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Subsequent Events
3 Months Ended
Mar. 31, 2023
Subsequent Events [Abstract]  
Subsequent Events

Note 9 — 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 on the review as further disclosed in the footnotes and except as disclosed below, management did not any subsequent event requiring disclosure in the financial statements.

 

On April 19, 2023, the Company held a special meeting of stockholders (the “Special Meeting”). During the Special Meeting, stockholders approved (i) an amendment to the Company’s amended and restated certificate of incorporation to permit an extension to as late as April 22, 2024 on a month-by-month basis and (ii) an amendment to the Investment Management Trust Agreement (the “Trust Amendment”), with Continental Stock Transfer & Trust Company giving the Company’s right to extend the time to complete a business combination twelve times for an additional one month each time from April 22, 2023 to April 22, 2024 by depositing $120,000 to the trust account for each one-month extension. As approved by the stockholders of the Company, the Company entered into the Trust Amendment dated as of April 19, 2023, and filed an amendment to its Amended and Restated Certificate of Incorporation with the Delaware Secretary of State.

 

In connection with the stockholders’ vote at the Special Meeting, 7,414,905 shares were tendered for redemption. As a result, approximately $76.32 million (approximately $10.29 per share) will be removed from the Company’s Trust account to pay such holders, without taking into account additional allocation of payments to cover any tax obligation of the Company, such as franchise taxes, but not including any excise tax, since that date. Following redemptions, the Company will have 7,303,594 shares of common stock outstanding, and approximately $42.24 million will remain in the Company’s Trust Account. Additionally, the redemption results in an estimated exercise tax liability of $763,224 which will be recorded during the second quarter ending June 30, 2023.

 

On April 21, 2023, the Company issued an unsecured promissory note of $200,000 to the Sponsor in exchange for its depositing $120,000 to the Trust Account to extend the time for the Company to complete a business combination from April 22, 2023 to May 22, 2023 and the remaining $80,000 to cover working capital needs.

 

On May 17, 2023, the Company issued an unsecured promissory note of $200,000 to the Sponsor in exchange for its depositing $120,000 to the Trust Account to extend the time for the Company to complete a business combination from May 22, 2023 to June 22, 2023 and the remaining $80,000 to cover working capital needs.