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SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2024
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, 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 1, 2024 and October 28, 2024, pursuant to the Fourth Amendment to Merger Agreement, GCL paid $47,231, respectively, in extension fees in connection with the Business Combination.

On October 15, 2024 the Company filed an amendment to the Extension Amendment Proposal through a Form 8-K clarifying that a non-interest-bearing, unsecured promissory note payable upon the consummation of the business combination will not be issued in exchange for the six extension payments from GCL as initially noted in the Fourth Amendment to Merger Agreement pursuant to which the parties have agreed to, among other things, extend the deadline for the parties to complete the Business Combination (as defined in the Merger Agreement) to March 28, 2025.

On October 30, 2024, the Company was informed by Nasdaq that it had not regained compliance within the allowed period with regard to the 400 total required holders for continued listing on the Nasdaq Global Market per the noticed received on April 29, 2024. Unless an appeal is made, the Company’s securities will be delisted, with trading suspended on November 8, 2024, and a Form 25-NSE filed to remove the securities from Nasdaq. The Company appealed the decision and requested a hearing to the Nasdaq Hearings Panel, pursuant to the procedures set forth in the Nasdaq Listing Rule 5800. On November 6, 2024 the Company received a letter indicating a hearing has been set for December 19, 2024 and that the delisting action has been stayed pending a final written decision by the Nasdaq Hearings Panel.