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Initial Public Offering
12 Months Ended
Dec. 31, 2022
Initial Public Offering  
Initial Public Offering

Note 3 – Initial Public Offering

 

On April 5, 2022, the Company sold 11,500,000 Units (including the issuance of 1,500,000 Units as a result of the underwriter’s fully exercise of the over-allotment) at a price of $10.00 per Unit, generating gross proceeds of $115,000,000 related to the IPO. Each Unit consists of one ordinary share, one redeemable warrant (each a “Warrant”, and, collectively, the “Warrants”), and one right to receive one-tenth (1/10) of an ordinary share upon the consummation of an Initial Business Combination. Each one redeemable warrants entitle the holder thereof to purchase one ordinary share, and each ten rights entitle the holder thereof to receive one ordinary share at the closing of a Business Combination. No fractional shares issued upon separation of the Units, and only whole Warrants will trade.

 

The Company granted the underwriter a 45-day option from the date of the IPO to purchase up to an additional 1,500,000 Public Units to cover over-allotments. On April 5, 2022, the underwriter exercised the over-allotment option in full to purchase 1,500,000 Public Units, at a purchase price of $10.00 per Public Unit, generating gross proceeds to the Company of $15,000,000 (see Note 7).

 

At December 31, 2022, the ordinary share reflect in the balance sheet are reconciled in the following tables:

 

       
Gross proceeds from public shares   $ 115,000,000  
Less:        
Proceeds allocated to public rights     (8,510,000 )
Proceeds allocated to public warrants     (5,290,000 )
Allocation of offering costs related to ordinary shares     (5,020,172 )
Plus:        
Accretion of carrying value to redemption value     18,820,172  
Subsequent measurement of Class A ordinary shares subject to possible redemption (interest earned and unrealized gain on trust account)     1,673,481  
Ordinary shares subject to possible redemption (plus any interest earned on the Trust Account)   $ 116,673,481