Subsequent Events

6 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

NOTE 10 — SUBSEQUENT EVENTS

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

On July 6, 2023 and July 27, 2023, the sponsor extended a US$100,000 working capital loan and an additional US$150,000 working capital loan, respectively, to us, subject to and concurrently with the closing of the Business Combination, which will be used by us (or on our behalf) for payment of our transaction costs required to be borne and paid by VinFast pursuant to the Business Combination Agreement, and therefore will be repaid by VinFast.

On July 13, 2023, the Company held an extraordinary general meeting at which its shareholders approved the extension of the date by which the Company has to consummate a business combination from July 20, 2023 to July 20, 2024 by adopting the second amended and restated memorandum and articles of association. In connection with the extension of business combination period, $147.01 million was released from the Trust Account to satisfy the redemptions. Following such redemptions, the amount of funds remaining in the Trust Account is approximately $28.56 million.

On August 10, 2023, the Company held an extraordinary general meeting at which its shareholders approved the Business Combination and related proposals. In connection with the approval of Business Combination, $15.0 million will be released from the Trust Account to satisfy the redemptions. Following such redemptions, the amount of funds remaining in the Trust Account will be approximately $13.6 million.