Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number: 001-41078

ARISZ ACQUISITION CORP.

(Exact name of registrant as specified in its charter)

Delaware

87-1807866

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification Number)

C/O MSQ Ventures

12 E 49th St, 17th floor

New York, NY

10017

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: 212-845-9945

Not applicable

(Former name or former address, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Date File required to be submitted and pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No ☐

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.0001 per share	ARIZ	The NASDAQ Stock Market LLC
Warrants	ARIZW	The NASDAQ Stock Market LLC
Rights	ARIZR	The NASDAQ Stock Market LLC
Units, each consisting of one share of common stock, one Right and one Warrant	ARIZU	The NASDAQ Stock Market LLC

As of August 16, 2023, there were 5,155,754 shares of the Company’s common stock issued and outstanding

ARISZ ACQUISITION CORP.

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2023

TABLE OF CONTENTS

Part I - FINANCIAL INFORMATION		1

Item 1.	Unaudited Condensed Financial Statements	1

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	26

Item 4.	Controls and Procedures	26

Part II - OTHER INFORMATION		27

Item 1.	Legal Proceedings	27

Item 1A.	Risk Factors	27

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	27

Item 3.	Defaults Upon Senior Securities	27

Item 4.	Mine Safety Disclosures	27

Item 5.	Other Information	27

Item 6.	Exhibits	27

SIGNATURES		28

CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS

This Quarterly Report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act that are not historical facts, and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements, other than statements of historical fact included in this Form 10-Q including, without limitation, statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding the Company’s financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements. Words such as “expect,” “believe,” “anticipate,” “intend,” “estimate,” “seek” and variations and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect management’s current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section of the Company’s final prospectus for its Initial Public Offering filed with the U.S. Securities and Exchange Commission (the “SEC”). The Company’s securities filings can be accessed on the EDGAR section of the SEC’s website at www.sec.gov. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

PART I - FINANCIAL INFORMATION

ARISZ ACQUISITION CORP.

UNAUDITED CONDENSED BALANCE SHEETS

	June 30, 2023			September 30, 2022 (Audited)
Assets
Current assets:
Cash	$	158,698		$	173,789
Prepaid expenses		46,720			16,836
Total current assets		205,418			190,625

Investments held in Trust Account		33,185,036			69,286,800
Total Assets	$	33,390,454		$	69,477,425

Liabilities, Temporary Equity, and Stockholders’ Deficit
Current liabilities:
Accounts payable and accrued expenses	$	283,584		$	103,063
Interest payable		31,756			—
Franchise tax payable		13,900			46,800
Income tax payable		45,554			49,057
Exercise tax payable		391,931			—
Promissory note – Bitfufu		1,930,000			—
Total current liabilities		2,696,725			198,920

Deferred underwriting fee payable		2,587,500			2,587,500
Total Liabilities		5,284,225			2,786,420

Commitments and Contingencies

Common stock subject to possible redemption, 3,154,365 shares at redemption value of $10.52 and 6,900,000 shares at redemption value of $10.04 per share as of June 30, 2023 and September 30, 2022, respectively		33,185,036			69,286,800

Stockholders’ Deficit
Common stock, $0.0001 par value; 15,000,000 shares authorized; 2,001,389 shares (excluding 3,154,365 shares subject to possible redemption) issued and outstanding		200			200
Additional paid-in capital		—			—
Accumulated deficit		(5,079,007	)		(2,595,995	)
Total Stockholders’ Deficit		(5,078,807	)		(2,595,795	)
Total Liabilities, Temporary Equity, and Stockholders’ Deficit	$	33,390,454		$	69,477,425

The accompanying notes are an integral part of these unaudited condensed financial statements.

ARISZ ACQUISITION CORP.

UNAUDITED CONDENSED STATEMENTS OF OPERATIONS

	Three Months Ended June 30,						Nine Months Ended June 30,
	2023			2022			2023			2022
General and administrative expenses	$	188,542		$	98,763		$	517,538		$	394,578
Franchise tax expenses		9,800			11,700			33,900			87,500
Loss from operations		(198,342	)		(110,463	)		(551,438	)		(482,078	)

Other income
Interest earned on investment held in Trust Account		763,986			44,188			1,955,206			51,429
Net income (loss) before income taxes		565,644			(66,275	)		1,403,768			(430,649	)

Income taxes provision		(159,055	)		—			(403,474	)		—
Net income (loss)	$	406,589		$	(66,275	)	$	1,000,294		$	(430,649	)

Basic and diluted weighted average shares outstanding, common stock subject to possible redemption		4,800,798			6,900,000			6,200,266			5,553,846

Basic and diluted net income per share, common stock subject to possible redemption	$	0.10		$	0.45		$	0.24		$	0.60

Basic and diluted weighted average shares outstanding, non-redeemable common stock		2,001,389			2,001,389			2,001,389			1,947,566

Basic and diluted net loss per share, non-redeemable common stock	$	(0.03	)	$	(1.60	)	$	(0.25	)	$	(1.94	)

The accompanying notes are an integral part of these unaudited condensed financial statements.

ARISZ ACQUISITION CORP.

UNAUDITED CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT

Three and Nine Months Ended June 30, 2023

					Additional					Total
	Common Stock				Paid-in		Accumulated			Stockholders’
	Shares		Amount		Capital		Deficit			Deficit
Balance as of September 30, 2022		2,001,389	$	200	$	—	$	(2,595,995	)	$	(2,595,795	)
Additional amount deposited into trust		—		—		—		(690,000	)		(690,000	)
Accretion of common stock to redemption value		—		—		—		(486,246	)		(486,246	)
Net income		—		—		—		187,375			187,375
Balance as of December 31, 2022		2,001,389	$	200	$	—	$	(3,584,866	)	$	(3,584,666	)
Additional amount deposited into trust		—		—		—		(690,000	)		(690,000	)
Accretion of common stock to redemption value		—		—		—		(704,974	)		(704,974	)
Reimbursement from Trust for franchise and income taxes								105,836			105,836
Net income		—		—		—		406,328			406,328
Balance as of March 31, 2023		2,001,389	$	200	$	—	$	(4,467,676	)	$	(4,467,476	)
Additional amount deposited into trust		—		—		—		(240,000	)		(240,000	)
Accretion of common stock to redemption value		—		—		—		(763,986	)		(763,986	)
Reimbursement from Trust for franchise and income taxes								377,997			377,997
Exercise tax liability								(391,931	)		(391,931	)
Net income		—		—		—		406,589			406,589
Balance as of June 30, 2023		2,001,389	$	200	$	—	$	(5,079,007	)	$	(5,078,807	)

Three and Nine Months Ended June 30, 2022

	Common Stock						Additional Paid-in			Accumulated			Total Stockholders’
	Shares			Amount			Capital			Deficit			Deficit
Balance, September 30, 2021		1,725,000		$	172		$	24,828		$	(490	)	$	24,510

Sale of public units in initial public offering		6,900,000			690			68,999,310			—			69,000,000

Sale of private placement units		276,389			28			2,763,858			—			2,763,886

Sale of unit purchase option to underwriter		—			—			100			—			100

Underwriter commissions		—			—			(4,312,500	)		—			(4,312,500	)

Offering costs		—			—			(425,383	)		—			(425,383	)

Reclassification of common stock subject to redemption		(6,900,000	)		(690	)		(59,614,295	)		—			(59,614,985	)

Allocation of offering costs to common stock subject to redemption		—			—			4,760,749			—			4,760,749
Accretion of common stock to redemption value		—			—			(12,196,667	)		(1,949,097	)		(14,145,764	)
Net loss		—			—			—			(95,390	)		(95,390	)
Balance as of December 31, 2021		2,001,389		$	200		$	—		$	(2,044,977	)	$	(2,044,777	)
Net loss		—			—			—			(268,984	)		(268,984	)
Balance as of March 31, 2022		2,001,389		$	200		$	—		$	(2,313,961	)	$	(2,313,761	)
Net loss		—			—			—			(66,275	)		(66,275	)
Balance as of June 30, 2022		2,001,389		$	200		$			$	(2,380,236	)	$	(2,380,036	)

The accompanying notes are an integral part of these unaudited condensed financial statements.

ARISZ ACQUISITION CORP.
UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS

	Nine Months Ended June 30, 2023			Nine Months Ended June 30, 2022
Cash flows from operating activities:
Net income (loss)	$	1,000,294		$	(430,649	)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Interest earned on investment held in Trust Account		(1,955,206	)		(51,429	)
Changes in operating assets and liabilities:
Prepaid expenses		(29,884	)		(42,090	)
Accounts payable and accrued expenses		180,520			51,010
Interest payable		31,756			—
Income tax payable		(3,503	)		—
Franchise tax payable		(32,900	)		35,100
Net cash used in operating activities		(808,923	)		(438,058	)

Cash Flows from Investing Activities:
Cash deposited in Trust Account		(1,620,000	)		—
Cash withdrawn from Trust Account to pay taxes		483,832			—
Cash withdrawn from Trust Account to public stockholder redemptions		39,193,137			—
Purchase of investment held in Trust Account		—			(69,000,000	)
Net cash provided by (used in) investing activities		38,056,969			(69,000,000	)

Cash Flows from Financing Activities:
Proceeds from promissory note to Bitfufu		1,930,000			—
Proceeds from sale of public units through public offering		—			69,000,000
Proceeds from sale of private placement units		—			2,763,886
Proceeds from sale of unit purchase option		—			100
Repayment of promissory note to related party		—			(105,000	)
Payment of underwriters’ commissions		—			(1,725,000	)
Payment of deferred offering costs		—			(350,383	)
Payment to redeemed public stockholders		(39,193,137	)		—
Net cash provided by (used in) financing activities		(37,263,137	)		69,583,603

Net change in cash		(15,091	)		145,545
Cash, beginning of the period		173,789			75,000
Cash, end of the period	$	158,698		$	264,054
Supplemental Disclosure of Non-cash Financing Activities
Initial classification of common stock subject to redemption	$	—		$	59,614,985
Allocation of offering costs to common stock subject to redemption		—		$	4,760,749
Accretion of common stock to redemption value	$	3,091,374		$	14,145,764

The accompanying notes are an integral part of these unaudited condensed financial statements.

ARISZ ACQUISITION CORP.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

Note 1 — Organization and Business Operation

Arisz Acquisition Corp. (“Arisz” or the “Company”) is a blank check company incorporated as a Delaware corporation on July 21, 2021. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities (“Business Combination”). The Company has selected September 30 as its fiscal year end.

As of June 30, 2023, the Company had not commenced any operations. All activities through June 30, 2023 are related to the Company’s formation and the Initial Public Offering (“IPO” as defined below in Note 3) and, subsequent to the IPO, identifying a target company for a Business Combination. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the IPO.

The Company’s sponsor is Arisz Investments LLC (the “Sponsor”), a Delaware limited liability company affiliated with the Company’s Chairman and Chief Executive Officer.

On January 21, 2022, Arisz entered into a merger agreement with Finfront Holding Company, a Cayman Islands exempted company (the “BitFuFu”), pursuant to which (a) Arisz agreed to form BitFuFu Inc., a Cayman Islands exempted company, as its wholly owned subsidiary (“Purchaser” or “PubCo”), (b) Purchaser would form Boundary Holding Company, a Cayman Islands exempted company, as its wholly owned subsidiary (“Merger Sub”), (c) Arisz will be merged with and into Purchaser (the “Redomestication Merger”), with Purchaser surviving the Redomestication Merger, and (d) Merger Sub will be merged with and into BitFuFu (the “Acquisition Merger”), with the Company surviving the Acquisition Merger as a direct, wholly owned subsidiary of Purchaser (collectively, the “Business Combination”). Following the Business Combination, Purchaser will be a publicly traded company listed on a stock exchange in the United States. On April 4, 2022, each of Arisz and BitFuFu entered into that certain Amendment to the Merger Agreement pursuant to which, among other things, the parties clarified certain Cayman Island corporate law matters by mutual agreement.

On July 14, 2022, each of Arisz, BitFuFu, the Purchaser and Arisz’s Sponsor (along with any assignee of Arisz’s Sponsor, the “Buyer”) entered into a backstop agreement (the “Backstop Agreement”) whereby, in connection with the Business Combination, the Buyer has agreed to subscribe for and purchase no less than US$1.25 million worth of shares of Arisz common stock par value $0.0001 per share or Purchaser’s Class A ordinary shares.

On October 10, 2022, Arisz and BitFuFu entered into an amendment to the Merger Agreement to provide, among other things: 1) for a loan from BitFuFu to Arisz in the amount of $2,220,000 (the “Loan”) for the purpose of funding Arisz’s extension of the time to consummate a business combination and for working capital purposes, and 2) remove all existing restrictions on 400,000 Insider Shares that are currently subject to transfer restrictions, so that such shares are freely tradeable upon the Closing. The Loan will be funded in three equal installments of $740,000 on each of October 26, 2022, January 26, 2023 and April 26, 2023, and 3) extend the Outside Date to August 1, 2023 (subsequently was revised to November 17, 2024 pursuant to Amendment 4; see detail description on page 6).

On October 10, 2022, Arisz issued an unsecured promissory note to BitFuFu for the amount of the Loan at an interest rate of 3.5% per annum and is due on October 26, 2023. Arisz may elect to issue a number of unregistered shares of its common stock, valued for these purposes at $10.00 per share, the aggregate value of which shall be equal to the outstanding principal amount of the Loan to the BitFuFu or its designee on or prior to October 26, 2023 in lieu of paying all outstanding principal under this Note.

On October 13, 2022, the parties to the Backstop Agreement entered into a new backstop agreement substantially on the same terms as the Backstop Agreement with the only substantive additional terms being that: 1) the subscription amount is $2.0 million worth of shares and 2) the termination date is the earlier of: (i) the date agreed by the parties thereto in writing and (ii) the date that the Merger Agreement is terminated, on its terms.

On October 24, 2022, Arisz received $740,000, the first installment of the Loan, from BitFuFu.

On November 9, 2022, Arisz deposited $690,000 into the Trust Account (representing $0.10 per each share of redeemable common stock) to extend the time for Arisz to complete the Business Combination by three months until February 22, 2023.

On January 20, 2023, Arisz received $740,000, the second installment of the Loan, from BitFuFu.

On February 9, 2023, Arisz deposited $690,000 into the Trust Account (representing $0.10 per each share of redeemable common stock) to extend the time for Arisz to complete the Business Combination by three months until May 22, 2023.

On April 19, 2023, Arisz filed with the SEC, and mailed to its stockholders of record as of April 6, 2023, a notice of meeting, proxy statement and proxy card, with respect to a special meeting of Arisz stockholders to be held on May 11, 2023, and which included proposals to amend Arisz’s charter in order to extend the time it has to complete its initial business combination up to nine (9) times with each extension allowing for an additional one (1) month period from May 22, 2023 to February 22, 2024, provided that Arisz contributes to the Trust Account $120,000 for each one-month extension, paid on a month-to-month and as-needed basis.

On April 24, 2023, Arisz and BitFuFu entered into Amendment No. 3 to the Merger Agreement to provide, among other things: 1) to reduce the amount of the Loan from $2,220,000 to $1,930,000 for the purpose of funding Arisz’s extension of the time to consummate a business combination and for working capital purposes and 2) that the third installment of the loan will be in the amount of $450,000.

On April 25, 2023, Arisz received $450,000, the third installment of the Loan, from BitFuFu.

On May 11, 2023, Arisz held a special meeting of stockholders to consider, among other things, proposals to amend Arisz’s charter in order to extend the time it has to complete its initial business combination up to nine (9) times with each extension allowing for an additional one (1) month period from May 22, 2023 to February 22, 2024, provided that Arisz contributes to the Trust Account $120,000 for each one-month extension, paid on a month-to-month and as-needed basis. At the special meeting, the requisite number of stockholders voted in favor of these proposals. Accordingly, in connection with the first one (1) month period extension, the Sponsor will deposit $120,000 into Arisz’s trust account prior to May 22, 2023, on behalf of Arisz.

In connection with the special meeting, 3,745,635 shares of common stock were tendered for redemption. As a result, approximately $39.18 million (approximately $10.46 per share) will be removed from the Company’s trust account to pay such holders, without taking into account additional allocation of payments to cover any tax obligation of the Company, such as franchise taxes, but not including any excise tax, since that date. Following redemptions, the Company has 5,155,754 shares of Common Stock outstanding, and approximately $33.02 million will remain in the Company’s Trust Account.

Prior to May 22, 2023, Arisz timely deposited into the Trust Account, an aggregate of $120,000, in order to extend the period of time Arisz has to complete a business combination for an additional one (1) month period, from May 22, 2023 to June 22, 2023 (the “May 2023 Extension”). The May 2023 Extension is the first of up to nine (9) one-month extensions permitted under the May 12, 2023 amendment to the Amended and Restated Certificate of Incorporation of Arisz Acquisition Corp.

Prior to June 22, 2023, Arisz timely deposited into the Trust Account, an aggregate of $120,000, in order to extend the period of time Arisz has to complete a business combination for an additional one (1) month period, from June 22, 2023 to July 22, 2023 (the “June 22, 2023 Extension”). The June 2023 Extension is the second of up to nine (9) one-month extensions permitted under the May 12, 2023 amendment to the Amended and Restated Certificate of Incorporation of Arisz Acquisition Corp.

Prior to July 22, 2023, Arisz timely deposited into the Trust Account, an aggregate of $120,000, in order to extend the period of time Arisz has to complete a business combination for an additional one (1) month period, from July 22, 2023 to August 22, 2023 (the “July 2023 Extension”). The July 2023 Extension is the third of up to nine (9) one-month extensions permitted under the May 12, 2023 amendment to the Amended and Restated Certificate of Incorporation of Arisz Acquisition Corp. The July 2023 Extension provides Arisz with additional time to complete its proposed business combination with BitFuFu.

On July 28, 2023, Arisz and BitFuFu entered into Amendment No. 4 to the Merger Agreement (“Amendment No. 4”) to provide, among other things: (1) that the Outside Date for the completion of the Corporation’s business combination, as defined therein be extended from August 1, 2023 to November 17, 2024 and (2) for an amendment to the loan installment of $360,000 to be extended on each of August 2, 2023, November 2, 2023, February 2, 2024, May 2, 2024 and August 2, 2024) to be used to cover the extension costs, and the remaining balance of each loan installment to be used for working capital. In accordance therewith, on July 28, 2023, Arisz and the Company amended and restated the BitFuFu Note.

Financing

The registration statement for the Company’s IPO became effective on November 17, 2021. On November 22, 2021 the Company consummated the IPO of 6,000,000 units (which does not include the exercise of the over-allotment option by the underwriters in the IPO) at an offering price of $10.00 per unit (the “Public Units”), generating gross proceeds of $60,000,000. Simultaneously with the IPO, the Company sold to its Sponsor and Chardan Capital Markets LLC (“Chardan”) (and/or their designees) 253,889 units at $10.00 per unit (the “Private Units”) in a private placement generating total gross proceeds of $2,538,886, which is described in Note 4.

Concurrently, the Company repaid $105,000 to the Sponsor, under a related party loan evidenced by promissory note issued on August 5, 2021.

The Company granted the underwriters a 45-day option to purchase up to 900,000 additional Units to cover over-allotments, if any. On November 24, 2021, the underwriters fully exercised the over-allotment option and purchased 900,000 units (the “Over-allotment Units”) at a price of $10.00 per Unit, generating gross proceeds of $9,000,000. Upon the closing of the Over-allotment on November 24, 2021, the Company consummated the sale of additional 22,500 Private Units (the “Additional Private Units”) with the Sponsor and Chardan at a price of $10.00 per Private Unit, generating total proceeds of $225,000.

Transaction costs amounted to $5,587,733, consisting of $1,725,000 of underwriting fees, $2,587,500 of deferred underwriting fees (payable only upon completion of a Business Combination) and $1,275,233 of other offering costs.

Trust Account

Upon closing of the IPO, the Private Units, the sale of the Over-allotment Units and the sale of the Additional Private Units, a total of $69,000,000 ($10.00 per Unit) was placed in a U.S.-based trust account (the “Trust Account”) with Continental Stock Transfer & Trust acting as trustee and can be invested only in U.S. government treasury bills with a maturity of 180 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act and that invest only in direct U.S. government treasury obligations. These funds will not be released until the earlier of the completion of the initial Business Combination and the liquidation due to the Company’s failure to complete a Business Combination within the applicable period of time. The proceeds deposited in the Trust Account could become subject to the claims of the Company’s creditors, if any, which could have priority over the claims of the Company’s public stockholders. In addition, interest income earned on the funds in the Trust account may be released to the Company to pay its income or other tax obligations. With these exceptions, expenses incurred by the Company may be paid prior to a business combination only from the net proceeds of the IPO and private placement not held in the Trust Account.

Business Combination

Pursuant to NASDAQ listing rules, the Company’s initial Business Combination must occur with one or more target businesses having an aggregate fair market value equal to at least 80% of the value of the funds in the Trust account (excluding any taxes payable on the income earned on the Trust account), which the Company refers to as the 80% test, at the time of the execution of a definitive agreement for its initial business combination, although the Company may structure a business combination with one or more target businesses whose fair market value significantly exceeds 80% of the trust account balance. If the Company is no longer listed on NASDAQ, it will not be required to satisfy the 80% test.

The Public Shares subject to redemption will be recorded at a redemption value and classified as temporary equity upon the completion of the IPO in accordance with the Accounting Standards Codification (“ASC”) Topic 480, “Distinguishing Liabilities from Equity.” In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the shares voted are voted in favor of the Business Combination. If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation (the “Amended and Restated Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the transaction is required by law, or the Company decides to obtain stockholder approval for business or legal reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each public stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction. If the Company seeks stockholder approval in connection with a Business Combination, the Company’s Sponsor and any of the Company’s officers or directors that may hold Insider Shares (as defined in Note 5) (the “Initial Stockholders”) and Chardan have agreed (a) to vote their Insider Shares, Private Shares (as defined in Note 4) and any Public Shares purchased during or after the IPO in favor of approving a Business Combination and (b) not to convert any shares (including the Insider Shares) in connection with a stockholder vote to approve, or sell the shares to the Company in any tender offer in connection with, a proposed Business Combination.

The Company will provide its holders of the outstanding Public Shares (the “Public Stockholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.00 per Public Share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its franchise and income tax obligations). If the Company seeks stockholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Amended and Restated Certificate of Incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 20% or more of the Public Shares, without the prior consent of the Company.

The Initial Stockholders and Chardan have agreed (a) to waive their redemption rights with respect to the Insider Shares, Private Shares, Underwriter Shares and Public Shares held by them in connection with the completion of a Business Combination and (b) not to propose, or vote in favor of, an amendment to the Amended and Restated Certificate of Incorporation that would affect the substance or timing of the Company’s obligation to redeem 100% of its Public Shares if the Company does not complete a Business Combination, unless the Company provides the public stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment.

The Company will have until 18 months (or by February 22, 2024 if the time to complete a business combination is extended as described herein) from the closing of the IPO to consummate a Business Combination. In addition, if the Company anticipates that it may not be able to consummate initial business combination within 18 months, the Company’s insiders or their affiliates may, but are not obligated to, extend the period of time to consummate a business combination up to nine (9) times with each extension allowing for an additional one (1) month period from May 22, 2023 to February 22, 2024 (the “Combination Period”).

Liquidation

If the Company is unable to complete a Business Combination within the Combination Period, unless the Company seeks and obtains stockholder approval to amend its Amended and Restated Certificate of Incorporation to extend the date by which an initial business combination may be consummated, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest (which interest shall be net of taxes payable, and less certain amount of interest to pay dissolution expenses) divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.

The Sponsor and Chardan have agreed to waive their liquidation rights with respect to the Insider Shares and Private Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Sponsor or underwriters acquires Public Shares in or after the IPO, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within in the Combination Period and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than $10.00.

In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below $10.00 per Public Share, except as to any claims by a third party who executed a valid and enforceable agreement with the Company waiving any right, title, interest or claim of any kind they may have in or to any monies held in the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third party claims.

Liquidity and Going Concern

As of June 30, 2023, the Company had cash of $158,698 and a working capital deficit of $2,431,853 (excluding income tax and franchise tax payable). On November 9, 2022 and February 9, 2023, the Company deposited $690,000 per deposit into the Trust Account (representing $0.10 per each share of redeemable common stock) to extend the time for Arisz to complete the Business Combination by six months until May 22, 2023. Subsequent to the shareholder special meeting, the Company deposited $120,000 per deposit into the Trust Account on May 17, June 20, and July 19, 2023, to extend the time for Arisz to complete the Business Combination until August 22, 2023. It is uncertain that the Company will be able consummate a Business Combination by the extended date (or February 22, 2024 if the Sponsor elects to extend the consummation deadline). Moreover, Arisz may need to obtain additional financing either to complete its Business Combination or because it becomes obligated to redeem a significant number of public shares upon consummation of its Business Combination, in which case the Company may issue additional securities or incur debt in connection with such Business Combination. If a Business Combination is not consummated by February 22, 2024, there will be a mandatory liquidation and subsequent dissolution.

In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that if the Company is unable to complete a Business Combination by February 22, 2024, then the Company will cease all operations except for the purpose of liquidating. The date for liquidation and subsequent dissolution as well as liquidity concerns raise substantial doubt about the Company’s ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate.

Risks and Uncertainties

Management has evaluated the impact of persistent inflation and rising interest rates, financial market instability, including the recent bank failures, the lingering effects of the COVID-19 pandemic and certain geopolitical events, including the conflict in Ukraine and the surrounding region, and has concluded that while it is reasonably possible that the risks and uncertainties related to or resulting from these events could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of these unaudited condensed financial statements. The unaudited condensed financial statements do not include any adjustments that might result from the outcome of these risks and uncertainties.

Inflation Reduction Act of 2022

On August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for, among other things, a new U.S. federal 1% excise tax on certain repurchases (including redemptions) of stock by publicly traded domestic (i.e., U.S.) corporations and certain domestic subsidiaries of publicly traded foreign corporations. The excise tax is imposed on the repurchasing corporation itself, not its shareholders from which shares are repurchased. The amount of the excise tax is generally 1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the excise tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year. In addition, certain exceptions apply to the excise tax. The U.S. Department of the Treasury (the “Treasury”) has been given authority to provide regulations and other guidance to carry out and prevent the abuse or avoidance of the excise tax. The IR Act applies only to repurchases that occur after December 31, 2022.

Any redemption or other repurchase that occurs after December 31, 2022, in connection with a Business Combination, extension vote or otherwise, may be subject to the excise tax. Whether and to what extent the Company would be subject to the excise tax in connection with a Business Combination, extension vote or otherwise would depend on a number of factors, including (i) the fair market value of the redemptions and repurchases in connection with the Business Combination, extension or otherwise, (ii) the structure of a Business Combination, (iii) the nature and amount of any “PIPE” or other equity issuances in connection with a Business Combination (or otherwise issued not in connection with a Business Combination but issued within the same taxable year of a Business Combination) and (iv) the content of regulations and other guidance from the Treasury. In addition, because the excise tax would be payable by the Company and not by the redeeming holder, the mechanics of any required payment of the excise tax have not been determined. The foregoing could cause a reduction in the cash available on hand to complete a Business Combination and in the Company’s ability to complete a Business Combination.

At this time, it has been determined that the IR Act tax provisions would have an impact to the Company’s fiscal 2023 tax provision as there were redemptions by the public stockholders in May 2023; as a result, the Company recorded a $391,931 excise tax liability as of June 30, 2023. The Company will continue to monitor for updates to the Company’s business along with guidance issued with respect to the IR Act to determine whether any adjustments are needed to the Company’s tax provision in future periods.

Note 2 — Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed financial statements are presented in U.S. Dollars and in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, all adjustments (consisting of normal accruals) considered for a fair presentation have been included. Operating results for the three and nine months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending September 30, 2023 or any future period.

Emerging Growth Company Status

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended, (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012, (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of Estimates

In preparing these financial statements in conformity with U.S. GAAP, the Company’s management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported expenses during the reporting period.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had $158,698 and $173,789 in cash and none in cash equivalents as of June 30, 2023 and September 30. 2022, respectively.

Investments held in Trust Account

At June 30, 2023, the assets held in the Trust Account were held in money market funds, which are invested in U.S. Treasury securities.

The Company classifies its U.S. Treasury and equivalent securities as held-to-maturity in accordance with ASC Topic 320, “Investments — Debt and Equity Securities”. Held-to-maturity securities are those securities which the Company has the ability and intent to hold until maturity. Held-to-maturity treasury securities are recorded at amortized cost on the accompanying balance sheet and adjusted for the amortization or accretion of premiums or discounts.

Offering Costs

The Company complies with the requirements of ASC 340-10-S99-1 and SEC Staff Accounting Bulletin Topic 5A – “Expenses of Offering”. Offering costs $5,587,733 consisting primarily of underwriting, legal, accounting, registration and other expenses incurred through the balance sheet date that are directly related to the IPO and charged to stockholders’ equity upon the completion of the IPO.

Warrants

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) ASC 480, “Distinguishing Liabilities from Equity” (“ASC 480”), and ASC 815, “Derivatives and Hedging (“ASC 815”)”. The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, whether they meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own common stock and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. Consequently, the Company accounts for warrants as equity-classified instruments.

For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of equity at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded as liabilities at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations.

Common Stock Subject to Possible Redemption

The Company accounts for its common stock subject to possible redemption in accordance with the guidance in ASC Topic 480, “Distinguishing Liabilities from Equity.” Common stock subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable common stock (including common stock that feature redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, as of June 30, 2023, shares of common stock subject to possible redemption are presented at redemption value of approximately $10.52 per share as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheet. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable common stock to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of shares of redeemable common stock are affected by charges against additional paid in capital or accumulated deficit if additional paid-in capital equals to zero.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution and money market funds held in the Trust Account. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.

Fair Value of Financial Instruments

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 825, “Financial Instruments,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature.

Net Income (Loss) per Share

The Company complies with accounting and disclosure requirements of FASB ASC 260, “Earnings Per Share”. The statements of operations include a presentation of income (loss) per redeemable share and income (loss) per non-redeemable share following the two-class method of income per share. In order to determine the net income (loss) attributable to both the redeemable shares and non-redeemable shares, the Company first considered the undistributed income (loss) allocable to both the redeemable shares and non-redeemable shares and the undistributed income (loss) is calculated using the total net income (loss) less any dividends paid. The Company then allocated the undistributed income (loss) ratably based on the weighted average number of shares outstanding between the redeemable and non-redeemable shares. Any remeasurement of the accretion to redemption value of the common shares subject to possible redemption was considered to be dividends paid to the public shareholders. As of June 30, 2023, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted income (loss) per share is the same as basic loss per share for the period presented.

The net income (loss) per share presented in the statements of operations is based on the following:

	Three Months Ended June 30,						Nine Months Ended June 30,
	2023			2022			2023			2022
Net income (loss)	$	406,589		$	(66,275	)	$	1,000,294		$	(430,649	)
Accretion of common stock to redemption value⁽¹⁾		(625,990	)		(14,145,764	)		(3,091,374	)		(14,145,764	)
Net loss including accretion of common stock to redemption value	$	(219,401	)	$	(14,212,039	)	$	(2,091,080	)	$	(14,576,413	)

	Three Months Ended June 30, 2023						Three Months Ended June 30, 2022
	Redeemable shares			Non- redeemable shares			Redeemable shares			Non- redeemable shares
Basic and diluted net income/(loss) per share:
Numerator:
Allocation of net income (loss) including accretion of common stock	$	(154,847	)	$	(64,554	)	$	(11,016,604	)	$	(3,195,435	)
Accretion of common stock to redemption value⁽¹⁾		625,990			—			14,145,764			—
Allocation of net income (loss)	$	471,143		$	(64,554	)	$	3,129,160		$	(3,195,435	)

Denominator:
Basic and diluted weighted average shares outstanding		4,800,798			2,001,389			6,900,000			2,001,389
Basic and diluted net income (loss) per share	$	0.10		$	(0.03	)	$	0.45		$	(1.60	)

	Nine Months Ended June 30, 2023						Nine Months Ended June 30, 2022
	Redeemable shares			Non- redeemable shares			Redeemable shares			Non- redeemable shares
Basic and diluted net income/(loss) per share:
Numerator:
Allocation of net income (loss) including accretion of common stock	$	(1,580,809	)	$	(510,271	)	$	(10,791,989	)	$	(3,784,424	)
Accretion of common stock to redemption value⁽¹⁾		3,091,374			—			14,145,764			—
Allocation of net income (loss)	$	1,510,565		$	(510,271	)	$	3,353,775		$	(3,784,424	)

Denominator:
Basic and diluted weighted average shares outstanding		6,200,266			2,001,389			5,553,846			1,947,566
Basic and diluted net income (loss) per share	$	0.24		$	(0.25	)	$	0.60		$	(1.94	)

(1)	Accretion amount includes fees deposited into the Trust Account to extend the time for the Company to complete the Business Combination and franchise and income taxes paid out of the Trust Account.

Income Taxes

The Company accounts for income taxes under ASC 740, Income Taxes (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized.

The Company’s effective tax rate was 28.74% and 0.00% for the nine months ended June 30, 2023 and 2022, respectively. The effective tax rate differs from the statutory tax rate of 21% for the nine months ended June 30, 2023 and 2022, due to valuation allowance on the deferred tax assets and non-deductible transaction costs.

ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition.

While ASC 740 identifies usage of an effective annual tax rate for purposes of an interim provision, it does allow for estimating individual elements in the current period if they are significant, unusual or infrequent. Computing the effective tax rate for the Company is complicated due to the potential impact of the timing of any Business Combination expenses and the actual interest income that will be recognized during the year. The Company has taken a position as to the calculation of income tax expense in a current period based on ASC 740-270-25-3 which states, “If an entity is unable to estimate a part of its ordinary income (or loss) or the related tax (benefit) but is otherwise able to make a reasonable estimate, the tax (or benefit) applicable to the item that cannot be estimated shall be reported in the interim period in which the item is reported.” The Company believes its calculation to be a reliable estimate and allows it to properly take into account the usual elements that can impact its annualized book income and its impact on the effective tax rate. As such, the Company is computing its taxable income (loss) and associated income tax provision based on actual results through June 30, 2023.

The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of June 30, 2023. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.

The Company has identified the United States and the State of New York as its only “major” tax jurisdictions.

The Company may be subject to potential examination by federal and state taxing authorities in the areas of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal and state tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.

Recent Accounting Standards

In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”), to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. The amendments are effective for smaller reporting companies for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The Company is currently assessing the impact, if any, that ASU 2020-06 would have on its financial position, results of operations or cash flows.

Management does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements.

Note 3 — Initial Public Offering

Pursuant to the IPO on November 22, 2021, the Company sold 6,000,000 Units at $10.00 per Public Unit, generating gross proceeds of $60,000,000. The Company granted the underwriters a 45-day option to purchase up to 900,000 additional Units to cover over-allotments, if any. On November 24, 2021, the underwriters fully exercised the over-allotment option and purchased 900,000 units at a price of $10.00 per Unit, generating gross proceeds of $9,000,000. Each Public Unit consists of one share of common stock (“Public Share”), one right (“Public Right”) and one redeemable warrant (“Public Warrant”). Each Public Right will convert into one-twentieth (1/20) of one share of common stock upon the consummation of a Business Combination. Each whole Public Warrant entitles the holder to purchase three-fourths (3/4) of one share of common stock at a price of $11.50 per whole share, subject to adjustment. The warrants will become exercisable 30 days after the completion of the Company’s initial Business Combination, and will expire five years after the completion of the Company’s initial Business Combination or earlier upon redemption or liquidation.

All of the 6,900,000 Public Shares sold as part of the Public Units in the IPO contain a redemption feature which allows for the redemption of such Public Shares if there is a stockholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s amended and restated certificate of incorporation, or in connection with the Company’s liquidation. In accordance with the SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption provisions not solely within the control of the Company require common stock subject to redemption to be classified outside of permanent equity.

The Company’s redeemable common stock is subject to SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99. If it is probable that the equity instrument will become redeemable, the Company has the option to either accrete changes in the redemption value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable, if later) to the earliest redemption date of the instrument or to recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Company has elected to recognize the changes immediately. The accretion or remeasurement is treated as a deemed dividend (i.e., a reduction to retained earnings, or in absence of retained earnings, additional paid-in capital).

As of September 30, 2022 and June 30, 2023, the shares of common stock reflected on the balance sheets are reconciled in the following table:

Gross proceeds	$	69,000,000
Less:
Proceeds allocated to Public Warrants		(6,658,289	)
Proceeds allocated to Public Rights		(2,726,727	)
Offering costs of Public Shares		(4,760,749	)
Plus:
Accretion of carrying value to redemption value		14,432,565
Class A Common stock subject to possible redemption – September 30, 2022	$	69,286,800
Plus:
Accretion of carrying value to redemption value – nine months period ended June 30, 2023⁽¹⁾		3,091,374
Redemption of Public Shares		(39,193,137	)
Class A Common stock subject to possible redemption – June 30, 2023	$	33,185,036

(1)

Accretion amount includes fees deposited into the Trust Account to extend the time for the Company to complete the Business Combination and franchise and income taxes paid out of the Trust Account.

Note 4 — Private Placement

Simultaneously with the closing of the IPO, the Sponsor and Chardan (and/or their designees) purchased an aggregate of 253,889 Private Units at a price of $10.00 per Private Unit for an aggregate purchase price of $2,538,886 in a private placement. Upon the closing of the Over-allotment on November 24, 2021, the Company consummated the sale of additional 22,500 Private Units with the Sponsor and Chardan at a price of $10.00 per Private Unit, generating total proceeds of $225,000. The Private Units are identical to the Public Units except with respect to certain registration rights and transfer restrictions. The proceeds from the Private Units were added to the proceeds from the IPO to be held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, unless the Company seeks and obtains stockholder approval to amend its Amended and Restated Certificate of Incorporation to extend the date by which an initial business combination may be consummated, the proceeds from the sale of the Private Units will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law), and the Private Units and all underlying securities will expire worthless.

Note 5 — Related Party Transactions

Insider Shares

On August 5, 2021, the Company issued 1,437,500 shares of common stock to the Initial Stockholders (the “Insider Shares”) for an aggregated consideration of $25,000. On October 29, 2021, the Company effected a 1.2-for-1.0 stock split of common stock, resulting in the Sponsor holding an aggregate of 1,725,000 Insider Shares, for approximately $0.014 per share, of which, up to 225,000 shares subject to forfeiture by the Initial Stockholders to the extent that the underwriters’ over-allotment is not exercised in full, so that the Initial Stockholders will collectively own 20% of the Company’s issued and outstanding shares after the IPO. As the over-allotment option was fully exercised on November 24, 2021, no portion of the Insider Shares are subject to forfeiture.

The Initial Stockholders have agreed, subject to certain limited exceptions, not to transfer, assign or sell any of their Insider Shares until, with respect to 50% of the Insider Shares, the earlier of six months after the consummation of a Business Combination and the date on which the closing price of the common stock equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period commencing after a Business Combination and, with respect to the remaining 50% of the Insider Shares, until the six months after the consummation of a Business Combination, or earlier, in either case, if, subsequent to a Business Combination, the Company completes a liquidation, merger, stock exchange or other similar transaction which results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property.

Promissory Note — Related Party

On August 5, 2021, the Sponsor agreed to loan the Company up to an aggregate amount of $300,000 to be used, in part, for transaction costs incurred in connection with the IPO (the “Promissory Note”). The Promissory Note is unsecured, interest-free and due on the earlier of June 30, 2022 or the closing the IPO. Concurrently with the IPO, the Company repaid the outstanding balance of $105,000 to the Sponsor.

Administrative Services Agreement

The Company entered into an administrative services agreement with the Sponsor pursuant to which the Company pays a total of $10,000 per month for office space, administrative and support services. Upon completion of the initial Business Combination or liquidation, the Company will cease paying these monthly fees. However, pursuant to the terms of such agreement, the Sponsor agreed to defer the payment of such monthly fee. Any such unpaid amount will accrue without interest and be due and payable no later than the date of the consummation of the initial Business Combination. For the three and nine months ended June 30, 2023, the Company incurred $30,000 and $90,000, respectively, in fees for these services, of which $190,000 and $100,000 are included in accounts payable and accrued expenses in the balance sheets June 30, 2023 and September 30, 2022, respectively.

Note 6 — Commitments and Contingencies Risks and Uncertainties

Management is currently evaluating the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s future financial position, results of its operations and/or search for a target company, there has not been a significant impact as of the date of these financial statements. The financial statements do not include any adjustments that might result from the future outcome of this uncertainty.

Registration Rights

The holders of the insider shares, the private units, securities underlying the Unit Purchase Option and any units that may be issued upon conversion of working capital loans or extension loans (and any securities underlying the private units or units issued upon conversion of the working capital loans or extension loans) will be entitled to registration rights pursuant to a registration rights agreement signed prior to or on the effective date of IPO requiring the Company to register such securities for resale. The holders of these securities are entitled to make up to two demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of the initial business combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Right of First Refusal

The Company has granted Chardan for a period of 24 months after the date of the consummation of the Company’s Business Combination, a right of first refusal to act as book-running manager, with at least 30% of the economics, for any and all future public and private equity and debt offerings.

Underwriting Agreement

The Company has granted Chardan, the representative of the underwriters, a 45-day option from the date of the IPO to purchase up to 900,000 additional Units to cover over-allotments, if any, at the IPO price less the underwriting discounts and commissions.

The underwriters were paid a cash underwriting discount of 2.5% of the gross proceeds of the IPO (including the exercise of the over-allotment option), or $1,725,000. In addition, the underwriters will be entitled to a deferred fee of 3.75% of the gross proceeds of the IPO (including the exercise of the over-allotment option), or $2,587,500, which will be paid upon the closing of a Business Combination from the amounts held in the Trust Account, subject to the terms of the underwriting agreement. The underwriters will also be entitled to 0.75% of the gross proceeds of the IPO in the form of common stock of the Company at a price of $10.00 per share, to be issued if the Company closes a Business Combination.

Unit Purchase Option

The Company sold to Chardan (and/or its designees), for $100, an option (the “Unit Purchase Option”) to purchase 115,000 units (as the over-allotment option was fully exercised on November 24, 2021) exercisable at $11.50 per Unit (or an aggregate exercise price of $1,322,500) commencing on the later of six months from the effective date of the registration statement related to the IPO and the consummation of a Business Combination. The Unit Purchase Option may be exercised for cash or on a cashless basis, at the holder’s option, and expires five years from the effective date of the registration statement related to the IPO. The Units issuable upon exercise of the Unit Purchase Option are identical to those offered in the IPO. The Company accounts for the Unit Purchase Option, inclusive of the receipt of $100 cash payment, as an expense of the IPO resulting in a charge directly to stockholders’ equity. The option and the underlying securities that may be issued upon exercise of the option, have been deemed compensation by FINRA and are therefore subject to a 180-day lock-up pursuant to Rule 5110(e)(1) of FINRA’s NASDAQ Conduct Rules. Additionally, the option may not be sold, transferred, assigned, pledged or hypothecated for a one-year period (including the foregoing 180-day period) following the date of IPO except to any underwriter and selected dealer participating in the IPO and their bona fide officers or partners. The Unit Purchase Option grants to holders demand and “piggy back” rights for periods of five and seven years, respectively, from the effective date of the registration statement with respect to the registration under the Securities Act of the securities directly and indirectly issuable upon exercise of the Unit Purchase Option. The Company will bear all fees and expenses attendant to registering the securities, other than underwriting commissions which will be paid for by the holders themselves. The exercise price and number of units issuable upon exercise of the Unit Purchase Option.

Note 7 — Stockholders’ Equity

Common Stock — The Company is authorized to issue 15,000,000 shares of common stock with a par value of $0.0001 per share. Holders of the common stock are entitled to one vote for each share. On October 29, 2021, the Company effected a 1.2-for-1.0 stock split of common stock, resulting in the Sponsor holding an aggregate of 1,725,000 Insider Shares, for approximately $0.014 per share. At June 30, 2023, there were 2,001,389 shares of common stock issued and outstanding (excluding 3,154,365 shares subject to possible redemption).

Rights — Each holder of a right will receive one-twentieth (1/20) of one share of common stock upon consummation of a Business Combination, even if the holder of such right redeemed all shares held by it in connection with a Business Combination. No fractional shares will be issued upon conversion of the rights. No additional consideration will be required to be paid by a holder of rights in order to receive its additional shares upon consummation of a Business Combination, as the consideration related thereto has been included in the Unit purchase price paid for by investors in the Initial Public Offering. If the Company enters into a definitive agreement for a Business Combination in which the Company will not be the surviving entity, the definitive agreement will provide for the holders of rights to receive the same per share consideration the holders of the common stock will receive in the transaction on an as-converted into common stock basis and each holder of a right will be required to affirmatively covert its rights in order to receive 1/20 share underlying each right (without paying additional consideration). The shares issuable upon conversion of the rights will be freely tradable (except to the extent held by affiliates of the Company).

If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of rights will not receive any of such funds with respect to their rights, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such rights, and the rights will expire worthless. Further, there are no contractual penalties for failure to deliver securities to the holders of the rights upon consummation of a Business Combination. Additionally, in no event will the Company be required to net cash settle the rights. Accordingly, holders of the rights might not receive the shares of common stock underlying the rights.

Warrants — Each redeemable warrant entitles the holder thereof to purchase three-fourths (3/4) of one share of common stock at a price of $11.50 per full share and will become exercisable on the later of the completion of an initial Business Combination and 12 months from the closing of the IPO. However, no public warrants will be exercisable for cash unless the foregoing, if a registration statement covering the issuance of the common stock issuable upon exercise of the public warrants is not effective within 90 days from the closing of the Company’s initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when we shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to an available exemption from registration under the Securities Act. If an exemption from registration is not available, holders will not be able to exercise their warrants on a cashless basis. The warrants will expire five years from the closing of the Company’s initial Business Combination at 5:00 p.m., New York City time or earlier redemption.

In addition, if (x) the Company issues additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of the Company’s initial Business Combination at an issue price or effective issue price of less than $9.50 per share (with such issue price or effective issue price to be determined in good faith by our board of directors), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the Company’s initial Business Combination, and (z) the volume weighted average trading price of the Company’s common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Price”) is below $9.50 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the Market Price, and the $16.50 per share redemption trigger price described below will be adjusted (to the nearest cent) to be equal to 165% of the Market Value.

The Company may redeem the outstanding warrants:

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in whole and not in part;

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at a price of $0.01 per warrant;

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upon a minimum of 30 days’ prior written notice of redemption, which the Company refers to as the 30-day redemption period;

●

if, and only if, the last reported sale price of the Company’s common stock equals or exceeds $16.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the to the warrant holders.

If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. In such event, each holder would pay the exercise price by surrendering the whole warrants for that number of shares of common stock equal to the quotient obtained by dividing (x) the product of the number of shares of common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair market value” shall mean the average reported last sale price of the common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants.

Except as described above, no warrants will be exercisable and the Company will not be obligated to issue common stock unless at the time a holder seeks to exercise such warrant, a prospectus relating to the common stock issuable upon exercise of the warrants is current and the common stock have been registered or qualified or deemed to be exempt under the securities laws of the state of residence of the holder of the warrants. Under the terms of the warrant agreement, the Company has agreed to use its best efforts to meet these conditions and to maintain a current prospectus relating to the common stock issuable upon exercise of the warrants until the expiration of the warrants. However, the Company cannot assure that it will be able to do so and, if the Company does not maintain a current prospectus relating to the common stock issuable upon exercise of the warrants, holders will be unable to exercise their warrants and the Company will not be required to settle any such warrant exercise. If the prospectus relating to the common stock issuable upon the exercise of the warrants is not current or if the common stock is not qualified or exempt from qualification in the jurisdictions in which the holders of the warrants reside, the Company will not be required to net cash settle or cash settle the warrant exercise, the warrants may have no value, the market for the warrants may be limited and the warrants may expire worthless.

The private warrants have terms and provisions that are identical to those of the warrants being sold as part of the units in the IPO except that the private warrants will be entitled to registration rights. The private warrants (including the common stock issuable upon exercise of the private warrants) will not be transferable, assignable or salable until 30 days after the completion of our initial business combination except to permitted transferees.

Note 8 — Fair Value Measurements

The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:

	Level 1:	Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

	Level 2:	Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

	Level 3:	Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.

The following tables present information about the Company’s assets that are measured at fair value on a recurring basis at June 30, 2023 and September 22, 2022 and indicate the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value.

	June 30, 2023		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets
Trust Account - U.S. Treasury Securities Money Market Fund	$	33,185,036	$	33,185,036		—		—

	September 30, 2022		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets
Trust Account - U.S. Treasury Securities Money Market Fund	$	69,286,800	$	69,286,800		—		—

Note 9 — Promissory Note to BitFuFu

Pursuant to the Merger Agreement, on October 10, 2022, the Company issued an unsecured promissory note to BitFuFu (“BitFufu Note”) up to an aggregate amount of $2,220,000 at an interest rate of 3.5% per annum and is due on October 26, 2023 (see Note 1). Arisz may elect to issue a number of unregistered shares of its common stock, valued for these purposes at $10.00 per share, the aggregate value of which shall be equal to the outstanding principal amount of the Loan to the BitFuFu or its designee on or prior to the October 26, 2023 in lieu of paying all outstanding principal under BitFufu Note. On April 24, 2023, Arisz and BitFuFu entered into Amendment No. 3 to the Merger Agreement to provide, among other things, to reduce the amount of the Loan from $2,220,000 to $1,930,000 for the purpose of funding Arisz’s extension of the time to consummate a business combination and for working capital purposes.

As of June 30, 2023, $1,930,000 of the BitFufu Note was outstanding with an accrued interest of approximately $31,756.

On July 28, 2023, Arisz and BitFuFu entered into Amendment No. 4 to the Merger Agreement to provide, among other things, to increase the amount of the Loan from $1,930,000 to $4,180,000 for the purpose of funding Arisz’s extension of the time to consummate a business combination and for working capital purposes. The maturity date of the BitFufu Note was extended to November 17, 2024.

Note 10 — Subsequent Events

The Company evaluated subsequent events and transactions that occurred after the balance sheet date through the date that unaudited condensed financial statements were issued. Based on the review, the Company identified the following subsequent events that require disclosure in the financial statements.

On July 19, 2023, Arisz deposited $120,000 into the Trust Account to extend the period of time Arisz has to complete a business combination for an additional one (1) month period, from July 22, 2023 to August 22, 2023.

On July 28, 2023, Arisz and BitFuFu entered into Amendment No. 4 to the Merger Agreement (“Amendment No. 4”) to provide, among other things: (1) that the Outside Date for the completion of the Corporation’s business combination, as defined therein be extended from August 1, 2023 to November 17, 2024 and (2) for an amendment to the loan installment of $360,000 to be extended on each of August 2, 2023, November 2, 2023, February 2, 2024, May 2, 2024 and August 2, 2024 to be used to cover the extension costs, and the remaining balance of each loan installment to be used for working capital. In accordance therewith, on July 28, 2023, Arisz and the Company amended and restated the BitFuFu Note.

Item 2. Management’s Discussion and Analysis of Financial Statements

References to the “Company,” “Arisz,” “our,” “us” or “we” refer to Arisz Acquisition Corp. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the unaudited interim condensed financial statements and the notes thereto contained elsewhere in this report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

We are a blank check company formed under the laws of the State of Delaware on July 21, 2021. We were formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination.

On January 21, 2022, Arisz entered into that certain Agreement and Plan of Merger (as amended, supplemented or otherwise modified from time to time, the “Merger Agreement”), by and between Arisz and Finfront Holding Company, a Cayman Islands exempted company (“BitFuFu”), pursuant to which (a) Arisz will form BitFuFu Inc., a Cayman Islands exempted company, as its wholly owned subsidiary (“Purchaser”), (b) Purchaser will form Boundary Holding Company, a Cayman Islands exempted company, as its wholly owned subsidiary (“Merger Sub”), (c) Arisz will be merged with and into Purchaser (the “Redomestication Merger”), with Purchaser surviving the Redomestication Merger, and (d) Merger Sub will be merged with and into BitFuFu (the “Acquisition Merger”), with BitFuFu surviving the Acquisition Merger as a direct wholly owned subsidiary of Purchaser (collectively, the “Business Combination”). Following the Business Combination, Purchaser will be a publicly traded company listed on a stock exchange in the United States. On April 4, 2022, each of Arisz and the Company entered into that certain Amendment to the Merger Agreement pursuant to which, among other things, the parties clarified certain Cayman Island corporate law matters by mutual agreement.

In consideration of the Acquisition Merger, Purchaser will issue 150,000,000 ordinary shares (the “Closing Payment Shares”) with a deemed price per share US$10.00 (“Aggregate Stock Consideration”) to the shareholders of BitFuFu. The Aggregate Stock Consideration consists of 7,500,000 Class A ordinary shares and 142,500,000 Class B ordinary shares of Purchaser.

The Merger Agreement originally provided that the closing of the Business Combination shall occur no later than July 31, 2022 (the “Outside Date”) and that the Outside Date may be extended upon the written agreement of Arisz and BitFuFu.

On October 10, 2022, Arisz and BitFuFu entered into an amendment to the Merger Agreement to provide, among other things: 1) for a loan from BitFuFu to Arisz in the amount of $2,220,000 (the “Loan”) for the purpose of funding Arisz’s extension of the time to consummate a business combination and for working capital purposes, and 2) remove all existing restrictions on 400,000 Insider Shares that are currently subject to transfer restrictions, so that such shares are freely tradeable upon the Closing. The Loan was to be funded in three equal installments of $740,000 on each of October 26, 2022, January 26, 2023 and April 26, 2023.

On October 10, 2022, Arisz issued an unsecured promissory note to BitFuFu (the “BitFuFu Note”) for the amount of the Loan at an interest rate of 3.5% per annum and is due on October 26, 2023. Arisz may elect to issue a number of unregistered shares of its common stock, valued for these purposes at $10.00 per share, the aggregate value of which shall be equal to the outstanding principal amount of the Loan to the BitFuFu or its designee on or prior to the October 26, 2023 in lieu of paying all outstanding principal under this Note.

On October 24, 2022, Arisz received $740,000, the first installment of the Loan, from BitFuFu.

On January 20, 2023, Arisz received $740,000, the second installment of the Loan, from BitFuFu.

On February 7, 2023, the Company notified the trustee of its intent to extend the time available to the Company to consummate a business combination from February 22, 2023 to May 22, 2023 (the “February 2023 Extension”). The February 2023 Extension was the second and last of up to two three-month extensions permitted under Arisz’s governing documents. On February 9, 2023, Arisz deposited $690,000 into the Trust Account (representing $0.10 per each share of redeemable common stock) to extend the time for Arisz to complete the Business Combination by three months until May 22, 2023.

In connection with the special meeting, 3,745,635 shares of Common Stock were tendered for redemption. As a result, approximately $39.18 million (approximately $10.46 per share) was removed from the Trust Account to pay such holders, without taking into account additional allocation of payments to cover any tax obligation of Arisz, such as franchise taxes, but not including any excise tax, since that date. Following redemptions, Arisz has 5,155,754 shares of Common Stock outstanding, and approximately $33.4 million in the Trust Account.

Prior to May 22, 2023, Arisz timely deposited into the Trust Account, an aggregate of $120,000, in order to extend the period of time Arisz has to complete a business combination for an additional one (1) month period, from May 22, 2023 to June 22, 2023 (the “May 2023 Extension”). The May 2023 Extension is the first of up to nine (9) one-month extensions permitted under the May 12, 2023 amendment to the Amended and Restated Certificate of Incorporation of Arisz Acquisition Corp.

Prior to June 22, 2023, Arisz timely deposited into the Trust Account, an aggregate of $120,000, in order to extend the period of time Arisz has to complete a business combination for an additional one (1) month period, from June 22, 2023 to July 22, 2023 (the “June 22, 2023 Extension”). The June 2023 Extension is the second of up to nine (9) one-month extensions permitted under the May 12, 2023 amendment to the Amended and Restated Certificate of Incorporation of Arisz Acquisition Corp.

Prior to July 22, 2023, Arisz timely deposited into the Trust Account, an aggregate of $120,000, in order to extend the period of time Arisz has to complete a business combination for an additional one (1) month period, from July 22, 2023 to August 22, 2023 (the “July 2023 Extension”). The July 2023 Extension is the third of up to nine (9) one-month extensions permitted under the May 12, 2023 amendment to the Amended and Restated Certificate of Incorporation of Arisz Acquisition Corp. The July 2023 Extension provides Arisz with additional time to complete its proposed business combination with BitFuFu.

On July 28, 2023, Arisz and BitFuFu entered into Amendment No. 4 to the Merger Agreement (“Amendment No. 4”) to provide, among other things: (1) that the Outside Date for the completion of the Corporation’s business combination, as defined therein be extended from August 1, 2023 to November 17, 2024 and (2) for an amendment to the loan installment of $360,000 to be extended on each of August 2, 2023, November 2, 2023, February 2, 2024, May 2, 2024 and August 2, 2024 to be used to cover the extension costs, and the remaining balance of each loan installment to be used for working capital. In accordance therewith, on July 28, 2023, Arisz and the Company amended and restated the BitFuFu Note.

We expect to continue to incur significant costs in the pursuit of our acquisition plans. We cannot assure you that our plans to complete the Business Combination will be successful.

Results of Operations

We have neither engaged in any operations nor generated any operating revenues to date. Our only activities from inception through June 30, 2023 were organizational activities and those necessary to prepare for our initial public offering (“IPO”), and, after our IPO, searching for a target business to acquire. We do not expect to generate any operating revenues until after the completion of our initial Business Combination. We expect to generate non-operating income in the form of interest income on marketable securities held after the IPO. We expect that we will incur increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses in connection with searching for, and completing, a Business Combination.

For the three months ended June 30, 2023, we had net income of $406,589, which consisted of general and administrative expenses of $188,542, franchise tax expense of $9,800 and income tax expense of $159,055, offset by interest earned on marketable securities of approximately $763,986. For the three months ended June 30, 2022, we had a net loss of $66,275, which consisted of general and administrative expenses of $98,763 and franchise tax expense of $11,700, partially offset by interest earned on marketable securities of approximately $44,188.

For the nine months ended June 30, 2023, we had net income of $1,000,294, which consisted of general and administrative expenses of $517,538, franchise tax expense of $33,900 and income tax expense of $403,474, offset by interest earned on marketable securities of approximately $1,955,206. For the nine months ended June 30, 2022, we had a net loss of $430,649, which consisted of general and administrative expenses of $394,578 and franchise tax expense of $87,500, partially offset by interest earned on marketable securities of approximately $51,429.

Cash used in operating activities was $808,923 and $438,058 for the nine months ended June 30, 2023 and 2022, respectively.

Liquidity and Going Concern

As of June 30, 2023, we had marketable securities held in the Trust Account of $33,185,036 consisting of securities held in a treasury trust fund that invests in United States government treasury bills, bonds or notes with a maturity of 180 days or less. Interest income on the balance in the Trust Account may be used by us to pay taxes. Through June 30, 2023, we withdrew $483,832 of interest earned on the Trust Account to pay our taxes. We intend to use substantially all of the funds held in the Trust Account, to acquire a target business and to pay our expenses relating thereto. To the extent that our capital stock is used in whole or in part as consideration to effect a Business Combination, the remaining funds held in the Trust Account will be used as working capital to finance the operations of the target business. Such working capital funds could be used in a variety of ways including continuing or expanding the target business’ operations, for strategic acquisitions and for marketing, research and development of existing or new products. Such funds could also be used to repay any operating expenses or finders’ fees which we had incurred prior to the completion of our Business Combination if the funds available to us outside of the Trust Account were insufficient to cover such expenses.

As of June 30, 2023, we had cash of $158,698 outside of the Trust Account and working capital deficit of $2,431,853 (excluding income tax and franchise tax payable). On November 9, 2022 and February 9, 2023, the Company deposited $690,000 per deposit into the Trust Account (representing $0.10 per each share of redeemable common stock) to extend the time for Arisz to complete the Business Combination by six months until May 22, 2023. Subsequent to the shareholder special meeting, the Company deposited $120,000 per deposit into the Trust Account on May 17, June 20, and July 19, 2023, to extend the time for Arisz to complete the Business Combination until August 22, 2023. It is uncertain that the Company will be able consummate a Business Combination by the extended date (or February 22, 2024 if the Sponsor elects to extend the consummation deadline). Moreover, the Company may need to obtain additional financing either to complete its Business Combination or because it becomes obligated to redeem a significant number of public shares upon consummation of its Business Combination, in which case the Company may issue additional securities or incur debt in connection with such Business Combination. If a Business Combination is not consummated by February 22, 2024, there will be a mandatory liquidation and subsequent dissolution.

Until consummation of the Business Combination, we intend to use the funds held outside the Trust Account for identifying and evaluating prospective acquisition candidates, performing business due diligence on prospective target businesses, traveling to and from the offices, plants or similar locations of prospective target businesses, reviewing corporate documents and material agreements of prospective target businesses, selecting the target business to acquire and structuring, negotiating and consummating the Business Combination. If our estimate of the costs of identifying a target business, undertaking in-depth due diligence and negotiating a Business Combination are less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our Business Combination. In this event, our officers, directors or their affiliates may, but are not obligated to, loan us funds as may be required. If we consummate an initial Business Combination, we would repay such loaned amounts out of the proceeds of the Trust Account released to us upon consummation of the Business Combination. In the event that a Business Combination does not close, we may use a portion of the working capital held outside the Trust Account to repay such loaned amounts, but no proceeds from our Trust Account would be used for such repayment. The terms of such loans by our initial shareholders, officers and directors, if any, have not been determined and no written agreements exist with respect to such loans.

We expect to continue to incur significant professional costs to remain as a publicly traded company and to incur significant transaction costs in pursuit of the consummation of a Business Combination. In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that the liquidity concern raise substantial doubt about the Company’s ability to continue as a going concern. There is no assurance that the Company’s plans to consummate a Business Combination will be successful within the Combination Period (by February 22, 2024). As a result, management has determined that such additional condition also raises substantial doubt about the Company’s ability to continue as a going concern. The financial statement does not include any adjustments that might result from the outcome of this uncertainty.

Off-Balance Sheet Financing Arrangements

We have no obligations, assets or liabilities, which would be considered off-balance sheet arrangements as of June 30, 2023. We do not participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements. We have not entered into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any non-financial assets.

Contractual Obligations

We do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities, other than described below.

Upon closing of a Business Combination, the underwriters will be entitled to a deferred fee of $0.375 per public share, or $2,587,500 in the aggregate. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that we complete a Business Combination, subject to the terms of the underwriting agreement. The underwriters will also be entitled to 51,750 common shares, to be issued if the Company closes a Business Combination.

Critical Accounting Policies

The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and income and expenses during the period reported. Actual results could materially differ from those estimates. We have identified the following critical accounting policies:

Common stock Subject to Possible Redemption

We account for our common stock subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480, “Distinguishing Liabilities from Equity.” Common stock subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally redeemable common stock (including common stock that feature redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, common stock subject to possible redemption is presented at redemption value as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheet. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable common stock to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of shares of redeemable common stock are affected by charges against additional paid-in capital or accumulated deficit if additional paid in capital equals to zero.

Net Income (Loss) per Share

The Company complies with accounting and disclosure requirements of FASB ASC 260, “Earnings Per Share”. The statements of operations include a presentation of income (loss) per redeemable share and income (loss) per non-redeemable share following the two-class method of income per share. In order to determine the net income (loss) attributable to both the redeemable shares and non-redeemable shares, the Company first considered the undistributed income (loss) allocable to both the redeemable shares and non-redeemable shares and the undistributed income (loss) is calculated using the total net loss less any dividends paid. The Company then allocated the undistributed income (loss) ratably based on the weighted average number of shares outstanding between the redeemable and non-redeemable shares. Any remeasurement of the accretion to redemption value of the common shares subject to possible redemption was considered to be dividends paid to the public shareholders.

Warrants

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) ASC 480, “Distinguishing Liabilities from Equity” (“ASC 480”) and ASC 815, “Derivatives and Hedging (“ASC 815”)”. The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, whether they meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own common stock and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. Consequently, the Company accounts for warrants as equity-classified instruments.

Offering Costs

Offering costs consist of underwriting, legal, accounting, registration and other expenses incurred through the balance sheet date that are directly related to the IPO. The Company complies with the requirements of ASC 340-10-S99-1 and SEC Staff Accounting Bulletin Topic 5A – “Expenses of Offering”. Offering costs are allocated between public shares and public rights based on the estimated fair values of public shares and public rights at the date of issuance.

Recent Accounting Standards

Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on our financial statements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

As a smaller reporting company we are not required to make disclosures under this Item.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures are designed to ensure that information required to be disclosed by us in our Exchange Act reports is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Under the supervision and with the participation of our management, including our principal executive officer and principal financial and accounting officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures as of the fiscal quarter ended June 30, 2023, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on this evaluation, our principal executive officer and principal financial and accounting officer have concluded that during the period covered by this report, our disclosure controls and procedures were effective.

We do not expect that our disclosure controls and procedures will prevent all errors and all instances of fraud. Disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Further, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and the benefits must be considered relative to their costs. Because of the inherent limitations in all disclosure controls and procedures, no evaluation of disclosure controls and procedures can provide absolute assurance that we have detected all our control deficiencies and instances of fraud, if any. The design of disclosure controls and procedures also is based partly on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

Changes in Internal Control over Financial Reporting

During the fiscal quarter ended June 30, 2023, there has been no change in our internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

None.

ITEM 1A. RISK FACTORS

As of the date of this Quarterly Report on Form 10-Q, there have been no material changes to the risk factors disclosed in our prospectus filed with the SEC on November 19, 2021. Any of these factors could result in a significant or material adverse effect on our results of operations or financial condition. Additional risk factors not presently known to us or that we currently deem immaterial may also impair our business or results of operations. We may disclose changes to such risk factors or disclose additional risk factors from time to time in our future filings with the SEC.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

None.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

Exhibit Number		Description
2.1		Amendment No. 3 to Merger Agreement dated April 24, 2023 by and between Arisz and Finfront Holding Company (incorporated by reference to Exhibit 2.1 filed with the Form 8-K filed by the Registrant on May 5, 2023).
2.2		Amendment No. 4 to Merger Agreement dated July 28, 2023 by and between Arisz and Finfront Holding Company (incorporated by reference to Exhibit 2.1 filed with the Form 8-K filed by the Registrant on August 3, 2023).
3.1		Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 filed with the Form 8-K filed by the Registrant on November 23, 2021) as amended by Amendment to the Amended and Restated Certificate of Incorporation of Arisz Acquisition Corp.(incorporated by reference to Exhibit 3.1 filed with the Form 8-K filed by the Registrant on May 15, 2023).
10.1		Amended and Restated Promissory Note (incorporated by reference to Exhibit 10.1 filed with the Form 8-K filed by the Registrant on August 3, 2023).
10.2		Amendment to the Investment Management Trust Agreement (incorporated by reference to Exhibit 10.1 filed with the Form 8-K filed by the Registrant on May 15, 2023).
31.1*		Certification of the Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes Oxley Act of 2002.
31.2*		Certification of the Principal Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes Oxley Act of 2002.
32*		Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS		Inline XBRL Instance Document.
101.SCH		Inline XBRL Taxonomy Extension Schema Document
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

*	Furnished herewith

SIGNATURES

In accordance with the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	ARISZ ACQUISITION CORP.

Dated: August 16, 2023	/s/ Fang Hindle-Yang
	Name:	Fang Hindle-Yang
	Title:	Chairman of the Board of Directors and
		Chief Executive Officer
		(Principal Executive Officer)

Dated: August 16, 2023	/s/ Marc Estigarribia
	Name:	Marc Estigarribia
	Title:	Chief Financial Officer
		(Principal Financial and Accounting Officer)

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Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO RULE 13A-14(A) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I,	Fang Hindle-Yang, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Arisz Acquisition Corp.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, is made known to us by others within those entities, particularly during the period in which this report is being prepared; and

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; and

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: August 16, 2023
	/s/ Fang Hindle-Yang
	Fang Hindle-Yang
	Chief Executive Officer
	(Principal Executive Officer)

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO RULE 13A-14(A) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I,	Marc Estigarribia, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Arisz Acquisition Corp.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: August 16, 2023
	/s/ Marc Estigarribia
	Marc Estigarribia
	Chief Financial Officer, and Secretary
	(Principal Accounting and Financial Officer)

Exhibit 32

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Arisz Acquisition Corp. (the “Company”) on Form 10-Q for the quarterly period ended June 30, 2023, as filed with the Securities and Exchange Commission (the “Report”), each of the undersigned, in the capacities and on the dates indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

Dated: August 16, 2023

	/s/ Fang Hindle-Yang
	Fang Hindle-Yang
	Chief Executive Officer and Director
	(Principal executive officer)

Dated: August 16, 2023

	/s/ Marc Estigarribia
	Marc Estigarribia
	Chief Financial Officer and Secretary
	(Principal financial and accounting officer)

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Jun. 30, 2023	Aug. 16, 2023
Document Information Line Items
Entity Registrant Name	ARISZ ACQUISITION CORP.
Document Type	10-Q
Current Fiscal Year End Date	--09-30
Entity Common Stock, Shares Outstanding		5,155,754
Amendment Flag	false
Entity Central Index Key	0001882078
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	true
Entity Ex Transition Period	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-41078
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-1807866
Entity Address, Address Line One	C/O MSQ Ventures
Entity Address, Address Line Two	12 E 49th St
Entity Address, Address Line Three	17th floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017
City Area Code	212
Local Phone Number	845-9945
Entity Interactive Data Current	Yes
Common Stock, par value $0.0001 per share
Document Information Line Items
Trading Symbol	ARIZ
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Security Exchange Name	NASDAQ
Warrants
Document Information Line Items
Trading Symbol	ARIZW
Title of 12(b) Security	Warrants
Security Exchange Name	NASDAQ
Rights
Document Information Line Items
Trading Symbol	ARIZR
Title of 12(b) Security	Rights
Security Exchange Name	NASDAQ
Units, each consisting of one share of common stock, one Right and one Warrant
Document Information Line Items
Trading Symbol	ARIZU
Title of 12(b) Security	Units, each consisting of one share of common stock, one Right and one Warrant
Security Exchange Name	NASDAQ

Unaudited Condensed Balance Sheets - USD ($)	Jun. 30, 2023	Sep. 30, 2022
Current assets:
Cash	$ 158,698	$ 173,789
Prepaid expenses	46,720	16,836
Total current assets	205,418	190,625
Investments held in Trust Account	33,185,036	69,286,800
Total Assets	33,390,454	69,477,425
Current liabilities:
Accounts payable and accrued expenses	283,584	103,063
Interest payable	31,756
Franchise tax payable	13,900	46,800
Income tax payable	45,554	49,057
Exercise tax payable	391,931
Promissory note – Bitfufu	1,930,000
Total current liabilities	2,696,725	198,920
Deferred underwriting fee payable	2,587,500	2,587,500
Total Liabilities	5,284,225	2,786,420
Commitments and Contingencies
Common stock subject to possible redemption, 3,154,365 shares at redemption value of $10.52 and 6,900,000 shares at redemption value of $10.04 per share as of June 30, 2023 and September 30, 2022, respectively	33,185,036	69,286,800
Stockholders’ Deficit
Common stock, $0.0001 par value; 15,000,000 shares authorized; 2,001,389 shares (excluding 3,154,365 shares subject to possible redemption) issued and outstanding	200	200
Additional paid-in capital
Accumulated deficit	(5,079,007)	(2,595,995)
Total Stockholders’ Deficit	(5,078,807)	(2,595,795)
Total Liabilities, Temporary Equity, and Stockholders’ Deficit	$ 33,390,454	$ 69,477,425

Unaudited Condensed Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2023	Sep. 30, 2022
Statement of Financial Position [Abstract]
Common stock subject to possible redemption, shares	3,154,365	6,900,000
Common stock subject to possible redemption, per share (in Dollars per share)	$ 10.52	$ 10.04
Common stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	15,000,000	15,000,000
Common stock, shares issued	2,001,389	2,001,389
Common stock, shares outstanding	2,001,389	2,001,389

Unaudited Condensed Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
Unaudited Condensed Statements of Operations - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
General and administrative expenses	$ 188,542	$ 98,763	$ 517,538	$ 394,578
Franchise tax expenses	9,800	11,700	33,900	87,500
Loss from operations	(198,342)	(110,463)	(551,438)	(482,078)
Other income
Interest earned on investment held in Trust Account	763,986	44,188	1,955,206	51,429
Net income (loss) before income taxes	565,644	(66,275)	1,403,768	(430,649)
Income taxes provision	(159,055)		(403,474)
Net income (loss)	$ 406,589	$ (66,275)	$ 1,000,294	$ (430,649)
Common Stock Subject To Possible Redemption
Other income
Basic weighted average shares outstanding (in Shares)	4,800,798	6,900,000	6,200,266	5,553,846
Basic net income per share (in Dollars per share)	$ 0.1	$ 0.45	$ 0.24	$ 0.6
Nonredeemable Common Stock
Other income
Basic weighted average shares outstanding (in Shares)	2,001,389	2,001,389	2,001,389	1,947,566
Basic net income per share (in Dollars per share)	$ (0.03)	$ (1.6)	$ (0.25)	$ (1.94)

Unaudited Condensed Statements of Operations (Parentheticals) - $ / shares	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Common Stock Subject To Possible Redemption
Diluted weighted average shares outstanding	4,800,798	6,900,000	6,200,266	5,553,846
Diluted net income per share	$ 0.10	$ 0.45	$ 0.24	$ 0.60
Nonredeemable Common Stock
Diluted weighted average shares outstanding	2,001,389	2,001,389	2,001,389	1,947,566
Diluted net income per share	$ (0.03)	$ (1.60)	$ (0.41)	$ (1.94)

Unaudited Condensed Statements of Changes in Stockholders’ Deficit - USD ($)	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Balance at Sep. 30, 2021	$ 172	$ 24,828	$ (490)	$ 24,510
Balance (in Shares) at Sep. 30, 2021	1,725,000
Sale of public units in initial public offering	$ 690	68,999,310		69,000,000
Sale of public units in initial public offering (in Shares)	6,900,000
Sale of private placement units	$ 28	2,763,858		2,763,886
Sale of private placement units (in Shares)	276,389
Sale of unit purchase option to underwriter		100		100
Underwriter commissions		(4,312,500)		(4,312,500)
Offering costs		(425,383)		(425,383)
Reclassification of common stock subject to redemption	$ (690)	(59,614,295)		(59,614,985)
Reclassification of common stock subject to redemption (in Shares)	(6,900,000)
Allocation of offering costs to common stock subject to redemption		4,760,749		4,760,749
Accretion of common stock to redemption value		(12,196,667)	(1,949,097)	(14,145,764)
Net income (loss)			(95,390)	(95,390)
Balance at Dec. 31, 2021	$ 200		(2,044,977)	(2,044,777)
Balance (in Shares) at Dec. 31, 2021	2,001,389
Net income (loss)			(268,984)	(268,984)
Balance at Mar. 31, 2022	$ 200		(2,313,961)	(2,313,761)
Balance (in Shares) at Mar. 31, 2022	2,001,389
Net income (loss)			(66,275)	(66,275)
Balance at Jun. 30, 2022	$ 200		(2,380,236)	(2,380,036)
Balance (in Shares) at Jun. 30, 2022	2,001,389
Balance at Sep. 30, 2022	$ 200		(2,595,995)	(2,595,795)
Balance (in Shares) at Sep. 30, 2022	2,001,389
Additional amount deposited into trust			(690,000)	(690,000)
Accretion of common stock to redemption value			(486,246)	(486,246)
Net income (loss)			187,375	187,375
Balance at Dec. 31, 2022	$ 200		(3,584,866)	(3,584,666)
Balance (in Shares) at Dec. 31, 2022	2,001,389
Additional amount deposited into trust			(690,000)	(690,000)
Reimbursement from Trust for franchise and income taxes			105,836	105,836
Accretion of common stock to redemption value			(704,974)	(704,974)
Net income (loss)			406,328	406,328
Balance at Mar. 31, 2023	$ 200		(4,467,676)	(4,467,476)
Balance (in Shares) at Mar. 31, 2023	2,001,389
Additional amount deposited into trust			(240,000)	(240,000)
Reimbursement from Trust for franchise and income taxes			377,997	377,997
Exercise tax liability			(391,931)	(391,931)
Accretion of common stock to redemption value			(763,986)	(763,986)
Net income (loss)			406,589	406,589
Balance at Jun. 30, 2023	$ 200		$ (5,079,007)	$ (5,078,807)
Balance (in Shares) at Jun. 30, 2023	2,001,389

Unaudited Condensed Statements of Cash Flows - USD ($)	9 Months Ended
Unaudited Condensed Statements of Cash Flows - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ 1,000,294	$ (430,649)
Interest earned on investment held in Trust Account	(1,955,206)	(51,429)
Prepaid expenses	(29,884)	(42,090)
Accounts payable and accrued expenses	180,520	51,010
Interest payable	31,756
Income tax payable	(3,503)
Franchise tax payable	(32,900)	35,100
Net cash used in operating activities	(808,923)	(438,058)
Cash deposited in Trust Account	(1,620,000)
Cash withdrawn from Trust Account to pay taxes	483,832
Cash withdrawn from Trust Account to public stockholder redemptions	39,193,137
Purchase of investment held in Trust Account		(69,000,000)
Net cash provided by (used in) investing activities	38,056,969	(69,000,000)
Proceeds from promissory note to Bitfufu	1,930,000
Proceeds from sale of public units through public offering		69,000,000
Proceeds from sale of private placement units		2,763,886
Proceeds from sale of unit purchase option		100
Repayment of promissory note to related party		(105,000)
Payment of underwriters’ commissions		(1,725,000)
Payment of deferred offering costs		(350,383)
Payment to redeemed public stockholders	(39,193,137)
Net cash provided by (used in) financing activities	(37,263,137)	69,583,603
Net change in cash	(15,091)	145,545
Cash, beginning of the period	173,789	75,000
Cash, end of the period	158,698	264,054
Supplemental Disclosure of Non-cash Financing Activities
Initial classification of common stock subject to redemption		59,614,985
Allocation of offering costs to common stock subject to redemption		4,760,749
Accretion of common stock to redemption value	$ 3,091,374	$ 14,145,764

Organization and Business Operation

9 Months Ended

Jun. 30, 2023

Organization and Business Operation [Abstract]

Organization and Business Operation

Note 1 — Organization and Business Operation

The Company’s sponsor is Arisz Investments LLC (the “Sponsor”), a Delaware limited liability company affiliated with the Company’s Chairman and Chief Executive Officer.

On October 24, 2022, Arisz received $740,000, the first installment of the Loan, from BitFuFu.

On January 20, 2023, Arisz received $740,000, the second installment of the Loan, from BitFuFu.

On April 25, 2023, Arisz received $450,000, the third installment of the Loan, from BitFuFu.

Financing

Concurrently, the Company repaid $105,000 to the Sponsor, under a related party loan evidenced by promissory note issued on August 5, 2021.

Trust Account

Business Combination

Liquidation

Liquidity and Going Concern

Risks and Uncertainties

Inflation Reduction Act of 2022

Significant Accounting Policies

9 Months Ended

Jun. 30, 2023

Significant Accounting Policies [Abstract]

Significant Accounting Policies

Note 2 — Significant Accounting Policies

Basis of Presentation

Emerging Growth Company Status

Use of Estimates

Cash and Cash Equivalents

Investments held in Trust Account

At June 30, 2023, the assets held in the Trust Account were held in money market funds, which are invested in U.S. Treasury securities.

Offering Costs

Warrants

Common Stock Subject to Possible Redemption

Concentration of Credit Risk

Fair Value of Financial Instruments

Net Income (Loss) per Share

The net income (loss) per share presented in the statements of operations is based on the following:

	Three Months Ended June 30,						Nine Months Ended June 30,
	2023			2022			2023			2022
Net income (loss)	$	406,589		$	(66,275	)	$	1,000,294		$	(430,649	)
Accretion of common stock to redemption value⁽¹⁾		(625,990	)		(14,145,764	)		(3,091,374	)		(14,145,764	)
Net loss including accretion of common stock to redemption value	$	(219,401	)	$	(14,212,039	)	$	(2,091,080	)	$	(14,576,413	)

	Three Months Ended June 30, 2023						Three Months Ended June 30, 2022
	Redeemable shares			Non- redeemable shares			Redeemable shares			Non- redeemable shares
Basic and diluted net income/(loss) per share:
Numerator:
Allocation of net income (loss) including accretion of common stock	$	(154,847	)	$	(64,554	)	$	(11,016,604	)	$	(3,195,435	)
Accretion of common stock to redemption value⁽¹⁾		625,990			—			14,145,764			—
Allocation of net income (loss)	$	471,143		$	(64,554	)	$	3,129,160		$	(3,195,435	)

Denominator:
Basic and diluted weighted average shares outstanding		4,800,798			2,001,389			6,900,000			2,001,389
Basic and diluted net income (loss) per share	$	0.10		$	(0.03	)	$	0.45		$	(1.60	)

	Nine Months Ended June 30, 2023						Nine Months Ended June 30, 2022
	Redeemable shares			Non- redeemable shares			Redeemable shares			Non- redeemable shares
Basic and diluted net income/(loss) per share:
Numerator:
Allocation of net income (loss) including accretion of common stock	$	(1,580,809	)	$	(510,271	)	$	(10,791,989	)	$	(3,784,424	)
Accretion of common stock to redemption value⁽¹⁾		3,091,374			—			14,145,764			—
Allocation of net income (loss)	$	1,510,565		$	(510,271	)	$	3,353,775		$	(3,784,424	)

Denominator:
Basic and diluted weighted average shares outstanding		6,200,266			2,001,389			5,553,846			1,947,566
Basic and diluted net income (loss) per share	$	0.24		$	(0.25	)	$	0.60		$	(1.94	)

(1)	Accretion amount includes fees deposited into the Trust Account to extend the time for the Company to complete the Business Combination and franchise and income taxes paid out of the Trust Account.

Income Taxes

The Company has identified the United States and the State of New York as its only “major” tax jurisdictions.

Recent Accounting Standards

Management does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements.

Initial Public Offering

9 Months Ended

Jun. 30, 2023

Initial Public Offering [Abstract]

Initial Public Offering

Note 3 — Initial Public Offering

As of September 30, 2022 and June 30, 2023, the shares of common stock reflected on the balance sheets are reconciled in the following table:

Gross proceeds	$	69,000,000
Less:
Proceeds allocated to Public Warrants		(6,658,289	)
Proceeds allocated to Public Rights		(2,726,727	)
Offering costs of Public Shares		(4,760,749	)
Plus:
Accretion of carrying value to redemption value		14,432,565
Class A Common stock subject to possible redemption – September 30, 2022	$	69,286,800
Plus:
Accretion of carrying value to redemption value – nine months period ended June 30, 2023⁽¹⁾		3,091,374
Redemption of Public Shares		(39,193,137	)
Class A Common stock subject to possible redemption – June 30, 2023	$	33,185,036

(1)

Accretion amount includes fees deposited into the Trust Account to extend the time for the Company to complete the Business Combination and franchise and income taxes paid out of the Trust Account.

Private Placement

9 Months Ended

Jun. 30, 2023

Private Placement [Abstract]

Private Placement

Note 4 — Private Placement

Related Party Transactions

9 Months Ended

Jun. 30, 2023

Related Party Transactions

Note 5 — Related Party Transactions

Insider Shares

Promissory Note — Related Party

Administrative Services Agreement

Commitments and Contingencies Risks and Uncertainties

9 Months Ended

Jun. 30, 2023

Commitments and Contingencies Risks and Uncertainties [Abstract]

Commitments and Contingencies Risks and Uncertainties

Note 6 — Commitments and Contingencies Risks and Uncertainties

Registration Rights

Right of First Refusal

Underwriting Agreement

Unit Purchase Option

Stockholders' Equity

9 Months Ended

Jun. 30, 2023

Stockholders' Equity Note [Abstract]

Stockholders’ Equity

Note 7 — Stockholders’ Equity

The Company may redeem the outstanding warrants:

●

in whole and not in part;

●

at a price of $0.01 per warrant;

●

upon a minimum of 30 days’ prior written notice of redemption, which the Company refers to as the 30-day redemption period;

●

Fair Value Measurements

9 Months Ended

Jun. 30, 2023

Fair Value Measurements [Abstract]

Fair Value Measurements

Note 8 — Fair Value Measurements

	Level 1:	Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

	Level 2:	Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

	Level 3:	Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.

	June 30, 2023		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets
Trust Account - U.S. Treasury Securities Money Market Fund	$	33,185,036	$	33,185,036		—		—

	September 30, 2022		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets
Trust Account - U.S. Treasury Securities Money Market Fund	$	69,286,800	$	69,286,800		—		—

Promissory Note to BitFuFu

9 Months Ended

Jun. 30, 2023

Promissory Note [Abstract]

Promissory Note to BitFuFu

Note 9 — Promissory Note to BitFuFu

As of June 30, 2023, $1,930,000 of the BitFufu Note was outstanding with an accrued interest of approximately $31,756.

Subsequent Events

9 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

Note 10 — Subsequent Events

On July 28, 2023, Arisz and BitFuFu entered into Amendment No. 4 to the Merger Agreement (“Amendment No. 4”) to provide, among other things: (1) that the Outside Date for the completion of the Corporation’s business combination, as defined therein be extended from August 1, 2023 to November 17, 2024 and (2) for an amendment to the loan installment of $360,000 to be extended on each of August 2, 2023, November 2, 2023, February 2, 2024, May 2, 2024 and August 2, 2024 to be used to cover the extension costs, and the remaining balance of each loan installment to be used for working capital. In accordance therewith, on July 28, 2023, Arisz and the Company amended and restated the BitFuFu Note.

Accounting Policies, by Policy (Policies)

9 Months Ended

Jun. 30, 2023

Significant Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

Emerging Growth Company Status

Emerging Growth Company Status

Use of Estimates

Use of Estimates

Cash and Cash Equivalents

Cash and Cash Equivalents

Investments held in Trust Account

Investments held in Trust Account

At June 30, 2023, the assets held in the Trust Account were held in money market funds, which are invested in U.S. Treasury securities.

Offering Costs

Offering Costs

Warrants

Warrants

Common Stock Subject to Possible Redemption

Common Stock Subject to Possible Redemption

Concentration of Credit Risk

Concentration of Credit Risk

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Net Income (Loss) per Share

Net Income (Loss) per Share

The net income (loss) per share presented in the statements of operations is based on the following:

	Three Months Ended June 30,						Nine Months Ended June 30,
	2023			2022			2023			2022
Net income (loss)	$	406,589		$	(66,275	)	$	1,000,294		$	(430,649	)
Accretion of common stock to redemption value⁽¹⁾		(625,990	)		(14,145,764	)		(3,091,374	)		(14,145,764	)
Net loss including accretion of common stock to redemption value	$	(219,401	)	$	(14,212,039	)	$	(2,091,080	)	$	(14,576,413	)

	Three Months Ended June 30, 2023						Three Months Ended June 30, 2022
	Redeemable shares			Non- redeemable shares			Redeemable shares			Non- redeemable shares
Basic and diluted net income/(loss) per share:
Numerator:
Allocation of net income (loss) including accretion of common stock	$	(154,847	)	$	(64,554	)	$	(11,016,604	)	$	(3,195,435	)
Accretion of common stock to redemption value⁽¹⁾		625,990			—			14,145,764			—
Allocation of net income (loss)	$	471,143		$	(64,554	)	$	3,129,160		$	(3,195,435	)

Denominator:
Basic and diluted weighted average shares outstanding		4,800,798			2,001,389			6,900,000			2,001,389
Basic and diluted net income (loss) per share	$	0.10		$	(0.03	)	$	0.45		$	(1.60	)

	Nine Months Ended June 30, 2023						Nine Months Ended June 30, 2022
	Redeemable shares			Non- redeemable shares			Redeemable shares			Non- redeemable shares
Basic and diluted net income/(loss) per share:
Numerator:
Allocation of net income (loss) including accretion of common stock	$	(1,580,809	)	$	(510,271	)	$	(10,791,989	)	$	(3,784,424	)
Accretion of common stock to redemption value⁽¹⁾		3,091,374			—			14,145,764			—
Allocation of net income (loss)	$	1,510,565		$	(510,271	)	$	3,353,775		$	(3,784,424	)

Denominator:
Basic and diluted weighted average shares outstanding		6,200,266			2,001,389			5,553,846			1,947,566
Basic and diluted net income (loss) per share	$	0.24		$	(0.25	)	$	0.60		$	(1.94	)

(1)	Accretion amount includes fees deposited into the Trust Account to extend the time for the Company to complete the Business Combination and franchise and income taxes paid out of the Trust Account.

Income Taxes

Income Taxes

The Company has identified the United States and the State of New York as its only “major” tax jurisdictions.

Recent Accounting Standards

Recent Accounting Standards

Management does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements.

Significant Accounting Policies (Tables)

9 Months Ended

Jun. 30, 2023

Significant Accounting Policies [Abstract]

Schedule of Net Income (Loss) Per Share

The net income (loss) per share presented in the statements of operations is based on the following:

	Three Months Ended June 30,						Nine Months Ended June 30,
	2023			2022			2023			2022
Net income (loss)	$	406,589		$	(66,275	)	$	1,000,294		$	(430,649	)
Accretion of common stock to redemption value⁽¹⁾		(625,990	)		(14,145,764	)		(3,091,374	)		(14,145,764	)
Net loss including accretion of common stock to redemption value	$	(219,401	)	$	(14,212,039	)	$	(2,091,080	)	$	(14,576,413	)

(1)	Accretion amount includes fees deposited into the Trust Account to extend the time for the Company to complete the Business Combination and franchise and income taxes paid out of the Trust Account.

Schedule of Net Income (Loss) Per Share

The net income (loss) per share presented in the statements of operations is based on the following:

	Three Months Ended June 30, 2023						Three Months Ended June 30, 2022
	Redeemable shares			Non- redeemable shares			Redeemable shares			Non- redeemable shares
Basic and diluted net income/(loss) per share:
Numerator:
Allocation of net income (loss) including accretion of common stock	$	(154,847	)	$	(64,554	)	$	(11,016,604	)	$	(3,195,435	)
Accretion of common stock to redemption value⁽¹⁾		625,990			—			14,145,764			—
Allocation of net income (loss)	$	471,143		$	(64,554	)	$	3,129,160		$	(3,195,435	)

Denominator:
Basic and diluted weighted average shares outstanding		4,800,798			2,001,389			6,900,000			2,001,389
Basic and diluted net income (loss) per share	$	0.10		$	(0.03	)	$	0.45		$	(1.60	)

	Nine Months Ended June 30, 2023						Nine Months Ended June 30, 2022
	Redeemable shares			Non- redeemable shares			Redeemable shares			Non- redeemable shares
Basic and diluted net income/(loss) per share:
Numerator:
Allocation of net income (loss) including accretion of common stock	$	(1,580,809	)	$	(510,271	)	$	(10,791,989	)	$	(3,784,424	)
Accretion of common stock to redemption value⁽¹⁾		3,091,374			—			14,145,764			—
Allocation of net income (loss)	$	1,510,565		$	(510,271	)	$	3,353,775		$	(3,784,424	)

Denominator:
Basic and diluted weighted average shares outstanding		6,200,266			2,001,389			5,553,846			1,947,566
Basic and diluted net income (loss) per share	$	0.24		$	(0.25	)	$	0.60		$	(1.94	)

(1)	Accretion amount includes fees deposited into the Trust Account to extend the time for the Company to complete the Business Combination and franchise and income taxes paid out of the Trust Account.

Initial Public Offering (Tables)

9 Months Ended

Jun. 30, 2023

Initial Public Offering [Abstract]

Schedule of Common Stock Reflected on the Balance Sheets

As of September 30, 2022 and June 30, 2023, the shares of common stock reflected on the balance sheets are reconciled in the following table:

Gross proceeds	$	69,000,000
Less:
Proceeds allocated to Public Warrants		(6,658,289	)
Proceeds allocated to Public Rights		(2,726,727	)
Offering costs of Public Shares		(4,760,749	)
Plus:
Accretion of carrying value to redemption value		14,432,565
Class A Common stock subject to possible redemption – September 30, 2022	$	69,286,800
Plus:
Accretion of carrying value to redemption value – nine months period ended June 30, 2023⁽¹⁾		3,091,374
Redemption of Public Shares		(39,193,137	)
Class A Common stock subject to possible redemption – June 30, 2023	$	33,185,036

(1)

Accretion amount includes fees deposited into the Trust Account to extend the time for the Company to complete the Business Combination and franchise and income taxes paid out of the Trust Account.

Fair Value Measurements (Tables)

9 Months Ended

Jun. 30, 2023

Fair Value Measurements [Abstract]

Schedule of Fair Value on A Recurring Basis

	June 30, 2023		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets
Trust Account - U.S. Treasury Securities Money Market Fund	$	33,185,036	$	33,185,036		—		—

	September 30, 2022		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets
Trust Account - U.S. Treasury Securities Money Market Fund	$	69,286,800	$	69,286,800		—		—

Organization and Business Operation (Details) - USD ($)											1 Months Ended				9 Months Ended
Organization and Business Operation (Details) - USD ($)	Aug. 02, 2023	May 11, 2023	Apr. 26, 2023	Jan. 26, 2023	Nov. 09, 2022	Oct. 26, 2022	Oct. 24, 2022	Nov. 24, 2021	Nov. 22, 2021	Aug. 05, 2021	Jan. 20, 2023	Jul. 30, 2022	Jun. 30, 2022	May 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Aug. 22, 2023	Jul. 19, 2023	Jun. 20, 2023	May 22, 2023	May 17, 2023	Apr. 25, 2023	Apr. 24, 2023	Feb. 09, 2023	Oct. 13, 2022	Oct. 10, 2022	Sep. 30, 2022	Jul. 14, 2022	Oct. 29, 2021
Initial Public Offering [Abstract]
Subscribe amount																									$ 2,000,000			$ 1,250,000
Common stock par value (in Dollars per share)															$ 0.0001												$ 0.0001
Installments amount			$ 6	$ 4		$ 740,000	$ 740,000				$ 740,000
Interest rate																										3.50%
Investment Company, Redemption Fee, Per Share (in Dollars per share)															$ 10
Deposited trust account					$ 690,000										$ 33,185,036		$ 120,000	$ 120,000	$ 120,000					$ 690,000			$ 69,286,800
Redeemable common stock per share (in Dollars per share)																								$ 0.1					$ 0.014
Trust account															$ 120,000
Loan amount																							$ 450,000
Loan installment																						$ 450,000
Contributes to Trust Account		$ 120,000
Sponsor deposit amount																				$ 120,000
Common stock redemption (in Shares)															3,745,635
Share price															$ 39,180,000
Price per share (in Dollars per share)															$ 10.46											$ 10
Common stock outstanding (in Shares)															5,155,754
Stock value outstanding amount															$ 33,020,000.00
Aggregate trust account deposited amount												$ 120,000	$ 120,000	$ 120,000	3,091,374	$ 14,145,764
Related party loan										$ 105,000					1,930,000
Underwriting fees															1,725,000
Other offering costs															$ 1,275,233
Fair market value, percentage															80.00%
Income earned, percentage															80.00%
Trust account balance, percentage															80.00%
Business combination, description															If the Company is no longer listed on NASDAQ, it will not be required to satisfy the 80% test.
Net tangible assets															$ 5,000,001
Per share value of the assets (in Dollars per share)															$ 10
Cash															$ 158,698												$ 173,789
Working capital															$ 2,431,853
Redeemable common stock price (in Dollars per share)					$ 0.1
Excise tax															1.00%
Exercise tax liability															$ 391,931
Maximum [Member]
Initial Public Offering [Abstract]
Loan amount																							2,220,000
Minimum [Member]
Initial Public Offering [Abstract]
Loan amount																							$ 1,930,000
U.S. federal [Member]
Initial Public Offering [Abstract]
Excise tax															1.00%
BitFuFu [Member]
Initial Public Offering [Abstract]
Loan amount																										$ 2,220,000
Shares issued (in Shares)																										400,000
IPO [Member]
Initial Public Offering [Abstract]
Shares issued (in Shares)									6,000,000
Offering price per share (in Dollars per share)									$ 10
Generating gross proceeds									$ 60,000,000
Over-Allotment Option [Member]
Initial Public Offering [Abstract]
Price per share (in Dollars per share)															$ 10
Shares issued (in Shares)								900,000							900,000
Offering price per share (in Dollars per share)								$ 10
Generating gross proceeds								$ 9,000,000
Additional private units															$ 69,000,000
Private Units [Member]
Initial Public Offering [Abstract]
Shares issued (in Shares)								22,500
Offering price per share (in Dollars per share)								$ 10
Generating gross proceeds								$ 225,000
Public Shares [Member]
Initial Public Offering [Abstract]
Price per share (in Dollars per share)															$ 10
Aggregate share, percentage															20.00%
Class A Ordinary Shares [Member]
Initial Public Offering [Abstract]
Common stock par value (in Dollars per share)																												$ 0.0001
Subsequent Event [Member]
Initial Public Offering [Abstract]
Deposited trust account																		$ 120,000
Loan installment amount	$ 360,000
Business Combination [Member]
Initial Public Offering [Abstract]
Deposited trust account																					$ 120,000
Transaction costs															$ 5,587,733
Deferred underwriting fees															$ 2,587,500
Public per share (in Dollars per share)															$ 10
Aggregate share, percentage															100.00%
Arisz [Member]
Initial Public Offering [Abstract]
Deposited trust account					$ 690,000
Redeemable common stock per share (in Dollars per share)					$ 0.1
Sponsor and Chardan Capital Markets LLC [Member]
Initial Public Offering [Abstract]
Shares issued (in Shares)															253,889
Offering price per share (in Dollars per share)															$ 10
Generating gross proceeds															$ 2,538,886

Significant Accounting Policies (Details) - USD ($)	9 Months Ended
Significant Accounting Policies (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022
Initial Public Offering [Abstract]
Cash (in Dollars)	$ 158,698		$ 173,789
Temporary equity, par value (in Dollars per share)	$ 10.52
Effective tax rate	28.74%	0.00%
Statutory tax rate	21.00%	21.00%
Initial Public Offering [Member]
Initial Public Offering [Abstract]
Offering costs (in Dollars)	$ 5,587,733

Significant Accounting Policies (Details) - Schedule of Net Income (Loss) Per Share - USD ($)

3 Months Ended

9 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Schedule of Net Income Loss Per Share [Abstract]

Net income (loss)

$ 406,589

$ (66,275)

$ 1,000,294

$ (430,649)

Accretion of common stock to redemption value

^[1]

(625,990)

(14,145,764)

(3,091,374)

(14,145,764)

Net loss including accretion of common stock to redemption value

$ (219,401)

$ (14,212,039)

$ (2,091,080)

$ (14,576,413)

[1]	Accretion amount includes fees deposited into the Trust Account to extend the time for the Company to complete the Business Combination and franchise and income taxes paid out of the Trust Account.

Significant Accounting Policies (Details) - Schedule of Net Income (Loss) Per Share - USD ($)

3 Months Ended

9 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Redeemable Shares [Member]

Numerator:

Allocation of net income (loss) including accretion of common stock

$ (154,847)

$ (11,016,604)

$ (1,580,809)

$ (10,791,989)

Accretion of common stock to redemption value

^[1]

625,990

14,145,764

3,091,374

14,145,764

Allocation of net income (loss)

$ 471,143

$ 3,129,160

$ 1,510,565

$ 3,353,775

Denominator:

Basic weighted average shares outstanding (in Shares)

4,800,798

6,900,000

6,200,266

5,553,846

Basic net income (loss) per share (in Dollars per share)

$ 0.1

$ 0.45

$ 0.24

$ 0.6

Non- Redeemable Shares [Member]

Numerator:

Allocation of net income (loss) including accretion of common stock

$ (64,554)

$ (3,195,435)

$ (510,271)

$ (3,784,424)

Accretion of common stock to redemption value

^[1]

Allocation of net income (loss)

$ (64,554)

$ (3,195,435)

$ (510,271)

$ (3,784,424)

Denominator:

Basic weighted average shares outstanding (in Shares)

2,001,389

1,947,566

Basic net income (loss) per share (in Dollars per share)

$ (0.03)

$ (1.6)

$ (0.25)

$ (1.94)

[1]	Accretion amount includes fees deposited into the Trust Account to extend the time for the Company to complete the Business Combination and franchise and income taxes paid out of the Trust Account.

Significant Accounting Policies (Details) - Schedule of Net Income (Loss) Per Share (Parentheticals) - $ / shares	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Redeemable Shares [Member]
Significant Accounting Policies (Details) - Schedule of Net Income (Loss) Per Share (Parentheticals) [Line Items]
Diluted weighted average shares outstanding	4,800,798	6,900,000	6,200,266	5,553,846
Diluted net income/(loss) per share	$ 0.10	$ 0.45	$ 0.24	$ 0.60
Non- Redeemable Shares [Member]
Significant Accounting Policies (Details) - Schedule of Net Income (Loss) Per Share (Parentheticals) [Line Items]
Diluted weighted average shares outstanding	2,001,389	2,001,389	2,001,389	1,947,566
Diluted net income/(loss) per share	$ (0.03)	$ (1.60)	$ (0.25)	$ (1.94)

Initial Public Offering (Details) - USD ($)			9 Months Ended
Initial Public Offering (Details) - USD ($)	Nov. 24, 2021	Nov. 22, 2021	Jun. 30, 2023
IPO [Member]
Initial Public Offering (Details) [Line Items]
Number of units issued in transaction		6,000,000
Price per share (in Dollars per share)		$ 10
Generating gross proceeds (in Dollars)		$ 60,000,000
Public units, description	Each Public Right will convert into one-twentieth (1/20) of one share of common stock upon the consummation of a Business Combination. Each whole Public Warrant entitles the holder to purchase three-fourths (3/4) of one share of common stock at a price of $11.50 per whole share, subject to adjustment.
Public Shares sold			6,900,000
Over-Allotment Option [Member]
Initial Public Offering (Details) [Line Items]
Price per share (in Dollars per share)	$ 10
Generating gross proceeds (in Dollars)	$ 9,000,000
Additional Units		900,000
Purchases units	900,000

Initial Public Offering (Details) - Schedule of Common Stock Reflected on the Balance Sheets - USD ($)

9 Months Ended

12 Months Ended

Jun. 30, 2023

Sep. 30, 2022

Schedule Of Common Stock Reflected On The Balance Sheets Abstract

Gross proceeds

$ 69,000,000

Less:

Proceeds allocated to Public Warrants

(6,658,289)

Proceeds allocated to Public Rights

(2,726,727)

Offering costs of Public Shares

(4,760,749)

Plus:

Accretion of carrying value to redemption value

$ 3,091,374

^[1]

14,432,565

Redemption of Public Shares

(39,193,137)

Class A Common stock subject to possible redemption

$ 33,185,036

$ 69,286,800

[1]	Accretion amount includes fees deposited into the Trust Account to extend the time for the Company to complete the Business Combination and franchise and income taxes paid out of the Trust Account.

Private Placement (Details) - USD ($)	1 Months Ended	9 Months Ended
Private Placement (Details) - USD ($)	Nov. 24, 2021	Jun. 30, 2023
Private Placement [Member]
Private Placement (Details) [Line Items]
Aggregate purchase shares		253,889
Price per share		$ 10
Aggregate purchase price		$ 2,538,886
Sponsor and Chardan [Member]
Private Placement (Details) [Line Items]
Aggregate purchase shares	22,500
Price per share	$ 10
Total proceeds	$ 225,000

Related Party Transactions (Details) - USD ($)		1 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
Related Party Transactions (Details) - USD ($)	Aug. 05, 2021	Oct. 29, 2021	Jun. 30, 2023	Jun. 30, 2023	Sep. 30, 2022
Initial Public Offering [Abstract]
Percentage of insider shares				50.00%
Common stock of closing price per share (in Dollars per share)				$ 12.5
Administrative services agreement				$ 10,000
Accrued expenses			$ 30,000	90,000
Service fees				$ 190,000	$ 100,000
Initial Public Offering [Member]
Initial Public Offering [Abstract]
Percentage of initial stockholders issued		20.00%
Aggregate amount	$ 300,000
Outstanding balance	$ 105,000
Insider Shares [Member]
Initial Public Offering [Abstract]
Common stock shares issued (in Shares)	1,437,500
Aggregated consideration price	$ 25,000
Aggregate insider shares (in Shares)		1,725,000
Aggregate per share (in Dollars per share)		$ 0.014
Insider shares subject to forfeiture (in Shares)		225,000
Percentage of insider shares				50.00%

Commitments and Contingencies Risks and Uncertainties (Details)	9 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares
Initial Public Offering [Abstract]
Percentage of least economics	30.00%
Gross proceeds	$ 1,725,000
Percentage of gross proceeds	0.75%
Cash payments	$ 100
Over-Allotment Option [Member]
Initial Public Offering [Abstract]
Purchase additional units (in Shares) \| shares	900,000
Additional gross proceeds	$ 2,587,500
Share units (in Shares) \| shares	115,000
Aggregate exercise price	$ 1,322,500
IPO [Member]
Initial Public Offering [Abstract]
Underwriting discount percentage	2.50%
Percentage of deferred fee	3.75%
Price per share (in Dollars per share) \| $ / shares	$ 10
Unit Purchase Option [Member]
Initial Public Offering [Abstract]
Share exercise price (in Dollars per share) \| $ / shares	$ 11.5
Chardan [Member] \| Unit Purchase Option [Member]
Initial Public Offering [Abstract]
Unit sold	$ 100

Stockholders' Equity (Details) - $ / shares	1 Months Ended	9 Months Ended
Stockholders' Equity (Details) - $ / shares	Oct. 29, 2021	Jun. 30, 2023	Feb. 09, 2023	Sep. 30, 2022
Stockholders' Equity (Details) [Line Items]
Common stock shares, par value		$ 0.0001		$ 0.0001
Common stock voting rights		Holders of the common stock are entitled to one vote for each share.
Aggregate of insider shares (in Shares)	1,725,000
Insider per share	$ 0.014		$ 0.1
Common stock subject to possible redemption (in Shares)		3,154,365
Outstanding warrants, description		●in whole and not in part; ●at a price of $0.01 per warrant; ●upon a minimum of 30 days’ prior written notice of redemption, which the Company refers to as the 30-day redemption period; ●if, and only if, the last reported sale price of the Company’s common stock equals or exceeds $16.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the to the warrant holders.
Warrant [Member]
Stockholders' Equity (Details) [Line Items]
Common stock price per share		$ 11.5
Effective issue price		$ 9.5
Aggregate gross proceeds, percentage		60.00%
Price per share		$ 9.5
Market Price percentage		115.00%
Redemption trigger price		$ 16.5
Market value percentage		165.00%
Common Stock [Member]
Stockholders' Equity (Details) [Line Items]
Common stock, shares authorized (in Shares)		15,000,000
Common stock shares, par value		$ 0.0001
Common stock split, description	the Company effected a 1.2-for-1.0 stock split of common stock
Common Stock [Member]
Stockholders' Equity (Details) [Line Items]
Common stock share issued (in Shares)		2,001,389

Fair Value Measurements (Details) - Schedule of Fair Value on A Recurring Basis - USD ($)	Jun. 30, 2023	Sep. 30, 2022
Assets
Trust Account - U.S. Treasury Securities Money Market Fund	$ 33,185,036	$ 69,286,800
Quoted Prices in Active Markets (Level 1) [Member]
Assets
Trust Account - U.S. Treasury Securities Money Market Fund	33,185,036	69,286,800
Significant Other Observable Inputs (Level 2) [Member]
Assets
Trust Account - U.S. Treasury Securities Money Market Fund
Significant Other Unobservable Inputs (Level 3) [Member]
Assets
Trust Account - U.S. Treasury Securities Money Market Fund

Promissory Note to BitFuFu (Details) - USD ($)		1 Months Ended		9 Months Ended
Promissory Note to BitFuFu (Details) - USD ($)	Oct. 10, 2022	Jul. 28, 2023	Apr. 24, 2022	Jun. 30, 2023
Promissory Note to BitFuFu (Details) [Line Items]
Aggregate amount	$ 2,220,000
Percentage of interest rate	3.50%
Due date	Oct. 26, 2023
Price per share (in Dollars per share)	$ 10			$ 10.46
Loan amount			$ 2,220,000
Funding loan			$ 1,930,000
Outstanding amount				$ 1,930,000
Accrued interest				$ 31,756
Minimum [Member] \| Subsequent Event [Member]
Promissory Note to BitFuFu (Details) [Line Items]
Loan payable amount		$ 1,930,000
Maximum [Member] \| Subsequent Event [Member]
Promissory Note to BitFuFu (Details) [Line Items]
Loan payable amount		$ 4,180,000

Subsequent Events (Details) - Subsequent Event [Member] - USD ($)	Aug. 02, 2023	Jul. 19, 2023
Subsequent Events (Details) [Line Items]
Trust account		$ 120,000
Loan installment amount	$ 360,000

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