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Subsequent Events
9 Months Ended
Sep. 30, 2023
Subsequent Events  
Subsequent Events

Note 8 — Subsequent Events

 

The Company evaluated subsequent events and transactions that occurred after the balance sheet date through the date when the financial statements were issued. Based on this review, management identified the following subsequent events that are required disclosures in the financial statements.

 

On October 4, 2023, the Company entered into an amendment to the Trust Agreement (the “Trust Amendment Agreement”). Pursuant to the Trust Amendment Agreement, the Company may request the Trustee to distribute up to $100,000 of the amount of interest income earned on the Trust Account of the Company to set aside for future payment for dissolution expenses, if applicable.

 

On October 4, 2023, in the connection with the Shareholder Meeting, the Company released an aggregate amount of approximately $5,925,184, or approximately $10.53 per share, from its Trust Account to the holders redeeming a total of 562,779 of public shares of the Company.

 

On October 24, 2023, an aggregate of $70,000 was deposited into the Trust Account for the public shareholders, which enabled the Company to extend the period of time it has to consummate its initial Business Combination by one month from October 27, 2023 to November 27, 2023.  The payment of the Monthly Extension Fee was made by Shenzhen Squirrel Enlivened Media Group Co. Ltd (the “Target”), pursuant a non-binding letter of intent entered into by and between the Company and Target on October 17, 2023, in connection with a potential Business Combination with the Target. On October 25, 2023, the Company issued an unsecured promissory note in the aggregate principal amount of $70,000 to the Target to evidence the payment of the Monthly Extension Fee.