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SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2022
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 10. SUBSEQUENT EVENTS

 

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

 

On March 3, 2023, the Company has entered into a promissory note subscription term sheets with Public Gold Marketing Sdn Bhd for an amount of $390,000 for the purpose of extension fees payment as described below. The promissory note bears an interest of 6% per annum and repayable upon consummation of business combination.

 

On March 6, 2023, the stockholders of the Company approved an amendment to the Company’s amended and restated certificate of incorporation, allowing the Company to extend the date by which the Company must (i) consummate a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination involving the Company and one or more businesses, (ii) cease its operations if it fails to complete such business combination, and (iii) redeem or repurchase 100% of the Company’s outstanding public shares of common stock included as part of the units sold in the Company’s IPO (the “Termination Date”) by up to two (2) three-months extensions, followed by three (3) one-month extensions, to December 9, 2023 (each of which we refer to as an “Extension”, and such later date, the “Extended Deadline”). To obtain each extension, the Company, its sponsor or any of their affiliates or designees must deposit into the Company’s Trust Account with Continental by the deadline applicable prior to the extension, $390,000 for each three-month extension and $130,000 for each one-month extension. In connection with the approval of the Extension Amendment Proposal and the Trust Amendment Proposal at the Special Meeting, holders of 6,756,695 of the Company’s shares of common stock (the “Public Shares”) exercised their right to redeem those shares for cash at an approximate price of $10.35 per share, for an aggregate of approximately $69.92 million. At the time of the redemption there was $119.01 million in the trust account, an increase from the December 31, 2022 trust account balance of $118.41 million, due to $817.01 thousand in interest earned partially offset by $219.62 thousand withdrawn for tax obligations.

 

On March 6, 2023, Globalink entered into an amendment to the Trust Agreement, originally entered into by and between the Company and Continental on December 6, 2021 to conform the procedures in the Trust Agreement by which the Company may extend the date on which Continental must liquidate its trust account if the Company has not completed its initial business combination to the procedures in the amendment to the Company’s Amended and Restated Certificate of Incorporation.

 

On March 6, 2023, Globalink elected to extend the Termination Date by three months until June 9, 2023, and deposited an aggregate of $390,000 into the trust account for its public stockholders. The Extension is first of up to five extensions permitted under the Second Amended and Restated Certificate of Incorporation of the Company.

 

On March 8, 2023, Globalink sent a notice of termination pursuant to the terms set forth in the Merger Agreement entered on August 3, 2022, with Globalink with Tomorrow Crypto.

 

On March 23, 2023, the Company has entered into a promissory note subscription term sheets with Public Gold Marketing Sdn Bhd for an amount of $250,000 for the purpose of extension fees payment. The promissory note bears an interest of 6% per annum and repayable upon consummation of business combination.