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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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(Address of Principal Executive Offices)
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(Zip Code)
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Title of each class
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Trading
Symbol(s)
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Name of each exchange
on which registered
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Large accelerated filer
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☐
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Accelerated filer
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☐
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☒
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Smaller reporting company
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Emerging growth company
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Page No.
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1
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Item 1.
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1
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Condensed Balance Sheets as of September 30, 2023 (unaudited) and December 31, 2022 (audited) |
1
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Unaudited Condensed Statements of Operations for the Three and Nine Months Ended September 30, 2023 and 2022 |
2
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Unaudited Condensed Statements of Changes in Shareholders’ Deficit for the Three and Nine
Months Ended September 30, 2023 and 2022 |
3
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Unaudited Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 2022 |
4
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Notes to Unaudited Condensed Financial Statements |
5
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Item 2.
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19
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Item 3.
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25 | |
Item 4.
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25 | |
26
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Item 1.
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26 | |
Item 1A.
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26
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Item 2.
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26
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Item 3.
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27
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Item 4.
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27
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Item 5.
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27
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Item 6.
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27
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29
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September 30, 2023
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December 31, 2022
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(Unaudited)
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||||||||
Assets
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||||||||
Current assets:
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Cash
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$
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$
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Prepaid expenses
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Total current assets
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Investments held in Trust Account
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Total Assets
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$
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$
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Liabilities, Class A Ordinary Shares Subject to Redemption, and Shareholders’ Deficit
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||||||||
Current liabilities:
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||||||||
Accounts payable
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$
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$
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Accrued expenses
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Total current liabilities
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Deferred underwriting commissions
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Total Liabilities
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Commitments and Contingencies (Note 6)
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Class A ordinary shares subject to possible redemption; $
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Shareholders’ Deficit:
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Preference shares, $
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Class A ordinary shares, $
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Class B ordinary shares, $
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Additional paid-in capital
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Accumulated deficit
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(
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)
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(
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)
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Total shareholders’ deficit
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(
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)
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(
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)
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Liabilities, Class A ordinary Shares Subject to Redemption, and Shareholders’ Deficit
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$
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$
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For the Three Months Ended
September 30,
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For the Nine Months Ended
September 30,
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2023
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2022 | 2023 | 2022 | |||||||||||||
General and administrative expenses
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$
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$
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$ | $ | ||||||||||
General and administrative expenses - related party
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Loss from operations
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(
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)
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(
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)
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( |
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) | ||||||||
Other income:
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Gain from investments held in Trust Account
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Net (loss) income
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$
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(
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)
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$
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$ | $ | |||||||||
Weighted average number of Class A ordinary shares outstanding, basic and diluted
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Basic and diluted net (loss) income per share, Class A ordinary shares
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$
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(
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)
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$
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$ | $ | |||||||||
Weighted average number of shares outstanding of Class B ordinary shares outstanding, basic and diluted
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Basic and diluted net (loss) income per share, Class B ordinary shares
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$
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(
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)
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$
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$ | $ |
Ordinary Shares
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Additional
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Total
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Class A
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Class B
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Paid-in
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Accumulated
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Shareholders’
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|||||||||||||||||||||||
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Shares
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Amount
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Shares
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Amount
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Capital
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Deficit
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Deficit
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Balance - January 1, 2023
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$
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$
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$
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$
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(
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)
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$
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(
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)
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Net income
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— |
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—
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Remeasurement on Class A ordinary shares
subject to possible redemption
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— | — | ( |
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) | ||||||||||||||||||||||
Balance – March 31, 2023
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(
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(
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Net income |
—
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—
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Contribution - shareholder non-redemption
agreements
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— | — | ||||||||||||||||||||||||||
Shareholder non-redemption agreements
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— | — | ( |
) | ( |
) | ||||||||||||||||||||||
Remeasurement on Class A ordinary shares
subject to possible redemption
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— | — | ( |
) | ( |
) | ||||||||||||||||||||||
Balance – June 30, 2023 | ( |
) | ( |
) | ||||||||||||||||||||||||
Net loss
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— | — | ( |
) | ( |
) | ||||||||||||||||||||||
Remeasurement on Class A ordinary shares
subject to possible redemption
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— | — | ( |
) | ( |
) | ||||||||||||||||||||||
Balance – September 30, 2023 | $ | $ | $ | $ | ( |
) | $ | ( |
) |
Ordinary Shares
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Additional
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Total
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Class A
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Class B
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Paid-in
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Accumulated
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Shareholders’
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|||||||||||||||||||||||
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Shares
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Amount
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Shares
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Amount
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Capital
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Deficit
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Deficit
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Balance – January 1, 2022
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$
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$
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$
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$
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(
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)
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$
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(
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Net loss
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— |
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—
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(
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)
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(
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)
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Balance – March 31, 2022
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(
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(
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Net loss | — | — | ( |
) | ( |
) | ||||||||||||||||||||||
Balance – June 30, 2022 | — | ( |
) | ( |
) | |||||||||||||||||||||||
Net income |
— | — | ||||||||||||||||||||||||||
Remeasurement on Class A ordinary shares
subject to possible redemption
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— | — | ( |
) | ( |
) | ||||||||||||||||||||||
Balance – September 30, 2022 | $ | $ | $ | $ | ( |
) | $ | ( |
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For the Nine Months Ended
September 30,
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2023
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2022
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Cash Flows from Operating Activities:
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Net income
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$
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$
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Adjustments to reconcile net income to net cash used in operating activities:
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Loss from investments held in the Trust Account
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(
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(
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Changes in operating assets and liabilities:
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Prepaid expenses
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Accounts payable
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Accrued expenses
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Net cash used in operating activities
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(
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)
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(
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)
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Cash Flows from Investing Activities: |
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Cash withdrawn from Trust Account in connection with redemption |
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Net cash provided by investing activities
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Cash Flows from Financing Activities: |
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Proceeds from convertible working capital loan |
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Redemption of ordinary shares |
( |
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Net cash (used in) provided by financing activities
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( |
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Net change in cash
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(
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(
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Cash – beginning of the period
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Cash – end of the period
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$
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$
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Supplemental disclosure of non-cash investing and financing activities:
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Remeasurement on Class A ordinary shares subject to possible redemption | $ | $ | ||||||
Contribution – shareholder non-redemption agreements | $ | $ |
• |
Level 1, defined as observable
inputs such as quoted prices (unadjusted) for identical instruments in active markets;
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• |
Level 2, defined as inputs other
than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active;
and
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• |
Level 3, defined as unobservable
inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are
unobservable.
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For the Three Months Ended
September 30,
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For the Nine Months Ended
September 30,
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2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||
Class A
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Class B
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Class A
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Class B
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Class A |
Class B |
Class A |
Class B |
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Basic and diluted net (loss) income per ordinary share
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Numerator:
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Allocation of net (loss) income
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$
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(
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)
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$
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(
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)
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$
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$
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$ | $ | $ | $ | ||||||||||||||||||
Denominator:
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Basic and diluted weighted average ordinary shares outstanding
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Basic and diluted net (loss) income per ordinary share
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$
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(
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)
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$
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(
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)
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$
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$
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$ | $ | $ | $ |
Gross proceeds
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$
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Less:
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Proceeds allocated to Public Warrants and Rights
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(
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)
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Class A ordinary shares issuance costs
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(
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)
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Plus:
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Adjust carrying value to initial redemption value
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Class A ordinary shares subject to possible redemption, December 31, 2022 |
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Plus: |
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Remeasurement on Class A ordinary shares subject to possible redemption
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Class A ordinary shares subject to possible redemption, March 31, 2023
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Less: |
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Redemptions
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( |
) | ||
Plus: |
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Remeasurement on Class A ordinary shares subject to possible redemption
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Class A ordinary shares subject to possible redemption, June 30, 2023 |
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Plus: |
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Remeasurement on Class A ordinary shares subject to possible redemption
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Class A ordinary shares subject to possible redemption, September 30, 2023 | $ |
• |
in whole and not in part; at
a price of $
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• |
upon a minimum of
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• |
and if, and only if, the
last reported sale price (the “closing price”) of Class A ordinary shares equals or exceeds $
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Description
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Level 1
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Level 2
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Level 3
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Assets at September 30, 2023:
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Investments held in Trust Account
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$
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$
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$
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Assets at December 31, 2022:
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Investments held in Trust Account
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$
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$
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$
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Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations
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Item 3. |
Quantitative and Qualitative Disclosures About Market Risk
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Item 4. |
Controls and Procedures
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Item 1. |
Legal Proceedings
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Item 1A. |
Risk Factors
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Item 3. |
Defaults Upon Senior Securities
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Exhibit
No.
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Description of Exhibit
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Amendment to the Amended and Restated Memorandum and Articles of Association
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Certification of Jide Zeitlin, Co-Chief Executive Officer of the Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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Certification of Lew Frankfort, Co-Chief Executive Officer of the Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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Certification of Thomas Northover, Executive Director of the Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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Certification of Jide Zeitlin, Co-Chief Executive Officer of the Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
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Certification of Lew Frankfort, Co-Chief Executive Officer of the Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
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Certification of Thomas Northover, Executive Director of the Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
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101.INS
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XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
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101.SCH
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XBRL Taxonomy Extension Schema Document
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101.CAL
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XBRL Taxonomy Extension Calculation Linkbase Document
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101.DEF
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XBRL Taxonomy Extension Definition Linkbase Document
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101.LAB
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XBRL Taxonomy Extension Label Linkbase Document
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101.PRE
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XBRL Taxonomy Extension Presentation Linkbase Document
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Exhibit 104
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Cover Page Interactive Data File - The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
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* |
Filed herewith.
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** |
Furnished herewith.
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(1) |
Incorporated by reference to the Company’s Current Report on Form 8-K filed on May 19, 2023.
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Date: November 13, 2023
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/s/ Jide Zeitlin
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Name:
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Jide Zeitlin
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Title:
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Co-Chief Executive Officer
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(Principal Executive Officer)
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Date: November 13, 2023
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/s/ Lew Frankfort
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Name:
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Lew Frankfort
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Title:
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Co-Chief Executive Officer
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(Principal Executive Officer)
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Date: November 13, 2023
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/s/ Thomas Northover
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Name:
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Thomas Northover
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Title:
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Executive Director
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(Principal Financial and Accounting Officer)
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