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Subsequent Events
12 Months Ended
Dec. 31, 2023
Subsequent Events  
Subsequent Events

Note 9 — 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 January 23, 2024, an aggregate of $70,000 of the Monthly Extension Fee was deposited into the Trust Account for the public shareholders, which enables the Company to extend the period of time it has to consummate its initial Business Combination by one month from January 27, 2024 to February 27, 2024. The payment of the Monthly Extension Fee was made by the Target, pursuant the Non-binding LOI. The Company issued a Target Extension Note in the aggregate principal amount of $70,000 to the Target in connection with the payment of the Monthly Extension Fee on January 23, 2024.

 

On February 26, 2024, an aggregate of $70,000 of the Monthly Extension Fee was deposited into the Trust Account for the public shareholders, which enables the Company to extend the period of time it has to consummate its initial Business Combination by one month from February 27, 2024 to March 27, 2024. The payment of the Monthly Extension Fee was made by the Target, pursuant the Non-binding LOI. The Company issued a Target Extension Note in the aggregate principal amount of $70,000 dated February 27, 2024 to the Target in connection with the payment of the Monthly Extension Fee.

  

On March 22, 2024, the Company held the 2024 Extraordinary Meeting where the shareholders of the Company approved the proposals, among the others, to amend its amended and restated memorandum and articles of association to provide that the Company has until March 27, 2024 to complete a Business Combination and may elect to extend the period to consummate a Business Combination up to nine times, each by an additional New Monthly Extension, for a total up to nine months to December 27, 2024. For each New Monthly Extension, the Sponsor and/or its designee will deposit $60,000 for all remaining public shares into the Trust Account. In connection with 2024 Extraordinary Meeting, the Company received the redemption requests from its public shareholders to redeem a total of 815,581 Ordinary Shares. As of the date of this report, the Company and the Trustee are in the process completing the redemption, and approximately $8.86 million will be released from the Trust Account to pay such redeeming shareholders upon the completion of the redemption.

 

At the 2024 Extraordinary Meeting, the shareholders of the Company also approved the Company to amend Trust Agreement to provide that the Trustee must commence liquidation of the Trust Account by March 27, 2024, or, if further extended by up to nine New Monthly Extensions, up to December 27, 2024. Upon the shareholders’ approval, on March 22, 2024, the Company and the Trustee entered into the amendment to the Trust Agreement.