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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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(State or other jurisdiction of incorporation or organization)
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(Commission File Number)
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(I.R.S. Employer Identification Number)
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(Address of principal executive offices)
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(Zip Code)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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||
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Large accelerated filer
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☐
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Accelerated filer
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☐
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☒
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Smaller reporting company
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Emerging growth company
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PART I. FINANCIAL INFORMATION
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Page No.
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Item 1.
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1
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1
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2
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3
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4
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5
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Item 2.
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20
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Item 3.
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23
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Item 4.
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23
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24
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Item 1.
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24
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Item 1A.
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24
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Item 2.
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25
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Item 3.
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25
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Item 4.
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25
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Item 5.
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26
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Item 6.
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26
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27
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September 30, | December 31, |
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2023
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2022
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||||||
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(unaudited)
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|||||||
ASSETS
|
||||||||
Current Assets: |
||||||||
Cash
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$
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|
$ | |||||
Prepaid expenses |
||||||||
Total Current Assets |
||||||||
Marketable securities held in Trust Account
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||||||||
Total Assets
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$
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$ | |||||
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||||||||
LIABILITIES, REDEEMABLE CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS’ DEFICIT
|
||||||||
Current Liabilities:
|
||||||||
Accounts payable and accrued expenses
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$
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|
$ | |||||
Accrued offering costs |
||||||||
Total Current Liabilities
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|
|||||||
Derivative warrant liabilities | ||||||||
Deferred underwriting fees | ||||||||
Total Liabilities
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||||||||
COMMITMENTS AND CONTINGENCIES
|
||||||||
Redeemable Class A Ordinary Shares subject to Possible Redemption: | ||||||||
Class A ordinary shares, $
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||||||||
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||||||||
Shareholders’ deficit:
|
||||||||
Preferred shares, $
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|
|||||||
Class B ordinary shares, $
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|
|||||||
Additional paid-in capital
|
|
|||||||
Accumulated deficit
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(
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)
|
(
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)
|
||||
Total Shareholders’ Deficit
|
(
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)
|
( |
) | ||||
Total Liabilities, Redeemable Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit
|
$
|
|
For the Three Months
Ended
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For the Nine Months
Ended
|
|||||||||||||||
September 30, | September 30, | |||||||||||||||
2023
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2022
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2023
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2022
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|||||||||||||
EXPENSES
|
||||||||||||||||
Administration fee - related party
|
$
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$
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$
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$
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|
||||||||
General and administrative expenses
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|
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||||||||||||
TOTAL EXPENSES
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||||||||||||
OTHER INCOME
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||||||||||||||||
Income earned on marketable securities held in Trust Account
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||||||||||||
Change in fair value of derivative warrant liabilities
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(
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)
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|||||||||||
TOTAL OTHER INCOME
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|
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|
||||||||||||
Net income
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$
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$
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$
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$
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|
||||||||
Weighted average number of Class A ordinary shares outstanding, basic and
diluted
|
|
|
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|
||||||||||||
Basic and diluted net income per Class A ordinary share
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$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Weighted average number of Class B ordinary shares outstanding, basic and
diluted
|
|
|
|
|
||||||||||||
Basic and diluted net income (loss) per Class B ordinary share
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$
|
(
|
)
|
$
|
|
$
|
(
|
) |
$
|
|
Class B
Ordinary Shares
|
Additional
Paid-In
|
Accumulated
|
Shareholders’
|
|||||||||||||||||
Shares
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Amount
|
Capital
|
Deficit
|
Deficit
|
||||||||||||||||
Balance as of January 1, 2023
|
|
$
|
|
$
|
|
$
|
(
|
)
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$
|
(
|
)
|
|||||||||
Accretion of Class A ordinary shares to redemption value
|
-
|
|
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(
|
)
|
(
|
)
|
|||||||||||||
Net income
|
-
|
|
|
|
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|||||||||||||||
Balance as of March 31, 2023
|
|
$
|
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$
|
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$
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(
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)
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$
|
(
|
)
|
|||||||||
Accretion of Class A ordinary shares to redemption value
|
-
|
|
|
(
|
)
|
(
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)
|
|||||||||||||
Net income
|
-
|
|
|
|
|
|||||||||||||||
Balance as of June 30, 2023
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
|||||||||
Accretion of Class A ordinary shares to redemption value |
- | ( |
) | ( |
) | |||||||||||||||
Net income | - | |||||||||||||||||||
Balance as of September 30, 2023 | $ |
$ |
$ |
( |
) | $ |
( |
) |
Class B
Ordinary Shares
|
Additional
Paid-In
|
Accumulated
|
Shareholders’
|
|||||||||||||||||
Shares
|
Amount
|
Capital
|
Deficit
|
Deficit |
||||||||||||||||
Balance as of January 1, 2022
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
|||||||||
Accretion of Class A ordinary shares to redemption value
|
- | ( |
) | ( |
) | |||||||||||||||
Net income
|
-
|
|
|
|
||||||||||||||||
Balance as of March 31, 2022
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
|||||||||
Accretion of Class A ordinary shares to redemption value
|
- | ( |
) | ( |
) | |||||||||||||||
Net income
|
-
|
|
|
|
|
|||||||||||||||
Balance as of June 30, 2022
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
|||||||||
Accretion of Class A ordinary shares to redemption value |
- | ( |
) | ( |
) | |||||||||||||||
Net income | - | |||||||||||||||||||
Balance as of September 30, 2022 | $ |
$ |
$ |
( |
) | $ |
( |
) |
For the Nine
Months Ended
|
||||||||
September 30,
|
September 30,
|
|||||||
2023 |
2022 |
|||||||
Cash Flows From Operating Activities:
|
||||||||
Net income
|
$
|
|
$
|
|
||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
||||||||
Realized gains on investment held in Trust Account
|
(
|
)
|
(
|
)
|
||||
Change in fair value of derivative warrant liabilities
|
(
|
)
|
(
|
)
|
||||
Changes in operating assets and liabilities:
|
||||||||
Prepaid expenses
|
|
|
||||||
Accounts payable and accrued expenses
|
|
|
||||||
Net Cash Provided By (Used In) Operating Activities
|
|
(
|
)
|
|||||
Cash Flows From Investing Activities: |
||||||||
Proceeds from redemption of securities held in Trust Account
|
||||||||
Purchase of securities held in Trust Account |
( |
) | ( |
) | ||||
Net Cash Used In Investing Activities |
( |
) | ||||||
Cash Flows From Financing Activities:
|
||||||||
Proceeds from repayment of due from Sponsor
|
|
|
||||||
Proceeds from Sponsor advances |
||||||||
Payment of offering costs
|
|
(
|
)
|
|||||
Net Cash Provided By (Used in) Financing Activities
|
|
(
|
)
|
|||||
Net change in cash and cash equivalents
|
(
|
)
|
(
|
)
|
||||
Cash, and cash equivalents at beginning of period
|
|
|
||||||
Cash and cash equivalents at end of period
|
$
|
|
$
|
|
||||
Supplemental disclosure of non-cash financing activities:
|
||||||||
Accretion of Class A ordinary shares to redemption value
|
$
|
|
$
|
|
Gross proceeds, October 8, 2021
|
$
|
|
||
Less:
|
||||
Issuance costs allocated to Class A ordinary shares
|
(
|
)
|
||
Proceeds allocated to Public Warrants
|
(
|
)
|
||
(
|
)
|
|||
Plus:
|
||||
Remeasurement adjustment of carrying value to redemption value
|
|
|||
Balance, December 31, 2021
|
$
|
|
||
Remeasurement adjustment of carrying value to redemption value
|
|
|||
Balance, December 31, 2022
|
|
|
||
Remeasurement adjustment of carrying value to redemption value |
||||
Balance, September 30, 2023 |
$ |
For the Three Months Ended
September 30, 2023
|
||||
Net income
|
$
|
|
||
Accretion of temporary equity to redemption value
|
(
|
)
|
||
Net loss including accretion of temporary equity to redemption value
|
$
|
(
|
)
|
For the Three Months Ended
|
||||||||
September 30, 2023
|
||||||||
Redeemable
|
Non-Redeemable
|
|||||||
Basic and diluted net income (loss) per share:
|
||||||||
Numerator:
|
||||||||
Allocation of net loss including accretion of temporary equity
|
$
|
(
|
)
|
$
|
(
|
)
|
||
Allocation of accretion of temporary equity to Class A Ordinary shares
|
|
|
||||||
Allocation of net income (loss)
|
$
|
|
$
|
(
|
)
|
|||
Denominator:
|
||||||||
Weighted-average shares outstanding
|
|
|
||||||
Basic and diluted net income (loss) per ordinary share
|
$
|
|
$
|
(
|
)
|
For the Three Months Ended
September 30, 2022
|
||||
Net income
|
$
|
|
||
Accretion of temporary equity to redemption value
|
(
|
)
|
||
Net income including accretion of temporary equity to redemption value
|
$
|
|
For the Three Months Ended
|
||||||||
September 30,
2022
|
||||||||
Redeemable
|
Non-Redeemable
|
|||||||
Basic and diluted net income per share:
|
||||||||
Numerator:
|
||||||||
Allocation of net income including accretion of temporary equity
|
$
|
|
$
|
|
||||
Allocation of accretion of temporary equity to Class A Ordinary shares
|
|
|
||||||
Allocation of net income
|
$
|
|
$
|
|
||||
Denominator:
|
||||||||
Weighted-average shares outstanding
|
|
|
||||||
Basic and diluted net income per ordinary share
|
$
|
$
|
|
For the Nine Months Ended
September 30, 2023
|
||||
Net income
|
$
|
|
||
Accretion of temporary equity to redemption value
|
(
|
)
|
||
Net income including accretion of temporary equity to redemption value
|
$
|
(
|
)
|
For the Nine Months Ended
|
||||||||
September 30, 2023
|
||||||||
Redeemable
|
Non-Redeemable
|
|||||||
Basic and diluted net income (loss) per share:
|
||||||||
Numerator:
|
||||||||
Allocation of net loss including accretion of temporary equity
|
$
|
(
|
)
|
$
|
(
|
)
|
||
Allocation of accretion of temporary equity to Class A Ordinary shares
|
|
|
||||||
Allocation of net income (loss)
|
$
|
|
$
|
(
|
)
|
|||
Denominator:
|
||||||||
Weighted-average shares outstanding
|
|
|||||||
Basic and diluted net income (loss) per ordinary share
|
$
|
|
$
|
(
|
) |
For the Nine Months Ended
September 30,
2022
|
||||
Net income
|
$
|
|
||
Accretion of temporary equity to redemption value
|
(
|
)
|
||
Net income including accretion of temporary equity to redemption value
|
$
|
|
|
For the Nine Months Ended
|
|||||||
September 30, 2022
|
||||||||
Redeemable
|
Non-Redeemable
|
|||||||
Basic and diluted net income per share:
|
||||||||
Numerator:
|
||||||||
Allocation of net income including accretion of temporary equity
|
$
|
|
$
|
|
||||
Allocation of accretion of temporary equity to Class A Ordinary shares
|
|
|
||||||
Allocation of net income
|
$
|
|
$
|
|
||||
Denominator:
|
||||||||
Weighted-average shares outstanding
|
|
|||||||
Basic and diluted net income per ordinary share
|
$
|
|
$
|
|
•
|
Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;
|
•
|
Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted
prices or similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and
|
•
|
Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own
assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
|
• |
in whole and not in part;
|
• |
at a price of $
|
• |
upon a minimum of
|
• |
if, and only if, the last reported sale price of the Class A ordinary shares equals or exceeds $
|
• |
in whole and not in part;
|
• |
at a price of $
|
• |
upon a minimum of
|
• |
if, and only if, the last reported sale price of the Class A ordinary share equals or exceeds $
|
• |
if, and only if, the private placement warrants are also concurrently exchanged at the same price (equal to a number of shares of Class A ordinary share) as the outstanding public
warrants, as described above.
|
Description
|
Level
|
September 30,
2023 |
December 31,
2022
|
|||||||||
Assets:
|
||||||||||||
Marketable Securities held in Trust Account
|
1
|
$
|
|
$
|
|
|||||||
Liabilities:
|
||||||||||||
Derivative warrant liabilities – Private Placement Warrants
|
2
|
$
|
|
$
|
|
|||||||
Derivative warrant liabilities – Public Warrants
|
1
|
|
|
|||||||||
$
|
|
$
|
|
Private
Placement
Warrants
|
Public
Warrants
|
Total
|
||||||||||
Fair value at December 31, 2022
|
$
|
|
$
|
|
$
|
|
||||||
Change in fair value
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Fair value at September 30, 2023
|
$
|
|
$
|
|
$
|
|
Private
Placement
Warrants
|
Public
Warrants
|
Total
|
||||||||||
Fair value at December 31, 2021
|
$
|
|
$
|
|
$
|
|
||||||
Change in fair value
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Fair value at September 30, 2022
|
$
|
|
$
|
|
$
|
|
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
|
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4. |
Controls and Procedures
|
Item 1. |
Legal Proceedings
|
Item 1A. |
Risk Factors.
|
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds
|
Item 3. |
Defaults Upon Senior Securities
|
Item 4. |
Mine Safety Disclosures
|
Item 5. |
Other Information
|
Item 6. |
Exhibits.
|
Exhibit
Number
|
Description
|
|
Certification of Chief Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of
the Sarbanes-Oxley Act of 2002.
|
||
Certification of Chief Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of
the Sarbanes-Oxley Act of 2002.
|
||
Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.
|
||
Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.
|
||
101.INS*
|
Inline XBRL Instance Document
|
|
101.SCH*
|
Inline XBRL Taxonomy Extension Schema Document
|
|
101.CAL*
|
Inline XBRL Taxonomy Extension Calculation Linkbase
|
|
Document 101.DEF* Inline XBRL Taxonomy Extension Definition
|
||
Linkbase Document 101.LAB* Inline XBRL Taxonomy Extension Label
|
||
Linkbase Document 101.PRE* Inline XBRL Taxonomy Extension
|
||
Presentation Linkbase Document
|
||
104*
|
Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)
|
* |
Filed herewith.
|
** |
Furnished.
|
ENPHYS ACQUISITION CORP.
|
||
Date: November 20, 2023
|
By:
|
/s/ Pär Lindström
|
Name: Pär Lindström
|
||
Title: Chief Financial Officer
|