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 up to the date the unaudited condensed financial statements were issued, and has concluded that all such events, other than below, would require recognition or disclosure have been recognized or disclosed.

On July 2, 2023, the Company approved the second one-month extension of the Business Combination Period. In connection with this extension of the Business Combination Period to August 2, 2023, the Company drew an aggregate of $140,000 from the Second Convertible Promissory Note and deposited such funds into the Trust Account.

On August 2, 2023, the Company approved the third one-month extension of the Business Combination Period. In connection with this extension of the Business Combination Period to September 2, 2023, the Company drew an aggregate of $140,000 from the Second Convertible Promissory Note and deposited such funds into the Trust Account.

As previously disclosed, the Second Convertible Promissory Note allows the Company to use the funds drawn under the Second Convertible Promissory Note for general corporate purposes and the funding of the deposits into the Trust Account that the Company is required to make pursuant to its Amended and Restated Memorandum and Articles of Association in connection with the optional extensions that may be requested by the Sponsor. Up to $1,380,000 of the amounts loaned under the Second Convertible Promissory Note are convertible at the option of the Sponsor into the Working Capital Shares at a conversion price equal to $10.00 per Working Capital Share. The Working Capital Shares shall be identical to the private placement shares held by the Sponsor. Any loans under the Second Convertible Promissory Note will not bear any interest, and will be repayable by the Company to the Sponsor to the extent the Company has funds available outside of the Trust Account and if not converted or repaid on the effective date of any business combination. The maturity date of any loans under the Second Convertible Promissory Note may be accelerated upon the occurrence of an Event of Default (as defined in the Second Convertible Promissory Note). The Company granted customary registration rights to the Sponsor with respect to any Working Capital Shares issued pursuant to the Second Convertible Promissory Note, which shall constitute “Registrable Securities” pursuant to that certain Registration and Shareholder Rights Agreement, dated March 2, 2021, by and among the Company, the Sponsor and the other parties thereto. Further, each newly issued Working Capital Share shall bear the same transfer restrictions that apply to the private placement shares held by the Sponsor, as contemplated by the Letter Agreement, dated February 25, 2021, by and among the Company, the Sponsor and the other parties thereto. Following the extensions of the Business Combination Period approved on July 2, 2023 and August 2, 2023, $1,420,000 were drawn under the Second Convertible Promissory Note.