Promissory Notes	9 Months Ended
Sep. 30, 2024
Promissory Notes
Promissory Notes	Note 5 — Promissory Notes Pursuant to the non-binding LOI and the Business Combination Agreement, PubCo has agreed to deposit the agreed reasonable amount into the Company’s Trust Account in order to effectuate the extension of the Company’s deadline to consummate a Business Combination. Shenzhen Squirrel had deposited a total of nine Monthly Extension Fees from January 2024 through September 2024, including two payments for the Original Extension Fee each in the amount of $70,000 from January through February 2024 and seven payments for the New Extension Fee each in the amount of $60,000 from March through September 2024, or an aggregate of $560,000, into the Trust Account of the Company to extend the deadline for the Company to complete the Business Combination contemplated therein by October 27, 2024. Each Monthly Extension Payment from Shenzhen Squirrel was evidenced by an unsecured promissory note (collectively, the “Target Extension Notes”) issued by the Company to Shenzhen Squirrel. The Target Extension Notes bear no interest and are payable in full upon the earlier to occur of (i) the consummation of the Company’s initial Business Combination or (ii) the date of expiration of the term of the Company (the “Maturity Date”). As the payee of the Target Extension Notes, Shenzhen Squirrel, has the right, but not the obligation, to convert the Target Extension Notes, in whole or in part, respectively, into private units (the “Extension Units”) of the Company, each consisting of one ordinary share, one warrant, and one right to receive one-tenth (1/10) of one ordinary share upon the consummation of its initial Business Combination. The number of Extension Units to be received by the payees in connection with such conversion shall be an amount determined by dividing (x) the sum of the outstanding principal amount payable to such payee by (y) $10.00. At Maturity Date, any overdue amounts shall accrue default interest at a rate per annum equal to the interest rate which is the prevailing short term United States Treasury Bill rate, from the date on which such payment is due until the day on which all sums due are received by Shenzhen Squirrel. As of September 30, 2024 and December 31, 2023, the Company had borrowings of $770,000 and $210,000 under the Target Extension Notes from Shenzhen Squirrel, respectively.

Promissory Notes

9 Months Ended

Sep. 30, 2024

Note 5 — Promissory Notes

Pursuant to the non-binding LOI and the Business Combination Agreement, PubCo has agreed to deposit the agreed reasonable amount into the Company’s Trust Account in order to effectuate the extension of the Company’s deadline to consummate a Business Combination. Shenzhen Squirrel had deposited a total of nine Monthly Extension Fees from January 2024 through September 2024, including two payments for the Original Extension Fee each in the amount of $70,000 from January through February 2024 and seven payments for the New Extension Fee each in the amount of $60,000 from March through September 2024, or an aggregate of $560,000, into the Trust Account of the Company to extend the deadline for the Company to complete the Business Combination contemplated therein by October 27, 2024. Each Monthly Extension Payment from Shenzhen Squirrel was evidenced by an unsecured promissory note (collectively, the “Target Extension Notes”) issued by the Company to Shenzhen Squirrel.

The Target Extension Notes bear no interest and are payable in full upon the earlier to occur of (i) the consummation of the Company’s initial Business Combination or (ii) the date of expiration of the term of the Company (the “Maturity Date”). As the payee of the Target Extension Notes, Shenzhen Squirrel, has the right, but not the obligation, to convert the Target Extension Notes, in whole or in part, respectively, into private units (the “Extension Units”) of the Company, each consisting of one ordinary share, one warrant, and one right to receive one-tenth (1/10) of one ordinary share upon the consummation of its initial Business Combination. The number of Extension Units to be received by the payees in connection with such conversion shall be an amount determined by dividing (x) the sum of the outstanding principal amount payable to such payee by (y) $10.00. At Maturity Date, any overdue amounts shall accrue default interest at a rate per annum equal to the interest rate which is the prevailing short term United States Treasury Bill rate, from the date on which such payment is due until the day on which all sums due are received by Shenzhen Squirrel.

As of September 30, 2024 and December 31, 2023, the Company had borrowings of $770,000 and $210,000 under the Target Extension Notes from Shenzhen Squirrel, respectively.