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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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(Address of Principal Executive Offices)
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(Zip Code)
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Title of each class
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Trading
Symbol(s)
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Name of each exchange
on which registered
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Large accelerated filer
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☐
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Accelerated filer
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☐
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☒
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Smaller reporting company
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Emerging growth company
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Page No.
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1
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Item 1.
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1
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1
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2
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3
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4
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5
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Item 2.
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19
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Item 3.
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24
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Item 4.
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24
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25
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Item 1.
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25
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Item 1A.
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25
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Item 2.
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26
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Item 3.
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27
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Item 4.
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27
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Item 5.
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27
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Item 6.
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27
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29
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June 30, 2023
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December 31, 2022
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|||||||
(Unaudited)
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Assets
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||||||||
Current assets:
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Cash
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$
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$
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Prepaid expenses
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Total current assets
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Investments held in Trust Account
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Total Assets
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$
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$
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Liabilities, Class A Ordinary Shares Subject to Redemption, and Shareholders’ Deficit
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Current liabilities:
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||||||||
Accounts payable
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$
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$
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Accrued expenses
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Total current liabilities
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Deferred underwriting commissions
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Total Liabilities
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Commitments and Contingencies (Note 6)
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Class A ordinary shares subject to possible redemption; $
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Shareholders’ Deficit:
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Preference shares, $
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Class A ordinary shares, $
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Class B ordinary shares, $
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Additional paid-in capital
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Accumulated deficit
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(
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)
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(
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)
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Total shareholders’ deficit
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(
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(
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)
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Liabilities, Class A ordinary Shares Subject to Redemption, and Shareholders’ Deficit
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$
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$
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For the Three Months Ended
June 30,
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For the Six Months Ended
June 30,
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2023
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2022 | 2023 | 2022 | |||||||||||||
General and administrative expenses
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$
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$
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$ | $ | ||||||||||
General and administrative expenses - related party
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Loss from operations
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(
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)
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(
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)
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( |
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Other income:
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Gain (Loss) from investments held in Trust Account
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(
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)
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( |
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Net income (loss)
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$
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$
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(
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)
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$ | $ | ( |
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Weighted average number of Class A ordinary shares outstanding, basic and diluted
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Basic and diluted net income (loss) per share, Class A ordinary shares
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$
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$
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(
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)
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$ | $ | ( |
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Weighted average number of shares outstanding of Class B ordinary shares outstanding, basic and diluted
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Basic and diluted net income (loss) per share, Class B ordinary shares
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$
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$
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(
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)
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$ | $ | ( |
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Ordinary Shares
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Additional
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Total
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Class A
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Class B
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Paid-in
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Accumulated
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Shareholders’
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|||||||||||||||||||||||
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Shares
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Amount
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Shares
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Amount
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Capital
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Deficit
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Deficit
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Balance - January 1, 2023
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$
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$
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$
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$
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(
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)
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$
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(
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)
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Net income
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— |
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—
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Remeasurement on Class A ordinary shares
subject to possible redemption
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— | — | ( |
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Balance – March 31, 2023
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(
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(
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Net income |
—
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—
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Contribution - shareholder non-redemption
agreements
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— | — | ||||||||||||||||||||||||||
Shareholder non-redemption agreements
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— | — | ( |
) | ( |
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Remeasurement on Class A ordinary shares
subject to possible redemption
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— | — | ( |
) | ( |
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Balance – June 30, 2023 | $ | $ | $ | $ | ( |
) | $ | ( |
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Ordinary Shares
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Additional
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Total
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Class A
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Class B
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Paid-in
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Accumulated
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Shareholders’
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Shares
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Amount
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Shares
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Amount
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Capital
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Deficit
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Deficit
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Balance – January 1, 2022
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$
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$
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$
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$
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(
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)
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$
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(
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)
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Net loss
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— |
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—
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(
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)
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(
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Balance – March 31, 2022
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(
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(
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Net loss | — | — | ( |
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Balance – June 30, 2022 | — | $ | $ | $ | $ | ( |
) | $ | ( |
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For the Six Months Ended
June 30,
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2023
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2022
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Cash Flows from Operating Activities:
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Net income (loss)
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$
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$
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(
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)
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Adjustments to reconcile net income (loss) to net cash used in operating activities:
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(Gain) Loss from investments held in the Trust Account
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(
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)
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Changes in operating assets and liabilities:
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Prepaid expenses
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Accounts payable
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(
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Accrued expenses
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Net cash used in operating activities
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(
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(
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Cash Flows from Investing Activities: |
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Cash withdrawn from Trust Account in connection with redemption |
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Net cash provided by investing activities
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Cash Flows from Financing Activities: |
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Proceeds from convertible working capital loan |
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Redemption of ordinary shares |
( |
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Net cash used in financing activities
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( |
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Net change in cash
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(
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(
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Cash – beginning of the period
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Cash – end of the period
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$
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$
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Supplemental disclosure of non-cash investing and financing activities:
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Remeasurement on Class A ordinary shares subject to possible redemption | $ | $ | ||||||
Contribution – shareholder non-redemption agreements | $ | $ |
• |
Level 1, defined as observable
inputs such as quoted prices (unadjusted) for identical instruments in active markets;
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• |
Level 2, defined as inputs other
than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active;
and
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• |
Level 3, defined as unobservable
inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are
unobservable.
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For the Three Months Ended
June 30,
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For the Six Months Ended
June 30,
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2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||
Class A
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Class B
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Class A
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Class B
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Class A |
Class B |
Class A |
Class B |
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Basic and diluted net income (loss) per ordinary share
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Numerator:
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Allocation of net income (loss)
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$
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$
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$
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(
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)
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$
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(
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$ | $ |
$ |
( |
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( |
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Denominator:
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Basic and diluted weighted average ordinary shares outstanding
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Basic and diluted net income (loss) per ordinary share
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$
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$
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$
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(
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)
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$
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(
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)
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$ |
$ |
$ |
( |
) | $ |
( |
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Gross proceeds
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$
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Less:
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Proceeds allocated to Public Warrants and Rights
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(
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)
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Class A ordinary shares issuance costs
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(
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Plus:
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Adjust carrying value to initial redemption value
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Class A ordinary shares subject to possible redemption, December 31, 2022 |
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Plus: |
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Remeasurement on Class A ordinary shares subject to possible redemption
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Class A ordinary shares subject to possible redemption, March 31, 2023
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Less: |
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Redemptions
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( |
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Plus: |
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Remeasurement on Class A ordinary shares subject to possible redemption
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Class A ordinary shares subject to possible redemption, June 30, 2023 |
$ |
• |
in whole and not in part; at
a price of $
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• |
upon a minimum of
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• |
and if, and only if, the
last reported sale price (the “closing price”) of Class A ordinary shares equals or exceeds $
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Description
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Level 1
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Level 2
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Level 3
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Assets at June 30, 2023:
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Investments held in Trust Account
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$
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$
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$
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Assets at December 31, 2022:
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Investments held in Trust Account
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$
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$
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$
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Item 4.
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Controls and Procedures
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Item 1A. |
Risk Factors
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•
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a limited availability of market quotations for our securities;
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•
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reduced liquidity for our securities;
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•
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a determination that our Class A ordinary shares constitute a “penny stock” which will require brokers trading in the Class A ordinary shares to adhere to more
stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our securities;
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•
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a limited amount of news and analyst coverage; and
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•
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a decreased ability to issue additional securities or obtain additional financing in the future.
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Item 2.
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Unregistered Sales of Equity Securities and Use of Proceeds
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Item 3. |
Defaults Upon Senior Securities
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Item 4. |
Mine Safety Disclosures
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Item 5. |
Other Information
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Item 6. |
Exhibits
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Exhibit
No.
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Description of Exhibit
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Amendment to the Amended and Restated Memorandum and Articles of Association
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Form of Non-Redemption Agreement
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Certification of Jide Zeitlin, Co-Chief Executive Officer of the Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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Certification of Lew Frankfort, Co-Chief Executive Officer of the Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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Certification of Thomas Northover, Executive Director of the Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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Certification of Jide Zeitlin, Co-Chief Executive Officer of the Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
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Certification of Lew Frankfort, Co-Chief Executive Officer of the Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
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Certification of Thomas Northover, Executive Director of the Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
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101.INS
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XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
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101.SCH
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XBRL Taxonomy Extension Schema Document
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101.CAL
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XBRL Taxonomy Extension Calculation Linkbase Document
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101.DEF
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XBRL Taxonomy Extension Definition Linkbase Document
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101.LAB
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XBRL Taxonomy Extension Label Linkbase Document
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101.PRE
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XBRL Taxonomy Extension Presentation Linkbase Document
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Exhibit 104
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Cover Page Interactive Data File - The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
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* |
Filed herewith.
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** |
Furnished herewith.
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(1) |
Incorporated by reference to the Company’s Current Report on Form 8-K filed on May 19, 2023.
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(2) |
Incorporated by reference to the Company’s Current Report on Form 8-K filed on May 16, 2023.
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Date: August 11, 2023
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/s/ Jide Zeitlin
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Name:
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Jide Zeitlin
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Title:
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Co-Chief Executive Officer
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(Principal Executive Officer)
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Date: August 11, 2023
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/s/ Lew Frankfort
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Name:
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Lew Frankfort
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Title:
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Co-Chief Executive Officer
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(Principal Executive Officer)
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Date: August 11, 2023
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/s/ Thomas Northover
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Name:
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Thomas Northover
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Title:
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Executive Director
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(Principal Financial and Accounting Officer)
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