Cover
Cover - shares | 3 Months Ended | |
Dec. 31, 2022 | Feb. 14, 2023 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Dec. 31, 2022 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --09-30 | |
Entity File Number | 001-41126 | |
Entity Registrant Name | JUPITER WELLNESS ACQUISITION CORP. | |
Entity Central Index Key | 0001883799 | |
Entity Tax Identification Number | 87-2646504 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 1061 E. Indiantown Road | |
Entity Address, Address Line Two | Suite 110 | |
Entity Address, City or Town | Jupiter | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33477 | |
City Area Code | 561 | |
Local Phone Number | 244-7100 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | true | |
Class Common Stock Par Value 0.0001 Per Share [Member] | ||
Title of 12(b) Security | Class A common stock, par value $0.0001 per share | |
Trading Symbol | JWAC | |
Security Exchange Name | NASDAQ | |
Rights Exchangeable For One-Eighth of One Share of Class Common Stock [Member] | ||
Title of 12(b) Security | Rights, exchangeable for one-eighth of one share of Class A common stock | |
Trading Symbol | JWACR | |
Security Exchange Name | NASDAQ | |
Common Class A [Member] | ||
Entity Common Stock, Shares Outstanding | 14,705,000 | |
Common Class B [Member] | ||
Entity Common Stock, Shares Outstanding | 3,450,000 |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2022 | Sep. 30, 2022 |
Current assets | ||
Cash | $ 320,408 | $ 610,382 |
Prepaid expense | 156,073 | 251,085 |
Cash and marketable securities held in Trust Account | 142,735,875 | 140,173,416 |
Total current assets | 143,212,356 | 141,034,883 |
Total assets | 143,212,356 | 141,034,883 |
Current Liabilities | ||
Accrued expense-related party | 8,667 | 8,667 |
Accrued expense | 64,000 | 40,000 |
Deferred underwriting fee | 4,830,000 | 4,830,000 |
Promissory Note | 1,380,000 | |
Total current liabilities | 6,282,667 | 4,878,667 |
Total liabilities | 6,282,667 | 4,878,667 |
Common stock subject to possible redemption, 13,800,000 shares at $10.33 per share | 142,535,875 | 139,973,416 |
Stockholders’ (Deficit) | ||
Preferred stock, $0.0001 par value, 1,000,000 shares authorized, -0- shares issued and outstanding | ||
Additional paid in capital | ||
Accumulated (deficits) | (5,606,622) | (3,817,636) |
Total Stockholders’ (Deficit) | (5,606,186) | (3,817,200) |
Total Liabilities and Stockholders’ (Deficit) | 143,212,356 | 141,034,883 |
Common Class A [Member] | ||
Stockholders’ (Deficit) | ||
Common stock value | 91 | 91 |
Common Class B [Member] | ||
Stockholders’ (Deficit) | ||
Common stock value | $ 345 | $ 345 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2022 | Sep. 30, 2022 |
Temporary equity, redemption shares | 13,800,000 | 13,800,000 |
Temporary equity, redemption price per share | $ 10.33 | $ 10.33 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common Class A [Member] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 905,000 | 905,000 |
Common stock, shares outstanding | 905,000 | 905,000 |
Common Class B [Member] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 3,450,000 | 3,450,000 |
Common stock, shares outstanding | 3,450,000 | 3,450,000 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating expense | ||
Officers compensation | $ 15,000 | $ 10,000 |
General and administrative expenses | 393,986 | 116,123 |
Total operating expense | 408,986 | 126,123 |
Other Income/(Expense), net | 1,182,459 | 546 |
Net Income (loss) before income tax | 773,473 | (125,577) |
Net Income (loss) | $ 773,473 | $ (125,577) |
Common Class A [Member] | ||
Weighted average shares outstanding, basic and dilutive | ||
Weighted average shares outstanding, basic and dilutive shares | 14,705,000 | 3,516,413 |
Basic and diluted net income (loss) per share | ||
Basic and diluted net loss per share | $ 0.04 | $ (0.02) |
Common Class B [Member] | ||
Weighted average shares outstanding, basic and dilutive | ||
Weighted average shares outstanding, basic and dilutive shares | 3,450,000 | 3,031,250 |
Basic and diluted net income (loss) per share | ||
Basic and diluted net loss per share | $ 0.04 | $ (0.02) |
Statements of Changes in Stockh
Statements of Changes in Stockholders' (Deficit) - USD ($) | Preferred Stock [Member] | Common Stock [Member] Common Class A [Member] | Common Stock [Member] Common Class B [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Sep. 30, 2021 | $ 345 | $ 49,655 | $ (21,015) | $ 28,985 | ||
Beginning balance, shares at Sep. 30, 2021 | 3,450,000 | |||||
Sale of 13,800,000 Units at IPO | $ 1,380 | 137,998,620 | 138,000,000 | |||
Sale of 13,800,000 Units at IPO, shares | 13,800,000 | |||||
Offering Cost-Funds Flow | (3,155,917) | (3,155,917) | ||||
Class A units issued for Representative shares | $ 28 | (28) | ||||
Class A units issued for Representative shares, shares | 276,000 | |||||
Deferred underwriting fee | (4,830,000) | (4,830,000) | ||||
Sale of 629,000 private units | $ 63 | 6,289,937 | $ 6,290,000 | |||
Sale of 629,000 private units, shares | 629,000 | 629,000 | ||||
Common stock subject to possible redemption | $ (1,380) | (139,378,620) | $ (139,380,000) | |||
Common stock subject to possible redemption, shares | (13,800,000) | |||||
Reclassification from negative additional paid-in capital to accumulated deficit | 3,026,353 | (3,026,353) | ||||
Net income (loss) | (125,577) | (125,577) | ||||
Ending balance, value at Dec. 31, 2021 | $ 91 | $ 345 | (3,172,945) | (3,172,509) | ||
Ending balance, shares at Dec. 31, 2021 | 905,000 | 3,450,000 | ||||
Beginning balance, value at Sep. 30, 2022 | $ 91 | $ 345 | (3,817,636) | (3,817,200) | ||
Beginning balance, shares at Sep. 30, 2022 | 905,000 | 3,450,000 | ||||
Offering Cost-Funds Flow | (3,155,917) | |||||
Net income (loss) | 773,473 | 773,473 | ||||
Accretion for Class A common stock to redemption amount | (2,562,459) | (2,562,459) | ||||
Ending balance, value at Dec. 31, 2022 | $ 91 | $ 345 | $ (5,606,622) | $ (5,606,186) | ||
Ending balance, shares at Dec. 31, 2022 | 905,000 | 3,450,000 |
Statements of Changes in Stoc_2
Statements of Changes in Stockholders' (Deficit) (Parenthetical) - shares | 3 Months Ended | |
Dec. 09, 2021 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||
Sale of Units at IPO, shares | 13,800,000 | |
Sale of private units, shares | 629,000 | 629,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 3 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | ||
Net Income (loss) | $ 773,473 | $ (125,577) |
Adjustments to reconcile net income to net cash | ||
Interest earned on marketable securities held in Trust Account | (1,182,459) | (546) |
Changes in operating assets and liabilities: | ||
Prepaid expense | 95,012 | (300,894) |
Accrued expense-related party | 3,667 | |
Accrued expense | 24,000 | |
Net cash (used in) operating activities | (289,974) | (423,350) |
Cash flows from investing activities: | ||
Investment of cash in Trust Account | (1,380,000) | (139,380,000) |
Net cash (used in) investing activities | (1,380,000) | (139,380,000) |
Cash flows from financing activities: | ||
Proceeds from sale of Units, net of underwriting discounts and offering expenses paid | 134,844,083 | |
Proceeds from sale of private units | 6,290,000 | |
Proceeds from note payable | 1,380,000 | |
Proceeds (Repayment) to notes payable - related parties | (371,650) | |
Net cash provided by financing activities | 1,380,000 | 140,762,433 |
Net increase/(decrease) in cash and cash equivalents | (289,974) | 959,083 |
Cash and cash equivalents at the beginning of the period | 610,382 | 363,135 |
Cash and cash equivalents at the end of the period | 320,408 | 1,322,218 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid for interest | ||
Cash paid for income taxes | ||
Non-Cash investing and financing activities: | ||
Initial classification of ordinary shares subject to possible redemption | 139,380,000 | |
Deferred Underwriting Fee | 4,830,000 | |
Accretion for Class A common stock to redemption amount | $ 2,562,459 |
Organization and Business Opera
Organization and Business Operations | 3 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business Operations | Note 1 — Organization and Business Operations Jupiter Wellness Acquisition Corporation (the “Company”) is a blank check company incorporated on September 14, 2021, under the laws of the State of Delaware for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities (a “Business Combination”). On October 26, 2022, the Company identified a target company for a Business Combination and activities in connection with the proposed acquisition of Chijet Inc., a Cayman Islands exempted company (see Note 4). The Company will not generate any operating revenues until after consummation of the initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the IPO. As of December 31, 2022, the Company had not yet commenced any operations. All activity December 31, 2022 relates to the Company’s formation and the its initial Public Offering (as defined below). The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the IPO. The Company has selected September 30 as its fiscal year end. On December 9, 2021, the Company consummated its IPO of 13,800,000 10.00 1,800,000 629,000 10.00 6,290,000 Transaction costs amounted to $ 7,985,917 2,760,000 4,830,000 395,917 1,630,676 The Company’s management has broad discretion with respect to the specific application of the net proceeds of the IPO and the sale of the Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete a Business Combination with one or more operating businesses or assets that together have an aggregate fair market value equal to at least 80 50 Note 1 — Organization and Business Operations (Continued) Upon the closing of the IPO on December 9, 2021, the Company deposited $ 139,380,000 10.10 The Company will provide its stockholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company. The stockholders will be entitled to redeem their shares for a pro rata portion of the amount held in the Trust Account (initially $ 10.10 The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $ 5,000,001 If the Company seeks stockholder approval in connection with a Business Combination, the Sponsor has agreed to (i) waive its redemption rights with respect to their Private Placement Shares in connection with the completion of the Business Combination, (ii) waive its redemption rights with respect to their Private Placement Shares in connection with a stockholder vote to approve an amendment to the Company’s second amended and restated certificate of incorporation (a) to modify the substance or timing of the Company’s obligation to redeem 100 Additionally, each public stockholder may elect to redeem its Public Shares, without voting, and if they do vote, irrespective of whether they vote for or against a proposed Business Combination. Notwithstanding the foregoing, if the Company seeks stockholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Company’s second amended and restated certificate of incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the Public Shares without the Company’s prior written consent. Note 1 — Organization and Business Operations (Continued) The Company will have until 12 months from the closing of the IPO (or 18 months from the closing of the IPO if the Company may extend the period of time to consummate a Business Combination) (the “Combination Period”) to complete a Business Combination. If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than 10 business days thereafter, redeem 100 50,000 The Sponsor has agreed to waive its liquidation rights with respect to the Founder Shares (as defined below) and Private Placement Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Sponsor acquires Public Shares in or after the IPO, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their business combination marketing fees (see Note 5) 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 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 assets remaining available for distribution will be less than the IPO price per Unit ($ 10.10 The Sponsor has agreed that it will be liable to the Company, if and to the extent any claims by a third party for services rendered or products sold to the Company, or by a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (1) $ 10.10 Underwriting Agreement and Business Combination Marketing Agreement The Company engaged I-Bankers as the representative of the underwriters (the “Underwriters”) in the IPO of the Company’s Class A common stock, par value of $ 0.0001 120 12,000,000 10.00 15 1,800,000 2,760,000 2.0 Note 1 — Organization and Business Operations (Continued) Underwriting Agreement and Business Combination Marketing Agreement (Continued) Upon the closing of the IPO, the Company issued to I-Bankers a five-year warrant to purchase 414,000 3.0 12.00 276,000 In addition, under a business combination marketing agreement, the Company has engaged I-Bankers as an advisor in connection with the Business Combination and will pay I-Bankers a cash fee for such marketing services upon the consummation of the Business Combination in an amount equal to, in the aggregate, 3.5 Going Concern Consideration The Company expects to incur significant costs in pursuit of its financing and acquisition plans. In connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Update (“ ASU Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern GAAP Risks and Uncertainties Management continues to evaluate the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations, and/or search for a target company, the specific impact is not readily determinable as of the date of this financial statement. The financial statement does not include any adjustments that might result from the outcome of this uncertainty. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Dec. 31, 2022 | |
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 conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of US Securities and Exchange Commission (“SEC”). Emerging Growth Company Status The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act and modified by the Jumpstart our Business Startups Act of 2012, (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Emerging Growth Company Status (Continued) 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 the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement 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 statement, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Actual results could differ from those estimates. Cash and Cash Equivalents The Company had $ 320,408 Marketable Securities Held in Trust Account At December 31, 2022, 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. All of the Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held in Trust Account are included in interest earned on marketable securities held in Trust Account in the accompanying condensed statements of operations. The estimated fair values of investments held in Trust Account are determined using available market information. At December 31, 2022, $ 142,735,875 Offering Costs Associated with the IPO The Company complies with the requirements of the ASC 340-10-S99-1. Offering costs consisted of legal, accounting, underwriting fees and other costs incurred through the IPO that were directly related to the IPO. The Company incurred offering costs amounting to $ 7,985,917 2,760,000 4,830,000 395,917 3,155,917 4,830,000 NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Class A Common Stock Subject to Possible Redemption All of the 13,800,000 139,380,000 Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which, at times, may exceed the federal depository insurance coverage corporation limit of $ 250,000 Fair Value of Financial Instruments Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: ● Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; ● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and ● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet, primarily due to their short-term nature. Business Combination Marketing Fee Pursuant to the business combination marketing agreement, the Company has engaged I-Bankers as an advisor in connection with the Business Combination and will pay I-Bankers a cash fee for such marketing services upon the consummation of the Business Combination in an amount equal to, in the aggregate, 3.5 NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Stock-Based Compensation The Company recognizes compensation costs to employees under FASB Accounting Standards Codification 718 “Compensation - Stock Compensation” (“ASC 718”). Under ASC 718, companies are required to measure the compensation costs of share-based compensation arrangements based on the grant-date fair value and recognize the costs in the financial statements over the period during which employees are required to provide services. Share based compensation arrangements include stock options and warrants. As such, compensation cost is measured on the date of grant at their fair value. Such compensation amounts, if any, are amortized over the respective vesting periods of the option grant. On September 14, 2021, the inception date, the Company adopted Accounting Standards Update (“ASU”) No. 2018-07 “Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting.” These amendments expand the scope of Topic 718, Compensation - Stock Compensation (which currently only includes share-based payments to employees) to include share-based payments issued to nonemployees for goods or services. Consequently, the accounting for share-based payments to nonemployees and employees will be substantially aligned. Income Taxes The Company complies with the accounting and reporting requirements of FASB ASC, 740, “Income Taxes”. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. There were no unrecognized tax benefits as of December 31, 2022 and September 30, 2022. Deferred tax assets were deemed to be de minimis as of December 31, 2022 and September 30, 2022. FASB 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. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties at December 31, 2022 and September 30, 2022. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. The provision for income taxes was deemed to be de minimis for the three months ended December 31, 2022 and 2021. Warrants ASC 480 requires a reporting entity to classify certain freestanding financial instruments as liabilities (or in some cases as assets). ASC 480-10-S99 addresses concerns raised by the SEC regarding the financial statement classification and measurement of securities subject to mandatory redemption requirements or whose redemption is outside the control of the issuer. If the stock subject to mandatory redemption provisions represents the only shares in the reporting entity, it must report instruments in the liabilities section of its statement of financial position. The stock subject must then describe them as shares subject to mandatory redemption, so as to distinguish the instruments from other financial statement liabilities. The Company concludes that the warrants to I-Bankers do not exhibit any of the above characteristics and, therefore, are outside the scope of ASC 480. The warrants were issued in accordance with the guidance contained in ASC 815-40, Derivatives and Hedging — Contracts in Entity’s Own Equity. Such guidance provides that because the warrants meet the criteria for equity treatment. NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statement. |
PUBLIC OFFERING
PUBLIC OFFERING | 3 Months Ended |
Dec. 31, 2022 | |
Public Offering | |
PUBLIC OFFERING | NOTE 3 — PUBLIC OFFERING At the IPO, the Company sold 13,800,000 10.00 1,800,000 138,000,000 Each Unit consists of one share of Class A common stock of the Company, par value $ 0.0001 A total of $ 139,380,000 |
Business Combination
Business Combination | 3 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combination | NOTE 4 — Business Combination On October 26, 2022, Jupiter Wellness Acquisition Corp., a blank check, special purpose acquisition company incorporated as a Delaware corporation (the “Company”), issued a press release (the “Press Release”) announcing that the Company has entered into a definitive Business Combination Agreement (the “BCA”) on October 25, 2022, with Chijet Inc., a Cayman Islands exempted company (together with its subsidiaries, “Chijet”), each of the referenced holders of Chijet’s outstanding capital shares (collectively, the “Sellers”) and certain other parties formed in connection with the transactions contemplated by the BCA (the “Business Combination”), including Chijet Motor Company, Inc., a Cayman Islands exempted company and a wholly owned subsidiary of Chijet (“Pubco”). Chijet indirectly holds controlling interests in Shandong Baoya New Energy Vehicle Co., Ltd., a Chinese company (“Baoya”), which is a producer and manufacturer of electric vehicles and FAW Jilin Automobile Co., Ltd., a Chinese company (“FAW Jilin”), which manufactures and sells traditional fuel vehicles. Subject to the terms and conditions of the BCA, Pubco will acquire all of the issued and outstanding shares of Chijet from the Sellers (“Purchased Shares”) in exchange for ordinary shares of Pubco and Chijet shall surrender for no consideration its shares in Pubco, such that Chijet becomes a wholly owned subsidiary of Pubco and the Sellers become shareholders of Pubco (the “Share Exchange”). Immediately thereafter, Merger Sub will merge with and into the Company, with the Company continuing as the surviving entity, as a result of which, (i) the Company shall become a wholly owned subsidiary of Pubco, and (ii) each issued and outstanding security of the Company immediately prior to the consummation of the Business Combination shall no longer be outstanding and shall automatically be cancelled, in exchange for the right of the holder thereof to receive a substantially equivalent security of Pubco (and with the holders of the Company’s publicly traded shares of Class A common stock, par value $ 0.0001 Pursuant to the BCA, at the closing, Pubco shall issue and deliver to the Sellers an aggregate number of Pubco ordinary shares (the “Exchange Shares”) with an aggregate value equal to One Billion Six Hundred Million U.S. Dollars ($ 1,600,000,000 674,000,000 NOTE 4 — Business Combination (Continued) Shares owned by all Earnout Participants) based on Pubco and its subsidiaries achieving certain financial performance metrics over for calendar years 2023, 2024 and 2025 or meeting certain stock price metrics from the closing until 30 trading days after the date on which Pubco files its annual report for the calendar year ended December 31, 2023, 2024 and 2025, respectively with the SEC. To the extent that any such Earnout Shares are not earned, they (along with income thereon) will be redistributed pro rata to the holders of CVRs. On December 5, 2022, the company issued an unsecured promissory note (the “ Note 1,380,000 1,380,000 Extension The business Combination was not closed as of December 31, 2022. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 5 — RELATED PARTY TRANSACTIONS Founder Shares On September 20, 2021, the Sponsor purchased 2,875,000 50,000 In December 2021, the Company effected a 0.2 for 1 stock dividend for each share of Class B common stock outstanding (which has been accounted for as a stock split) of 575,000 3,450,000 The Founder Shares include an aggregate of up to 450,000 20 Private Placement Concurrently with the closing of the IPO, the Sponsor and the Underwriters purchased an aggregate of 629,000 6,290,000 The Private Placement Units (including the underlying Private Placement Rights, the Private Placement Shares and the shares of Class A common stock issuable upon conversion of the Private Placement Rights) will not be transferable, assignable or salable until 30 days after the completion of the initial Business Combination (except as described under the section of the IPO prospectus entitled “Principal Stockholders — Restrictions on Transfers of Founder Shares and Private Placement Units”). Following such period, the Private Placement Units (including the underlying Private Placement Rights, the Private Placement Shares and the shares of Class A common stock issuable upon conversion of the Private Placement Rights) will be transferable, assignable or salable, except that the Private Placement Units will not trade. NOTE 5 — RELATED PARTY TRANSACTIONS (Continued) Accrued Expenses - Related Parties Pursuant to the executed Offer Letters, the Company agreed to pay the Company’s Chief Financial Officer $ 5,000 8,667 Sponsor Note Payable As of September 30, 2021, the Company had a loan payable to the Sponsor in amount of $ 371,650 Working Capital Loans In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor, an affiliate of the Sponsor, or certain of the Company’s officers and directors or their affiliates 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 10.00 no |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 6 — COMMITMENTS AND CONTINGENCIES Registration Rights The holders of the Founder Shares, Private Placement Units (and their underlying securities), the Representative Shares, the Representative Warrants (and their underlying securities), the 300,000 NOTE 6 — COMMITMENTS AND CONTINGENCIES (Continued) Underwriting Agreement The Company had granted the Underwriters a 30-day option from the date of IPO to purchase up to 1,800,000 Simultaneously upon the closing of the IPO, the Underwriters exercised the over-allotment option in full. As such, the Underwriters were paid an underwriting discount and commission of $ 0.20 2,760,000 4,830,000 |
Promissory Note
Promissory Note | 3 Months Ended |
Dec. 31, 2022 | |
Disclosure Promissory Note Abstract | |
Promissory Note | NOTE 7 — Promissory Note On December 5, 2022, the company issued an unsecured promissory note (the “Note”) in the principal amount of $ 1,380,000 |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 3 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 8 — STOCKHOLDERS’ EQUITY The Company is authorized to issue a total of 111,000,000 0.0001 110,000,000 100,000,000 10,000,000 1,000,000 As of December 31, 2022, there were 905,000 3,450,000 0.2 for 1 stock dividend for each share of Class B common stock outstanding 13,800,000 Of the 3,450,000 450,000 20 As of December 31, 2022, no Rights Each holder of a right will receive one-eighth (1/8) of one share of Class A common stock upon consummation of a Business Combination. In the event the Company will not be the surviving entity upon completion of the Company’s initial Business Combination, each holder of a public right will automatically receive the 1/8 share of Class A common stock underlying such public right (without paying any additional consideration); and each holder of a Private Placement Right or right underlying Units to be issued upon conversion of the Working Capital Loans will be required to affirmatively convert its rights in order to receive the 1/8 share of Class A common stock underlying each right (without paying any additional consideration) NOTE 8 — STOCKHOLDERS’ EQUITY (Continued) Rights (Continued) expire worthless. The Company will not issue fractional shares upon conversion of the rights. If, upon conversion of the rights, a holder would be entitled to receive a fractional interest in a share, the Company will, upon exchange, comply with Section 155 of the Delaware General Corporation Law. The Company will make the determination of how to treat fractional shares at the time of its initial Business Combination and will include such determination in the proxy materials that it will send to stockholders for their consideration of such initial 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 rights will not receive any of such funds with respect to their rights, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such rights, and the rights will expire worthless. Further, there are no contractual penalties for failure to deliver securities to the holders of the 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. Representative Warrants and Representative Shares Upon the closing of the IPO, the Company issued to the Underwriters Representative Warrants, the exercise price of which will be $ 12.00 276,000 The Representative Warrants shall be exercisable, in whole or in part, commencing the later of December 9, 2022 and the closing of the Company’s initial Business Combination and terminating on December 9, 2026. The Company accounted for the 414,000 1,087,164 2.626 35 1.18 five years Warrants grants to holders demand and “piggy back” rights for periods of five and seven years from December 9, 2021. 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 shares issuable upon exercise of the Representative Warrants may be adjusted in certain circumstances including in the event of a stock dividend, or the Company’s recapitalization, reorganization, merger or consolidation. However, the Representative Warrants will not be adjusted for issuances of Class A common stock at a price below its exercise price. The Underwriters agreed not to transfer, assign or sell any of the Representative Shares without the Company’s prior written consent until the completion of the Business Combination. The Underwriters agreed (i) to waive its redemption rights with respect to such shares in connection with the completion of the initial Business Combination and (ii) to waive its rights to liquidating distributions from the Trust Account with respect to the Representative Shares if the Company fails to complete its initial Business Combination within Combination Period. The shares have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days immediately following December 9, 2021 pursuant to FINRA Rule 5110(e)(1). |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Dec. 31, 2022 | |
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 statement was available to be issued. The Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statement. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of US Securities and Exchange Commission (“SEC”). |
Emerging Growth Company Status | Emerging Growth Company Status The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act and modified by the Jumpstart our Business Startups Act of 2012, (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Emerging Growth Company Status (Continued) 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 the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement 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 statement, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company had $ 320,408 |
Marketable Securities Held in Trust Account | Marketable Securities Held in Trust Account At December 31, 2022, 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. All of the Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held in Trust Account are included in interest earned on marketable securities held in Trust Account in the accompanying condensed statements of operations. The estimated fair values of investments held in Trust Account are determined using available market information. At December 31, 2022, $ 142,735,875 |
Offering Costs Associated with the IPO | Offering Costs Associated with the IPO The Company complies with the requirements of the ASC 340-10-S99-1. Offering costs consisted of legal, accounting, underwriting fees and other costs incurred through the IPO that were directly related to the IPO. The Company incurred offering costs amounting to $ 7,985,917 2,760,000 4,830,000 395,917 3,155,917 4,830,000 NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) |
Class A Common Stock Subject to Possible Redemption | Class A Common Stock Subject to Possible Redemption All of the 13,800,000 139,380,000 |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which, at times, may exceed the federal depository insurance coverage corporation limit of $ 250,000 |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: ● Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; ● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and ● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet, primarily due to their short-term nature. |
Business Combination Marketing Fee | Business Combination Marketing Fee Pursuant to the business combination marketing agreement, the Company has engaged I-Bankers as an advisor in connection with the Business Combination and will pay I-Bankers a cash fee for such marketing services upon the consummation of the Business Combination in an amount equal to, in the aggregate, 3.5 NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) |
Stock-Based Compensation | Stock-Based Compensation The Company recognizes compensation costs to employees under FASB Accounting Standards Codification 718 “Compensation - Stock Compensation” (“ASC 718”). Under ASC 718, companies are required to measure the compensation costs of share-based compensation arrangements based on the grant-date fair value and recognize the costs in the financial statements over the period during which employees are required to provide services. Share based compensation arrangements include stock options and warrants. As such, compensation cost is measured on the date of grant at their fair value. Such compensation amounts, if any, are amortized over the respective vesting periods of the option grant. On September 14, 2021, the inception date, the Company adopted Accounting Standards Update (“ASU”) No. 2018-07 “Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting.” These amendments expand the scope of Topic 718, Compensation - Stock Compensation (which currently only includes share-based payments to employees) to include share-based payments issued to nonemployees for goods or services. Consequently, the accounting for share-based payments to nonemployees and employees will be substantially aligned. |
Income Taxes | Income Taxes The Company complies with the accounting and reporting requirements of FASB ASC, 740, “Income Taxes”. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. There were no unrecognized tax benefits as of December 31, 2022 and September 30, 2022. Deferred tax assets were deemed to be de minimis as of December 31, 2022 and September 30, 2022. FASB 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. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties at December 31, 2022 and September 30, 2022. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. The provision for income taxes was deemed to be de minimis for the three months ended December 31, 2022 and 2021. |
Warrants | Warrants ASC 480 requires a reporting entity to classify certain freestanding financial instruments as liabilities (or in some cases as assets). ASC 480-10-S99 addresses concerns raised by the SEC regarding the financial statement classification and measurement of securities subject to mandatory redemption requirements or whose redemption is outside the control of the issuer. If the stock subject to mandatory redemption provisions represents the only shares in the reporting entity, it must report instruments in the liabilities section of its statement of financial position. The stock subject must then describe them as shares subject to mandatory redemption, so as to distinguish the instruments from other financial statement liabilities. The Company concludes that the warrants to I-Bankers do not exhibit any of the above characteristics and, therefore, are outside the scope of ASC 480. The warrants were issued in accordance with the guidance contained in ASC 815-40, Derivatives and Hedging — Contracts in Entity’s Own Equity. Such guidance provides that because the warrants meet the criteria for equity treatment. NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statement. |
Organization and Business Ope_2
Organization and Business Operations (Details Narrative) - USD ($) | 3 Months Ended | ||||||
Dec. 09, 2021 | Sep. 20, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 05, 2022 | Oct. 26, 2022 | Sep. 30, 2022 | |
IPO Units | 13,800,000 | 13,800,000 | |||||
Private placement equivalent units price | $ 10 | $ 10 | |||||
Stock issued during period, shares, new issues | 1,800,000 | 2,875,000 | |||||
Private placement units | 629,000 | 629,000 | |||||
Generating gross proceeds | $ 6,290,000 | $ 6,290,000 | |||||
Transaction costs | 7,985,917 | ||||||
Underwriting discount and commission aggregate payable | 2,760,000 | ||||||
Business combination marketing fee | 4,830,000 | ||||||
Other offering costs | 395,917 | ||||||
Banking regulation, total capital, actual | $ 1,630,676 | ||||||
Fair market value of net assets | 80% | ||||||
Company net proceeds of IPO and private placement sale | $ 1,380,000 | ||||||
Price per unit sold | $ 10.10 | $ 0.0001 | |||||
Business combination net tangible assets | $ 5,000,001 | ||||||
Company obligation to redeem | 100% | ||||||
Interest to pay dissolution expenses | $ 50,000 | ||||||
Common stock, par value | $ 0.0001 | ||||||
IPO listing price | $ 120,000,000 | ||||||
IPO listing units | 12,000,000 | ||||||
Percentage of over-allotment units | 15% | ||||||
Underwriting commissions | $ 2,760,000 | ||||||
Percentage of gross proceeds raised for services | 2% | ||||||
Shares of Class A to purchase | 414,000 | ||||||
Representative Warrants percent | 3% | ||||||
Warrants price per share | $ 12 | ||||||
Representative shares | 276,000 | ||||||
Gross proceeds of the IPO | 3.50% | ||||||
Common Class A [Member] | |||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
American Stock Transfer & Trust Company, LLC [Member] | |||||||
Company net proceeds of IPO and private placement sale | $ 139,380,000 | ||||||
Price per unit sold | $ 10.10 | ||||||
Post Transaction [Member] | |||||||
Post transaction ownership | 50% |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | |||
Dec. 09, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2022 | |
Cash | $ 320,408 | $ 610,382 | ||
Assets held in trust current | 142,735,875 | $ 140,173,416 | ||
Transaction costs | $ 7,985,917 | |||
Underwriting discount and commission aggregate payable | 2,760,000 | |||
Business combination marketing fee | 4,830,000 | |||
Other offering costs | $ 395,917 | |||
Offering cost stockholders equity | 3,155,917 | $ 3,155,917 | ||
Offering costs current liabilities | $ 4,830,000 | |||
IPO shares | 13,800,000 | 13,800,000 | ||
Federal depositoryh insurance amount | $ 250,000 | |||
Gross proceeds of the IPO | 3.50% | |||
Common Class A [Member] | ||||
Common stock subject to possible redemption amount | $ 139,380,000 |
PUBLIC OFFERING (Details Narrat
PUBLIC OFFERING (Details Narrative) - USD ($) | 3 Months Ended | ||||
Dec. 09, 2021 | Dec. 31, 2021 | Dec. 31, 2022 | Oct. 26, 2022 | Sep. 30, 2022 | |
Sale of units at IPO | 13,800,000 | ||||
Sale of stock units | $ 10 | $ 10 | |||
Proceeds from issuance of public offering | $ 138,000,000 | ||||
Sale of stock, description | Each Unit consists of one share of Class A common stock of the Company, par value $0.0001 per share (“Class A common stock”), and one right to receive one-eighth of one share of Class A common stock upon the consummation of the Company’s initial business combination (see Note 6) | ||||
Common stock, par value | $ 0.0001 | ||||
American Stock Transfer & Trust Company, LLC [Member] | |||||
Stock held in trust | $ 139,380,000 | ||||
Common Class A [Member] | |||||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
IPO [Member] | |||||
Sale of units at IPO | 13,800,000 | ||||
Sale of stock units | $ 10 | ||||
Over-Allotment Option [Member] | |||||
Sale of units at IPO | 1,800,000 |
Business Combination (Details N
Business Combination (Details Narrative) - USD ($) | Dec. 05, 2022 | Oct. 26, 2022 |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||
Common stock, par value | $ 0.0001 | |
Deposits into trust account | $ 1,380,000 | |
Chijet Motor Company Inc [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||
Principal amount | $ 1,380,000 | |
Seller [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||
Common stock value | $ 1,600,000,000 | |
Earnout Participants [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||
Common stock value | $ 674,000,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | |||||
Dec. 09, 2021 | Sep. 20, 2021 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Shares purchased during period | 1,800,000 | 2,875,000 | |||||
Shares purchased during period, value | $ 50,000 | ||||||
Proceeds from issuance of private placement | $ 6,290,000 | $ 6,290,000 | |||||
Officers compensation | 15,000 | $ 10,000 | |||||
Accrued expense related party | 8,667 | $ 8,667 | |||||
Working capital loans | $ 1,500,000 | ||||||
Sales units price per share | $ 10 | $ 10 | |||||
Working capital loans outstanding | $ 0 | ||||||
Chief Financial Officer [Member] | |||||||
Officers compensation | 5,000 | ||||||
Management and Directors [Member] | |||||||
Accrued expense related party | $ 8,667 | $ 8,667 | |||||
Sponsor [Member] | |||||||
Loans payable | $ 371,650 | ||||||
Private Placement [Member] | |||||||
Shares purchased during period | 629,000 | ||||||
Proceeds from issuance of private placement | $ 6,290,000 | ||||||
Common Class B [Member] | |||||||
Stock split description | the Company effected a 0.2 for 1 stock dividend for each share of Class B common stock outstanding (which has been accounted for as a stock split) of 575,000 shares of Class B common stock, which resulted in an aggregate of 3,450,000 shares of Class B common stock outstanding | 0.2 for 1 stock dividend for each share of Class B common stock outstanding | |||||
Shares issued as split stock | 575,000 | ||||||
Common stock, shares outstanding | 3,450,000 | 3,450,000 | 3,450,000 | 3,450,000 | |||
Shares issued as forfeited | 450,000 | ||||||
Shares issued and outstanding percent | 20% |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) | Dec. 09, 2021 USD ($) $ / shares shares |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |
Underwriting price per unit | $ / shares | $ 0.20 |
Underwriting expense payment | $ | $ 2,760,000 |
Marketing fees | $ | $ 4,830,000 |
Over-Allotment Option [Member] | |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |
Shares purchase grant option | shares | 1,800,000 |
Directors and Officers [Member] | |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |
Ccommon stock issuable, shares | shares | 300,000 |
Promissory Note (Details Narrat
Promissory Note (Details Narrative) | Dec. 05, 2022 USD ($) |
Chijet Motor Company Inc [Member] | |
Debt Instrument, Face Amount | $ 1,380,000 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Dec. 09, 2021 | Dec. 31, 2021 | Dec. 31, 2022 | Sep. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Shares authorized | 111,000,000 | |||
Share price per share | $ 10.10 | $ 0.0001 | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | ||
Preferred stock issued | 0 | 0 | ||
Preferred stock outstanding | 0 | 0 | ||
Common stock, terms of conversion | Each holder of a right will receive one-eighth (1/8) of one share of Class A common stock upon consummation of a Business Combination. In the event the Company will not be the surviving entity upon completion of the Company’s initial Business Combination, each holder of a public right will automatically receive the 1/8 share of Class A common stock underlying such public right (without paying any additional consideration); and each holder of a Private Placement Right or right underlying Units to be issued upon conversion of the Working Capital Loans will be required to affirmatively convert its rights in order to receive the 1/8 share of Class A common stock underlying each right (without paying any additional consideration) | |||
Warrants price per share | $ 12 | |||
Representative warrants | 414,000 | |||
Measurement Input, Price Volatility [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Warrant measurement inputs | 35 | |||
Measurement Input, Risk Free Interest Rate [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Warrant measurement inputs | 1.18 | |||
Measurement Input, Expected Term [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Warrant measurement inputs | 5 years | |||
Representative Warrants [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Warrants price per share | $ 2.626 | |||
Fair value of representative warrants | $ 1,087,164 | |||
IPO [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Warrants price per share | $ 12 | |||
Warrants to purchase shares | 276,000 | |||
Representative warrants | 414,000 | |||
Common Class A [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | ||
Common stock, shares issued | 905,000 | 905,000 | ||
Common stock subject to redemption | 13,800,000 | |||
Common stock, shares outstanding | 905,000 | 905,000 | ||
Common Class B [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Common stock, shares authorized | 10,000,000 | 10,000,000 | ||
Common stock, shares issued | 3,450,000 | 3,450,000 | ||
Stock split description | the Company effected a 0.2 for 1 stock dividend for each share of Class B common stock outstanding (which has been accounted for as a stock split) of 575,000 shares of Class B common stock, which resulted in an aggregate of 3,450,000 shares of Class B common stock outstanding | 0.2 for 1 stock dividend for each share of Class B common stock outstanding | ||
Common stock, shares outstanding | 3,450,000 | 3,450,000 | 3,450,000 | |
Common stock, shares outstanding | 450,000 | |||
Shares issued and outstanding percent | 20% | |||
Common Stock [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Common stock, shares authorized | 110,000,000 | |||
Preferred Stock [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Preferred stock, shares authorized | 1,000,000 |