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SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2023
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

NOTE 11. SUBSEQUENT EVENTS

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

On October 6, 2023, the Company Sponsor provided an additional $120,000 to cover working capital expenses.

On October 18, 2023, the Company entered into an agreement and plan of merger (the “Merger Agreement”) with GCL Global Holdings Ltd, a Cayman Islands exempted company (“GCL”). On the terms and subject to the conditions set forth in the Merger Agreement, the parties thereto will enter into a business combination transaction pursuant to which, among other things, GCL will form a Cayman Islands exempted company limited by shares (“Merger Sub 1”), to be a direct wholly owned subsidiary of GCL, which will merge with and into GCL Global Limited, a Cayman Islands exempted company (the “Initial Merger”), the separate existence of Merger Sub 1 will cease and GCL Global will be the surviving corporation of the Initial Merger and a direct wholly owned subsidiary of GCL, and (b) GCL will form a Delaware corporation (“Merger Sub 2”), to be a direct wholly owned subsidiary of GCL, which will merge with and into the Company, the separate existence of Merger Sub 2 will cease and the Company will be the surviving corporation of the SPAC Merger and a direct wholly owned subsidiary of GCL (the “SPAC Merger”). Collectively, the Initial Merger and the SPAC Merger will be the business combination.

On October 30, 2023 the Company deposited $100,000 into the Trust Account in order to effect the fifth subsequent one month extensions of the Revised Extension Deadline, which extended the deadline to consummate the Business Combination to November 28, 2023.