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 7-Ordinary Shares Subject to Possible Redemption

The Company’s Public Shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of future events. The Company is authorized to issue 100,000,000 ordinary shares with a par value of $0.0001 per share. Holders of the Company’s ordinary shares are entitled to one vote for each share. As of December 31, 2022 and 2021, there were 11,212,117 and 20,450,000 ordinary shares outstanding, respectively, 6,762,117 and 16,000,000 of which were subject to possible redemption, respectively, and are classified outside of permanent equity in the consolidated balance sheets.

The ordinary shares subject to possible redemption reflected on the consolidated balance sheets is reconciled on the following table:

Gross proceeds received from Initial Public Offering	$	160,000,000
Less:
Offering costs allocated to Public Shares		(9,418,420	)
Plus:
Accretion on ordinary shares to redemption value		9,418,420
Ordinary shares subject to possible redemption as of December 31, 2021		160,000,000
Redemption of Public Shares		(92,591,090	)
Increase in redemption value of ordinary shares subject to possible redemption		267,588
Ordinary shares subject to possible redemption as of December 31, 2022	$	67,676,498