Table of Contents
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xbrli:pure utr:Month iso4217:USD xbrli:shares
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM
10-Q
 
 
(Mark One)
☒
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 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
001-41219
 
 
CSLM ACQUISITION CORP.
(Exact name of registrant as specified in its charter)
 
 
 
Cayman Islands
  
98-1602789
(State or other jurisdiction of
  
(IRS Employer
incorporation or organization)
  
Identification No.)
2400 E. Commercial Boulevard,
Suite 900
Ft. Lauderdale, Florida 33308
(Address of principal executive offices and zip code)
(954)
315-9381
(Registrant’s telephone number, including area code)
Consilium Acquisition Corp I Ltd.
(Former name, former address and former fiscal year, if changed since last report)
 
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
  
Trading
Symbol(s)
  
Name of each exchange
on which registered
Units, each consisting of one Class A ordinary
share, one right and
one-half
of one redeemable warrant
   CSLMU   The Nasdaq Stock Market LLC
Class A ordinary shares, par value $0.0001 per share
   CSLM   The Nasdaq Stock Market LLC
Redeemable warrants, each whole warrant
exercisable for one Class A ordinary share at an exercise price of $11.50
   CSLMW   The Nasdaq Stock Market LLC
Rights to acquire
one-tenth
of one Class A ordinary share
   CSLMR   The Nasdaq Stock Market LLC
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 Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(Section 232.405 of this chapter) during the preceding 12 months (or 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 the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule
12b-2
of the Exchange Act:
 
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  ☐
The aggregate market value of the Registrant’s Class A ordinary shares outstanding, other than shares held by persons who may be deemed affiliates of the Registrant, as of November 10, 2023 was approximately $102,581,790. As of November 14, 2023, there were 9,515,936 of the Registrant’s Class A ordinary shares and 1 of the Registrant’s Class B ordinary shares, par value $0.0001 per share, issued and outstanding.
 
 
 

Table of Contents

CSLM ACQUISITION CORP.

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

TABLE OF CONTENTS

 

PART I — FINANCIAL INFORMATION

     1  

Item 1.

   Interim Financial Statements      1  
  Condensed Balance Sheets as of September 30, 2023 (unaudited) and December 31, 2022      1  
  Condensed Statements of Operations for the three and nine months ended September 30, 2023 and 2022 (unaudited)      2  
  Condensed Statements of Changes in Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit for the three and nine months ended September 30, 2023 and 2022 (unaudited)      3  
  Condensed Statements of Cash Flows for the nine months ended September 30, 2023 and 2022 (unaudited)      4  
  Notes to Condensed Financial Statements (Unaudited)      5  

Item 2.

   Management’s Discussion and Analysis of Financial Condition and Results of Operations      18  

Item 3.

   Quantitative and Qualitative Disclosures About Market Risk      20  

Item 4.

   Controls and Procedures      21  

PART II — OTHER INFORMATION

     21  

Item 1.

   Legal Proceedings      21  

Item 1A.

   Risk Factors      21  

Item 2.

   Unregistered Sales of Equity Securities and Use Of Proceeds      21  

Item 3.

   Defaults Upon Senior Securities      22  

Item 4.

   Mine Safety Disclosures      22  

Item 5.

   Other Information      22  

Item 6.

   Exhibits      22  

SIGNATURES

     23  

 

i

Table of Contents
PART I — FINANCIAL INFORMATION
Item 1. Interim Financial Statements
CSLM ACQUISITION CORP.
CONDENSED BALANCE SHEETS
 
    
September 30,

2023

(unaudited)
    
December 31,

2022
  
              
Assets:
     
Current assets:
     
Cash
    $ 64,500     $ 224,474  
Prepaid expenses
      157,934       494,844  
Due from related party
      28,462       28,462  
Marketable securities held in Trust Account
      51,085,939       194,767,885  
  
 
 
    
 
 
  
Total Assets
    $ 51,336,835     $ 195,515,665  
  
 
 
    
 
 
  
Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit
     
Current liabilities:
     
Accounts payable
    $ 15,764     $ 8,185  
Accrued expenses
      402,580       307,966  
Accrued offering costs
      —        279,678  
Promissory note – related party
      900,000       —   
Accrued interest - related party
      15,210       —   
Deferred underwriting commissions
      6,641,250       6,641,250  
  
 
 
    
 
 
  
Total Liabilities
      7,974,804       7,237,079  
Commitments and Contingencies (Note 7)
     
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized, 4,772,187 and 18,975,000 shares subject to redemption as of September 30, 2023 and December 31, 2022, respectively
      51,085,939       194,767,885  
Shareholders’ Deficit:
     
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding
      —        —   
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 4,743,749 and none issued and outstanding, excluding 4,772,187 and 18,975,000 subject to possible redemption as of September 30, 2023 and December 31, 2022, respectively
      474       —   
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 1 and 4,743,750 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively
      0       474  
Additional
paid-in
capital
      —        —   
Accumulated deficit
      (7,724,382 )      (6,489,773 ) 
  
 
 
    
 
 
  
Total Shareholders’ Deficit
      (7,723,908 )      (6,489,299 ) 
  
 
 
    
 
 
  
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit
    $ 51,336,835     $ 195,515,665  
  
 
 
    
 
 
  
The accompanying notes are an integral part of the unaudited condensed financial statements.
 
1
CSLM ACQUISITION CORP.
CONDENSED STATEMENTS OF OPERATIONS
(unaudited)
 

 
  
For the Three Months Ended
September 30,
 
 
For the Nine Months Ended
September 30,
 
 
  
2023
 
 
2022
 
 
2023
 
 
2022
 
Insurance expense
    $ 120,419     $ 120,419     $ 357,331     $ 341,624  
Dues and subscriptions
      83,504       12,218       224,444       133,706  
Legal and accounting expenses
      99,540       54,123       426,072       343,314  
Bank fees, general and administrative expenses
      8,901       7,754       16,762       28,444  
    
 
 
    
 
 
    
 
 
    
 
 
  
Operating expenses
      312,364       194,514       1,024,609       847,088  
    
 
 
    
 
 
    
 
 
    
 
 
  
Loss from operations
      (312,364 )      (194,514 )      (1,024,609 )      (847,088 ) 
    
 
 
    
 
 
    
 
 
    
 
 
  
Other income:
                                 
Realized gain on marketable securities held in Trust Account
      —        1,013,450       2,538,270       1,366,301  
Dividends on marketable securities held in Trust Account
      1,170,072       —        3,055,971       —   
    
 
 
    
 
 
    
 
 
    
 
 
  
Total other income, net
      1,170,072       1,013,450       5,594,241       1,366,301  
    
 
 
    
 
 
    
 
 
    
 
 
  
Net income
    $ 857,708     $ 818,936     $ 4,569,632     $ 519,213  
    
 
 
    
 
 
    
 
 
    
 
 
  
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject
to possible redemption
      8,786,025       18,975,000       15,541,353       17,793,407  
Basic and diluted net income (loss) per share, Class A ordinary shares stock subject to redemption
    $ 0.12     $ 0.05     $ 0.32     $ 0.39  
Basic and diluted weighted average shares outstanding,
non-redeemable
Class A
ordinary shares
      4,073,437       4,743,750       1,372,733       4,743,750  
Basic and diluted net loss (income) per share, non-redeemable Class A ordinary shares
    $ (0.05 )    $ (0.01 )    $ (0.15 )    $ 1.34  
Basic and diluted weighted average shares outstanding, non-redeemable Class B
ordinary shares
      670,313       —         3,371,017       —    
Basic and diluted net loss (income) per share, non-redeemable Class B ordinary shares
    $ (0.02 )    $ —       $ (0.05 )    $ —    
The accompanying notes are an integral part of the unaudited condensed financial statements.
 
2
CSLM ACQUISITION CORP.
CONDENSED STATEMENTS OF CHANGES IN CLASS A ORDINARY SHARES
SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS’ DEFICIT
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023
 
    
Class A

Temporary Shares
    
Class A

Ordinary Shares
     
Class B

Ordinary Shares
    
Additional

Paid-in

Capital
     
Accumulated

Deficit
    
Total

Shareholders’

Deficit
  
    
Shares
    
Amount
    
Shares
     
Amount
     
Shares
    
Amount
  
Balance as of January 1, 2023
   
 
18,975,000
 
  
$
194,767,885
 
  
 
— 
 
   
$
— 
 
   
 
4,743,750
 
  
$
474
 
  
$
— 
 
   
$
(6,489,773
) 
  
$
(6,489,299
) 
Remeasurement of Class A ordinary shares subject to redemption
      —        2,105,252       —         —         —        —        —         (2,105,252 )      (2,105,252 ) 
Net income
      —        —        —         —         —        —        —         1,618,630       1,618,630  
  
 
 
    
 
 
    
 
 
     
 
 
     
 
 
    
 
 
    
 
 
     
 
 
    
 
 
  
Balance as of March 31, 2023 (unaudited)
   
 
18,975,000
 
  
 
196,873,137
 
  
 
— 
 
   
 
— 
 
   
 
4,743,750
 
  
 
474
 
  
$
— 
 
   
 
(6,976,395
) 
  
 
(6,975,921
) 
Remeasurement of Class A ordinary shares subject to redemption
      —        2,318,917       —         —         —        —        —         (2,318,917 )      (2,318,917 ) 
Net income
      —        —        —         —         —        —        —         2,093,294       2,093,294  
  
 
 
    
 
 
    
 
 
     
 
 
     
 
 
    
 
 
    
 
 
     
 
 
    
 
 
  
Balance – June 30, 2023 (unaudited)
   
 
18,975,000
 
  
 
199,192,054
 
  
 
— 
 
   
 
— 
 
   
 
4,743,750
 
  
 
474
 
  
 
— 
 
   
 
(7,202,018
) 
  
 
(7,201,544
) 
Redemption of Class A ordinary shares
      (14,202,813 )      (149,486,187 )      —         —         —        —        —         —        —   
Conversion of Sponsor Class B ordinary shares to Class A ordinary shares
      —        —        4,743,749        474        (4,743,749 )      (474 )      —         —        —   
Remeasurement of Class A ordinary shares subject to redemption
      —        1,380,072       —         —         —        —        —         (1,380,072 )      (1,380,072 ) 
Net income
      —        —        —         —         —        —        —         857,708       857,708  
  
 
 
    
 
 
    
 
 
     
 
 
     
 
 
    
 
 
    
 
 
     
 
 
    
 
 
  
Balance –September 30, 2023 (unaudited)
   
 
4,772,187
 
  
$
51,085,939
 
  
 
4,743,749
 
   
$
474
 
   
 
1
 
  
$
0
 
  
$
 
   
$
(7,724,382
) 
  
$
(7,723,908
) 
  
 
 
    
 
 
    
 
 
     
 
 
     
 
 
    
 
 
    
 
 
     
 
 
    
 
 
  
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2022
 
    
Class A

Temporary Equity
     
Class A

Ordinary Shares
     
Class B

Ordinary Shares
     
Additional
Paid-in

Capital
    
Accumulated

Deficit
    
Total
Shareholders’

Deficit
  
    
Shares
     
Amount
     
Shares
     
Amount
     
Shares
     
Amount
  
Balance as of January 1, 2022
   
 
— 
 
   
$
— 
 
   
 
— 
 
   
$
— 
 
   
 
4,743,750
 
   
$
474
 
   
$
24,526
 
  
$
(49,154
) 
  
$
(24,154
) 
Issuance of Class A ordinary shares in IPO
      18,975,000        160,830,445        —         —         —         —         17,472,540       —        17,472,540  
Sale of private placement warrants
      —         —         —         —         —         —         7,942,500       —        7,942,500  
Remeasurement of Class A ordinary shares subject to redemption
      —         30,876,700        —         —         —         —         (25,439,566 )      (5,437,134 )      (30,876,700 ) 
Net loss
      —         —         —         —         —         —         —        (184,774 )      (184,774 ) 
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
Balance as of March 31, 2022 (unaudited)
   
 
18,975,000
 
   
 
191,707,145
 
   
 
— 
 
   
 
— 
 
   
 
4,743,750
 
   
 
474
 
   
$
— 
 
  
 
(5,671,062
) 
  
 
(5,670,588
) 
Remeasurement of Class A ordinary shares subject to redemption
      —         293,206        —         —         —         —         —        (293,206 )      (293,206 ) 
Net loss
      —         —         —         —         —         —         —        (114,949 )      (114,949 ) 
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
Balance as of June 30, 2022 (unaudited)
   
 
18,975,000
 
   
 
192,000,351
 
   
 
— 
 
   
 
— 
 
   
 
4,743,750
 
   
 
474
 
   
 
— 
 
  
 
(6,079,217
) 
  
 
(6,078,743
) 
Remeasurement of Class A ordinary shares subject to redemption
      —         1,013,450        —         —         —         —         —        (1,013,450 )      (1,013,450 ) 
Net loss
      —         —         —         —         —         —         —        818,936       818,936  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
Balance as of September 30, 2022 (unaudited)
   
 
18,975,000
 
   
$
193,013,801
 
   
 
— 
 
   
$
— 
 
   
 
4,743,750
 
   
$
474
 
   
$
— 
 
  
$
(6,273,731
) 
  
$
(6,273,257
) 
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
The accompanying notes are an integral part of the unaudited condensed financial statements.
 
3
CSLM ACQUISITION CORP.
CONDENSED STATEMENTS OF CASH FLOWS
(unaudited)
 
    
For the Nine Months Ended
  
    
September 30,
  
    
2023
    
2022
  
Cash Flows from Operating Activities:
     
Net income
    $ 4,569,632     $ 519,213  
Adjustments to reconcile net income (loss) to net cash used in operating activities:
     
Insurance expense amortization
      —        341,624  
Dues and subscriptions expense amortization
      —        48,848  
Realized gains on marketable securities held in Trust Account
      (2,538,270 )      (1,366,301 ) 
Accrued dividends on marketable securities held in Trust Account
      (217,803 )      —   
Changes in current assets and current liabilities:
     
Prepaid expense
      336,910       (1,007,000 ) 
Accounts payable
      7,579       1,547  
Accrued expenses
      94,614       223,460  
Accrued interest - related party
      15,210       —   
Accrued offering costs
      (279,678 )      (410,948 ) 
  
 
 
    
 
 
  
Net cash provided by (used) in operating activities
      1,988,194       (1,649,557 ) 
  
 
 
    
 
 
  
Cash Flows from Investing Activities:
     
Purchase of treasury and other marketable securities
      (395,435,168 )      (575,475,500 ) 
Proceeds from redemption of treasury securities
      541,873,187       383,828,000  
  
 
 
    
 
 
  
Net cash provided by (used) in investing activities
      146,438,019       (191,647,500 ) 
  
 
 
    
 
 
  
Cash Flows from Financing Activities:
     
Proceeds from issuance of Class A ordinary shares
      —        189,750,000  
Proceeds from sale of private placement warrants
      —        7,942,500  
Payment of underwriting fee
      —        (3,795,000 ) 
Proceeds from promissory note – related party
      900,000       (206,313 ) 
Payment of redemptions to Class A ordinary shareholders
      (149,486,187 )    — 
Due from related party
      —        25,000  
Reduction of deferred offering costs
      —        (138,826 ) 
  
 
 
    
 
 
  
Net cash (used in) provided by financing activities
      (148,586,187 )      193,577,362  
  
 
 
    
 
 
  
Net Change in Cash
      (159,974 )      280,305  
Cash – Beginning of the period
      224,474       20  
  
 
 
    
 
 
  
Cash – End of the period
    $ 64,500     $ 280,325  
  
 
 
    
 
 
  
Supplemental Disclosure of
Non-cash
Financing Activities:
     
Remeasurement of Class A ordinary shares subject to possible redemption
    $ 5,804,241     $ 32,183,356  
Deferred underwriter fee payable
    $ —      $ 6,641,250  
Deferred offering costs included in accrued offering costs
    $ (279,678 )    $ 279,678  
The accompanying notes are an integral part of the unaudited condensed financial statements.
 
4
CSLM ACQUISITION CORP.
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
SEPTEMBER 30, 2023
NOTE 1 — ORGANIZATION AND BUSINESS BACKGROUND
Organization and General
CSLM ACQUISITION CORP.(the “Company”) is a blank check company incorporated in the Cayman Islands as an exempted company on April 13, 2021. The Company was incorporated for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses that the Company has not yet identified (“Business Combination”).
The Company is not limited to a particular industry or geographic location for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.
As of September 30, 2023, the Company had not commenced any operations. All activity for the from April 13, 2021 (inception) through September 30, 2023 relates to the Company’s formation, the initial public offering (“Initial Public Offering” or “IPO”), which is described below, and pursuit of 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 investment income from the proceeds derived from the Initial Public Offering. The Company has selected December 31 as its fiscal year end.
On July 13, 2023, the Company submitted a certificate of incorporation of name change to the Cayman Islands Registry of Companies to change our name from “Consilium Acquisition Corp I, LTD.” to “CSLM Acquisition Corp.”. The name change of the Company to CSLM Acquisition Corp. was effected on Nasdaq at the open of trading on July 18, 2023 and continued trading under the same ticker symbol “CSLM”. The name change does not affect the rights of the Company’s securities holders.
Financing
On January 18, 2022, the Company consummated its Initial Public Offering of 18,975,000 units (the “Units”), including the issuance of 2,475,000 Units as a result of the underwriter’s exercise of its over-allotment option. Each Unit consists of one Class A ordinary share of the Company, par value $0.0001 per share (an “Ordinary Share”), one right to acquire
one-tenth
of an Ordinary Share, and
one-half
of one redeemable warrant of the Company. Each whole warrant entitles the holder thereof to purchase one Ordinary Share for $11.50 per share, subject to adjustment. The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $189,750,000.
Substantially concurrently with the closing of the Initial Public Offering, the Company completed the private sale of 7,942,500 private placement warrants (the “Private Placement Warrants”) at a purchase price of $1.00 per Private Placement Warrant, to the Company’s sponsor, Consilium Acquisition Sponsor I, LLC (the “Sponsor”), generating gross proceeds to the Company of $7,942,500. The Private Placement Warrants are identical to the warrants sold as part of the Units in the Initial Public Offering except that, so long as they are held by the Sponsor or its permitted transferees: (1) they will not be redeemable by the Company (except in certain redemption scenarios when the price per Ordinary Share equals or exceeds $10.00 (as adjusted)); (2) they (including the Ordinary Shares issuable upon exercise of these warrants) may not, subject to certain limited exceptions, be transferred, assigned or sold by the Sponsor until 30 days after the completion of the Company’s initial business combination; (3) they may be exercised by the holders on a cashless basis; and (4) they (including the Ordinary Shares issuable upon exercise of these warrants) are entitled to registration rights.
A total of $2,250,000 was deposited to the Company’s operating account and a total of $191,647,500,
comprised of a portion of proceeds from the IPO and the sale of the Private Placement Warrants, was placed in a U.S.-based trust account at JP Morgan Chase Bank, N.A., maintained by Continental Stock Transfer & Trust Company, acting as trustee (the “Trust Account”). Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its taxes, if any, the funds held in the Trust Account will not be released from the Trust Account until the earliest to occur of: (1) the Company’s completion of an initial business combination; (2) the redemption of any public shares properly submitted in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with its initial business combination or to redeem 
100% of the Company’s public shares if the Company does not complete its initial business combination within 18 months (or 24 months if the sponsor exercises its extension options) from the closing of the IPO or (B) with respect to any other provision relating to shareholders’ rights or
pre-initial
business combination activity; and (3) the redemption of the Company’s public shares if the Company has not completed its initial business combination within 18 months (or 24 months if the sponsor exercises its extension options) from the closing of the IPO, subject to applicable law.
 
5
On July 13, 2023 as approved by its shareholders at an extraordinary general meeting held on July 13, 2023 (the “Special Meeting”), The Company, and its trustee, Continental Stock Transfer & Trust Company amended (the “Amendment”) the Investment Management Trust Agreement, dated as of January 12, 2022 (the “Trust Agreement”), by and between the Company and Continental Stock Transfer & Trust Company (the “Trustee”) and the Company, in order to allow the Company to extend the time to complete a business combination by fifteen (15) additional one (1) month periods until, October 18, 2024 (the “Termination Date” or the “Combination Period”). The Company is required to deposit $70,000 into the Trust Account for each of the fifteen (15) additional one (1) month extension periods. At the Special Meeting, the shareholders of the Company approved a special resolution to the Articles of Association to extend the time to consummate a business combination until October 18, 2024 and the Amendment in accordance with the Company’s Amended and Restated Memorandum of Association and Articles of Association (the “Articles of Association”).
In connection with the shareholders’ vote at the special meeting held by the Company on June 29, 2023, 14,202,813 Class A shares were tendered for redemption. Shareholders validly redeemed their shares for $149,486,187, or approximately $10.53 per class A share. The trustee processed the redemptions on July 11, 2023 and distributed amounts from the Trust Account to the redeeming shareholders on July 26, 2023.
Immediately after the Special Meeting, the Company extended the time to complete the business combination by one (1) month to August 18, 2023, and deposited the sum of $70,000
into the Trust Account in accordance with the terms of the Trust Agreement. On August 14, 2023, the Company deposited $
70,000
 
into the Trust Account to extend the time to complete the business combination by one (1) month from August 18, 2023 to September 18, 2023. On September 14, 2023, the Company deposited $
70,000
into the Trust Account to extend the time to complete the business combination by one
(1) month from September 18, 2023 to October 18, 2023. As of September 30, 2023, the Company has exercised three (3) of the fifteen (15) additional (1) month extension periods. 
Risks and Uncertainties
Results of operations and the Company’s ability to complete an Initial Business Combination may be adversely affected by various factors that could cause economic uncertainty and volatility in the financial markets, many of which are beyond its control. The business could be impacted by, among other things, downturns in the financial markets or in economic conditions, inflation, increases in interest rates, adverse developments affecting the financial services industry, and geopolitical instability, such as the military conflict in the Ukraine.
Any of the foregoing consequences, including those we cannot yet predict, may cause our business, financial condition, results of operations and the price of our ordinary shares to be adversely affected. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Going Concern Consideration
As of September 30, 2023 and December 31, 2022, the Company had $64,500 and $224,474 in cash, respectively, and working capital (deficit) of $(1,082,658) and 151,951, respectively, excluding Marketing Securities held in the Trust Account and the Deferred Underwriter Fee liability.
The Company’s liquidity needs through September 30, 2023 had been satisfied through a payment from the Sponsor of $25,000 for Class B ordinary shares, par value $0.0001 per share (“Class B ordinary shares” and shares thereof, “founder shares”), the Initial Public Offering and the sale of the private placement warrants (see Note 3 and Note 4). Additionally, the Company drew on an unsecured promissory note to pay certain offering costs and an unsecured promissory note bearing interest at 4.75% per annum for working capital needs.
The Company has incurred and expects to continue to incur significant costs in pursuit of its financing and acquisition plans. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period within one year after the date that the financial statements are issued. Management plans to address this uncertainty through related party loans from the Sponsor, an affiliate of the Sponsor, or certain of the Company’s officers and directors or their affiliates (“Working Capital Loans”) (see Note 5) and effecting a Business Combination. However, there is no assurance that the Company’s plans to raise capital or to consummate a Business Combination will be successful or successful within the Combination Period.
The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form
10-Q
and Article 8 of Regulation
S-X
of the Securities and Exchange Commission (the “SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair statement of the financial position, operating results and cash flows for the periods presented.
The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on Form
10-K
for the year ended December 31, 2022 as filed with the SEC on March 31, 2023, which contains the audited financial statements and notes thereto. The financial information as of December 31, 2022 is derived from the audited financial statements presented in the Company’s Annual Report on Form
10-K
for the year ended December 31, 2022. The interim results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any future interim periods
 
6
Emerging Growth Company
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 independent registered public accounting firm 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 shareholder 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 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 that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires the Company’s management to make 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 amounts of revenues and 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.
Marketable Securities Held in Trust Account
Following the closing of the Initial Public Offering on January 18, 2022, an amount of $191,647,500 from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Warrants were placed in the Trust Account and may be invested only in U.S. government securities with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule
2a-7
under the Investment Company Act which invest only in direct U.S. government treasury obligations. The Trust Account is intended as a holding place for funds pending the earliest to occur of: (i) the completion of the initial Business Combination; (ii) the redemption of any public shares properly submitted in connection with a shareholder vote to amend the Company’s amended and restated certificate of incorporation (A) to modify the substance or timing of the Company’s obligation to redeem 100% of the public shares if the Company does not complete the initial Business Combination within 12 months from the closing of the Initial Public Offering or (B) with respect to any other provision relating to shareholders’ rights or
pre-initial
Business Combination activity; or (iii) absent an initial Business Combination within 12 months from the closing of the Initial Public Offering, the return of the funds held in the Trust Account to the public shareholders as part of redemption of the public shares.
 
7
Offering Costs Associated with the Initial Public Offering
Offering costs consist principally of professional and registration fees incurred through the balance sheet date that are related to the Initial Public Offering. Offering costs are charged to shareholders’ equity or the statement of operations based on the relative value of the Public Warrants and the rights to the proceeds received from the Units sold upon the completion of the Initial Public Offering. Accordingly, on January 18, 2022, offering costs totaling $11,447,015 were allocated to the Class A ordinary shares, Public Warrants and rights in the amounts of $10,392,952, $272,919 and $781,144, respectively.
Net Income (Loss) Per Ordinary Share
The statements of operations include a presentation of income (loss) per Class A redeemable ordinary shares and income (loss) per non-redeemable Class A and Class B ordinary shares following the two-class method of income per common stock. In order to determine the net income (loss) attributable to both the Class A redeemable ordinary shares and non-redeemable Class A and Class B ordinary shares, the Company first considered the total income (loss) allocable to both sets of stock. This is calculated using the total net income (loss) less any dividends paid. For purposes of calculating net income (loss) per share, any remeasurement of the Class A ordinary shares subject to possible redemption was treated as dividends paid to the public shareholders. Subsequent to calculating the total income (loss) allocable to both sets of shares, the Company split the amount to be allocated using the total number of shares outstanding for each share class at each respective period, before and after redemptions and conversions, for the three and nine months ended September 30, 2023, reflective of the respective participation rights. The Company split the amount to be allocated using a ratio of 
80% for the Class A redeemable ordinary shares and 20% for the
non-redeemable
Class A and Class B ordinary shares for the three months and nine ended September 30, 2022, reflective of the respective participation rights.
The following tables reflect the calculation of basic and diluted net income (loss) per ordinary shares for the three and nine months ended September 30, 2023 (in dollars, except per share
amounts):
 
 
  
For the
Three Months
Ended
September 30, 2023
 
Net income
  
$
857,708
 
Remeasurement of temporary equity to redemption value
  
 
(1,380,072
)
  
 
 
 
Net loss including remeasurement of temporary equity to redemption
value
  
$
(522,364
) 
  
 
 
 
 
 
  
For the Three Months Ended
September 30, 2023
 
 
  
Class A
Redeemable
 
  
Class A
Non-redeemable
 
  
Class B
Non-redeemable
 
Total number of shares as of September 30, 2023
  
 
4,772,187
 
 
 
4,743,749
 
 
 
1
 
Basic and diluted net income (loss) per share
  
 
 
Numerator:
  
 
 
Allocation of net loss including remeasurement of temporary
equity to redemption value based on ownership percentage
  
(306,030
 )
 
(201,572
)
 
(14,762
 )
Deemed dividend for remeasurement of temporary equity to
redemption value
  
 
1,380,072
  
 
 
—  
  
 
 
—  
 
  
 
 
 
 
 
 
 
 
 
 
 
Total net income (loss) allocated by class
  
$
1,074,042
 
 
$
(201,572
) 
 
$
(14,762
) 
  
 
 
 
 
 
 
 
 
 
 
 
Denominator:
  
 
 
Weighted-average shares outstanding
  
 
 8,786,025
 
 
 
 4,073,437
 
 
 
 670,313
 
Basic and diluted net income (loss) per share
  
$
 0.12
 
 
$
 (0.05
) 
 
$
 (0.02
) 
 
 
  
For the
Nine Months
Ended
September 30, 2023
 
Net income
  
$
4,569,632
 
Remeasurement of temporary equity to redemption value
  
 
(5,804,241
 )
 
  
 
 
 
Net loss including remeasurement of temporary equity to redemption
value
  
$
(1,234,609
) 
  
 
 
 
 
8
    
For the Nine Months Ended
September 30, 2023
  
    
Class A
Redeemable
     
Class A
Non-redeemable
     
Class B
Non-redeemable
  
Total number of shares as of September 30, 2023
  
 
4,772,187
 
 
 
4,743,749
 
 
 
1
 
Basic and diluted net income (loss) per share
  
 
 
Numerator:
  
 
 
Allocation of net loss including remeasurement of temporary
equity to redemption value based on ownership percentage
  
(875,826
 )
 
(201,572
)
 
(157,211
 )
Deemed dividend for remeasurement of temporary equity to
redemption value
  
 
5,804,241
 
 
—  
 
 
—  
 
  
 
 
 
 
 
 
 
 
 
 
Total net income (loss) allocated by class
  
$
4,928,415
 
 
$
(201,572
) 
 
$
(157,211
) 
  
 
 
 
 
 
 
 
 
 
 
 
Denominator:
  
 
 
Weighted-average shares outstanding
  
 
 15,541,353
 
 
 
 1,372,733
 
 
 
 3,371,017
 
Basic and diluted net income (loss) per share
  
$
 0.32
 
 
$
 (0.15
) 
 
$
 (0.05
) 
The
 
following tables reflect the calculation of basic and diluted net income (loss) per ordinary shares for the three and nine months ended September 30, 2022 (in dollars, except per share amounts):
 
    
For the

Three Months

Ended

September 30, 2022
  
Net income
    $ 818,936  
Remeasurement of temporary equity to redemption value
      (1,013,450 ) 
    
 
 
  
Net loss including remeasurement of temporary equity to redemption value
    $ (194,514 ) 
    
 
 
  
 
 
  
For the Three Months Ended

September 30, 2022
 
 
  
 
 
  
 
 
 
  
Class A
Redeemable
 
  
Class B
Non-redeemable
 
Basic and diluted net income per share:
                  
Numerator:
                  
Allocation of net loss including remeasurement of temporary equity
    $ (155,611 )     $ (38,903 ) 
Deemed dividend for remeasurement of temporary equity to redemption value
      1,013,450        —   
    
 
 
     
 
 
  
Allocation of net loss
    $ 857,839      $ (38,903 ) 
    
 
 
     
 
 
  
Denominator:
                  
Weighted-average shares outstanding
      18,975,000        4,743,750  
Basic and diluted net income (loss) per share
    $ 0.05      $ (0.01 ) 
 
    
For the

Nine Months

Ended

September 30, 2022
  
Net loss from beginning of year through date of initial public offering
    $ (2,644 ) 
Net income from date of initial public offering through September 30, 2022
      521,857  
Total net income for the nine months ended September 30, 2022
      519,213  
Remeasurement of temporary equity to redemption value
      (32,183,356 ) 
Net loss including remeasurement of temporary equity to redemption value
    $ (31,664,143 ) 
    
 
 
  
 
9
 
  
For the Nine Months Ended
September 30, 2022
 
 
  
 
 
  
 
 
 
  
Class A

Redeemable
 
  
Class B

Non-redeemable
 
Basic and diluted net income per share:
                  
Numerator:
                  
Allocation of net loss from beginning of year through date of initial public offering based on ownership percentage
    $ —       $ (2,644 ) 
Allocation of net loss date of initial public offering to September 30, 2022 based on ownership percentage
      417,486        104,371  
Less: remeasurement of temporary equity allocation based on ownership percentage
      (25,746,685 )       (6,436,671 ) 
Plus: remeasurement of temporary equity applicable to Class A redeemable shares
      32,183,356        —   
    
 
 
     
 
 
  
Allocation of net loss
    $ 6,854,157      $ (6,334,944 ) 
  
 
 
     
 
 
  
Denominator:
                  
Weighted-average shares outstanding
      17,793,407        4,743,750  
Basic and diluted net income (loss) per share
    $ 0.39      $ (1.34 ) 
Fair value of Financial Instruments
ASC Topic 820, Fair Value Measurement, defines fair value as the amount that would be received to sell an asset or paid to transfer a liability, in an orderly transaction between market participants.
Fair value measurements are classified on a three-tier hierarchy as follows:
 
  •  
Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;
 
  •  
Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and
 
  •  
Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as calculations derived from valuation techniques in which one or more significant inputs or significant value drivers are observable.
In many cases, if a valuation technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy described above, the lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy.
The fair value of the Company’s assets and liabilities, which qualify as financial instruments approximates the carrying amounts represented in the balance sheet, primarily due to its short-term nature.
Derivative Financial Instruments
The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, Derivatives and Hedging. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then
re-valued
at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the balance sheet as current or
non-current
based on whether or not
net-cash
settlement or conversion of the instrument could be required within 12 months of the balance sheet date.
 
10
Warrants and Rights
The Company accounts for the public and private warrants and rights as either equity-classified or liability-classified instruments based on an assessment of the instruments’ specific terms and applicable authoritative guidance in FASB ASC Topic 480, “Distinguishing Liabilities from Equity” (“ASC 480”) and FASB ASC Topic 815, “Derivatives and Hedging” (“ASC 815”). Pursuant to the Company’s evaluation, the Company concluded that the public and private warrants and rights do not meet the criteria to be accounted for as liability under ASC 480. The Company further evaluated the public and private warrants and rights under “ASC
815-40,
Derivatives and Hedging — Contracts in Entity’s Own Equity” (“ASC
815-40”)
and concluded that the public warrants, private placement warrants and rights are indexed to the Company’s own stock and meet the criteria to be classified in shareholders’ deficit.
Ordinary Shares Subject to Possible Redemption
Ordinary shares subject to mandatory redemption (if any) are classified as a liability instrument and is measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. In connection with the shareholders’ vote at the Special meeting of shareholders held by the Company on June 29, 2023, 14,202,813 Class A ordinary shares were tendered for redemption for an aggregate value of $149,486,187 and distributed from the Trust Account on July 26, 2023. Accordingly, at September 30, 2023, 4,772,187
shares of Class A ordinary shares subject to possible redemption is presented, at redemption value equal to the amount held in the Trust Account, as temporary equity, outside of the shareholders’ deficit section of the Company’s balance sheet. 
The Class A ordinary shares subject to possible redemption is reflected on the balance sheet at September 30, 2023 as follows:
 
Gross proceeds from initial public offering
    $ 189,750,000  
Less:
         
Fair value allocated to public warrants
      (4,524,000)  
Fair value allocated to rights
      (12,948,540)  
Offering costs allocated to Class A ordinary shares subject to possible redemption
      (10,392,952)  
Plus:
         
Re-measurement
on Class A ordinary shares subject to possible redemption
      32,883,377  
    
 
 
  
Class A ordinary shares subject to possible redemption at redemption value at December 31, 2022
      194,767,885  
Re-measurement
on Class A ordinary shares subject to possible redemption
      2,105,252  
    
 
 
  
Class A ordinary shares subject to possible redemption at redemption value at March 31, 2023
      196,873,137  
Re-measurement
on Class A ordinary shares subject to possible redemption
      2,318,917  
    
 
 
  
Class A ordinary shares subject to possible redemption at redemption value at June 30, 2023
      199,192,054  
Shareholder redemption of Class A ordinary shares
      (149,486,187 ) 
Re-measurement
on Class A ordinary shares subject to possible redemption
      1,380,072  
    
 
 
  
Class A ordinary shares subject to possible redemption at redemption value at September 30, 2023
      51,085,939  
    
 
 
  
The proceeds of the offering were allocated to the Class A ordinary shares and the Public Warrants and Rights based on their relative fair values. The Company recognizes changes in redemption value of Class A ordinary shares subject to possible redemption immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. Such changes are reflected in additional
paid-in
capital, or in the absence of additional capital, in accumulated deficit. On January 18, 2022, the Company recorded a remeasurement of $29,762,992, $24,385,503 of which was recorded in additional
paid-in
capital and $5,377,489 was recorded in accumulated deficit, to remeasure the value of Class A ordinary shares to its redemption value. The Company has recorded an additional remeasurements of $1,380,072 and 5,804,241 for the three and nine months ended September 30, 2023.
 
11
Income taxes
The Company accounts for income taxes in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC 740”). Under the asset and liability, method as required by this accounting standard, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities in the financial statements and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to the period when assets are realized or liability is settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in the operation of statement in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.
ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. There were no unrecognized tax benefits as of September 30, 2023 or December 31, 2022. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of September 30, 2023 or December 31, 2022. 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 is considered an exempted Cayman Islands Company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the period presented.
Related Parties
Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence.
Concentration of Credit Risk
Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed Federally insured limits. Exposure to cash and cash equivalents credit risk is reduced by placing such deposits with major financial institutions and monitoring their credit ratings. At September 30, 2023 and December 31, 2022, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.
Recent Accounting Pronouncements
On January 1, 2023, the Company adopted ASU
No. 2020-06,
Debt with Conversion and other Options (Subtopic
470-20)
and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic
815-40).
The new guidance eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. It also amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives because of specific settlement provisions. In addition, the new guidance modifies how particular convertible instruments and certain contracts that may be settled in cash or shares impact the diluted EPS computation. Adoption of the standard did not have a material impact on its financial position, results of operations or financial statement disclosure.
The Company has considered all new accounting pronouncements and has concluded that there are no new pronouncements that may have a material impact on the results of operations, financial condition, or cash flows, based on the current information.
 
12
NOTE 3 — INITIAL PUBLIC OFFERING
Pursuant to the Initial Public Offering, the Company sold 18,975,000 Units at a price of $10.00 per Unit. Each Unit consists of one share of Class A ordinary shares, one right and
one-half
of one warrant (“Public Warrant”). Each whole Public Warrant is anticipated to entitle the holder to purchase one share of Class A ordinary shares at a price of $11.50 per share, subject to adjustment (see Note 6).
An aggregate of $10.10 per Unit sold in the Initial Public Offering was held in the Trust Account and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 180 days or less or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule
2a-7
of the Investment Company Act, as determined by the Company. As of January 18, 2022, $191,647,500 of the proceeds from the Initial Public Offering was held in the Trust Account.
NOTE 4 — PRIVATE PLACEMENT
The Company entered into an agreement with the Sponsor pursuant to which the Sponsor purchased an aggregate of 7,942,500 Private Placement Warrants at a price of $1.00 per Private Placement Warrant, generating proceeds of $7,942,500 in the aggregate in a private placement that occurred substantially concurrently with the closing of the Initial Public Offering. Each Private Placement Warrant is exercisable to purchase one share of ordinary shares at an exercise price of $11.50 per share, subject to adjustment (see Note 6). A portion of the proceeds from the Private Placement Warrants will be added to the proceeds from the Initial Public Offering to be held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law), and the Private Placement Warrants will expire worthless.
NOTE 5 — RELATED PARTY TRANSACTIONS
Founder Shares
In July 2021, the Sponsor purchased 4,743,750 shares of the Company’s Class B ordinary shares (the “Founder Shares”) for an aggregate purchase price of $25,000. The Founder Shares included an aggregate of up to 618,750 shares subject to forfeiture by the Sponsor to the extent that the underwriter’s overallotment was not exercised in full or in part, so that the number of Founder Shares collectively represented approximately 20% of the Company’s issued and outstanding shares after the Initial Public Offering. In August 2021, the Sponsor transferred 50,000 founder shares to each of the Company’s independent director nominees. The Company will account for the transfer of founder shares under ASC
718-10-15-4
and record a compensation expense upon completion of a Business Combination.
The Sponsor has agreed, subject to certain limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier of (A) one year after the completion of a Business Combination or (B) subsequent to a Business Combination, (x) if the last reported sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share capitalization, share subdivisions, reorganizations, recapitalizations and the like) for any 20 trading days within any
30-trading
day period commencing at least 150 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, stock exchange, reorganization or other similar transaction that results in all of the Company’s shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property.
Promissory Note — Related Party
In July 2021, the Sponsor issued an unsecured promissory note to the Company (the “Promissory Note”), pursuant to which the Company may borrow up to an aggregate principal amount of $300,000. On January 18, 2022, the Company repaid $206,313 for amounts outstanding under the Promissory Note balance, resulting in an overpayment of $25,000. The Company also made a $3,462 payment related to a Sponsor invoice. Both of these items are recorded within due from related party on the condensed balance sheet as of September 30, 2023 and December 31, 2022.
In February 2023, the Sponsor issued an unsecured promissory note to the Company (the “Working Capital Note”), pursuant to which the Company may borrow up to an aggregate principal amount of $1,500,000. The Working Capital Note bears interest at a rate of 4.75% per annum and is payable on the earlier of the date by which the Company has to complete a business combination or the effective date of a business combination. The Company drew an aggregate of $900,000 and has accrued $15,210 of interest on principal amounts outstanding as of September 30, 2023 and no amounts outstanding as of December 31, 2022.
 
13
Related Party Loans
In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor, an affiliate of the Sponsor, or certain of the Company’s officers and directors or their affiliates may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $2,000,000 of such Working Capital Loans may be convertible into warrants, at a price of $1.00 per warrant, of the post Business Combination entity. If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. The warrants would be identical to the Private Placement Warrants. As of September 30, 2023 and December 31, 2022, no Working Capital Loans were outstanding.
NOTE 6 — SHAREHOLDERS’ DEFICIT
Preference Shares — The Company is authorized to issue 5,000,000 shares of preference shares with a par value of $0.0001 per share with such designation, rights and preferences as may be determined from time to time by the Company’s board of directors. At September 30, 2023 and December 31, 2022, there were no shares of preference shares issued or outstanding.
Class A Ordinary shares — The Company is authorized to issue 500,000,000 Class A ordinary shares with a par value of $0.0001 per share. Holders of Class A ordinary shares are entitled to one vote for each share. In connection with the shareholders’ vote at the Special meeting of shareholders held by the Company on June 29, 2023, 14,202,813 redeemable Class A ordinary shares were tendered for redemption for an aggregate value of $149,486,187 and distributed from the Trust Account on July 26, 2023. On July 13, 2023, the Company issued 4,743,749 shares of its
non-redeemable
Class A ordinary shares to the Sponsor upon the conversion of an equal number of Class B ordinary shares.
The non-redeemable Class A ordinary shares are the same as the Class B ordinary shares in that they do not have redemption rights and are not entitled to proceeds from liquidation from the Trust Account if the Company does not consummate a business combination. However, unlike the Class B ordinary shares, the non-redeemable Class A ordinary
shares do not have voting rights to appoint or remove directors of the Company. 
At September 30, 2023 and December 31, 2022, there were 4,743,749 and no
non-redeemable
Class A ordinary shares issued or outstanding, excluding 4,772,187 and 18,975,000 redeemable Class A ordinary shares issued and outstanding subject to possible redemption, at redemption value of $10.10 and zero per share, respectively.
Class B Ordinary shares — The Company is authorized to issue 50,000,000 shares of Class B ordinary shares with a par value of $0.0001 per share. On July 13, 2023, the Company issued 4,743,749 shares of its
non-redeemable
Class A ordinary shares to the Sponsor upon the conversion of an equal number of Class B ordinary shares. At September 30, 2023 and December 31, 2022, there were one (1) and 4,743,750 shares of Class B ordinary shares issued and outstanding, respectively of which an aggregate of up to 618,750 shares were subject to forfeiture to the extent that the underwriter’s over-allotment option was not exercised in full or in part, so that such shares collectively represented 20% of the Company’s issued and outstanding ordinary shares after the Initial Public Offering. The underwriters exercised the over-allotment option in full on January 18, 2022. In January 2022, the Company effected a share capitalization for an additional 431,250 Class B ordinary shares, resulting in 4,743,750 Class B ordinary shares outstanding. All share and
per-share
amounts have been retroactively restated to reflect the share capitalization.
With respect to any other matter submitted to a vote of our shareholders, including any vote in connection with our initial business combination, except as required by law, holders of our Founder Shares and holders of our public shares will vote together as a single class, with each share entitling the holder to one vote. However, prior to the consummation of the Business Combination, holders of the Class B ordinary shares will have the right to elect all of the Company’s directors and may remove members of the board of directors for any reason.
The shares of Class B ordinary shares will automatically convert into Class A ordinary shares at the time of a Business Combination on a
one-for-one
basis, subject to adjustment. In the case that additional Class A ordinary shares, or equity-linked securities, are issued or deemed issued in excess of the amounts offered in the Initial Public Offering and related to the closing of a Business Combination, the ratio at which shares of Class B ordinary shares shall convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the outstanding shares of Class B ordinary shares agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all shares of Class B ordinary shares will equal, in the aggregate, on an
as-converted
basis, 20% of the sum of the total number of all shares of ordinary shares outstanding upon the completion of the Initial Public Offering plus all Class A ordinary shares and equity-linked securities issued or deemed issued in connection with a Business Combination, excluding any shares or equity-linked securities issued, or to be issued, to any seller in a Business Combination and excluding any private placement warrants issued to our sponsor, its affiliates or any member of our management team upon conversion of working capital loans.
Rights — Except in cases where the Company is not the surviving company in a Business Combination, each holder of a right will automatically receive
one-tenth
(1/10) of one Class A ordinary share upon consummation of a Business Combination, even if the holder of a right converted all shares held by him, her or it in connection with a Business Combination or an amendment to the Company’s Amended and Restated Certificate of Incorporation with respect to its
pre-business
combination activities. In the event that the Company will not be the surviving company upon completion of a Business Combination, each holder of a right will be required to affirmatively convert his, her or its rights in order to receive the
one-tenth
(1/10) of a share underlying each right upon consummation of the Business Combination.
 
14
The Company will not issue fractional shares in connection with an exchange of rights. Fractional shares will either be rounded down to the nearest whole share or otherwise addressed in accordance with the applicable provisions of the Cayman Islands law. As a result, the holders of the rights must hold rights in multiples of 10 in order to receive shares for all of the holders’ rights upon closing of a Business Combination. If the Company is unable to complete an initial Business Combination within the Combination Period and the Company redeems the Public Shares for the funds held in the Trust Account, holders of rights will not receive any of such funds for their rights and the rights will expire worthless.
Warrants — Public Warrants may only be exercised for a whole number of shares. No fractional warrants will be issued upon separation of the Units and only whole warrants will trade. Accordingly, unless a unit holder purchases at least two units, they will not be able to receive or trade a whole warrant. The Public Warrants will become exercisable on the later of (a) 12 months from the closing of the Initial Public Offering and (b) 30 days after the completion of a Business Combination.
The Company will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a Public Warrant and will have no obligation to settle such Public Warrant exercise unless a registration statement under the Securities Act with respect to the Class A ordinary shares underlying the Public Warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations with respect to registration, or a valid exemption from registration is available. No Public Warrant will be exercisable, and the Company will not be obligated to issue any Class A ordinary shares upon exercise of a Public Warrant unless the share of Class A ordinary shares issuable upon such Public Warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the Public Warrants.
The Company has agreed that as soon as practicable, but in no event later than 20 business days after the closing of a Business Combination, it will use its commercially reasonable efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the public warrants, and the Company will use its commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of a Business Combination, and to maintain the effectiveness of such registration statement and a current prospectus relating to those Class A ordinary shares until the public warrants expire or are redeemed, as specified in the public warrant agreement; provided that if the Class A ordinary shares is at the time of any exercise of a public warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of public warrants who exercise their public warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement, but it will use its commercially reasonably efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. If a registration statement covering the Class A ordinary shares issuable upon exercise of the public warrants is not effective by the 60th business day after the closing of a Business Combination, public warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise public warrants on a “cashless basis” in accordance with Section 3(a) (9) of the Securities Act or another exemption, but the Company will use its commercially reasonably efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.
Redemption of warrants when the price per Class A ordinary shares equals or exceeds $18.00. Once the public warrants become exercisable, the Company may redeem the Public Warrants:
 
  •  
in whole and not in part;
 
  •  
at a price of $0.01 per warrant;
 
  •  
upon not less than 30 days’ prior written notice of redemption to each warrant holder; and
 
  •  
if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share for any 20 trading days within a
30-trading
day period ending three trading days before the Company sends the notice of redemption to the warrant holders.
If and when the Public Warrants become redeemable by the Company, it may exercise its redemption right even if the Company is unable to register or qualify the underlying securities for sale under all applicable state securities laws.
In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of a Business Combination at an issue price or effective issue price of less than $9.20 per share of Class A ordinary shares (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (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 a Business Combination on the date of the consummation of a Business Combination (net of redemptions), and (z) the volume weighted average trading price of the
 
15
Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates a Business Combination (such price, the “Market Value”) is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price and the $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price.
The Private Placement Warrants are identical to the Public Warrants included in the Units being sold in the Initial Public Offering, except that the Private Placement Warrants and the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants are not transferable, assignable or saleable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants are exercisable for cash or on a cashless basis, at the holder’s option, and are
non-redeemable
by the Company.
NOTE 7 — COMMITMENTS AND CONTINGENCIES
Registration and Shareholder Rights
The holders of the Founder Shares, Private Placement Warrants, and warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of the Working Capital Loans and upon conversion of the Founder Shares) will be entitled to registration rights pursuant to a registration rights agreement to be signed prior to or on the effective date of the Initial Public Offering, requiring the Company to register such securities for resale. The holders will have the right to require us to register for resale these securities pursuant to a shelf registration under Rule 415 under the Securities Act. The holders of a majority of these securities will also be entitled to make up to three demands, plus short form registration demands, that we register such securities. In addition, the holders will be entitled to certain “piggy-back” registration rights with respect to registration statements filed subsequent to our completion of our initial business combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.
Underwriting Agreement
The Company granted the underwriter a
45-day
option from the date of the Initial Public Offering to purchase up to 2,475,000 additional Units to cover over-allotments, if any, at the Initial Public Offering price less the underwriting discount. The underwriters exercised the over-allotment option in full on January 18, 2022, the date of the Initial Public Offering. The underwriter was entitled to a cash underwriting discount of $0.20 per Unit, or $3,795,000 in the aggregate, which was paid upon the closing of the Initial Public Offering. In addition, the underwriter is entitled to a deferred fee of $0.35 per Unit, or $6,641,250 in the aggregate. The deferred fee is payable to the underwriter from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement.
NOTE 8 — FAIR VALUE MEASUREMENTS
At September 30, 2023 and December 31, 2022, the Company’s marketable securities held in the Trust Account were valued at $51,085,939 and $194,767,885, respectively. The marketable securities held in the Trust Account must be recorded on the balance sheet at fair value and are subject to
re-measurement
at each balance sheet date. With each
re-
measurement, the valuations will be adjusted to fair value, with the change in fair value recognized in the Company’s statement of operations.
The following table presents the fair value information, as of September 30, 2023, of the Company’s financial assets that were accounted for at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. The Company’s marketable securities held in the Trust Account are based on dividend and interest income and market fluctuations in the value of invested marketable securities, which are considered observable. The fair value of the marketable securities held in trust is classified within Level 1 of the fair value hierarchy.
 
16
The following table sets forth by level within the fair value hierarchy the Company’s assets and liabilities that were accounted for at fair value on a recurring basis:
 
    
(Level 1)
     
(Level 2)
     
(Level 3)
  
Assets
                           
Treasury Trust Funds held in Trust Account as of September, 2023
    $ 51,085,939      $ —       $ —   
U.S. Treasury Securities held in Trust Account as of December 31, 2022
    $ 194,767,885      $ —       $ —   
NOTE 9 — SUBSEQUENT EVENTS
On October 14, 2023, the Company deposited $70,000
into the Trust Account to extend the time to complete the business combination by one (1) month from October 18, 2023 to November 18, 2023. 
In October 2023, the Company has drawn an additional $30,000 from the Sponsor under the Working Capital Note, bringing the outstanding balance to $930,000.

On November 14, 2023, the Company deposited $70,000 into the Trust Account to extend the time to complete the business combination by one (1) month from November 18, 2023 to December 18, 2023.
 
17

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

References to the “Company,” “CSLM Acquisition Corp.,” “Consilium Acquisitions Corp. I,” “our,” “us” or “we” refer to CSLM Acquisition Corp. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the 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.

Special Note Regarding Forward-Looking Statements

This Quarterly Report includes “forward-looking statements” 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 Quarterly Report 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 within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. 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.

Overview

CSLM Acquisition Corp. (the “Company”) is a blank check company incorporated in the Cayman Islands as an exempted company on April 13, 2021. The Company was incorporated for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses that the Company has not yet identified (“Business Combination”).

The Company is not limited to a particular industry or geographic location for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.

As of September 30, 2023, the Company had not commenced any operations. All activity from April 13, 2021 (inception) through September 30, 2023 relates to the Company’s formation, the initial public offering (“Initial Public Offering”), which is described below, and pursuit of 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 Initial Public Offering. The Company has selected December 31 as its fiscal year end.

On January 18, 2022, the Company consummated its Initial Public Offering of 18,975,000 units (the “Units”), including the issuance of 2,475,000 Units as a result of the underwriter’s exercise of its over-allotment option. Each Unit consists of one Class A ordinary share of the Company, par value $0.0001 per share (an “Ordinary Share”), one right to acquire one-tenth of an Ordinary Share, and one-half of one redeemable warrant of the Company. Each whole warrant entitles the holder thereof to purchase one Ordinary Share for $11.50 per share, subject to adjustment. The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $189,750,000.

Substantially concurrently with the closing of the Initial Public Offering, the Company completed the private sale of 7,942,500 private placement warrants (the “Private Placement Warrants”) at a purchase price of $1.00 per Private Placement Warrant, to the Company’s sponsor, Consilium Acquisition Sponsor I, LLC (the “Sponsor”), generating gross proceeds to the Company of $7,942,500. The Private Placement Warrants are identical to the warrants sold as part of the Units in the Initial Public Offering except that, so long as they are held by the Sponsor or its permitted transferees: (1) they will not be redeemable by the Company (except in certain redemption scenarios when the price per Ordinary Share equals or exceeds $10.00 (as adjusted)); (2) they (including the Ordinary Shares issuable upon exercise of these warrants) may not, subject to certain limited exceptions, be transferred, assigned or sold by the Sponsor until 30 days after the completion of the Company’s initial business combination; (3) they may be exercised by the holders on a cashless basis; and (4) they (including the Ordinary Shares issuable upon exercise of these warrants) are entitled to registration rights.

 

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A total of $2,250,000 was deposited to the Company’s operating account and a total of $191,647,500, comprised of a portion of proceeds from the IPO and the sale of the Private Placement Warrants, was placed in a U.S.-based trust account at JP Morgan Chase Bank, N.A., maintained by Continental Stock Transfer & Trust Company, acting as trustee (the “Trust Account”). Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its taxes, if any, the funds held in the Trust Account will not be released from the Trust Account until the earliest to occur of: (1) the Company’s completion of an initial business combination; (2) the redemption of any public shares properly submitted in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with its initial business combination or to redeem 100% of the Company’s public shares if the Company does not complete its initial business combination within 18 months (or 24 months if the sponsor exercises its extension options) from the closing of the IPO or (B) with respect to any other provision relating to shareholders’ rights or pre-initial business combination activity; and (3) the redemption of the Company’s public shares if the Company has not completed its initial business combination within 18 months (or 24 months if the sponsor exercises its extension options) from the closing of the IPO, subject to applicable law.

On July 13, 2023 as approved by its shareholders at an extraordinary general meeting held on July 13, 2023 (the “Special Meeting”), The Company, and its trustee, Continental Stock Transfer & Trust Company amended (the “Amendment”) the Investment Management Trust Agreement, dated as of January 12, 2022 (the “Trust Agreement”), by and between the Company and Continental Stock Transfer & Trust Company (the “Trustee”) and the Company, in order to allow the Company to extend the time to complete a business combination by fifteen (15) additional one (1) month periods until, October 18, 2024 (the “Termination Date” or the “Combination Period”). The Company is required to deposit $70,000 into the Trust Account for each of the fifteen (15) additional one (1) month extension periods. At the Special Meeting, the shareholders of the Company approved a special resolution to the Articles of Association to extend the time to consummate a business combination until October 18, 2024 and the Amendment in accordance with the Company’s Amended and Restated Memorandum of Association and Articles of Association (the “Articles of Association”).

Results of Operations

Our entire activity from inception through September 30, 2023 relates to our formation, the Initial Public Offering and, since the closing of the Initial Public Offering, a search for a Business Combination candidate. We will not be generating any operating revenues until the closing and completion of our Business Combination at the earliest.

For the three months ended September 30, 2023, we had a net income of $857,708, which consisted of $1,170,072 realized gain and dividends on marketable securities held in the Trust Account, offset by $99,540 of legal and accounting expenses, $120,419 of insurance expense, $83,504 of dues and subscriptions expense, and $8,901 of interest expense.

For the nine months ended September 30, 2023, we had a net income of $4,569,632, which consisted of $5,594,241 realized gain and dividends on marketable securities held in the Trust Account, offset by $426,071 of legal and accounting expenses, $357,331 of insurance expense, $224,444 of dues and subscriptions expense, 15,210 of interest expense, and $1,552 of bank fees, general and administrative expenses.

For the three months ended September 30, 2022, we had net income of $818,936, which consisted of $1,013,450 realized gain on marketable securities held in the Trust Account, offset by $54,123 in legal and accounting expenses, $120,419 of insurance expense, $13,333 dues and subscriptions expense, and $7,754 of bank fees, general and administrative expenses.

For the nine months ended September 30, 2022, we had net income of $519,213, which consisted of $1,366,301 realized gain on marketable securities held in the Trust Account, offset by $343,314 in legal and accounting expenses, $341,624 of insurance expense, $121,488 dues and subscriptions expense, and $28,444 of bank fees, general and administrative expenses.

Liquidity and Capital Resources

As of September 30, 2023 and December 31, 2022, the Company had $64,500 and $224,474 in cash, respectively, and working capital (deficit) of $(1,082,658) and $151,951, respectively, excluding Marketing Securities held in the Trust Account and the Deferred Underwriter Fee liability.

The Company’s liquidity needs through September 30, 2023 had been satisfied through a payment from the Sponsor of $25,000 for Class B ordinary shares, par value $0.0001 per share (“Class B ordinary shares” and shares thereof, “founder shares”), the Initial Public Offering and the sale of the private placement warrants (see Note 3 and Note 4). Additionally, the Company drew on an unsecured promissory note to pay certain offering costs and an unsecured promissory note bearing interest at 4.75% per annum to pay for working capital needs.

The Company has incurred and expects to continue to incur significant costs in pursuit of its financing and acquisition plans. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period within one year after the date that the financial statements are issued. Management plans to address this uncertainty through related party loans from the Sponsor, an affiliate of the Sponsor, or certain of the Company’s officers and directors or their affiliates (“Working Capital Loans”) and effecting a Business Combination. However, there is no assurance that the Company’s plans to raise capital or to consummate a Business Combination will be successful or successful within the Combination Period. In addition, management is currently evaluating the impact of various factors that could cause economic uncertainty and volatility in the financial markets, many of which are beyond its control. The business could be impacted by, among other things, downturns in the financial markets or in economic conditions, inflation, increases in interest rates, adverse developments affecting the financial services industry, and geopolitical instability, such as the military conflict in the Ukraine.

 

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These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern one year from the date these financial statements are issued. These financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Contractual Obligations

We do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities as of September 30, 2023.

The underwriter of the IPO is entitled to a deferred discount of $0.35 per Unit, or $6,641,250 in the aggregate. The deferred discount will become payable to the underwriter 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.

Commitments and Contingencies

Registration and Shareholder Rights

The holders of the Founder Shares, Private Placement Warrants, and warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of the Working Capital Loans and upon conversion of the Founder Shares) will be entitled to registration rights pursuant to a registration rights agreement to be signed prior to or on the effective date of the Initial Public Offering, requiring the Company to register such securities for resale. The holders will have the right to require us to register for resale these securities pursuant to a shelf registration under Rule 415 under the Securities Act. The holders of a majority of these securities will also be entitled to make up to three demands, plus short form registration demands, that we register such securities. In addition, the holders will be entitled to certain “piggy-back” registration rights with respect to registration statements filed subsequent to our completion of our initial business combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting Agreement

The Company granted the underwriter a 45-day option from the date of the Initial Public Offering to purchase up to 2,475,000 additional Units to cover over-allotments, if any, at the Initial Public Offering price less the underwriting discount. The underwriters exercised the over-allotment option in full on January 18, 2022, the date of the Initial Public Offering. The underwriter was entitled to a cash underwriting discount of $0.20 per Unit, or $3,795,000 in the aggregate, which was paid upon the closing of the Initial Public Offering. In addition, the underwriter is entitled to a deferred fee of $0.35 per Unit, or $6,641,250 in the aggregate. The deferred fee is payable to the underwriter from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement.

Critical Accounting Estimates

The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States 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 periods reported. Actual results could materially differ from those estimates. We have not identified any critical accounting estimates.

Recent Accounting Pronouncements

Refer to Note 2 - Summary of Significant Accounting Policies in the Notes to Condensed Financial Statements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information otherwise required under this item.

 

20

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Item 4. Controls and Procedures

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

Evaluation of Disclosure Controls and Procedures

As required by Rules 13a-15 and 15d-15 under the Exchange Act, our Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of September 30, 2023. Based upon their evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures (as defined in Rules 13a-15 (e) and 15d-15 (e) under the Exchange Act) were effective.

Changes in Internal Control Over Financial Reporting

During the most recently completed fiscal quarter, 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

We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us or any of our officers or directors in their corporate capacity.

Item 1A. Risk Factors

Factors that could cause our actual results to differ materially from those in this Quarterly Report are any of the risks described in the Company’s annual report on Form 10-K as filed with the SEC on March 31, 2023. 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.

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

Unregistered Sales

Prior to our initial public offering, our sponsor, paid an aggregate of $25,000 to cover certain expenses on behalf of us in exchange for 4,743,750 founder shares, resulting in an effective purchase price paid for the founder shares of approximately $0.006 per share. The number of founder shares issued was determined based on the expectation that the founder shares would represent 20% of the issued and outstanding ordinary shares upon completion of this offering.

Our sponsor purchased 7,942,500 private placement warrants, each exercisable to purchase one Class A ordinary share at $11.50 per share, at a price of $1.00 per warrant ($7,942,500 in the aggregate), in a private placement that closed substantially concurrently with the closing of our initial public offering.

These issuances were made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act. No underwriting discounts or commissions were paid with respect to such sales.

Use of Proceeds

On January 18, 2022, the Company consummated its initial public offering of 18,975,000 units at $10.00 per unit, generating gross proceeds of $189,750,000. BTIG, LLC and I-Bankers Securities, Inc. acted as the book-running managers of the offering and BTIG, LLC acted as the representative of the underwriters. The securities sold in the initial public offering were registered under the Securities Act on a registration statement on Form S-1 (No. 333-261570). The SEC declared the registration statements effective on January 12, 2022.

 

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Table of Contents

In connection with the initial public offering, we incurred offering costs of approximately $11,236,250 (including deferred underwriting commissions of approximately $6,641,250). Other incurred offering costs consisted principally of preparation fees related to the initial public offering. After deducting the underwriting discounts and commissions (excluding the deferred portion, which amount will be payable upon consummation of the initial business combination, if consummated) and the initial public offering expenses, $191,647,500 million of the net proceeds from our initial public offering and certain of the proceeds from the private placement of the private placement warrants (or $10.00 per unit sold in the initial public offering) was placed in the Trust Account. The net proceeds of the initial public offering and certain proceeds from the sale of the private placement warrants are held in the Trust Account and invested as described elsewhere in this Quarterly Report on Form 10-Q.

There has been no material change in the planned use of the proceeds from our initial public offering and sale of private placement warrants as is described in the Company’s final prospectus related to our initial public offering as filed with the SEC on October 29, 2021. For a description of the use of the proceeds generated from the Initial Public Offering, see “Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits

The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.

 

Exhibit No.

   

Description

31.1*    Certification Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1**    Certification 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.CAL*    Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.SCH*    Inline XBRL Taxonomy Extension Schema Document
101.DEF*    Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*    Inline XBRL Taxonomy Extension Labels Linkbase Document
101.PRE*    Inline XBRL Taxonomy Extension Presentation Linkbase Document
104*    Cover Page Interactive Data File (Embedded as Inline XBRL document and contained in Exhibit 101).

 

*

Filed herewith.

**

Furnished.

 

22

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SIGNATURES

Pursuant to 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.

 

    CSLM Acquisition Corp.
Date: November 20, 2023     By:  

/s/ Charles Cassel

      Charles Cassel
      Chief Executive Officer and Chief Financial OfficerJ

 

23

Exhibit 31.1

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

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

I, Charles Cassel, certify that:

1. I have reviewed this quarterly report on Form 10-Q of CSLM 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;

4. 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 have:

a) 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

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our 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;

c) 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

d) 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 (the registrant’s fourth fiscal quarter in the case of an annual report) 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):

a) 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

b) 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.

 

  Date: November 20, 2023      
     By:   

/s/ Charles Cassel

        Charles Cassel
        Chief Executive Officer and Chief Financial Officer (Principal
        Executive Officer and Principal Financial and Accounting Officer)

Exhibit 32.1

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 CSLM ACQUISITION CORP. (the “Company”) on Form 10-Q for the quarterly period ended September 30, 2023, as filed with the Securities and Exchange Commission (the “Report”), I, Charles Cassel, Chief Executive Officer and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as added by §906 of the Sarbanes-Oxley Act of 2002, that:

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

2. To my knowledge, the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the period covered by the Report.

Date: November 20, 2023

 

By:  

/s/ Charles Cassel

  Charles Cassel
  Chief Executive Officer and Chief Financial Officer (Principal
  Executive Officer and Principal Financial and Accounting Officer)
v3.23.3
Cover Page - shares
 9 Months Ended
Sep. 30, 2023
Nov. 14, 2023
Document Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Sep. 30, 2023  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q3  
Document Quarterly Report true  
Document Transition Report false  
Entity Registrant Name CSLM ACQUISITION CORP.  
Entity Central Index Key 0001875493  
Entity File Number 001-41219  
Current Fiscal Year End Date --12-31  
Entity Tax Identification Number 98-1602789  
Entity Incorporation, State or Country Code E9  
Entity Current Reporting Status Yes  
Entity Shell Company true  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company true  
Entity Ex Transition Period false  
Entity Address, Address Line One 2400 E. Commercial Boulevard  
Entity Address, Address Line Two Suite 900  
Entity Address, City or Town Ft. Lauderdale  
Entity Address, State or Province FL  
Entity Address, Postal Zip Code 33308  
City Area Code 954  
Local Phone Number 315-9381  
Entity Information, Former Legal or Registered Name Consilium Acquisition Corp I Ltd.  
Title of 12(b) Security Class A ordinary shares, par value $0.0001 per share  
Trading Symbol CSLM  
Security Exchange Name NASDAQ  
Entity Interactive Data Current Yes  
Capital Units [Member]    
Document Information [Line Items]    
Title of 12(b) Security Units, each consisting of one Class A ordinary share, one right and one-half of one redeemable warrant  
Trading Symbol CSLMU  
Security Exchange Name NASDAQ  
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Document Information [Line Items]    
Title of 12(b) Security Redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50  
Trading Symbol CSLMW  
Security Exchange Name NASDAQ  
Rights [Member]    
Document Information [Line Items]    
Title of 12(b) Security Rights to acquire one-tenth of one Class A ordinary share  
Trading Symbol CSLMR  
Security Exchange Name NASDAQ  
Common Class A [Member]    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   9,515,936
Common Class B [Member]    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   1
v3.23.3
Condensed Balance Sheets - USD ($)
Sep. 30, 2023
Dec. 31, 2022
Current assets:    
Cash $ 64,500 $ 224,474
Prepaid expenses 157,934 494,844
Due from related party 28,462 28,462
Marketable securities held in Trust Account 51,085,939 194,767,885
Total Assets 51,336,835 195,515,665
Current liabilities:    
Accounts payable 15,764 8,185
Accrued expenses 402,580 307,966
Accrued offering costs 0 279,678
Promissory note – related party 900,000 0
Accrued interest - related party 15,210 0
Deferred underwriting commissions 6,641,250 6,641,250
Total Liabilities 7,974,804 7,237,079
Commitments and Contingencies (Note 7)
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized, 4,772,187 and 18,975,000 shares subject to redemption as of September 30, 2023 and December 31, 2022, respectively 51,085,939 194,767,885
Shareholders' Deficit:    
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding 0 0
Additional paid-in capital 0 0
Accumulated deficit (7,724,382) (6,489,773)
Total Shareholders' Deficit (7,723,908) (6,489,299)
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Deficit 51,336,835 195,515,665
Common Class A [Member]    
Shareholders' Deficit:    
Ordinary shares 474 0
Common Class B [Member]    
Shareholders' Deficit:    
Ordinary shares $ 0 $ 474
v3.23.3
Condensed Balance Sheets (Parenthetical) - $ / shares
Sep. 30, 2023
Dec. 31, 2022
Preferred Stock, Par or Stated Value Per Share $ 0.0001 $ 0.0001
Preferred Stock, Shares Authorized 5,000,000 5,000,000
Preferred Stock, Shares Issued 0 0
Preferred Stock, Shares Outstanding 0 0
Subject to Possible Redemption Class A Ordinary Shares [Member]    
Temporary equity, shares outstanding 4,772,187 18,975,000
Common Class A [Member]    
Temporary Equity, Par or Stated Value Per Share $ 0.0001 $ 0.0001
Temporary Equity, Shares Authorized 500,000,000 500,000,000
Temporary Equity, Shares Issued 4,772,187 18,975,000
Temporary equity, shares outstanding 4,772,187 18,975,000
Common Stock, Par or Stated Value Per Share $ 0.0001 $ 0.0001
Common Stock, Shares Authorized 500,000,000 500,000,000
Common Stock, Shares, Issued 4,743,749 0
Common Stock, Shares, Outstanding 4,743,749 0
Common Class B [Member]    
Temporary equity, shares outstanding   4,743,750
Common Stock, Par or Stated Value Per Share $ 0.0001 $ 0.0001
Common Stock, Shares Authorized 50,000,000 50,000,000
Common Stock, Shares, Issued 1 4,743,750
Common Stock, Shares, Outstanding 1 4,743,750
v3.23.3
Condensed Statements of Operations - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Insurance expense $ 120,419 $ 120,419 $ 357,331 $ 341,624
Dues and subscriptions 83,504 12,218 224,444 133,706
Legal and accounting expenses 99,540 54,123 426,072 343,314
Bank fees, general and administrative expenses 8,901 7,754 16,762 28,444
Operating expenses 312,364 194,514 1,024,609 847,088
Loss from operations (312,364) (194,514) (1,024,609) (847,088)
Other income:        
Realized gain on marketable securities held in Trust Account 0 1,013,450 2,538,270 1,366,301
Dividends on marketable securities held in Trust Account 1,170,072 0 3,055,971 0
Total other income, net 1,170,072 1,013,450 5,594,241 1,366,301
Net income $ 857,708 $ 818,936 $ 4,569,632 $ 519,213
Redeemable Class A [Member]        
Other income:        
Basic weighted average shares outstanding 8,786,025 18,975,000 15,541,353 17,793,407
Diluted weighted average shares outstanding 8,786,025 18,975,000 15,541,353 17,793,407
Basic net income $ 0.12 $ 0.05 $ 0.32 $ 0.39
Diluted net income $ 0.12 $ 0.05 $ 0.32 $ 0.39
Class A Non Redeemable [Member]        
Other income:        
Basic weighted average shares outstanding 4,073,437 4,743,750 1,372,733 4,743,750
Diluted weighted average shares outstanding 4,073,437 4,743,750 1,372,733 4,743,750
Basic net income $ (0.05) $ (0.01) $ (0.15) $ 1.34
Diluted net income $ (0.05) $ (0.01) $ (0.15) $ 1.34
Class B Non Redeemable [Member]        
Other income:        
Basic weighted average shares outstanding 670,313 0 3,371,017 0
Diluted weighted average shares outstanding 670,313 0 3,371,017 0
Basic net income $ (0.02) $ 0 $ (0.05) $ 0
Diluted net income $ (0.02) $ 0 $ (0.05) $ 0
v3.23.3
Condensed Statements of Changes in Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Deficit - USD ($)
Total
Common Stock Subject to Mandatory Redemption [Member]
Additional paid-in capital [Member]
Accumulated deficit [Member]
Common Class A [Member]
Common Stock [Member]
Common Class A [Member]
Common Stock [Member]
Common Stock Subject to Mandatory Redemption [Member]
Common Class B [Member]
Common Stock [Member]
Balance Beginning, Shares at Dec. 31, 2021         0 4,743,750
Balance Beginning at Dec. 31, 2021 $ (24,154)   $ 24,526 $ (49,154) $ 0 $ 474
Issuance of Class A ordinary shares in IPO 17,472,540   17,472,540     $ 160,830,445  
Issuance of Class A ordinary shares in IPO, Shares           18,975,000  
Sale of private placement warrants 7,942,500   7,942,500        
Remeasurement of Class A ordinary shares subject to redemption (30,876,700)   (25,439,566) (5,437,134)   $ 30,876,700  
Net income (loss) (184,774)     (184,774)      
Balance Ending, Shares at Mar. 31, 2022         18,975,000 4,743,750
Balance Ending at Mar. 31, 2022 (5,670,588)   (5,671,062) $ 191,707,145 $ 474
Balance Beginning, Shares at Dec. 31, 2021         0 4,743,750
Balance Beginning at Dec. 31, 2021 (24,154)   24,526 (49,154) $ 0 $ 474
Remeasurement of Class A ordinary shares subject to redemption   $ (32,183,356)          
Net income (loss) 519,213 $ 519,213          
Balance Ending, Shares at Sep. 30, 2022         18,975,000 4,743,750
Balance Ending at Sep. 30, 2022 (6,273,257)   (6,273,731) $ 193,013,801 $ 474
Balance Beginning, Shares at Dec. 31, 2021         0 4,743,750
Balance Beginning at Dec. 31, 2021 (24,154)   24,526 (49,154) $ 0 $ 474
Balance Ending, Shares at Dec. 31, 2022         18,975,000 4,743,750
Balance Ending at Dec. 31, 2022 (6,489,299)   (6,489,773) $ 194,767,885 $ 474
Balance Beginning, Shares at Mar. 31, 2022         18,975,000 4,743,750
Balance Beginning at Mar. 31, 2022 (5,670,588)   (5,671,062) $ 191,707,145 $ 474
Remeasurement of Class A ordinary shares subject to redemption (293,206)     (293,206)   $ 293,206  
Net income (loss) (114,949)     (114,949)      
Balance Ending, Shares at Jun. 30, 2022         18,975,000 4,743,750
Balance Ending at Jun. 30, 2022 (6,078,743)   (6,079,217) $ 192,000,351 $ 474
Remeasurement of Class A ordinary shares subject to redemption (1,013,450)     (1,013,450)   $ 1,013,450  
Net income (loss) 818,936     818,936      
Balance Ending, Shares at Sep. 30, 2022         18,975,000 4,743,750
Balance Ending at Sep. 30, 2022 (6,273,257)   (6,273,731) $ 193,013,801 $ 474
Balance Beginning, Shares at Dec. 31, 2022         18,975,000 4,743,750
Balance Beginning at Dec. 31, 2022 (6,489,299)   (6,489,773) $ 194,767,885 $ 474
Remeasurement of Class A ordinary shares subject to redemption (2,105,252)     (2,105,252)   $ 2,105,252  
Net income (loss) 1,618,630     1,618,630      
Balance Ending, Shares at Mar. 31, 2023         18,975,000 4,743,750
Balance Ending at Mar. 31, 2023 (6,975,921)   (6,976,395) $ 196,873,137 $ 474
Balance Beginning, Shares at Dec. 31, 2022         18,975,000 4,743,750
Balance Beginning at Dec. 31, 2022 (6,489,299)   (6,489,773) $ 194,767,885 $ 474
Net income (loss) 4,569,632            
Balance Ending, Shares at Sep. 30, 2023         4,743,749 4,772,187 1
Balance Ending at Sep. 30, 2023 (7,723,908)   (7,724,382) $ 474 $ 51,085,939 $ 0
Balance Beginning, Shares at Mar. 31, 2023         18,975,000 4,743,750
Balance Beginning at Mar. 31, 2023 (6,975,921)   (6,976,395) $ 196,873,137 $ 474
Remeasurement of Class A ordinary shares subject to redemption (2,318,917)     (2,318,917)   $ 2,318,917  
Net income (loss) 2,093,294     2,093,294      
Balance Ending, Shares at Jun. 30, 2023         18,975,000 4,743,750
Balance Ending at Jun. 30, 2023 (7,201,544)   (7,202,018) $ 199,192,054 $ 474
Remeasurement of Class A ordinary shares subject to redemption (1,380,072)     (1,380,072)   $ 1,380,072  
Net income (loss) 857,708     857,708      
Redemption of Class A ordinary shares           (14,202,813)  
Redemption of Class A ordinary value           $ (149,486,187)  
Conversion of Sponsor Class B ordinary shares to Class A ordinary shares         4,743,749   (4,743,749)
Conversion of Sponsor Class B ordinary shares to Class A ordinary value         $ 474   $ (474)
Balance Ending, Shares at Sep. 30, 2023         4,743,749 4,772,187 1
Balance Ending at Sep. 30, 2023 $ (7,723,908)   $ (7,724,382) $ 474 $ 51,085,939 $ 0
v3.23.3
Condensed Statements of Cash Flows - USD ($)
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash Flows from Operating Activities:    
Net income $ 4,569,632 $ 519,213
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Insurance expense amortization   341,624
Dues and subscriptions expense amortization   48,848
Realized gains on marketable securities held in Trust Account (2,538,270) (1,366,301)
Accrued dividends on marketable securities held in Trust Account (217,803)  
Changes in current assets and current liabilities:    
Prepaid expense 336,910 (1,007,000)
Accounts payable 7,579 1,547
Accrued expenses 94,614 223,460
Accrued interest 15,210  
Accrued offering costs (279,678) (410,948)
Net cash provided by (used) in operating activities 1,988,194 (1,649,557)
Cash Flows from Investing Activities:    
Purchase of treasury and other marketable securities (395,435,168) (575,475,500)
Proceeds from redemption of treasury securities 541,873,187 383,828,000
Net cash provided by (used) in investing activities 146,438,019 (191,647,500)
Cash Flows from Financing Activities:    
Proceeds from issuance of Class A ordinary shares   189,750,000
Proceeds from sale of private placement warrants   7,942,500
Payment of underwriting fee   (3,795,000)
Proceeds from promissory note – related party 900,000 (206,313)
Payment of redemptions to Class A ordinary shareholders (149,486,187)  
Due from related party   25,000
Reduction of deferred offering costs   (138,826)
Net cash (used in) provided by financing activities (148,586,187) 193,577,362
Net Change in Cash (159,974) 280,305
Cash – Beginning of the period 224,474 20
Cash – End of the period 64,500 280,325
Supplemental Disclosure of Non-cash Financing Activities:    
Remeasurement of Class A ordinary shares subject to possible redemption 5,804,241 32,183,356
Deferred underwriter fee payable 0 6,641,250
Deferred offering costs included in accrued offering costs $ (279,678) $ 279,678
v3.23.3
Organization and Business Background
 9 Months Ended
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Business Background
NOTE 1 — ORGANIZATION AND BUSINESS BACKGROUND
Organization and General
CSLM ACQUISITION CORP.(the “Company”) is a blank check company incorporated in the Cayman Islands as an exempted company on April 13, 2021. The Company was incorporated for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses that the Company has not yet identified (“Business Combination”).
The Company is not limited to a particular industry or geographic location for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.
As of September 30, 2023, the Company had not commenced any operations. All activity for the from April 13, 2021 (inception) through September 30, 2023 relates to the Company’s formation, the initial public offering (“Initial Public Offering” or “IPO”), which is described below, and pursuit of 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 investment income from the proceeds derived from the Initial Public Offering. The Company has selected December 31 as its fiscal year end.
On July 13, 2023, the Company submitted a certificate of incorporation of name change to the Cayman Islands Registry of Companies to change our name from “Consilium Acquisition Corp I, LTD.” to “CSLM Acquisition Corp.”. The name change of the Company to CSLM Acquisition Corp. was effected on Nasdaq at the open of trading on July 18, 2023 and continued trading under the same ticker symbol “CSLM”. The name change does not affect the rights of the Company’s securities holders.
Financing
On January 18, 2022, the Company consummated its Initial Public Offering of 18,975,000 units (the “Units”), including the issuance of 2,475,000 Units as a result of the underwriter’s exercise of its over-allotment option. Each Unit consists of one Class A ordinary share of the Company, par value $0.0001 per share (an “Ordinary Share”), one right to acquire
one-tenth
of an Ordinary Share, and
one-half
of one redeemable warrant of the Company. Each whole warrant entitles the holder thereof to purchase one Ordinary Share for $11.50 per share, subject to adjustment. The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $189,750,000.
Substantially concurrently with the closing of the Initial Public Offering, the Company completed the private sale of 7,942,500 private placement warrants (the “Private Placement Warrants”) at a purchase price of $1.00 per Private Placement Warrant, to the Company’s sponsor, Consilium Acquisition Sponsor I, LLC (the “Sponsor”), generating gross proceeds to the Company of $7,942,500. The Private Placement Warrants are identical to the warrants sold as part of the Units in the Initial Public Offering except that, so long as they are held by the Sponsor or its permitted transferees: (1) they will not be redeemable by the Company (except in certain redemption scenarios when the price per Ordinary Share equals or exceeds $10.00 (as adjusted)); (2) they (including the Ordinary Shares issuable upon exercise of these warrants) may not, subject to certain limited exceptions, be transferred, assigned or sold by the Sponsor until 30 days after the completion of the Company’s initial business combination; (3) they may be exercised by the holders on a cashless basis; and (4) they (including the Ordinary Shares issuable upon exercise of these warrants) are entitled to registration rights.
A total of $2,250,000 was deposited to the Company’s operating account and a total of $191,647,500,
comprised of a portion of proceeds from the IPO and the sale of the Private Placement Warrants, was placed in a U.S.-based trust account at JP Morgan Chase Bank, N.A., maintained by Continental Stock Transfer & Trust Company, acting as trustee (the “Trust Account”). Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its taxes, if any, the funds held in the Trust Account will not be released from the Trust Account until the earliest to occur of: (1) the Company’s completion of an initial business combination; (2) the redemption of any public shares properly submitted in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with its initial business combination or to redeem 
100% of the Company’s public shares if the Company does not complete its initial business combination within 18 months (or 24 months if the sponsor exercises its extension options) from the closing of the IPO or (B) with respect to any other provision relating to shareholders’ rights or
pre-initial
business combination activity; and (3) the redemption of the Company’s public shares if the Company has not completed its initial business combination within 18 months (or 24 months if the sponsor exercises its extension options) from the closing of the IPO, subject to applicable law.
 
On July 13, 2023 as approved by its shareholders at an extraordinary general meeting held on July 13, 2023 (the “Special Meeting”), The Company, and its trustee, Continental Stock Transfer & Trust Company amended (the “Amendment”) the Investment Management Trust Agreement, dated as of January 12, 2022 (the “Trust Agreement”), by and between the Company and Continental Stock Transfer & Trust Company (the “Trustee”) and the Company, in order to allow the Company to extend the time to complete a business combination by fifteen (15) additional one (1) month periods until, October 18, 2024 (the “Termination Date” or the “Combination Period”). The Company is required to deposit $70,000 into the Trust Account for each of the fifteen (15) additional one (1) month extension periods. At the Special Meeting, the shareholders of the Company approved a special resolution to the Articles of Association to extend the time to consummate a business combination until October 18, 2024 and the Amendment in accordance with the Company’s Amended and Restated Memorandum of Association and Articles of Association (the “Articles of Association”).
In connection with the shareholders’ vote at the special meeting held by the Company on June 29, 2023, 14,202,813 Class A shares were tendered for redemption. Shareholders validly redeemed their shares for $149,486,187, or approximately $10.53 per class A share. The trustee processed the redemptions on July 11, 2023 and distributed amounts from the Trust Account to the redeeming shareholders on July 26, 2023.
Immediately after the Special Meeting, the Company extended the time to complete the business combination by one (1) month to August 18, 2023, and deposited the sum of $70,000
into the Trust Account in accordance with the terms of the Trust Agreement. On August 14, 2023, the Company deposited $
70,000
 
into the Trust Account to extend the time to complete the business combination by one (1) month from August 18, 2023 to September 18, 2023. On September 14, 2023, the Company deposited $
70,000
into the Trust Account to extend the time to complete the business combination by one
(1) month from September 18, 2023 to October 18, 2023. As of September 30, 2023, the Company has exercised three (3) of the fifteen (15) additional (1) month extension periods. 
Risks and Uncertainties
Results of operations and the Company’s ability to complete an Initial Business Combination may be adversely affected by various factors that could cause economic uncertainty and volatility in the financial markets, many of which are beyond its control. The business could be impacted by, among other things, downturns in the financial markets or in economic conditions, inflation, increases in interest rates, adverse developments affecting the financial services industry, and geopolitical instability, such as the military conflict in the Ukraine.
Any of the foregoing consequences, including those we cannot yet predict, may cause our business, financial condition, results of operations and the price of our ordinary shares to be adversely affected. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Going Concern Consideration
As of September 30, 2023 and December 31, 2022, the Company had $64,500 and $224,474 in cash, respectively, and working capital (deficit) of $(1,082,658) and 151,951, respectively, excluding Marketing Securities held in the Trust Account and the Deferred Underwriter Fee liability.
The Company’s liquidity needs through September 30, 2023 had been satisfied through a payment from the Sponsor of $25,000 for Class B ordinary shares, par value $0.0001 per share (“Class B ordinary shares” and shares thereof, “founder shares”), the Initial Public Offering and the sale of the private placement warrants (see Note 3 and Note 4). Additionally, the Company drew on an unsecured promissory note to pay certain offering costs and an unsecured promissory note bearing interest at 4.75% per annum for working capital needs.
The Company has incurred and expects to continue to incur significant costs in pursuit of its financing and acquisition plans. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period within one year after the date that the financial statements are issued. Management plans to address this uncertainty through related party loans from the Sponsor, an affiliate of the Sponsor, or certain of the Company’s officers and directors or their affiliates (“Working Capital Loans”) (see Note 5) and effecting a Business Combination. However, there is no assurance that the Company’s plans to raise capital or to consummate a Business Combination will be successful or successful within the Combination Period.
The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
v3.23.3
Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2023
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form
10-Q
and Article 8 of Regulation
S-X
of the Securities and Exchange Commission (the “SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair statement of the financial position, operating results and cash flows for the periods presented.
The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on Form
10-K
for the year ended December 31, 2022 as filed with the SEC on March 31, 2023, which contains the audited financial statements and notes thereto. The financial information as of December 31, 2022 is derived from the audited financial statements presented in the Company’s Annual Report on Form
10-K
for the year ended December 31, 2022. The interim results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any future interim periods
 
Emerging Growth Company
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 independent registered public accounting firm 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 shareholder 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 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 that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires the Company’s management to make 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 amounts of revenues and 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.
Marketable Securities Held in Trust Account
Following the closing of the Initial Public Offering on January 18, 2022, an amount of $191,647,500 from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Warrants were placed in the Trust Account and may be invested only in U.S. government securities with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule
2a-7
under the Investment Company Act which invest only in direct U.S. government treasury obligations. The Trust Account is intended as a holding place for funds pending the earliest to occur of: (i) the completion of the initial Business Combination; (ii) the redemption of any public shares properly submitted in connection with a shareholder vote to amend the Company’s amended and restated certificate of incorporation (A) to modify the substance or timing of the Company’s obligation to redeem 100% of the public shares if the Company does not complete the initial Business Combination within 12 months from the closing of the Initial Public Offering or (B) with respect to any other provision relating to shareholders’ rights or
pre-initial
Business Combination activity; or (iii) absent an initial Business Combination within 12 months from the closing of the Initial Public Offering, the return of the funds held in the Trust Account to the public shareholders as part of redemption of the public shares.
 
Offering Costs Associated with the Initial Public Offering
Offering costs consist principally of professional and registration fees incurred through the balance sheet date that are related to the Initial Public Offering. Offering costs are charged to shareholders’ equity or the statement of operations based on the relative value of the Public Warrants and the rights to the proceeds received from the Units sold upon the completion of the Initial Public Offering. Accordingly, on January 18, 2022, offering costs totaling $11,447,015 were allocated to the Class A ordinary shares, Public Warrants and rights in the amounts of $10,392,952, $272,919 and $781,144, respectively.
Net Income (Loss) Per Ordinary Share
The statements of operations include a presentation of income (loss) per Class A redeemable ordinary shares and income (loss) per non-redeemable Class A and Class B ordinary shares following the two-class method of income per common stock. In order to determine the net income (loss) attributable to both the Class A redeemable ordinary shares and non-redeemable Class A and Class B ordinary shares, the Company first considered the total income (loss) allocable to both sets of stock. This is calculated using the total net income (loss) less any dividends paid. For purposes of calculating net income (loss) per share, any remeasurement of the Class A ordinary shares subject to possible redemption was treated as dividends paid to the public shareholders. Subsequent to calculating the total income (loss) allocable to both sets of shares, the Company split the amount to be allocated using the total number of shares outstanding for each share class at each respective period, before and after redemptions and conversions, for the three and nine months ended September 30, 2023, reflective of the respective participation rights. The Company split the amount to be allocated using a ratio of 
80% for the Class A redeemable ordinary shares and 20% for the
non-redeemable
Class A and Class B ordinary shares for the three months and nine ended September 30, 2022, reflective of the respective participation rights.
The following tables reflect the calculation of basic and diluted net income (loss) per ordinary shares for the three and nine months ended September 30, 2023 (in dollars, except per share
amounts):
 
 
  
For the
Three Months
Ended
September 30, 2023
 
Net income
  
$
857,708
 
Remeasurement of temporary equity to redemption value
  
 
(1,380,072
)
  
 
 
 
Net loss including remeasurement of temporary equity to redemption
value
  
$
(522,364
) 
  
 
 
 
 
 
  
For the Three Months Ended
September 30, 2023
 
 
  
Class A
Redeemable
 
  
Class A
Non-redeemable
 
  
Class B
Non-redeemable
 
Total number of shares as of September 30, 2023
  
 
4,772,187
 
 
 
4,743,749
 
 
 
1
 
Basic and diluted net income (loss) per share
  
 
 
Numerator:
  
 
 
Allocation of net loss including remeasurement of temporary
equity to redemption value based on ownership percentage
  
(306,030
 )
 
(201,572
)
 
(14,762
 )
Deemed dividend for remeasurement of temporary equity to
redemption value
  
 
1,380,072
  
 
 
—  
  
 
 
—  
 
  
 
 
 
 
 
 
 
 
 
 
 
Total net income (loss) allocated by class
  
$
1,074,042
 
 
$
(201,572
) 
 
$
(14,762
) 
  
 
 
 
 
 
 
 
 
 
 
 
Denominator:
  
 
 
Weighted-average shares outstanding
  
 
 8,786,025
 
 
 
 4,073,437
 
 
 
 670,313
 
Basic and diluted net income (loss) per share
  
$
 0.12
 
 
$
 (0.05
) 
 
$
 (0.02
) 
 
 
  
For the
Nine Months
Ended
September 30, 2023
 
Net income
  
$
4,569,632
 
Remeasurement of temporary equity to redemption value
  
 
(5,804,241
 )
 
  
 
 
 
Net loss including remeasurement of temporary equity to redemption
value
  
$
(1,234,609
) 
  
 
 
 
 
    
For the Nine Months Ended
September 30, 2023
  
    
Class A
Redeemable
     
Class A
Non-redeemable
     
Class B
Non-redeemable
  
Total number of shares as of September 30, 2023
  
 
4,772,187
 
 
 
4,743,749
 
 
 
1
 
Basic and diluted net income (loss) per share
  
 
 
Numerator:
  
 
 
Allocation of net loss including remeasurement of temporary
equity to redemption value based on ownership percentage
  
(875,826
 )
 
(201,572
)
 
(157,211
 )
Deemed dividend for remeasurement of temporary equity to
redemption value
  
 
5,804,241
 
 
—  
 
 
—  
 
  
 
 
 
 
 
 
 
 
 
 
Total net income (loss) allocated by class
  
$
4,928,415
 
 
$
(201,572
) 
 
$
(157,211
) 
  
 
 
 
 
 
 
 
 
 
 
 
Denominator:
  
 
 
Weighted-average shares outstanding
  
 
 15,541,353
 
 
 
 1,372,733
 
 
 
 3,371,017
 
Basic and diluted net income (loss) per share
  
$
 0.32
 
 
$
 (0.15
) 
 
$
 (0.05
) 
The
 
following tables reflect the calculation of basic and diluted net income (loss) per ordinary shares for the three and nine months ended September 30, 2022 (in dollars, except per share amounts):
 
    
For the

Three Months

Ended

September 30, 2022
  
Net income
    $ 818,936  
Remeasurement of temporary equity to redemption value
      (1,013,450 ) 
    
 
 
  
Net loss including remeasurement of temporary equity to redemption value
    $ (194,514 ) 
    
 
 
  
 
 
  
For the Three Months Ended

September 30, 2022
 
 
  
 
 
  
 
 
 
  
Class A
Redeemable
 
  
Class B
Non-redeemable
 
Basic and diluted net income per share:
                  
Numerator:
                  
Allocation of net loss including remeasurement of temporary equity
    $ (155,611 )     $ (38,903 ) 
Deemed dividend for remeasurement of temporary equity to redemption value
      1,013,450        —   
    
 
 
     
 
 
  
Allocation of net loss
    $ 857,839      $ (38,903 ) 
    
 
 
     
 
 
  
Denominator:
                  
Weighted-average shares outstanding
      18,975,000        4,743,750  
Basic and diluted net income (loss) per share
    $ 0.05      $ (0.01 ) 
 
    
For the

Nine Months

Ended

September 30, 2022
  
Net loss from beginning of year through date of initial public offering
    $ (2,644 ) 
Net income from date of initial public offering through September 30, 2022
      521,857  
Total net income for the nine months ended September 30, 2022
      519,213  
Remeasurement of temporary equity to redemption value
      (32,183,356 ) 
Net loss including remeasurement of temporary equity to redemption value
    $ (31,664,143 ) 
    
 
 
  
 
 
  
For the Nine Months Ended
September 30, 2022
 
 
  
 
 
  
 
 
 
  
Class A

Redeemable
 
  
Class B

Non-redeemable
 
Basic and diluted net income per share:
                  
Numerator:
                  
Allocation of net loss from beginning of year through date of initial public offering based on ownership percentage
    $ —       $ (2,644 ) 
Allocation of net loss date of initial public offering to September 30, 2022 based on ownership percentage
      417,486        104,371  
Less: remeasurement of temporary equity allocation based on ownership percentage
      (25,746,685 )       (6,436,671 ) 
Plus: remeasurement of temporary equity applicable to Class A redeemable shares
      32,183,356        —   
    
 
 
     
 
 
  
Allocation of net loss
    $ 6,854,157      $ (6,334,944 ) 
  
 
 
     
 
 
  
Denominator:
                  
Weighted-average shares outstanding
      17,793,407        4,743,750  
Basic and diluted net income (loss) per share
    $ 0.39      $ (1.34 ) 
Fair value of Financial Instruments
ASC Topic 820, Fair Value Measurement, defines fair value as the amount that would be received to sell an asset or paid to transfer a liability, in an orderly transaction between market participants.
Fair value measurements are classified on a three-tier hierarchy as follows:
 
  •  
Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;
 
  •  
Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and
 
  •  
Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as calculations derived from valuation techniques in which one or more significant inputs or significant value drivers are observable.
In many cases, if a valuation technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy described above, the lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy.
The fair value of the Company’s assets and liabilities, which qualify as financial instruments approximates the carrying amounts represented in the balance sheet, primarily due to its short-term nature.
Derivative Financial Instruments
The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, Derivatives and Hedging. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then
re-valued
at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the balance sheet as current or
non-current
based on whether or not
net-cash
settlement or conversion of the instrument could be required within 12 months of the balance sheet date.
 
Warrants and Rights
The Company accounts for the public and private warrants and rights as either equity-classified or liability-classified instruments based on an assessment of the instruments’ specific terms and applicable authoritative guidance in FASB ASC Topic 480, “Distinguishing Liabilities from Equity” (“ASC 480”) and FASB ASC Topic 815, “Derivatives and Hedging” (“ASC 815”). Pursuant to the Company’s evaluation, the Company concluded that the public and private warrants and rights do not meet the criteria to be accounted for as liability under ASC 480. The Company further evaluated the public and private warrants and rights under “ASC
815-40,
Derivatives and Hedging — Contracts in Entity’s Own Equity” (“ASC
815-40”)
and concluded that the public warrants, private placement warrants and rights are indexed to the Company’s own stock and meet the criteria to be classified in shareholders’ deficit.
Ordinary Shares Subject to Possible Redemption
Ordinary shares subject to mandatory redemption (if any) are classified as a liability instrument and is measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. In connection with the shareholders’ vote at the Special meeting of shareholders held by the Company on June 29, 2023, 14,202,813 Class A ordinary shares were tendered for redemption for an aggregate value of $149,486,187 and distributed from the Trust Account on July 26, 2023. Accordingly, at September 30, 2023, 4,772,187
shares of Class A ordinary shares subject to possible redemption is presented, at redemption value equal to the amount held in the Trust Account, as temporary equity, outside of the shareholders’ deficit section of the Company’s balance sheet. 
The Class A ordinary shares subject to possible redemption is reflected on the balance sheet at September 30, 2023 as follows:
 
Gross proceeds from initial public offering
    $ 189,750,000  
Less:
         
Fair value allocated to public warrants
      (4,524,000)  
Fair value allocated to rights
      (12,948,540)  
Offering costs allocated to Class A ordinary shares subject to possible redemption
      (10,392,952)  
Plus:
         
Re-measurement
on Class A ordinary shares subject to possible redemption
      32,883,377  
    
 
 
  
Class A ordinary shares subject to possible redemption at redemption value at December 31, 2022
      194,767,885  
Re-measurement
on Class A ordinary shares subject to possible redemption
      2,105,252  
    
 
 
  
Class A ordinary shares subject to possible redemption at redemption value at March 31, 2023
      196,873,137  
Re-measurement
on Class A ordinary shares subject to possible redemption
      2,318,917  
    
 
 
  
Class A ordinary shares subject to possible redemption at redemption value at June 30, 2023
      199,192,054  
Shareholder redemption of Class A ordinary shares
      (149,486,187 ) 
Re-measurement
on Class A ordinary shares subject to possible redemption
      1,380,072  
    
 
 
  
Class A ordinary shares subject to possible redemption at redemption value at September 30, 2023
      51,085,939  
    
 
 
  
The proceeds of the offering were allocated to the Class A ordinary shares and the Public Warrants and Rights based on their relative fair values. The Company recognizes changes in redemption value of Class A ordinary shares subject to possible redemption immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. Such changes are reflected in additional
paid-in
capital, or in the absence of additional capital, in accumulated deficit. On January 18, 2022, the Company recorded a remeasurement of $29,762,992, $24,385,503 of which was recorded in additional
paid-in
capital and $5,377,489 was recorded in accumulated deficit, to remeasure the value of Class A ordinary shares to its redemption value. The Company has recorded an additional remeasurements of $1,380,072 and 5,804,241 for the three and nine months ended September 30, 2023.
 
Income taxes
The Company accounts for income taxes in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC 740”). Under the asset and liability, method as required by this accounting standard, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities in the financial statements and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to the period when assets are realized or liability is settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in the operation of statement in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.
ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. There were no unrecognized tax benefits as of September 30, 2023 or December 31, 2022. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of September 30, 2023 or December 31, 2022. 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 is considered an exempted Cayman Islands Company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the period presented.
Related Parties
Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence.
Concentration of Credit Risk
Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed Federally insured limits. Exposure to cash and cash equivalents credit risk is reduced by placing such deposits with major financial institutions and monitoring their credit ratings. At September 30, 2023 and December 31, 2022, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.
Recent Accounting Pronouncements
On January 1, 2023, the Company adopted ASU
No. 2020-06,
Debt with Conversion and other Options (Subtopic
470-20)
and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic
815-40).
The new guidance eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. It also amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives because of specific settlement provisions. In addition, the new guidance modifies how particular convertible instruments and certain contracts that may be settled in cash or shares impact the diluted EPS computation. Adoption of the standard did not have a material impact on its financial position, results of operations or financial statement disclosure.
The Company has considered all new accounting pronouncements and has concluded that there are no new pronouncements that may have a material impact on the results of operations, financial condition, or cash flows, based on the current information.
v3.23.3
Initial Public Offering
 9 Months Ended
Sep. 30, 2023
Initial Public Offering [Abstract]  
INITIAL PUBLIC OFFERING
NOTE 3 — INITIAL PUBLIC OFFERING
Pursuant to the Initial Public Offering, the Company sold 18,975,000 Units at a price of $10.00 per Unit. Each Unit consists of one share of Class A ordinary shares, one right and
one-half
of one warrant (“Public Warrant”). Each whole Public Warrant is anticipated to entitle the holder to purchase one share of Class A ordinary shares at a price of $11.50 per share, subject to adjustment (see Note 6).
An aggregate of $10.10 per Unit sold in the Initial Public Offering was held in the Trust Account and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 180 days or less or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule
2a-7
of the Investment Company Act, as determined by the Company. As of January 18, 2022, $191,647,500 of the proceeds from the Initial Public Offering was held in the Trust Account.
v3.23.3
Private Placement
 9 Months Ended
Sep. 30, 2023
Private Placement [Abstract]  
PRIVATE PLACEMENT
NOTE 4 — PRIVATE PLACEMENT
The Company entered into an agreement with the Sponsor pursuant to which the Sponsor purchased an aggregate of 7,942,500 Private Placement Warrants at a price of $1.00 per Private Placement Warrant, generating proceeds of $7,942,500 in the aggregate in a private placement that occurred substantially concurrently with the closing of the Initial Public Offering. Each Private Placement Warrant is exercisable to purchase one share of ordinary shares at an exercise price of $11.50 per share, subject to adjustment (see Note 6). A portion of the proceeds from the Private Placement Warrants will be added to the proceeds from the Initial Public Offering to be held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law), and the Private Placement Warrants will expire worthless.
v3.23.3
Related Party Transactions
 9 Months Ended
Sep. 30, 2023
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure
NOTE 5 — RELATED PARTY TRANSACTIONS
Founder Shares
In July 2021, the Sponsor purchased 4,743,750 shares of the Company’s Class B ordinary shares (the “Founder Shares”) for an aggregate purchase price of $25,000. The Founder Shares included an aggregate of up to 618,750 shares subject to forfeiture by the Sponsor to the extent that the underwriter’s overallotment was not exercised in full or in part, so that the number of Founder Shares collectively represented approximately 20% of the Company’s issued and outstanding shares after the Initial Public Offering. In August 2021, the Sponsor transferred 50,000 founder shares to each of the Company’s independent director nominees. The Company will account for the transfer of founder shares under ASC
718-10-15-4
and record a compensation expense upon completion of a Business Combination.
The Sponsor has agreed, subject to certain limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier of (A) one year after the completion of a Business Combination or (B) subsequent to a Business Combination, (x) if the last reported sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share capitalization, share subdivisions, reorganizations, recapitalizations and the like) for any 20 trading days within any
30-trading
day period commencing at least 150 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, stock exchange, reorganization or other similar transaction that results in all of the Company’s shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property.
Promissory Note — Related Party
In July 2021, the Sponsor issued an unsecured promissory note to the Company (the “Promissory Note”), pursuant to which the Company may borrow up to an aggregate principal amount of $300,000. On January 18, 2022, the Company repaid $206,313 for amounts outstanding under the Promissory Note balance, resulting in an overpayment of $25,000. The Company also made a $3,462 payment related to a Sponsor invoice. Both of these items are recorded within due from related party on the condensed balance sheet as of September 30, 2023 and December 31, 2022.
In February 2023, the Sponsor issued an unsecured promissory note to the Company (the “Working Capital Note”), pursuant to which the Company may borrow up to an aggregate principal amount of $1,500,000. The Working Capital Note bears interest at a rate of 4.75% per annum and is payable on the earlier of the date by which the Company has to complete a business combination or the effective date of a business combination. The Company drew an aggregate of $900,000 and has accrued $15,210 of interest on principal amounts outstanding as of September 30, 2023 and no amounts outstanding as of December 31, 2022.
 
Related Party Loans
In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor, an affiliate of the Sponsor, or certain of the Company’s officers and directors or their affiliates may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $2,000,000 of such Working Capital Loans may be convertible into warrants, at a price of $1.00 per warrant, of the post Business Combination entity. If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. The warrants would be identical to the Private Placement Warrants. As of September 30, 2023 and December 31, 2022, no Working Capital Loans were outstanding.
v3.23.3
Shareholders' Deficit
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
SHAREHOLDERS' DEFICIT
NOTE 6 — SHAREHOLDERS’ DEFICIT
Preference Shares — The Company is authorized to issue 5,000,000 shares of preference shares with a par value of $0.0001 per share with such designation, rights and preferences as may be determined from time to time by the Company’s board of directors. At September 30, 2023 and December 31, 2022, there were no shares of preference shares issued or outstanding.
Class A Ordinary shares — The Company is authorized to issue 500,000,000 Class A ordinary shares with a par value of $0.0001 per share. Holders of Class A ordinary shares are entitled to one vote for each share. In connection with the shareholders’ vote at the Special meeting of shareholders held by the Company on June 29, 2023, 14,202,813 redeemable Class A ordinary shares were tendered for redemption for an aggregate value of $149,486,187 and distributed from the Trust Account on July 26, 2023. On July 13, 2023, the Company issued 4,743,749 shares of its
non-redeemable
Class A ordinary shares to the Sponsor upon the conversion of an equal number of Class B ordinary shares.
The non-redeemable Class A ordinary shares are the same as the Class B ordinary shares in that they do not have redemption rights and are not entitled to proceeds from liquidation from the Trust Account if the Company does not consummate a business combination. However, unlike the Class B ordinary shares, the non-redeemable Class A ordinary
shares do not have voting rights to appoint or remove directors of the Company. 
At September 30, 2023 and December 31, 2022, there were 4,743,749 and no
non-redeemable
Class A ordinary shares issued or outstanding, excluding 4,772,187 and 18,975,000 redeemable Class A ordinary shares issued and outstanding subject to possible redemption, at redemption value of $10.10 and zero per share, respectively.
Class B Ordinary shares — The Company is authorized to issue 50,000,000 shares of Class B ordinary shares with a par value of $0.0001 per share. On July 13, 2023, the Company issued 4,743,749 shares of its
non-redeemable
Class A ordinary shares to the Sponsor upon the conversion of an equal number of Class B ordinary shares. At September 30, 2023 and December 31, 2022, there were one (1) and 4,743,750 shares of Class B ordinary shares issued and outstanding, respectively of which an aggregate of up to 618,750 shares were subject to forfeiture to the extent that the underwriter’s over-allotment option was not exercised in full or in part, so that such shares collectively represented 20% of the Company’s issued and outstanding ordinary shares after the Initial Public Offering. The underwriters exercised the over-allotment option in full on January 18, 2022. In January 2022, the Company effected a share capitalization for an additional 431,250 Class B ordinary shares, resulting in 4,743,750 Class B ordinary shares outstanding. All share and
per-share
amounts have been retroactively restated to reflect the share capitalization.
With respect to any other matter submitted to a vote of our shareholders, including any vote in connection with our initial business combination, except as required by law, holders of our Founder Shares and holders of our public shares will vote together as a single class, with each share entitling the holder to one vote. However, prior to the consummation of the Business Combination, holders of the Class B ordinary shares will have the right to elect all of the Company’s directors and may remove members of the board of directors for any reason.
The shares of Class B ordinary shares will automatically convert into Class A ordinary shares at the time of a Business Combination on a
one-for-one
basis, subject to adjustment. In the case that additional Class A ordinary shares, or equity-linked securities, are issued or deemed issued in excess of the amounts offered in the Initial Public Offering and related to the closing of a Business Combination, the ratio at which shares of Class B ordinary shares shall convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the outstanding shares of Class B ordinary shares agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all shares of Class B ordinary shares will equal, in the aggregate, on an
as-converted
basis, 20% of the sum of the total number of all shares of ordinary shares outstanding upon the completion of the Initial Public Offering plus all Class A ordinary shares and equity-linked securities issued or deemed issued in connection with a Business Combination, excluding any shares or equity-linked securities issued, or to be issued, to any seller in a Business Combination and excluding any private placement warrants issued to our sponsor, its affiliates or any member of our management team upon conversion of working capital loans.
Rights — Except in cases where the Company is not the surviving company in a Business Combination, each holder of a right will automatically receive
one-tenth
(1/10) of one Class A ordinary share upon consummation of a Business Combination, even if the holder of a right converted all shares held by him, her or it in connection with a Business Combination or an amendment to the Company’s Amended and Restated Certificate of Incorporation with respect to its
pre-business
combination activities. In the event that the Company will not be the surviving company upon completion of a Business Combination, each holder of a right will be required to affirmatively convert his, her or its rights in order to receive the
one-tenth
(1/10) of a share underlying each right upon consummation of the Business Combination.
 
The Company will not issue fractional shares in connection with an exchange of rights. Fractional shares will either be rounded down to the nearest whole share or otherwise addressed in accordance with the applicable provisions of the Cayman Islands law. As a result, the holders of the rights must hold rights in multiples of 10 in order to receive shares for all of the holders’ rights upon closing of a Business Combination. If the Company is unable to complete an initial Business Combination within the Combination Period and the Company redeems the Public Shares for the funds held in the Trust Account, holders of rights will not receive any of such funds for their rights and the rights will expire worthless.
Warrants — Public Warrants may only be exercised for a whole number of shares. No fractional warrants will be issued upon separation of the Units and only whole warrants will trade. Accordingly, unless a unit holder purchases at least two units, they will not be able to receive or trade a whole warrant. The Public Warrants will become exercisable on the later of (a) 12 months from the closing of the Initial Public Offering and (b) 30 days after the completion of a Business Combination.
The Company will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a Public Warrant and will have no obligation to settle such Public Warrant exercise unless a registration statement under the Securities Act with respect to the Class A ordinary shares underlying the Public Warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations with respect to registration, or a valid exemption from registration is available. No Public Warrant will be exercisable, and the Company will not be obligated to issue any Class A ordinary shares upon exercise of a Public Warrant unless the share of Class A ordinary shares issuable upon such Public Warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the Public Warrants.
The Company has agreed that as soon as practicable, but in no event later than 20 business days after the closing of a Business Combination, it will use its commercially reasonable efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the public warrants, and the Company will use its commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of a Business Combination, and to maintain the effectiveness of such registration statement and a current prospectus relating to those Class A ordinary shares until the public warrants expire or are redeemed, as specified in the public warrant agreement; provided that if the Class A ordinary shares is at the time of any exercise of a public warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of public warrants who exercise their public warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement, but it will use its commercially reasonably efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. If a registration statement covering the Class A ordinary shares issuable upon exercise of the public warrants is not effective by the 60th business day after the closing of a Business Combination, public warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise public warrants on a “cashless basis” in accordance with Section 3(a) (9) of the Securities Act or another exemption, but the Company will use its commercially reasonably efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.
Redemption of warrants when the price per Class A ordinary shares equals or exceeds $18.00. Once the public warrants become exercisable, the Company may redeem the Public Warrants:
 
  •  
in whole and not in part;
 
  •  
at a price of $0.01 per warrant;
 
  •  
upon not less than 30 days’ prior written notice of redemption to each warrant holder; and
 
  •  
if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share for any 20 trading days within a
30-trading
day period ending three trading days before the Company sends the notice of redemption to the warrant holders.
If and when the Public Warrants become redeemable by the Company, it may exercise its redemption right even if the Company is unable to register or qualify the underlying securities for sale under all applicable state securities laws.
In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of a Business Combination at an issue price or effective issue price of less than $9.20 per share of Class A ordinary shares (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (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 a Business Combination on the date of the consummation of a Business Combination (net of redemptions), and (z) the volume weighted average trading price of the
 
Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates a Business Combination (such price, the “Market Value”) is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price and the $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price.
The Private Placement Warrants are identical to the Public Warrants included in the Units being sold in the Initial Public Offering, except that the Private Placement Warrants and the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants are not transferable, assignable or saleable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants are exercisable for cash or on a cashless basis, at the holder’s option, and are
non-redeemable
by the Company.
v3.23.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES
NOTE 7 — COMMITMENTS AND CONTINGENCIES
Registration and Shareholder Rights
The holders of the Founder Shares, Private Placement Warrants, and warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of the Working Capital Loans and upon conversion of the Founder Shares) will be entitled to registration rights pursuant to a registration rights agreement to be signed prior to or on the effective date of the Initial Public Offering, requiring the Company to register such securities for resale. The holders will have the right to require us to register for resale these securities pursuant to a shelf registration under Rule 415 under the Securities Act. The holders of a majority of these securities will also be entitled to make up to three demands, plus short form registration demands, that we register such securities. In addition, the holders will be entitled to certain “piggy-back” registration rights with respect to registration statements filed subsequent to our completion of our initial business combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.
Underwriting Agreement
The Company granted the underwriter a
45-day
option from the date of the Initial Public Offering to purchase up to 2,475,000 additional Units to cover over-allotments, if any, at the Initial Public Offering price less the underwriting discount. The underwriters exercised the over-allotment option in full on January 18, 2022, the date of the Initial Public Offering. The underwriter was entitled to a cash underwriting discount of $0.20 per Unit, or $3,795,000 in the aggregate, which was paid upon the closing of the Initial Public Offering. In addition, the underwriter is entitled to a deferred fee of $0.35 per Unit, or $6,641,250 in the aggregate. The deferred fee is payable to the underwriter from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement.
v3.23.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
NOTE 8 — FAIR VALUE MEASUREMENTS
At September 30, 2023 and December 31, 2022, the Company’s marketable securities held in the Trust Account were valued at $51,085,939 and $194,767,885, respectively. The marketable securities held in the Trust Account must be recorded on the balance sheet at fair value and are subject to
re-measurement
at each balance sheet date. With each
re-
measurement, the valuations will be adjusted to fair value, with the change in fair value recognized in the Company’s statement of operations.
The following table presents the fair value information, as of September 30, 2023, of the Company’s financial assets that were accounted for at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. The Company’s marketable securities held in the Trust Account are based on dividend and interest income and market fluctuations in the value of invested marketable securities, which are considered observable. The fair value of the marketable securities held in trust is classified within Level 1 of the fair value hierarchy.
 
The following table sets forth by level within the fair value hierarchy the Company’s assets and liabilities that were accounted for at fair value on a recurring basis:
 
    
(Level 1)
     
(Level 2)
     
(Level 3)
  
Assets
                           
Treasury Trust Funds held in Trust Account as of September, 2023
    $ 51,085,939      $ —       $ —   
U.S. Treasury Securities held in Trust Account as of December 31, 2022
    $ 194,767,885      $ —       $ —   
v3.23.3
Subsequent Events
 9 Months Ended
Sep. 30, 2023
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
NOTE 9 — SUBSEQUENT EVENTS
On October 14, 2023, the Company deposited $70,000
into the Trust Account to extend the time to complete the business combination by one (1) month from October 18, 2023 to November 18, 2023. 
In October 2023, the Company has drawn an additional $30,000 from the Sponsor under the Working Capital Note, bringing the outstanding balance to $930,000.

On November 14, 2023, the Company deposited $70,000 into the Trust Account to extend the time to complete the business combination by one (1) month from November 18, 2023 to December 18, 2023.
v3.23.3
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2023
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form
10-Q
and Article 8 of Regulation
S-X
of the Securities and Exchange Commission (the “SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair statement of the financial position, operating results and cash flows for the periods presented.
The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on Form
10-K
for the year ended December 31, 2022 as filed with the SEC on March 31, 2023, which contains the audited financial statements and notes thereto. The financial information as of December 31, 2022 is derived from the audited financial statements presented in the Company’s Annual Report on Form
10-K
for the year ended December 31, 2022. The interim results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any future interim periods
Emerging Growth Company
Emerging Growth Company
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 independent registered public accounting firm 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 shareholder 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 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 that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with GAAP requires the Company’s management to make 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 amounts of revenues and 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
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.
Marketable Securities Held in Trust Account
Marketable Securities Held in Trust Account
Following the closing of the Initial Public Offering on January 18, 2022, an amount of $191,647,500 from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Warrants were placed in the Trust Account and may be invested only in U.S. government securities with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule
2a-7
under the Investment Company Act which invest only in direct U.S. government treasury obligations. The Trust Account is intended as a holding place for funds pending the earliest to occur of: (i) the completion of the initial Business Combination; (ii) the redemption of any public shares properly submitted in connection with a shareholder vote to amend the Company’s amended and restated certificate of incorporation (A) to modify the substance or timing of the Company’s obligation to redeem 100% of the public shares if the Company does not complete the initial Business Combination within 12 months from the closing of the Initial Public Offering or (B) with respect to any other provision relating to shareholders’ rights or
pre-initial
Business Combination activity; or (iii) absent an initial Business Combination within 12 months from the closing of the Initial Public Offering, the return of the funds held in the Trust Account to the public shareholders as part of redemption of the public shares.
Offering Costs Associated with the Initial Public Offering
Offering Costs Associated with the Initial Public Offering
Offering costs consist principally of professional and registration fees incurred through the balance sheet date that are related to the Initial Public Offering. Offering costs are charged to shareholders’ equity or the statement of operations based on the relative value of the Public Warrants and the rights to the proceeds received from the Units sold upon the completion of the Initial Public Offering. Accordingly, on January 18, 2022, offering costs totaling $11,447,015 were allocated to the Class A ordinary shares, Public Warrants and rights in the amounts of $10,392,952, $272,919 and $781,144, respectively.
Net Income (Loss) Per Ordinary Share
Net Income (Loss) Per Ordinary Share
The statements of operations include a presentation of income (loss) per Class A redeemable ordinary shares and income (loss) per non-redeemable Class A and Class B ordinary shares following the two-class method of income per common stock. In order to determine the net income (loss) attributable to both the Class A redeemable ordinary shares and non-redeemable Class A and Class B ordinary shares, the Company first considered the total income (loss) allocable to both sets of stock. This is calculated using the total net income (loss) less any dividends paid. For purposes of calculating net income (loss) per share, any remeasurement of the Class A ordinary shares subject to possible redemption was treated as dividends paid to the public shareholders. Subsequent to calculating the total income (loss) allocable to both sets of shares, the Company split the amount to be allocated using the total number of shares outstanding for each share class at each respective period, before and after redemptions and conversions, for the three and nine months ended September 30, 2023, reflective of the respective participation rights. The Company split the amount to be allocated using a ratio of 
80% for the Class A redeemable ordinary shares and 20% for the
non-redeemable
Class A and Class B ordinary shares for the three months and nine ended September 30, 2022, reflective of the respective participation rights.
The following tables reflect the calculation of basic and diluted net income (loss) per ordinary shares for the three and nine months ended September 30, 2023 (in dollars, except per share
amounts):
 
 
  
For the
Three Months
Ended
September 30, 2023
 
Net income
  
$
857,708
 
Remeasurement of temporary equity to redemption value
  
 
(1,380,072
)
  
 
 
 
Net loss including remeasurement of temporary equity to redemption
value
  
$
(522,364
) 
  
 
 
 
 
 
  
For the Three Months Ended
September 30, 2023
 
 
  
Class A
Redeemable
 
  
Class A
Non-redeemable
 
  
Class B
Non-redeemable
 
Total number of shares as of September 30, 2023
  
 
4,772,187
 
 
 
4,743,749
 
 
 
1
 
Basic and diluted net income (loss) per share
  
 
 
Numerator:
  
 
 
Allocation of net loss including remeasurement of temporary
equity to redemption value based on ownership percentage
  
(306,030
 )
 
(201,572
)
 
(14,762
 )
Deemed dividend for remeasurement of temporary equity to
redemption value
  
 
1,380,072
  
 
 
—  
  
 
 
—  
 
  
 
 
 
 
 
 
 
 
 
 
 
Total net income (loss) allocated by class
  
$
1,074,042
 
 
$
(201,572
) 
 
$
(14,762
) 
  
 
 
 
 
 
 
 
 
 
 
 
Denominator:
  
 
 
Weighted-average shares outstanding
  
 
 8,786,025
 
 
 
 4,073,437
 
 
 
 670,313
 
Basic and diluted net income (loss) per share
  
$
 0.12
 
 
$
 (0.05
) 
 
$
 (0.02
) 
 
 
  
For the
Nine Months
Ended
September 30, 2023
 
Net income
  
$
4,569,632
 
Remeasurement of temporary equity to redemption value
  
 
(5,804,241
 )
 
  
 
 
 
Net loss including remeasurement of temporary equity to redemption
value
  
$
(1,234,609
) 
  
 
 
 
 
    
For the Nine Months Ended
September 30, 2023
  
    
Class A
Redeemable
     
Class A
Non-redeemable
     
Class B
Non-redeemable
  
Total number of shares as of September 30, 2023
  
 
4,772,187
 
 
 
4,743,749
 
 
 
1
 
Basic and diluted net income (loss) per share
  
 
 
Numerator:
  
 
 
Allocation of net loss including remeasurement of temporary
equity to redemption value based on ownership percentage
  
(875,826
 )
 
(201,572
)
 
(157,211
 )
Deemed dividend for remeasurement of temporary equity to
redemption value
  
 
5,804,241
 
 
—  
 
 
—  
 
  
 
 
 
 
 
 
 
 
 
 
Total net income (loss) allocated by class
  
$
4,928,415
 
 
$
(201,572
) 
 
$
(157,211
) 
  
 
 
 
 
 
 
 
 
 
 
 
Denominator:
  
 
 
Weighted-average shares outstanding
  
 
 15,541,353
 
 
 
 1,372,733
 
 
 
 3,371,017
 
Basic and diluted net income (loss) per share
  
$
 0.32
 
 
$
 (0.15
) 
 
$
 (0.05
) 
The
 
following tables reflect the calculation of basic and diluted net income (loss) per ordinary shares for the three and nine months ended September 30, 2022 (in dollars, except per share amounts):
 
    
For the

Three Months

Ended

September 30, 2022
  
Net income
    $ 818,936  
Remeasurement of temporary equity to redemption value
      (1,013,450 ) 
    
 
 
  
Net loss including remeasurement of temporary equity to redemption value
    $ (194,514 ) 
    
 
 
  
 
 
  
For the Three Months Ended

September 30, 2022
 
 
  
 
 
  
 
 
 
  
Class A
Redeemable
 
  
Class B
Non-redeemable
 
Basic and diluted net income per share:
                  
Numerator:
                  
Allocation of net loss including remeasurement of temporary equity
    $ (155,611 )     $ (38,903 ) 
Deemed dividend for remeasurement of temporary equity to redemption value
      1,013,450        —   
    
 
 
     
 
 
  
Allocation of net loss
    $ 857,839      $ (38,903 ) 
    
 
 
     
 
 
  
Denominator:
                  
Weighted-average shares outstanding
      18,975,000        4,743,750  
Basic and diluted net income (loss) per share
    $ 0.05      $ (0.01 ) 
 
    
For the

Nine Months

Ended

September 30, 2022
  
Net loss from beginning of year through date of initial public offering
    $ (2,644 ) 
Net income from date of initial public offering through September 30, 2022
      521,857  
Total net income for the nine months ended September 30, 2022
      519,213  
Remeasurement of temporary equity to redemption value
      (32,183,356 ) 
Net loss including remeasurement of temporary equity to redemption value
    $ (31,664,143 ) 
    
 
 
  
 
 
  
For the Nine Months Ended
September 30, 2022
 
 
  
 
 
  
 
 
 
  
Class A

Redeemable
 
  
Class B

Non-redeemable
 
Basic and diluted net income per share:
                  
Numerator:
                  
Allocation of net loss from beginning of year through date of initial public offering based on ownership percentage
    $ —       $ (2,644 ) 
Allocation of net loss date of initial public offering to September 30, 2022 based on ownership percentage
      417,486        104,371  
Less: remeasurement of temporary equity allocation based on ownership percentage
      (25,746,685 )       (6,436,671 ) 
Plus: remeasurement of temporary equity applicable to Class A redeemable shares
      32,183,356        —   
    
 
 
     
 
 
  
Allocation of net loss
    $ 6,854,157      $ (6,334,944 ) 
  
 
 
     
 
 
  
Denominator:
                  
Weighted-average shares outstanding
      17,793,407        4,743,750  
Basic and diluted net income (loss) per share
    $ 0.39      $ (1.34 ) 
Fair value of Financial Instruments
Fair value of Financial Instruments
ASC Topic 820, Fair Value Measurement, defines fair value as the amount that would be received to sell an asset or paid to transfer a liability, in an orderly transaction between market participants.
Fair value measurements are classified on a three-tier hierarchy as follows:
 
  •  
Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;
 
  •  
Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and
 
  •  
Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as calculations derived from valuation techniques in which one or more significant inputs or significant value drivers are observable.
In many cases, if a valuation technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy described above, the lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy.
The fair value of the Company’s assets and liabilities, which qualify as financial instruments approximates the carrying amounts represented in the balance sheet, primarily due to its short-term nature.
Derivative Financial Instruments
Derivative Financial Instruments
The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, Derivatives and Hedging. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then
re-valued
at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the balance sheet as current or
non-current
based on whether or not
net-cash
settlement or conversion of the instrument could be required within 12 months of the balance sheet date.
Warrants and Rights
Warrants and Rights
The Company accounts for the public and private warrants and rights as either equity-classified or liability-classified instruments based on an assessment of the instruments’ specific terms and applicable authoritative guidance in FASB ASC Topic 480, “Distinguishing Liabilities from Equity” (“ASC 480”) and FASB ASC Topic 815, “Derivatives and Hedging” (“ASC 815”). Pursuant to the Company’s evaluation, the Company concluded that the public and private warrants and rights do not meet the criteria to be accounted for as liability under ASC 480. The Company further evaluated the public and private warrants and rights under “ASC
815-40,
Derivatives and Hedging — Contracts in Entity’s Own Equity” (“ASC
815-40”)
and concluded that the public warrants, private placement warrants and rights are indexed to the Company’s own stock and meet the criteria to be classified in shareholders’ deficit.
Ordinary Shares Subject to Possible Redemption
Ordinary Shares Subject to Possible Redemption
Ordinary shares subject to mandatory redemption (if any) are classified as a liability instrument and is measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. In connection with the shareholders’ vote at the Special meeting of shareholders held by the Company on June 29, 2023, 14,202,813 Class A ordinary shares were tendered for redemption for an aggregate value of $149,486,187 and distributed from the Trust Account on July 26, 2023. Accordingly, at September 30, 2023, 4,772,187
shares of Class A ordinary shares subject to possible redemption is presented, at redemption value equal to the amount held in the Trust Account, as temporary equity, outside of the shareholders’ deficit section of the Company’s balance sheet. 
The Class A ordinary shares subject to possible redemption is reflected on the balance sheet at September 30, 2023 as follows:
 
Gross proceeds from initial public offering
    $ 189,750,000  
Less:
         
Fair value allocated to public warrants
      (4,524,000)  
Fair value allocated to rights
      (12,948,540)  
Offering costs allocated to Class A ordinary shares subject to possible redemption
      (10,392,952)  
Plus:
         
Re-measurement
on Class A ordinary shares subject to possible redemption
      32,883,377  
    
 
 
  
Class A ordinary shares subject to possible redemption at redemption value at December 31, 2022
      194,767,885  
Re-measurement
on Class A ordinary shares subject to possible redemption
      2,105,252  
    
 
 
  
Class A ordinary shares subject to possible redemption at redemption value at March 31, 2023
      196,873,137  
Re-measurement
on Class A ordinary shares subject to possible redemption
      2,318,917  
    
 
 
  
Class A ordinary shares subject to possible redemption at redemption value at June 30, 2023
      199,192,054  
Shareholder redemption of Class A ordinary shares
      (149,486,187 ) 
Re-measurement
on Class A ordinary shares subject to possible redemption
      1,380,072  
    
 
 
  
Class A ordinary shares subject to possible redemption at redemption value at September 30, 2023
      51,085,939  
    
 
 
  
The proceeds of the offering were allocated to the Class A ordinary shares and the Public Warrants and Rights based on their relative fair values. The Company recognizes changes in redemption value of Class A ordinary shares subject to possible redemption immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. Such changes are reflected in additional
paid-in
capital, or in the absence of additional capital, in accumulated deficit. On January 18, 2022, the Company recorded a remeasurement of $29,762,992, $24,385,503 of which was recorded in additional
paid-in
capital and $5,377,489 was recorded in accumulated deficit, to remeasure the value of Class A ordinary shares to its redemption value. The Company has recorded an additional remeasurements of $1,380,072 and 5,804,241 for the three and nine months ended September 30, 2023.
Income taxes
Income taxes
The Company accounts for income taxes in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC 740”). Under the asset and liability, method as required by this accounting standard, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities in the financial statements and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to the period when assets are realized or liability is settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in the operation of statement in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.
ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. There were no unrecognized tax benefits as of September 30, 2023 or December 31, 2022. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of September 30, 2023 or December 31, 2022. 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 is considered an exempted Cayman Islands Company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the period presented.
Related Parties
Related Parties
Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence.
Concentration of Credit Risk
Concentration of Credit Risk
Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed Federally insured limits. Exposure to cash and cash equivalents credit risk is reduced by placing such deposits with major financial institutions and monitoring their credit ratings. At September 30, 2023 and December 31, 2022, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
On January 1, 2023, the Company adopted ASU
No. 2020-06,
Debt with Conversion and other Options (Subtopic
470-20)
and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic
815-40).
The new guidance eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. It also amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives because of specific settlement provisions. In addition, the new guidance modifies how particular convertible instruments and certain contracts that may be settled in cash or shares impact the diluted EPS computation. Adoption of the standard did not have a material impact on its financial position, results of operations or financial statement disclosure.
The Company has considered all new accounting pronouncements and has concluded that there are no new pronouncements that may have a material impact on the results of operations, financial condition, or cash flows, based on the current information.
v3.23.3
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2023
Accounting Policies [Abstract]  
Schedule of Earnings Per Share Basic and Diluted
The following tables reflect the calculation of basic and diluted net income (loss) per ordinary shares for the three and nine months ended September 30, 2023 (in dollars, except per share
amounts):
 
 
  
For the
Three Months
Ended
September 30, 2023
 
Net income
  
$
857,708
 
Remeasurement of temporary equity to redemption value
  
 
(1,380,072
)
  
 
 
 
Net loss including remeasurement of temporary equity to redemption
value
  
$
(522,364
) 
  
 
 
 
 
 
  
For the Three Months Ended
September 30, 2023
 
 
  
Class A
Redeemable
 
  
Class A
Non-redeemable
 
  
Class B
Non-redeemable
 
Total number of shares as of September 30, 2023
  
 
4,772,187
 
 
 
4,743,749
 
 
 
1
 
Basic and diluted net income (loss) per share
  
 
 
Numerator:
  
 
 
Allocation of net loss including remeasurement of temporary
equity to redemption value based on ownership percentage
  
(306,030
 )
 
(201,572
)
 
(14,762
 )
Deemed dividend for remeasurement of temporary equity to
redemption value
  
 
1,380,072
  
 
 
—  
  
 
 
—  
 
  
 
 
 
 
 
 
 
 
 
 
 
Total net income (loss) allocated by class
  
$
1,074,042
 
 
$
(201,572
) 
 
$
(14,762
) 
  
 
 
 
 
 
 
 
 
 
 
 
Denominator:
  
 
 
Weighted-average shares outstanding
  
 
 8,786,025
 
 
 
 4,073,437
 
 
 
 670,313
 
Basic and diluted net income (loss) per share
  
$
 0.12
 
 
$
 (0.05
) 
 
$
 (0.02
) 
 
 
  
For the
Nine Months
Ended
September 30, 2023
 
Net income
  
$
4,569,632
 
Remeasurement of temporary equity to redemption value
  
 
(5,804,241
 )
 
  
 
 
 
Net loss including remeasurement of temporary equity to redemption
value
  
$
(1,234,609
) 
  
 
 
 
 
    
For the Nine Months Ended
September 30, 2023
  
    
Class A
Redeemable
     
Class A
Non-redeemable
     
Class B
Non-redeemable
  
Total number of shares as of September 30, 2023
  
 
4,772,187
 
 
 
4,743,749
 
 
 
1
 
Basic and diluted net income (loss) per share
  
 
 
Numerator:
  
 
 
Allocation of net loss including remeasurement of temporary
equity to redemption value based on ownership percentage
  
(875,826
 )
 
(201,572
)
 
(157,211
 )
Deemed dividend for remeasurement of temporary equity to
redemption value
  
 
5,804,241
 
 
—  
 
 
—  
 
  
 
 
 
 
 
 
 
 
 
 
Total net income (loss) allocated by class
  
$
4,928,415
 
 
$
(201,572
) 
 
$
(157,211
) 
  
 
 
 
 
 
 
 
 
 
 
 
Denominator:
  
 
 
Weighted-average shares outstanding
  
 
 15,541,353
 
 
 
 1,372,733
 
 
 
 3,371,017
 
Basic and diluted net income (loss) per share
  
$
 0.32
 
 
$
 (0.15
) 
 
$
 (0.05
) 
The
 
following tables reflect the calculation of basic and diluted net income (loss) per ordinary shares for the three and nine months ended September 30, 2022 (in dollars, except per share amounts):
 
    
For the

Three Months

Ended

September 30, 2022
  
Net income
    $ 818,936  
Remeasurement of temporary equity to redemption value
      (1,013,450 ) 
    
 
 
  
Net loss including remeasurement of temporary equity to redemption value
    $ (194,514 ) 
    
 
 
  
 
 
  
For the Three Months Ended

September 30, 2022
 
 
  
 
 
  
 
 
 
  
Class A
Redeemable
 
  
Class B
Non-redeemable
 
Basic and diluted net income per share:
                  
Numerator:
                  
Allocation of net loss including remeasurement of temporary equity
    $ (155,611 )     $ (38,903 ) 
Deemed dividend for remeasurement of temporary equity to redemption value
      1,013,450        —   
    
 
 
     
 
 
  
Allocation of net loss
    $ 857,839      $ (38,903 ) 
    
 
 
     
 
 
  
Denominator:
                  
Weighted-average shares outstanding
      18,975,000        4,743,750  
Basic and diluted net income (loss) per share
    $ 0.05      $ (0.01 ) 
 
    
For the

Nine Months

Ended

September 30, 2022
  
Net loss from beginning of year through date of initial public offering
    $ (2,644 ) 
Net income from date of initial public offering through September 30, 2022
      521,857  
Total net income for the nine months ended September 30, 2022
      519,213  
Remeasurement of temporary equity to redemption value
      (32,183,356 ) 
Net loss including remeasurement of temporary equity to redemption value
    $ (31,664,143 ) 
    
 
 
  
 
 
  
For the Nine Months Ended
September 30, 2022
 
 
  
 
 
  
 
 
 
  
Class A

Redeemable
 
  
Class B

Non-redeemable
 
Basic and diluted net income per share:
                  
Numerator:
                  
Allocation of net loss from beginning of year through date of initial public offering based on ownership percentage
    $ —       $ (2,644 ) 
Allocation of net loss date of initial public offering to September 30, 2022 based on ownership percentage
      417,486        104,371  
Less: remeasurement of temporary equity allocation based on ownership percentage
      (25,746,685 )       (6,436,671 ) 
Plus: remeasurement of temporary equity applicable to Class A redeemable shares
      32,183,356        —   
    
 
 
     
 
 
  
Allocation of net loss
    $ 6,854,157      $ (6,334,944 ) 
  
 
 
     
 
 
  
Denominator:
                  
Weighted-average shares outstanding
      17,793,407        4,743,750  
Basic and diluted net income (loss) per share
    $ 0.39      $ (1.34 ) 
Summary Of Class A Ordinary Shares Subject to Possible Redemption
The Class A ordinary shares subject to possible redemption is reflected on the balance sheet at September 30, 2023 as follows:
 
Gross proceeds from initial public offering
    $ 189,750,000  
Less:
         
Fair value allocated to public warrants
      (4,524,000)  
Fair value allocated to rights
      (12,948,540)  
Offering costs allocated to Class A ordinary shares subject to possible redemption
      (10,392,952)  
Plus:
         
Re-measurement
on Class A ordinary shares subject to possible redemption
      32,883,377  
    
 
 
  
Class A ordinary shares subject to possible redemption at redemption value at December 31, 2022
      194,767,885  
Re-measurement
on Class A ordinary shares subject to possible redemption
      2,105,252  
    
 
 
  
Class A ordinary shares subject to possible redemption at redemption value at March 31, 2023
      196,873,137  
Re-measurement
on Class A ordinary shares subject to possible redemption
      2,318,917  
    
 
 
  
Class A ordinary shares subject to possible redemption at redemption value at June 30, 2023
      199,192,054  
Shareholder redemption of Class A ordinary shares
      (149,486,187 ) 
Re-measurement
on Class A ordinary shares subject to possible redemption
      1,380,072  
    
 
 
  
Class A ordinary shares subject to possible redemption at redemption value at September 30, 2023
      51,085,939  
    
 
 
  
v3.23.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Summary of the Fair Value Hierarchy the Company's Assets and Liabilities that were Accounted for at Fair Value on a Recurring Basis
The following table sets forth by level within the fair value hierarchy the Company’s assets and liabilities that were accounted for at fair value on a recurring basis:
 
    
(Level 1)
     
(Level 2)
     
(Level 3)
  
Assets
                           
Treasury Trust Funds held in Trust Account as of September, 2023
    $ 51,085,939      $ —       $ —   
U.S. Treasury Securities held in Trust Account as of December 31, 2022
    $ 194,767,885      $ —       $ —   
v3.23.3
Organization and Business Background - Additional Information (Detail) - USD ($)
 9 Months Ended
Sep. 14, 2023
Aug. 14, 2023
Jul. 13, 2023
Jan. 18, 2022
Sep. 30, 2023
Sep. 30, 2022
Jul. 26, 2023
Jun. 29, 2023
Feb. 27, 2023
Dec. 31, 2022
Common stock, conversion basis       one right to acquire one-tenth of an Ordinary Share, and one-half of one redeemable warrant 20          
Common stock, par or stated value per share       $ 0.0001            
Purchase of ordinary share       1   1        
Purchase of ordinary share, per share       $ 11.5   $ 11.5        
Shares issued, price per share       $ 10            
Proceeds from issuance initial public offering       $ 189,750,000 $ 191,647,500          
Proceeds from issuance of warrants           $ 7,942,500        
Class of warrants or rights redemption price per unit           $ 10        
Company's operating account         $ 2,250,000          
Percentage of public shares to be redeemed in case business combination is not consummated       100.00% 100.00%          
Cash         $ 64,500         $ 224,474
Net working capital (deficit)         $ (1,082,658)         $ 151,951
Asset held in trust     $ 70,000              
Payments to acquire restricted investments $ 70,000 $ 70,000 $ 70,000 $ 191,647,500            
Commercial Paper [Member]                    
Debt instrument interest rate                 4.75%  
From The Completion Of Business Combination [Member]                    
Period after which the warrants are exercisable       12 months            
Maximum [Member] | From The Completion Of Business Combination [Member]                    
Period after which the warrants are exercisable         24 months          
Minimum [Member] | From The Completion Of Business Combination [Member]                    
Period after which the warrants are exercisable         18 months          
Sponsor [Member]                    
Minimum notice period to be given to the holders of warrants           30 days        
Private Placement Warrants [Member] | Sponsor [Member]                    
Class of warrant or right issued during period warrants           7,942,500        
Sale of stock, price per share           $ 1        
Common Class A [Member]                    
Stock issued during period, shares     4,743,749              
Common stock, conversion basis       one            
Common stock, par or stated value per share         $ 0.0001         $ 0.0001
Temporary equity, shares outstanding         4,772,187     14,202,813   18,975,000
Temporary equity, aggregate amount of redemption requirement         $ 149,486,187   $ 149,486,187      
Temporary equity, redemption price per share         $ 10.1   $ 10.53     $ 0
Common Class B [Member]                    
Stock issued during period, shares     4,743,749              
Common stock, par or stated value per share         0.0001         $ 0.0001
Temporary equity, shares outstanding                   4,743,750
Common Class B [Member] | Sponsor [Member]                    
Common stock, par or stated value per share         $ 0.0001          
Stock shares issued during the period for services value         $ 25,000          
IPO [Member]                    
Stock issued during period, shares       18,975,000 18,975,000          
Shares issued, price per share         $ 10          
Over-Allotment Option [Member]                    
Stock issued during period, shares       2,475,000            
v3.23.3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 14, 2023
Aug. 14, 2023
Jul. 13, 2023
Jan. 18, 2022
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Jul. 26, 2023
Jun. 29, 2023
Dec. 31, 2022
Proceeds from issuance initial public offering $ 70,000 $ 70,000 $ 70,000 $ 191,647,500              
Term of restricted investments       185 days              
Percentage of public shares to be redeemed in case business combination is not consummated       100.00% 100.00%   100.00%        
Additional paid-in capital         $ 0   $ 0       $ 0
Accumulated deficit         (7,724,382)   $ (7,724,382)       (6,489,773)
Effective income tax rate reconciliation, percent             50.00%        
Unrecognized tax benefits         0   $ 0       0
Unrecognized tax benefits, income tax penalties and interest accrued         $ 0   $ 0       $ 0
Redeemable Class A [Member]                      
Temporary equity, shares outstanding         4,772,187   4,772,187        
Temporary equity, aggregate amount of redemption requirement         $ 1,380,072 $ 1,013,450 $ 5,804,241        
Allocation of net income loss percentage           80.00%   20.00%      
Non Redeemable Class A and Class B [Member]                      
Allocation of net income loss percentage           80.00%   20.00%      
PublicWarrants [Member] | IPO [Member]                      
Total offering costs       $ 272,919              
Rights [Member] | IPO [Member]                      
Total offering costs       $ 781,144              
From The Completion Of Business Combination [Member]                      
Period after which the warrants are exercisable       12 months              
Common Class A [Member]                      
Total offering costs       $ 11,447,015              
Temporary equity, shares outstanding         4,772,187   4,772,187     14,202,813 18,975,000
Remeasurement of trust account       29,762,992              
Additional paid-in capital       24,385,503              
Accumulated deficit       5,377,489              
Temporary equity, aggregate amount of redemption requirement         $ 1,380,072   $ 5,804,241        
Temporary equity, aggregate amount of redemption requirement         $ 149,486,187   $ 149,486,187   $ 149,486,187    
Common Class A [Member] | IPO [Member]                      
Total offering costs       $ 10,392,952              
v3.23.3
Summary of Significant Accounting Policies - Summary of Earnings Per Share Basic and Diluted (Detail) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Sep. 30, 2023
Sep. 30, 2022
Schedule Of Earnings Per Share Basic And Diluted [Line Items]                
Net income $ 857,708 $ 2,093,294 $ 1,618,630 $ 818,936 $ (114,949) $ (184,774) $ 4,569,632 $ 519,213
Remeasurement of temporary equity to redemption value, adjustment (1,380,072)           (5,804,241)  
Remeasurement of temporary equity to redemption value (1,380,072) $ (2,318,917) $ (2,105,252) (1,013,450) $ (293,206) $ (30,876,700)    
Net loss including remeasurement of temporary equity to redemption value $ (522,364)     (194,514)     $ (1,234,609)  
Common Stock Subject to Mandatory Redemption [Member]                
Schedule Of Earnings Per Share Basic And Diluted [Line Items]                
Net income               519,213
Remeasurement of temporary equity to redemption value               (32,183,356)
Net income loss from initial public offering               (2,644)
Net loss including remeasurement of temporary equity to redemption value               (31,664,143)
Net income loss from initial public offering till period end               521,857
Redeemable Class A [Member]                
Schedule Of Earnings Per Share Basic And Diluted [Line Items]                
Total number of shares 4,772,187           4,772,187  
Ownership percentage 4772187.00%              
Net income $ (306,030)     (155,611)     $ (875,826)  
Deemed dividend for remeasurement of temporary equity to redemption value 1,380,072     1,013,450     5,804,241  
Total net income (loss) allocated by class $ 1,074,042           $ 4,928,415  
Allocation of net income       $ 857,839        
Weighted average shares outstanding 8,786,025     18,975,000     15,541,353  
Weighted average shares outstanding 8,786,025     18,975,000     15,541,353  
Basic net income (loss) per share $ 0.12     $ 0.05     $ 0.32  
Diluted net income (loss) per share $ 0.12     $ 0.05     $ 0.32  
Redeemable Class A [Member] | Common Stock Subject to Mandatory Redemption [Member]                
Schedule Of Earnings Per Share Basic And Diluted [Line Items]                
Net income loss from initial public offering               0
Net income loss from initial public offering till period end               417,486
Remeasurement of temporary equity on ownership percentage               (25,746,685)
Remeasurement of temporary equity class a redeemable shares               32,183,356
Total net income (loss) allocated by class               $ 6,854,157
Weighted average shares outstanding               17,793,407
Weighted average shares outstanding               17,793,407
Basic net income (loss) per share               $ 0.39
Diluted net income (loss) per share               $ 0.39
Class A Non Redeemable [Member]                
Schedule Of Earnings Per Share Basic And Diluted [Line Items]                
Total number of shares 4,743,749           4,743,749  
Ownership percentage 4743749.00%              
Net income $ (201,572)           $ (201,572)  
Deemed dividend for remeasurement of temporary equity to redemption value 0           0  
Total net income (loss) allocated by class $ (201,572)           $ (201,572)  
Weighted average shares outstanding 4,073,437           1,372,733  
Weighted average shares outstanding 4,073,437           1,372,733  
Basic net income (loss) per share $ (0.05)           $ (0.15)  
Diluted net income (loss) per share $ (0.05)           $ (0.15)  
Class B Non Redeemable [Member]                
Schedule Of Earnings Per Share Basic And Diluted [Line Items]                
Total number of shares 1           1  
Ownership percentage 1.00%              
Net income $ (14,762)     $ (38,903)     $ (157,211)  
Deemed dividend for remeasurement of temporary equity to redemption value 0     0     0  
Total net income (loss) allocated by class $ (14,762)           $ (157,211)  
Allocation of net income       $ (38,903)        
Weighted average shares outstanding 670,313     4,743,750     3,371,017  
Weighted average shares outstanding 670,313     4,743,750     3,371,017  
Basic net income (loss) per share $ (0.02)     $ (0.01)     $ (0.05)  
Diluted net income (loss) per share $ (0.02)     $ (0.01)     $ (0.05)  
Class B Non Redeemable [Member] | Common Stock Subject to Mandatory Redemption [Member]                
Schedule Of Earnings Per Share Basic And Diluted [Line Items]                
Net income loss from initial public offering               $ (2,644)
Net income loss from initial public offering till period end               104,371
Remeasurement of temporary equity on ownership percentage               (6,436,671)
Remeasurement of temporary equity class a redeemable shares               0
Total net income (loss) allocated by class               $ (6,334,944)
Weighted average shares outstanding             4,743,750  
Weighted average shares outstanding               4,743,750
Basic net income (loss) per share               $ (1.34)
Diluted net income (loss) per share               $ (1.34)
v3.23.3
Summary of Significant Accounting Policies - Summary of Class A Ordinary Shares Subject to Possible Redemption (Detail) - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Jan. 18, 2022
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Sep. 30, 2023
Dec. 31, 2022
Fair value allocated to rights                  
Gross proceeds from initial public offering $ 189,750,000             $ 191,647,500  
Fair value allocated to public warrants                 $ (4,524,000)
Fair value allocated to rights                 (12,948,540)
Re-measurement on Class A ordinary shares subject to possible redemption   $ (1,380,072) $ (2,318,917) $ (2,105,252) $ (1,013,450) $ (293,206) $ (30,876,700)    
Class A ordinary shares subject to possible redemption at redemption value   51,085,939           51,085,939 194,767,885
Common Class A [Member]                  
Fair value allocated to rights                  
Gross proceeds from initial public offering                 189,750,000
Offering costs allocated to Class A ordinary shares subject to possible redemption                 (10,392,952)
Re-measurement on Class A ordinary shares subject to possible redemption   1,380,072 2,318,917 2,105,252         32,883,377
Shareholder redemption of Class A ordinary shares   (149,486,187)              
Class A ordinary shares subject to possible redemption at redemption value   $ 51,085,939 $ 199,192,054 $ 196,873,137       $ 51,085,939 $ 194,767,885
v3.23.3
Initial Public Offering - Additional Information (Detail) - USD ($)
 9 Months Ended
Jul. 13, 2023
Jan. 18, 2022
Sep. 30, 2023
Sep. 30, 2022
Initial Public Offering [Line Items]        
Shares issued, price per share   $ 10    
Class of warrant or right, exercise price of warrants or rights   $ 11.5   $ 11.5
Proceeds from Issuance Initial Public Offering   $ 189,750,000 $ 191,647,500  
Purchase of ordinary share   1   1
Common Class A [Member]        
Initial Public Offering [Line Items]        
Stock issued during period, shares 4,743,749      
IPO [Member]        
Initial Public Offering [Line Items]        
Stock issued during period, shares   18,975,000 18,975,000  
Shares issued, price per share     $ 10  
IPO [Member] | U.S. government securities [Member]        
Initial Public Offering [Line Items]        
Shares issued, price per share     10.1  
IPO [Member] | Public Warrant [Member] | Common Class A [Member]        
Initial Public Offering [Line Items]        
Class of warrant or right, exercise price of warrants or rights     $ 11.5  
Purchase of ordinary share     1  
v3.23.3
Private Placement - Additional Information (Detail) - USD ($)
 9 Months Ended
Sep. 30, 2022
Jan. 18, 2022
Class of Warrant or Right [Line Items]    
Proceeds from issuance of warrants $ 7,942,500  
Purchase of ordinary share 1 1
Purchase of ordinary share, per share $ 11.5 $ 11.5
Private Placement Warrants [Member] | Sponsor [Member]    
Class of Warrant or Right [Line Items]    
Class of warrant or right issued during period warrants 7,942,500  
Sale of stock, price per share $ 1  
v3.23.3
Related Party Transactions - Additional Information (Detail) - USD ($)
 3 Months Ended 9 Months Ended
Jul. 13, 2023
Feb. 27, 2023
Aug. 31, 2021
Jul. 31, 2021
Mar. 31, 2022
Sep. 30, 2023
Dec. 31, 2022
Sponsor purchased shares , purchase price         $ 17,472,540    
Notes Payable             $ 0
Commercial Paper [Member]              
Principal amount   $ 1,500,000          
Debt instrument interest rate   4.75%          
Proceeds from related party debt   $ 900,000          
Interest payable           $ 15,210  
Sponsor [Member]              
Promissory note overpayment           3,462 3,462
Founder Shares [Member] | Sponsor [Member] | Independent Director Nominee [Member]              
Sponsor purchased shares     50,000        
Unsecured Promissory Note [Member] | Sponsor [Member]              
Principal amount       $ 300,000      
Principal amount repayment date       Jan. 18, 2022      
Principal amount repayment       $ 206,313      
Promissory note overpayment           25,000 25,000
Working Capital Loans [Member]              
Principal amount           0 $ 0
Working capital loans convertible into warrants           $ 2,000,000  
Working capital loans convertible into warrants, per warrant           $ 1  
Common Class B [Member]              
Sponsor purchased shares 4,743,749            
Common Class B [Member] | Founder Shares [Member] | Sponsor [Member]              
Sponsor purchased shares       4,743,750      
Sponsor purchased shares , purchase price       $ 25,000      
Aggregate of shares subject to forfeiture       618,750   618,750  
Percentage of issued and outstanding shares after the initial public offering collectively held by initial stockholders       20.00%   20.00%  
Transfer, assign or sell any shares or warrants after completion of initial business combination, threshold trading days           20 days  
Transfer, assign or sell any shares or warrants after completion of initial business combination, threshold consecutive trading days           30 days  
Threshold period after business combination in which specified trading days within any specified trading day period commences           150 days  
v3.23.3
Shareholders' Deficit - Additional Information (Detail)
 1 Months Ended 9 Months Ended
Jul. 13, 2023
shares
Jan. 18, 2022
$ / shares
Jul. 31, 2021
shares
Jan. 31, 2022
shares
Sep. 30, 2023
USD ($)
Day
$ / shares
shares
Jul. 26, 2023
USD ($)
$ / shares
Jun. 29, 2023
shares
Dec. 31, 2022
$ / shares
shares
Class of Stock [Line Items]                
Preference shares, shares authorized         5,000,000     5,000,000
Preference shares, par or stated value per share | $ / shares         $ 0.0001     $ 0.0001
Preference shares, shares issued         0     0
Preference shares, shares outstanding         0     0
Common stock, par or stated value per share | $ / shares   $ 0.0001            
Common stock, Conversion basis   one right to acquire one-tenth of an Ordinary Share, and one-half of one redeemable warrant     20      
Private Placement Warrants [Member]                
Class of Stock [Line Items]                
Warrant non transferable Period         30 days      
Public Warrant [Member]                
Class of Stock [Line Items]                
Warrant exercise period condition one         12 months      
Warrant exercise period condition two         30 days      
Xaximum thres hold period for filing registration statement after business combination | Day         20      
Maximum threshold period for registration statement to become effective after business combination | Day         60      
Class of warrant or right, redemption price of warrants or rights | $ / shares         $ 0.01      
Redemption period         30 days      
Warrant redemption condition minimum share price | $ / shares         $ 18      
Class of warrant or right, redemption of warrants or rights, threshold trading days         20 days      
Class of warrant or right, redemption of warrants or rights, threshold consecutive trading days         30 days      
Public Warrant [Member] | Event Triggering Warrant Redemption [Member]                
Class of Stock [Line Items]                
Share price | $ / shares         $ 9.2      
Percentage of equity proceeds from business combination as a percentage of total proceeds         60.00%      
Number of trading days         20 days      
Public Warrant [Member] | Event Triggering Warrant Redemption [Member] | Trigger Price One [Member]                
Class of Stock [Line Items]                
Redemption trigger price as a percentage of newly issued price         115.00%      
Class of warrants or rights redemption trigger price | $ / shares         $ 18      
Public Warrant [Member] | Event Triggering Warrant Redemption [Member] | Trigger Price Two [Member]                
Class of Stock [Line Items]                
Redemption trigger price as a percentage of newly issued price         180.00%      
Common Class A [Member]                
Class of Stock [Line Items]                
Common stock, shares authorized         500,000,000     500,000,000
Common stock, par or stated value per share | $ / shares         $ 0.0001     $ 0.0001
Common stock, voting rights         one      
Ordinary shares issued         4,743,749     0
Ordinary shares outstanding         4,743,749     0
Ordinary shares issued subject to possible redemption         4,772,187     18,975,000
Ordinary shares outstanding subject to possible redemption         4,772,187   14,202,813 18,975,000
Stock issued during period, shares 4,743,749              
Common stock, Conversion basis   one            
Temporary equity, redemption price per share | $ / shares         $ 10.1 $ 10.53   $ 0
Temporary Equity, Aggregate Amount of Redemption Requirement | $         $ 149,486,187 $ 149,486,187    
Common Class B [Member]                
Class of Stock [Line Items]                
Common stock, shares authorized         50,000,000     50,000,000
Common stock, par or stated value per share | $ / shares         $ 0.0001     $ 0.0001
Ordinary shares issued         1     4,743,750
Ordinary shares outstanding         1     4,743,750
Ordinary shares outstanding subject to possible redemption               4,743,750
Stock issued during period, shares 4,743,749              
Temporary equity, Share capitalization       431,250        
Sponsor [Member] | Common Class B [Member]                
Class of Stock [Line Items]                
Common stock, par or stated value per share | $ / shares         $ 0.0001      
Sponsor [Member] | Founder Shares [Member] | Common Class B [Member]                
Class of Stock [Line Items]                
Stock issued during period, shares     4,743,750          
Aggregate of shares subject to forfeiture     618,750   618,750      
Percentage of issued and outstanding shares after initial public offering collectively held by initial stockholders     20.00%   20.00%      
v3.23.3
Commitments and Contingencies - Additional Information (Detail) - Underwriting Agreement [Member]
Jan. 18, 2021
USD ($)
$ / shares
shares
Payments for underwriting expense | $ $ 3,795,000
Deferred fee ,Per shares | $ / shares $ 0.35
Deferred compensation liability, classified, noncurrent | $ $ 6,641,250
Underwriting Discount Per Share | $ / shares $ 0.2
Over-Allotment Option [Member]  
Initial Public Offering purchase Limit | shares 2,475,000
Number Of Days Granted To Underwriters To Subscribe Shares Pursuant To Overallotment Option 45 days
v3.23.3
Fair Value Measurements - Additional Information (Detail) - USD ($)
Sep. 30, 2023
Dec. 31, 2022
Fair Value Disclosures [Abstract]    
Marketable securities held in trust account $ 51,085,939 $ 194,767,885
v3.23.3
Fair Value Measurements - Summary of the Fair Value Hierarchy the Company's Assets and Liabilities that were Accounted for at Fair Value on a Recurring Basis (Detail) - USD ($)
Sep. 30, 2023
Dec. 31, 2022
Fair value recurring [Member] | Treasury Trust Funds held in Trust Account [Member] | Level 1 [Member]    
Assets    
U.S. Treasury Securities held in Trust Account $ 51,085,939 $ 194,767,885
v3.23.3
Subsequent Events - Additional Information (Detail) - USD ($)
Nov. 14, 2023
Oct. 31, 2023
Oct. 14, 2023
Sep. 14, 2023
Aug. 14, 2023
Jul. 13, 2023
Jan. 18, 2022
Dec. 31, 2022
Subsequent Event [Line Items]                
Payments to acquire restricted investments       $ 70,000 $ 70,000 $ 70,000 $ 191,647,500  
Notes payable               $ 0
Subsequent Event [Member]                
Subsequent Event [Line Items]                
Payments to acquire restricted investments $ 70,000   $ 70,000          
Subsequent Event [Member] | Working Capital Note [Member] | Sponsor [Member]                
Subsequent Event [Line Items]                
Proceeds from related party debt   $ 30,000            
Notes payable   $ 930,000            
CSLM Acquisition (NASDAQ:CSLMU)
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