Initial Public Offering

3 Months Ended

Mar. 31, 2024

Initial Public Offering [Abstract]

Initial Public Offering

Note 3 – Initial Public Offering

Pursuant to the IPO on May 5, 2022, the Company sold 20,000,000 Units at a price of $10.00 per Unit. Each Unit consists of one Class A Ordinary Share, one-half of one redeemable warrant (“Public Warrant”), and one right to receive one-tenth (1/10) of one Class A ordinary share at the closing of the Company’s Business Combination (“Public Right”).

All of the 20,000,000 Public Shares sold as part of the Units in the IPO contain a redemption feature which allows for the redemption of such Public Shares if there is a stockholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s amended and restated certificate of incorporation, or in connection with the Company’s liquidation. In accordance with the SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption provisions not solely within the control of the Company require common stock subject to redemption to be classified outside of permanent equity. If it is probable that the equity instrument will become redeemable, the Company has the option to either accrete changes in the redemption value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable, if later) to the earliest redemption date of the instrument or to recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Company has elected to recognize the changes immediately. The accretion or remeasurement is treated as a deemed dividend (i.e., a reduction to retained earnings, or in absence of retained earnings, additional paid-in capital).

As of March 31, 2024 and December 31, 2023, the Class A Ordinary share reflected on the balance sheet are reconciled in the following table. 

Gross proceeds from IPO	$	200,000,000
Less:
Proceeds allocated to Public Warrants and Public Rights		(15,500,000	)
Proceeds allocate to over-allotment liability		(67,450	)
Class A ordinary shares issuance cost		(12,109,127	)
Plus:
Remeasurement of carrying value to redemption value		34,032,804
Class A Ordinary shares subject to possible redemption - December 31, 2022		206,356,227
Plus:
Remeasurement of carrying value to redemption value		6,243,425
Less:
Payment to redeemed shareholders		(190,703,967	)
Class A Ordinary shares subject to possible redemption- December 31, 2023		21,895,685
Plus:
Remeasurement of carrying value to redemption value		285,612
Class A Ordinary shares subject to possible redemption- March 31, 2024	$	22,181,297