INITIAL PUBLIC OFFERING	3 Months Ended
Mar. 31, 2024
INITIAL PUBLIC OFFERING
INITIAL PUBLIC OFFERING	NOTE 3 ─ INITIAL PUBLIC OFFERING On March 25, 2021, the Company closed on the sale of 12,000,000 Units at a price of $10.00 per Unit. Each Unit consists of one share of Common Stock and one-half of one Public Warrant. Each whole Public Warrant is exercisable to purchase one share of the Common Stock at an exercise price of $11.50 per share. On March 30, 2021, the underwriters exercised the over-allotment option in part and purchased an additional 843,937 Units, generating gross proceeds of $8.44 million. In connection with the Initial Public Offering, the Company granted the underwriters an option to purchase 1,800,000 shares of the Common Stock at the Initial Public Offering price, or $10.00 per share, for 45 days commencing on October 25, 2021 (grant date). Since this option extended beyond the closing of the Initial Public Offering, this option feature represented a call option that was accounted for under ASC 480. Accordingly, the call option has been separately accounted for at a fair value with the change in fair value between the grant date and March 30, 2021 and expiration amount recorded as other income. The Company used the Black-Scholes valuation model to determine the fair value of the call option at the grant date and again at March 30, 2021 (see Note 10 for fair value information).

INITIAL PUBLIC OFFERING

3 Months Ended

Mar. 31, 2024

NOTE 3 ─ INITIAL PUBLIC OFFERING

On March 25, 2021, the Company closed on the sale of 12,000,000 Units at a price of $10.00 per Unit. Each Unit consists of one share of Common Stock and one-half of one Public Warrant. Each whole Public Warrant is exercisable to purchase one share of the Common Stock at an exercise price of $11.50 per share.

On March 30, 2021, the underwriters exercised the over-allotment option in part and purchased an additional 843,937 Units, generating gross proceeds of $8.44 million.

In connection with the Initial Public Offering, the Company granted the underwriters an option to purchase 1,800,000 shares of the Common Stock at the Initial Public Offering price, or $10.00 per share, for 45 days commencing on October 25, 2021 (grant date). Since this option extended beyond the closing of the Initial Public Offering, this option feature represented a call option that was accounted for under ASC 480. Accordingly, the call option has been separately accounted for at a fair value with the change in fair value between the grant date and March 30, 2021 and expiration amount recorded as other income. The Company used the Black-Scholes valuation model to determine the fair value of the call option at the grant date and again at March 30, 2021 (see Note 10 for fair value information).