
Working capital loans | $ 1,500,000 | ||||||
Company issued | $ 1,500,000 | ||||||
Principal amount | 2,017,244 | ||||||
Principal amount | 2,017,244 | ||||||
Borrowing capacity amount | 982,756 | ||||||
Note payable related party | 525,824 | $ 525,824 | |||||
Incurred expenses | 119,080 | 180,000 | |||||
Accrued expenses | $ 84,000 | $ 106,000 | |||||
Founder Shares [Member] | |||||||
Related Party Transactions (Details) [Line Items] | |||||||
Founder shares, percentage | 25% | ||||||
Promissory Note [Member] | |||||||
Related Party Transactions (Details) [Line Items] | |||||||
Sponsor paid | $ 300,000 | ||||||
Sponsor [Member] | |||||||
Related Party Transactions (Details) [Line Items] | |||||||
Price per unit (in Dollars per share) | $ 10 | ||||||
Over-Allotment Option [Member] | |||||||
Related Party Transactions (Details) [Line Items] | |||||||
Shares subject to forfeiture (in Shares) | 1,305,000 | ||||||
Founder shares forfeited (in Shares) | 15,000 | 5,000 | |||||
Private Placement [Member] | |||||||
Related Party Transactions (Details) [Line Items] | |||||||
Share price (in Dollars per share) | $ 10 | ||||||
Price per unit (in Dollars per share) | $ 10 | ||||||
Class B Ordinary Shares [Member] | |||||||
Related Party Transactions (Details) [Line Items] | |||||||
Issued and outstanding (in Shares) | 0 | ||||||
Class B Ordinary Shares [Member] | Founder Shares [Member] | |||||||
Related Party Transactions (Details) [Line Items] | |||||||
Consideration for issuance (in Shares) | 8,625,000 | ||||||
Class B Ordinary Shares [Member] | Over-Allotment Option [Member] | |||||||
Related Party Transactions (Details) [Line Items] | |||||||
Founder shares forfeited (in Shares) | 5,000 | ||||||
Class A Ordinary Shares [Member] | |||||||
Related Party Transactions (Details) [Line Items] | |||||||
Share price (in Dollars per share) | $ 10 | ||||||
Issued and outstanding (in Shares) | 31,322,000 | 31,322,000 | |||||
Price per share (in Dollars per share) | $ 12 | ||||||
Convertible Promissory Note [Member] | |||||||
Related Party Transactions (Details) [Line Items] | |||||||
Related party par value accompanying statement | $ 0 | ||||||
Related Party [Member] | |||||||
Related Party Transactions (Details) [Line Items] | |||||||
Related party par value accompanying statement | $ 1,491,420 | ||||||
Sponsor [Member] | |||||||
Related Party Transactions (Details) [Line Items] | |||||||
Share price (in Dollars per share) | $ 0.003 | ||||||
Principal amount | $ 3,000,000 | ||||||
Fair value totaled | 512,000 | ||||||
Historically fair valued amount | 525,824 | ||||||
Change in fair value recorded amount | $ 13,824 | ||||||
Related party par value accompanying statement | $ 1,491,420 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||
Nov. 15, 2021 | Nov. 09, 2021 | Oct. 27, 2023 | Sep. 30, 2023 | Dec. 31, 2023 | |
Commitments and Contingencies [Line Items] | |||||
Underwriting commission | $ 5,220,000 | ||||
Deferred underwriting commissions | $ 11,280,000 | ||||
Minimum percentage of new common stock on post combination | 9.90% | ||||
Amount for purchase of additional shares | $ 500,000 | ||||
Maturity date of forward purchase agreement | 36 months | ||||
Minimum break up fee agreed to pay to the FPA seller | $ 75,000 | ||||
Percentage of share redemptions | 80% | ||||
Net tangible asset | $ 5,000,001 | ||||
Funds in trust account | $ 16,200,000 | ||||
Price per share (in Dollars per share) | $ 10.2 | $ 0.12 | |||
Merger advisory services fee | $ 6,200,000 | ||||
Investment banking service, fee | $ 1,250,000 | ||||
Founder shares (in Shares) | 739,286 | ||||
Aggregate fair value of founder shares (in Shares) | 739,286 | ||||
Redemption price (in Dollars per share) | $ 155,250 | ||||
Volatility rate | 60% | ||||
Valuation per share (in Dollars per share) | $ 9.32 | ||||
Redemption of shares | $ 2,031,411 | ||||
Issue of aggregate shares (in Shares) | 304,712 | ||||
Aggregate amount | $ 35,915 | ||||
Cantor Fitzgerald [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Deferred underwriting fee | $ 3,948,000 | ||||
New Qenta Common Stock [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Share price (in Dollars per share) | $ 1.75 | ||||
Forward Purchase Agreement [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Number of subject shares (in Shares) | 12,000,000 | ||||
Percentage of shortfall amount | 10% | ||||
Purchasing shares under the agreement | $ 350,000 | ||||
Forward Purchase Agreement [Member] | New Qenta Common Stock [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Share price (in Dollars per share) | $ 1.75 | ||||
Over-Allotment Option [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Stock issued during period shares (in Shares) | 3,900,000 | ||||
Forfeited shares (in Shares) | 15,000 | 5,000 | |||
Initial Public Offering [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Stock issued during period shares (in Shares) | 30,000,000 | ||||
Underwriting commission per unit (in Dollars per share) | $ 0.2 | ||||
Underwriting commission | $ 5,220,000 | ||||
Private Placement Units [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Stock issued during period shares (in Shares) | 1,322,000 | ||||
Sponsor [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Converted shares (in Shares) | 9,850,000 | ||||
Exercised shares (in Shares) | 50 | ||||
Non-redemption Agreements [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Price per share (in Dollars per share) | $ 1.04 | ||||
Fair value of shareholders | $ 304,712 | ||||
Units [Member] | Over-Allotment Option [Member] | Underwriter Commitment To Cover Over Allotments [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Stock issued during period shares (in Shares) | 3,915,000 | ||||
Class A ordinary shares [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Purchased shares (in Shares) | 500,000 | ||||
Share price (in Dollars per share) | $ 11.5 | ||||
Converted shares (in Shares) | 150,000 | ||||
Exercised shares (in Shares) | 1,481,477 | ||||
Price per share (in Dollars per share) | $ 12 | ||||
Shares outstanding (in Shares) | 13,433,794 | ||||
Redemption shares (in Shares) | 2,111,794 | ||||
Class A ordinary shares subject to possible redemption [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Class A ordinary shares subject to possible redemption [Member] (in Shares) | 26,406,729 | ||||
Redemption price (in Dollars per share) | $ 10.95 | ||||
Redemption amount | $ 274,200,000 | ||||
Redemption amount removed from trust account | $ 274,200,000 | ||||
Trust account to redeem shares (in Shares) | 4,915,271 | ||||
Redemption amount remained in trust account | $ 37,300,000 | ||||
Class A ordinary shares subject to possible redemption [Member] | Private Placement Units [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Trust account to redeem shares (in Shares) | 1,322,000 | ||||
Non-redemption Agreements [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Redemption price (in Dollars per share) | $ 0.21 | ||||
Trustee’s [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Price per share (in Dollars per share) | $ 10.91 | ||||
Business Combination [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Deferred underwriting fee | $ 7,896,000 | ||||
Percentage of bussiness combination | 2.25% |
Class A Ordinary Shares Subje_3
Class A Ordinary Shares Subject to Possible Redemption (Details) - Class A Ordinary Shares [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Class A Ordinary Shares Subject to Possible Redemption [Line Items] | ||
Authorized shares | 500,000,000 | |
Temporary equity, par or stated value per share (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Ordinary shares, vote | one | |
Ordinary shares subject to possible redemption | 2,111,794 | 30,000,000 |
Class A Ordinary Shares Subje_4
Class A Ordinary Shares Subject to Possible Redemption (Details) - Schedule of Subject to Possible Redemption Reflected on the Condensed Consolidated Balance Sheets - Common Stock Subject to Possible Redemption [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Temporary Equity [Line Items] | ||
Gross proceeds from Initial Public Offering | $ 300,000,000 | |
Less: | ||
Fair value of Public Warrants at issuance | (11,113,500) | |
Offering Costs allocated to Class A ordinary shares subject to possible redemption | (17,088,566) | |
Plus: | ||
Redemption | $ (290,375,948) | |
Increase in redemption value of Class A ordinary shares subject to possible redemption | 3,339,718 | 38,365,280 |
Class A ordinary shares subject to possible redemption | $ 23,126,984 | $ 310,163,214 |
Shareholders' Deficit (Details)
Shareholders' Deficit (Details) - $ / shares | 9 Months Ended | 12 Months Ended | |||||
Nov. 15, 2021 | Nov. 09, 2021 | Nov. 09, 2021 | Jul. 02, 2021 | Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Shareholders' Deficit (Details) [Line Items] | |||||||
Preference shares authorized | 5,000,000 | 5,000,000 | |||||
Preference shares issued | |||||||
Preference shares outstanding | |||||||
Shares issued | 10,000,000 | ||||||
Shares outstanding | 10,005,000 | 10,005,000 | 10,000,000 | ||||
Shares subject to forfeiture | 1,305,000 | ||||||
Over-Allotment Option [Member] | |||||||
Shareholders' Deficit (Details) [Line Items] | |||||||
Shares subject to forfeiture | 1,305,000 | ||||||
Forfeited shares | 15,000 | 5,000 | |||||
Class A Ordinary Shares [Member] | |||||||
Shareholders' Deficit (Details) [Line Items] | |||||||
Common stock, shares authorized | 500,000,000 | 500,000,000 | |||||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | |||||
Common stock, voting rights | one | ||||||
Shares issued | 13,433,794 | 13,433,794 | |||||
Shares outstanding | 31,322,000 | 31,322,000 | |||||
Common stock subject to possible redemption | 2,111,794 | 30,000,000 | |||||
Common stock, shares outstanding | 11,322,000 | 1,322,000 | |||||
Common stock, shares issued | 11,322,000 | 1,322,000 | |||||
Class A Ordinary Shares [Member] | Common Stock [Member] | |||||||
Shareholders' Deficit (Details) [Line Items] | |||||||
Common stock, par value (in Dollars per share) | $ 0.0001 | ||||||
Class B Ordinary Shares [Member] | |||||||
Shareholders' Deficit (Details) [Line Items] | |||||||
Common stock, shares authorized | 50,000,000 | 50,000,000 | |||||
Common stock, par value (in Dollars per share) | $ 0.00009 | $ 0.00009 | $ 0.00009 | $ 0.00009 | |||
Shares issued | 0 | ||||||
Shares outstanding | 0 | ||||||
Common stock, shares outstanding | 10,000,000 | 10,005,000 | 10,005,000 | 8,625,000 | 0 | 10,000,000 | |
Common stock, shares issued | 10,000,000 | 10,005,000 | 10,005,000 | 8,625,000 | 0 | 10,000,000 | |
Dividend share | 379,500 | ||||||
Stock conversion percentage threshold | 25% | ||||||
Class B Ordinary Shares [Member] | Over-Allotment Option [Member] | |||||||
Shareholders' Deficit (Details) [Line Items] | |||||||
Percentage of common stock issued and outstanding | 25% | ||||||
Forfeited shares | 5,000 | ||||||
Class B Ordinary Shares [Member] | Common Stock [Member] | |||||||
Shareholders' Deficit (Details) [Line Items] | |||||||
Common stock, par value (in Dollars per share) | $ 0.00009 |
Warrants (Details)
Warrants (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Nov. 15, 2021 | |
Warrants [Line Items] | ||
Exercisable price | $ 11.5 | |
Issue price per ordinary share | $ 0.12 | $ 10.2 |
Public Warrants [Member] | ||
Warrants [Line Items] | ||
Warrants outstanding (in Shares) | 15,000,000 | |
Issue price per ordinary share | $ 9.2 | |
Aggregate gross proceeds percent | 60% | |
Trading days | 20 days | |
Volume weighted average trading price of shares | $ 9.2 | |
Exercise price of warrants as a percentage of newly issued share price | 115% | |
Redemption trigger price per share | $ 18 | |
Private Placement [Member] | ||
Warrants [Line Items] | ||
Warrants outstanding (in Shares) | 661,000 | |
Private Placement Warrants [Member] | ||
Warrants [Line Items] | ||
Price per warrant | $ 0.01 | |
Prior written notice of redemption | 30 days | |
Newly adjusted issue share price | $ 18 | |
Class A Ordinary Shares [Member] | ||
Warrants [Line Items] | ||
Issue price per ordinary share | $ 12 | |
Class A Ordinary Shares [Member] | Public Warrants [Member] | ||
Warrants [Line Items] | ||
Exercise price of warrants as a percentage of newly issued share price | 180% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value Measurements [Line Items] | |||
Consolidated balance sheets | $ 525,824 | $ 525,824 | |
Related party, fair value | 512,000 | ||
Fair value amount | 525,824 | ||
Change in value recorded | 13,824 | ||
Termination income | 4,070,807 | ||
Level 3 [Member] | Public Warrants [Member] | Fair Value, Recurring [Member] | |||
Fair Value Measurements [Line Items] | |||
Estimated fair value of public warrants | $ 10,500,000 |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details) - Schedule of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis - Fair Value, Recurring [Member] - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Investments held in Trust Account – Money market fund | $ 23,226,984 | $ 310,263,214 |
Investment in Qenta Equity | ||
Liabilities: | ||
Convertible note – related party | ||
Fair Value, Inputs, Level 1 [Member] | Public Warrants [Member] | ||
Liabilities: | ||
Derivative warrant liabilities | ||
Fair Value, Inputs, Level 1 [Member] | Private Placement Warrants [Member] | ||
Liabilities: | ||
Derivative warrant liabilities | ||
Fair Value, Inputs, Level 1 [Member] | Forward Purchase Agreement [Member] | ||
Liabilities: | ||
Forward Purchase Agreement | ||
Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Investments held in Trust Account – Money market fund | ||
Liabilities: | ||
Convertible note – related party | ||
Fair Value, Inputs, Level 2 [Member] | Public Warrants [Member] | ||
Liabilities: | ||
Derivative warrant liabilities | 748,500 | 900,000 |
Fair Value, Inputs, Level 2 [Member] | Private Placement Warrants [Member] | ||
Liabilities: | ||
Derivative warrant liabilities | ||
Fair Value, Inputs, Level 2 [Member] | Forward Purchase Agreement [Member] | ||
Liabilities: | ||
Forward Purchase Agreement | ||
Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Investments held in Trust Account – Money market fund | ||
Investment in Qenta Equity | 4,070,807 | |
Liabilities: | ||
Convertible note – related party | 525,824 | 525,824 |
Fair Value, Inputs, Level 3 [Member] | Public Warrants [Member] | ||
Liabilities: | ||
Derivative warrant liabilities | ||
Fair Value, Inputs, Level 3 [Member] | Private Placement Warrants [Member] | ||
Liabilities: | ||
Derivative warrant liabilities | 32,984 | 39,660 |
Fair Value, Inputs, Level 3 [Member] | Forward Purchase Agreement [Member] | ||
Liabilities: | ||
Forward Purchase Agreement | $ 641,567 |
Fair Value Measurements (Deta_3
Fair Value Measurements (Details) - Schedule of Fair Value Measurement Inputs at their Measurement Dates for the Derivative Private Placement Warrant Liabilities - Level 3 [Member] | Dec. 31, 2023 | Dec. 31, 2022 |
Expected Stock Price as of Business Combination Date [Member] | ||
Schedule of Fair Value Measurement Inputs at their Measurement Dates for the Derivative Private Placement Warrant Liabilities [Line Items] | ||
Private Placement warrant liabilities | 11.5 | 11.5 |
Purchase Agreement derivative liabilities | 11.45 | 10.51 |
Stock Price as of Valuation Date [Member] | ||
Schedule of Fair Value Measurement Inputs at their Measurement Dates for the Derivative Private Placement Warrant Liabilities [Line Items] | ||
Private Placement warrant liabilities | 10.87 | 10.24 |
Purchase Agreement derivative liabilities | 10.8 | 10.24 |
Measurement Input, Price Volatility [Member] | ||
Schedule of Fair Value Measurement Inputs at their Measurement Dates for the Derivative Private Placement Warrant Liabilities [Line Items] | ||
Private Placement warrant liabilities | 3.5 | 1.5 |
Investment Asset | 61.3 | |
Expected Time to Liquidity Event [Member] | ||
Schedule of Fair Value Measurement Inputs at their Measurement Dates for the Derivative Private Placement Warrant Liabilities [Line Items] | ||
Private Placement warrant liabilities | 5 | 5 |
Investment Asset | 1.5 | |
Measurement Input, Risk Free Interest Rate [Member] | ||
Schedule of Fair Value Measurement Inputs at their Measurement Dates for the Derivative Private Placement Warrant Liabilities [Line Items] | ||
Private Placement warrant liabilities | 2 | 2 |
Purchase Agreement derivative liabilities | 4.74 | 4.18 |
Investment Asset | 4.83 | |
Measurement Input, Expected Dividend Rate [Member] | ||
Schedule of Fair Value Measurement Inputs at their Measurement Dates for the Derivative Private Placement Warrant Liabilities [Line Items] | ||
Private Placement warrant liabilities | 0 | 0 |
Probability of a Business Combination Close [Member] | ||
Schedule of Fair Value Measurement Inputs at their Measurement Dates for the Derivative Private Placement Warrant Liabilities [Line Items] | ||
Purchase Agreement derivative liabilities | 1 | 1.5 |
Discount of Lack of Marketability [Member] | ||
Schedule of Fair Value Measurement Inputs at their Measurement Dates for the Derivative Private Placement Warrant Liabilities [Line Items] | ||
Investment Asset | 15 |
Fair Value Measurements (Deta_4
Fair Value Measurements (Details) - Schedule of Change in the Fair Value of Derivative Assets and Liabilities, Measured Using Level 3 Inputs - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Change in the Fair Value of Derivative Assets and Liabilities, Measured Using Level 3 Inputs [Line Items] | ||
Fair Valued Asset | ||
Change in fair value of Fair Valued Assets | 4,070,807 | |
Fair Valued Asset | 32,984 | |
Derivative warrant liabilities | 681,227 | 10,962,700 |
Transfer of Public Warrants to Level 1 | (10,500,000) | |
Issuance of Forward Purchase Agreement | 527,000 | |
Change in fair value of derivative liabilities | (648,243) | (308,473) |
Derivative warrant liabilities | $ 32,984 | $ 681,227 |
Fair Value Measurements (Deta_5
Fair Value Measurements (Details) - Schedule of Fair Value of the Convertible Note Related Party - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Fair Value of the Convertible Note Related Party [Abstract] | |||
Working capital loan – related party—Level 3 measurement | $ 525,824 | $ 525,824 | |
Proceeds from the convertible note—related party | 512,000 | ||
Change in fair value of convertible note—related party—Level 3 measurement | $ 13,824 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | 12 Months Ended | ||
Apr. 09, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Subsequent Events [Line Items] | |||
Debt Instrument, Fee Amount | $ 5,000,000 | ||
Aggregate Shares | 4,000,000 | ||
Public shares | 12,500,000 | ||
Common Stock [Member] | |||
Subsequent Events [Line Items] | |||
Number of shares | 1 | ||
Class A Ordinary Shares [Member] | |||
Subsequent Events [Line Items] | |||
Number of shares | 11,322,000 | 1,322,000 | |
Common stock value issued | $ 700,000,000 | ||
Forecast [Member] | |||
Subsequent Events [Line Items] | |||
Non refundable shares | $ 1,000,000 |