Cover
Cover - shares | 3 Months Ended | |
Feb. 28, 2022 | May 12, 2022 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Feb. 28, 2022 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --11-30 | |
Entity File Number | 001-41350 | |
Entity Registrant Name | Aura FAT Projects Acquisition Corp. | |
Entity Central Index Key | 0001901886 | |
Entity Tax Identification Number | 00-0000000 | |
Entity Incorporation, State or Country Code | E9 | |
Entity Address, Address Line One | 1 Phillip Street | |
Entity Address, Address Line Two | #09-00 | |
Entity Address, City or Town | Royal One Phillip | |
Entity Address, Country | SG | |
Entity Address, Postal Zip Code | 048692 | |
City Area Code | 65 | |
Local Phone Number | 3135-1511 | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | true | |
Units, each consisting of one Class A Ordinary Share and one Redeemable Warrant | ||
Title of 12(b) Security | Units, each consisting of one Class A Ordinary Share and one Redeemable Warrant | |
Trading Symbol | AFARU | |
Security Exchange Name | NASDAQ | |
Class A Ordinary Share, par value $0.0001 per share | ||
Title of 12(b) Security | Class A Ordinary Share, par value $0.0001 per share | |
Trading Symbol | AFAR | |
Security Exchange Name | NASDAQ | |
Redeemable Warrants, each whole warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50 per share | ||
Title of 12(b) Security | Redeemable Warrants, each whole warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50 per share | |
Trading Symbol | AFARW | |
Security Exchange Name | NASDAQ | |
Common Class A [Member] | ||
Entity Common Stock, Shares Outstanding | 11,615,000 | |
Common Class B [Member] | ||
Entity Common Stock, Shares Outstanding | 2,875,000 |
BALANCE SHEET (UNAUDITED)
BALANCE SHEET (UNAUDITED) | Feb. 28, 2022USD ($) | |
ASSETS | ||
Deferred offering costs | $ 163,725 | |
TOTAL ASSETS | 163,725 | |
Current liabilities | ||
Accrued offering costs | 75,802 | |
Accrued expenses – related party | 20,000 | |
Promissory note – related party | 71,841 | |
Total Current Liabilities | 167,643 | |
Shareholder’s Deficit | ||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding | ||
Additional paid-in capital | 24,712 | |
Accumulated deficit | (28,918) | |
Total Shareholder’s Deficit | (3,918) | |
TOTAL LIABILITIES AND SHAREHOLDER’S DEFICIT | 163,725 | |
Common Class A [Member] | ||
Shareholder’s Deficit | ||
Ordinary shares value | ||
Common Class B [Member] | ||
Shareholder’s Deficit | ||
Ordinary shares value | $ 288 | [1] |
[1] | This number includes up to 375,000 Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 5). On April 18, 2022, the underwriters exercised their over-allotment option in full, hence, the 375,000 Class B ordinary shares are no longer subject to forfeiture (see Note 5). |
BALANCE SHEET (UNAUDITED) (Pare
BALANCE SHEET (UNAUDITED) (Parenthetical) | Feb. 28, 2022$ / sharesshares |
Preferred stock, par value | $ / shares | $ 0.0001 |
Preferred stock, shares authorized | 1,000,000 |
Preferred stock, shares issued | 0 |
Preferred stock, shares outstanding | 0 |
Common Class A [Member] | |
Common stock, par value | $ / shares | $ 0.0001 |
Common stock, shares authorized | 300,000,000 |
Common stock, shares issued | 0 |
Common stock, shares outstanding | 0 |
Common Class B [Member] | |
Common stock, par value | $ / shares | $ 0.0001 |
Common stock, shares authorized | 30,000,000 |
Common stock, shares issued | 2,875,000 |
Common stock, shares outstanding | 2,875,000 |
STATEMENT OF OPERATIONS (UNAUDI
STATEMENT OF OPERATIONS (UNAUDITED) | 3 Months Ended | |
Feb. 28, 2022USD ($)$ / sharesshares | ||
Income Statement [Abstract] | ||
Operating and formation costs | $ 28,918 | |
Net loss | $ (28,918) | |
Weighted average Class B ordinary shares outstanding, basic and diluted | shares | 2,500,000 | [1] |
Basic and diluted net loss per Class B ordinary share | $ / shares | $ (0.01) | |
[1] | This number excludes up to 375,000 Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 5). On April 18, 2022, the underwriters exercised their over-allotment option in full, hence, the 375,000 Class B ordinary shares are no longer subject to forfeiture (see Note 5). |
STATEMENT OF CHANGES IN SHAREHO
STATEMENT OF CHANGES IN SHAREHOLDE'S EQUITY (DEFICIT) - 3 months ended Feb. 28, 2022 - USD ($) | Class B Ordinary Shares [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total | |
Balance — December 6, 2021 (Inception) at Dec. 05, 2021 | |||||
Beginning balance, Shares at Dec. 05, 2021 | |||||
Class B ordinary shares issued to Sponsor | [1] | $ 288 | 24,712 | 25,000 | |
Class B ordinary shares issued to Sponsor, Shares | [1] | 2,875,000 | |||
Net loss | (28,918) | (28,918) | |||
Balance — February 28, 2022 at Feb. 28, 2022 | $ 288 | $ 24,712 | $ (28,918) | $ (3,918) | |
Ending balance, Shares at Feb. 28, 2022 | 2,875,000 | ||||
[1] | This number includes up to 375,000 Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 5). On April 18, 2022, the underwriters exercised their over-allotment option in full, hence, the 375,000 Class B ordinary shares are no longer subject to forfeiture (see Note 5). |
STATEMENT OF CASH FLOWS (UNAUDI
STATEMENT OF CASH FLOWS (UNAUDITED) | 3 Months Ended |
Feb. 28, 2022USD ($) | |
Cash Flows from Operating Activities: | |
Net loss | $ (28,918) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
Formation costs paid by Sponsor under the promissory note | 8,918 |
Net cash used in operating activities | (20,000) |
Cash Flows from Financing Activities: | |
Accrued expenses — related party | 20,000 |
Proceeds from promissory note — related party | 62,923 |
Payment of offering costs | (62,923) |
Net cash provided by financing activities | 20,000 |
Net Change in Cash | |
Cash — beginning of period | |
Cash — end of period | |
Supplemental disclosure of non-cash flow financing activities: | |
Deferred offering costs paid by Sponsor in exchange for the issuance of Class B ordinary shares | 25,000 |
Deferred offering costs included in accrued offering costs | $ 75,802 |
Organization, Business Operatio
Organization, Business Operation and Basis of Presentation | 3 Months Ended |
Feb. 28, 2022 | |
Accounting Policies [Abstract] | |
Organization, Business Operation and Basis of Presentation | Note 1 — Organization, Business Operation and Basis of Presentation Aura Fat Projects Acquisition Corp. (the “Company”) was incorporated as a Cayman Islands exempted company on December 6, 2021. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar Business Combination with one or more businesses (the “Business Combination”). The Company has not selected any specific Business Combination target and the Company has not, nor has anyone on its behalf, initiated any substantive discussions, directly or indirectly, with any Business Combination target. The Company will not be limited to a particular industry or geographic region in its identification and acquisition of a target company. As of February 28, 2022, the Company had not commenced any operations. All activity for the period from December 6, 2021 (inception) through February 28, 2022 relates to the Company’s formation and the initial public offering (“Initial Public Offering”). The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering. The Company has selected November 30 as its fiscal year end. The Company’s sponsor is Aura FAT Projects Capital LLC, a Cayman Islands limited liability company (the “Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective on April 12, 2022. On April 18, 2022, the Company consummated the Initial Public Offering of 11,500,000 1,500,000 115,000,000 Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 5,000,000 1.00 5,000,000 Transaction costs amounted to $ 5,724,784 1,150,000 4,025,000 549,784 4,025,000 The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the net assets held in the Trust Account (as defined below) (excluding the deferred underwriting commissions and taxes payable on the interest earned on the Trust Account) at the time of signing a definitive agreement in connection with the initial Business Combination. However, the Company will complete the initial Business Combination only if the post-Business Combination company in which its public shareholders own shares will own or acquire 50% or more of the outstanding voting securities of the target or is otherwise not required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able to complete a Business Combination successfully. Upon the closing of the Initial Public Offering, an amount of $ 117,300,000 10.20 100,000 The Company will provide its public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of the initial Business Combination either (i) in connection with a shareholder meeting called to approve the initial Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a proposed initial Business Combination or conduct a tender offer will be made by the Company, solely in its discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would require the Company to seek shareholder approval under applicable law or share exchange listing requirements. The public shareholders are entitled to redeem all or a portion of their public shares upon the completion of the initial Business Combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account as of two business days prior to the consummation of the initial Business Combination, including interest earned on the funds held in the Trust Account (which interest shall be net of taxes payable), divided by the number of then outstanding public shares, subject to the limitations described herein. The amount in the Trust Account is initially anticipated to be $10.20 per public share, however, there is no guarantee that investors will receive $10.20 per share upon redemption. The shares of ordinary share subject to redemption will be recorded at a redemption value and classified as temporary equity upon the completion of the Initial Public Offering, in accordance with Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” In such case, the Company will proceed with a Business Combination if the Company’s Class A ordinary shares are not classified as a “penny stock” upon such consummation of a Business Combination and, if the Company seeks shareholder approval, a majority of the issued and outstanding shares voted are voted in favor of the Business Combination. The Company will have only 15 months (or up to a 21-month period if the Company chooses to extend such period, as described in more detail in the final prospectus, or as extended by the Company’s shareholders in accordance with the amended and restated memorandum and articles of association) from the closing of the Initial Public Offering to consummate the initial Business Combination. If the Company is unable to complete the initial 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 not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes (less up to $ 100,000 The Sponsor, officers and directors will enter into a letter agreement with Company, pursuant to which they will agree to (i) waive their redemption rights with respect to any founder shares and public shares held by them in connection with the completion of the initial Business Combination, (ii) waive their redemption rights with respect to any founder shares and public shares held by them in connection with a shareholder vote to approve an amendment to the Company’s amended and restated memorandum and articles of association (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the initial Business Combination or certain amendments to the Company’s amended and restated memorandum and articles of association prior thereto or to redeem 100% of the public shares if the Company does not complete the initial Business Combination within the Combination Period for each three month extension, into the Trust Account, or as extended by the Company’s shareholders in accordance with the Company’s amended and restated memorandum and articles of association), or (B) with respect to any other provision relating to any other provision relating to the rights of holders of the Class A ordinary shares and (iii) waive their rights to liquidating distributions from the Trust Account with respect to any founder shares held by them if the Company fails to complete the initial Business Combination within the Combination Period although the Company 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 Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or similar agreement or Business Combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.20 per public share and (ii) the actual amount per public share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.20 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply 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. However, the Company has not asked the Sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and believe that the Sponsor’s only assets are securities of the Company. Therefore, the Company cannot assure you that the Sponsor would be able to satisfy those obligations. Going Concern Consideration As of February 28, 2022, the Company had no cash on hand and a working capital deficit of $ 167,643 ASU Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern GAAP Risks and Uncertainties Management continues to evaluate the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of this financial statement. The financial statement does not include any adjustments that might result from the outcome of this uncertainty. Additionally, as a result of the military action commenced in February 2022 by the Russian Federation and Belarus in the country of Ukraine and related economic sanctions, the Company’s ability to consummate a Business Combination, or the operations of a target business with which the Company ultimately consummates a Business Combination, may be materially and adversely affected. Further, the Company’s ability to consummate a transaction may be dependent on the ability to raise equity and debt financing which may be impacted by these events, including as a result of increased market volatility, or decreased market liquidity in third-party financing being unavailable on terms acceptable to the Company or at all. The impact of this action and related sanctions on the world economy and the specific impact on the Company’s financial position, results of operations and/or ability to consummate a Business Combination are not yet determinable. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Feb. 28, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2 — Significant Accounting Policies Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the period presented. The accompanying unaudited financial statements should be read in conjunction with the Company’s prospectus for its Initial Public Offering, as filed with the SEC on April 14, 2022, as well as the Company’s Current Reports on Form 8-K, as filed with the SEC on April 22, 2022. The interim results for the period from December 6, 2021 (inception) through February 28, 2022 are not necessarily indicative of the results to be expected for the period ending November 30, 2022 or for any future periods. Emerging Growth Company Status The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart our Business Startups Act of 2012, (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of Estimates The preparation of the financial statement in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did no Deferred Offering Costs The Company complies with the requirements of the Financial Accounting Standards Board ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (“ SAB Expenses of Offering 549,784 5,175,000 As of February 28, 2022, there were $ 163,725 Net Loss Per Ordinary Share The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” Net loss per share is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period, excluding ordinary shares subject to forfeiture by the Sponsor. Weighted average shares were reduced for the effect of an aggregate of 375,000 Class A ordinary shares subject to possible redemption The Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance enumerated in ASC 480 “ Distinguishing Liabilities from Equity Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which, at times, may exceed the Federal Depository Insurance Corporation coverage of $ 250,000 Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet, primarily due to its short-term nature. Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes.” ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company’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 as income tax expense. As February 28, 2022, there were no no 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 period presented. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. Recent Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 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) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective January 1, 2024 and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. The Company continues to evaluate the impact of ASU 2020-06 on its financial statements. Management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements. |
Initial Public Offering
Initial Public Offering | 3 Months Ended |
Feb. 28, 2022 | |
Initial Public Offering | |
Initial Public Offering | Note 3 — Initial Public Offering Pursuant to the Initial Public Offering on April 18, 2022, the Company sold 11,500,000 10.00 11.50 |
Private Placement
Private Placement | 3 Months Ended |
Feb. 28, 2022 | |
Private Placement | |
Private Placement | Note 4 — Private Placement Simultaneously with the closing of the Initial Public Offering on April 18, 2022, the Company’s Sponsor purchased an aggregate of 5,000,000 1.00 5,000,000 Each Private Placement Warrant is identical to the warrants offered by the Initial Public Offering, except as described below. There will be no redemption rights or liquidating distributions from the Trust Account with respect to the Private Placement Warrants, which will expire worthless if the Company does not consummate a Business Combination within the Combination Period. The Private Placement Warrants (including the Class A ordinary shares issuable upon exercise of the placement warrants) are identical to the warrants sold in the Initial Public Offering except that (a) the placement warrants and their component securities will not be transferable, assignable or saleable until 30 days after the consummation of our initial Business Combination, except to permitted transferees, and (b) will be entitled to registration rights. |
Related Party Transaction
Related Party Transaction | 3 Months Ended |
Feb. 28, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transaction | Note 5 — Related Party Transaction Founder Shares On January 7, 2022, the Sponsor paid $ 25,000 2,875,000 375,000 The Company’s initial shareholders have agreed not to transfer, assign or sell any of their Founder Shares (or ordinary shares issuable upon conversion thereof) until the earlier to occur of: (A) 180 days after the completion of the initial Business Combination and (B) the date on which the Company complete a liquidation, merger, capital share exchange, reorganization or other similar transaction that results in all of the Company’s shareholders having the right to exchange their ordinary shares for cash, securities or other property (the “Lock-up”). Any permitted transferees will be subject to the same restrictions and other agreements of the Company’s initial shareholders with respect to any Founder Shares. Notwithstanding the foregoing, the converted Class A ordinary shares will be released from the Lock-up if (i) the last reported sale price of the Class A ordinary share equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and other transactions) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination or (ii) if the Company completes a transaction after the initial Business Combination which results in all of the Company’s shareholders having the right to exchange their shares for cash, securities or other property. Promissory Note—Related Party On January 7, 2022, the Sponsor agreed to loan the Company up to $ 300,000 October 31, 2022 71,841 83,954 Working Capital Loans In order to finance transaction costs in connection with an intended Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (the “Working Capital Loans”). If the Company completes the initial Business Combination, the Company may repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans may be repaid only out of funds held outside the Trust Account. In the event that the initial Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds from the Trust Account would be used to repay the Working Capital Loans. Up to $1,500,000 of such Working Capital Loans may be convertible into warrants of the post-Business Combination entity at a price of $1.00 per warrant at the option of the lender. The warrants would be identical to the Private Placement Warrants. As of February 28, 2022, the Company had no borrowings under the Working Capital Loans. Administrative Service Fee The Company pays an affiliate of the Sponsor $ 20,000 20,000 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Feb. 28, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 6 — Commitments and Contingencies Registration Rights The holders of the Founder Shares, the representative shares, Private Placement Warrants (including component securities contained therein) and warrants (including securities contained therein) that may be issued upon conversion of Working Capital Loans, any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants and any Class A ordinary shares and warrants (and underlying Class A ordinary share) that may be issued upon exercise of the warrants as part of the Working Capital Loans and Class A ordinary share issuable upon conversion of the Founder Shares, will be entitled to registration rights pursuant to a registration rights agreement to be signed prior to or on the effective date of the Initial Public Offering, requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to the Company’s Class A ordinary share). The holders of the majority 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 Company’s completion of the initial Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. The registration rights agreement does not contain liquidated damages or other cash settlement provisions resulting from delays in registering the securities. The Company will bear the expenses incurred in connection with the filing of any such registration statements. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriters Agreement The Company granted the underwriters a 45-day option from the date of the Initial Public Offering to purchase up to an additional 1,500,000 The underwriters were paid a cash underwriting discount of 1 1,150,000 3.5 4,025,000 Representative shares The Company issued to the representative or its designees 115,000 In addition, the holders of the representative’s shares have agreed (i) that they will not transfer, assign or sell any such shares without the Company’s prior consent until the completion of the initial Business Combination, (ii) to waive their redemption rights (or right to participate in any tender offer) with respect to such shares in connection with the completion of the initial Business Combination and (iii) to waive their rights to liquidating distributions from the Trust Account with respect to such shares if the Company fails to complete the initial Business Combination within the Combination Period. The representative’s shares are deemed to be underwriters’ compensation by FINRA pursuant to FINRA Rule 5110. |
Shareholders_ Equity
Shareholders’ Equity | 3 Months Ended |
Feb. 28, 2022 | |
Equity [Abstract] | |
Shareholders’ Equity | Note 7 — Shareholders’ Equity Preferred shares 1,000,000 0.0001 no Class A ordinary shares 300,000,000 0.0001 no Class B ordinary shares 30,000,000 0.0001 2,875,000 375,000 375,000 Only holders of the Founder Shares will have the right to vote on the appointment of directors. Holders of the public shares will not be entitled to vote on the appointment of directors during such time. In addition, prior to the completion of an initial Business Combination, holders of a majority of the Company’s Founder Shares may remove a member of the board of directors for any reason by ordinary resolution. These provisions of the Company’s amended and restated memorandum and articles of association may only be amended by a special resolution passed by not less than 90% of the ordinary shares who attend and vote at the Company’s general meeting. Additionally, in a vote to continue the company in a jurisdiction outside the Cayman Islands (which a special resolution), holders of the Company’s Founder Shares will have ten votes for every founder share and holders of the Class A ordinary shares will have one vote for every Class A ordinary share. With respect to any other matter submitted to a vote of the Company’s shareholders, including any vote in connection without initial Business Combination, except as required by law, holders of the Company’s Founder Shares and holders of the public shares will vote together as a single class, with each share entitling the holder of one vote. The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the consummation of the initial Business Combination on a one-for-one basis, subject to adjustment for share subdivisions, share dividends, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional Class A ordinary shares, or equity-linked securities, are issued or deemed issued in excess of the amounts offered in this prospectus and related to the closing of the initial Business Combination, the ratio at which Class B ordinary shares shall convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the outstanding Class B ordinary shares agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all ordinary shares outstanding upon the completion of the Initial Public Offering (excluding the Private Placement Warrants and underlying securities and the representative shares) plus all Class A ordinary shares and equity-linked securities issued or deemed issued in connection with the initial Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial Business Combination or any private placement-equivalent units and their underlying securities issued to the Sponsor or its affiliates upon conversion of Working Capital Loans made to the Company). The term “equity-linked securities” refers to any debt or equity securities that are convertible, exercisable or exchangeable for Class A ordinary shares issued in a financing transaction in connection with the initial Business Combination, including but not limited to a private placement of equity or debt. Securities could be “deemed issued” for purposes of the conversion rate adjustment if such shares are issuable upon the conversion or exercise of convertible securities, warrants or similar securities. Any conversion of Class B ordinary shares described herein will take effect as a compulsory redemption of Class B ordinary shares and an issuance of Class A ordinary shares as a matter of Cayman Islands law. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one-to-one. Warrants 11.50 60 20 9.20 115 180 The warrants will become exercisable on the later of (a) 30 days after the completion of the Company’s initial Business Combination and (b) 12 months from the closing of the Initial Public Offering, and will expire five years after the completion of the Company’s initial Business Combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation. The Company is not registering the Class A ordinary shares issuable upon exercise of the warrants at this time. However, the Company has agreed the Company will use its best efforts to file with the SEC a registration statement covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants, to cause such registration statement to become effective within 60 th Redemption of warrants Once the warrants become exercisable, the Company may redeem the outstanding warrants: ● in whole and not in part; ● at a price of $ 0.01 ● upon not less than 30 ● if, and only if, the reported last sale price of the Class A ordinary share equals or exceeds $18.00 per share (as adjusted for share subdivisions, share dividends, rights issuances, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period commencing once the warrants become exercisable and ending 3 business days before the Company send the notice of redemption to the warrant holders. If holders of Private Placement Warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering the warrants for that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied by the excess of the “fair market value” (defined below) over the exercise price, by (y) the fair market value. The “fair market value” for this purpose shall mean the average reported last sale price of the Class A ordinary share for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Feb. 28, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 8 — Subsequent Events The Company evaluated subsequent events and transactions that occurred after the unaudited balance sheet date up to the date that the unaudited financial statements were issued. Based on this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the unaudited financial statements. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Feb. 28, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the period presented. The accompanying unaudited financial statements should be read in conjunction with the Company’s prospectus for its Initial Public Offering, as filed with the SEC on April 14, 2022, as well as the Company’s Current Reports on Form 8-K, as filed with the SEC on April 22, 2022. The interim results for the period from December 6, 2021 (inception) through February 28, 2022 are not necessarily indicative of the results to be expected for the period ending November 30, 2022 or for any future periods. |
Emerging Growth Company Status | Emerging Growth Company Status The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart our Business Startups Act of 2012, (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. |
Use of Estimates | Use of Estimates The preparation of the financial statement in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did no |
Deferred Offering Costs | Deferred Offering Costs The Company complies with the requirements of the Financial Accounting Standards Board ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (“ SAB Expenses of Offering 549,784 5,175,000 As of February 28, 2022, there were $ 163,725 |
Net Loss Per Ordinary Share | Net Loss Per Ordinary Share The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” Net loss per share is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period, excluding ordinary shares subject to forfeiture by the Sponsor. Weighted average shares were reduced for the effect of an aggregate of 375,000 |
Class A ordinary shares subject to possible redemption | Class A ordinary shares subject to possible redemption The Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance enumerated in ASC 480 “ Distinguishing Liabilities from Equity |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which, at times, may exceed the Federal Depository Insurance Corporation coverage of $ 250,000 |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet, primarily due to its short-term nature. |
Income Taxes | Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes.” ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company’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 as income tax expense. As February 28, 2022, there were no no 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 period presented. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 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) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective January 1, 2024 and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. The Company continues to evaluate the impact of ASU 2020-06 on its financial statements. Management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements. |
Organization, Business Operat_2
Organization, Business Operation and Basis of Presentation (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended |
Apr. 18, 2022 | Feb. 28, 2022 | |
Subsequent Event [Line Items] | ||
Transaction costs | $ 5,724,784 | |
Underwriting fees | 1,150,000 | |
Deferred underwriting fees | 4,025,000 | |
Offering costs | 549,784 | |
Working capital deficit | 167,643 | |
IPO [Member] | ||
Subsequent Event [Line Items] | ||
Proceeds from Initial Public Offering | $ 117,300,000 | |
Share Price | $ 10.20 | |
Dissolution expenses | $ 100,000 | |
Subsequent Event [Member] | IPO [Member] | ||
Subsequent Event [Line Items] | ||
Sale of units in initial public offering | 11,500,000 | |
Sale of units in initial public offering aggragate amount | $ 115,000,000 | |
Sale of units per share | $ 10 | |
Subsequent Event [Member] | Over-Allotment Option [Member] | ||
Subsequent Event [Line Items] | ||
Sale of units in initial public offering | 1,500,000 | |
Subsequent Event [Member] | Private Placement [Member] | ||
Subsequent Event [Line Items] | ||
Sale of units in initial public offering | 5,000,000 | |
Sale of units in initial public offering aggragate amount | $ 5,000,000 | |
Sale of units per share | $ 1 |
Significant Accounting Polici_3
Significant Accounting Policies (Details Narrative) | 3 Months Ended |
Feb. 28, 2022USD ($)shares | |
Accounting Policies [Abstract] | |
Cash and cash equivalents | $ 0 |
Offering costs | 549,784 |
Underwriter discount | 5,175,000 |
Deferred offering costs | $ 163,725 |
Weighted average shares forfeiture | shares | 375,000 |
Federal Depository Insurance coverage | $ 250,000 |
Unrecognized tax benefits | 0 |
Accrued for interest and penalties | $ 0 |
Initial Public Offering (Detail
Initial Public Offering (Details Narrative) - Subsequent Event [Member] - IPO [Member] | 1 Months Ended |
Apr. 18, 2022$ / sharesshares | |
Subsequent Event [Line Items] | |
Sale of units in initial public offering | shares | 11,500,000 |
Sale of units per share | $ 10 |
Warrant exercisable | $ 11.50 |
Private Placement (Details Narr
Private Placement (Details Narrative) - Subsequent Event [Member] - Private Placement [Member] | 1 Months Ended |
Apr. 18, 2022USD ($)$ / sharesshares | |
Subsequent Event [Line Items] | |
Sale of units in initial public offering | shares | 5,000,000 |
Sale of units per share | $ / shares | $ 1 |
Sale of units in initial public offering aggragate amount | $ | $ 5,000,000 |
Related Party Transaction (Deta
Related Party Transaction (Details Narrative) - USD ($) | Jan. 07, 2022 | Feb. 28, 2022 | Apr. 18, 2022 |
Related Party Transaction [Line Items] | |||
Related party loan balance | $ 71,841 | ||
Lender description | $1,500,000 of such Working Capital Loans may be convertible into warrants of the post-Business Combination entity at a price of $1.00 per warrant at the option of the lender. The warrants would be identical to the Private Placement Warrants. As of February 28, 2022, the Company had no borrowings under the Working Capital Loans. | ||
Administrative Fees Expense | $ 20,000 | ||
Subsequent Event [Member] | IPO [Member] | |||
Related Party Transaction [Line Items] | |||
Related party loan balance | $ 83,954 | ||
Sponsor [Member] | |||
Related Party Transaction [Line Items] | |||
Shares subject to forfeiture | 375,000 | ||
Principal amount | $ 300,000 | ||
Due date | Oct. 31, 2022 | ||
Related party service fee | $ 20,000 | ||
Founder [Member] | |||
Related Party Transaction [Line Items] | |||
Aggregate value of shares | $ 25,000 | ||
Shares issued | 2,875,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended |
Apr. 18, 2022 | Feb. 28, 2022 | |
Common Class A [Member] | ||
Subsequent Event [Line Items] | ||
Representative shares | 115,000 | |
IPO [Member] | ||
Subsequent Event [Line Items] | ||
Percentage of cash underwritng commission | 1.00% | |
Proceeds from Initial Public Offering | $ 1,150,000 | |
Percentage of underwriting deferred Commission | 3.50% | |
Gross proceeds from Initial Public Offering | $ 4,025,000 | |
Subsequent Event [Member] | Over-Allotment Option [Member] | ||
Subsequent Event [Line Items] | ||
Sale of units in initial public offering | 1,500,000 | |
Subsequent Event [Member] | IPO [Member] | ||
Subsequent Event [Line Items] | ||
Sale of units in initial public offering | 11,500,000 |
Shareholders_ Equity (Details N
Shareholders’ Equity (Details Narrative) - $ / shares | Jan. 07, 2022 | Feb. 28, 2022 |
Class of Stock [Line Items] | ||
Preferred stock, shares authorized | 1,000,000 | |
Preferred stock, par value | $ 0.0001 | |
Preferred stock, shares issued | 0 | |
Preferred stock, shares outstanding | 0 | |
Warrants [Member] | ||
Class of Stock [Line Items] | ||
Share Price | $ 11.50 | |
Percentage of funds raised to be used for consummating business combination | 60.00% | |
Number of consecutive trading days for determining the volume weighted average price of share | 20 days | |
Volume weighted average price per share | $ 9.20 | |
Class of warrants or rights period within the registration shall be effective from the consummation of business combination | 60 days | |
Class of warrants or rights redemption price per share | $ 0.01 | |
Minimum notice period to be given to warrant holders prior to redemption | 30 days | |
Warrants [Member] | Warrant Redemption Exercise Price Percentage One [Member] | ||
Class of Stock [Line Items] | ||
Class of warrants or rights exercise price percentage | 115.00% | |
Warrants [Member] | Warrant Redemption Exercise Price Percentage Two [Member] | ||
Class of Stock [Line Items] | ||
Class of warrants or rights exercise price percentage | 180.00% | |
Sponsor [Member] | ||
Class of Stock [Line Items] | ||
Shares subject to forfeiture | 375,000 | |
Common Class A [Member] | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized | 300,000,000 | |
Common stock, par value | $ 0.0001 | |
Common stock, shares issued | 0 | |
Common stock, shares outstanding | 0 | |
Common Class B [Member] | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized | 30,000,000 | |
Common stock, par value | $ 0.0001 | |
Common stock, shares issued | 2,875,000 | |
Common stock, shares outstanding | 2,875,000 |