Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 21, 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 | AIB ACQUISITION CORPORATION | ||
Entity Central Index Key | 0001882963 | ||
Entity File Number | 001-41230 | ||
Entity Tax Identification Number | 00-0000000 | ||
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 | $ 12,212,907.68 | ||
Entity Contact Personnel [Line Items] | |||
Entity Address, Address Line One | 875 Third Avenue | ||
Entity Address, Address Line Two | Suite M204A | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10022 | ||
Entity Phone Fax Numbers [Line Items] | |||
City Area Code | (212) | ||
Local Phone Number | 380-8128 | ||
Units, each consisting of one Class A Ordinary Share, par value $0.0001 per share and one right to receive one-tenth (1/10) of one Class A ordinary share | |||
Entity Listings [Line Items] | |||
Title of 12(b) Security | Units, each consisting of one Class A Ordinary Share, par value $0.0001 per | ||
Trading Symbol | AIBBU | ||
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 $0.0001 per share | ||
Trading Symbol | AIB | ||
Security Exchange Name | NASDAQ | ||
Rights, each entitling the holder to receive one-tenth (1/10) of one Class A Ordinary Share | |||
Entity Listings [Line Items] | |||
Title of 12(b) Security | Rights, each entitling the holder to receive one-tenth (1/10) of one Class A Ordinary Share | ||
Trading Symbol | AIBBR | ||
Security Exchange Name | NASDAQ | ||
Class A Ordinary Shares | |||
Entity Listings [Line Items] | |||
Entity Common Stock, Shares Outstanding | 3,612,025 | ||
Class B Ordinary Shares | |||
Entity Listings [Line Items] | |||
Entity Common Stock, Shares Outstanding | 1 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor [Table] | |
Auditor Name | UHY LLP |
Auditor Firm ID | 1195 |
Auditor Location | New York |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
CURRENT ASSETS | ||
Cash | $ 114,709 | $ 44,217 |
Prepaid expenses - current | 38,370 | 67,963 |
TOTAL CURRENT ASSETS | 153,079 | 112,180 |
Investments held in Trust Account | 11,315,193 | 88,525,575 |
TOTAL ASSETS | 11,468,272 | 88,637,755 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 653,733 | 130,491 |
TOTAL CURRENT LIABILITIES | 2,245,287 | 171,956 |
LONG TERM LIABILITIES | ||
Deferred underwriting fee - non-current | 3,018,750 | 3,018,750 |
TOTAL LIABILITIES | 5,264,037 | 3,190,706 |
COMMITMENTS AND CONTINGENCIES | ||
REDEEMABLE CLASS A ORDINARY SHARES | ||
Class A ordinary shares subject to possible redemption, $0.0001 par value, 984,801 and 8,625,000 shares at redemption value of $11.49 and $10.26 per share at December 31, 2023 and 2022, respectively | 11,315,193 | 88,525,575 |
SHAREHOLDERS’ DEFICIT | ||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | ||
Additional paid-in capital | ||
Accumulated deficit | (5,111,220) | (3,078,788) |
TOTAL SHAREHOLDERS’ DEFICIT | (5,110,958) | (3,078,526) |
TOTAL LIABILITIES, REDEEMABLE CLASS A ORDINARY SHARES, AND SHAREHOLDERS’ DEFICIT | 11,468,272 | 88,637,755 |
Class A Ordinary Shares | ||
SHAREHOLDERS’ DEFICIT | ||
Common stock value | 262 | 47 |
Class B Ordinary Shares | ||
SHAREHOLDERS’ DEFICIT | ||
Common stock value | 215 | |
Related Party | ||
CURRENT LIABILITIES | ||
Promissory note - related party | 600,000 | |
Advance from related party | 491,554 | 41,465 |
Convertible note - related party | $ 500,000 |
Balance Sheets (Parentheticals)
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 | 1,000,000 | 1,000,000 |
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 a redemption | 984,801 | 8,625,000 |
Ordinary shares subject to possible redemption, per share (in Dollars per share) | $ 11.49 | $ 10.26 |
Ordinary shares par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Ordinary shares, authorized | 50,000,000 | 50,000,000 |
Ordinary shares, shares issued | 2,627,224 | 470,975 |
Ordinary shares, shares outstanding | 2,627,224 | 470,975 |
Class B Ordinary Shares | ||
Ordinary shares par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Ordinary shares, authorized | 3,000,000 | 3,000,000 |
Ordinary shares, shares issued | 1 | 2,156,250 |
Ordinary shares, shares outstanding | 1 | 2,156,250 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
General and administrative expenses | $ 1,432,432 | $ 824,664 |
Loss from operations | (1,432,432) | (824,664) |
Other income: | ||
Interest and dividends earned on investments held in Trust Account | 699,124 | 1,383,127 |
Unrealized gain on investments held in Trust Account | 29,948 | |
Total other income | 699,124 | 1,413,075 |
Net (loss) income | $ (733,308) | $ 588,411 |
Redeemable Class A Ordinary Shares | ||
Other income: | ||
Weighted average shares of ordinary shares outstanding, basic and diluted (in Shares) | 1,353,033 | 8,128,767 |
Basic and diluted net income per share (in Dollars per share) | $ 0.45 | $ 0.47 |
Non-Redeemable Class A Ordinary Shares | ||
Other income: | ||
Weighted average shares of ordinary shares outstanding, basic and diluted (in Shares) | 914,040 | 443,878 |
Basic and diluted net income per share (in Dollars per share) | $ (0.51) | $ (1.26) |
Class B Ordinary Shares | ||
Other income: | ||
Weighted average shares of ordinary shares outstanding, basic and diluted (in Shares) | 1,713,185 | 2,156,250 |
Basic and diluted net income per share (in Dollars per share) | $ (0.51) | $ (1.26) |
Statements of Operations (Paren
Statements of Operations (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Redeemable Class A Ordinary Shares | ||
Weighted average shares outstanding, diluted | 1,353,033 | 8,128,767 |
Diluted net income per share | $ 0.45 | $ 0.47 |
Non-Redeemable Class A Ordinary Shares | ||
Weighted average shares outstanding, diluted | 914,040 | 443,878 |
Diluted net income per share | $ (0.51) | $ (1.26) |
Class B Ordinary Shares | ||
Weighted average shares outstanding, diluted | 1,713,185 | 2,156,250 |
Diluted net income per share | $ (0.51) | $ (1.26) |
Statements of Changes in Shareh
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 | $ 215 | $ 24,785 | $ (23,277) | $ 1,723 | |
Balance (in Shares) at Dec. 31, 2021 | 2,156,250 | ||||
Proceeds from Initial Public Offering (net of offering costs) | 5,844,179 | 5,844,179 | |||
Sale of Private Units | $ 39 | 3,887,461 | 3,887,500 | ||
Sale of Private Units (in Shares) | 388,750 | ||||
Representative Shares Issuance | $ 8 | 597,992 | 598,000 | ||
Representative Shares Issuance (in Shares) | 82,225 | ||||
Excess Value of Unit Purchase Option | 56,000 | 56,000 | |||
Accretion for Class A Ordinary Shares to redemption value | (10,410,417) | (2,230,847) | (12,641,264) | ||
Subsequent accretion for Class A Ordinary Shares to redemption value | (1,413,075) | (1,413,075) | |||
Net income (loss) | 588,411 | 588,411 | |||
Balance at Dec. 31, 2022 | $ 47 | $ 215 | (3,078,788) | (3,078,526) | |
Balance (in Shares) at Dec. 31, 2022 | 470,975 | 2,156,250 | |||
Accretion for Class A Ordinary Shares to redemption value | (1,299,124) | (1,299,124) | |||
Conversion of Class B shares | $ 215 | $ (215) | |||
Conversion of Class B shares (in Shares) | 2,156,249 | (2,156,249) | |||
Net income (loss) | (733,308) | (733,308) | |||
Balance at Dec. 31, 2023 | $ 262 | $ (5,111,220) | $ (5,110,958) | ||
Balance (in Shares) at Dec. 31, 2023 | 2,627,224 | 1 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash Flows from Operating Activities: | ||
Net (loss) income | $ (733,308) | $ 588,411 |
Adjustments to reconcile (loss) income to net cash used in operating activities: | ||
Interest and dividends earned on investments held in Trust Account | (699,124) | (1,383,127) |
Unrealized gain on investments held in Trust Account | (29,948) | |
Prepaid expenses and other assets | 29,593 | (67,963) |
Advance from related party | 10,000 | |
Accounts payable and accrued expenses | 523,242 | 113,849 |
Net cash used in operating activities | (869,597) | (778,778) |
Cash Flows from Investing Activities: | ||
Cash deposited to Trust Account | (600,000) | (87,112,500) |
Cash withdrawn from Trust Account in connection with redemption | 78,509,506 | |
Net cash provided by (used in) investing activities | 77,909,506 | (87,112,500) |
Cash Flows from Financing Activities: | ||
Payment of offering costs | (291,340) | |
Proceeds from the Initial Public Offering, net of underwriters’ discount | 84,525,000 | |
Proceeds from private placement | 3,861,055 | |
Advances from related party | 545,466 | 67,910 |
Repayment of advances from related party | (105,377) | |
Proceeds from notes payable - related party | 600,000 | |
Proceeds from convertible promissory note - related party | 500,000 | |
Repayment of promissory note - related party | (272,500) | |
Redemption of common stock | (78,509,506) | |
Net cash (used in) provided by financing activities | (76,969,417) | 87,890,125 |
Net Change in Cash | 70,492 | (1,153) |
Cash – Beginning of period | 44,217 | 45,370 |
Cash – End of period | 114,709 | 44,217 |
Non-cash investing and financing activities: | ||
Deferred underwriting commissions payable charged to additional paid in capital | 3,018,750 | |
Advance to related party offset against advance from related party | 26,445 | |
Conversion Class B ordinary shares to Class A ordinary shares | 215 | |
Accretion for Class A ordinary shares to redemption amount | $ 1,299,124 | $ 14,054,339 |
Organization and Plan of Busine
Organization and Plan of Business Operations | 12 Months Ended |
Dec. 31, 2023 | |
Organization and Plan of Business Operations [Abstract] | |
ORGANIZATION AND PLAN OF BUSINESS OPERATIONS | NOTE 1 — ORGANIZATION AND PLAN OF BUSINESS OPERATIONS AIB Acquisition Corporation (the “Company”) is a blank check company incorporated as a Cayman Islands exempted company on June 18, 2021. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses (“Business Combination”). The Company is not limited to a particular industry or geographic region for purposes of completing a Business Combination, although the Company is focused on business in the fintech industry. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. As of December 31, 2023, the Company had not commenced any operations. All activity from June 18, 2021 (inception) through December 31, 2023 relates to the Company’s formation and IPO (as defined below), and, since the IPO, the search for and consummation of 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 will generate non-operating income in the form of interest income earned on investments from the proceeds derived from the IPO. The Company’s Registration Statement on Form S-1 initially filed with the Securities and Exchange Commission (“SEC”) on January 5, 2022 (File No. 333-260594), as amended, was declared effective on January 18, 2022). On January 21, 2022, the Company consummated its initial public offering (the “IPO”) of 7,500,000 units (“Units” and, with respect to the (i) shares of Class A Ordinary Shares (as defined below) included in the Units, the “Public Shares” and (ii) rights included in the Units offered, the “Public Rights”) , generating gross proceeds of $225,000,000 (see Note 3 $0.0001 per share, of the Company (the “Class A Ordinary Shares”) Simultaneously with the closing of the IPO, the Company consummated the sale of 355,000 units (the “Private Units”) at a price of $10.00 per Private Unit in a private placement (the “Private Placement”) to the Company’s sponsor, AIB LLC (the “Sponsor”), and Maxim Group, LLC (“Maxim”) generating gross proceeds of $3,550,000 (see Note 4). Simultaneously with the closing of the IPO and the Private Placement, the Company consummated the closing of the sale of 1,125,000 additional units (the “Overallotment Units”) upon receiving notice of the underwriter’s election to fully exercise its overallotment option, generating additional gross proceeds of $11,250,000. Simultaneously with the exercise of the Overallotment Units, the Company consummated the private placement of an additional 33,750 Private Units to the Sponsor and Maxim, generating gross proceeds of $337,500. Offering costs for the IPO and Overallotment Units amounted to $5,941,695, consisting of $1,725,000 of underwriting fees, consisting of $1,725,000 of underwriting fees, $3,018,750 of deferred underwriting fees payable (which are held in the Trust Account (as defined below), $56,000 for the underwriter’s unit purchase option (see Note 6), $598,000 for the issuance of representative shares to the underwriters, and $543,945 of other costs. As described in Note 6, the $3,018,750 of deferred underwriting fees payable is contingent upon the consummation of a Business Combination, subject to the terms of the underwriting agreement entered into in connection with the IPO. Following the closing of the IPO, the Private Placement and sale of the Overallotment Units, $87,112,500 ($10.10 per Unit) from the net proceeds of the sale of the Units in the IPO, Overallotment Units, and the Private Units in the Private Placement were placed in a U.S.-based trust account (the “Trust Account”) with Continental Stock Transfer & Trust Company (“Continental”) as trustee The Company’s management (“Management”) has broad discretion with respect to the specific application of the net proceeds of the IPO and the Private Placement, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the assets held in the Trust Account (excluding the amounts due under the Business Combination marketing agreement and taxes payable on income earned on the Trust Account) at the time of the agreement to enter into the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance the Company will be able to successfully effect a Business Combination. The Company will provide the holders of the outstanding Public Shares (the “Public 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 Business Combination or conduct a tender offer will be made by the Company. The Public Shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account, which, as of December 31, 2023, was $11.44 per Public Share, plus any pro rata interest then in the Trust Account, net of taxes payable. All of the Public Shares contain a redemption feature that allows for the redemption of such Public Shares in connection with the Company’s liquidation, if there is a shareholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s amended and restated memorandum and articles of incorporation (the “Amended and Restated Charter”). In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity” (“ASC 480”) Subtopic 10-S99, redemption provisions not solely within the control of a company require Class A ordinary shares subject to redemption to be classified outside of permanent equity. Given that the Public Shares are issued with other freestanding instruments (i.e., the Public Rights), the initial carrying value of the Public Shares classified as temporary equity is the allocated proceeds determined in accordance with FASB ASC Topic 470-20 “Debt with Conversion and other Options”. The Public Shares are subject to ASC 480 Subtopic 10-S99. If it is probable that the equity instrument will become redeemable, the Company has the option to either (i) accrete changes in the redemption value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable, if later) to the earliest redemption date of the instrument or (ii) recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Company has elected to recognize the changes immediately. While redemptions cannot cause the Company’s net tangible assets to fall below $5,000,001, the Public Shares are redeemable and are classified as such on the balance sheet until such date that a redemption event takes place. Redemptions of the Public Shares may be subject to the satisfaction of conditions, including minimum cash conditions, pursuant to an agreement relating to the Business Combination. If the Company seeks shareholder approval of the Business Combination, the Company will proceed with a Business Combination if a majority of the shares voted are voted in favor of the Business Combination, or such other vote as required by law or stock exchange rule. If a shareholder vote is not required by applicable law or stock exchange listing requirements and the Company does not decide to hold a shareholder vote for business or other reasons, the Company will, pursuant to its Amended and Restated Charter, conduct the redemptions pursuant to the tender offer rules of the SEC and file tender offer documents with the SEC prior to completing a Business Combination. If, however, shareholder approval of the transaction is required by applicable law or stock exchange listing requirements, or the Company decides to obtain shareholder approval for business or other reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks shareholder approval in connection with a Business Combination, the Sponsor and other holders of our Founder Shares (as defined in Note 5) prior to our Initial Public Offering (the “Initial Shareholders”) have agreed to vote their Founder Shares and any Public Shares purchased during or after the IPO in favor of approving a Business Combination. Additionally, each Public Shareholder may elect to redeem their Public Shares without voting, and if they do vote, irrespective of whether they vote for or against the proposed transaction. Notwithstanding the foregoing, the Amended and Restated Charter provides 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 under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the Public Shares sold in the IPO, without the prior consent of the Company. The Sponsor, officers and directors have agreed not to propose an amendment to the Amended and Restated Charter that would affect the substance or timing of the Company’s obligation to redeem 100% of its Public Shares if the Company does not complete a Business Combination, unless the Company provides the Public Shareholders with the opportunity to redeem their Class A Ordinary Shares in conjunction with any such amendment. The Initial Shareholders have also agreed to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period (as defined below). However, if the Initial Shareholders should acquire Public Shares in or after the IPO, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to its deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) may be less than $11.44 per share held in the Trust Account as of December 31, 2023. In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account. This liability will not apply with respect to any claims by a third party who executed a waiver of any right, title, interest or claim of any kind in or to any monies held in the Trust Account or to any claims under the Company’s indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers, prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. Extensions of the Combination Period The Company initially had until January 21, 2023, 12 months from the closing of the Initial Public Offering, to consummate the initial Business Combination. On January 18, 2023, the Company held an extraordinary general meeting of shareholders (the “First Extension Meeting”) and approved, among other things, amendments to the second amended and restated memorandum and articles of association (the “First Extension Amendment”) to (i) extend the date by which we must consummate an initial Business Combination from January 21, 2023 to October 21, 2023, and (ii) to permit the board of directors of the Company (the “Board”), in its sole discretion, to elect to wind up the Company’s operations on an earlier date than October 21, 2023. In connection with the vote to approve the First Extension Amendment and the Trust Amendment (as defined below), Public Shareholders holding 7,623,698 Ordinary Shares exercised their right to redeem such shares for a pro rata portion of the Trust Account. As a result, an aggregate amount of $78,324,476 (approximately $10.27 per share) was removed from the Trust Account to pay such holders. On January 19, 2023, upon the shareholders’ approval of the trust amendment proposal at the First Extension Meeting, the Company entered into an amendment (the “Trust Amendment”) to the Investment Management Trust Agreement, dated January 18, 2022 (the “Trust Agreement”), by and between the Company and Continental, to extend the date by which the Company would be required to consummate a Business Combination from January 21, 2023 to October 21, 2023, or such earlier date as determined by the Board, in its sole discretion. On October 19, 2023, the Company held an extraordinary general meeting of shareholders in lieu of an annual meeting of shareholders (the “Second Extension Meeting”) and approved, among other things, an amendment to the Amended and Restated Charter to extend the date by which the Company has to consummate an initial Business Combination from October 21, 2023 to January 21, 2025, or such earlier date as determined by the Board (the “Second Extension Amendment”). In connection with vote to approve the Second Extension Amendment, Public Shareholders holding 16,501 Ordinary Shares exercised their right to redeem such shares for a pro rata portion of the Trust Account. As a result, $185,030 (approximately $11.21 per share) was removed from the Trust Account to pay such holders. If the Company is unable to complete a Business Combination by January 21, 2025, the extended date (the “Combination Period”), the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to the Company to pay (i) its income and franchise taxes and (ii) up to $100,000 of dissolution expenses, if any, divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Board, dissolve and liquidate, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. Founder Share Conversion On October 18, 2023, the Company issued an aggregate of 2,156,249 Class A Ordinary Shares, to the Sponsor of the Company, upon the conversion (the “Conversion”) of an equal number of the Company’s Class B ordinary shares, par value $0.0001 per share (“Class B Ordinary Shares”, and together with the Class A Ordinary Shares, the “Ordinary Shares”), held by the Sponsor (Note 5). The 2,156,249 Class A Ordinary Shares issued in connection with the Conversion are subject to the same restrictions as applied to the Class B Ordinary Shares before the Conversion, including, among other things, certain transfer restrictions, waiver of redemption rights and the obligation to vote in favor of an initial Business Combination as described in the Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (this “Report”), to which the accompanying financial statements and these notes form a part Nasdaq Notices On May 11, 2023, the Company received two deficiency letter (the “First Nasdaq Letter”) and (the “Second Nasdaq Letter”) from the Listing Qualifications Department (the “Nasdaq Staff”) of the Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, for the preceding 30 consecutive business days, the Company’s Market Value of Listed Securities (“MVLS”) was below the $50 million minimum requirement for continued inclusion on The Nasdaq Global Market pursuant to Nasdaq Listing Rule 5450(b)(2)(A) (the “MVLS Requirement”) and the Company’s Market Value of Publicly Held Shares (“MVPHS”) was below the $15 million minimum requirement for continued inclusion on The Nasdaq Global Market pursuant to Nasdaq Listing Rule 5450(b)(3)(C) (the “MVPHS Requirement”). The First Nasdaq Letter and Second Nasdaq Letter received had no immediate effect on the Company’s Nasdaq listing. The Nasdaq Listing Rules provided the Company a compliance period of 180 calendar days in which to regain compliance. If at any time during this compliance period, the Company’s MVLS closed at $50 million or more and the Company’s MVPHS closed at $15 million or more for a minimum of ten consecutive business days, Nasdaq would provide the Company written confirmation of compliance. On September 25, 2023, the Company received a deficiency letter (the “Third Nasdaq Letter”) from the Nasdaq Staff notifying the Company that the Company’s Public Holders were below the 400 Public Holders minimum requirement for continued inclusion on The Nasdaq Global Market pursuant to Nasdaq Listing Rule 5450(a)(2) (the “Public Holders Requirement”). The Third Nasdaq Letter had no immediate effect on the Company’s Nasdaq listing. The Nasdaq rules provided the Company 45 calendar days to submit a plan to regain compliance and a compliance period of up to 180 calendar days in which to evidence compliance. On November 22, 2023, the Company received a notice (the “Nasdaq Notice”) from the Nasdaq Staff indicating that since it received the First Nasdaq Letter and Second Nasdaq Letter, the Company had not regained compliance with either of the MVLS Requirement or the MVPHS Requirement. Pursuant to the Notice, unless a hearing is timely requested before the Nasdaq Hearings Panel (the “Panel”), the Company’s securities would be subject to suspension and delisting from The Nasdaq Global Market at the opening of business on December 1, 2023, and a Form 25-NSE would be filed with the SEC, which would remove the Company’s securities from listing and registration on Nasdaq. Alternatively, the Company could consider applying to list its securities on The Nasdaq Capital Market, provided the Company satisfies the requirements for continued listing on that market. The Nasdaq Capital Market is a continuous trading market that operates in substantially the same manner as The Nasdaq Global Market. In connection with the First Nasdaq Letter, Second Nasdaq Letter and Third Nasdaq Letter, the Company timely requested a hearing before the Panel. (See Note 9). PSI Business Combination On December 27, 2023, the Company entered into the PSI Business Combination Agreement with the Sponsor, Pubco, First Merger Sub, Second Merger Sub, and PSI (see Note 6). Risks and Uncertainties The Company’s results of operations and its ability to complete an initial Business Combination may be adversely affected by various factors that could cause economic uncertainty and volatility in the financial markets, many of which are beyond our control. The Company’s business could be impacted by, among other things, downturns in the financial markets or in economic conditions, increases in oil prices, inflation, increases in interest rates, supply chain disruptions, declines in consumer confidence and spending, including resurgences and the emergence of new variants, and geopolitical instability, such as the military conflict in Ukraine and the Middle East. The Company cannot at this time fully predict the likelihood of one or more of the above events, their duration or magnitude or the extent to which they may negatively impact our business and the Company’s ability to complete an initial Business Combination. On August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for, among other things, a new U.S. federal 1% excise tax on certain repurchases (including redemptions) of stock by publicly traded domestic (i.e., U.S.) corporations and certain domestic subsidiaries of publicly traded foreign corporations. The excise tax is imposed on the repurchasing corporation itself, not its shareholders from which shares are repurchased. The amount of the excise tax is generally 1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the excise tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year. In addition, certain exceptions apply to the excise tax. The U.S. Department of the Treasury (the “Treasury”) has been given authority to provide regulations and other guidance to carry out and prevent the abuse or avoidance of the excise tax. The IR Act applies only to repurchases that occur after December 31, 2022. Any redemption or other repurchase that occurs after December 31, 2022, in connection with a Business Combination, extension vote or otherwise, may be subject to the excise tax. Whether and to what extent the Company would be subject to the excise tax in connection with a Business Combination, extension vote or otherwise would depend on a number of factors, including (i) the fair market value of the redemptions and repurchases in connection with the Business Combination, extension or otherwise, (ii) the structure of a Business Combination, (iii) the nature and amount of any “PIPE” or other equity issuances in connection with a Business Combination (or otherwise issued not in connection with a Business Combination but issued within the same taxable year of a Business Combination) and (iv) the content of regulations and other guidance from the Treasury. In addition, because the excise tax would be payable by the Company and not by the redeeming holder, the mechanics of any required payment of the excise tax have not been determined. The foregoing could cause a reduction in the cash available on hand to complete a Business Combination and in the Company’s ability to complete a Business Combination. Because there is a possibility that the Company may acquire a U.S. domestic corporation or engage in a transaction in which a domestic corporation becomes our parent or our affiliate and the Company’s securities trade on Nasdaq, the Company may become a “covered corporation”. Liquidity, Capital Resources and Going Concern As of December 31, 2023, the Company had $114,709 in its operating bank account and working capital deficit of $1,592,208, which excludes investments held in the Trust Account, the liability for convertible note and deferred underwriting fee. 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, provide the Company with working capital. If the Company’s estimate of the costs of identifying a target business, undertaking in-depth due diligence and negotiating a Business Combination are less than the actual amount necessary to do so, the Company may have insufficient funds available to operate its business prior to our Business Combination. Moreover, it may need to obtain other financing either to complete our Business Combination or because it becomes obligated to redeem a significant number of the Public Shares upon consummation of our Business Combination, in which case it may issue additional securities or incur debt in connection with such Business Combination. Subject to compliance with applicable securities laws, the Company would only complete such financing simultaneously with the completion of the Business Combination. If the Company is unable to complete the Business Combination because it does not have sufficient funds available to it, the Company will be forced to cease operations and liquidate the Trust Account. In addition, following the Business Combination, if cash on hand is insufficient, we may need to obtain additional financing in order to meet our obligations. On January 19, 2023, upon the shareholders’ approval of the Extension Amendment and the Trust Amendment, the Company entered into the Trust Amendment to extend the date by which the Company would be required to consummate a Business Combination from January 21, 2023 to October 21, 2023, or such earlier date as determined by the Board, in its sole discretion. Subsequently, on October 19, 2023, upon the shareholders’ approval of the Second Extension Amendment, the Company entered into the Second Extension Amendment to extend the date by which the Company would be required to consummate a Business Combination from October 21, 2023 to January 21, 2025, or such earlier date as determined by the Board, in its sole discretion. As a result, the Company has up to 36 months from the closing of the IPO on January 21, 2022 to consummate a Business Combination, unless further extended as permitted by the Amended and Restated Charter. It is uncertain that the Company will be able to consummate a Business Combination by this time. If a Business Combination is not consummated by this date, there will be a mandatory liquidation and subsequent dissolution. In connection with the Company’s assessment of going concern considerations in accordance with FASB ASC Topic 205-40, “Presentation of Financial Statements — Going Concern”, Management has determined that mandatory liquidation, should a Business Combination not occur, and potential subsequent dissolution raises substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time, which is considered to be one year from the issuance of the financial statements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying 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 (“GAAP”) and pursuant to the accounting and disclosure rules and regulations of the SEC. Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, 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 a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of Estimates The preparation of 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 financial statements and the reported amounts of expenses during the reporting period. Making estimates requires Management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which Management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had $114,709 and $44,217 in cash and did not have any cash equivalents as of December 31, 2023 and 2022, respectively. Investments Held in the Trust Account At December 31, 2023, substantially all of the assets held in the Trust Account were held in money market funds which are invested primarily in U.S. Treasury securities. At December 31, 2022, substantially all of the assets held in the Trust Account were held in U.S. Treasury securities. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheets at fair value at the end of each reporting period. Earnings on these trading securities are included in dividends, interest earned, and unrealized gain on investments held in the Trust Account in the accompanying statements of operations and are automatically reinvested therefore are considered as an adjustment to reconcile net income (loss) to net cash used in operating activities in the statements of cash flows. The fair value for these trading securities are determined using quoted market prices in active markets for identical assets. During the year ended December 31, 2023, interest and dividends earned from the Trust Account amounted to $699,124, which includes $50,030 of accrued dividends received in January 2024, and $699,124 was fully reinvested. There was $78,509,506 of withdrawal made during the year ended December 31, 2023 in connection with the shareholders’ votes at the First Extension Meeting and the Second Extension Meeting, in which shareholders holding 7,640,199 shares of the Ordinary Shares exercised their right to redeem such shares for a pro rata portion of the funds in the Trust Account. 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. Shares of Class A Ordinary Shares subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable Class A Ordinary Shares (including Class A Ordinary Shares that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, Class A Ordinary Shares are classified as shareholders’ equity. The Company’s Public Shares sold in the IPO feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. In connection with the First Extension Meeting held on January 18, 2023, shareholders holding 7,623,698 Public Shares exercised their right to redeem such shares for a pro rata portion of the funds in the Trust Account. In connection with the Second Extension Meeting held on October 19, 2023, shareholders holding 16,501 Public Shares exercised their right to redeem such shares for a pro rata portion of the funds in the Trust Account. Accordingly, on December 31, 2023 and 2022, 984,801 and 8,625,000 shares of Class A Ordinary Shares subject to possible redemption are presented as temporary equity, outside of the shareholders’ deficit section of the accompanying balance sheets, respectively. As of December 31, 2023 and 2022, the shares of Class A Ordinary Shares subject to possible redemption reflected on the accompanying balance sheets are reconciled on the following table: Gross proceeds $ 86,250,000 Less: Fair value of Public Rights at issuance (6,272,000 ) Class A Ordinary Shares issuance costs (5,506,764 ) Plus: Accretion of carrying value to redemption value 14,054,339 Class A Ordinary Shares subject to possible redemption, December 31, 2022 88,525,575 Less: Redemptions – January 18, 2023 and October 19, 2023 (78,509,506 ) Plus: Accretion of carrying value to redemption value 1,299,124 Class A Ordinary Shares subject to possible redemption, December 31, 2023 $ 11,315,193 Offering Costs associated with the Initial Public Offering Offering costs consist principally of legal, accounting, underwriting fees and other costs directly related to the IPO. Offering costs amounted to $5,941,695, which were charged against shareholders’ deficit upon the completion of the IPO. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Corporation limit of $250,000. As of December 31, 2023 and 2022, the Company has not experienced losses on these accounts and Management believes the Company is not exposed to significant risks on such account. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC Topic 820, “Fair Value Measurements and Disclosures,” equals or approximates the carrying amounts represented in the accompanying balance sheets, primarily due to their short-term nature. Income Taxes The Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes” (“ASC 740”), which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of December 31, 2023 and 2022. Management determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company is not currently aware of any issues under review that could result in significant payments, accruals, or material deviation from its position. The Company is subject to tax examinations by major taxing authorities since inception. There is currently no taxation imposed by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statements. Management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. The Company is a Cayman Islands exempted company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the period presented. Net Income (Loss) Per Ordinary Share The Company has two outstanding classes of Ordinary Shares, which are referred to as Class A Ordinary Shares and Class B Ordinary Shares. Class A Ordinary Shares include redeemable and non-redeemable shares. Earnings and losses are shared pro rata between the two classes of Ordinary Shares and between the redeemable and the non-redeemable Ordinary Shares. The 1,472,277 Class A Ordinary Shares for which the outstanding Rights (as defined in Note 5) are exercisable were excluded from diluted earnings per share for the period ended December 31, 2023 and 2022 because they are contingently exercisable, and the contingencies have not yet been met. As a result, diluted net loss per Ordinary Share is the same as basic net loss per Ordinary Share for the period. The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net loss per share for each class of Ordinary Shares. FOR THE YEAR ENDED DECEMBER 31, 2023 Redeemable Non-redeemable NUMERATOR Class A Class A Class B Numerator: Allocation of net loss $ (690,896 ) $ (466,735 ) $ (874,801 ) Net income including accretion of temporary equity to redemption value 1,299,124 — — Net income (loss) $ 608,228 $ (466,735 ) $ (874,801 ) Denominator: Weighted Average Shares Outstanding including Ordinary Shares subject to redemption 1,353,033 914,040 1,713,185 Basic and diluted net income (loss) per share $ 0.45 $ (0.51 ) $ (0.51 ) FOR THE YEAR ENDED DECEMBER 31, 2022 Redeemable Non-redeemable NUMERATOR Class A Class A Class B Numerator: Allocation of net loss $ (10,202,485 ) $ (557,115 ) $ (2,706,328 ) Accretion of temporary equity to redemption value 12,641,264 — — Net income including accretion of temporary equity to redemption value 1,413,075 — — Net income (loss) $ 3,851,854 $ (557,115 ) $ (2,706,328 ) Denominator: Weighted Average Shares Outstanding including Ordinary Shares subject to redemption 8,128,767 443,878 2,156,250 Basic and diluted net income (loss) per share $ 0.47 $ (1.26 ) $ (1.26 ) Recent Accounting Standards Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on our financial statements. |
Initial Public Offering
Initial Public Offering | 12 Months Ended |
Dec. 31, 2023 | |
Initial Public Offering [Abstract] | |
INITIAL PUBLIC OFFERING | NOTE 3 — INITIAL PUBLIC OFFERING Pursuant to the IPO, the Company sold 8,625,000 Units (including 1,125,000 Overallotment Units) at a price of $10.00 per Unit. Each Unit consists of one share of Public Shares and one Public Right. Each Public Right entitles the holder to receive one-tenth (1/10) of one Class A Ordinary Share upon the consummation of a Business Combination (see Note 7). |
Private Placement
Private Placement | 12 Months Ended |
Dec. 31, 2023 | |
Private Placement [Abstract] | |
PRIVATE PLACEMENT | NOTE 4 — PRIVATE PLACEMENT On January 21, 2022, simultaneously with the consummation of the IPO and sale of the Overallotment Units, the Company consummated the issuance and sale of 388,750 Private Units (including 33,750 Private Units purchased simultaneously with the Overallotment Units) in the Private Placement at a price of $10.00 per Private Unit, generating gross proceeds of $3,887,500 to the Sponsor (345,625 Private Units) and Maxim (43,125 Private Units). Each Private Unit consists of one share of Class A Ordinary Shares (“Private Share”) and one right (the “Private Rights” and together with the Public Rights, the “Rights”). Each Private Right will entitle the holder thereof to receive one-tenth (1/10) of one Class A Ordinary Share upon the consummation of a Business Combination. A portion of the proceeds from the Private Placement were added to the proceeds from the IPO to be held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Units will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law), and the Private Units and any underlying securities will be worthless. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 5 — RELATED PARTY TRANSACTIONS Founder Shares On July 30, 2021, the Sponsor purchased 1,437,500 Class B Ordinary Shares (the “Founder Shares”) for an aggregate price of $25,000 (see Note 7). On September 13, 2021, the Company effected a share dividend of 0.5 shares for each Class B Ordinary Share outstanding, resulting in an aggregate of 2,156,250 Founder Shares outstanding. The Founder Shares will automatically convert into shares of Class A Ordinary Shares at the time of the Business Combination and are subject to certain transfer restrictions (see Note 7). Holders of Founder Shares may also elect to convert their Class B Ordinary Shares into an equal number of shares of Class A Ordinary Shares, subject to adjustment, at any time. The Initial Shareholders agreed to forfeit up to 281,250 Founder Shares to the extent that the over-allotment option was not exercised in full by the underwriters. Since the overallotment option was exercised in full, the 281,250 Founder Shares are no longer subject to forfeiture. The Initial Shareholders have agreed, subject to limited exceptions, not to transfer, assign or sell any of their Founder Shares until the earlier to occur of: (A) six months after the completion of a Business Combination; and (B) subsequent to a Business Combination, (x) if the closing price of the Class A Ordinary Shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, amalgamation, share exchange, reorganization or other similar transaction that results in all of the Company’s shareholders having the right to exchange their Class A Ordinary Shares for cash, securities or other property. On October 18, 2023, the Company issued an aggregate of 2,156,249 of the Class A Ordinary Shares to the Sponsor, upon the conversion of an equal number of the Class B Ordinary Shares, held by the Sponsor. The 2,156,249 Class A Ordinary Shares issued in connection with the conversion are subject to the same restrictions as applied to the Class B Ordinary Shares before the conversion, including, among other things, certain transfer restrictions, waiver of redemption rights and the obligation to vote in favor of an initial Business Combination as described in the Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (this “Report”), to which the accompanying financial statements and these notes form a part. Administrative Support Agreement The Company pays the Sponsor a fee of up to $10,000 per month for the use of office and administrative support services following the consummation of the IPO until the earlier of the consummation of the Business Combination or liquidation for office space and administrative services. For the year ended December 31, 2023, the Company incurred $120,000 fees for these services, of which $10,000 is included in advance from related party in the accompanying balance sheets. For the year ended December 31, 2022, the Company incurred and paid $114,000 fees for these services. Related Party Loans In addition, in order to finance transaction costs in connection with a Business Combination, certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1.5 million of such Working Capital Loans may be convertible into units of the post Business Combination entity at a price of $10.00 per unit. These units would be identical to the Private Units. On January 23, 2023, the Company issued an unsecured promissory note (the “Working Capital Note” in the principal amount of up to $500,000 to the Sponsor. The Working Capital Note was issued in connection with advances the Sponsor has made, and may make in the future, to the Company for working capital expenses. The Working Capital 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, up to $500,000 of the unpaid principal amount of the Working Capital Note may be converted into units of the Company, each unit consisting of one Class A Ordinary Share and one right exchangeable into one-tenth of one Class A Ordinary Share (the “Conversion Units”), equal to: (x) the portion of the principal amount of the Working Capital Note being converted, divided by (y) $10.00, rounded up to the nearest whole number of Conversion Units. The Conversion Units are identical to the Private Units. The Conversion Units and their underlying securities are entitled to the registration rights set forth in the Working Capital Note. As of December 31, 2023 and 2022, there was $500,000 and $0, related party loans outstanding under the Working Capital Note, respectively. Related Party Extension Loans On January 20, 2023, the Company issued a promissory note (the “First Extension Note”) in the aggregate principal amount of up to $450,000 to the Sponsor (the “First Extension Funds”), pursuant to which the First Extension Funds were deposited into the Trust Account in monthly installments for the benefit of each Public Share that was not redeemed in connection with the vote to approve the First Extension Amendment and Trust Amendment. The Sponsor agreed to pay $50,000 per month (or $0.05 per Public Share not redeemed) that the Company decides to take to complete an initial Business Combination, commencing on January 21, 2023 and continuing through October 21, 2023, or portion thereof, that is needed to complete an initial Business Combination, for up to an aggregate of $450,000. As of December 31, 2023, an aggregate of $450,000 of the First Extension Funds had been deposited into the Trust Account. The First Extension Note bears no interest and is repayable in full upon the earlier of (a) the date of the consummation of the initial Business Combination, and (b) the date of the liquidation of the Company. In connection with the Second Extension Amendment, on October 19, 2023, the Company issued a promissory note (the “Second Extension Note”) in the aggregate principal amount of up to $750,000 to the Sponsor (the “Second Extension Funds”), pursuant to which the Second Extension Funds are deposited into the Trust Account for the benefit of each outstanding Class A Ordinary Share of the Company that was not redeemed in connection with the extension of the Company’s termination date from October 21, 2023 to January 21, 2025. The Company agreed to deposit $50,000 per month into the Trust Account, which equates to approximately $0.05 per remaining Public Share, for each calendar month (commencing on October 21, 2023 and on the 21st day of each subsequent month) until January 21, 2025, or portion thereof, that is needed to complete an initial Business Combination, for up to an aggregate of $750,000. As of December 31, 2023, an aggregate of $150,000 of the Second Extension Funds had been deposited into the Trust Account. As of December 31, 2023, the Trust Account contains approximately $11.44 per remaining Public Share outstanding. As of December 31, 2023 and 2022, there was $600,000 and $0 Related Party Extension Loans outstanding under the First Extension Note and the Second Extension Note, respectively. Advance from Related Party For the period ended December 31, 2023 and 2022, the Sponsor paid expenses totaling $144,597 and $67,910 on behalf of the Company, respectively, of which a total of $105,377 has been repaid through December 31, 2023 and during the period ended December 31, 2022 amounts due from the Sponsor amounting to $26,445 was offset against the advance from the Sponsor. For the period ended December 31, 2023 the Sponsor advanced $400,869 to the Company for working capital purposes. As of December 31, 2023 and 2022, the Company owes the Sponsor $491,554 and $41,465, which includes $10,000 and $0 owed for administrative support services, respectively. Balance owed to Sponsor are reported as advance from related party on the accompanying balance sheets. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 6 — COMMITMENTS AND CONTINGENCIES Registration Rights The holders of the Founder Shares, Private Units and Conversion Units (and all underlying securities) are entitled to registration rights pursuant to a registration rights agreement to be signed prior to or on the effective date of the IPO. The holders of a majority of these securities will be entitled to make up to three demands that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. However the registration rights provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable lock-up period. The registration rights agreement does not contain liquidating damages or other cash settlement provisions resulting from delays in registering the Company’s securities. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement In connection with the IPO, $0.35 per Unit, or $3,018,750 in the aggregate, is payable to the underwriters for deferred underwriting commissions. The deferred fee 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 entered into in connection with the IPO. On December 21, 2023, the Company and Maxim entered into an amendment to the Underwriting Agreement, pursuant to which, in lieu of the $3,018,750 deferred underwriting fees payable upon the consummation of an initial Business Combination, Maxim or its designee will be entitled to receive 301,875 Deferred Underwriting Shares upon the consummation of the Business Combination. Legal fees On January 27, 2022, the Company entered into an agreement (the “EGS Agreement”) with Ellenoff Grossman & Schole LLP to act as U.S. securities council to the Company in connection with pending acquisition targets for the Company to acquire consistent with its Initial Public Offering and assist in U.S. securities work related to the Initial Business Combination. The fee structure for this agreement permits amounts invoiced to be paid in installments and/or deferred until closing, with any balance owed at the closing of the Business Combination to be subject to a certain premium. As of December 31, 2023 and 2022, the total outstanding amount for services provided by EGS, including any amount not paid and the deferred portion that is contingent upon the closing of a Business Combination, was $499,931 and $56,166, respectively, which were considered outstanding per the terms of the EGS Agreement and are included in accounts payable and accrued expenses on the accompanying balance sheets. As the Business Combination cannot be deemed probable as of December 31, 2023 and 2022, there was no accrual made for premiums on the outstanding fees. Business Combination Agreement On December 27, 2023, the Company entered into a Business Combination Agreement (the “PSI Business Combination Agreement”, and the transactions and agreements contemplated by the PSI Business Combination Agreement, the “PSI Business Combination”) with the Sponsor, in the capacity as the representative of the Company and the shareholders of the Company immediately prior to the Second Merger Effective Time (as defined in the PSI Business Combination Agreement), PS International Group Ltd., an exempted company incorporated with limited liability in the Cayman Islands (the “Pubco”), PSI Merger Sub I Limited, an exempted company incorporated with limited liability in the Cayman Islands and a wholly-owned subsidiary of the Pubco (the “First Merger Sub”), PSI Merger Sub II Limited, an exempted company incorporated with limited liability in the Cayman Islands and a wholly-owned subsidiary of the Pubco (the “Second Merger Sub”), and PSI Group Holdings Ltd 利航國際控股有限公司, an exempted company incorporated with limited liability in the Cayman Islands (“PSI”). Pursuant to the PSI Business Combination Agreement, subject to the terms and conditions set forth therein, at the closing of the transactions contemplated by the PSI Business Combination Agreement, (a) the First Merger Sub will merge with and into PSI (the “First Merger”), with PSI surviving the First Merger as a wholly-owned subsidiary of the Pubco and the outstanding shares of PSI being converted into the right to receive shares of the Pubco; and (b) one business day following the First Merger, the Second Merger Sub will merge with and into the Company (the “Second Merger”), with the Company surviving the Second Merger as a wholly-owned subsidiary of the Pubco and the Company’s outstanding securities being converted into the right to receive substantially equivalent securities of the Pubco. Related Agreements and Documents Lock-Up Agreements Simultaneously with the execution of the PSI Business Combination Agreement, the Pubco, the Sponsor, PSI and the Company have entered into lock-up agreements with certain holders of the Founder Shares and with certain holders of the Company’s securities. These lock-up agreements provide for a lock-up period commencing on the Closing Date (as defined in the PSI Business Combination Agreement) and ending on the earlier of (i) the 6-month anniversary of the Closing (as defined in the PSI Business Combination Agreement) and (ii) the date on which Pubco completes a liquidation, merger, capital stock exchange, reorganization, bankruptcy or other similar transaction that results in all of the outstanding Pubco Ordinary Shares being (as defined in the PSI Business Combination Agreement) converted into cash, securities or other property, with respect to Pubco Ordinary shares held by the such shareholder. The parties’ undertakings in the Lock-Up Agreements were made as a condition to the willingness of PSI and the Company to enter into the PSI Business Combination Agreement and as an inducement and in consideration therefor. Support Agreement Simultaneously with the execution of the PSI Business Combination Agreement, the Pubco, the Company, PSI, the Sponsor and certain shareholders of PSI have entered into a Support Agreement (the “Support Agreement”), pursuant to which, among other things, the Sponsor and the shareholders of PSI have agreed (a) to support the adoption of the PSI Business Combination Agreement and the approval of the PSI Business Combination, subject to certain customary conditions, and (b) not to transfer any of their subject shares (or enter into any arrangement with respect thereto), subject to certain customary conditions. In addition, the Sponsor agreed in the Support Agreement that, to the extent the Sponsor fails to pay or otherwise discharge any “Excess SPAC Expense Amount” (defined as the amount, if any, by which the aggregate amounts payable in cash for the Company’s accrued transaction expenses at the Closing, and any loans owed by the Company to the Sponsor for transaction and other administrative costs and expenses, exceeds $1.5 million), the Sponsor shall automatically transfer to Pubco and forfeit for cancellation (for no additional cash consideration) a quantity of Pubco Ordinary Shares otherwise due to the Sponsor at Closing equal to (i) the portion of the Excess SPAC Expense Amount that is unpaid or otherwise undischarged by the Sponsor, divided by (ii) $10.00. The parties’ undertakings in the Support Agreement were made as a condition to the willingness of PSI and the Company to enter into the PSI Business Combination Agreement and as an inducement and in consideration therefor. Registration Rights Agreement Simultaneously with the execution of the PSI Business Combination Agreement, the Pubco, certain shareholders of the Company and PSI, entered into a Registration Rights Agreement (the “Registration Rights Agreement”). Pursuant to the Registration Rights Agreement, the parties listed under “Investor” on the signature page thereto will be provided the right to demand registrations, piggy-back registrations and shelf registrations with respect to Registrable Securities (as defined in the Registration Rights Agreement). The Registration Rights Agreement contains customary covenants regarding registration procedures and mutual indemnification obligations, among other matters. The parties’ undertakings in the Registration Rights Agreement are made were made as a condition to the willingness of PSI and the Company to enter into the PSI Business Combination Agreement and as an inducement and in consideration therefor. Advisory Agreement On December 21, 2023, Maxim was engaged by the Company as its sole M&A advisor for the PSI Business Combination. If the Company has a Closing of the PSI Business Combination, during either (i) the term of the engagement of Maxim, or (ii) unless the engagement with Maxim is terminated by Maxim for convenience or by the Company for cause (in which case, no fee shall be payable) at any time during a period of twelve (12) months following the termination of the engagement with Maxim, then the Company shall pay to Maxim upon the closing of the PSI Business Combination, one percent (1.0%) of the equity value of PSI (the “Success Fee”). The Success Fee shall be comprised entirely of the Company’s ordinary shares which shall be issued to Maxim at the same price per share as any shares issued in the PSI Business Combination. The ordinary shares that are issued to Maxim will have unlimited piggyback registration rights and additionally will have the same registration rights and other rights afforded to holders of the Company’s ordinary shares who are issued shares in the PSI Business Combination. Right of First Refusal Subject to certain conditions, the Company granted Maxim, for a period beginning on the closing of the IPO and ending 18 months after the date of the consummation of a Business Combination, a right of first refusal to act as lead left book-running managing underwriter with at least 75% of the economics; or, in the case of a three-handed deal 50% of the economics, for any and all future public and private equity, convertible and debt offerings for the Company or any of the Company’s successors or subsidiaries. In accordance with FINRA Rule 5110(f)(2)(E)(i), such right of first refusal shall not have a duration of more than three years from the effective date of the IPO. Unit Purchase Option The Company sold to the underwriters, for $100, an option to purchase up to a total of 431,250 Units exercisable, in whole or in part, at $11.00 per Unit, commencing on the consummation of our initial Business Combination (the “Unit Purchase Option”). The purchase option may be exercised for cash or on a cashless basis, at the holder’s option, and expires five years from January 18, 2022. The option and the 431,250 Units, as well as the 431,250 shares of Class A Ordinary Shares, and the rights to receive 43,125 shares of Class A Ordinary Shares upon a Business Combination that may be issued upon exercise of the option, have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days immediately following January 18, 2022 pursuant to Rule 5110(e)(1) of FINRA’s Rules, during which time the option may not be sold, transferred, assigned, pledged or hypothecated, or be subject of any hedging, short sale, derivative or put or call transaction that would result in the economic disposition of the securities. Additionally, the option may not be sold, transferred, assigned, pledged or hypothecated for a one-year period (including the foregoing 180-day period) following January 18, 2022 except to any underwriter and selected dealer participating in the offering and their bona fide officers or partners. The option grants to holders demand and “piggy-back” rights of the securities directly and indirectly issuable upon exercise of the option. Notwithstanding the foregoing, the underwriters and their related persons may not (i) have more than one demand registration right at our expense, (ii) exercise their demand registration rights more than five (5) years from January 18, 2022, and (iii) exercise their “piggy-back” registration rights more than seven (7) years from January 18, 2022. The Company will bear all fees and expenses attendant to registering the securities, other than underwriting commissions which will be paid for by the holders themselves. The exercise price and number of Units issuable upon exercise of the option may be adjusted in certain circumstances including in the event of a stock dividend, or our recapitalization, reorganization, merger or consolidation. However, the option will not be adjusted for issuances of shares of Ordinary Shares at a price below its exercise price. The Company has no obligation to net cash settle the exercise of the purchase option or the rights underlying the purchase option. The holder of the purchase option will not be entitled to exercise the purchase option unless a registration statement covering the securities underlying the purchase option is effective or an exemption from registration is available. If the holder is unable to exercise the purchase option or underlying rights, the purchase option or rights, as applicable, will expire worthless. The Company accounted for the Unit Purchase Option, inclusive of the receipt of $100 cash payment, as an expense of the IPO resulting in a charge directly to additional paid-in capital. The Company estimated the fair value of Unit Purchase Option to be $56,000 based a binomial model. |
Shareholders_ Deficit
Shareholders’ Deficit | 12 Months Ended |
Dec. 31, 2023 | |
Shareholders’ Deficit [Abstract] | |
SHAREHOLDERS’ DEFICIT | NOTE 7 — SHAREHOLDERS’ DEFICIT Preference Shares The Company is authorized to issue 1,000,000 preference shares with a par value of $0.0001 per share with such designations, voting and other rights and preferences as may be determined from time to time by the Board. As of December 31, 2023 and 2022, there were no Class A Ordinary Shares The Company is authorized to issue 50,000,000 shares of Class A Ordinary Shares with a par value of $0.0001 per share. Holders of Class A Ordinary Shares are entitled to one vote for each share. As of December 31, 2023 and 2022, there were 2,627,224 and 470,975 shares of Class A Ordinary Shares outstanding, respectively (excluding 984,801 and 8,625,000 shares of Class A Ordinary Shares subject to possible redemption, respectively). Class B Ordinary Shares The Company is authorized to issue 3,000,000 shares of Class B Ordinary Shares with a par value of $0.0001 per share. Holders of Class B Ordinary Shares are entitled to one vote for each share. As of December 31, 2023 and 2022, there were 1 and 2,156,250 shares of Class B Ordinary Shares outstanding, respectively. Holders of shares of Class A Ordinary Shares and shares of Class B Ordinary Shares vote together as a single class on all other matters submitted to a vote of shareholders, except for the election or removal of directors of the Board prior to an initial Business Combination when only Class B Ordinary Shares are entitled to vote. The shares of Class B Ordinary Shares will automatically convert into shares of Class A Ordinary Shares at the time of the initial Business Combination on a one-for-one basis, subject to adjustment. In the case that additional shares of Class A Ordinary Shares, or equity-linked securities, are issued or deemed issued in excess of the amounts offered in the IPO and related to the closing of the initial Business Combination, the ratio at which shares of Class B Ordinary Shares shall convert into shares of Class A Ordinary Shares will be adjusted (unless the holders of a majority of the outstanding shares of Class B Ordinary Shares agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of shares of Class A Ordinary Shares issuable upon conversion of all shares of Class B Ordinary Shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all shares of Ordinary Shares outstanding upon the completion of the IPO plus all shares of Class A Ordinary Shares and equity-linked securities issued or deemed issued in connection with the initial Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial Business Combination and any private placement-equivalent warrants issued to the Sponsor or its affiliates upon conversion of loans made to the Company). Holders of Founder Shares may also elect to convert their shares of Class B Ordinary Shares into an equal number of shares of Class A Ordinary Shares, subject to adjustment as provided above, at any time. Rights Except in cases where the Company is not the surviving company in a Business Combination, each holder of a Public Right will automatically receive one-tenth (1/10) of one Class A Ordinary Share upon consummation of a Business Combination, even if the holder of a Public Right converted all shares held by him, her or it in connection with a Business Combination or an amendment to the Amended and Restated Charter with respect to its pre-Business Combination activities. In the event that the Company will not be the surviving company upon completion of a Business Combination, each holder of a Public Right will be required to affirmatively convert his, her or its rights in order to receive the one-tenth (1/10) of a share underlying each Public Right upon consummation of the Business Combination. No additional consideration will be required to be paid by a holder of Public Rights in order to receive his, her or its additional shares of Class A Ordinary Share upon consummation of a Business Combination. The shares issuable upon exchange of the Rights will be freely tradable (except to the extent held by affiliates of the Company). If the Company enters into a definitive agreement for a Business Combination in which the Company will not be the surviving entity, the definitive agreement will provide for the holders of rights to receive the same per share consideration the holders of the Ordinary Shares will receive in the transaction on an as-converted into Ordinary Share basis. The Company will not issue fractional shares in connection with an exchange of Public Rights. Fractional shares will either be rounded down to the nearest whole share or otherwise addressed in accordance with the applicable provisions of local law. As a result, the holders of the Public Rights must hold rights in multiples of 10 in order to receive shares for all of the holders’ rights upon closing of a Business Combination. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of Public Rights will not receive any of such funds with respect to their Public Rights, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such Public Rights, and the Public Rights will expire worthless. Further, there are no contractual penalties for failure to deliver securities to the holders of the Public Rights upon consummation of a Business Combination. Additionally, in no event will the Company be required to net cash settle the rights. Accordingly, the Rights may expire worthless. As of December 31, 2023 and 2022, there were 8,625,000 Public Rights outstanding. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Measurements [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 8 — FAIR VALUE MEASUREMENTS The fair value of the Company’s financial assets and liabilities reflects Management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. At December 31, 2023, the assets held in the Trust Account were held in money market funds which is invested primarily in treasury funds. At December 31, 2022, the assets held in the Trust Account were held in treasury funds. All of the Company’s investments held in the Trust Account are classified as trading securities. The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2023 and 2022 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value. Quoted Significant Significant December 31, 2023 Level (Level 1) (Level 2) (Level 3) Assets: Investment held in the Trust Account 1 $ 11,265,163 — — Quoted Significant Significant December 31, 2022 Level (Level 1) (Level 2) (Level 3) Assets: Investment held in the Trust Account 1 $ 88,525,575 — — |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 9 — SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Based upon this review, except as described below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. To mitigate the risk that the Company might be deemed to be an investment company for purposes of the Investment Company Act, on February 6, 2024, the Company instructed Continental In connection with the First Nasdaq Letter, Second Nasdaq Letter and Third Nasdaq Letter, the Company timely requested a hearing before the Panel and the hearing to appeal the Nasdaq Notice was held on February 22, 2024 (see Note 1). The Company’s securities continued to trade on The Nasdaq Global Market until the hearing process concluded and the Panel issued a written decision. There can be no assurance that the Panel will grant the Company’s request for a suspension of delisting or continued listing on The Nasdaq Global Market. On February 13, 2024, the Company received a letter from the Nasdaq Staff indicating that the Company regained compliance with the MVPHS requirement. On March 14, 2024, the Panel issued its decision, which granted the Company’s request for continued listing, subject to certain conditions, including that (i) on or before May 1, 2024, the Company advises the Panel on the status of the SEC review of the registration statement on Form F-4 to be field with the SEC by the Pubco, relating to the PSI Business Combination and containing a proxy statement of the Company, (ii) or before May 15, 2024, the Company holds a shareholder meeting and obtain approval for completion of its initial business combination; and (iii) on or before May 20, 2024, the Company closes its Business Combination and the new entity shall demonstrate compliance with Listing Rule 5505. |
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) | $ (733,308) | $ 588,411 |
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 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying 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 (“GAAP”) and pursuant to the accounting and disclosure rules and regulations of the SEC. |
Emerging Growth Company | Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, 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 a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. |
Use of Estimates | Use of Estimates The preparation of 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 financial statements and the reported amounts of expenses during the reporting period. Making estimates requires Management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which Management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had $114,709 and $44,217 in cash and did not have any cash equivalents as of December 31, 2023 and 2022, respectively. |
Investments Held in the Trust Account | Investments Held in the Trust Account At December 31, 2023, substantially all of the assets held in the Trust Account were held in money market funds which are invested primarily in U.S. Treasury securities. At December 31, 2022, substantially all of the assets held in the Trust Account were held in U.S. Treasury securities. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheets at fair value at the end of each reporting period. Earnings on these trading securities are included in dividends, interest earned, and unrealized gain on investments held in the Trust Account in the accompanying statements of operations and are automatically reinvested therefore are considered as an adjustment to reconcile net income (loss) to net cash used in operating activities in the statements of cash flows. The fair value for these trading securities are determined using quoted market prices in active markets for identical assets. During the year ended December 31, 2023, interest and dividends earned from the Trust Account amounted to $699,124, which includes $50,030 of accrued dividends received in January 2024, and $699,124 was fully reinvested. There was $78,509,506 of withdrawal made during the year ended December 31, 2023 in connection with the shareholders’ votes at the First Extension Meeting and the Second Extension Meeting, in which shareholders holding 7,640,199 shares of the Ordinary Shares exercised their right to redeem such shares for a pro rata portion of the funds in the Trust Account. |
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. Shares of Class A Ordinary Shares subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable Class A Ordinary Shares (including Class A Ordinary Shares that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, Class A Ordinary Shares are classified as shareholders’ equity. The Company’s Public Shares sold in the IPO feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. In connection with the First Extension Meeting held on January 18, 2023, shareholders holding 7,623,698 Public Shares exercised their right to redeem such shares for a pro rata portion of the funds in the Trust Account. In connection with the Second Extension Meeting held on October 19, 2023, shareholders holding 16,501 Public Shares exercised their right to redeem such shares for a pro rata portion of the funds in the Trust Account. Accordingly, on December 31, 2023 and 2022, 984,801 and 8,625,000 shares of Class A Ordinary Shares subject to possible redemption are presented as temporary equity, outside of the shareholders’ deficit section of the accompanying balance sheets, respectively. As of December 31, 2023 and 2022, the shares of Class A Ordinary Shares subject to possible redemption reflected on the accompanying balance sheets are reconciled on the following table: Gross proceeds $ 86,250,000 Less: Fair value of Public Rights at issuance (6,272,000 ) Class A Ordinary Shares issuance costs (5,506,764 ) Plus: Accretion of carrying value to redemption value 14,054,339 Class A Ordinary Shares subject to possible redemption, December 31, 2022 88,525,575 Less: Redemptions – January 18, 2023 and October 19, 2023 (78,509,506 ) Plus: Accretion of carrying value to redemption value 1,299,124 Class A Ordinary Shares subject to possible redemption, December 31, 2023 $ 11,315,193 |
Offering Costs associated with the Initial Public Offering | Offering Costs associated with the Initial Public Offering Offering costs consist principally of legal, accounting, underwriting fees and other costs directly related to the IPO. Offering costs amounted to $5,941,695, which were charged against shareholders’ deficit upon the completion of the IPO. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Corporation limit of $250,000. As of December 31, 2023 and 2022, the Company has not experienced losses on these accounts and Management believes the Company is not exposed to significant risks on such account. |
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 FASB ASC Topic 820, “Fair Value Measurements and Disclosures,” equals or approximates the carrying amounts represented in the accompanying balance sheets, primarily due to their short-term nature. |
Income Taxes | Income Taxes The Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes” (“ASC 740”), which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of December 31, 2023 and 2022. Management determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company is not currently aware of any issues under review that could result in significant payments, accruals, or material deviation from its position. The Company is subject to tax examinations by major taxing authorities since inception. There is currently no taxation imposed by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statements. Management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. The Company is a Cayman Islands exempted company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the period presented. |
Net Income (Loss) Per Ordinary Share | Net Income (Loss) Per Ordinary Share The Company has two outstanding classes of Ordinary Shares, which are referred to as Class A Ordinary Shares and Class B Ordinary Shares. Class A Ordinary Shares include redeemable and non-redeemable shares. Earnings and losses are shared pro rata between the two classes of Ordinary Shares and between the redeemable and the non-redeemable Ordinary Shares. The 1,472,277 Class A Ordinary Shares for which the outstanding Rights (as defined in Note 5) are exercisable were excluded from diluted earnings per share for the period ended December 31, 2023 and 2022 because they are contingently exercisable, and the contingencies have not yet been met. As a result, diluted net loss per Ordinary Share is the same as basic net loss per Ordinary Share for the period. The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net loss per share for each class of Ordinary Shares. FOR THE YEAR ENDED DECEMBER 31, 2023 Redeemable Non-redeemable NUMERATOR Class A Class A Class B Numerator: Allocation of net loss $ (690,896 ) $ (466,735 ) $ (874,801 ) Net income including accretion of temporary equity to redemption value 1,299,124 — — Net income (loss) $ 608,228 $ (466,735 ) $ (874,801 ) Denominator: Weighted Average Shares Outstanding including Ordinary Shares subject to redemption 1,353,033 914,040 1,713,185 Basic and diluted net income (loss) per share $ 0.45 $ (0.51 ) $ (0.51 ) FOR THE YEAR ENDED DECEMBER 31, 2022 Redeemable Non-redeemable NUMERATOR Class A Class A Class B Numerator: Allocation of net loss $ (10,202,485 ) $ (557,115 ) $ (2,706,328 ) Accretion of temporary equity to redemption value 12,641,264 — — Net income including accretion of temporary equity to redemption value 1,413,075 — — Net income (loss) $ 3,851,854 $ (557,115 ) $ (2,706,328 ) Denominator: Weighted Average Shares Outstanding including Ordinary Shares subject to redemption 8,128,767 443,878 2,156,250 Basic and diluted net income (loss) per share $ 0.47 $ (1.26 ) $ (1.26 ) |
Recent Accounting Standards | Recent Accounting Standards Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on our financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
Schedule of Class A Ordinary Shares Subject to Possible Redemption | As of December 31, 2023 and 2022, the shares of Class A Ordinary Shares subject to possible redemption reflected on the accompanying balance sheets are reconciled on the following table: Gross proceeds $ 86,250,000 Less: Fair value of Public Rights at issuance (6,272,000 ) Class A Ordinary Shares issuance costs (5,506,764 ) Plus: Accretion of carrying value to redemption value 14,054,339 Class A Ordinary Shares subject to possible redemption, December 31, 2022 88,525,575 Less: Redemptions – January 18, 2023 and October 19, 2023 (78,509,506 ) Plus: Accretion of carrying value to redemption value 1,299,124 Class A Ordinary Shares subject to possible redemption, December 31, 2023 $ 11,315,193 |
Schedule of Basic and Diluted Net Loss Per Share | . The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net loss per share for each class of Ordinary Shares. FOR THE YEAR ENDED DECEMBER 31, 2023 Redeemable Non-redeemable NUMERATOR Class A Class A Class B Numerator: Allocation of net loss $ (690,896 ) $ (466,735 ) $ (874,801 ) Net income including accretion of temporary equity to redemption value 1,299,124 — — Net income (loss) $ 608,228 $ (466,735 ) $ (874,801 ) Denominator: Weighted Average Shares Outstanding including Ordinary Shares subject to redemption 1,353,033 914,040 1,713,185 Basic and diluted net income (loss) per share $ 0.45 $ (0.51 ) $ (0.51 ) FOR THE YEAR ENDED DECEMBER 31, 2022 Redeemable Non-redeemable NUMERATOR Class A Class A Class B Numerator: Allocation of net loss $ (10,202,485 ) $ (557,115 ) $ (2,706,328 ) Accretion of temporary equity to redemption value 12,641,264 — — Net income including accretion of temporary equity to redemption value 1,413,075 — — Net income (loss) $ 3,851,854 $ (557,115 ) $ (2,706,328 ) Denominator: Weighted Average Shares Outstanding including Ordinary Shares subject to redemption 8,128,767 443,878 2,156,250 Basic and diluted net income (loss) per share $ 0.47 $ (1.26 ) $ (1.26 ) |
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 table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2023 and 2022 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value. Quoted Significant Significant December 31, 2023 Level (Level 1) (Level 2) (Level 3) Assets: Investment held in the Trust Account 1 $ 11,265,163 — — Quoted Significant Significant December 31, 2022 Level (Level 1) (Level 2) (Level 3) Assets: Investment held in the Trust Account 1 $ 88,525,575 — — |
Organization and Plan of Busi_2
Organization and Plan of Business Operations (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||
Jan. 21, 2022 | Aug. 16, 2022 | Jan. 21, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Oct. 19, 2023 | Oct. 18, 2023 | May 11, 2023 | |
Organization and Plan of Business Operations (Details) [Line Items] | ||||||||
Per share (in Dollars per share) | $ 11.21 | |||||||
Gross proceeds | $ 84,525,000 | |||||||
Offering costs | 5,941,695 | |||||||
Underwriting fee | $ 1,725,000 | |||||||
Public price per share (in Dollars per share) | $ 11.44 | |||||||
Net tangible assets | $ 5,000,001 | |||||||
Redeem percentage | 100% | |||||||
Trust account per share (in Dollars per share) | $ 10.27 | |||||||
Ordinary shares exercised (in Shares) | 7,640,199 | |||||||
Aggregate amount | $ 78,324,476 | |||||||
Shareholders holding shares (in Shares) | 16,501 | |||||||
Held in trust | $ 11,315,193 | 88,525,575 | $ 185,030 | |||||
Market value of publicly held shares | $ 15,000,000 | |||||||
Percentage of U.S. federal excise tax | 1% | |||||||
Percentage of excise tax on fair market value | 1% | |||||||
Cash on operating bank account | 114,709 | $ 44,217 | ||||||
Working capital | $ 1,592,208 | |||||||
Initial Public Offering [Member] | ||||||||
Organization and Plan of Business Operations (Details) [Line Items] | ||||||||
Per share (in Dollars per share) | $ 10 | $ 10 | ||||||
Gross proceeds | $ 225,000,000 | |||||||
Sale of units (in Shares) | 8,625,000 | |||||||
Price per unit (in Dollars per share) | $ 10.1 | |||||||
Offering costs | $ 5,941,695 | |||||||
Underwriting fees | 1,725,000 | |||||||
Deferred underwriting fees | 3,018,750 | |||||||
Underwriter’s unit purchase option | 56,000 | |||||||
Issuance of representative | 598,000 | |||||||
Other costs | 543,945 | |||||||
Net proceeds | $ 87,112,500 | |||||||
Private Placement Units [Member] | ||||||||
Organization and Plan of Business Operations (Details) [Line Items] | ||||||||
Sale of units (in Shares) | 388,750 | 355,000 | ||||||
Price per unit (in Dollars per share) | $ 10 | $ 10 | $ 10 | |||||
Gross proceeds | $ 3,887,500 | $ 3,550,000 | ||||||
Additional units | $ 33,750 | |||||||
Overallotment Units [Member] | ||||||||
Organization and Plan of Business Operations (Details) [Line Items] | ||||||||
Sale of units (in Shares) | 33,750 | 1,125,000 | ||||||
Gross proceeds | $ 11,250,000 | |||||||
Class A Ordinary Share [Member] | ||||||||
Organization and Plan of Business Operations (Details) [Line Items] | ||||||||
Par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Issued an aggregate (in Shares) | 2,156,249 | |||||||
Par value per share (in Dollars per share) | $ 0.0001 | 0.0001 | ||||||
Conversion of stock | 2,156,249 | |||||||
Class A Ordinary Share [Member] | Initial Public Offering [Member] | ||||||||
Organization and Plan of Business Operations (Details) [Line Items] | ||||||||
Issued Units (in Shares) | 7,500,000 | |||||||
Class B Ordinary Shares [Member] | ||||||||
Organization and Plan of Business Operations (Details) [Line Items] | ||||||||
Par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | ||||||
Par value per share (in Dollars per share) | $ 0.0001 | |||||||
Market Value of Listed Securities [Member] | ||||||||
Organization and Plan of Business Operations (Details) [Line Items] | ||||||||
Market value of publicly held shares | $ 50,000,000 | |||||||
Market Value of Listed Securities [Member] | Maximum [Member] | ||||||||
Organization and Plan of Business Operations (Details) [Line Items] | ||||||||
Market value of publicly held shares | $ 50,000,000 | |||||||
Market Value of Publicly Held Shares [Member] | Maximum [Member] | ||||||||
Organization and Plan of Business Operations (Details) [Line Items] | ||||||||
Market value of publicly held shares | 15,000,000 | |||||||
Business Combination [Member] | ||||||||
Organization and Plan of Business Operations (Details) [Line Items] | ||||||||
Deferred underwriting fees | $ 3,018,750 | |||||||
Aggregate fair market value rate | 80% | |||||||
Outstanding voting securities percentage | 50% | |||||||
Trust account per share (in Dollars per share) | $ 11.44 | |||||||
Business combination, description | (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to the Company to pay (i) its income and franchise taxes and (ii) up to $100,000 of dissolution expenses, if any, divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Board, dissolve and liquidate, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. | |||||||
Sponsor [Member] | Private Placement Units [Member] | ||||||||
Organization and Plan of Business Operations (Details) [Line Items] | ||||||||
Gross proceeds | $ 337,500 | |||||||
Extensions of the Combination Period [Member] | ||||||||
Organization and Plan of Business Operations (Details) [Line Items] | ||||||||
Ordinary shares exercised (in Shares) | 7,623,698 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | |||
Oct. 19, 2023 | Jan. 18, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Summary of Significant Accounting Policies [Line Items] | ||||
Cash | $ 114,709 | $ 44,217 | ||
Interest and dividend | 699,124 | |||
Dividends | 50,030 | |||
Accrued interest on investments purchased | 699,124 | |||
Proceeds from withdrawal in connection with shareholders | $ 78,509,506 | |||
Ordinary shares exercised (in Shares) | 7,640,199 | |||
Public shares exercised (in Shares) | 7,623,698 | |||
Proceeds from withdrawal in connection with shareholders | $ 16,501 | |||
Offering costs | $ 5,941,695 | |||
Federal depository insurance corporation limit | $ 250,000 | |||
Class A Ordinary Share [Member] | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Ordinary shares subject to possible redemption (in Shares) | 984,801 | 984,801 | 8,625,000 | |
Ordinary shares outstanding rights (in Shares) | 1,472,277 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Schedule of Class A Ordinary Shares Subject to Possible Redemption - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Class A ordinary shares subject to possible redemption [Abstract] | ||
Gross proceeds | $ 86,250,000 | |
Less: | ||
Fair value of Public Rights at issuance | (6,272,000) | |
Class A Ordinary Shares issuance costs | (5,506,764) | |
Plus: | ||
Accretion of carrying value to redemption value | $ 1,299,124 | 14,054,339 |
Class A ordinary shares subject to possible redemption | 11,315,193 | $ 88,525,575 |
Less: | ||
Redemptions – January 18, 2023 and October 19, 2023 | $ (78,509,506) |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details) - Schedule of Basic and Diluted Net Loss Per Share - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Redeemable Class A [Member] | ||
Summary of Significant Accounting Policies (Details) - Schedule of Basic and Diluted Net Loss Per Share [Line Items] | ||
Allocation of net loss | $ (690,896) | $ (10,202,485) |
Accretion of temporary equity to redemption value | 12,641,264 | |
Net income including accretion of temporary equity to redemption value | 1,299,124 | 1,413,075 |
Net income (loss) | $ 608,228 | $ 3,851,854 |
Weighted Average Shares Outstanding including Ordinary Shares subject to redemption (in Shares) | 1,353,033 | 8,128,767 |
Basic net income (loss) per share (in Dollars per share) | $ 0.45 | $ 0.47 |
Non-redeemable Class A [Member] | ||
Summary of Significant Accounting Policies (Details) - Schedule of Basic and Diluted Net Loss Per Share [Line Items] | ||
Allocation of net loss | $ (466,735) | $ (557,115) |
Accretion of temporary equity to redemption value | ||
Net income including accretion of temporary equity to redemption value | ||
Net income (loss) | $ (466,735) | $ (557,115) |
Weighted Average Shares Outstanding including Ordinary Shares subject to redemption (in Shares) | 914,040 | 443,878 |
Basic net income (loss) per share (in Dollars per share) | $ (0.51) | $ (1.26) |
Non-redeemable Class B [Member] | ||
Summary of Significant Accounting Policies (Details) - Schedule of Basic and Diluted Net Loss Per Share [Line Items] | ||
Allocation of net loss | $ (874,801) | $ (2,706,328) |
Accretion of temporary equity to redemption value | ||
Net income including accretion of temporary equity to redemption value | ||
Net income (loss) | $ (874,801) | $ (2,706,328) |
Weighted Average Shares Outstanding including Ordinary Shares subject to redemption (in Shares) | 1,713,185 | 2,156,250 |
Basic net income (loss) per share (in Dollars per share) | $ (0.51) | $ (1.26) |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Details) - Schedule of Basic and Diluted Net Loss Per Share (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Redeemable Class A [Member] | ||
Summary of Significant Accounting Policies (Details) - Schedule of Basic and Diluted Net Loss Per Share (Parentheticals) [Line Items] | ||
Diluted net income (loss) per share | $ 0.45 | $ 0.47 |
Non-redeemable Class A [Member] | ||
Summary of Significant Accounting Policies (Details) - Schedule of Basic and Diluted Net Loss Per Share (Parentheticals) [Line Items] | ||
Diluted net income (loss) per share | (0.51) | (1.26) |
Non-redeemable Class B [Member] | ||
Summary of Significant Accounting Policies (Details) - Schedule of Basic and Diluted Net Loss Per Share (Parentheticals) [Line Items] | ||
Diluted net income (loss) per share | $ (0.51) | $ (1.26) |
Initial Public Offering (Detail
Initial Public Offering (Details) - $ / shares | 1 Months Ended | 12 Months Ended |
Jan. 21, 2022 | Dec. 31, 2023 | |
IPO [Member] | ||
Initial Public Offering [Line Items] | ||
Sale of shares units | 8,625,000 | |
Price per unit (in Dollars per share) | $ 10 | |
Overallotment [Member] | ||
Initial Public Offering [Line Items] | ||
Sale of shares units | 33,750 | 1,125,000 |
Private Placement (Details)
Private Placement (Details) - USD ($) | 1 Months Ended | 12 Months Ended |
Jan. 21, 2022 | Dec. 31, 2023 | |
Private Placement Units [Member] | ||
Private Placement [Line Items] | ||
Sale of stock | 388,750 | 355,000 |
Sale of stock price per share (in Dollars per share) | $ 10 | $ 10 |
Gross proceeds (in Dollars) | $ 3,887,500 | $ 3,550,000 |
Overallotment Units [Member] | ||
Private Placement [Line Items] | ||
Sale of stock | 33,750 | 1,125,000 |
Gross proceeds (in Dollars) | $ 11,250,000 | |
Sponsor [Member] | Minimum [Member] | Private Placement Units [Member] | ||
Private Placement [Line Items] | ||
Sale of stock | 345,625 | |
Sponsor [Member] | Maximum [Member] | Private Placement Units [Member] | ||
Private Placement [Line Items] | ||
Sale of stock | 43,125 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Oct. 18, 2023 | Sep. 13, 2021 | Jan. 23, 2023 | Jul. 30, 2021 | Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Related Party Transactions (Details) [Line Items] | |||||||
Aggregate purchase price | $ 25,000 | ||||||
Aggregate shares issued (in Shares) | 2,156,249 | ||||||
Sponsor fee | $ 10,000 | ||||||
Service fees | $ 114,000 | ||||||
Working capital loans | $ 1,500,000 | ||||||
Sponsor principal amount | $ 500,000 | ||||||
Unpaid principal amount | $ 500,000 | ||||||
Dividend per share (in Dollars per share) | $ 10 | ||||||
Related party loan outstanding | $ 500,000 | $ 0 | |||||
Sponsor agreed value | 545,466 | 67,910 | |||||
Aggregate amount | 150,000 | ||||||
Aggregate principal amount | 750,000 | ||||||
Initial Business Combination | $ 750,000 | ||||||
Additional public price per share (in Dollars per share) | $ 11.44 | ||||||
Related party extension loans outstanding | $ 600,000 | 0 | |||||
Sponsor paid expenses | 144,597 | 67,910 | |||||
Repaid Sponsor Expenses | 105,377 | ||||||
Sponsor amounting | 26,445 | ||||||
Working capital purposes | 1,592,208 | ||||||
Administrative services | $ 10,000 | 0 | |||||
Over-Allotment Option [Member] | |||||||
Related Party Transactions (Details) [Line Items] | |||||||
Forfeit shares (in Shares) | 281,250 | ||||||
Private Placement [Member] | |||||||
Related Party Transactions (Details) [Line Items] | |||||||
Per public share (in Dollars per share) | $ 10 | ||||||
Class B Ordinary Shares [Member] | |||||||
Related Party Transactions (Details) [Line Items] | |||||||
Dividend shares (in Shares) | 0.5 | ||||||
Forfeit shares (in Shares) | 2,156,250 | ||||||
Class A Ordinary Shares [Member] | |||||||
Related Party Transactions (Details) [Line Items] | |||||||
Ordinary share price per share (in Dollars per share) | $ 12 | ||||||
Aggregate shares issued (in Shares) | 2,156,249 | ||||||
Related Party [Member] | |||||||
Related Party Transactions (Details) [Line Items] | |||||||
Advance from related party | $ 491,554 | $ 41,465 | |||||
Founder Shares [Member] | |||||||
Related Party Transactions (Details) [Line Items] | |||||||
(in Shares) | 1,437,500 | ||||||
Forfeit shares (in Shares) | 281,250 | ||||||
Sponsor [Member] | |||||||
Related Party Transactions (Details) [Line Items] | |||||||
Advance from related party | $ 10,000 | ||||||
Related party loan outstanding | 450,000 | ||||||
Sponsor agreed value | 50,000 | ||||||
Aggregate amount | 450,000 | ||||||
Related Party [Member] | |||||||
Related Party Transactions (Details) [Line Items] | |||||||
Working capital purposes | $ 400,869 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | 12 Months Ended | ||
Dec. 21, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Commitments and Contingencies (Details) [Line Items] | |||
Additional price per unit (in Dollars per share) | $ 0.35 | ||
Deferred underwriting commissions | $ 3,018,750 | ||
Deferred underwriting fees payable | $ 3,018,750 | ||
Deferred underwriting shares (in Shares) | 301,875 | ||
Sponsor divided value | 10 | $ 56,166 | |
Administrative costs | $ 1,500,000 | ||
Underwriter least percentage | 75% | ||
Underwriter three handed deal percentage | 50% | ||
Underwriters option to purchase | $100 | ||
Units exercisable shares (in Shares) | 431,250 | ||
Unit, commencing value | $ 11 | ||
Purchase option exercised term | 5 years | ||
Option units (in Shares) | 431,250 | ||
Ordinary shares | $ 43,125 | ||
Cash payment | 100 | ||
Fair value of unit purchase option | $ 56,000 | ||
Class A Ordinary Shares [Member] | |||
Commitments and Contingencies (Details) [Line Items] | |||
Option units ordinary shares (in Shares) | 431,250 | ||
Legal Fees [Member] | |||
Commitments and Contingencies (Details) [Line Items] | |||
Sponsor divided value | $ 499,931 | ||
Advisory Agreement [Member] | |||
Commitments and Contingencies (Details) [Line Items] | |||
Business combination percentage | 1% |
Shareholders_ Deficit (Details)
Shareholders’ Deficit (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Oct. 19, 2023 | Dec. 31, 2022 | Jan. 21, 2022 | |
Shareholders’ Deficit (Details) [Line Items] | ||||
Preferred shares, shares authorized | 1,000,000 | 1,000,000 | ||
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | ||
Preference stock, shares issued | ||||
Preference stock, shares outstanding | ||||
Public rights outstanding (in Dollars) | $ 8,625,000 | $ 8,625,000 | ||
Class A Ordinary Shares [Member] | ||||
Shareholders’ Deficit (Details) [Line Items] | ||||
Ordinary shares, shares authorized | 50,000,000 | 50,000,000 | ||
Ordinary shares, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
Common stock voting right description | Holders of Class A Ordinary Shares are entitled to one vote for each share | |||
Ordinary shares, shares issued | 2,627,224 | 470,975 | ||
Ordinary shares, shares outstanding | 2,627,224 | 470,975 | ||
Ordinary shares subject to possible redemption | 984,801 | 984,801 | 8,625,000 | |
Class B Ordinary Shares [Member] | ||||
Shareholders’ Deficit (Details) [Line Items] | ||||
Ordinary shares, shares authorized | 3,000,000 | 3,000,000 | ||
Ordinary shares, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | ||
Common stock voting right description | Holders of Class B Ordinary Shares are entitled to one vote for each share. | |||
Ordinary shares, shares issued | 1 | 2,156,250 | ||
Ordinary shares, shares outstanding | 1 | 2,156,250 | ||
Ordinary shares outstanding, percentage | 20% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Schedule of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Quoted Prices in Active Markets (Level 1) [Member] | ||
Assets: | ||
Investment held in the Trust Account | $ 11,265,163 | $ 88,525,575 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Investment held in the Trust Account | ||
Significant Other Unobservable Inputs (Level 3) [Member] | ||
Assets: | ||
Investment held in the Trust Account |