Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 31, 2023 | Jun. 30, 2022 | |
Document Information Line Items | |||
Entity Registrant Name | HAINAN MANASLU ACQUISITION CORP. | ||
Trading Symbol | HMAC | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 8,966,500 | ||
Entity Public Float | $ 0 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001894370 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Shell Company | true | ||
Entity Ex Transition Period | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 001-41474 | ||
Entity Incorporation, State or Country Code | E9 | ||
Entity Tax Identification Number | 00-0000000 | ||
Entity Address, Address Line One | B3406 | ||
Entity Address, Address Line Two | 34F, West Tower, Block BGuorui Building | ||
Entity Address, Address Line Three | 11 Guoxing AvenueHaikou, Hainan Province | ||
Entity Address, Country | CN | ||
Entity Address, City or Town | China | ||
Entity Address, Postal Zip Code | 570203 | ||
City Area Code | +86 | ||
Local Phone Number | 898-65315786 | ||
Title of 12(b) Security | Ordinary shares, par value $0.0001 per share | ||
Security Exchange Name | NASDAQ | ||
Entity Interactive Data Current | Yes | ||
Auditor Firm ID | 711 | ||
Auditor Name | Friedman LLP | ||
Auditor Location | New York, NY |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash | $ 73,483 | $ 50,090 |
Restricted cash | 18,297 | |
Prepaid expense | 95,892 | |
Total current assets | 187,672 | 50,090 |
Deferred offering costs | 160,000 | |
Investments held in trust account | 70,830,102 | |
TOTAL ASSETS | 71,017,774 | 210,090 |
Current liabilities: | ||
Accrued liabilities | 33,783 | |
Promissory note – related party | 227,708 | |
Amount due to related party | 3,003 | |
Total Current Liabilities | 36,786 | 227,708 |
Deferred underwriting compensation | 2,242,500 | |
TOTAL LIABILITIES | 2,279,286 | 227,708 |
Commitments and contingencies | ||
Ordinary shares, subject to possible redemption: 6,900,000 and 0 shares issued and outstanding as of December 31, 2022 and 2021, respectively (at redemption value of $10.27 as of December 31, 2022) | 70,830,102 | |
Shareholders’ deficit: | ||
Preference shares, par value $0.0001 per share; 500,000 shares authorized; 0 shares issued and outstanding | ||
Ordinary shares, $0.0001 par value; 55,000,000 shares authorized; 2,066,500 and 1,725,000 shares issued and outstanding as of December 31, 2022 and 2021, respectively (excluding 6,900,000 and 0 shares subject to possible redemption) | 207 | 173 |
Additional paid-in capital | 24,827 | |
Accumulated deficit | (2,091,821) | (42,618) |
Total shareholders’ deficit | (2,091,614) | (17,618) |
TOTAL LIABILITIES, TEMPORARY EQUITY AND SHAREHOLDERS’ DEFICIT | $ 71,017,774 | $ 210,090 |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Ordinary shares, subject to possible redemption shares | 6,900,000 | 0 |
Ordinary shares, subject to possible redemption value per share (in Dollars per share) | $ 10.27 | |
Preference shares, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Preference shares, shares authorized | 500,000 | 500,000 |
Preference shares, shares issued | 0 | 0 |
Preference shares, shares outstanding | 0 | 0 |
Ordinary shares, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Ordinary shares, shares authorized | 55,000,000 | 55,000,000 |
Ordinary shares, shares issued | 2,066,500 | 1,725,000 |
Ordinary shares, shares outstanding | 2,066,500 | 1,725,000 |
Statements of Operations
Statements of Operations - USD ($) | 4 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Dec. 31, 2022 | |
Formation, general and administrative expenses | $ (42,619) | $ (195,820) |
Total operating expenses | (42,619) | (195,820) |
Other income | ||
Dividend income earned on investments held in Trust Account | 795,099 | |
Interest income | 1 | 6 |
Other income | 3 | |
Total other income | 1 | 795,108 |
Income (loss) before income taxes | (42,618) | 599,288 |
Income taxes | ||
NET INCOME (LOSS) | $ (42,618) | $ 599,288 |
Basic weighted average shares outstanding (in Shares) | 2,608,767 | |
Basic net income (loss) per share (in Dollars per share) | $ 1.97 | |
Hainan Manaslu Acquisition Corp.[Member] | ||
Other income | ||
Basic weighted average shares outstanding (in Shares) | 1,500,000 | 1,854,115 |
Basic net income (loss) per share (in Dollars per share) | $ (0.03) | $ (2.45) |
Statements of Operations (Paren
Statements of Operations (Parentheticals) - $ / shares | 4 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Dec. 31, 2022 | |
Diluted weighted average shares outstanding | 2,608,767 | |
Diluted net income (loss) per share | $ 0.56 | |
Hainan Manaslu Acquisition Corp.[Member] | ||
Diluted weighted average shares outstanding | 1,500,000 | 1,854,115 |
Diluted net income (loss) per share | $ (0.03) | $ (0.46) |
Statements of Changes in Shareh
Statements of Changes in Shareholders’ Deficit - USD ($) | Ordinary shares | Additional paid-in capital | Accumulated deficit | Total |
Balance (in Shares) at Sep. 09, 2021 | ||||
Balance at Sep. 09, 2021 | ||||
Issuance of ordinary shares to founders | $ 173 | 24,827 | 25,000 | |
Issuance of ordinary shares to founders (in Shares) | 1,725,000 | |||
Net income (loss) | (42,618) | (42,618) | ||
Balance at Dec. 31, 2021 | $ 173 | 24,827 | (42,618) | (17,618) |
Balance (in Shares) at Dec. 31, 2021 | 1,725,000 | |||
Sale of units in initial public offering | $ 690 | 64,741,128 | 64,741,818 | |
Sale of units in initial public offering (in Shares) | 6,900,000 | |||
Sale of units to the founder in private placement | $ 34 | 3,414,966 | 3,415,000 | |
Sale of units to the founder in private placement (in Shares) | 341,500 | |||
Initial classification of ordinary shares subject to possible redemption | $ (690) | (63,186,265) | (63,186,955) | |
Initial classification of ordinary shares subject to possible redemption (in Shares) | (6,900,000) | |||
Allocation of offering costs to ordinary shares subject to possible redemption | 3,899,443 | 3,899,443 | ||
Accretion of carrying value to redemption value | (8,894,099) | (2,648,491) | (11,542,590) | |
Net income (loss) | 599,288 | 599,288 | ||
Balance at Dec. 31, 2022 | $ 207 | $ (2,091,821) | $ (2,091,614) | |
Balance (in Shares) at Dec. 31, 2022 | 2,066,500 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 4 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Dec. 31, 2022 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (42,618) | $ 599,288 |
Adjustments to reconcile net income (loss) to net cash used in operating activities | ||
Interest income and dividend income earned on investments held in Trust Account | (795,099) | |
Change in operating assets and liabilities: | ||
Increase in prepayment | (95,892) | |
Increase in accrued liabilities | 33,783 | |
Net cash used in operating activities | (42,618) | (257,920) |
Cash flows from investing activities: | ||
Proceeds deposited in Trust Account | (70,035,003) | |
Net cash used in investing activities | (70,035,003) | |
Cash flows from financing activities: | ||
Proceeds from public offering | 69,000,000 | |
Proceeds from private placements | 3,415,000 | |
Promissory note – related party | 97,708 | (224,705) |
Payment of offering costs | (30,000) | (1,855,682) |
Capital contribution received | 25,000 | |
Net cash provided by financing activities | 92,708 | 70,334,613 |
NET CHANGE IN CASH | 50,090 | 41,690 |
CASH AND RESTRICTED CASH, BEGINNING OF PERIOD | 50,090 | |
CASH AND RESTRICTED CASH, END OF PERIOD | 50,090 | 91,780 |
Reconciliation to amounts on balance sheets: | ||
Cash | 50,090 | 73,483 |
Restricted cash | 18,297 | |
Total cash and restricted cash | 50,090 | 91,780 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES: | ||
Initial classification of ordinary shares subject to possible redemption | (63,186,955) | |
Allocation of offering costs to ordinary shares subject to possible redemption | 3,899,443 | |
Accretion of carrying value to redemption value | (11,542,590) | |
Deferred underwriting compensation | 2,242,500 | |
Deferred offering costs paid by a related party | $ 22,708 |
Organization and Business Backg
Organization and Business Background | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BUSINESS BACKGROUND | NOTE 1 - ORGANIZATION AND BUSINESS BACKGROUND Hainan Manaslu Acquisition Corp. (the “Company”) is a blank check company incorporated as a Cayman Islands exempted company on September 10, 2021, and formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). While the Company may pursue an acquisition opportunity in any business, industry, sector or geographical location, the Company intends to focus on industries that complement the management team’s background, and to capitalize on the ability of the management team and advisor to identify and acquire a business. However, the Company will not consummate its initial Business Combination with an entity or business with China operations consolidated through a variable interest entity (“VIE”) structure. The Company is an early stage company and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage companies and emerging growth companies. The Company has selected December 31 as its fiscal year end. As of December 31, 2022, the Company had not yet commenced any operations. All activities through August 15, 2022 relate to the Company’s formation and the initial public offering (the “Initial Public Offering”). Since the Initial Public Offering, the Company’s activity has been limited to the negotiation and consummation of the proposed business combination with PubCo. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company generates non-operating income in the form of interest income from the funds deposited in the Trust Account (as defined below). The registration statement for the Company’s Initial Public Offering was declared effective on August 10, 2022. On August 15, 2022, the Company consummated the Initial Public Offering of 6,900,000 units (the “Public Units”), which includes 900,000 Public Units upon the full exercise by the underwriter of its over-allotment option, at $10.00 per Public Unit, generating gross proceeds of $69,000,000 to the Company, which is described in Note 4. Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 341,500 units (the “Private Placement Units”) at a price of $10.00 per Private Placement Unit in a private placement to Bright Winlong LLC (the “Sponsor”), generating gross proceeds of $3,415,000 to the Company, which is described in Note 5. Transaction costs amounted to $4,258,182, consisting of $1,380,000 of underwriting commissions, $2,242,500 of deferred underwriting commissions and $635,682 of other offering costs. In addition, cash of $306,586 that was held in of the Trust Account as of August 15, 2022 and transferred to the company’s operating account on August 16, 2022 is available for the payment of offering costs and for working capital purposes. Among the net proceeds of $70,341,586 from the Initial Public Offering and the private placement, $70,035,000 was transferred to the Trust Account and $306,586 was transferred to the Company’s operating bank account upon closing of the Initial Public Offering. The aggregate amount of $70,035,000 ($10.15 per Public Unit) held in a trust account (“Trust Account”) established for the benefit of the Company’s public shareholders and maintained by Continental Stock Transfer & Trust Company, acting as trustee, will be invested only in U.S. government treasury bills, with a maturity of 185 days or less or in money market funds investing solely in U.S. Treasuries and meeting certain conditions under Rule 2a-7 under the Investment Company Act of 1940, as amended (the “Investment Company Act”). Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its taxes, if any, the funds in the Trust Account will not be released until the earliest of (i) the completion of the Company’s initial Business Combination, (ii) the redemption of any public shares (as defined below) properly tendered in connection with a shareholder vote to amend the Company’s Amended and Restated Memorandum and Articles of Association to (A) modify the substance or timing of the Company’s obligation to redeem 100% of its public shares if the Company does not complete its initial Business Combination within nine months from the closing of the Initial Public Offering (or up to 18 months from the closing of the Initial Public Offering if the Company extends the period of time to consummate a Business Combination) or (B) with respect to any other provision relating to shareholders’ rights or pre-business combination activity and (iii) the redemption of all of the Company’s public shares if the Company is unable to complete its initial Business Combination within nine months from the closing of the Initial Public Offering (or up to 18 months from the closing of the Initial Public Offering if the Company extends the period of time to consummate a Business Combination), subject to applicable law. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and sale of the Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. Nasdaq rules provide that the Business Combination must be with one or more target businesses that together have a fair market value equal to at least 80% of the balance in the Trust Account (less any deferred underwriting commissions and taxes payable on interest earned) at the time of the signing of an agreement to enter into a Business Combination. The Company will only complete a Business Combination if the post-Business Combination 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 that the Company will be able to successfully effect a Business Combination. The Company will provide its 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. In connection with an Initial Business Combination, the Company may seek shareholder approval of a Business Combination at a meeting called for such purpose at which shareholders may seek to redeem their shares, regardless of whether they vote for or against a Business Combination. The Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 after payment of the deferred underwriting commissions, either immediately prior to, or upon such consummation of, or any greater net tangible asset or cash requirement that may be contained in the agreement relating to, such Business Combination. Notwithstanding the foregoing, if the Company seeks shareholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Company’s Amended and Restated Memorandum and Articles of Association 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 seeking redemption rights with respect to 15% or more of the public shares without the Company’s prior written consent. If a shareholder vote is not required and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association, offer such redemption pursuant to the tender offer rules of the United States Securities and Exchange Commission (the “SEC”), and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination. The shareholders will be entitled to redeem their public shares for a pro rata portion of the amount then in the Trust Account (initially $10.15 per public share, subject to increase of up to an additional $0.033 per public share per month in the event that the Sponsor elects to extend the period of time to consummate a Business Combination (see below), plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). The per-share amount to be distributed to shareholders who redeem their public shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriter (as discussed in Note 10). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s rights or warrants. The ordinary shares will be recorded at redemption value and classified as temporary equity upon the completion of the Initial Public Offering, in accordance with ASC Topic 480 “Distinguishing Liabilities from Equity.” The Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001, after payment of the deferred underwriting commissions, either immediately prior to, or upon such consummation of, or any greater net tangible asset or cash requirement that may be contained in the agreement relating to, such Business Combination and, if the Company seeks shareholder approval, a majority of the outstanding shares voted are voted in favor of the Business Combination. If a shareholder vote is not required and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association, offer such redemption pursuant to the tender offer rules of the SEC, and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination. The Sponsor and any of the Company’s officers or directors that may hold Founder Shares (as defined in Note 6) (the “initial shareholders”) are identical to the ordinary shares included in the Public Units being sold in the Initial Public Offering except that the Founder Shares are subject to certain transfer restrictions, as described in more detail below: the initial shareholders have entered into a letter agreement with the Company, pursuant to which they have agreed (i) to waive their redemption rights with respect to their Founder Shares, private placement shares (as defined below) and public shares in connection with the completion of the initial Business Combination, (ii) to waive their redemption rights with respect to any Founder Shares, private placement shares and public shares held by them in connection with a shareholder vote to approve an amendment to the Amended and Restated Memorandum and Articles of Association (A) to modify the substance or timing of obligation to provide for the redemption of public shares in connection with an initial Business Combination or to redeem 100% of public shares if the Company has not consummated the initial Business Combination within the timeframe set forth therein or (B) with respect to any other provision relating to shareholders’ rights or pre-initial Business Combination activity and (iii) to waive their rights to liquidating distributions from the Trust Account with respect to their Founder Shares and private placement shares if the Company fails to complete the initial Business Combination within nine months from the closing of the Initial Public Offering (or up to 18 months from the closing of the Initial Public Offering if the Company extends the period of time to consummate a Business Combination) (although they will be entitled to liquidating distributions from the Trust Account with respect to any public shares they hold if the Company fails to complete the initial Business Combination within the prescribed time frame). The Company will have until May 14, 2023 initially to consummate a Business Combination. However, if the Company anticipates that it may not be able to consummate a Business Combination within nine months, the Company may extend the period of time to consummate a Business Combination up to nine times, each by an additional month each time, for a total of 18 months to complete a Business Combination (the “Combination Period”). In order to extend the time available for the Company to consummate a Business Combination, the Sponsor or its affiliates or designees must deposit into the Trust Account $227,700 (approximately $0.033 per public share), on or prior to the date of the applicable deadline, for each one month extension. Any funds which may be provided to extend the time frame will be in the form of a loan to the Company from the Sponsor. The terms of any such loan have not been definitely negotiated, provided, however, any loan will be interest free and will be repayable only if the Company competes 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 ten business days thereafter, redeem 100% of the outstanding 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 (net of taxes payable and less interest to pay dissolution expenses up to $60,000), 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 liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the Company’s board of directors, proceed to commence a voluntary liquidation and thereby a formal dissolution of the Company, subject in each case to its obligations to provide for claims of creditors and the requirements of applicable law. The underwriter has agreed to waive its rights to the deferred underwriting commission 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 Initial Public Offering price of $10.00 per Public Unit. The Sponsor has agreed that it will 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 amounts in the Trust Account to below (i) $10.15 per share or (ii) such lesser amount per public share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of the trust assets, except as to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). 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. On November 21, 2022, the Company entered into a definitive business combination agreement (the “Business Combination Agreement”) with Able View Inc., a Cayman Islands exempted company (“Able View”), Able View Global Inc., a Cayman Islands exempted company and wholly owned subsidiary of Able View (“Pubco”), Able View Corporation Inc., a Cayman Islands exempted company and wholly owned subsidiary of Pubco (“Merger Sub”), and each of the shareholders of Able View (collectively, the “Sellers”). Under the Business Combination Agreement, the aggregate consideration to be paid to the Sellers is $400,000,000 (the “Exchange Consideration”), which will be paid entirely in shares comprised of newly issued ordinary shares of Pubco, par value $0.0001 per share (“Pubco Ordinary Shares”), with each share valued at an amount equal to (a) (i) the Exchange Consideration, divided by (ii) the total number of issued and outstanding ordinary shares of Able View, divided by (b) the price at which each Company ordinary share (or after the Merger, each Pubco Ordinary Share) held by the Company’s public shareholders is redeemed or converted in connection with the Transactions pursuant to the provisions of Company’s organizational documents (the “Redemption”). In addition to the Exchange Consideration, the Sellers will have the contingent right to receive to an aggregate of 3,200,000 additional Pubco Ordinary Shares as earnout consideration after the Closing as follows: (i) an aggregate of 1,600,000 additional Pubco Ordinary Shares will be issued to the Sellers in the event that Pubco reports net revenue in its audited financial statements for the fiscal year ended December 31, 2023 equal to or in excess of $170,000,000, and (ii) an aggregate of 1,600,000 additional Pubco Ordinary Shares will be issued to the Sellers in the event that Pubco reports net revenue in its audited financial statements for the fiscal year ended December 31, 2024 equal to or in excess of $200,000,000. Going Concern Consideration The Company initially had nine months from the consummation of the Initial Public Offering to consummate the initial Business Combination. If the Company does not complete a Business Combination within nine months from the consummation of the Initial Public Offering, the Company will trigger an automatic winding up, dissolution and liquidation pursuant to the terms of the Amended and Restated Memorandum and Articles of Association. As a result, this has the same effect as if the Company had formally gone through a voluntary liquidation procedure under the Companies Act (As Revised) of the Cayman Islands. Accordingly, no vote would be required from our shareholders to commence such a voluntary winding up, dissolution and liquidation. However, the Company may extend the period of time to consummate a Business Combination nine times (for a total of up to 18 months from the consummation of the Initial Public Offering to complete a Business Combination). If the Company is unable to consummate the Company’s initial Business Combination by May 14, 2023 (unless further extended), the Company will, as promptly as possible but not more than ten business days thereafter, redeem 100% of the Company’s outstanding public shares for a pro rata portion of the funds held in the Trust Account, including a pro rata portion of any interest earned on the funds held in the Trust Account and not necessary to pay taxes, and then seek to liquidate and dissolve. However, the Company may not be able to distribute such amounts as a result of claims of creditors which may take priority over the claims of the Company’s public shareholders. In the event of dissolution and liquidation, the Company’s warrants and rights will expire and will be worthless. As of December 31, 2022, the Company had cash of $91,780 and a working capital of $150,886. The Company has incurred and expects to continue to incur significant professional costs to remain as a publicly traded company and to incur significant transaction costs in pursuit of the consummation of a Business Combination. Accordingly, the Company may not be able to obtain additional financing. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all. These conditions raise substantial doubt about the Company’s ability to continue as a going concern if a Business Combination is not consummated by May 14, 2023 (unless further extended). These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern. Risks and Uncertainties Management has evaluated 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 future financial position and/or search for a target company, there has been a significant impact as of the date of the financial statement. The financial statements do not include any adjustments that might result from the future outcome of this uncertainty. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Significant Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES ● Basis of presentation These accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC. ● Emerging growth company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that 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 In preparing these financial statements in conformity with U.S. GAAP, management makes 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 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, actual results may differ from these 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. There were no cash equivalents as of December 31, 2022 and 2021. ● Restricted cash The amount represented the cash maintained in bank account that was not available to the Company for immediate or general business use. ● Investments held in Trust Account At December 31, 2022 and 2021, 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. These securities are presented on the Balance Sheets at fair value at the end of each reporting period. Earnings on these securities is included in dividend income in the accompanying Statement of Operations and is automatically reinvested. The fair value for these securities is determined using quoted market prices in active markets. ● Deferred offering costs Deferred offering costs consist of underwriting, legal, accounting and other expenses incurred through the balance sheet date that are directly related to the Proposed Public Offering and that will be charged to shareholders’ equity upon the completion of the Proposed Offering. Should the Proposed Public Offering prove to be unsuccessful, these deferred costs, as well as additional expenses incurred, will be charged to the statements of operations. ● Income taxes Income taxes are determined in accordance with the provisions of ASC Topic 740, “ Income Taxes ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. The Company’s management determined that the Cayman Islands is the Company’s major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of December 31, 2022 and 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company may be subject to potential examination by foreign taxing authorities in the area of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with foreign tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. The Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction 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 periods presented. ● Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) ASC 480 and ASC 815, “ Derivatives and Hedging” For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of equity at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded as liabilities at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations. As the warrants issued in the Initial Public Offering and private placement meet the criteria for equity classification under ASC 480 and ASC 815, therefore, the warrants are classified as equity. ● Ordinary sha The Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Ordinary shares subject to mandatory redemption are classified as a liability instrument and are measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, as of December 31, 2022 and 2021, 6,900,000 and 0 ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ deficit section of the Company’s balance sheets. The Company has made a policy election in accordance with ASC 480-10-S99-3A and recognizes changes in redemption value in accumulated deficit immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. Such changes are reflected in additional paid in capital or accumulated deficit if additional paid in capital equals to zero. For the year ended December 31, 2022, the Company recorded an accretion of $8,894,099 in additional paid-in capital and $2,648,491 in accumulated deficit. For the period from September 10, 2021 (inception) to December 31, 2021, the Company did not record an accretion in accumulated deficit. ● Fair value of financial instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheets, primarily due to their short-term nature. The fair value hierarchy is categorized into three levels based on the inputs as follows: Level 1 — Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and regularly available in an active market, the valuation of these securities does not entail a significant degree of judgment. Level 2 — Valuations based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active for identical or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived principally from or corroborated by the market through correlation or other means. Level 3 — Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The fair value of the Company’s certain assets and liabilities, which qualify as financial instruments under ASC 820, “ Fair Value Measurements and Disclosures ● Net income (loss) per share The Company calculates net loss per share in accordance with ASC Topic 260, “Earnings per Share”. In order to determine the net income (loss) attributable to both the redeemable shares and non-redeemable shares, the Company first considered the undistributed income (loss) allocable to both the redeemable ordinary shares and non-redeemable ordinary shares and the undistributed loss is calculated using the total net income (loss) less any dividends paid. The Company then allocated the undistributed income (loss) ratably based on the weighted average number of shares outstanding between the redeemable and non-redeemable ordinary shares. Any remeasurement of the accretion to redemption value of the ordinary shares subject to possible redemption was considered to be dividends paid to the public shareholders. As of December 31, 2022, the Company has not considered the effect of the warrants sold in the Initial Public Offering to purchase an aggregate of 6,900,000 shares in the calculation of diluted net income (loss) per share, since the exercise of the warrants is contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive and the Company did not have any other dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary share and then share in the earnings of the Company. As a result, diluted income (loss) per share is the same as basic income (loss) per share for the periods presented. The net income (loss) per share presented in the statements of operations is based on the following: Year ended Period from Net income (loss) $ 599,288 $ (42,618 ) Accretion of carrying value to redemption value (11,542,590 ) - Net loss including accretion of carrying value to redemption value $ (10,943,302 ) $ (42,618 ) Year ended Period from September 10, 2021 Redeemable Non- Redeemable Non- Basic and diluted net income (loss) per share: Numerators: Allocation of net loss including carrying value to redemption value $ (6,396,881 ) $ (4,546,421 ) $ - $ (42,618 ) Accretion of carrying value to redemption value 11,542,590 - - - Allocation of net income (loss) $ 5,145,709 $ (4,546,421 ) $ - $ (42,618 ) Denominators: Weighted-average shares outstanding 2,608,767 1,854,115 - 1,500,000 Basic and diluted net income (loss) per share $ 1.97 $ (2.45 ) $ - $ (0.03 ) ● Related parties Parties, whic Companies are also considered to be related if they are subject to common control or common significant influence. ● Concentration of credit risk Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. ● Recent accounting pronouncements In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies accounting for convertible instruments by removing major separation models required under current U.S. GAAP. The ASU also removes certain settlement conditions that are required for equity-linked contracts to qualify for the derivative scope exception, and it simplifies the diluted earnings per share calculation in certain areas. The Company adopted ASU 2020-06 on January 1, 2021. Adoption of the ASU did not impact the Company’s financial position, results of operations or cash flows. There are no other ASUs being adopted. Other than the above, there are no other recently issued accounting standards which are applicable to the Company. |
Restricted Cash
Restricted Cash | 12 Months Ended |
Dec. 31, 2022 | |
Restricted Cash [Abstract] | |
RESTRICTED CASH | NOTE 3 – RESTRICTED CASH As of December 31, 2022 and 2021, the Company has $18,297 and $0 restricted cash in certain bank account. The Company bank account was restricted to use for operating purpose due to the requirements imposed by the bank. Such bank account became unrestricted after December 31, 2022. |
Initial Public Offering
Initial Public Offering | 12 Months Ended |
Dec. 31, 2022 | |
Initial Public Offering [Abstract] | |
INITIAL PUBLIC OFFERING | NOTE 4 – INITIAL PUBLIC OFFERING Pursuant to the Initial Public Offering, the Company sold 6,900,000 Public Units, which includes 900,000 Public Units upon the full exercise by the underwriter of its over-allotment option, at a purchase price of $10.00 per Public Unit. Each Public Unit consists of one ordinary share (“public share”), one redeemable warrant (“Public Warrant”) and one right (“Public Right”) to receive one-tenth (1/10) of one ordinary share. Each Public Warrant entitles the holder to purchase one ordinary share at an exercise price of $11.50 per share (see Note 7). Each Public Right entitles the holder to receive one ordinary share upon consummation of the Company’s Business Combination. As of December 31, 2022 and 2021, the ordinary shares reflected on the balance sheets are reconciled in the following table. December 31, 2022 2021 Gross proceeds $ 69,000,000 $ - Less: Proceeds allocated Public Warrants (593,225 ) - Proceeds allocated Public Rights (5,219,820 ) - Offering costs allocated to Public Shares (3,899,443 ) - Plus: Accretion of carrying value to redemption value - 2022 11,542,590 - Ordinary shares subject to possible redemption $ 70,830,102 $ - |
Private Placement
Private Placement | 12 Months Ended |
Dec. 31, 2022 | |
Private Placement [Abstract] | |
PRIVATE PLACEMENT | NOTE 5 – PRIVATE PLACEMENT Simultaneously with the closing of the Initial Public Offering, the Company consummated a private placement of 341,500 Private Placement Units, at a price of $10.00 per Private Placement Unit. Each Private Placement Unit consists of one ordinary share (“private placement share”), one redeemable warrant (“Private Warrant”) and one right (“Private Right”) to receive one-tenth (1/10) of one ordinary share. Each Private Warrant entitles the holder to purchase one ordinary share at an exercise price of $11.50 per whole share. Each Private Right entitles the holder to receive one ordinary share upon consummation of the Company’s Business Combination. The Private Placement Units are identical to the Public Units sold in the Initial Public Offering except certain registration rights and transfer restrictions. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 6 – RELATED PARTY TRANSACTIONS Founder Shares In September 2021, the Company issued an aggregate of 1,725,000 founder shares (“Founder Shares”) to the Sponsor, so that the Sponsor owns 20% of the Company’s issued and outstanding shares after the Initial Public Offering, for an aggregate purchase price of $25,000. Promissory Note — Related Party On September 24, 2021, the Company issued an unsecured promissory note to the Sponsor, pursuant to which the Company may borrow up to an aggregate principal amount of $300,000, which was amended and restated on March 14, 2022 (the “Promissory Note”). The Promissory Note is non-interest bearing and payable on the earlier of December 31, 2022 or consummation of the Initial Public Offering. As of December 31, 2022 and 2021, the Sponsor advanced the Company an aggregate amount of $0 and $227,708, respectively. Related Party Working Capital Loans In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor or certain of the Company’s directors and officers 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. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such 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 $1,500,000 of such loans may be convertible into units at a price of $10.00 per unit. As of December 31, 2022 and 2021, the Company did not have outstanding balance on related party working capital loans. Advances from a Related Party As of December 31, 2022 and 2021, the Company had a temporary advance of $3,003 and $0 from a related party for the payment of costs related to the Initial Public Offering, respectively. The balance is unsecured, interest-free and has no fixed terms of repayment. |
Shareholders' Deficit
Shareholders' Deficit | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
SHAREHOLDERS' DEFICIT | NOTE 7 – SHAREHOLDERS’ DEFICIT Ordinary shares The Company is authorized to issue 55,000,000 ordinary shares, with a par value of $0.0001 per share. Holders of the ordinary shares are entitled to one vote for each ordinary share. As of December 31, 2022, there were 2,066,500 ordinary shares issued and outstanding, excluding 6,900,000 ordinary shares subject to possible redemption. As of December 31, 2021, 1,725,000 ordinary shares were issued and outstanding. Preference shares The Company is authorized to issue 500,000 preference shares, with a par value of $0.0001 per share. As of December 31, 2022 and December 31, 2021, no preference share was issued. Rights Each holder of a right will receive one-tenth (1/10) of one ordinary share upon consummation of a Business Combination, even if the holder of such right redeemed all shares held by it in connection with a Business Combination. No fractional shares will be issued upon exchange of the rights. No additional consideration will be required to be paid by a holder of rights in order to receive its additional shares upon consummation of a Business Combination as the consideration related thereto has been included in the Public Unit purchase price paid for by investors in the Initial Public Offering. 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 and each holder of a right will be required to affirmatively convert its rights in order to receive 1/10 share underlying each right (without paying additional consideration). 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 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. Warrants Each holder of a warrant is entitled to purchase one ordinary share at an exercise price of $11.50. Public Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants will become exercisable after the consummation of a Business Combination. No Public Warrants will be exercisable for cash unless the Company has an effective and current registration statement covering the ordinary shares issuable upon exercise of the Public Warrants and a current prospectus relating to such ordinary shares. The Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of a Business Combination, the Company will use its best efforts to file, and within 60 business days following a Business Combination to have declared effective, a registration statement covering the ordinary shares issuable upon exercise of the warrants. Notwithstanding the foregoing, if a registration statement covering the ordinary shares issuable upon the exercise of the Public Warrants is not effective within 60 business days, the holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise the Public Warrants on a cashless basis pursuant to an available exemption from registration under the Securities Act. If an exemption from registration is not available, holders will not be able to exercise their Public Warrants on a cashless basis. The Public Warrants will expire five years from the consummation of a Business Combination or earlier upon redemption or liquidation. The Company may call the warrants for redemption, in whole and not in part, at a price of $0.01 per warrant: ● upon not less than 30 days’ prior written notice of redemption to each warrant holder, ● if, and only if, the reported last sale price of the ordinary share equals or exceeds $18 per share, for any 20 trading days within a 30 trading days period ending on the third trading day prior to the notice of redemption to Public Warrant holders, and ● if, and only if, there is a current registration statement in effect with respect to the issuance of the ordinary share underlying such warrants at the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date of redemption. If the Company calls the warrants for redemption, management will have the option to require all holders that wish to exercise the warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of ordinary shares issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuances of ordinary shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such warrants. Accordingly, the warrants may expire worthless. In addition, if (x) the Company issues additional ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of a Business Combination at an issue price or effective issue price of less than $9.20 per ordinary share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares, Private Placement Units (or any private placement equivalent securities issued to the Sponsor or its affiliates upon conversion of either Working Capital Loans or extension loans made to the Company) held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of a Business Combination on the date of the consummation of a Business Combination (net of redemptions), and (z) the volume weighted average trading price of the ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates a Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price. The Private Placement Units are identical to the Public Units being sold in the Initial Public Offering except that Private Placement Units will not be transferable, assignable or saleable until 30 days after the completion of the Company’s Business Combination and will be entitled to registration rights. |
Ordinary Shares Subject To Poss
Ordinary Shares Subject To Possible Redemption | 12 Months Ended |
Dec. 31, 2022 | |
Ordinary Shares Subject To Possible Redemption [Abstract] | |
ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION | NOTE 8 – ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION The Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Ordinary shares subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ deficit. The Company’s ordinary shares feature certain redemption rights that are subject to the occurrence of uncertain future events and considered to be outside of the Company’s control. Accordingly, as of December 31, 2022 and 2021, 6,900,000 and 0 ordinary shares subject to possible redemption, respectively, are presented as temporary equity, outside of the shareholders’ deficit section of the Company’s balance sheets. On August 15, 2022, the Company sold 6,900,000 Public Units at a price of $10.00 per Public Unit in the Initial Public Offering. For the For the Total ordinary shares issued 8,966,500 1,725,000 Share issued classified as equity (2,066,500 ) - Share redemption - - Ordinary shares, subject to possible redemption 6,900,000 1,725,000 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 9 – FAIR VALUE MEASUREMENTS The following table presents information about the Company’s assets and liabilities that were measured at fair value on a recurring basis as of December 31, 2022 and 2021, and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. December 31, Quoted Significant Significant Description 2022 (Level 1) (Level 2) (Level 3) Assets: U.S. Treasury Securities held in Trust Account* $ 70,830,102 $ 70,830,102 $ - $ - December 31, Quoted Significant Significant Description 2021 (Level 1) (Level 2) (Level 3) Assets: U.S. Treasury Securities held in Trust Account* $ - $ - $ - $ - * included in cash in the cash and investments held in Trust Account on the Company’s balance sheets. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 10 – COMMITMENTS AND CONTINGENCIES Registration Rights The holders of the Founder Shares, Private Warrant sold in a private placement (and their underlying securities) and any Units that may be issued upon conversion of the Working Capital Loans (and underlying securities) will be entitled to registration rights pursuant to a registration rights agreement to be signed prior to or on the effective date of the Proposed Public Offering requiring the Company to register such securities for resale. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” 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. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriter Agreement The underwriters will be entitled to a cash underwriting discount of 3.25% of the gross proceeds of the Initial Public Offering, or $2,242,500 until the closing of the business combination. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 11 – SUBSEQUENT EVENTS In accordance with ASC 855, Subsequent Events The Company did not identify any subsequent events that would require adjustment or disclosure in the financial statements. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Significant Accounting Policies [Abstract] | |
Basis of presentation | ● Basis of presentation These accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC. |
Emerging growth company | ● Emerging growth company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that 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 In preparing these financial statements in conformity with U.S. GAAP, management makes 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 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, actual results may differ from these 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. There were no cash equivalents as of December 31, 2022 and 2021. |
Restricted cash | ● Restricted cash The amount represented the cash maintained in bank account that was not available to the Company for immediate or general business use. |
Cash and investments held in Trust Account | ● Investments held in Trust Account At December 31, 2022 and 2021, 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. These securities are presented on the Balance Sheets at fair value at the end of each reporting period. Earnings on these securities is included in dividend income in the accompanying Statement of Operations and is automatically reinvested. The fair value for these securities is determined using quoted market prices in active markets. |
Deferred offering costs | Deferred offering costs Deferred offering costs consist of underwriting, legal, accounting and other expenses incurred through the balance sheet date that are directly related to the Proposed Public Offering and that will be charged to shareholders’ equity upon the completion of the Proposed Offering. Should the Proposed Public Offering prove to be unsuccessful, these deferred costs, as well as additional expenses incurred, will be charged to the statements of operations. |
Income taxes | ● Income taxes Income taxes are determined in accordance with the provisions of ASC Topic 740, “ Income Taxes ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. The Company’s management determined that the Cayman Islands is the Company’s major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of December 31, 2022 and 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company may be subject to potential examination by foreign taxing authorities in the area of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with foreign tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. The Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction 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 periods presented. |
Warrant accounting | ● Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) ASC 480 and ASC 815, “ Derivatives and Hedging” For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of equity at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded as liabilities at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations. As the warrants issued in the Initial Public Offering and private placement meet the criteria for equity classification under ASC 480 and ASC 815, therefore, the warrants are classified as equity. |
Ordinary shares subject to possible redemption | ● Ordinary sha The Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Ordinary shares subject to mandatory redemption are classified as a liability instrument and are measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, as of December 31, 2022 and 2021, 6,900,000 and 0 ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ deficit section of the Company’s balance sheets. The Company has made a policy election in accordance with ASC 480-10-S99-3A and recognizes changes in redemption value in accumulated deficit immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. Such changes are reflected in additional paid in capital or accumulated deficit if additional paid in capital equals to zero. For the year ended December 31, 2022, the Company recorded an accretion of $8,894,099 in additional paid-in capital and $2,648,491 in accumulated deficit. For the period from September 10, 2021 (inception) to December 31, 2021, the Company did not record an accretion in accumulated deficit. |
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 ASC Topic 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheets, primarily due to their short-term nature. The fair value hierarchy is categorized into three levels based on the inputs as follows: Level 1 — Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and regularly available in an active market, the valuation of these securities does not entail a significant degree of judgment. Level 2 — Valuations based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active for identical or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived principally from or corroborated by the market through correlation or other means. Level 3 — Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The fair value of the Company’s certain assets and liabilities, which qualify as financial instruments under ASC 820, “ Fair Value Measurements and Disclosures |
Net income (loss) per share | ● Net income (loss) per share The Company calculates net loss per share in accordance with ASC Topic 260, “Earnings per Share”. In order to determine the net income (loss) attributable to both the redeemable shares and non-redeemable shares, the Company first considered the undistributed income (loss) allocable to both the redeemable ordinary shares and non-redeemable ordinary shares and the undistributed loss is calculated using the total net income (loss) less any dividends paid. The Company then allocated the undistributed income (loss) ratably based on the weighted average number of shares outstanding between the redeemable and non-redeemable ordinary shares. Any remeasurement of the accretion to redemption value of the ordinary shares subject to possible redemption was considered to be dividends paid to the public shareholders. As of December 31, 2022, the Company has not considered the effect of the warrants sold in the Initial Public Offering to purchase an aggregate of 6,900,000 shares in the calculation of diluted net income (loss) per share, since the exercise of the warrants is contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive and the Company did not have any other dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary share and then share in the earnings of the Company. As a result, diluted income (loss) per share is the same as basic income (loss) per share for the periods presented. The net income (loss) per share presented in the statements of operations is based on the following: Year ended Period from Net income (loss) $ 599,288 $ (42,618 ) Accretion of carrying value to redemption value (11,542,590 ) - Net loss including accretion of carrying value to redemption value $ (10,943,302 ) $ (42,618 ) Year ended Period from September 10, 2021 Redeemable Non- Redeemable Non- Basic and diluted net income (loss) per share: Numerators: Allocation of net loss including carrying value to redemption value $ (6,396,881 ) $ (4,546,421 ) $ - $ (42,618 ) Accretion of carrying value to redemption value 11,542,590 - - - Allocation of net income (loss) $ 5,145,709 $ (4,546,421 ) $ - $ (42,618 ) Denominators: Weighted-average shares outstanding 2,608,767 1,854,115 - 1,500,000 Basic and diluted net income (loss) per share $ 1.97 $ (2.45 ) $ - $ (0.03 ) |
Related parties | ● Related parties Parties, whic Companies are also considered to be related if they are subject to common control or common significant influence. |
Concentration of credit risk | ● Concentration of credit risk Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. |
Recent accounting pronouncements | ● Recent accounting pronouncements In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies accounting for convertible instruments by removing major separation models required under current U.S. GAAP. The ASU also removes certain settlement conditions that are required for equity-linked contracts to qualify for the derivative scope exception, and it simplifies the diluted earnings per share calculation in certain areas. The Company adopted ASU 2020-06 on January 1, 2021. Adoption of the ASU did not impact the Company’s financial position, results of operations or cash flows. There are no other ASUs being adopted. Other than the above, there are no other recently issued accounting standards which are applicable to the Company. |
Significant Accounting Polici_2
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Significant Accounting Policies [Abstract] | |
Schedule of net income (loss) per share | Year ended Period from Net income (loss) $ 599,288 $ (42,618 ) Accretion of carrying value to redemption value (11,542,590 ) - Net loss including accretion of carrying value to redemption value $ (10,943,302 ) $ (42,618 ) |
Schedule of basic and diluted net loss per share | Year ended Period from September 10, 2021 Redeemable Non- Redeemable Non- Basic and diluted net income (loss) per share: Numerators: Allocation of net loss including carrying value to redemption value $ (6,396,881 ) $ (4,546,421 ) $ - $ (42,618 ) Accretion of carrying value to redemption value 11,542,590 - - - Allocation of net income (loss) $ 5,145,709 $ (4,546,421 ) $ - $ (42,618 ) Denominators: Weighted-average shares outstanding 2,608,767 1,854,115 - 1,500,000 Basic and diluted net income (loss) per share $ 1.97 $ (2.45 ) $ - $ (0.03 ) |
Initial Public Offering (Tables
Initial Public Offering (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Initial Public Offering [Abstract] | |
Schedule of ordinary shares reflected on the balance sheet | December 31, 2022 2021 Gross proceeds $ 69,000,000 $ - Less: Proceeds allocated Public Warrants (593,225 ) - Proceeds allocated Public Rights (5,219,820 ) - Offering costs allocated to Public Shares (3,899,443 ) - Plus: Accretion of carrying value to redemption value - 2022 11,542,590 - Ordinary shares subject to possible redemption $ 70,830,102 $ - |
Ordinary Shares Subject To Po_2
Ordinary Shares Subject To Possible Redemption (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Ordinary Shares Subject To Possible Redemption [Abstract] | |
Schedule of ordinary shares subject to possible redemption | For the For the Total ordinary shares issued 8,966,500 1,725,000 Share issued classified as equity (2,066,500 ) - Share redemption - - Ordinary shares, subject to possible redemption 6,900,000 1,725,000 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities that were measured at fair value | December 31, Quoted Significant Significant Description 2022 (Level 1) (Level 2) (Level 3) Assets: U.S. Treasury Securities held in Trust Account* $ 70,830,102 $ 70,830,102 $ - $ - December 31, Quoted Significant Significant Description 2021 (Level 1) (Level 2) (Level 3) Assets: U.S. Treasury Securities held in Trust Account* $ - $ - $ - $ - * included in cash in the cash and investments held in Trust Account on the Company’s balance sheets. |
Organization and Business Bac_2
Organization and Business Background (Details) - USD ($) | 9 Months Ended | 12 Months Ended | ||||
Nov. 21, 2022 | Aug. 15, 2022 | Sep. 30, 2022 | Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Organization and Business Background (Details) [Line Items] | ||||||
Public price per unit (in Dollars per share) | $ 10 | $ 10.15 | ||||
Generating gross proceeds | $ 69,000,000 | $ 3,415,000 | ||||
Transaction costs | $ 4,258,182 | |||||
Underwriting commissions | $1,380,000 | |||||
Deferred underwriting commissions | $ 2,242,500 | |||||
Other offering costs | 635,682 | |||||
Cash held in of the trust account | 306,586 | |||||
Aggregate amount | $ 400,000,000 | $ 70,035,000 | ||||
Redeem public shares, percentage | 100% | |||||
Fair market value percentage | 80% | |||||
Net tangible assets | $ 5,000,001 | |||||
Redemption of public share, percentage | 15% | |||||
Public share price (in Dollars per share) | $ 0.033 | |||||
Deposit amount | $ 227,700 | |||||
Outstanding public shares, percentage | 100% | |||||
Interest to pay dissolution expenses | $ 60,000 | |||||
Aggregate shares (in Shares) | 6,900,000 | |||||
Sale value | $ 91,780 | |||||
Working deficit | $ 150,886 | |||||
IPO [Member] | ||||||
Organization and Business Background (Details) [Line Items] | ||||||
Public units | 6,900,000 | |||||
Public price per unit (in Dollars per share) | $ 10 | |||||
Private placement units | $ 341,500 | |||||
Cash held in of the trust account | 306,586 | |||||
Net proceeds | $ 70,341,586 | |||||
Public share price (in Dollars per share) | $ 10 | |||||
Over-Allotment Option [Member] | ||||||
Organization and Business Background (Details) [Line Items] | ||||||
Public units | $ 900,000 | |||||
Private Placement [Member] | ||||||
Organization and Business Background (Details) [Line Items] | ||||||
Private placement units | $ 70,035,000 | |||||
Ordinary Shares [Member] | ||||||
Organization and Business Background (Details) [Line Items] | ||||||
Aggregate shares (in Shares) | 3,200,000 | |||||
Forecast [Member] | ||||||
Organization and Business Background (Details) [Line Items] | ||||||
Aggregate shares (in Shares) | 1,600,000 | 1,600,000 | ||||
Excess amount | $ 200,000,000 | $ 170,000,000 | ||||
Sponsor [Member] | ||||||
Organization and Business Background (Details) [Line Items] | ||||||
Public share price (in Dollars per share) | $ 0.033 | |||||
Series of Individually Immaterial Business Acquisitions [Member] | ||||||
Organization and Business Background (Details) [Line Items] | ||||||
Business combination percentage of voting securities | 50% | |||||
Net tangible assets | $ 5,000,001 | |||||
Public share price (in Dollars per share) | $ 10.15 | |||||
Price per share (in Dollars per share) | $ 10.15 | |||||
Business Combination [Member] | ||||||
Organization and Business Background (Details) [Line Items] | ||||||
Business combination percentage of voting securities | 100% | |||||
Price per share (in Dollars per share) | $ 0.0001 | |||||
Sponsor [Member] | ||||||
Organization and Business Background (Details) [Line Items] | ||||||
Business combination percentage of voting securities | 100% |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Significant Accounting Policies [Abstract] | ||
Ordinary shares subject to possible redemption as temporary equity | 6,900,000 | 0 |
Additional paid-in capital (in Dollars) | $ 8,894,099 | |
Accumulated deficit | $2,648,491 | |
Aggregate shares | 6,900,000 |
Significant Accounting Polici_4
Significant Accounting Policies (Details) - Schedule of net income (loss) per share - USD ($) | 4 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Dec. 31, 2022 | |
Schedule of Net Income Loss Per Share Abstract | ||
Net income (loss) | $ (42,618) | $ 599,288 |
Accretion of carrying value to redemption value | (11,542,590) | |
Net loss including accretion of carrying value to redemption value | $ (42,618) | $ (10,943,302) |
Significant Accounting Polici_5
Significant Accounting Policies (Details) - Schedule of basic and diluted net loss per share - USD ($) | 4 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Dec. 31, 2022 | |
Redeemable Ordinary Share [Member] | ||
Numerators: | ||
Allocation of net loss including carrying value to redemption value | $ (6,396,881) | |
Accretion of carrying value to redemption value | 11,542,590 | |
Allocation of net income (loss) | $ 5,145,709 | |
Denominators: | ||
Weighted-average shares outstanding basic (in Shares) | 2,608,767 | |
Basic net income (loss) per share (in Dollars per share) | $ 1.97 | |
Non- Redeemable Ordinary Share [Member] | ||
Numerators: | ||
Allocation of net loss including carrying value to redemption value | $ (42,618) | $ (4,546,421) |
Accretion of carrying value to redemption value | ||
Allocation of net income (loss) | $ (42,618) | $ (4,546,421) |
Denominators: | ||
Weighted-average shares outstanding basic (in Shares) | 1,500,000 | 1,854,115 |
Basic net income (loss) per share (in Dollars per share) | $ (0.03) | $ (2.45) |
Significant Accounting Polici_6
Significant Accounting Policies (Details) - Schedule of basic and diluted net loss per share (Parentheticals) - $ / shares | 4 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Dec. 31, 2022 | |
Redeemable Ordinary Share [Member] | ||
Significant Accounting Policies (Details) - Schedule of basic and diluted net loss per share (Parentheticals) [Line Items] | ||
Weighted-average shares outstanding diluted | 2,608,767 | |
Diluted net income (loss) per share | $ 0.56 | |
Non- Redeemable Ordinary Share [Member] | ||
Significant Accounting Policies (Details) - Schedule of basic and diluted net loss per share (Parentheticals) [Line Items] | ||
Weighted-average shares outstanding diluted | 1,500,000 | 1,854,115 |
Diluted net income (loss) per share | $ (0.03) | $ (0.46) |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Restricted Cash [Abstract] | ||
Restricted Cash | $ 18,297 | $ 0 |
Initial Public Offering (Detail
Initial Public Offering (Details) | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Initial Public Offering (Details) [Line Items] | |
Company sold public units | 6,900,000 |
Over-allotment option | 900,000 |
Purchase price (in Dollars per share) | $ / shares | $ 10 |
Ordinary share | 1 |
Redeemable warrant | 1 |
Purchase of ordinary share | 1 |
Exercise price (in Dollars per share) | $ / shares | $ 18 |
Initial Public Offering [Member] | |
Initial Public Offering (Details) [Line Items] | |
Ordinary share | 1 |
Purchase of ordinary share | 1 |
Exercise price (in Dollars per share) | $ / shares | $ 11.5 |
Initial Public Offering (Deta_2
Initial Public Offering (Details) - Schedule of ordinary shares reflected on the balance sheet - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Ordinary Shares Reflected On The Balance Sheet Abstract | ||
Gross proceeds | $ 69,000,000 | |
Less: | ||
Proceeds allocated Public Warrants | (593,225) | |
Proceeds allocated Public Rights | (5,219,820) | |
Offering costs allocated to Public Shares | (3,899,443) | |
Plus: | ||
Accretion of carrying value to redemption value - 2022 | 11,542,590 | |
Ordinary shares subject to possible redemption | $ 70,830,102 |
Private Placement (Details)
Private Placement (Details) | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Private Placement (Details) [Line Items] | |
Price per share (in Dollars per share) | $ / shares | $ 10 |
Ordinary shares | 1 |
Redeemable warrant | 1 |
Ordinary shares purchased | 1 |
Exercise price per share (in Dollars per share) | $ / shares | $ 11.5 |
Private right ordinary shares | 1 |
Private Placement [Member] | |
Private Placement (Details) [Line Items] | |
Private placement units | 341,500 |
Ordinary shares | 1 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Sep. 24, 2021 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transactions (Details) [Line Items] | ||||
Aggregate amount | $ 300,000 | $ 0 | $ 227,708 | |
Working capital loans | $ 1,500,000 | |||
Convertible price per share (in Dollars per share) | $ 10 | |||
Temporary advance | $ 3,003 | $ 0 | ||
Founder [Member] | ||||
Related Party Transactions (Details) [Line Items] | ||||
Aggregate founder shares (in Shares) | 1,725,000 | |||
Percentage of issued and outstanding shares | 20% | |||
Aggregate purchase price | $ 25,000 |
Shareholders' Deficit (Details)
Shareholders' Deficit (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Shareholders' Deficit (Details) [Line Items] | ||
Ordinary shares authorized | 55,000,000 | 55,000,000 |
Ordinary shares par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Ordinary shares vote | one | |
Ordinary shares issued | 2,066,500 | 1,725,000 |
Ordinary shares outstanding | 2,066,500 | 1,725,000 |
Ordinary shares subject to possible redemption | 6,900,000 | 0 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Ordinary shares | 1 | |
Ordinary shares purchased | 1 | |
Exercise price per share (in Dollars per share) | $ 11.5 | |
Expire year | 5 years | |
Warrant price per share (in Dollars per share) | $ 0.01 | |
Per share (in Dollars per share) | 18 | |
Price per share (in Dollars per share) | $ 9.2 | |
Aggregate gross proceeds percentage | 60% | |
Market value percentage | 180% | |
Redemption trigger price per share (in Dollars per share) | $ 18 | |
Warrant [Member] | ||
Shareholders' Deficit (Details) [Line Items] | ||
Price per share (in Dollars per share) | $ 9.2 | |
Market value percentage | 115% |
Ordinary Shares Subject To Po_3
Ordinary Shares Subject To Possible Redemption (Details) - $ / shares | Dec. 31, 2022 | Aug. 15, 2022 | Dec. 31, 2021 |
Ordinary Shares Subject To Possible Redemption (Details) [Line Items] | |||
Ordinary shares subject to possible redemption | 6,900,000 | 0 | |
Initial Public Offering [Member] | |||
Ordinary Shares Subject To Possible Redemption (Details) [Line Items] | |||
Sale of public units | 6,900,000 | ||
Price per public unit (in Dollars per share) | $ 10 |
Ordinary Shares Subject To Po_4
Ordinary Shares Subject To Possible Redemption (Details) - Schedule of ordinary shares subject to possible redemption - shares | 4 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Dec. 31, 2022 | |
Schedule of Ordinary Shares Subject to Possible Redemption [Abstract] | ||
Total ordinary shares issued | 1,725,000 | 8,966,500 |
Share issued classified as equity | (2,066,500) | |
Share redemption | ||
Ordinary shares, subject to possible redemption | 1,725,000 | 6,900,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Schedule of assets and liabilities that were measured at fair value - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value Measurements (Details) - Schedule of assets and liabilities that were measured at fair value [Line Items] | |||
U.S. Treasury securities held in Trust Account | [1] | $ 70,830,102 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value Measurements (Details) - Schedule of assets and liabilities that were measured at fair value [Line Items] | |||
U.S. Treasury securities held in Trust Account | [1] | 70,830,102 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value Measurements (Details) - Schedule of assets and liabilities that were measured at fair value [Line Items] | |||
U.S. Treasury securities held in Trust Account | [1] | ||
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Measurements (Details) - Schedule of assets and liabilities that were measured at fair value [Line Items] | |||
U.S. Treasury securities held in Trust Account | [1] | ||
[1]included in cash in the cash and investments held in trust account on the Company’s balance sheets. |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Commitments and Contingencies (Details) [Line Items] | |
Percentage of cash underwriting discount | 3.25% |
Initial Public Offering [Member] | |
Commitments and Contingencies (Details) [Line Items] | |
Closing business combination | $ 2,242,500 |