Subsequent Events

6 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

NOTE 9—SUBSEQUENT EVENTS

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

On July 24, 2023, an aggregate of $660,330 was deposited by the Sponsor into the Trust Account for the Company’s public shareholders, representing $0.033 per public share, which enabled the Company to extend the period of time it has to consummate its Business Combination by one month from July 26, 2023 to August 26, 2023. As a result, the Company has until August 26, 2023 to complete its Business Combination.

On July 24, 2023, the Sponsor and the Company amended the Extension Note in order to increase the aggregate principal amount available to be advanced and readvanced from $1,500,000 to $4,000,000.

On August 2, 2023, the Company filed a definitive proxy statement regarding an extraordinary general meeting of shareholders (the “Meeting”) to be held at 11:00a.m., Eastern Time on August 22, 2023 (the “Extension Definitive Proxy”). The purpose of the Meeting is to consider and vote upon: (i) proposals to amend and restate (the “Charter Amendment”) the Company’s Memorandum and Articles of Association to, among other things, modify the monthly amount that the Sponsor or its affiliates or designees must deposit into the Trust Account in order to implement the board’s plan to extend the period of time to consummate a Business Combination, in the event that the Company does not consummate a Business Combination within 21 months from the consummation of the Initial Public Offering (August 26, 2023) (the “Current Termination Date”), if requested by the Sponsor and accepted by the Company, from $0.033 per outstanding share to the lesser of $0.033 per outstanding share and $225,000, and provide for up to nine additional one-month extensions (the termination date as so extended, the “Extended Termination Date”) by amending and restating the amended and restated memorandum and articles of association (the “Charter Amendment Proposal”); (ii) a proposal to amend and restate (the “Trust Amendment”) the Company’s investment management trust agreement dated as of November 22, 2021 (the “Trust Agreement”) by and between the Company and Continental Stock Transfer & Trust Company (the “Trustee”) to allow the Company to extend the Combination Period up to nine (9) times for an additional one (1) month each time from August 26, 2023 to the Extended Termination Date by depositing into the Trust Account, for each one-month extension, the lesser of $0.033 per outstanding share and $225,000; and (iii) a proposal to adjourn the Meeting to a later date or dates, if necessary, to permit further solicitation and vote of proxies if, based upon the tabulated vote at the time of the Meeting, there are insufficient votes to approve the Charter Amendment Proposal and Trust Amendment Proposal (the “Adjournment Proposal”).

The foregoing summary of the Extension Amendment Proposal, the Trust Amendment Proposal and the Adjournment Proposal does not purport to be complete and is qualified in its entirety by reference to the Extension Definitive Proxy.