SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 9 — SUBSEQUENT EVENTS

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Based upon this review the Company did not identify any subsequent events, other than below, that would have required adjustment or disclosure in the financial statements.

(1) On July 17, 2024, Citius Pharma deposited $66,667 into the trust account of the Company (the “Contribution”) to extend the timeline to complete a business combination for an additional one (1) month period from July 18, 2024 to August 18, 2024 (the “Extension”). Such deposit of the Contribution is evidenced by an unsecured promissory note (the “Note”) issued by the Company in the principal amount of $66,667 to Citius Pharma. The Note bears no interest and is repayable in full per the terms of the Merger Agreement.

(2)

On August 2, 2024, the Company held an extraordinary general meeting of shareholders (the “EGM”), at which the Company’s shareholders approved, among all proposals, in connection with its previously announced business combination (the “Business Combination”) with Citius Pharma. Holders of 4,297,828 public redeemable shares exercised their redemption rights for a pro rata portion of the trust amount. The estimated redemption price is approximately $11.47 per share, which is calculated based on the trust balance as of August 8, 2024. The Company will distribute a total of approximately $49,315,047 redemption payout to the redeeming shareholders.

(3)

On August 5, 2024, the Company de-registered in Cayman Islands and migrated to and domesticated as a Delaware corporation.