Subsequent Events

3 Months Ended

Mar. 31, 2022

Subsequent Events [Abstract]

Subsequent Events

NOTE 8 - SUBSEQUENT EVENTS

The Company has evaluated subsequent events through May 23, 2022, which was the date these financial statements were available for issuance, and determined that there were no significant unrecognized events through that date other than those noted below.

On April 6, 2022, the registration statement for the Company’s IPO was declared effective.

On April 11, 2022, the Company sold 8,250,000 Public Units at a purchase price of $10.00 per Public Unit generating gross proceeds of $82,500,000 (including 750,000 Public Units pursuant to the underwriters’ partial exercise of the over-allotment option) related to the IPO. Simultaneously with the closing of the IPO, the Sponsor purchased an aggregate of 510,000 Private Placement Units (including 30,000 Private Placement Units of pursuant to the partial exercise of the over-allotment option) at a purchase price of $10.00 per Private Placement Unit, generating total gross proceeds of $5,100,000. The total net proceeds received by the Company as part of the IPO was $84,150,000.

On April 12, 2022, the Company fully repaid the outstanding Promissory Note balance of $80,000. The Company also paid the Sponsor $160,020 against balance due to the Sponsor.

On May 23, 2022, 93,750 Class B ordinary shares were forfeited as the underwriters did not exercise the over-allotment option on the remaining 375,000 Public Units.